UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number   811-23066

 

Advisors Preferred Trust
(Exact name of registrant as specified in charter)

 

1445 Research Blvd, Suite 530, Rockville, MD 20850
(Address of principal executive offices) (Zip code)

 

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

 

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

 

Date of fiscal year end:   6/30

 

Date of reporting period:   12/31/24

 

 

Item 1. Reports to Stockholders.

 

(a)       

 

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Quantified Alternative Investment Fund - Advisor (QALAX )

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Alternative Investment Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor
$97
1.96%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund declined by -2.79% for the six months ending December 31, 2024. The S&P 500 Index, the Fund’s primary benchmark, rose 8.44% for the same period.

 

 

Strategy

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

 

Techniques

The Fund rose 0.21% for the third quarter, underperforming the S&P 500’s 5.89% gain. The Fund's cash position was 15.63% at the beginning of July, 14.98% in August, and 31.18% in September. The Fund's NASDAQ futures hedging exposure and actively traded long-term government-bond futures negatively impacted performance during the quarter.

 

 

The Fund fell -2.99% for the fourth quarter of 2024, while the S&P 500 gained 2.41%. The Fund's cash position increased from 7.16% at the beginning of October to 7.99% at the beginning of November and 10.33% at the start of December. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government-bond futures positively contributed to its performance for the quarter.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Alternative Investment Fund
S&P 500® Index
Mar-2016
$10,000
$10,000
Dec-2016
$10,036
$11,107
Dec-2017
$11,515
$13,532
Dec-2018
$10,421
$12,939
Dec-2019
$11,385
$17,013
Dec-2020
$11,443
$20,143
Dec-2021
$12,709
$25,925
Dec-2022
$11,628
$21,230
Dec-2023
$11,845
$26,811
Dec-2024
$12,288
$33,518

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (March 18, 2016)
Quantified Alternative Investment Fund
-2.79%
3.75%
1.54%
2.37%
S&P 500® Index
8.44%
25.02%
14.53%
14.75%

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$19,900,337
  • Number of Portfolio Holdings43
  • Advisory Fee $104,904
  • Portfolio Turnover331%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
13.3%
Open End Funds
29.6%
Exchange-Traded Funds
57.1%

What did the Fund invest in? 

Instrument Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Futures
-11%
Fixed Income - Other
14%
Cash & Equivalent
15%
Alternative
23%
Equities
59%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
iShares Global Financials ETF
7.1%
AQR Equity Market Neutral Fund
6.1%
AQR Alternative Risk Premia Fund
5.1%
First American Government Obligations Fund, Class Z
4.9%
Fidelity Government Portfolio, Class I
4.9%
iShares Global Consumer Discretionary ETF
4.7%
iShares Short Treasury Bond ETF
3.5%
Fidelity High Dividend ETF
3.5%
Mount Vernon Liquid Assets Portfolio, LLC
3.5%
First Trust NASDAQ Technology Dividend Index Fund
3.4%

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

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified Alternative Investment Fund - Advisor (QALAX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QALAX

Quantified Alternative Investment Fund - Investor (QALTX)

Semi-Annual Shareholder Report - December 31, 2024

Image

Fund Overview

This semi-annual shareholder report contains important information about the Quantified Alternative Investment Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$68
1.36%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund declined by -2.48% for the six months ending December 31, 2024. The S&P 500 Index, the Fund’s primary benchmark, rose 8.44% for the same period.

 

Strategy

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

 

Techniques

The Fund rose 0.42% for the third quarter, underperforming the S&P 500’s 5.89% gain. The Fund's cash position was 15.63% at the beginning of July, 14.98% in August, and 31.18% in September. The Fund's NASDAQ futures hedging exposure and actively traded long-term government-bond futures negatively impacted performance during the quarter.

 

The Fund fell -2.89% for the fourth quarter of 2024, while the S&P 500 gained 2.41%. The Fund's cash position increased from 7.16% at the beginning of October to 7.99% at the beginning of November and 10.33% at the start of December. Both the Fund's NASDAQ futures hedging exposure and its actively traded long-term government-bond futures positively contributed to its performance for the quarter.

How has the Fund performed over the last ten years? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Alternative Investment Fund
S&P 500® Index
Dec-2014
$10,000
$10,000
Dec-2015
$9,538
$10,138
Dec-2016
$9,478
$11,351
Dec-2017
$10,951
$13,829
Dec-2018
$9,977
$13,223
Dec-2019
$10,962
$17,386
Dec-2020
$11,072
$20,585
Dec-2021
$12,374
$26,494
Dec-2022
$11,369
$21,696
Dec-2023
$11,642
$27,399
Dec-2024
$12,161
$34,254

Average Annual Total Returns 
6 Months
1 Year
5 Years
10 Years
Quantified Alternative Investment Fund
-2.48%
4.46%
2.10%
1.98%
S&P 500® Index
8.44%
25.02%
14.53%
13.10%

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

Fund Statistics 

  • Net Assets$19,900,337
  • Number of Portfolio Holdings43
  • Advisory Fee $104,904
  • Portfolio Turnover331%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
13.3%
Open End Funds
29.6%
Exchange-Traded Funds
57.1%

What did the Fund invest in? 

Instrument Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Futures
-11%
Fixed Income - Other
14%
Cash & Equivalent
15%
Alternative
23%
Equities
59%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
iShares Global Financials ETF
7.1%
AQR Equity Market Neutral Fund
6.1%
AQR Alternative Risk Premia Fund
5.1%
First American Government Obligations Fund, Class Z
4.9%
Fidelity Government Portfolio, Class I
4.9%
iShares Global Consumer Discretionary ETF
4.7%
iShares Short Treasury Bond ETF
3.5%
Fidelity High Dividend ETF
3.5%
Mount Vernon Liquid Assets Portfolio, LLC
3.5%
First Trust NASDAQ Technology Dividend Index Fund
3.4%

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

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified Alternative Investment Fund - Investor (QALTX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QALTX

Quantified Common Ground Fund - Investor (QCGDX )

Semi-Annual Shareholder Report - December 31, 2024

Image

Fund Overview

This semi-annual shareholder report contains important information about the Quantified Common Ground Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$82
1.62%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 1.12% for the six months ending December 31, 2024. The S&P Composite 1500 Total Return Index, the Fund’s benchmark, rose 8.40% during the same period.

 

Strategy

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

 

Techniques

In seeking the best opportunities in the market environment, the Fund favored Industrials in July and August, shifting to Financials in September. Its cash position decreased from 15.2% in July to 11.8% in August and 2.5% in September.  The Fund continued to seek  the best opportunities in the evolving market, favoring Financials from October through November and Consumer Staples in December. The Fund's cash position shifted from 2.99% in October to 6.4% in November to 3.96% in December.

 

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Common Ground Fund
S&P Composite 1500® Index
Dec-2019
$10,000
$10,000
Dec-2019
$10,010
$9,977
Dec-2020
$11,478
$11,765
Dec-2021
$15,169
$15,112
Dec-2022
$13,315
$12,425
Dec-2023
$15,277
$15,589
Dec-2024
$16,784
$19,323

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (December 27, 2019)
Quantified Common Ground Fund
1.12%
9.86%
10.89%
10.89%
S&P Composite 1500® Index
8.40%
23.95%
14.13%
14.05%

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
$148,968,497
Number of Portfolio Holdings
56
Advisory Fee
$822,198
Portfolio Turnover
371%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Common Stocks
74.7%
Money Market Funds
25.3%

What did the Fund invest in? 

Sector Weighting (% of total investments)

Group By Sector Chart
Value
Value
Communications
0.5%
Industrials
2.1%
Consumer Discretionary
3.0%
Health Care
3.0%
Technology
6.2%
Energy
6.2%
Materials
6.7%
Utilities
9.3%
Real Estate
18.4%
Consumer Staples
19.3%
Money Market
25.3%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Mount Vernon Liquid Assets Portfolio, LLC
25.5%
BellRing Brands, Inc.
7.1%
Pilgrim's Pride Corporation
5.5%
Fresh Del Monte Produce, Inc.
5.1%
Acadia Realty Trust
4.4%
Sprouts Farmers Market, Inc.
4.2%
Entergy Corporation
4.1%
MDU Resources Group, Inc.
3.8%
Tanger, Inc.
3.7%
NRG Energy, Inc.
3.5%

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

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified Common Ground Fund - Investor (QCGDX )

Semi-Annual Shareholder Report - December 31, 2024

Where can I find additional information about the Fund? 

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QCGDX

Quantified Eckhardt Managed Futures Strategy Fund - Investor (QETCX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Eckhardt Managed Futures Strategy Fund for the period of October 16, 2024 (commencement of operations) to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the reporting period?

(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
$32Footnote Reference*
1.59%Footnote Reference**

* Expenses would have been higher if based on the full reporting period.

** Annualized.

How did the Fund perform during the reporting period? 

The Fund earned 1.10% from its inception on October 16, 2024, through year end. The S&P 500 Index, the Fund’s benchmark, returned 0.95% for the same period.

 

Strategy

The Fund seeks to achieve capital appreciation by leveraging trend-based strategies in both commodity and financial futures markets through investments in specialized commodity pools.

Additionally, it has the option to generate income depending on liquidity through a diverse range of debt instruments, including individual bonds, ETFs, and debt futures.

 

Techniques

The Fund  rose by 1.10% from its inception on October 16th  through year end, outperforming its benchmark, the S&P 500, which increased by 0.95% for the same short period. The Fund had profits from short positions in currency and US fixed income futures, and mixed positions in equity index and agricultural futures. Losses were from long positions in European fixed income and metals and short positions in energies.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Eckhardt Managed Futures Strategy Fund
S&P 500® Index
Oct-2024
$10,000
$10,000
Dec-2024
$10,110
$10,095

Average Annual Total Returns 
Since Inception (October 16, 2024)
Quantified Eckhardt Managed Futures Strategy Fund
1.10%
S&P 500® Index
0.95%

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
$47,387,680
Number of Portfolio Holdings
4
Advisory Fee
$74,027
Portfolio Turnover
79%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
56.8%
Private Investment Funds
43.2%

What did the Fund invest in? 

Sector Weighting (% of total investments)

Group By Sector Chart
Value
Value
Private Investment Funds
43%
Cash & Equivalent
57%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Fidelity Investments Money Market Government Portfolio, Class I
56.4%
Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund
31.1%
Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund
12.0%
First American Government Obligations Fund, Class X
0.4%

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Eckhardt Managed Futures Strategy Fund - Investor (QETCX)

Semi-Annual Shareholder Report - December 31, 2024

Where can I find additional information about the Fund? 

Additional information is available on the Fund's website ( www.quantifiedfunds.com/fund-documents ), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QETCX

Quantified Evolution Plus Fund - Investor (QEVOX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Evolution Plus Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$86
1.67%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 5.32% for the six months ending December 31, 2024. The S&P 500 Index, the Fund’s primary benchmark, rose 8.44% for the same period.

 

Strategy

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

 

Techniques

The Fund gained 8.35% for the third quarter, outperforming its benchmark, the S&P 500, which rose by 5.89%. Over the quarter, the Fund allocated to the S&P 500, the NASDAQ 100, long-term Treasurys, real estate, gold, European equities, and emerging market equities. Among these, the largest average allocation was to gold, and the smallest average allocation was to long-term Treasurys.

 

The Fund declined by 2.79% for the fourth quarter, underperforming its benchmark, the S&P 500, which rose 2.41%. Over the quarter, the Fund allocated to the S&P 500, the NASDAQ 100, real estate, and gold. Gold received the largest average allocation, while the NASDAQ 100 had the smallest.

 

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Evolution Plus Fund
S&P 500® Index
Sep-2019
$10,000
$10,000
Dec-2019
$9,804
$10,907
Dec-2020
$9,624
$12,914
Dec-2021
$11,020
$16,621
Dec-2022
$8,373
$13,611
Dec-2023
$8,457
$17,188
Dec-2024
$9,702
$21,489

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (September 30, 2019)
Quantified Evolution Plus Fund
5.32%
14.71%
-0.21%
-0.57%
S&P 500® Index
8.44%
25.02%
14.53%
15.68%

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
$11,461,294
Number of Portfolio Holdings
11
Advisory Fee
$141,661
Portfolio Turnover
642%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
3.9%
Certificate Of Deposit
9.9%
Money Market Funds
86.2%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Futures (Gold)
30%
Futures (S&P 500)
25%
Cash & Cash Equivalents
33%
Futures (Real Estate)
7%
Futures (Nasdaq)
4%
ETFs – Equities (Nasdaq)
1%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Fidelity Government Portfolio Class I, 4.330%,
31.4%
First American Government Obligations Fund Class Z, 4.337%,
31.4%
First American Government Obligations Fund, 4.377%,
13.3%
Valley Strong Credit Union, 5.100%, 02/10/25
8.7%
Invesco QQQ Trust Series 1
2.9%
SPDR S&P 500 ETF Trust
0.5%
iShares U.S. Real Estate ETF
0.0%

The Fund has economic exposure through securities and derivatives to the above security types of 296% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Evolution Plus Fund - Investor (QEVOX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QEVOX

Quantified Global Fund - Investor (QGBLX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Global Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$82
1.61%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 2.82% for the six months ending December 31, 2024. The MSCI ACWI (All Country World Index), the Fund’s benchmark, was up 5.56% for the same period.

 

 

Strategy

 

The Fund provides non-U.S. exposure (at least 40% under normal circumstances) using a dynamic tactical strategy.

 

 

Techniques

 

The Fund gained 4.92% for the third quarter, underperforming its benchmark, the ACWI, which gained 6.36%. In actively seeking the best opportunities in the market environment, the Fund favored Financials in July, Energy in August, and Consumer Staples in September. Its cash position increased from 2.5% in July to 2.99% in August and 6.4% in September. The Fund’s U.S. equities exposure was 49.73% in July, 39% in August, and 32.18% in September.

 

 

The Fund declined by 2% in the fourth quarter, underperforming its benchmark, the ACWI, which lost 0.85%. The Fund actively sought the best opportunities in the evolving market, favoring Consumer Staples in October, Materials in November, and Health Care in December. The Fund's cash allocation moved from 5.17% in October to 6.4% in November to 2.6% in December. The Fund's exposure to U.S. equities was 48.65% in October, 48.83% in November, and 53.17% in December.

 

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Global Fund
MSCI ACWI Net
Nov-2023
$10,000
$10,000
Dec-2023
$10,240
$10,516
Dec-2024
$11,084
$12,356

Average Annual Total Returns 
6 Months
1 Year
Since Inception (November 29, 2023)
Quantified Global Fund
2.82%
8.24%
9.93%
MSCI ACWI Net
5.56%
17.49%
21.47%

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
$3,035,820
Number of Portfolio Holdings
44
Advisory Fee
$121,063
Portfolio Turnover
629%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Common Stocks
48.2%
Exchange-Traded Funds
51.8%

What did the Fund invest in? 

Country Weighting (% of net assets)

Group By Sector Chart
Value
Value
Other Assets in Excess of Liabilities
2.5%
Other Countries
7.0%
Taiwan Province Of China
2.0%
Korea (Republic Of)
2.2%
Israel
2.3%
Netherlands
2.4%
Brazil
3.1%
Switzerland
4.2%
Argentina
5.7%
United Kingdom
7.1%
Cayman Islands
11.0%
United States
50.5%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
SPDR S&P 500 ETF Trust
42.6%
Invesco QQQ Trust Series 1
7.9%
Novartis A.G.
4.2%
Shell PLC
3.3%
Argenx S.E.
2.4%
Tremor International Ltd.
2.3%
Telecom Argentina S.A.
2.3%
Taiwan Semiconductor Manufacturing Company Ltd.
2.0%
DouYu International Holdings Ltd.
1.7%
Belite Bio, Inc.
1.7%

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

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Global Fund - Investor (QGBLX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QGBLX

Quantified Government Income Tactical Fund - Investor (QGITX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Government Income Tactical Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$82
1.61%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund returned 1.32% for the six months ending December 31, 2024. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, rose 1.98%.

 

 

Strategy

 

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

 

Techniques

The Fund gained 0.86% for the third quarter, underperforming its benchmark, long-term Treasurys, which were up 7.95%. Within the Fund, 20% of the sub-strategies used beat the Fund’s benchmark, and 80% had a positive performance. The Fund maintained a long bias toward long-term Treasurys but took short positions at the start of each month. It primarily used long-term Treasurys for exposure to bond markets during the quarter.

 

 

The Fund gained 0.45% for the fourth quarter, outperforming its benchmark, long-term Treasurys, which fell 9.41%. Within the Fund, 80% of the sub-strategies outperformed the benchmark, and 40% delivered positive performance. The Fund maintained a long bias for long-term Treasurys throughout the quarter but briefly held short positions early on. The Fund's long bias was represented by a partial exposure that ranged from a maximum long position of 85% to a minimum long exposure of 3.9%.

 

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Government Income Tactical Fund
Bloomberg U.S. Aggregate Bond Index
Apr-2021
$10,000
$10,000
Dec-2021
$10,695
$10,083
Dec-2022
$8,396
$8,771
Dec-2023
$7,445
$9,256
Dec-2024
$7,543
$9,372

Average Annual Total Returns 
6 Months
1 Year
Since Inception (April 15, 2021)
Quantified Government Income Tactical Fund
1.32%
1.32%
-7.31%
Bloomberg U.S. Aggregate Bond Index
1.98%
1.25%
-1.73%

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
$24,217,545
Number of Portfolio Holdings
5
Advisory Fee
$150,503
Portfolio Turnover
120%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
0.5%
Certificate Of Deposit
4.3%
Money Market Funds
95.2%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Fixed Income - Other
1%
Futures
3%
Cash & Equivalent
96%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Fidelity Government Portfolio Class I, 4.330%,
46.1%
First American Government Obligations Fund Class Z, 4.337%,
46.1%
Valley Strong Credit Union, 5.100%, 02/10/25
4.1%
iShares 20+ Year Treasury Bond ETF
0.5%

The Fund has economic exposure through securities and derivatives to the above security types of 103% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Government Income Tactical Fund - Investor (QGITX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QGITX

Quantified Managed Income Fund - Advisor (QBDAX )

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Managed Income Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor
$98
1.94%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned a positive return of 1.13% for the six months ending December 31, 2024. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, was up 1.98% for the same period.

 

 

Strategy

 

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

 

Techniques

The Fund gained 3.16% for the third quarter. Its benchmark, the Bloomberg U.S. Aggregate Bond Market Index, gained 5.19%. The Fund’s dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, was the best-performing component, outperforming the Fund’s benchmark. The Fund’s rotational ETF sleeve, using average cash exposure to manage risk, was up this quarter but underperformed the Fund’s benchmark. The Fund's high-yield bond trading sleeve and actively traded long-term government-bond futures overlay both underperformed the Fund's benchmark during the third quarter.

 

 

The Fund lost -1.97% for the fourth quarter, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Market Index, which lost -3.06%. The Fund’s actively traded long-term government-bond futures overlay was the best-performing component, outperforming the Fund’s benchmark. The Fund’s strategic high-yield bond trading sleeve and its rotational component, which used average cash exposure to manage risk, outperformed the Fund’s benchmark. The Fund’s dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, was the only component to underperform the Fund's benchmark for the quarter.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Managed Income Fund
Bloomberg U.S. Aggregate Bond Index
Mar-2016
$10,000
$10,000
Dec-2016
$10,361
$10,021
Dec-2017
$10,813
$10,376
Dec-2018
$10,407
$10,377
Dec-2019
$11,415
$11,282
Dec-2020
$10,292
$12,129
Dec-2021
$10,165
$11,942
Dec-2022
$9,690
$10,388
Dec-2023
$9,846
$10,962
Dec-2024
$9,873
$11,099

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (March 18, 2016)
Quantified Managed Income Fund
1.13%
0.28%
-2.86%
-0.15%
Bloomberg U.S. Aggregate Bond Index
1.98%
1.25%
-0.33%
1.19%

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
$129,962,035
Number of Portfolio Holdings
48
Advisory Fee
$496,116
Portfolio Turnover
500%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Reit
0.3%
Common Stocks
8.3%
Money Market Funds
28.0%
Exchange-Traded Funds
63.4%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Cash & Cash Equivalents
14%
Fixed Income - Other
49%
Equities (Energy)
6%
Equities (Large Cap)
6%
Equities - Industrials
2%
Equities - Financials
2%
Equities - Technology
1%
Technology
1%
Equities - Health Care
1%
Equities - Consumer Staples
2%
Futures (S&P 500)
4%
Futures (Long Bond)
12%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Mount Vernon Liquid Assets Portfolio, LLC
17.0%
iShares 1-3 Year Treasury Bond ETF
14.0%
SPDR Bloomberg High Yield Bond ETF
8.8%
First American Government Obligations Fund Class Z - Class Z
7.7%
Fidelity Government Portfolio - Class I
7.7%
Alerian MLP ETF
6.8%
PIMCO 0-5 Year High Yield Corporate Bond Index ETF
6.7%
WisdomTree US LargeCap Dividend Fund
6.7%
SPDR Bloomberg Convertible Securities ETF
6.7%
iShares 7-10 Year Treasury Bond ETF
6.4%

The Fund has economic exposure through securities and derivatives to the above security types of 121% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Managed Income Fund - Advisor (QBDAX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QBDAX

Quantified Managed Income Fund - Investor (QBDSX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Managed Income Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$69
1.35%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned a positive return of 1.65% for the six months ending December 31, 2024. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, was up 1.98% for the same period.

 

 

Strategy

 

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

 

Techniques

The Fund gained 3.47% for the third quarter. Its benchmark, the Bloomberg U.S. Aggregate Bond Market Index, gained 5.19%. The Fund’s dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, was the best-performing component, outperforming the Fund’s benchmark. The Fund’s rotational ETF sleeve, using average cash exposure to manage risk, was up this quarter but underperformed the Fund’s benchmark. The Fund's high-yield bond trading sleeve and actively traded long-term government-bond futures overlay both underperformed the Fund's benchmark during the third quarter.

 

 

The Fund lost -1.76% for the fourth quarter, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Market Index, which lost -3.06%. The Fund’s actively traded long-term government-bond futures overlay was the best-performing component, outperforming the Fund’s benchmark. The Fund’s strategic high-yield bond trading sleeve and its rotational component, which used average cash exposure to manage risk, outperformed the Fund’s benchmark. The Fund’s dividend-paying stock sleeve, which remained primarily market-neutral to reduce volatility, was the only component to underperform the Fund's benchmark for the quarter.

How has the Fund performed over the last ten years? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Managed Income Fund
Bloomberg U.S. Aggregate Bond Index
Dec-2014
$10,000
$10,000
Dec-2015
$9,660
$10,055
Dec-2016
$10,240
$10,321
Dec-2017
$10,757
$10,687
Dec-2018
$10,417
$10,688
Dec-2019
$11,509
$11,620
Dec-2020
$10,449
$12,492
Dec-2021
$10,379
$12,299
Dec-2022
$9,955
$10,699
Dec-2023
$10,179
$11,291
Dec-2024
$10,283
$11,432

Average Annual Total Returns 
6 Months
1 Year
5 Years
10 Years
Quantified Managed Income Fund
1.65%
1.03%
-2.23%
0.28%
Bloomberg U.S. Aggregate Bond Index
1.98%
1.25%
-0.33%
1.35%

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
$129,962,035
Number of Portfolio Holdings
48
Advisory Fee
$496,116
Portfolio Turnover
500%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Reit
0.3%
Common Stocks
8.3%
Money Market Funds
28.0%
Exchange-Traded Funds
63.4%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Cash & Cash Equivalents
14%
Fixed Income - Other
49%
Equities (Energy)
6%
Equities (Large Cap)
6%
Equities - Industrials
2%
Equities - Financials
2%
Equities - Technology
1%
Technology
1%
Equities - Health Care
1%
Equities - Consumer Staples
2%
Futures (S&P 500)
4%
Futures (Long Bond)
12%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Mount Vernon Liquid Assets Portfolio, LLC
17.0%
iShares 1-3 Year Treasury Bond ETF
14.0%
SPDR Bloomberg High Yield Bond ETF
8.8%
First American Government Obligations Fund Class Z - Class Z
7.7%
Fidelity Government Portfolio - Class I
7.7%
Alerian MLP ETF
6.8%
PIMCO 0-5 Year High Yield Corporate Bond Index ETF
6.7%
WisdomTree US LargeCap Dividend Fund
6.7%
SPDR Bloomberg Convertible Securities ETF
6.7%
iShares 7-10 Year Treasury Bond ETF
6.4%

The Fund has economic exposure through securities and derivatives to the above security types of 121% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Managed Income Fund - Investor (QBDSX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QBDSX

Quantified Market Leaders Fund - Advisor (QMLAX )

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Market Leaders Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor
$98
1.94%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 0.36% for the six months ending December 31, 2024. The MSCI ACWI (All Country World Index), the Fund’s benchmark, rose 5.56%, while the Morningstar Aggressive Target Risk Index, the Fund’s secondary benchmark was up 5.30% for the same period.

 

 

Strategy

 

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

 

Techniques

The Fund declined 3.45% in the third quarter, underperforming its benchmark, the MSCI ACWI, which rose by 6.61%. At the start of the quarter, the Fund was heavily weighted in the Technology sector (26%) and Large-Cap Growth (20%), with a market exposure of 156%. In mid-July, the market fell 9.5%, leading to a 15.3% decline for the Fund. Despite reducing market exposure, the Fund’s prominent positions in Technology and Large-Cap Growth resulted in a more significant loss. However, leadership changed, and the Fund adapted by shifting into Financials and Small-Cap and Mid-Cap stocks, gaining 6.45% between the July sell-off and the quarter’s end.

 

 

In the fourth quarter the Fund rose 4.22%, outperforming its benchmark, the MSCI ACWI, which lost 0.99%. Throughout the quarter, the Fund was weighted heavily to small-cap and mid-cap stocks, 33.6% unleveraged, and 26% unleveraged in the S&P 500 Index. In the first two months of the quarter, the Fund participated fully in the election rally, gaining 11.46%. However, an unusually volatile December, which ended with markets closing at monthly lows, erased 6.36% of the overall gains. The Fund maintained a market exposure of 156% for all but the last week of the quarter.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Market Leaders Fund
Morningstar Aggressive Target Risk Index
MSCI ACWI Net
Mar-2016
$10,000
$10,000
$10,000
Dec-2016
$11,717
$11,043
$10,802
Dec-2017
$13,607
$13,467
$13,391
Dec-2018
$11,694
$12,367
$12,130
Dec-2019
$14,678
$15,571
$15,356
Dec-2020
$20,153
$17,635
$17,852
Dec-2021
$22,683
$20,686
$21,162
Dec-2022
$17,225
$17,391
$17,276
Dec-2023
$19,715
$20,574
$21,111
Dec-2024
$21,757
$23,146
$24,804

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (March 18, 2016)
Quantified Market Leaders Fund
0.36%
10.36%
8.19%
9.25%
MSCI ACWI Net
5.56%
17.49%
10.06%
10.89%
Morningstar Aggressive Target Risk Index
5.30%
12.50%
8.25%
10.02%

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

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

Fund Statistics 

Net Assets
$143,094,156
Number of Portfolio Holdings
12
Advisory Fee
$608,010
Portfolio Turnover
558%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
18.8%
Exchange-Traded Funds
81.2%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
ETFs - Equities (S&P 500)
26%
ETFs - Equities (Technology)
13%
ETFs – Equities (Financials)
13%
Money Market Funds
7%
ETFs - Equities (Large Cap Growth)
21%
ETFs - Equities (Small Cap Growth)
3%
ETFs – Equities (Small Cap Value)
1%
ETFs - Equities (Mid Cap Growth)
16%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
SPDR S&P 500 ETF Trust
40.1%
Vanguard Financials ETF
20.3%
Technology Select Sector SPDR Fund
19.9%
Mount Vernon Liquid Assets Portfolio, LLC
10.2%
First American Government Obligations Fund, Class Z
5.3%
Fidelity Government Portfolio, Class I
5.3%
iShares Russell 1000 Growth ETF
4.0%
iShares Russell 2000 Growth ETF
3.7%
iShares Russell 2000 Value ETF
1.9%

The Fund has economic exposure through securities and derivatives to the above security types of 152% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Market Leaders Fund - Advisor (QMLAX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QMLAX

Quantified Market Leaders Fund - Investor (QMLFX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Market Leaders Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$68
1.34%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 0.62% for the six months ending December 31, 2024. The MSCI ACWI (All Country World Index), the Fund’s benchmark, rose 5.56%, while the Morningstar Aggressive Target Risk Index, the Fund’s secondary benchmark was up 5.30% for the same period.

 

 

Strategy

 

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

 

Techniques

The Fund declined 3.45% in the third quarter, underperforming its benchmark, the MSCI ACWI, which rose by 6.61%. At the start of the quarter, the Fund was heavily weighted in the Technology sector (26%) and Large-Cap Growth (20%), with a market exposure of 156%. In mid-July, the market fell 9.5%, leading to a 15.3% decline for the Fund. Despite reducing market exposure, the Fund’s prominent positions in Technology and Large-Cap Growth resulted in a more significant loss. However, leadership changed, and the Fund adapted by shifting into Financials and Small-Cap and Mid-Cap stocks, gaining 6.45% between the July sell-off and the quarter’s end.

 

 

In the fourth quarter the Fund rose 4.22%, outperforming its benchmark, the MSCI ACWI, which lost 0.99%. Throughout the quarter, the Fund was weighted heavily to small-cap and mid-cap stocks, 33.6% unleveraged, and 26% unleveraged in the S&P 500 Index. In the first two months of the quarter, the Fund participated fully in the election rally, gaining 11.46%. However, an unusually volatile December, which ended with markets closing at monthly lows, erased 6.36% of the overall gains. The Fund maintained a market exposure of 156% for all but the last week of the quarter.

How has the Fund performed over the last ten years? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Market Leaders Fund
Morningstar Aggressive Target Risk Index
MSCI ACWI Net
Dec-2014
$10,000
$10,000
$10,000
Dec-2015
$9,365
$9,733
$9,763
Dec-2016
$11,050
$10,837
$10,531
Dec-2017
$12,910
$13,215
$13,056
Dec-2018
$11,171
$12,136
$11,826
Dec-2019
$14,084
$15,280
$14,972
Dec-2020
$19,427
$17,306
$17,406
Dec-2021
$22,010
$20,300
$20,633
Dec-2022
$16,818
$17,066
$16,843
Dec-2023
$19,344
$20,190
$20,583
Dec-2024
$21,481
$22,715
$24,183

Average Annual Total Returns 
6 Months
1 Year
5 Years
10 Years
Quantified Market Leaders Fund
0.62%
11.05%
8.81%
7.95%
MSCI ACWI Net
5.56%
17.49%
10.06%
9.23%
Morningstar Aggressive Target Risk Index
5.30%
12.50%
8.25%
8.55%

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

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

Fund Statistics 

Net Assets
$143,094,156
Number of Portfolio Holdings
12
Advisory Fee
$608,010
Portfolio Turnover
558%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
18.8%
Exchange-Traded Funds
81.2%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
ETFs - Equities (S&P 500)
26%
ETFs - Equities (Technology)
13%
ETFs – Equities (Financials)
13%
Money Market Funds
7%
ETFs - Equities (Large Cap Growth)
21%
ETFs - Equities (Small Cap Growth)
3%
ETFs – Equities (Small Cap Value)
1%
ETFs - Equities (Mid Cap Growth)
16%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
SPDR S&P 500 ETF Trust
40.1%
Vanguard Financials ETF
20.3%
Technology Select Sector SPDR Fund
19.9%
Mount Vernon Liquid Assets Portfolio, LLC
10.2%
First American Government Obligations Fund, Class Z
5.3%
Fidelity Government Portfolio, Class I
5.3%
iShares Russell 1000 Growth ETF
4.0%
iShares Russell 2000 Growth ETF
3.7%
iShares Russell 2000 Value ETF
1.9%

The Fund has economic exposure through securities and derivatives to the above security types of 152% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Market Leaders Fund - Investor (QMLFX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QMLFX

Quantified Pattern Recognition Fund - Investor (QSPMX )

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Pattern Recognition Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$83
1.60%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 6.86% for the six months ending December 31, 2024. The S&P 500 Index, the Fund’s primary benchmark, returned 8.44% for the same period. The Fund’s secondary benchmark, a blended index of 50% of the S&P Index and 50% of the Bloomberg Aggregate Bond Index was up 5.19% for the 6  months.

 

 

Strategy

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

 

Techniques

The Fund gained 5.01% for the third quarter, slightly underperforming its benchmark, the S&P 500, which gained 5.89%. The Fund identified that the market was trending at the start of the quarter and maintained 160% exposure through mid-July. When the market started to pull back in July, the Fund reduced its exposure and was in cash by August 2. It began returning to the market shortly after but returned to cash midway through August. The Fund then sought mean-reversion trades for the rest of the quarter and ended September with short positions. The Fund rose 1.76% for the quarter, underperforming its benchmark, the S&P 500, which gained 2.41%. The Fund started the quarter primarily seeking mean-reversion patterns, starting with a long position of 110%. By the end of October, it had shifted to a maximum short exposure of 130%. From the end of November through the close of the quarter, the Fund returned to a long bias.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Pattern Recognition Fund
50/50 S&P 500/Bloomberg Aggregate Bond
S&P 500 Index
Aug-2019
$10,000
$10,000
$10,000
Dec-2019
$11,150
$10,526
$11,111
Dec-2020
$11,111
$11,964
$13,155
Dec-2021
$14,875
$13,496
$16,932
Dec-2022
$12,124
$11,436
$13,865
Dec-2023
$13,803
$13,218
$17,510
Dec-2024
$16,393
$14,890
$21,891

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (August 30, 2019)
Quantified Pattern Recognition Fund
6.86%
18.76%
8.01%
9.70%
S&P 500 Index
8.44%
25.02%
14.53%
15.81%
50/50 S&P 500/Bloomberg Aggregate Bond
5.19%
12.65%
7.18%
7.76%

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
$44,180,523
Number of Portfolio Holdings
5
Advisory Fee
$190,644
Portfolio Turnover
282%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Exchange-Traded Funds
0.7%
Certificate Of Deposit
2.6%
Money Market Funds
96.7%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
Equities
1%
Cash & Equivalent
33%
Futures
66%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
First American Government Obligations Fund Class Z, 4.337%,
42.2%
Fidelity Government Portfolio Class I, 4.330%,
42.2%
Valley Strong Credit Union, 5.100%, 02/10/25
2.3%
SPDR S&P 500 ETF Trust
0.6%

The Fund has economic exposure through securities and derivatives to the above security types of 297% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

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Quantified Pattern Recognition Fund - Investor (QSPMX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QSPMX

Quantified Rising Dividend Tactical Fund - Investor (QRDTX)

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified Rising Dividend Tactical Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$86
1.64%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 7.33% for the six months ending December 31, 2024. The S&P 500 Index, the Fund’s primary benchmark, returned 8.44% for the same period.

 

Strategy

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

 

Techniques

The Fund rose 11.39% in the third quarter, outperforming its benchmark, the S&P 500, which gained 5.89%. Despite having 140% market exposure, the Fund declined just 7.4% during the 8.5% sell-off in the S&P 500 in July. Four of the five Fund holdings outperformed the S&P 500 for the quarter. The most significant fund position was the Equally Weighted S&P 500, which rose 9.5%.

 

The Fund declined 3.64% in the fourth quarter, underperforming its benchmark, the S&P 500, which gained 2.41%. The Fund maintained 140% market exposure, with its largest position (60%) in the Equally Weighted S&P 500, which lost 1.85%. The underperformance of the Equally Weighted S&P 500 compared to the capitalization-weighted S&P 500 is rare. Over the 10 years from December 31, 2012, to December 31, 2022, the Equally Weighted S&P 500 had an annualized return of 12.09%, slightly below the 12.47% annualized return of the S&P 500. However, over the past two years, the disparity widened significantly, with annualized returns of 13.30% for the Equally Weighted S&P 500 versus 25.65% for the capitalization-weighted S&P 500.

 

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Rising Dividend Tactical Fund
S&P 500® Index
Apr-2021
$10,000
$10,000
Dec-2021
$11,114
$11,669
Dec-2022
$7,571
$9,556
Dec-2023
$8,565
$12,068
Dec-2024
$9,883
$15,087

Average Annual Total Returns 
6 Months
1 Year
Since Inception (April 14, 2021)
Quantified Rising Dividend Tactical Fund
7.33%
15.39%
-0.32%
S&P 500® Index
8.44%
25.02%
11.71%

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
$32,061,626
Number of Portfolio Holdings
48
Advisory Fee
$182,787
Portfolio Turnover
78%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
16.1%
Exchange-Traded Funds
83.9%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
ETFs - Equities (Large Cap Income)
14%
ETFs - Equities (S&P 500)
52%
ETFs – Equities (International)
13%
ETFs - Equities (Technology)
9%
Money Market Funds
10%
Large Cap Funds
2%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Vanguard Dividend Appreciation ETF
21.1%
Vanguard International Dividend Appreciation ETF
17.0%
Invesco S&P 500 Low Volatility ETF
17.0%
Invesco S&P 500 Equal Weight ETF
17.0%
Invesco QQQ Trust Series 1
12.4%
First American Government Obligations Fund, Class Z
8.2%
Fidelity Government Portfolio, Class I
8.1%

The Fund has economic exposure through securities and derivatives to the above security types of 152% of its assets. The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified Rising Dividend Tactical Fund - Investor (QRDTX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QRDTX

Quantified STF Fund - Advisor (QSTAX )

Semi-Annual Shareholder Report - December 31, 2024

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Fund Overview

This semi-annual shareholder report contains important information about the Quantified STF Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Advisor
$112
2.19%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 2.35% for the six months ending December 31, 2024. The NASDAQ 100 Total Return Index earned 7.16% for the same period.

 

Strategy

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

 

Techniques

The Fund signal began the third quarter at 2.0X but adjusted as markets declined and volatility increased. It reduced to 1.6X on July 17, then to 0.8X on July 25, and further to 0X on August 5. The Fund signal increased to 1.6X on August 6, fell back to 0.8X on August 12, returned to 1.6X on August 13, and increased to 2.0X on August 16 as volatility declined while markets attempted to reestablish upward momentum following the market sell-off during July. The signal changed to 1.6X on September 3 and then to 0X on September 5. The Fund signal moved to 2.0X on September 12, following a shallow pullback in late August to early September, and remained there through the beginning of the fourth quarter as upward market momentum strengthened. As markets declined and volatility increased in the second half of October, the Fund signal reduced to 1X and ended at 0X. Once the post-election rally got underway, the Fund's signal ranged from 0X to 2X, with adjustments coming from its volatility overlay. The Fund was 2X through the last week of November and shifted between 2X and 1X during the first week in December. When volatility started to pick up in December, the Fund signal went to 0X on December 11 and stayed flat until December 26, when it rose to 1X. However, with continued volatility in late December, the signal returned to 0X on December 30, where it remained through the end of 2024.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified STF Fund
Nasdaq-100® Index
Nov-2015
$10,000
$10,000
Dec-2015
$9,810
$10,216
Dec-2016
$8,358
$10,960
Dec-2017
$14,027
$14,575
Dec-2018
$12,977
$14,581
Dec-2019
$15,011
$20,334
Dec-2020
$26,475
$30,272
Dec-2021
$33,938
$38,599
Dec-2022
$18,167
$26,099
Dec-2023
$29,213
$40,488
Dec-2024
$37,746
$50,968

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (November 13, 2015)
Quantified STF Fund
2.35%
29.21%
20.25%
15.66%
Nasdaq-100® Index
7.16%
25.88%
20.18%
19.52%

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

Fund Statistics 

Net Assets
$204,861,519
Number of Portfolio Holdings
10
Advisory Fee
$1,026,864
Portfolio Turnover
89%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Certificate Of Deposit
3.4%
Private Investment Funds
10.0%
Money Market Funds
86.6%

What did the Fund invest in? 

Sector Weighting (% of total investments)

Group By Sector Chart
Value
Value
Private Investment Funds
10%
Cash & Equivalent
90%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Fidelity Government Portfolio Class I, 4.330%,
43.0%
First American Government Obligations Fund Class Z, 4.337%,
43.0%
Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund
9.9%
Bellco Credit Union, 5.150%, 02/24/25
0.5%
Valley Strong Credit Union, 5.100%, 02/10/25
0.5%
Burke & Herbert Bank & Trust Company, 4.600%, 02/06/26
0.5%
Axos Bank, 3.800%, 04/02/27
0.5%
ESSA Bank & Trust, 3.700%, 09/25/26
0.5%
Ally Bank, 3.750%, 09/27/27
0.5%
Texas Exchange Bank SSB, 3.650%, 03/26/27
0.5%

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

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified STF Fund - Advisor (QSTAX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QSTAX

Quantified STF Fund - Investor (QSTFX )

Semi-Annual Shareholder Report - December 31, 2024

Image

Fund Overview

This semi-annual shareholder report contains important information about the Quantified STF Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$81
1.59%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 2.66% for the six months ending December 31, 2024. The NASDAQ 100 Total Return Index earned 7.16% for the same period.

 

Strategy

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

 

Techniques

The Fund signal began the third quarter at 2.0X but adjusted as markets declined and volatility increased. It reduced to 1.6X on July 17, then to 0.8X on July 25, and further to 0X on August 5. The Fund signal increased to 1.6X on August 6, fell back to 0.8X on August 12, returned to 1.6X on August 13, and increased to 2.0X on August 16 as volatility declined while markets attempted to reestablish upward momentum following the market sell-off during July. The signal changed to 1.6X on September 3 and then to 0X on September 5. The Fund signal moved to 2.0X on September 12, following a shallow pullback in late August to early September, and remained there through the beginning of the fourth quarter as upward market momentum strengthened. As markets declined and volatility increased in the second half of October, the Fund signal reduced to 1X and ended at 0X. Once the post-election rally got underway, the Fund's signal ranged from 0X to 2X, with adjustments coming from its volatility overlay. The Fund was 2X through the last week of November and shifted between 2X and 1X during the first week in December. When volatility started to pick up in December, the Fund signal went to 0X on December 11 and stayed flat until December 26, when it rose to 1X. However, with continued volatility in late December, the signal returned to 0X on December 30, where it remained through the end of 2024.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified STF Fund
Nasdaq-100® Index
Nov-2015
$10,000
$10,000
Dec-2015
$9,811
$10,216
Dec-2016
$8,381
$10,960
Dec-2017
$14,157
$14,575
Dec-2018
$13,176
$14,581
Dec-2019
$15,339
$20,334
Dec-2020
$27,218
$30,272
Dec-2021
$35,107
$38,599
Dec-2022
$18,905
$26,099
Dec-2023
$30,598
$40,488
Dec-2024
$39,759
$50,968

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (November 13, 2015)
Quantified STF Fund
2.66%
29.94%
20.98%
16.32%
Nasdaq-100® Index
7.16%
25.88%
20.18%
19.52%

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

Fund Statistics 

Net Assets
$204,861,519
Number of Portfolio Holdings
10
Advisory Fee
$1,026,864
Portfolio Turnover
89%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Certificate Of Deposit
3.4%
Private Investment Funds
10.0%
Money Market Funds
86.6%

What did the Fund invest in? 

Sector Weighting (% of total investments)

Group By Sector Chart
Value
Value
Private Investment Funds
10%
Cash & Equivalent
90%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
Fidelity Government Portfolio Class I, 4.330%,
43.0%
First American Government Obligations Fund Class Z, 4.337%,
43.0%
Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund
9.9%
Bellco Credit Union, 5.150%, 02/24/25
0.5%
Valley Strong Credit Union, 5.100%, 02/10/25
0.5%
Burke & Herbert Bank & Trust Company, 4.600%, 02/06/26
0.5%
Axos Bank, 3.800%, 04/02/27
0.5%
ESSA Bank & Trust, 3.700%, 09/25/26
0.5%
Ally Bank, 3.750%, 09/27/27
0.5%
Texas Exchange Bank SSB, 3.650%, 03/26/27
0.5%

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

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified STF Fund - Investor (QSTFX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QSTFX

Quantified Tactical Fixed Income Fund - Investor (QFITX )

Semi-Annual Shareholder Report - December 31, 2024

Image

Fund Overview

This semi-annual shareholder report contains important information about the Quantified Tactical Fixed Income Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$81
1.62%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund declined -1.04% for the six months ending December 31, 2024. The Bloomberg U.S. Aggregate Bond Index, the Fund’s benchmark, was up 1.98%.

 

 

Strategy

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

 

Techniques

The Fund rose 0.67% for the third quarter, underperforming the Bloomberg U.S. Aggregate Bond Market Index’s 5.19% gain and long-term Treasurys’ 7.95% gain. Within the Fund, 42% of the sub-strategies used beat the Bloomberg Index for the quarter, and 85% had positive returns. The Fund maintained a long bias toward long-term Treasurys but took short positions at the start of each month. It also maintained a 26% exposure to high-yield bonds throughout the quarter.

 

 

In the fourth quarter, the Fund declined by 1.69%, still outperforming its benchmarks, the Bloomberg U.S. Aggregate Bond Market Index, which fell 3.06%, and long-term Treasurys, which dropped 9.41%. Within the Fund, 57% of the sub-strategies outperformed the Bloomberg Index for the quarter, and 85% beat long-term Treasurys during the quarter. The Fund maintained a long bias for long-term Treasurys throughout the quarter but briefly traded to a short position early on, which proved beneficial. The Fund also maintained a small exposure to high-yield bonds, ranging from 11% to 25%, during the period.

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Tactical Fixed Income Fund
Bloomberg U.S. Aggregate Bond Index
Sep-2019
$10,000
$10,000
Dec-2019
$10,132
$10,148
Dec-2020
$11,182
$10,910
Dec-2021
$10,848
$10,742
Dec-2022
$8,355
$9,344
Dec-2023
$7,808
$9,861
Dec-2024
$7,727
$9,984

Average Annual Total Returns 
6 Months
1 Year
5 Years
Since Inception (September 13, 2019)
Quantified Tactical Fixed Income Fund
-1.04%
-1.04%
-5.27%
-4.75%
Bloomberg U.S. Aggregate Bond Index
1.98%
1.25%
-0.33%
-0.03%

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

Fund Statistics 

Net Assets
$33,045,246
Number of Portfolio Holdings
38
Advisory Fee
$244,024
Portfolio Turnover
51%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Certificate Of Deposit
6.5%
Exchange-Traded Funds
0.1%
Money Market Funds
93.4%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
High Yield Bond
9%
Futures
6%
Cash & Equivalent
85%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
First American Government Obligations Fund Class Z, 4.337%,
43.4%
Fidelity Government Portfolio Class I, 4.330%,
43.4%
Bellco Credit Union, 5.150%, 02/24/25
3.0%
Valley Strong Credit Union, 5.100%, 02/10/25
3.0%
iShares 20+ Year Treasury Bond ETF
0.1%

The Fund has economic exposure through securities and derivatives to the above security types of 117% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified Tactical Fixed Income Fund - Investor (QFITX )

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QFITX

Quantified Tactical Sectors Fund - Investor (QTSSX)

Semi-Annual Shareholder Report - December 31, 2024

Image

Fund Overview

This semi-annual shareholder report contains important information about the Quantified Tactical Sectors Fund for the period of July 1, 2024 to December 31, 2024. You can find additional information about the Fund at www.quantifiedfunds.com/fund-documents. You can also request this information by contacting us at (855) 647-8268.

 

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor
$82
1.60%Footnote Reference*

* Annualized

How did the Fund perform during the reporting period? 

The Fund earned 2.59% for the six months ending December 31, 2024. The S&P 500 Index, the Fund’s primary benchmark, returned 8.44% for the same period.

 

Strategy

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

 

Techniques

The Fund lost 2.44% in the third quarter of 2024, underperforming its benchmark, the S&P 500, which rose by 5.89%. It started with a 50% allocation in Technology and 50% in the S&P 500 Index, initially generating a substantial gain of 6.31%, compared to the S&P 500’s 3.79% gain. However, the sharp sell-off in July erased the gain and more, with the Fund declining over 13%. It managed to recover about half of that loss by the end of the quarter.

 

The Fund  gained 5.15% in the fourth quarter, outperforming its benchmark, the S&P 500, which rose by 2.41%. For most of the quarter, the Fund allocated 25% to Technology, 25% to Financial Services, and the remainder to the S&P 500 Index, maintaining a market exposure of 156%. The Fund rallied 10.60% from October through November, compared to a 5.02% gain for the S&P 500 Index during the same period. However, the Fund fell 4.93% in December.

 

How has the Fund performed since inception? 

Total Return Based on $10,000 Investment

Growth of 10K Chart
Quantified Tactical Sectors Fund
S&P 500® Index
Mar-2021
$10,000
$10,000
Dec-2021
$8,341
$12,793
Dec-2022
$6,043
$10,476
Dec-2023
$6,874
$13,230
Dec-2024
$7,840
$16,540

Average Annual Total Returns 
6 Months
1 Year
Since Inception (March 4, 2021)
Quantified Tactical Sectors Fund
2.59%
14.06%
-6.16%
S&P 500® Index
8.44%
25.02%
14.05%

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
$109,131,431
Number of Portfolio Holdings
16
Advisory Fee
$393,170
Portfolio Turnover
266%

Asset Weighting (% of total investments)

Group By Asset Type Chart
Value
Value
Money Market Funds
13.6%
Exchange-Traded Funds
86.4%

What did the Fund invest in? 

Security Type Weighting (% of total (including notional) exposure)

Group By Sector Chart
Value
Value
ETFs - Equities (S&P 500)
41%
ETFs - Equities (Technology)
25%
ETFs – Equities (Financials)
26%
Money Market Funds
8%

Top 10 Holdings (% of net assets)

Holding Name
% of Net Assets
SPDR S&P 500 ETF Trust
44.2%
Vanguard Financials ETF
21.7%
Technology Select Sector SPDR Fund
20.9%
Fidelity Government Portfolio, Class I
5.7%
First American Government Obligations Fund, Class Z
5.6%
Mount Vernon Liquid Assets Portfolio, LLC
2.3%

The Fund has economic exposure through securities and derivatives to the above security types of 159% of its assets.  The Asset Weighting chart and the Top 10 Holdings table do not include derivatives.  Please refer to the semi-annual shareholder report (address below) for a complete listing of the Fund's holdings.

Material Fund Changes

No material changes occurred during the period ended December 31, 2024. 

Image

Quantified Tactical Sectors Fund - Investor (QTSSX)

Semi-Annual Shareholder Report - December 31, 2024

Additional information is available on the Fund's website (www.quantifiedfunds.com/fund-documents), including its:

 

  • Prospectus

  • Financial information

  • Holdings

  • Proxy voting information

TSR-SAR 123124-QTSSX

 

(b)       Not applicable

 

 

Item 2. Code of Ethics. Not applicable.

 

Item 3. Audit Committee Financial Expert. Not applicable.

 

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

 

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

 

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

 

 

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

 

(QUANTIFIED FUNDS LOGO) 

   
Semi-Annual Financial Statements and
Additional Information
December 31, 2024
   
   
   
   
   
Quantified Managed Income Fund Quantified Market Leaders Fund
Investor Class Shares QBDSX Investor Class Shares QMLFX
Advisor Class Shares QBDAX Advisor Class Shares QMLAX
   
Quantified Alternative Investment Fund Quantified STF Fund
Investor Class Shares QALTX Investor Class Shares QSTFX
Advisor Class Shares QALAX Advisor Class Shares QSTAX
   
Quantified Pattern Recognition Fund Quantified Tactical Fixed Income Fund
Investor Class Share QSPMX Investor Class Shares QFITX
   
Quantified Evolution Plus Fund Quantified Common Ground Fund
Investor Class Shares QEVOX Investor Class Shares QCGDX
   
Quantified Tactical Sectors Fund Quantified Rising Dividend Tactical Fund
Investor Class Shares QTSSX Investor Class Shares QRDTX
   
Quantified Government Income Tactical Fund Quantified Global Fund
Investor Class Shares QGITX Investor Class Shares QGBLX
   
Quantified Eckhardt Managed Futures Strategy Fund
Investor Class Shares QETCX
   
   
   
   
   
1-855-64-QUANT (1-855-647-8268)
www.advisorspreferred.com
   
Distributed by Ceros Financial Services, Inc.

 

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 9.9%        
        AEROSPACE & DEFENSE - 0.3%        
  887     Lockheed Martin Corporation   $ 431,029  
                 
        ASSET MANAGEMENT - 0.3%        
  10,527     Federated Hermes, Inc.     432,765  
                 
        BEVERAGES - 0.7%        
  6,917     Coca-Cola Company     430,653  
  2,854     PepsiCo, Inc.     433,979  
              864,632  
        BIOTECH & PHARMA - 0.3%        
  2,970     Johnson & Johnson     429,521  
                 
        COMMERCIAL SUPPORT SERVICES - 0.3%        
  2,313     Cintas Corporation     422,585  
                 
        CONSUMER SERVICES - 0.3%        
  5,348     Service Corp International     426,877  
                 
        DIVERSIFIED INDUSTRIALS - 0.7%        
  1,892     Honeywell International, Inc.     427,384  
  1,671     Illinois Tool Works, Inc.     423,699  
              851,083  
        FOOD - 0.7%        
  6,800     General Mills, Inc.(c)     433,636  
  2,547     Hershey Company     431,334  
              864,970  
        HEALTH CARE FACILITIES & SERVICES - 0.4%        
  835     Chemed Corporation     442,383  
                 
        HOUSEHOLD PRODUCTS – 1.0%        
  2,640     Clorox Company     428,763  
  4,689     Colgate-Palmolive Company     426,277  
  3,283     Kimberly-Clark Corporation     430,204  
              1,285,244  

 

See accompanying notes to financial statements.

1

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 9.9% (Continued)        
        INSURANCE - 1.7%        
  4,194     Aflac, Inc.   $ 433,827  
  3,137     American Financial Group, Inc.     429,550  
  4,548     Arch Capital Group Ltd.     420,008  
  1,964     Marsh & McLennan Companies, Inc.     417,173  
  1,719     RenaissanceRe Holdings Ltd.     427,704  
              2,128,262  
        MACHINERY - 0.3%        
  4,185     Veralto Corporation     426,242  
                 
        REAL ESTATE INVESTMENT TRUSTS - 0.3%        
  35,520     Ellington Financial, Inc.(c)     430,502  
                 
        SPECIALTY REITS - 0.3%        
  3,487     Lamar Advertising Company, Class A     424,507  
                 
        TECHNOLOGY HARDWARE - 0.3%        
  903     Motorola Solutions, Inc.     417,394  
                 
        TECHNOLOGY SERVICES - 1.7%        
  1,466     Automatic Data Processing, Inc.     429,142  
  1,919     Broadridge Financial Solutions, Inc.     433,867  
  817     Mastercard, Inc., Class A     430,208  
  908     Moody's Corporation     429,820  
  1,560     Verisk Analytics, Inc.     429,671  
              2,152,708  
        TRANSPORTATION & LOGISTICS - 0.3%        
  1,893     Union Pacific Corporation     431,680  
                 
        TOTAL COMMON STOCKS (Cost $13,346,993)     12,862,384  

 

See accompanying notes to financial statements.

2

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 73.4%        
        EQUITY – 13.5%        
  183,991     Alerian MLP ETF(c)   $ 8,861,007  
  112,381     WisdomTree US LargeCap Dividend Fund(c)     8,742,118  
              17,603,125  
        FIXED INCOME - 59.9%        
  207,090     Invesco Emerging Markets Sovereign Debt ETF     4,104,524  
  214,810     Invesco Fundamental High Yield Corporate Bond ETF     3,883,765  
  98,937     Invesco Senior Loan ETF     2,084,603  
  221,267     iShares 1-3 Year Treasury Bond ETF     18,139,469  
  53,326     iShares 20+ Year Treasury Bond ETF     4,656,959  
  89,684     iShares 7-10 Year Treasury Bond ETF     8,291,286  
  49,428     iShares iBoxx High Yield Corporate Bond ETF(c)     3,887,512  
  93,444     PIMCO 0-5 Year High Yield Corporate Bond Index ETF     8,753,834  
  158,041     ProShares Short 20+ Year Treasury Bond ETF(c)     3,894,130  
  111,625     SPDR Bloomberg Convertible Securities ETF(c)     8,694,471  
  119,403     SPDR Bloomberg High Yield Bond ETF(c)     11,399,404  
              77,789,957  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $96,572,410)     95,393,082  
                 
        SHORT-TERM INVESTMENTS — 15.4%        
        MONEY MARKET FUNDS - 15.4%        
  10,037,844     Fidelity Government Portfolio, Class I, 4.33%(a)     10,037,844  
  10,037844     First American Government Obligations Fund, Class Z, 4.34%(a)     10,037,844  
        TOTAL MONEY MARKET FUNDS (Cost $20,075,688)     20,075,688  
                 
        TOTAL SHORT-TERM INVESTMENTS (Cost $20,075,688)     20,075,688  

 

See accompanying notes to financial statements.

3

 

QUANTIFIED MANAGED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Units         Fair Value  
        COLLATERAL FOR SECURITIES LOANED - 17.0%        
  22,084,026     Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(a),(b),(d)   $ 22,084,026  
                 
        TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $22,084,026)        
                 
        TOTAL INVESTMENTS - 115.7% (Cost $152,079,117)   $ 150,415,180  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (15.7)%     (20,453,145 )
        NET ASSETS - 100.0%   $ 129,962,035  

 

OPEN FUTURES CONTRACTS  
Number of                   Unrealized Appreciation  
Contracts     Open Short Futures Contracts   Expiration   Notional Amount     (Depreciation)  
  24     CME E-Mini Standard & Poor's 500 Index Futures   03/24/2025   $ 7,122,900     $ 9,300  
  165     Ultra U.S. Treasury Bond Futures   03/21/2025     19,619,531       (48,115 )
        TOTAL FUTURES CONTRACTS               $ (38,815 )

 

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

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) Security purchased with cash proceeds of securities lending collateral.

 

(c) All or portion of the security is on loan. Total loaned securities had a value of $21,624,826 at December 31, 2024.

 

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

 

See accompanying notes to financial statements.

4

 

QUANTIFIED MARKET LEADERS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 89.9%        
        EQUITY - 89.9%        
  14,271     iShares Russell 1000 Growth ETF   $ 5,730,948  
  18,531     iShares Russell 2000 Growth ETF     5,333,592  
  16,385     iShares Russell 2000 Value ETF(c)     2,689,926  
  97,901     SPDR S&P 500 ETF Trust(d),(e)     57,377,818  
  122,312     Technology Select Sector SPDR Fund(c)     28,439,986  
  245,846     Vanguard Financials ETF     29,027,037  
              128,599,307  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $130,493,577)     128,599,307  
                 
        SHORT-TERM INVESTMENTS — 10.6%        
        MONEY MARKET FUNDS – 10.6%        
  7,635,080     Fidelity Government Portfolio, Class I, 4.33%(a)     7,635,080  
  7,635,081     First American Government Obligations Fund, Class Z, 4.34%(a)     7,635,081  
        TOTAL MONEY MARKET FUNDS (Cost $15,270,161)     15,270,161  
                 
Units              
        COLLATERAL FOR SECURITIES LOANED - 10.2%        
  14,539,241     Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(a),(b),(d)     14,539,241  
                 
        COLLATERAL FOR SECURITIES LOANED (Cost $14,539,241)        
                 
        TOTAL INVESTMENTS – 110.7% (Cost $160,302,979)   $ 158,408,709  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (10.7)%     (15,314,553 )
        NET ASSETS - 100.0%   $ 143,094,156  

 

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

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) Security purchased with cash proceeds of securities lending collateral.

 

(c) All or portion of the security is on loan. Total loaned securities had a value of $14,194,400 at December 31, 2024.

 

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

 

See accompanying notes to financial statements.

5

 

QUANTIFIED MARKET LEADERS FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

TOTAL RETURN SWAPS  
Number of         Notional Amount at         Termination       Unrealized  
Shares     Reference Entity   December 31, 2024     Interest Rate Payable (1)   Date   Counterparty   (Depreciation)  
Long Position:                                  
  79,670     iShares Russell 1000 Growth ETF   $ 31,993,879     USD SOFR plus 60 bp   1/22/2026   BRC   $ (608,717 )
  19,270     iShares Russell 1000 Growth ETF     7,738,446     USD SOFR plus 60 bp   1/23/2026   BRC     (183,951 )
  269,400     iShares Russell Mid-Cap Growth ETF     34,146,450     USD SOFR plus 60 bp   1/22/2026   BRC     (915,080 )
                            Total:   $ (1,707,748 )

 

BRC - Barclays Capital

 

SOFR - Secured Overnight Financing Rate

 

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

 

See accompanying notes to financial statements.

6

 

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 57.0%        
        EQUITY - 53.4%        
  1,909     ARK Autonomous Technology & Robotics ETF(a)   $ 147,470  
  13,846     Fidelity High Dividend ETF     691,469  
  3,857     Fidelity MSCI Consumer Discretionary Index ETF     375,904  
  6,938     Fidelity MSCI Industrials Index ETF     487,811  
  1,303     First Trust Cloud Computing ETF(a)     155,213  
  1,985     First Trust Industrials/Producer Durables AlphaDEX Fund     148,498  
  8,562     First Trust NASDAQ Technology Dividend Index Fund     671,775  
  12,677     Global X Artificial Intelligence & Technology ETF(d)     489,839  
  7,279     Global X FinTech ETF     227,250  
  303     Invesco ETF Trust Invesco Dorsey Wright Industrials Momentum ETF     46,589  
  17,747     Invesco KBW High Dividend Yield Financial ETF(d)     260,348  
  2,598     Invesco Leisure & Entertainment ETF     135,616  
  419     Invesco S&P 500 Momentum ETF     39,809  
  5,042     iShares Global Consumer Discretionary ETF     929,493  
  14,707     iShares Global Financials ETF(d)     1,412,703  
  2,963     iShares Global Industrials ETF     418,464  
  1,244     iShares Global Tech ETF     105,429  
  4,944     iShares MSCI USA Min Vol Factor ETF     438,978  
  16,219     iShares Robotics and Artificial Intelligence Multisector ETF     601,238  
  3,695     iShares U.S. Aerospace & Defense ETF     537,068  
  3,335     iShares U.S. Tech Breakthrough Multisector ETF     177,389  
  1,689     iShares U.S. Technology ETF     269,429  
  2,629     Proshares Online Retail ETF     117,490  
  3,150     Roundhill Sports Betting & iGaming ETF(a)     59,693  
  2,108     SPDR Global Dow ETF     278,319  
  1,319     SPDR S&P Capital Markets ETF     181,626  
  7,310     US Diversified Real Estate ETF     235,017  
  304     Vanguard Consumer Discretionary ETF     114,116  
  863     Vanguard Information Technology ETF     536,613  
  5,704     WisdomTree US LargeCap Fund     348,971  
              10,639,627  
        FIXED INCOME - 3.6%        
  6,423     iShares Short Treasury Bond ETF     707,237  

 

See accompanying notes to financial statements.

7

 

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        TOTAL EXCHANGE-TRADED FUNDS (Cost $11,712,240)   $ 11,346,864  
                 
        OPEN-END MUTUAL FUNDS — 29.6%        
        ALTERNATIVE - 20.3%        
  89,479     AQR Alternative Risk Premia Fund, Class I     1,011,112  
  120,473     AQR Equity Market Neutral Fund, Class I     1,205,937  
  70,701     AQR Managed Futures Strategy Fund, Class I     603,787  
  62,100     Campbell Systematic Macro Fund, Class I     606,093  
  73,337     Eaton Vance Global Macro Absolute Return Fund, Class I     616,018  
              4,042,947  
        FIXED INCOME - 9.3%        
  66,544     Cohen & Steers Low Duration Preferred and Income Fund, Class I     627,510  
  47,134     Miller Convertible Bond Fund, Class I     600,016  
  34,407     Victory INCORE Investment Grade Convertible Fund, Class I     620,367  
              1,847,893  
                 
        TOTAL OPEN-END MUTUAL FUNDS (Cost $5,859,006)     5,890,840  
                 
        SHORT-TERM INVESTMENTS — 9.8%        
        MONEY MARKET FUNDS - 9.8%        
  975,815     Fidelity Government Portfolio, Class I, 4.33%(b)     975,815  
  975,816     First American Government Obligations Fund, Class Z, 4.34%(b)     975,816  
        TOTAL MONEY MARKET FUNDS (Cost $1,951,631)     1,951,631  
                 
        TOTAL SHORT-TERM INVESTMENTS (Cost $1,951,631)     1,951,631  
                 
Units              
        COLLATERAL FOR SECURITIES LOANED - 3.5%        
  687,825     Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(b),(c),(e)     687,825  
                 
        TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $687,825)        
                 
        TOTAL INVESTMENTS - 99.9% (Cost $20,210,702)   $ 19,877,160  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%     23,177  
        NET ASSETS - 100.0%   $ 19,900,337  

 

See accompanying notes to financial statements.

8

 

QUANTIFIED ALTERNATIVE INVESTMENT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

OPEN FUTURES CONTRACTS  
Number of                      
Contracts     Open Short Futures Contracts   Expiration   Notional Amount     Unrealized (Depreciation)  
  17     Ultra U.S. Treasury Bond Futures   03/21/2025   $ 2,021,406     $ (4,781 )
                             
        TOTAL FUTURES CONTRACTS                    

 

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

 

(a) Non-income producing security.

 

(b) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(c) Security purchased with cash proceeds of securities lending collateral.

 

(d) All or portion of the security is on loan. Total loaned securities had a value of $669,393 at December 31, 2024.

 

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

 

See accompanying notes to financial statements.

9

 

QUANTIFIED STF FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares                 Fair Value  
        PRIVATE INVESTMENT FUND — 9.9%                
        COMMODITY POOL - 9.9%                
  N/A     Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund(a)           $ 20,362,091  
                         
        TOTAL PRIVATE INVESTMENT FUND (Cost $21,369,074)             20,362,091  
                         
Principal         Coupon Rate            
Amount ($)         (%)   Maturity        
        CERTIFICATE OF DEPOSIT — 3.4%                
        BANKING - 3.4%                
  1,000,000     Ally Bank   3.7500   09/27/27     994,096  
  1,000,000     Axos Bank   3.8000   04/02/27     995,701  
  1,000,000     Bellco Credit Union   5.1500   02/24/25     1,001,147  
  1,000,000     Burke & Herbert Bank & Trust Company   4.6000   02/06/26     1,000,277  
  1,000,000     ESSA Bank & Trust   3.7000   09/25/26     994,447  
  1,000,000     Texas Exchange Bank SSB   3.6500   03/26/27     992,344  
  1,000,000     Valley Strong Credit Union   5.1000   02/10/25     1,000,758  
                      6,978,770  
                         
        TOTAL CERTIFICATE OF DEPOSIT (Cost $7,000,000)             6,978,770  
                         
Shares                      
        SHORT-TERM INVESTMENTS — 86.1%                
        MONEY MARKET FUNDS - 86.1%                
  88,168,928     Fidelity Government Portfolio, Class I, 4.33%(b),(c)             88,168,928  
  88,168,928     First American Government Obligations Fund, Class Z, 4.34%(b),(c)             88,168,928  
        TOTAL MONEY MARKET FUNDS (Cost $176,337,856)             176,337,856  
                         
        TOTAL SHORT-TERM INVESTMENTS (Cost $176,337,856)             176,337,856  
                         
        TOTAL INVESTMENTS – 99.4% (Cost $204,706,930)           $ 203,678,717  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%             1,182,802  
        NET ASSETS - 100.0%           $ 204,861,519  

 

(a) Investment valued using net asset value per share as practical expedient. See Note 2. Galaxy Plus Fund LLC - Profit Score Regime - Adaptive Equity Feeder Fund‘s (‘‘Galaxy’’) investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing its assets to the investment discretion of a select group of experienced sub-managers that pursue various alternative investment strategies. Specifically, Galaxy accesses the sub-managers through an affiliated platform called Galaxy Plus Fund, LLC (the ‘‘Platform’’). The Platform identifies sub-managers that, in its judgment, are capable of generating attractive investment returns whose correlation to the U.S. equity and fixed-income markets is minimal. In implementing their strategies, the sub- managers selected by the Platform will have the discretion to invest and trade in a broad variety of securities and other financial instruments (including derivatives). Galaxy has no unfunded commitments or redemption lock-up period, as the investment offers daily redemptions. However, the managers of Galaxy may temporarily suspend redemptions in certain limited circumstances.

 

(b) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(c) See note 10.

 

See accompanying notes to financial statements.

10

 

QUANTIFIED PATTERN RECOGNITION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares                 Fair Value  
        EXCHANGE-TRADED FUND — 0.6%                
        EQUITY - 0.6%                
  450     SPDR S&P 500 ETF Trust           $ 263,736  
                         
        TOTAL EXCHANGE-TRADED FUND (Cost $268,041)             263,736  
                         
Principal         Coupon Rate            
Amount ($)         (%)   Maturity        
        CERTIFICATE OF DEPOSIT — 2.3%                
        BANKING - 2.3%                
  1,000,000     Valley Strong Credit Union   5.1000   02/10/25     1,000,758  
                         
        TOTAL CERTIFICATE OF DEPOSIT (Cost $1,000,000)             1,000,758  
                         
Shares                      
        SHORT-TERM INVESTMENTS — 84.4%                
        MONEY MARKET FUNDS – 84.4%                
  18,645,440     Fidelity Government Portfolio Class I, 4.33%(a)(b)             18,645,440  
  18,645,441     First American Government Obligations Fund, Class Z, 4.34%(a)(b)             18,645,441  
        TOTAL MONEY MARKET FUNDS (Cost $37,290,881)             37,290,881  
                         
        TOTAL SHORT-TERM INVESTMENTS (Cost $37,290,881)             37,290,881  
                         
        TOTAL INVESTMENTS – 87.3% (Cost $38,558,922)           $ 38,555,375  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 12.7%             5,625,148  
        NET ASSETS - 100.0%           $ 44,180,523  

 

OPEN FUTURES CONTRACTS  
Number of                      
Contracts     Open Long Futures Contracts   Expiration   Amount     Unrealized (Depreciation)  
  294     CME E-Mini Standard & Poor's 500 Index Futures   03/24/2025   $ 87,255,525     $ (2,721,877 )
                             
        TOTAL FUTURES CONTRACTS                    

 

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

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) See note 10.

 

See accompanying notes to financial statements.

11

 

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares                 Fair Value  
        EXCHANGE-TRADED FUND — 0.1%                
        FIXED INCOME - 0.1%                
  200     iShares 20+ Year Treasury Bond ETF           $ 17,466  
                         
        TOTAL EXCHANGE-TRADED FUND (Cost $17,488)             17,466  
                         
Principal         Coupon Rate            
Amount ($)         (%)   Maturity        
        CERTIFICATE OF DEPOSIT — 6.0%                
        BANKING - 6.0%                
  1,000,000     Bellco Credit Union   5.1500   02/24/25     1,001,147  
  1,000,000     Valley Strong Credit Union   5.1000   02/10/25     1,000,758  
                      2,001,905  
                         
        TOTAL CERTIFICATE OF DEPOSIT (Cost $2,000,000)             2,001,905  
                         
Shares                      
        SHORT-TERM INVESTMENTS — 86.8%                
        MONEY MARKET FUNDS - 86.8%                
  14,345,805     Fidelity Government Portfolio, Class I, 4.33%(a),(b)             14,345,805  
  14,345,806     First American Government Obligations Fund, Class Z, 4.34%(a),(b)             14,345,806  
        TOTAL MONEY MARKET FUNDS (Cost $28,691,611)             28,691,611  
                         
        TOTAL SHORT-TERM INVESTMENTS (Cost $28,691,611)             28,691,611  
                         
        TOTAL INVESTMENTS - 92.9% (Cost $30,709,099)           $ 30,710,982  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 7.1%             2,334,264  
        NET ASSETS - 100.0%           $ 33,045,246  

 

OPEN FUTURES CONTRACTS  
Number of                      
Contracts     Open Long Futures Contracts   Expiration   Notional Amount     Unrealized (Depreciation)  
  18     Ultra U.S. Treasury Bond Futures   03/21/2025   $ 2,140,313     $ (79,864 )
        TOTAL FUTURES CONTRACTS                    

 

ETF - Exchange-Traded Fund

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) See note 10.

 

See accompanying notes to financial statements.

12

 

QUANTIFIED TACTICAL FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

TOTAL RETURN SWAPS  
Number of       Notional Amount at         Termination       Unrealized  
Shares   Reference Entity   December 31, 2024     Interest Rate Payable (1)   Date   Counterparty   (Depreciation)  
Long Position:                                
14,300   iShares iBoxx $ High Yield Corporate Bond ETF   $ 1,124,695     USD SOFR plus 60 bp   11/14/2025   BRC   $ (11,118 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   11/28/2025   BRC     (17 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   12/11/2025   BRC     (103 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   12/12/2025   BRC     (48 )
300   iShares iBoxx $ High Yield Corporate Bond ETF     23,595     USD SOFR plus 60 bp   12/24/2025   BRC     (248 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   12/26/2025   BRC     (84 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   12/31/2025   BRC     (95 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   1/2/2026   BRC     (102 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   1/5/2026   BRC     (106 )
100   iShares iBoxx $ High Yield Corporate Bond ETF     7,865     USD SOFR plus 60 bp   1/16/2026   BRC     (54 )
11,700   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     1,096,056     USD SOFR plus 60 bp   11/14/2025   BRC     (3,904 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   11/21/2025   BRC     (23 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   11/28/2025   BRC     (3 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   12/5/2025   BRC     (23 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   12/11/2025   BRC     (96 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   12/12/2025   BRC     (25 )
300   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     28,104     USD SOFR plus 60 bp   12/24/2025   BRC     (203 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   12/31/2025   BRC     (82 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   1/2/2026   BRC     (83 )
100   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     9,368     USD SOFR plus 60 bp   1/8/2026   BRC     (87 )
200   PIMCO 0-5 Year High Yield Corporate Bond Index ETF     18,736     USD SOFR plus 60 bp   1/30/2026   BRC     (15 )
11,400   SPDR Bloomberg High Yield Bond ETF     1,088,358     USD SOFR plus 60 bp   11/14/2025   BRC     (10,866 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   11/21/2025   BRC     (72 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   11/28/2025   BRC     (24 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   12/5/2025   BRC     (53 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   12/11/2025   BRC     (132 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   12/12/2025   BRC     (68 )
300   SPDR Bloomberg High Yield Bond ETF     28,641     USD SOFR plus 60 bp   12/24/2025   BRC     (314 )
200   SPDR Bloomberg High Yield Bond ETF     19,094     USD SOFR plus 60 bp   12/31/2025   BRC     (246 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   1/8/2026   BRC     (141 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   1/16/2026   BRC     (67 )
100   SPDR Bloomberg High Yield Bond ETF     9,547     USD SOFR plus 60 bp   1/26/2026   BRC     (22 )
                        Total:   $ (28,524 )

 

BRC - Barclays Capital

 

SOFR - Secured Overnight Financing Rate

 

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

 

See accompanying notes to financial statements.

13

 

QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 3.5%        
        EQUITY – 3.5%        
  650     Invesco QQQ Trust Series 1   $ 332,300  
  50     iShares U.S. Real Estate ETF     4,653  
  100     SPDR S&P 500 ETF Trust     58,608  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $402,800)     395,561  
                         
Principal         Coupon Rate          
Amount ($)         (%)   Maturity      
        CERTIFICATE OF DEPOSIT — 8.7%                
        BANKING - 8.7%                
  1,000,000     Valley Strong Credit Union   5.1000   02/10/25     1,000,758  
                         
        TOTAL CERTIFICATE OF DEPOSIT (Cost $1,000,000)             1,000,758  
                         
Shares                      
        SHORT-TERM INVESTMENTS — 76.2%                
        MONEY MARKET FUNDS – 76.2%                
  3,603,592     Fidelity Government Portfolio Class I, 4.33%(a),(c)             3,603,592  
  1,525,339     First American Government Obligations Fund, X, 4.38%(a),(b)             1,525,339  
  3,603,592     First American Government Obligations Fund, Class Z, 4.34%(a),(c)             3,603,592  
        TOTAL MONEY MARKET FUNDS (Cost $8,732,523)             8,732,523  
                         
        TOTAL SHORT-TERM INVESTMENTS (Cost $8,732,523)             8,732,523  
                         
        TOTAL INVESTMENTS – 88.4% (Cost $10,135,323)           $ 10,128,842  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 11.6%             1,332,442  
                    $ 11,461,294  
        NET ASSETS - 100.0%                

 

See accompanying notes to consolidated financial statements.

14

 

QUANTIFIED EVOLUTION PLUS FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

OPEN FUTURES CONTRACTS
Number of             Notional     Unrealized  
Contracts     Open Long Futures Contracts   Expiration   Amount     (Depreciation)  
  3     CME E-Mini NASDAQ 100 Index Futures   03/24/2025   $ 1,273,590     $ (52,032 )
  29     CME E-Mini Standard & Poor's 500 Index Futures   03/24/2025     8,606,838       (281,277 )
  38     COMEX Gold 100 Troy Ounces Futures(b)   02/27/2025     10,024,400       (321,520 )
  70     Dow Jones US Real Estate Index Futures   03/24/2025     2,510,900       (111,270 )
        TOTAL FUTURES CONTRACTS               $ (766,099 )

 

ETF - Exchange-Traded Fund
   
SPDR - Standard & Poor's Depositary Receipt
   
(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

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

 

(c) See note 10.

 

See accompanying notes to consolidated financial statements.

15

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 94.1%        
        APPAREL & TEXTILE PRODUCTS - 0.4%        
  73,795     Hanesbrands, Inc.(a),(c)   $ 600,691  
                 
        AUTOMOTIVE - 1.9%        
  99,672     Adient plc(a)     1,717,349  
  8,240     Dorman Products, Inc.(a)     1,067,492  
              2,784,841  
        BIOTECH & PHARMA - 3.1%        
  14,329     BioMarin Pharmaceutical, Inc.(a)     941,845  
  50,171     Catalyst Pharmaceuticals, Inc.(a)     1,047,069  
  42,162     Halozyme Therapeutics, Inc.(a)     2,015,766  
  14,306     Moderna, Inc.(a),(c)     594,843  
              4,599,523  
        CHEMICALS - 0.8%        
  33,228     Valvoline, Inc.(a),(c)     1,202,189  
                 
        CONSTRUCTION MATERIALS - 3.8%        
  317,251     MDU Resources Group, Inc.     5,716,863  
                 
        CONSUMER SERVICES - 0.5%        
  6,654     Stride, Inc.(a)     691,550  
                 
        CONTAINERS & PACKAGING - 1.0%        
  26,944     International Paper Company(c)     1,450,126  
                 
        ELECTRIC UTILITIES - 11.7%        
  13,958     Constellation Energy Corporation     3,122,544  
  80,266     Entergy Corporation     6,085,768  
  58,448     NRG Energy, Inc.     5,273,179  
  21,360     Vistra Corporation     2,944,903  
              17,426,394  
        ELECTRICAL EQUIPMENT - 2.0%        
  18,260     Keysight Technologies, Inc.(a),(c)     2,933,104  

 

See accompanying notes to financial statements.

16

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 94.1% (Continued)        
        ENGINEERING & CONSTRUCTION - 0.7%        
  19,335     Frontdoor, Inc.(a)   $ 1,057,044  
                 
        FOOD - 17.7%        
  141,328     BellRing Brands, Inc.(a)     10,647,651  
  226,565     Fresh Del Monte Produce, Inc.     7,524,224  
  182,104     Pilgrim's Pride Corporation(a),(c)     8,265,701  
              26,437,576  
        FORESTRY, PAPER & WOOD PRODUCTS - 1.0%        
  13,699     Louisiana-Pacific Corporation(c)     1,418,531  
                 
        HEALTH CARE FACILITIES & SERVICES - 0.7%        
  84,305     Owens & Minor, Inc.(a)     1,101,866  
                 
        HOME & OFFICE PRODUCTS - 0.5%        
  10,617     Scotts Miracle-Gro Company     704,332  
                 
        HOTEL REIT - 6.0%        
  307,190     Apple Hospitality REIT, Inc. (c)     4,715,367  
  463,159     DiamondRock Hospitality Company(c)     4,182,326  
              8,897,693  
        LEISURE FACILITIES & SERVICES - 0.6%        
  6,829     Brinker International, Inc.(a)     903,408  
                 
        METALS & MINING - 1.2%        
  28,129     Alcoa Corporation     1,062,714  
  38,105     Century Aluminum Company(a)     694,273  
              1,756,987  
        MULTI ASSET CLASS REIT - 2.3%        
  81,927     Vornado Realty Trust(c)     3,444,211  
                 
        OFFICE REIT - 5.2%        
  214,847     Douglas Emmett, Inc.(c)     3,987,560  
  54,459     SL Green Realty Corporation(c)     3,698,855  
              7,686,415  

 

See accompanying notes to financial statements.

17

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 94.1% (Continued)        
        OIL & GAS PRODUCERS - 7.0%        
  45,521     CNX Resources Corporation(a),(c)   $ 1,669,255  
  95,053     Kinder Morgan, Inc.     2,604,453  
  23,505     ONEOK, Inc.     2,359,902  
  12,032     Targa Resources Corporation     2,147,712  
  32,905     Viper Energy, Inc.(c)     1,614,648  
              10,395,970   
                 
        RENEWABLE ENERGY - 0.8%        
  6,662     First Solar, Inc.(a)     1,174,111  
                 
        RETAIL - CONSUMER STAPLES - 4.1%        
  48,618     Sprouts Farmers Market, Inc.(a)     6,177,889  
                 
        RETAIL REIT - 9.8%        
  272,590     Acadia Realty Trust(c)     6,585,774  
  167,816     SITE Centers Corporation     2,565,907  
  158,933     Tanger, Inc.     5,424,383  
              14,576,064  
        SEMICONDUCTORS - 1.0%        
  8,709     Coherent Corporation(a)     825,004  
  12,351     Semtech Corporation(a),(c)     763,909  
              1,588,913  
        SOFTWARE - 1.2%        
  5,255     CommVault Systems, Inc.(a)     793,032  
  54,504     DoubleVerify Holdings, Inc.(a)     1,047,022  
              1,840,054  
        STEEL - 0.7%        
  6,139     Carpenter Technology Corporation     1,041,850  
                 
        TECHNOLOGY HARDWARE - 1.6%        
  8,257     InterDigital, Inc.     1,599,546  
  10,105     Lumentum Holdings, Inc.(a)     848,315  
              2,447,861  
        TECHNOLOGY SERVICES - 3.8%        
  25,712     CSG Systems International, Inc.     1,314,140  

 

See accompanying notes to financial statements.

18

 

QUANTIFIED COMMON GROUND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 94.1% (Continued)        
        TECHNOLOGY SERVICES - 3.8% (Continued)        
  4,144     EPAM Systems, Inc.(a)   $ 968,950  
  79,897     Genpact Ltd.     3,431,576  
              5,714,666  
        TELECOMMUNICATIONS - 0.6%        
  28,601     Iridium Communications, Inc.     830,001  
                 
        WHOLESALE - CONSUMER STAPLES - 2.4%        
  131,831     United Natural Foods, Inc.(a),(c)     3,600,305  
                 
        TOTAL COMMON STOCKS (Cost $148,821,894)     140,201,028  
                 
        SHORT-TERM INVESTMENTS — 6.4 %        
        MONEY MARKET FUNDS - 6.4%        
  4,724,291     Fidelity Government Portfolio, Class I, 4.33%(b)     4,724,291  
  4,724,290     First American Government Obligations Fund, Class Z, 4.34%(b)     4,724,290  
        TOTAL MONEY MARKET FUNDS (Cost $9,448,581)     9,448,581  
                 
        TOTAL SHORT-TERM INVESTMENTS (Cost $9,448,581)     9,448,581  
                 
Units              
        COLLATERAL FOR SECURITIES LOANED - 25.5%        
  37,984,956     Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(b),(d),(e),(f)     37,984,956  
                 
        COLLATERAL FOR SECURITIES LOANED (Cost $37,984,956)        
                 
        TOTAL INVESTMENTS - 126.0% (Cost $196,255,431)   $ 187,634,565  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (26.0)%     (38,666,068 )
        NET ASSETS - 100.0%   $ 148,968,497  

 

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

 

(a) Non-income producing security.

 

(b) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(c) All or portion of the security is on loan. Total loaned securities had a value of $37,218,368 at December 31, 2024.

 

(d) Security purchased with cash proceeds of securities lending collateral.

 

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

 

(f) See note 10.

 

See accompanying notes to financial statements.

19

 

QUANTIFIED TACTICAL SECTORS FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 86.8%        
        EQUITY - 86.8%        
  82,276     SPDR S&P 500 ETF Trust(e)   $ 48,220,318  
  98,133     Technology Select Sector SPDR Fund     22,817,885  
  200,661     Vanguard Financials ETF(c)     23,692,045  
              94,730,248  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $91,800,990)     94,730,248  
                 
        SHORT-TERM INVESTMENTS — 11.3%        
        MONEY MARKET FUNDS - 11.3%        
  6,185,708     Fidelity Government Portfolio, Class I, 4.33%(a)     6,185,708  
  6,185,709     First American Government Obligations Fund, Class Z, 4.34%(a)     6,185,709  
        TOTAL MONEY MARKET FUNDS (Cost $12,371,417)     12,371,417  
        TOTAL SHORT-TERM INVESTMENTS (Cost $12,371,417)     12,371,417  
                 
  Units     COLLATERAL FOR SECURITIES LOANED - 2.3%        
  2,506,400     Mount Vernon Liquid Assets Portfolio, LLC, 4.58%(a),(b),(d)     2,506,400  
                 
        TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,506,400)        
                 
        TOTAL INVESTMENTS - 100.4% (Cost $106,678,807)   $ 109,608,065  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%     (476,634 )
        NET ASSETS - 100.0%     109,131,431  

 

ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company
   
SPDR - Standard & Poor's Depositary Receipt
   
(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) Security purchased with cash proceeds of securities lending collateral.

 

(c) All or portion of the security is on loan. Total loaned securities had a value of $2,455,856 at December 31, 2024.

 

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

 

(e) See note 10.

 

See accompanying notes to financial statements.

20

 

QUANTIFIED TACTICAL SECTORS FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
December 31, 2024

 

TOTAL RETURN SWAPS  
                            Unrealized  
Number of         Notional Amount at         Termination       Appreciation  
Shares     Reference Entity   December 31, 2024     Interest Rate Payable (1)   Date   Counterparty   (Depreciation)  
Long Position:                              
  34,780     SPDR S&P 500 ETF Trust   $ 20,383,862     USD SOFR plus 60 bp   10/8/2025   BRC   $ 1,407,994  
  31,650     SPDR S&P 500 ETF Trust     18,549,432     USD SOFR plus 60 bp   12/5/2025   BRC     (386,304 )
  5,750     SPDR S&P 500 ETF Trust     3,369,960     USD SOFR plus 60 bp   1/5/2026   BRC     (121,415 )
  42,030     Technology Select Sector SPDR ETF     9,772,816     USD SOFR plus 60 bp   10/23/2025   BRC     322,904  
  40,000     Technology Select Sector SPDR ETF     9,300,800     USD SOFR plus 60 bp   12/5/2025   BRC     (270,437 )
  8,040     Technology Select Sector SPDR ETF     1,869,461     USD SOFR plus 60 bp   1/5/2026   BRC     (65,926 )
  68,880     Vanguard Financials ETF     8,132,662     USD SOFR plus 60 bp   9/8/2025   BRC     1,009,032  
  28,590     Vanguard Financials ETF     3,375,621     USD SOFR plus 60 bp   9/19/2025   BRC     297,277  
  76,260     Vanguard Financials ETF     9,004,018     USD SOFR plus 60 bp   12/5/2025   BRC     (120,408 )
  10,470     Vanguard Financials ETF     1,236,193     USD SOFR plus 60 bp   1/5/2026   BRC     (59,723 )
                            Total:   $ 2,012,994  

 

BRC - Barclays Capital

 

SOFR - Secured Overnight Financing Rate

 

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

 

See accompanying notes to financial statements.

21

 

QUANTIFIED RISING DIVIDEND TACTICAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 84.5%        
        EQUITY – 84.5%        
  7,797     Invesco QQQ Trust Series 1   $ 3,986,060  
  31,004     Invesco S&P 500 Equal Weight ETF     5,432,831  
  78,009     Invesco S&P 500 Low Volatility ETF     5,460,630  
  34,527     Vanguard Dividend Appreciation ETF     6,761,423  
  68,320     Vanguard International Dividend Appreciation ETF     5,464,917  
              27,105,861  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $27,172,492)     27,105,861  
                 
        SHORT-TERM INVESTMENTS — 16.3%        
        MONEY MARKET FUNDS - 16.3%        
  2,606,821     Fidelity Government Portfolio, Class I, 4.33%(a)     2,606,821  
  2,606,820     First American Government Obligations Fund, Class Z, 4.34%(a)     2,606,820  
        TOTAL MONEY MARKET FUNDS (Cost $5,213,641)     5,213,641  
                 
        TOTAL SHORT-TERM INVESTMENTS (Cost $5,213,641)     5,213,641  
                 
        TOTAL INVESTMENTS - 100.8% (Cost $32,386,133)   $ 32,319,502  
        LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%     (257,876 )
        NET ASSETS - 100.0%   $ 32,061,626  

 

ETF - Exchange-Traded Fund

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

See accompanying notes to financial statements.

22

 

QUANTIFIED RISING DIVIDEND TACTICAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)(Continued)
December 31, 2024

 

TOTAL RETURN SWAPS  
          Notional Amount at                 Unrealized  
Number of         December 31,         Termination       Appreciation/  
Shares     Reference Entity   2024     Interest Rate Payable (1)   Date   Counterparty   (Depreciation)  
Long Position:                                  
  10     Invesco QQQ Trust Series 1   $ 5,112     USD SOFR plus 60 bp   1/16/2025   BRC   $ 2,160  
  120     Invesco QQQ Trust Series 1     61,348     USD SOFR plus 60 bp   4/30/2025   BRC     5,864  
  80     Invesco QQQ Trust Series 1     40,898     USD SOFR plus 60 bp   7/3/2025   BRC     2,742  
  90     Invesco QQQ Trust Series 1     46,011     USD SOFR plus 60 bp   8/11/2025   BRC     551  
  140     Invesco QQQ Trust Series 1     71,572     USD SOFR plus 60 bp   9/29/2025   BRC     4,510  
  420     Invesco QQQ Trust Series 1     214,717     USD SOFR plus 60 bp   10/3/2025   BRC     18,301  
  120     Invesco QQQ Trust Series 1     61,348     USD SOFR plus 60 bp   10/17/2025   BRC     2,421  
  100     Invesco QQQ Trust Series 1     51,123     USD SOFR plus 60 bp   12/5/2025   BRC     (563 )
  110     Invesco QQQ Trust Series 1     56,235     USD SOFR plus 60 bp   1/26/2026   BRC     (2,157 )
  1,930     Invesco S&P 500 Equal Weight ETF     338,194     USD SOFR plus 60 bp   4/30/2025   BRC     3,871  
  10,590     Invesco S&P 500 Equal Weight ETF     1,855,686     USD SOFR plus 60 bp   7/3/2025   BRC     71,720  
  10,860     Invesco S&P 500 Equal Weight ETF     1,902,998     USD SOFR plus 60 bp   8/11/2025   BRC     52,957  
  5,390     Invesco S&P 500 Equal Weight ETF     944,490     USD SOFR plus 60 bp   9/29/2025   BRC     (8,544 )
  23,870     Invesco S&P 500 Equal Weight ETF     4,182,740     USD SOFR plus 60 bp   10/3/2025   BRC     29,863  
  8,220     Invesco S&P 500 Equal Weight ETF     1,440,391     USD SOFR plus 60 bp   10/17/2025   BRC     (34,805 )
  7,300     Invesco S&P 500 Equal Weight ETF     1,279,179     USD SOFR plus 60 bp   12/5/2025   BRC     (63,549 )
  8,150     Invesco S&P 500 Equal Weight ETF     1,428,124     USD SOFR plus 60 bp   1/26/2026   BRC     (23,150 )
  80     Invesco S&P 500 Low Volatility ETF     5,600     USD SOFR plus 60 bp   4/30/2025   BRC     623  
  1,460     Invesco S&P 500 Low Volatility ETF     102,200     USD SOFR plus 60 bp   7/3/2025   BRC     4,698  
  1,810     Invesco S&P 500 Low Volatility ETF     126,700     USD SOFR plus 60 bp   8/11/2025   BRC     5,358  
  810     Invesco S&P 500 Low Volatility ETF     56,700     USD SOFR plus 60 bp   9/29/2025   BRC     (1,258 )
  3,450     Invesco S&P 500 Low Volatility ETF     241,500     USD SOFR plus 60 bp   10/3/2025   BRC     (5,456 )
  1,700     Invesco S&P 500 Low Volatility ETF     119,000     USD SOFR plus 60 bp   10/17/2025   BRC     (3,145 )
  1,360     Invesco S&P 500 Low Volatility ETF     95,200     USD SOFR plus 60 bp   12/5/2025   BRC     (4,050 )
  1,340     Invesco S&P 500 Low Volatility ETF     93,800     USD SOFR plus 60 bp   1/26/2026   BRC     (1,029 )
  230     Vanguard Dividend Appreciation ETF     45,041     USD SOFR plus 60 bp   4/30/2025   BRC     1,981  
  620     Vanguard Dividend Appreciation ETF     121,415     USD SOFR plus 60 bp   7/3/2025   BRC     6,802  
  690     Vanguard Dividend Appreciation ETF     135,123     USD SOFR plus 60 bp   8/11/2025   BRC     4,607  
  390     Vanguard Dividend Appreciation ETF     76,374     USD SOFR plus 60 bp   9/29/2025   BRC     (317 )
  1,650     Vanguard Dividend Appreciation ETF     323,119     USD SOFR plus 60 bp   10/3/2025   BRC     2,789  
  620     Vanguard Dividend Appreciation ETF     121,414     USD SOFR plus 60 bp   10/17/2025   BRC     (2,125 )
  540     Vanguard Dividend Appreciation ETF     105,748     USD SOFR plus 60 bp   12/5/2025   BRC     (3,614 )
  560     Vanguard Dividend Appreciation ETF     109,665     USD SOFR plus 60 bp   1/26/2026   BRC     (2,247 )
  750     Vanguard International Dividend Appreciation ETF     59,992     USD SOFR plus 60 bp   4/30/2025   BRC     (2,885 )
  970     Vanguard International Dividend Appreciation ETF     77,590     USD SOFR plus 60 bp   7/3/2025   BRC     (3,883 )
  1,320     Vanguard International Dividend Appreciation ETF     105,587     USD SOFR plus 60 bp   8/11/2025   BRC     (6,951 )
  550     Vanguard International Dividend Appreciation ETF     43,994     USD SOFR plus 60 bp   9/29/2025   BRC     (4,847 )
  3,010     Vanguard International Dividend Appreciation ETF     240,770     USD SOFR plus 60 bp   10/3/2025   BRC     (22,023 )
  1,200     Vanguard International Dividend Appreciation ETF     95,988     USD SOFR plus 60 bp   10/17/2025   BRC     (10,793 )
  1,440     Vanguard International Dividend Appreciation ETF     115,186     USD SOFR plus 60 bp   1/2/2026   BRC     (6,311 )
  1,280     Vanguard International Dividend Appreciation ETF     102,387     USD SOFR plus 60 bp   1/26/2026   BRC     (1,000 )
                                     
                            Total:   $ 7,116  

 

BRC - Barclays Capital

 

SOFR - Secured Overnight Financing Rate

 

(1) Interest rate is based upon predetermined notional amounts, w hich may be a multiple of the number of shares plus a specified spread.

 

See accompanying notes to financial statements.

23

 

QUANTIFIED GOVERNMENT INCOME TACTICAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        EXCHANGE-TRADED FUND — 0.5%        
        FIXED INCOME - 0.5%        
  1,300     iShares 20+ Year Treasury Bond ETF   $ 113,529  
                 
        TOTAL EXCHANGE-TRADED FUND (Cost $113,919)     113,529  
                         
Principal         Coupon Rate          
Amount ($)         (%)   Maturity      
        CERTIFICATE OF DEPOSIT — 4.1%                
        BANKING - 4.1%                
  1,000,000     Valley Strong Credit Union   5.1000   02/10/25     1,000,759  
                         
        TOTAL CERTIFICATE OF DEPOSIT (Cost $1,000,000)             1,000,759  
                         
Shares                      
        SHORT-TERM INVESTMENTS — 92.2%                
        MONEY MARKET FUNDS - 92.2%                
  11,162,838     Fidelity Government Portfolio Class I, 4.33%(a),(b)             11,162,838  
  11,162,838     First American Government Obligations Fund, Class Z, 4.34%(a) ,(b)             11,162,838  
        TOTAL MONEY MARKET FUNDS (Cost $22,325,676)             22,325,676  
                         
        TOTAL SHORT-TERM INVESTMENTS (Cost $22,325,676)             22,325,676  
                         
        TOTAL INVESTMENTS - 96.8% (Cost $23,439,595)           $ 23,439,964  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 3.2%             777,581  
        NET ASSETS - 100.0%           $ 24,217,545  
                             
OPEN FUTURES CONTRACTS
Number of             Notional     Unrealized  
Contracts     Open Long Futures Contracts   Expiration   Amount     (Depreciation)  
  7     Ultra U.S. Treasury Bond Futures   03/21/2025   $ 832,344     $ (12,000 )
        TOTAL FUTURES CONTRACTS                    

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) See note 10.

 

See accompanying notes to financial statements.

24

 

QUANTIFIED GLOBAL FUND
SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 47.0%        
        ADVERTISING & MARKETING - 2.3%        
  6,937     Tremor International Ltd. - ADR(a)   $ 69,509  
                 
        AEROSPACE & DEFENSE - 0.6%        
  528     Embraer S.A. - ADR(a)     19,367  
                 
        ASSET MANAGEMENT - 0.3%        
  109     Futu Holdings Ltd. - ADR(a)     8,719  
                 
        BANKING - 5.0%        
  5,188     Banco Santander Brasil S.A. - ADR     20,285  
  1,167     Banco Santander Chile - ADR     22,010  
  8,256     Banco Santander S.A. - ADR     37,647  
  295     Grupo Financiero Galicia S.A. - ADR     18,384  
  4,169     Itau Unibanco Holding S.A. - ADR     20,678  
  1,031     Woori Financial Group, Inc. - ADR     32,219  
              151,223  
        BIOTECH & PHARMA - 12.6%        
  118     Argenx S.E. - ADR(a)     72,570  
  798     Belite Bio, Inc. - ADR(a)     50,354  
  2,372     Centessa Pharmaceuticals plc - ADR(a)     39,731  
  1,409     Mesoblast Ltd. - ADR(a)     27,898  
  1,305     Novartis A.G. - ADR     126,990  
  232     Novo Nordisk A/S - ADR     19,957  
  967     Verona Pharma plc - ADR(a)     44,907  
              382,407  
        CHEMICALS - 0.7%        
  4,603     Sasol Ltd. - ADR     20,990  
                 
        E-COMMERCE DISCRETIONARY - 2.3%        
  550     Alibaba Group Holding Ltd. - ADR     46,635  
  253     PDD Holdings, Inc. - ADR(a)     24,538  
              71,173  
        ELECTRIC UTILITIES - 2.3%        
  8,896     Enel Chile S.A. - ADR     25,620  

 

See accompanying notes to financial statements.

25

 

QUANTIFIED GLOBAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS - 47.0% (Continued)        
        ELECTRIC UTILITIES - 2.3% (Continued)        
  2,911     Korea Electric Power Corporation - ADR(a)   $ 20,028  
  282     Pampa Energia S.A. - ADR(a)     24,799  
              70,447  
        ENTERTAINMENT CONTENT - 2.1%        
  1,174     DoubleDown Interactive Company Ltd. - ADR(a)     12,257  
  4,534     DouYu International Holdings Ltd. - ADR     50,826  
              63,083  
        INSURANCE - 1.0%        
  1,993     Prudential plc - ADR     31,768  
                 
        INTERNET MEDIA & SERVICES - 2.9%        
  740     Tencent Music Entertainment Group - ADR(a)     8,399  
  188     Trip.com Group Ltd. - ADR(a)     12,908  
  5,748     Uxin Ltd. - ADR(a)     26,613  
  10,878     Zhihu, Inc. - ADR(a)     38,508  
              86,428  
        LEISURE FACILITIES & SERVICES - 0.5%        
  575     Atour Lifestyle Holdings Ltd. - ADR     15,462  
                 
        OIL & GAS PRODUCERS - 7.0%        
  2,547     Petroleo Brasileiro S.A. - ADR     32,754  
  1,590     Shell PLC - ADR     99,614  
  633     Transportadora de Gas del Sur S.A. - ADR(a)     18,528  
  377     Vista Energy S.A.B. de C.V. - ADR(a)     20,399  
  987     YPF S.A. - ADR(a)     41,957  
              213,252  
        RENEWABLE ENERGY - 0.2%        
  3,970     Novonix Ltd. - ADR(a)     7,146  
                 
        SEMICONDUCTORS - 2.0%        
  308     Taiwan Semiconductor Manufacturing Company Ltd. - ADR     60,827  
                 
        SPECIALTY FINANCE - 1.7%        
  3,976     Lufax Holding Ltd. - ADR     9,503  

 

See accompanying notes to financial statements.

26

 

QUANTIFIED GLOBAL FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
December 31, 2024

 

Shares         Fair Value  
        COMMON STOCKS — 47.0% (Continued)        
        SPECIALTY FINANCE - 1.7% (Continued)        
  1,069     Qifu Technology, Inc. - ADR   $ 41,028  
              50,531  
        TECHNOLOGY HARDWARE - 0.6%        
  2,105     Telefonaktiebolaget LM Ericsson - ADR     16,966  
                 
        TELECOMMUNICATIONS - 2.3%        
  5,467     Telecom Argentina S.A. - ADR(a)     68,830  
                 
        TRANSPORTATION & LOGISTICS - 0.6%        
  2,474     Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR(a)     18,407  
                 
        TOTAL COMMON STOCKS (Cost $1,454,065)     1,426,535  
                 
        EXCHANGE-TRADED FUNDS — 50.5%        
        EQUITY - 50.5%        
  471     Invesco QQQ Trust Series 1     240,789  
  2,206     SPDR S&P 500 ETF Trust(b)     1,292,893  
              1,533,682  
        TOTAL EXCHANGE-TRADED FUNDS (Cost $1,504,355)     1,533,682  
                 
        TOTAL INVESTMENTS - 97.5% (Cost $2,958,420)   $ 2,960,217  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 2.5%     75,603  
        NET ASSETS - 100.0%   $ 3,035,820  

 

ADR - American Depositary Receipt
   
A.S. - Anonim Sirketi
   
ETF - Exchange-Traded Fund
   
LTD - Limited Company
   
PLC - Public Limited Company
   
S.A. - Société Anonyme
   
SPDR - Standard & Poor's Depositary Receipt

 

(a) Non-income producing security.

 

(b) See note 10.

 

See accompanying notes to financial statements.

27

 

QUANTIFIED ECKHARDT MANAGED FUTURES STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)
December 31, 2024

 

Shares         Fair Value  
        PRIVATE INVESTMENT FUNDS — 43.1%        
        COMMODITY POOLS - 43.1%        
  N/A     Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund(c)(d)   $ 14,733,920  
  N/A     Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund (b)(d)     5,708,851  
              20,442,771  
        TOTAL PRIVATE INVESTMENT FUNDS (Cost $20,239,712)     20,442,771  
                 
        SHORT-TERM INVESTMENTS — 56.8%        
        MONEY MARKET FUNDS - 56.8%        
  26,739,568     Fidelity Government Portfolio, Class I, 4.33%(a),(c)     26,739,568  
  180,462     First American Government Obligations Fund, Class X, 4.38%(a),(b)     180,462  
        TOTAL MONEY MARKET FUNDS (Cost $26,920,030)     26,920,030  
                 
        TOTAL SHORT-TERM INVESTMENTS (Cost $26,920,030)     26,920,030  
                 
        TOTAL INVESTMENTS - 99.9% (Cost $47,159,742)   $ 47,362,801  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%     24,879  
        NET ASSETS - 100.0%   $ 47,387,680  

 

(a) Rate disclosed is the seven-day effective yield as of December 31, 2024.

 

(b) All or a portion of this investment is a holding of the QEMFS Fund Limited.

 

(c) See note 10.

 

(d) Investment valued using net asset value per share as practical expedient. See Note 2. Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund and Galaxy Plus Fund Evolution Strategy Commodities Offshore Feeder Fund’s (‘‘Galaxy’’) investment objective is to generate diversified investment returns that are uncorrelated with the equity and debt markets by committing its assets to the investment discretion of a select group of experienced sub-managers that pursue various alternative investment strategies. Specifically, Galaxy accesses the sub-managers through an affiliated platform called Galaxy Plus Fund, LLC (the ‘‘Platform’’). The Platform identifies sub- managers that, in its judgment, are capable of generating attractive investment returns whose correlation to the U.S. equity and fixed- income markets is minimal. In implementing their strategies, the sub-managers selected by the Platform will have the discretion to invest and trade in a broad variety of securities and other financial instruments (including derivatives). Galaxy has no unfunded commitments or redemption lock-up period, as the investment offers daily redemptions. However, the managers of Galaxy may temporarily suspend redemptions in certain limited circumstances.

 

See accompanying notes to consolidated financial statements.

28

 

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
December 31, 2024

 

    Quantified     Quantified     Quantified     Quantified  
    Managed     Market Leaders     Alternative     STF  
    Income Fund     Fund     Investment Fund     Fund  
Assets:                                
Investment securities:                                
At cost   $ 152,079,117     $ 160,302,979     $ 20,210,702     $ 204,706,930  
At value (a)   $ 150,415,180     $ 158,408,709     $ 19,877,160     $ 203,678,717  
Cash     —       910,000       —       1,090,171  
Deposits with brokers for futures     1,453,570       —       187,538       41  
Receivable:                                
Securities sold     —       —       1,277,258       —  
Fund shares sold     285,932       13,542       1,971       56,722  
Dividends and Interest     118,749       92,023       11,969       659,691  
Unrealized appreciation on futures     9,300       —       —       —  
Receivable for swaps     —       235,374       —          
Prepaid expenses and other assets     13,091       —       —       68,321  
Total Assets     152,295,822       159,659,648       21,355,896       205,553,663  
Liabilities:                                
Payables:                                
Collateral on securities loaned     22,084,026       14,539,241       687,825       —  
Securities purchased     —       —       639,937       —  
Investment advisory fees     80,495       108,713       18,568       176,213  
Fund shares redeemed     66,901       139,767       93,898       326,858  
Distribution (12b-1) fees     26,838       36,354       6,233       44,264  
Shareholder service fees - Investor Class     16,098       21,719       3,705       26,390  
Payable to related parties     11,314       11,950       612       118,419  
Unrealized depreciation on swaps     —       1,707,748       —       —  
Unrealized depreciation on futures     48,115       —       4,781       —  
Total Liabilities     22,333,787       16,565,492       1,455,559       692,144  
                                 
Net Assets   $ 129,962,035     $ 143,094,156     $ 19,900,337     $ 204,861,519  
                                 
Net Assets Consist of:                                
Capital Stock   $ 156,762,405     $ 193,081,583     $ 23,657,986     $ 205,833,972  
Accumulated losses     (26,800,370 )     (49,987,427 )     (3,757,649 )     (972,453 )
Net Assets   $ 129,962,035     $ 143,094,156     $ 19,900,337     $ 204,861,519  
                                 
Net Asset Value Per Share                                
Investor Class Shares:                                
Net Assets   $ 129,951,952     $ 142,920,207     $ 19,833,051     $ 204,538,117  
Shares of beneficial interest outstanding  (no par value; unlimited shares authorized)     16,479,934       12,581,007       2,176,654       11,434,985  
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share   $ 7.89     $ 11.36     $ 9.11     $ 17.89  
Advisor Class Shares:                                
Net Assets   $ 10,083     $ 173,949     $ 67,286     $ 323,402  
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)     1,252       15,705       7,451       19,094  
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share   $ 8.05     $ 11.08     $ 9.03     $ 16.94  
                                 

 

(a) Includes loaned securities with a value of $21,624,826, $14,194,400, $669,393 and $0, respectively.

 

See accompanying notes to financial statements.

29

 

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)
December 31, 2024

 

    Quantified     Quantified     Quantified Evolution     Quantified  
    Pattern     Tactical Fixed     Plus Fund     Common  
    Recognition Fund     Income Fund     (Consolidated)     Ground Fund  
Assets:                                
Investment securities:                                
At cost   $ 38,558,922     $ 30,709,099     $ 10,135,323     $ 196,255,431  
At value (a)   $ 38,555,375     $ 30,710,982     $ 10,128,842     $ 187,634,565  
Cash     1,034,057       1,059,507       —       —  
Cash collateral for swaps     —       —       5       —  
Deposits with brokers for futures     7,450,856       1,195,495       2,003,362       —  
Receivable:                                
Dividends and Interest     154,002       113,654       40,160       329,831  
Securities sold     —       17,464       133,163       —  
Fund shares sold     943       149,556       733       2,637  
Prepaid expenses and other assets     4,740       19,839       9,100       6,290  
Total Assets     47,199,973       33,266,497       12,315,365       187,973,323  
                                 
Liabilities:                                
Payables:                                
Collateral on securities loaned     —       —       —       37,984,956  
Fund shares redeemed     165,273       40,277       748       825,774  
Securities purchased     58,531       —       54,866       —  
Investment advisory fees     40,470       28,898       11,292       124,321  
Payable to related parties     17,112       32,130       16,550       20,047  
Distribution (12b-1) fees     10,117       7,224       2,823       31,080  
Shareholder service fees - Investor Class     6,070       4,334       1,693       18,648  
Unrealized depreciation on swaps     —       28,524       —       —  
Unrealized depreciation on futures     2,721,877       79,864       766,099       —  
Total Liabilities     3,019,450       221,251       854,071       39,004,826  
                                 
Net Assets   $ 44,180,523     $ 33,045,246     $ 11,461,294     $ 148,968,497  
                                 
Net Assets Consist of:                                
Capital Stock   $ 55,463,543     $ 83,773,776     $ 20,578,724     $ 152,018,956  
Accumulated losses     (11,283,020 )     (50,728,530 )     (9,117,430 )     (3,050,459 )
Net Assets   $ 44,180,523     $ 33,045,246     $ 11,461,294     $ 148,968,497  
                                 
Net Asset Value Per Share                                
Investor Class Shares:                                
Net Assets   $ 44,180,523     $ 33,045,246     $ 11,461,294     $ 148,968,497  
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)     3,787,616       4,625,069       1,885,344       9,950,216  
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share   $ 11.66     $ 7.14     $ 6.08     $ 14.97  
                                 

 

(a) Includes loaned securities with a value of $0, $0, $0 and $37,218,368, respectively.

 

See accompanying notes to consolidated financial statements.

30

 

STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)(Continued)
December 31, 2024

 

                            Quantified Eckhardt  
    Quantified     Quantified     Quantified     Quantified     Managed Futures  
    Tactical     Rising Dividend     Government Income     Global     Strategy Fund  
    Sectors Fund     Tactical Fund     Tactical Fund     Fund     (Consolidated)  
Assets:                                        
Investment securities:                                        
At cost   $ 106,678,807     $ 32,386,133     $ 23,439,595     $ 2,958,420     $ 47,159,742  
At value (a)   $ 109,608,065     $ 32,319,502     $ 23,439,964     $ 2,960,217     $ 47,362,801  
Deposits with brokers for futures     —       —       877,903       —       —  
Unrealized appreciation on swaps     3,037,207       221,818       —       —       —  
Receivable:                                        
Securities sold     —       —       —       63,523       —  
Dividends and interest     223,118       14,871       86,946       9,911       94,111  
Fund shares sold     10,966       9,635       1,551       298       7,742  
Prepaid expenses and other assets     12,942       8,013       5,351       29,116       3,005  
Total Assets     112,892,298       32,573,839       24,411,715       3,063,065       47,467,659  
                                         
Liabilities:                                        
Due to custodian     —       —       —       8,356       —  
Due to broker for swaps     —       110,000       —       —       —  
Payables:                                        
Collateral on securities loaned     2,506,400       —       —       —       —  
Investment advisory fees     100,501       27,248       20,812       3,649       38,310  
Fund shares redeemed     74,994       149,364       109,363       557       19,608  
Distribution (12b-1) fees     25,125       6,812       5,203       912       9,577  
Shareholder service fees - Investor Class     15,075       4,087       3,123       547       5,747  
Payable to related parties     14,559       —       —       —       6,737  
Securities purchased     —       —       43,669       13,224       —  
Unrealized depreciation on swaps     1,024,213       214,702       —       —       —  
Unrealized depreciation on futures     —       —       12,000       —       —  
Total Liabilities     3,760,867       512,213       194,170       27,245       79,979  
                                         
Net Assets   $ 109,131,431     $ 32,061,626     $ 24,217,545     $ 3,035,820     $ 47,387,680  
                                         
Net Assets Consist of:                                        
Capital Stock   $ 146,346,263     $ 33,325,714     $ 39,635,439     $ 2,851,158     $ 47,264,224  
Accumulated earnings (losses)     (37,214,832 )     (1,264,088 )     (15,417,894 )     184,662       123,456  
Net Assets   $ 109,131,431     $ 32,061,626     $ 24,217,545     $ 3,035,820     $ 47,387,680  
                                         
Net Asset Value Per Share                                        
Investor Class Shares:                                        
Net Assets   $ 109,131,431     $ 32,061,626     $ 24,217,545     $ 3,035,820     $ 47,387,680  
Shares of beneficial interest outstanding (no par value; unlimited shares authorized)     15,290,165       3,366,334       3,575,730       331,731       4,698,453  
Net asset value, (Net Assets ÷ Shares Outstanding), offering and redemption price per share   $ 7.14     $ 9.52     $ 6.77     $ 9.15     $ 10.09  

 

 

(a) Includes loaned securities with a value of $2,455,856, $0, $0, $0 and $0 , respectively.

 

See accompanying notes to consolidated financial statements.

31

 

STATEMENTS OF OPERATIONS (Unaudited)
For the Six Months Ended December 31, 2024

 

    Quantified     Quantified     Quantified     Quantified  
    Managed     Market Leaders     Alternative     STF  
    Income Fund     Fund     Investment Fund     Fund  
                                 
Investment Income                                
Dividends   $ 2,736,861     $ 776,985     $ 471,717     $ 406  
Interest     263,782       656,551       87,420       4,213,660  
Securities lending, net     156,277       34,063       35,246       52  
Total Investment Income     3,156,920       1,467,599       594,383       4,214,118  
                                 
Expenses                                
Investment advisory fees     496,116       608,010       104,904       1,026,864  
Operating services fees     121,181       146,538       29,231       186,577  
Distribution (12b-1) fees                                
Investor Class     165,360       202,456       34,883       256,250  
Advisor Class     50       856       342       1,864  
Shareholder services fees - Investor Class     99,216       121,474       20,930       153,742  
Miscellaneous expenses     4,500       4,500       4,500       4,500  
Total Operating Expenses     886,423       1,083,834       194,790       1,629,797  
Less: Expenses waived by the Advisor     —       —       (4,500 )     —  
Net Expenses     886,423       1,083,834       190,290       1,629,797  
Net Operating Expenses     886,423       1,083,834       190,290       1,629,797  
                                 
Net Investment Income     2,270,497       383,765       404,093       2,584,321  
                                 
Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps                                
Net realized gain (loss) from:                                
Investments     2,373,828       13,199,958       (367,435 )     (91,569 )
Futures     (1,226,849 )     —       (156,749 )     (985,088 )
Swaps     —       (2,148,180 )     —       —  
      1,146,979       11,051,778       (524,184 )     (1,076,657 )
Net change in unrealized appreciation (depreciation) on:                                
Investments     (2,593,133 )     (7,161,838 )     (652,500 )     (963,911 )
Futures     105,716       —       19,274       (1,448,262 )
Swaps     —       (5,775,828 )     —       —  
      (2,487,417 )     (12,937,666 )     (633,226 )     (2,412,173 )
                                 
Net Realized and Unrealized Loss on Investments, Futures and Swaps     (1,340,438 )     (1,885,888 )     (1,157,410 )     (3,488,830 )
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations   $ 930,059     $ (1,502,123 )   $ (753,317 )   $ (904,509 )

 

See accompanying notes to financial statements.

32

 

STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Six Months Ended December 31, 2024

 

    Quantified     Quantified     Quantified Evolution     Quantified  
    Pattern     Tactical Fixed     Plus Fund     Common  
    Recognition Fund     Income Fund     (Consolidated)     Ground Fund  
                         
Investment Income                                
Dividends   $ 579     $ 1,010     $ 983     $ 1,960,539  
Interest     875,749       1,127,157       613,204       322,435  
Securities lending, net     13       202       83       11,675  
Total Investment Income     876,341       1,128,369       614,270       2,294,649  
                                 
Expenses                                
Investment advisory fees     190,644       244,024       141,661       822,198  
Distribution (12b-1) fees - Investor Class     47,661       61,006       35,415       205,549  
Operating services fees     38,402       48,832       34,118       143,902  
Shareholder services fees - Investor Class     28,597       36,604       21,249       123,330  
Interest expense on line of credit     —       —       —       1,448  
Miscellaneous expenses     4,500       4,500       4,500       4,500  
Total Operating Expenses     309,804       394,966       236,943       1,300,927  
Less: Expenses waived by the Advisor     (4,500 )     —       —       —  
Net Expenses     305,304       394,966       236,943       1,300,927  
Net Operating Expenses     305,304       394,966       236,943       1,300,927  
                                 
Net Investment Income     571,037       733,403       377,327       993,722  
                                 
Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps                                
Net realized gain (loss) from:                                
Investments     7,851       (11,709 )     43,100       13,246,768  
Futures     4,122,380       (1,188,071 )     4,279,101       —  
Swaps     —       348,185       (972,115 )     —  
      4,130,231       (851,595 )     3,350,086       13,246,768  
Net change in unrealized appreciation (depreciation) on:                                
Investments     (275 )     58,596       (2,413 )     (9,818,282 )
Futures     (2,625,168 )     33,067       (478,633 )     —  
Swaps     —       (4,718 )     14,130       —  
      (2,625,443 )     86,945       (466,916 )     (9,818,282 )
                                 
Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps     1,504,788       (764,650 )     2,883,170       3,428,486  
                                 
Net Increase (Decrease) in Net Assets Resulting From Operations   $ 2,075,825     $ (31,247 )   $ 3,260,497     $ 4,422,208  
                                 

See accompanying notes to consolidated financial statements.

33

 

STATEMENTS OF OPERATIONS (Unaudited) (Continued)
For the Six Months or Period Ended December 31, 2024

 

                            Quantified Eckhardt  
    Quantified     Quantified     Quantified     Quantified     Managed Futures  
    Tactical     Rising Dividend     Government Income     Global     Strategy Fund  
    Sectors Fund     Tactical Fund     Tactical Fund     Fund     (Consolidated)*  
Investment Income                                        
Dividends (net of foreign withholding tax of $0, $0, $0, $19,085 and $0)   $ 507,910     $ 201,039     $ 1,611     $ 161,591       —  
Interest     315,520       101,826       719,261       38,039       192,266  
Securities lending, net     10,027       —       —       —       —  
Total Investment Income     833,457       302,865       720,872       199,630       192,266  
                                         
Expenses                                        
Investment advisory fees     393,170       182,787       150,503       121,063       74,027  
Distribution (12b-1) fees - Investor Class     98,293       45,697       37,626       30,266       18,507  
Operating services fees     72,676       36,143       32,060       23,398       13,929  
Shareholder services fees - Investor Class     58,976       27,418       22,575       18,160       11,104  
Custody overdraft fees     —       6,933       —       2,381       —  
Miscellaneous expenses     4,500       4,500       4,500       4,500       1,859  
Total Operating Expenses     627,615       303,478       247,264       199,768       119,426  
Less: Expenses waived by the Advisor     —       (4,500 )     (4,500 )     (4,500 )     (1,859 )
Net Expenses     627,615       298,978       242,764       195,268       117,567  
Net Operating Expenses     627,615       298,978       242,764       195,268       117,567  
                                         
Net Investment Income     205,842       3,887       478,108       4,362       74,699  
                                         
Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps                                        
Net realized gain (loss) from:                                        
Investments     (41,088 )     4,651,564       (2,990 )     606,997       (61,433 )
Futures     —       —       (60,123 )     —       —  
Swaps     (1,273,699 )     2,405,547       —       —       —  
      (1,314,787 )     7,057,111       (63,113 )     606,997       (61,433 )
Net change in unrealized appreciation (depreciation) on:                                        
Investments     313,864       (3,032,894 )     3,645       (97,872 )     203,059  
Futures     —       —       48,121       —       —  
Swaps     (235,373 )     (1,478,649 )     —       —       —  
      78,491       (4,511,543 )     51,766       (97,872 )     203,059  
                                         
Net Realized and Unrealized Gain (Loss) on Investments, Futures and Swaps     (1,236,296 )     2,545,568       (11,347 )     509,125       141,626  
                                         
Net Increase (Decrease) in Net Assets Resulting From Operations   $ (1,030,454 )   $ 2,549,455     $ 466,761     $ 513,487     $ 216,325  

 

* Fund commenced operations on October 16, 2024.

 

See accompanying notes to consolidated financial statements.

34

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    Quantified Managed Income Fund  
    Six Months Ended     Year Ended  
    December 31, 2024     June 30, 2024  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)        
Operations                
Net investment income   $ 2,270,497     $ 5,184,542  
Net realized gain (loss) from investments and futures     1,146,979       (4,091,615 )
Net change in unrealized appreciation (depreciation) on investments and futures     (2,487,417 )     564,426  
Net Increase in Net Assets Resulting From Operations     930,059       1,657,353  
                 
Distributions to Shareholders from:                
Investor Class     (4,949,271 )     (5,579,407 )
Advisor Class     (320 )     (262 )
Total Distributions to Shareholders     (4,949,591 )     (5,579,669 )
                 
Shares of Beneficial Interest:                
Proceeds from shares sold                
Investor Class     246,736,207       566,469,873  
Advisor Class     945       575  
Net asset value of shares issued in reinvestment of distributions                
Investor Class     4,940,355       5,572,709  
Advisor Class     320       262  
Payments for shares redeemed                
Investor Class     (220,673,304 )     (598,574,688 )
Advisor Class     —       (14,851 )
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest     31,004,523       (26,546,120 )
                 
Total Increase (Decrease) in Net Assets     26,984,991       (30,468,436 )
                 
Net Assets:                
Beginning of Period     102,977,044       133,445,480  
End of Period   $ 129,962,035     $ 102,977,044  
                 
Share Activity                
Investor Class:                
Shares Sold     29,740,512       68,730,706  
Shares issued in reinvestments of Distributions     624,571       687,141  
Shares Redeemed     (26,644,389 )     (72,726,311 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     3,720,694       (3,308,464 )
                 
Advisor Class:                
Shares Sold     111       68  
Shares issued in reinvestments of Distributions     40       32  
Shares Redeemed     —       (1,784 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     151       (1,684 )
                 

See accompanying notes to financial statements.

35

 

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

    Quantified Market Leaders Fund     Quantified Alternative Investment Fund  
    Six Months Ended     Year Ended     Six Months Ended     Year Ended  
    December 31, 2024     June 30, 2024     December 31, 2024     June 30, 2024  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)           (Unaudited)        
Operations                                
Net investment income   $ 383,765     $ 2,398,889     $ 404,093     $ 157,871  
Net realized gain (loss) from investments, futures and Swaps     11,051,778       28,951,036       (524,184 )     (240,372 )
Net change in unrealized appreciation (depreciation) on investments, futures and swaps     (12,937,666 )     (3,851,749 )     (633,226 )     154,033  
Net Increase (Decrease) in Net Assets Resulting From Operations     (1,502,123 )     27,498,176       (753,317 )     71,532  
                                 
Distributions to Shareholders from:                                
Investor Class     —       (4,601,537 )     (463,325 )     (147,554 )
Advisor Class     —       (2,644 )     (592 )     (1,832 )
Total Distributions to Shareholders     —       (4,604,181 )     (463,917 )     (149,386 )
                                 
Shares of Beneficial Interest:                                
Proceeds from shares sold                                
Investor Class     152,093,336       348,776,225       12,348,557       52,206,249  
Advisor Class     7,209       20,546       3,338       7,421  
Net asset value of shares issued in reinvestment of distributions                                
Investor Class     —       4,588,996       462,294       147,553  
Advisor Class     —       2,644       592       1,832  
Payments for shares redeemed                                
Investor Class     (191,975,832 )     (371,899,420 )     (18,535,606 )     (32,047,290 )
Advisor Class     —       (43,733 )     —       (17,084 )
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest     (39,875,287 )     (18,554,742 )     (5,720,825 )     20,298,681  
                                 
Total Increase (Decrease) in Net Assets     (41,377,410 )     4,339,253       (6,938,059 )     20,220,827  
                                 
Net Assets:                                
Beginning of Period     184,471,566       180,132,313       26,838,396       6,617,569  
End of Period   $ 143,094,156     $ 184,471,566     $ 19,900,337     $ 26,838,396  
                                 
Share Activity                                
Investor Class:                                
Shares Sold     13,286,164       34,309,741       1,294,693       5,619,021  
Shares issued in reinvestments of Distributions     —       445,967       49,978       16,635  
Shares Redeemed     (17,029,012 )     (36,232,519 )     (1,989,466 )     (3,528,036 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     (3,742,848 )     (1,476,811 )     (644,795 )     2,107,620  
                                 
Advisor Class:                                
Shares Sold     709       2,151       360       824  
Shares issued in reinvestments of Distributions     —       262       65       208  
Shares Redeemed     —       (4,077 )     —       (1,876 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     709       (1,664 )     425       (844 )

 

See accompanying notes to financial statements.

36

 

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

    Quantified STF Fund     Quantified Pattern Recognition Fund  
    Six Months Ended     Year Ended     Six Months Ended     Year Ended  
    December 31, 2024     June 30, 2024     December 31, 2024     June 30, 2024  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)           (Unaudited)        
Operations:                                
Net investment income   $ 2,584,321     $ 4,204,300     $ 571,037     $ 1,194,661  
Net realized gain (loss) from investments and futures     (1,076,657 )     62,705,212       4,130,231       (973,781 )
Net change in unrealized appreciation (depreciation) on investments and futures     (2,412,173 )     (6,132,662 )     (2,625,443 )     445,127  
Net Increase (Decrease) in Net Assets Resulting From Operations     (904,509 )     60,776,850       2,075,825       666,007  
Distributions to Shareholders from:                                
Investor Class     (10,073,734 )     (1,889,603 )     (1,136,484 )     (1,090,186 )
Advisor Class     (15,006 )     (1,228 )     —       —  
Total Distributions to Shareholders     (10,088,740 )     (1,890,831 )     (1,136,484 )     (1,090,186 )
                                 
Shares of Beneficial Interest:                                
Proceeds from shares sold:                                
Investor Class     141,373,840       317,525,341       26,690,966       53,477,918  
Advisor Class     12,881       248,359       —       —  
Net asset value of shares issued in reinvestment of distributions:                                
Investor Class     9,887,682       1,831,593       1,135,487       1,088,810  
Advisor Class     12,229       1,003       —       —  
Payments for shares redeemed                                
Investor Class     (185,250,282 )     (339,399,213 )     (15,642,219 )     (84,486,585 )
Advisor Class     (134,755 )     (146,541 )     —       —  
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest     (34,098,405 )     (19,939,458 )     12,184,234       (29,919,857 )
                                 
Total Increase (Decrease) in Net Assets     (45,091,654 )     38,946,561       13,123,575       (30,344,036 )
                                 
Net Assets:                                
Beginning of Period     249,953,173       211,006,612       31,056,948       61,400,984  
End of Period   $ 204,861,519     $ 249,953,173     $ 44,180,523     $ 31,056,948  
                                 
Share Activity                                
Investor Class:                                
Shares Sold     7,910,623       21,935,465       2,212,315       4,903,600  
Shares issued in reinvestments of Distributions     535,048       125,969       92,316       108,555  
Shares Redeemed     (10,650,436 )     (24,354,955 )     (1,295,435 )     (7,698,858 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     (2,204,765 )     (2,293,521 )     1,009,196       (2,686,703 )
                                 
Share Activity                                
Advisor Class:                                
Shares Sold     749       17,933       —       —  
Shares issued in reinvestments of Distributions     699       73       —       —  
Shares Redeemed     (7,920 )     (10,725 )     —       —  
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     (6,472 )     7,281       —       —  

 

See accompanying notes to financial statements.

37

 

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

    Quantified Tactical Fixed Income Fund     Quantified Evolution Plus Fund (Consolidated)  
    Six Months Ended     Year Ended     Six Months Ended     Year Ended  
    December 31, 2024     June 30, 2024     December 31, 2024     June 30, 2024  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)           (Unaudited)        
Operations:                                
Net investment income   $ 733,403     $ 1,178,998     $ 377,327     $ 872,673  
Net realized gain (loss) from investments, futures and swaps     (851,595 )     (6,634,407 )     3,350,086       226,263  
Net change in unrealized appreciation (depreciation) on investments, futures and swaps     86,945       1,105,512       (466,916 )     9,538  
Net Increase (Decrease) in Net Assets Resulting From Operations     (31,247 )     (4,349,897 )     3,260,497       1,108,474  
                                 
Distributions to Shareholders from:                                
Investor Class     (1,178,463 )     (46,531 )     (1,074,046 )     (2,819,019 )
Total Distributions to Shareholders     (1,178,463 )     (46,531 )     (1,074,046 )     (2,819,019 )
                                 
Shares of Beneficial Interest:                                
Proceeds from shares sold:                                
Investor Class     31,847,588       131,063,263       71,668,276       127,122,320  
Net asset value of shares issued in reinvestment of distributions:                                
Investor Class     1,175,106       46,474       1,070,893       2,816,778  
Payments for shares redeemed                                
Investor Class     (51,112,112 )     (187,684,404 )     (86,427,091 )     (154,559,645 )
Total Decrease in Net Assets From Shares of Beneficial Interest     (18,089,418 )     (56,574,667 )     (13,687,922 )     (24,620,547 )
                                 
Total Decrease in Net Assets     (19,299,128 )     (60,971,095 )     (11,501,471 )     (26,331,092 )
                                 
Net Assets:                                
Beginning of Period     52,344,374       113,315,469       22,962,765       49,293,857  
End of Period   $ 33,045,246     $ 52,344,374     $ 11,461,294     $ 22,962,765  
                                 
Share Activity                                
Investor Class:                                
Shares Sold     4,202,854       17,016,144       10,608,825       18,683,251  
Shares issued in reinvestments of Distributions     163,664       6,205       170,524       483,982  
Shares Redeemed     (6,743,562 )     (24,351,312 )     (12,512,509 )     (22,162,957 )
Net Decrease in Shares of Beneficial Interest Outstanding     (2,377,044 )     (7,328,963 )     (1,733,160 )     (2,995,724 )
                                 

See accompanying notes to consolidated financial statements.

38

 

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

    Quantified Common Ground Fund     Quantified Tactical Sectors Fund  
    Six Months Ended     Year Ended     Six Months Ended     Year Ended  
    December 31, 2024     June 30, 2024     December 31, 2024     June 30, 2024  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)           (Unaudited)        
Operations:                                
Net investment income   $ 993,722     $ 277,827     $ 205,842     $ 506,761  
Net realized gain (loss) from investments and swaps     13,246,768       21,255,226       (1,314,787 )     14,812,446  
Net change in unrealized appreciation (Depreciation) on investments, and swaps     (9,818,282 )     (3,353,028 )     78,491       (8,017,522 )
Net Increase (Decrease) in Net Assets Resulting From Operations     4,422,208       18,180,025       (1,030,454 )     7,301,685  
                                 
Distributions to Shareholders from:                                
Investor Class     (6,349,357 )     (306,845 )     —       (4,254,456 )
Total Distributions to Shareholders     (6,349,357 )     (306,845 )     —       (4,254,456 )
                                 
Shares of Beneficial Interest:                                
Proceeds from shares sold:                                
Investor Class     251,966,859       701,276,523       80,518,588       105,009,299  
Net asset value of shares issued in reinvestment of distributions:                                
Investor Class     6,307,455       306,260       —       4,250,691  
Payments for shares redeemed                                
Investor Class     (287,099,036 )     (640,727,335 )     (35,231,340 )     (117,384,196 )
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest     (28,824,722 )     60,855,448       45,287,248       (8,124,206 )
                                 
Total Increase (Decrease) in Net Assets     (30,751,871 )     78,728,628       44,256,794       (5,076,977 )
                                 
Net Assets:                                
Beginning of Period     179,720,368       100,991,740       64,874,637       69,951,614  
End of Period   $ 148,968,497     $ 179,720,368     $ 109,131,431     $ 64,874,637  
                                 
Share Activity                                
Investor Class:                                
Shares Sold     15,808,540       49,974,310       11,037,824       16,276,365  
Shares issued in reinvestments of Distributions     415,785       21,342       —       677,941  
Shares Redeemed     (17,908,756 )     (46,068,427 )     (5,064,150 )     (18,100,277 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     (1,684,431 )     3,927,225       5,973,674       (1,145,971 )

 

See accompanying notes to financial statements.

39

 

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

 

    Quantified Rising Dividend Tactical Fund     Quantified Government Income Tactical Fund  
    Six Months Ended     Year Ended     Six Months Ended     Year Ended  
    December 31, 2024     June 30, 2024     December 31, 2024     June 30, 2024  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)           (Unaudited)        
Operations:                                
Net investment income   $ 3,887     $ 280,471     $ 478,108     $ 875,940  
Net realized gain (loss) from investments, futures and swaps     7,057,111       2,725,731       (63,113 )     (3,009,843 )
Net change in unrealized appreciation (depreciation) on investments, futures and swaps     (4,511,543 )     2,869,995       51,766       (45,416 )
Net Increase (Decrease) in Net Assets Resulting From Operations     2,549,455       5,876,197       466,761       (2,179,319 )
                                 
Distributions to Shareholders from:                                
Investor Class     —       (284,803 )     (924,528 )     (813,095 )
Total Distributions to Shareholders     —       (284,803 )     (924,528 )     (813,095 )
                                 
Shares of Beneficial Interest:                                
Proceeds from shares sold:                                
Investor Class     49,386,053       52,776,157       38,207,819       96,361,138  
Net asset value of shares issued in reinvestment of distributions:                                
Investor Class     —       284,025       921,919       812,129  
Payments for shares redeemed                                
Investor Class     (57,491,100 )     (51,480,721 )     (42,135,614 )     (109,695,101 )
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest     (8,105,047 )     1,579,461       (3,005,876 )     (12,521,834 )
                                 
Total Increase (Decrease) in Net Assets     (5,555,592 )     7,170,855       (3,463,643 )     (15,514,248 )
                                 
Net Assets:                                
Beginning of Period     37,617,218       30,446,363       27,681,188       43,195,436  
End of Period   $ 32,061,626     $ 37,617,218     $ 24,217,545     $ 27,681,188  
                                 
Share Activity                                
Investor Class:                                
Shares Sold     5,166,279       6,619,084       5,404,746       13,138,962  
Shares issued in reinvestments of Distributions     —       34,469       135,377       116,853  
Shares Redeemed     (6,039,733 )     (6,342,428 )     (5,949,056 )     (14,616,830 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     (873,454 )     311,125       (408,933 )     (1,361,015 )

 

See accompanying notes to financial statements.

40

 

STATEMENT OF CHANGES IN NET ASSETS (Continued)

 

                Quantified Eckhardt  
                Managed Futures  
                Strategy Fund  
    Quantified Global Fund     (Consolidated)  
    Six Months Ended     Year Ended     Period Ended  
    December 31, 2024     June 30, 2024     December 31, 2024*  
INCREASE (DECREASE) IN NET ASSETS FROM:   (Unaudited)           (Unaudited)  
Operations                  
Net investment income   $ 4,362     $ 98,243     $ 74,699  
Net realized gain (loss) from investments     606,997       606,660       (61,433 )
Net change in unrealized appreciation (depreciation) on investments     (97,872 )     99,669       203,059  
Net Increase in Net Assets Resulting From Operations     513,487       804,572       216,325  
                         
Distributions to Shareholders from:                        
Investor Class     (549,614 )     —       (92,869 )
Total Distributions to Shareholders     (549,614 )     —       (92,869 )
                         
Shares of Beneficial Interest:                        
Proceeds from shares sold                        
Investor Class     89,873,168       30,929,424       92,829,255  
Net asset value of shares issued in reinvestment of distributions                        
Investor Class     545,545       —       92,857  
Payments for shares redeemed                        
Investor Class     (94,640,185 )     (24,440,577 )     (45,657,888 )
Total Increase (Decrease) in Net Assets From Shares of Beneficial Interest     (4,221,472 )     6,488,847       47,264,224  
                         
                         
Total Increase (Decrease) in Net Assets     (4,257,599 )     7,293,419       47,387,680  
                         
Net Assets:                        
Beginning of Period     7,293,419       —       —  
End of Period   $ 3,035,820     $ 7,293,419     $ 47,387,680  
                         
Share Activity                        
Investor Class:                        
Shares Sold     8,095,997       3,013,309       9,242,203  
Shares issued in reinvestments of Distributions     58,535       —       9,212  
Shares Redeemed     (8,499,257 )     (2,336,853 )     (4,552,962 )
Net Increase (Decrease) in Shares of Beneficial Interest Outstanding     (344,725 )     676,456       4,698,453  

 

* Fund commenced operations on October 16, 2024.

 

See accompanying notes to consolidated financial statements.

41

 

FINANCIAL HIGHLIGHTS
Quantified Managed Income Fund
 

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

 

    Six Months Ended     Investor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 8.07     $ 8.30     $ 8.65     $ 8.79     $ 9.04     $ 9.75  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.14       0.29       0.23       0.08       0.06       0.15  
Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies     (0.01 )     (0.15 )     (0.54 )     (0.16 )     (0.23 )     (0.64 )
Total from investment operations     0.13       0.14       (0.31 )     (0.08 )     (0.17 )     (0.49 )
Distributions to Shareholders:                                                
Net investment income     (0.31 )     (0.37 )     (0.04 )     (0.06 )     (0.08 )     (0.16 )
Net realized gains     —       —       —       —       —       (0.06 )
Total distributions     (0.31 )     (0.37 )     (0.04 )     (0.06 )     (0.08 )     (0.22 )
Net asset value, end of year or period   $ 7.89     $ 8.07     $ 8.30     $ 8.65     $ 8.79     $ 9.04  
                                                 
Total return (2)     1.65 % (5)     1.62 %     (3.53 )%     (0.90 )%     (1.92 )%     (5.19 )%
Net assets, end of year or period (in 000s)   $ 129,952     $ 102,968     $ 133,422     $ 208,199     $ 124,443     $ 72,543  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (3)     1.35 % (6)     1.35 %     1.33 %     1.31 %     1.41 %     1.43 %
Ratio of net investment income (loss) to average net assets (3,4)     3.42 % (6)     3.55 %     2.68 %     0.88 %     0.70 %     1.59 %
Portfolio turnover rate     500 % (5)     718 %     802 %     820 %     619 %     794 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Total return shown assumes the reinvestment of all distributions.

 

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

 

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

 

(5) Not Annualized.

 

(6) Annualized.

 

See accompanying notes to financial statements.

42

 

FINANCIAL HIGHLIGHTS
Quantified Managed Income Fund
 

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

 

    Six Months Ended     Advisor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 8.22     $ 8.35     $ 8.70     $ 8.83     $ 9.07     $ 9.70  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.12       0.24       0.19       0.04       (0.02 )     0.09  
Net realized and unrealized gain (loss) on investments, futures and distributions from underlying investment companies     (0.03 )     (0.16 )     (0.54 )     (0.17 )     (0.22 )     (0.64 )
Total from investment operations     0.09       0.08       (0.35 )     (0.13 )     (0.24 )     (0.55 )
Distributions to Shareholders:                                                
Net investment income     (0.26 )     (0.21 )     —       —       —       (0.02 )
Net realized gains     —       —       —       —       —       (0.06 )
Total distributions     (0.26 )     (0.21 )     —       —       —       (0.08 )
Net asset value, end of year or period   $ 8.05     $ 8.22     $ 8.35     $ 8.70     $ 8.83     $ 9.07  
                                                 
Total return (2)     1.13 % (5)     0.99 %     (4.02 )%     (1.47 )%     (2.65 )%     (5.76 )%
Net assets, end of year or period (in 000s)   $ 10     $ 9     $ 23     $ 17     $ 27     $ 523  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (3)     1.94 % (6)     1.94 %     1.93 %     1.91 %     2.02 %     2.03 %
Ratio of net investment income (loss) to average net assets (3,4)     2.93 % (6)     2.92 %     2.21 %     0.44 %     (0.25 )%     0.96 %
Portfolio turnover rate     500 % (5)     718 %     802 %     820 %     619 %     794 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Total return shown assumes the reinvestment of all distributions.

 

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

 

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

 

(5) Not Annualized.

 

(6) Annualized.

 

See accompanying notes to financial statements.

43

 

FINANCIAL HIGHLIGHTS
Quantified Market Leaders Fund
 

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

 

    Six Months Ended     Investor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 11.29     $ 10.11     $ 9.12     $ 16.20     $ 11.02     $ 9.38  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.03       0.13       0.08       (0.01 )     (0.01 )     0.00  (2)
Net realized and unrealized gain (loss) on investments, futures, swaps and underlying investment companies     0.04       1.25       0.91       (3.88 )     6.46       1.64  
Total from investment operations     0.07       1.38       0.99       (3.89 )     6.45       1.64  
Distributions to Shareholders:                                                
Net investment income     —       (0.20 )     —       (0.19 )     (0.03 )     —  
Net realized gains     —       —       —       (3.00 )     (1.24 )     —  
Total distributions     —       (0.20 )     —       (3.19 )     (1.27 )     —  
Net asset value, end of year or period   $ 11.36     $ 11.29     $ 10.11     $ 9.12     $ 16.20     $ 11.02  
                                                 
Total return (3)     0.62 % (6)     13.88 %     10.86 %     (28.64 )%     60.94 %     17.48 %
Net assets, end of year or period (in 000s)   $ 142,920     $ 184,306     $ 179,967     $ 234,197     $ 360,780     $ 139,415  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (4)     1.34 % (7)     1.34 %     1.32 %     1.30 %     1.40 %     1.42 %
Ratio of net investment income (loss) to average net assets (4,5)     0.47 % (7)     1.25 %     0.83 %     (0.08 )%     (0.07 )%     (0.05 )%
Portfolio turnover rate     558 % (6)     1289 %     1592 %     1058 %     568 %     727 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Represents less than $0.01 per share.

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) 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.

 

(5) 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.

 

(6) Not Annualized.

 

(7) Annualized.

 

See accompanying notes to financial statements.

44

 

FINANCIAL HIGHLIGHTS
Quantified Market Leaders Fund
 

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

 

    Six Months Ended     Advisor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 11.04     $ 9.90     $ 8.98     $ 15.92     $ 10.87     $ 9.30  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.00  (8)     0.05       0.02       (0.08 )     (0.19 )     (0.06 )
Net realized and unrealized gain (loss) on investments, futures, swaps and underlying investment companies     0.04       1.24       0.90       (3.83 )     6.48       1.63  
Total from investment operations     0.04       1.29       0.92       (3.91 )     6.29       1.57  
Distributions to Shareholders:                                                
Net investment income     —       (0.15 )     —       (0.03 )     —       —  
Net realized gains     —       —       —       (3.00 )     (1.24 )     —  
Total distributions     —       (0.15 )     —       (3.03 )     (1.24 )     —  
Net asset value, end of year or period   $ 11.08     $ 11.04     $ 9.90     $ 8.98     $ 15.92     $ 10.87  
                                                 
Total return (2)     0.36 % (6)     13.14 %     10.25 %     (29.09 )%     60.23 %     16.88 %
Net assets, end of year or period (in 000s)   $ 174     $ 166     $ 165     $ 151     $ 189     $ 649  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (3)     1.94 % (7)     1.94 %     1.93 %     1.90 %     2.00 %     2.03 %
Ratio of net investment income (loss) to average net assets (3,4)     0.04 % (7)     0.53 %     0.23 %     (0.67 )%     (1.48 )%     (0.65 )%
Portfolio turnover rate     558 % (6)     1289 %     1592 %     1058 %     568 %     727 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Total returns shown assumes the reinvestment of all distributions.

 

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

 

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

 

(6) Not Annualized.

 

(7) Annualized.

 

(8) Represents less than $0.01 per share.

 

See accompanying notes to financial statements.

45

 

FINANCIAL HIGHLIGHTS
Quantified Alternative Investment Fund
 

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

 

    Six Months Ended     Investor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 9.49     $ 9.17     $ 9.49     $ 10.92     $ 8.62     $ 9.48  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.14       0.11       0.22       0.18       (0.04 )     0.07  
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies     (0.37 )     0.53  (5)     (0.39 )     (0.34 )     2.34       (0.79 )
Total from investment operations     (0.23 )     0.64       (0.17 )     (0.16 )     2.30       (0.72 )
Distributions to Shareholders:                                                
Net investment income     (0.15 )     (0.32 )     (0.15 )     (0.16 )     —       (0.14 )
Net realized gains     —       —       —       (1.11 )     —       —  
Total distributions     (0.15 )     (0.32 )     (0.15 )     (1.27 )     —       (0.14 )
Net asset value, end of year or period   $ 9.11     $ 9.49     $ 9.17     $ 9.49     $ 10.92     $ 8.62  
                                                 
Total return (2)     (2.48 )% (6)     7.17 %     (1.71 )%     (1.99 )%     26.68 %     (7.76 )%
Net assets, end of year or period (in 000s)   $ 19,833     $ 26,773     $ 6,546     $ 10,458     $ 8,627     $ 7,533  
                                                 
Ratios/Supplemental Data:                                                
Ratio of gross expenses to average net assets (3)     1.38 % (7)     1.50 %     1.57 %     1.33 %     1.56 %     1.46 %
Ratio of net expenses to average net assets (3)     1.36 % (7)     1.43 %     1.49 %     1.33 %     1.56 %     1.46 %
Ratio of net investment income (loss) to average net assets (3,4)     2.89 % (7)     1.13 %     2.39 %     1.77 %     (0.43 )%     0.74 %
Portfolio turnover rate     331 % (6)     571 %     971 %     1321 %     1031 %     570 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Total returns shown assumes the reinvestment of all distributions.

 

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

 

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

 

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

 

(6) Not Annualized.

 

(7) Annualized.

 

See accompanying notes to financial statements.

46

 

FINANCIAL HIGHLIGHTS
Quantified Alternative Investment Fund
 

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

 

    Six Months Ended     Advisor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 9.37     $ 9.03     $ 9.32     $ 10.72     $ 8.51     $ 9.35  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.11       0.15       0.15       0.16       (0.05 )     (0.05 )
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies     (0.37 )     0.42  (5)     (0.36 )     (0.37 )     2.26       (0.71 )
Total from investment operations     (0.26 )     0.57       (0.21 )     (0.21 )     2.21       (0.76 )
Distributions to Shareholders:                                                
Net investment income     (0.08 )     (0.23 )     (0.08 )     (0.08 )     —       (0.08 )
Net realized gains     —       —       —       (1.11 )     —       —  
Total distributions     (0.08 )     (0.23 )     (0.08 )     (1.19 )     —       (0.08 )
Net asset value, end of year or period   $ 9.03     $ 9.37     $ 9.03     $ 9.32     $ 10.72     $ 8.51  
                                                 
Total return (2)     (2.79 )% (6)     6.54 %     (2.24 )%     (2.45 )%     25.97 %     (8.26 )%
Net assets, end of year or period (in 000s)   $ 67     $ 66     $ 71     $ 70     $ 82     $ 62  
                                                 
Ratios/Supplemental Data:                                                
Ratio of gross expenses to average net assets (3)     1.99 % (7)     2.16 %     2.19 %     1.94 %     2.24 %     2.14 %
Ratio of net expenses to average net assets (3)     1.96 % (7)     2.10 %     2.11 %     1.94 %     2.24 %     2.14 %
Ratio of net investment income (loss) to average net assets (3,4)     2.25 % (7)     1.66 %     1.68 %     1.58 %     (0.49 )%     (0.57 )%
Portfolio turnover rate     331 % (6)     571 %     971 %     1321 %     1031 %     570 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Total returns shown assumes the reinvestment of all distributions.

 

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

 

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

 

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

 

(6) Not Annualized.

 

(7) Annualized.

 

See accompanying notes to financial statements.

47

 

FINANCIAL HIGHLIGHTS
Quantified STF Fund
 

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

 

    Six Months Ended     Investor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 18.29     $ 13.23     $ 11.52     $ 17.12     $ 13.64     $ 9.51  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.23       0.33       0.08       (0.19 )     (0.19 )     0.01  
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies     0.29       4.88       1.63       (1.74 )     6.95       4.18  
Total from investment operations     0.52       5.21       1.71       (1.93 )     6.76       4.19  
Distributions to Shareholders:                                                
Net investment income     (0.23 )     (0.15 )     —       —       0.00  (2)     (0.06 )
Net realized gains     (0.69 )     —       —       (3.67 )     (3.28 )     —  
Total distributions     (0.92 )     (0.15 )     —       (3.67 )     (3.28 )     (0.06 )
Net asset value, end of year or period   $ 17.89     $ 18.29     $ 13.23     $ 11.52     $ 17.12     $ 13.64  
                                                 
Total return (3)     2.66 % (7)     39.67 %     14.84 %     (18.23 )% (6)     51.86 %     44.17 %
Net assets, end of year or period (in 000s)   $ 204,538     $ 249,510     $ 210,778     $ 140,559     $ 177,970     $ 70,861  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (4)     1.59 % (8)     1.60 %     1.58 %     1.55 %     1.66 %     1.68 %
Ratio of net investment income (loss) to average net assets (4,5)     2.52 % (8)     2.30 %     0.74 %     (1.18 )%     (1.16 )%     0.05 %
Portfolio turnover rate     89 % (7)     38 %     102 %     168 %     238 %     91 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Represents less than $0.01 per share.

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) 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.

 

(5) 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.

 

(6) 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.

 

(7) Not Annualized.

 

(8) Annualized.

 

See accompanying notes to financial statements.

48

 

FINANCIAL HIGHLIGHTS
Quantified STF Fund
 

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

 

    Six Months Ended     Advisor Class  
    December 31,     Year Ended June 30,  
    2024     2024     2023     2022     2021     2020  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 17.32     $ 12.53     $ 10.98     $ 16.55     $ 13.34     $ 9.31  
Activity from investment operations:                                                
Net investment income (loss) (1)     0.16       0.24       0.01       (0.28 )     (0.28 )     (0.07 )
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies     0.27       4.61       1.54       (1.62 )     6.77       4.10  
Total from investment operations     0.43       4.85       1.55       (1.90 )     6.49       4.03  
Distributions to Shareholders:                                                
Net investment income     (0.12 )     (0.06 )     —       —       —       —  
Net realized gains     (0.69 )     —       —       (3.67 )     (3.28 )     —  
Total distributions     (0.81 )     (0.06 )     —       (3.67 )     (3.28 )     —  
Net asset value, end of year or period   $ 16.94     $ 17.32     $ 12.53     $ 10.98     $ 16.55     $ 13.34  
                                                 
Total return (2)     2.35 % (7)     38.84 %     14.12 % (5)     (18.72 )%     50.87 %     43.29 %
Net assets, end of year or period (in 000s)   $ 323     $ 443     $ 229     $ 302     $ 566     $ 456  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (3)     2.19 % (8)     2.20 %     2.18 %     2.15 %     2.27 %     2.28 %
Ratio of net investment income (loss) to average net assets (3,4)     1.92 % (8)     1.73 %     0.10 %     (1.79 )%     (1.74 )%     (0.65 )%
Portfolio turnover rate     89 % (7)     38 %     102 %     168 %     238 %     91 %
                                                 
(1) Per share amounts calculated using the average shares method, which more appropriately presents the per share data for the year or period.

 

(2) Total returns shown assumes the reinvestment of all distributions.

 

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

 

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

 

(5) 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.

 

(7) Not Annualized.

 

(8) Annualized.

 

See accompanying notes to financial statements.

49

 

FINANCIAL HIGHLIGHTS
Quantified Pattern Recognition Fund
 

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

 

    Investor Class  
    Six Months Ended                             Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021     2020 (1)  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 11.18     $ 11.24     $ 8.32     $ 13.42     $ 10.49     $ 10.00  
Activity from investment operations:                                                
Net investment income (loss) (2)     0.18       0.37       0.21       (0.13 )     (0.13 )     (0.00 ) (6)
Net realized and unrealized gain (loss) on investments and futures     0.60       (0.03 )     2.72       (1.94 )     3.08       0.90  
Total from investment operations     0.78       0.34       2.93       (2.07 )     2.95       0.90  
Distributions to Shareholders:                                                
Net investment income     (0.30 )     (0.40 )     (0.01 )     —       —       (0.02 )
Net realized gains     —       —       —       (3.03 )     (0.02 )     (0.39 )
Total distributions     (0.30 )     (0.40 )     (0.01 )     (3.03 )     (0.02 )     (0.41 )
Net asset value, end of year or period   $ 11.66     $ 11.18     $ 11.24     $ 8.32     $ 13.42     $ 10.49  
                                                 
Total return (3)     6.86 % (7)     3.45 %     35.28 %     (21.49 )%     28.21 %     8.90 % (7)
Net assets, end of year or period (in 000s)   $ 44,181     $ 31,057     $ 61,401     $ 18,290     $ 70,953     $ 20,138  
                                                 
Ratios/Supplemental Data:                                                
Ratio of gross expenses to average net assets (4)     1.61 % (8)     1.64 %     1.62 %     1.55 %     1.67 %     1.69 % (8)
Ratio of net expenses to average net assets (4)     1.60 % (8)     1.61 %     1.59 %     1.55 %     1.67 %     1.69 % (8)
Ratio of net investment income (loss) to average net assets (4,5)     3.00 % (8)     3.33 %     2.17 %     (1.17 )%     (1.12 )%     (0.01 )% (8)
Portfolio turnover rate     282 % (7)     135 %     314 %     495 %     226 %     244 % (7)
                                                 
(1) The Fund commenced operations on August 30, 2019.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) 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.

 

(5) 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.

 

(6) Represents less than $0.01 per share.

 

(7) Not Annualized.

 

(8) Annualized.

 

See accompanying notes to financial statements.

50

 

FINANCIAL HIGHLIGHTS
Quantified Tactical Fixed Income Fund
 

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

 

    Investor Class  
    Six Months Ended           Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021     2020 (1)  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 7.48     $ 7.91     $ 9.13     $ 9.99     $ 10.95     $ 10.00  
Activity from investment operations:                                                
Net investment income (loss) (2)     0.11       0.12       0.06       (0.12 )     (0.14 )     (0.02 )
Net realized and unrealized gain (loss) on investments, futures and swaps     (0.19 )     (0.54 )     (1.28 )     (0.74 )     (0.59 )     1.18  
Total from investment operations     (0.08 )     (0.42 )     (1.22 )     (0.86 )     (0.73 )     1.16  
Distributions to Shareholders:                                                
Net investment income     (0.26 )     (0.01 )     —       —       —       (0.03 )
Net realized gains     —       —       —       —       (0.23 )     (0.18 )
Return of capital     —       —       —       —       (0.00 ) (8)     —  
Total distributions     (0.26 )     (0.01 )     —       —       (0.23 )     (0.21 )
Net asset value, end of year or period   $ 7.14     $ 7.48     $ 7.91     $ 9.13     $ 9.99     $ 10.95  
                                                 
Total return (3)     (1.04 )% (4)     (5.36 )%     (13.36 )%     (8.61 )%     (6.83 )%     11.84 % (4)
Net assets, end of year or period (in 000s)   $ 33,045     $ 52,344     $ 113,315     $ 152,863     $ 172,596     $ 86,168  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (6)     1.62 % (5)     1.61 %     1.58 %     1.56 %     1.66 %     1.67 % (5)
Ratio of net investment income (loss) to average net assets (6,7)     3.01 % (5)     1.63 %     0.72 %     (1.20 )%     (1.31 )%     (0.23 )% (5)
Portfolio turnover rate     51 % (4)     14 %     85 %     121 %     121 %     177 % (4)
                                                 
(1) The Fund commenced operations on September 13, 2019.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) 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.

 

(7) 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.

 

(8) Represents less than $0.01 per share.

 

See accompanying notes to financial statements.

51

 

CONSOLIDATED FINANCIAL HIGHLIGHTS
Quantified Evolution Plus Fund
 

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

 

    Investor Class  
    Six Months                                
    Ended                             Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021     2020 (1)  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 6.35     $ 7.45     $ 7.97     $ 9.87     $ 8.90     $ 10.00  
Activity from investment operations:                                                
Net investment income (loss) (2)     0.09       0.21       0.12       (0.12 )     (0.13 )     (0.04 )
Net realized and unrealized gain (loss) on investments, futures and swaps     0.27       0.12       (0.63 )     (0.50 )     1.32       (1.05 )
Total from investment operations     0.36       0.33       (0.51 )     (0.62 )     1.19       (1.09 )
Distributions to Shareholders:                                                
Net investment income     (0.63 )     (1.43 )     (0.01 )     —       (0.22 )     (0.01 )
Net realized gains     —       —       —       (1.28 )     —       (0.00 ) (8)
Total distributions     (0.63 )     (1.43 )     (0.01 )     (1.28 )     (0.22 )     (0.01 )
Net asset value, end of year or period   $ 6.08     $ 6.35     $ 7.45     $ 7.97     $ 9.87     $ 8.90  
                                                 
Total return (3)     5.32 % (4)     6.18 %     (6.46 )%     (8.32 )%     13.50 %     (10.87 )% (4)
Net assets, end of year or period (in 000s)   $ 11,461     $ 22,963     $ 49,294     $ 141,943     $ 58,744     $ 25,442  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (6)     1.67 % (5)     1.65 %     1.59 %     1.56 %     1.66 %     1.68 % (5)
Ratio of net investment income (loss) to average net assets (6,7)     2.68 % (5)     3.04 %     1.56 %     (1.26 )%     (1.37 )%     (0.53 )% (5)
Portfolio turnover rate     642 % (4)     329 %     635 %     514 %     594 %     437 % (4)
                                                 
(1) The Fund commenced operations on September 30, 2019.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) 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.

 

(7) 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.

 

(8) Represents less than $0.01 per share.

 

See accompanying notes to consolidated financial statements.

52

 

FINANCIAL HIGHLIGHTS
Quantified Common Ground Fund
 

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

 

    Investor Class  
    Six Months Ended                             Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021     2020 (1)  
    (Unaudited)                                
Net asset value, beginning of year or period   $ 15.45     $ 13.10     $ 12.92     $ 12.81     $ 9.37     $ 10.00  
Activity from investment operations:                                                
Net investment income (loss) (2)     0.09       0.04       0.05       0.04       (0.10 )     (0.01 )
Net realized and unrealized gain (loss) on investments     0.09       2.34       0.13  (9)     0.84       3.73       (0.62 )
Total from investment operations     0.18       2.38       0.18       0.88       3.63       (0.63 )
Distributions to Shareholders:                                                
Net investment income     (0.13 )     (0.03 )     —       —       —       —  
Net realized gains     (0.53 )     —       —       (0.77 )     (0.19 )     —  
Total distributions     (0.66 )     (0.03 )     —       (0.77 )     (0.19 )     —  
Net asset value, end of year or period   $ 14.97     $ 15.45     $ 13.10     $ 12.92     $ 12.81     $ 9.37  
                                                 
Total return (3)     1.12 % (4)     18.19 %     1.39 %     6.35 % (6)     38.99 %     (6.30 )% (4)
Net assets, end of year or period (in 000s)   $ 148,968     $ 179,720     $ 100,992     $ 43,520     $ 51,981     $ 19,972  
                                                 
Ratios/Supplemental Data:                                                
Ratio of expenses to average net assets (7)     1.62 % (5)     1.71 %     1.77 %     1.68 %     1.78 %     1.74 % (5)
Ratio of net investment income (loss) to average net assets (7,8)     1.17 % (5)     0.25 %     0.39 %     0.31 %     (0.86 )%     (0.12 )% (5)
Portfolio turnover rate     371 % (4)     860 %     1063 %     1382 %     1001 %     484 % (4)
                                                 
(1) The Fund commenced operations on December 27, 2019.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) 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.

 

(7) 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.

 

(8) 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.

 

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

 

See accompanying notes to financial statements.

53

 

FINANCIAL HIGHLIGHTS
Quantified Tactical Sectors Fund
 

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

 

    Investor Class  
    Six Months                          
    Ended                       Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021 (1)  
    (Unaudited)                          
Net asset value, beginning of year or period   $ 6.96     $ 6.69     $ 5.85     $ 10.56     $ 10.00  
Activity from investment operations:                                        
Net investment income (loss) (2)     0.02       0.05       0.03       (0.05 )     (0.02 )
Net realized and unrealized gain (loss) on investments     0.16       0.61       0.82       (4.41 )     0.58  
Total from investment operations     0.18       0.66       0.85       (4.46 )     0.56  
Distributions to Shareholders:                                        
Net investment income     —       (0.39 )     (0.01 )     —       —  
Net realized gains     —       —       —       (0.25 )     —  
Total distributions     —       (0.39 )     (0.01 )     (0.25 )     —  
Net asset value, end of year or period   $ 7.14     $ 6.96     $ 6.69     $ 5.85     $ 10.56  
                                         
Total return (3)     2.59 % (4)     10.58 %     14.58 %     (42.89 )%     5.60 % (4)
Net assets, end of year or period (in 000s)   $ 109,131     $ 64,875     $ 69,952     $ 75,230     $ 54,251  
                                         
Ratios/Supplemental Data:                                        
Ratio of expenses to average net assets (6)     1.60 % (5)     1.61 %     1.58 %     1.56 %     1.62 % (5)
Ratio of net investment income (loss) to average net assets (6,7)     0.52 % (5)     0.70 %     0.54 %     (0.70 )%     (0.66 )% (5)
Portfolio turnover rate     266 % (4)     1130 %     1223 %     1392 %     205 % (4)
                                         
(1) The Fund commenced operations on March 4, 2021.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) 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.

 

(7) Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements.

54

 

FINANCIAL HIGHLIGHTS
Quantified Rising Dividend Tactical Fund
 

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

 

    Investor Class  
    Six Months Ended                       Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021 (1)  
    (Unaudited)                          
Net asset value, beginning of year or period   $ 8.87     $ 7.75     $ 8.58     $ 10.24     $ 10.00  
Activity from investment operations:                                        
Net investment income (2)     0.00  (6)     0.07       0.04       0.01       0.00  (6)
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies     0.65       1.10       (0.67 )     (1.62 )     0.24  
Total from investment operations     0.65       1.17       (0.63 )     (1.61 )     0.24  
Distributions to Shareholders:                                        
Net investment income     —       (0.05 )     —       (0.05 )     —  
Net realized gains     —       —       (0.20 )     —       —  
Total distributions     0.00       (0.05 )     (0.20 )     (0.05 )     —  
Net asset value, end of year or period   $ 9.52     $ 8.87     $ 7.75     $ 8.58     $ 10.24  
                                         
Total return (3)     7.33 % (4)     15.19 %     (7.28 )%     (15.80 )%     2.40 % (4)
Net assets, end of year or period (in 000s)   $ 32,062     $ 37,617     $ 30,446     $ 27,418     $ 21,578  
                                         
Ratios/Supplemental Data:                                        
Ratio of gross expenses to average net assets (7)     1.66 % (5)     1.64 %     1.65 %     1.59 %     1.58 % (5)
Ratio of net expenses to average net assets (7)     1.64 % (5)     1.61 %     1.62 %     1.59 %     1.58 % (5)
Ratio of net investment income to average net assets (7,8)     0.02 % (5)     0.81 %     0.51 %     0.11 %     0.11 % (5)
Portfolio turnover rate     78 % (4)     173 %     469 %     288 %     0 % (4)
                                         
(1) The Fund commenced operations on April 14, 2021.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) Represents less than $0.01 per share.

 

(7) The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

(8) Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements.

55

 

FINANCIAL HIGHLIGHTS
Quantified Government Income Tactical Fund
 

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

 

    Investor Class  
    Six Months Ended                       Period Ended  
    December 31,     Year Ended June 30,     June 30,  
    2024     2024     2023     2022     2021 (1)  
    (Unaudited)                          
Net asset value, beginning of year or period   $ 6.95     $ 8.08     $ 9.46     $ 10.09     $ 10.00  
Activity from investment operations:                                        
Net investment income (loss)(2)     0.11       0.25       0.13       (0.12 )     (0.03 )
Net realized and unrealized gain (loss) on investments, futures and underlying investment companies     (0.02 )     (0.98 )     (1.51 )     (0.37 )     0.12  
Total from investment operations     0.09       (0.73 )     (1.38 )     (0.49 )     0.09  
Distributions to Shareholders:                                        
Net investment income     (0.27 )     (0.40 )     —       —       —  
Net realized gains     —       —       —       (0.14 )     —  
Total distributions     (0.27 )     (0.40 )     —       (0.14 )     —  
Net asset value, end of year or period   $ 6.77     $ 6.95     $ 8.08     $ 9.46     $ 10.09  
                                         
Total return (3)     1.32 % (4)     (9.02 )%     (14.59 )%     (5.05 )%     0.90 % (4)
Net assets, end of year or period (in 000s)   $ 24,218     $ 27,681     $ 43,195     $ 66,188     $ 6,947  
                                         
Ratios/Supplemental Data:                                        
Ratio of gross expenses to average net assets (6)     1.64 % (5)     1.65 %     1.61 %     1.56 %     1.63 % (5)
Ratio of net expenses to average net assets (6)     1.61 % (5)     1.62 %     1.59 %     1.56 %     1.63 % (5)
Ratio of net investment income (loss) to average net assets (6,7)     3.18 % (5)     3.36 %     1.49 %     (1.15 )%     (1.28 )% (5)
Portfolio turnover rate     120 % (4)     86 %     593 %     766 %     98 % (4)
                                         
(1) The Fund commenced operations on April 15, 2021.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) 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.

 

(7) Recognition of net investment income (loss) by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to financial statements.

56

 

FINANCIAL HIGHLIGHTS
Quantified Global Fund
 

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

 

    Investor Class  
    Six Months Ended     Period Ended  
    December 31,     June 30,  
    2024     2024 (1)  
    (Unaudited)        
Net asset value, beginning of period   $ 10.78     $ 10.00  
Activity from investment operations:                
Net investment income(2)     0.00  (8)     0.12  
Net realized and unrealized gain on investments     0.34       0.66  
Total from investment operations     0.34       0.78  
Distributions to Shareholders:                
Net investment income     (0.83 )     —  
Net realized gains     (1.14 )     —  
Total distributions     (1.97 )     —  
Net asset value, end of period   $ 9.15     $ 10.78  
                 
Total return (3)     2.82 % (4)     7.80 % (4)
Net assets, end of period (in 000s)   $ 3,036     $ 7,293  
                 
Ratios/Supplemental Data:                
Ratio of gross expenses to average net assets (6)     1.65 % (5)     1.84 % (5)
Ratio of net expenses to average net assets (6)     1.61 % (5)     1.73 % (5)
Ratio of net investment income to average net assets (6,7)     0.04 % (5)     2.01 % (5)
Portfolio turnover rate     629 % (4)     524 % (4)
                 
(1) The Fund commenced operations on November 29, 2023.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

(7) Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

(8) Represents less than $0.01 per share.

 

See accompanying notes to financial statements.

57

 

CONSOLIDATED FINANCIAL HIGHLIGHTS
Quantified Eckhardt Managed Futures Strategy Fund
 

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

 

    Investor Class  
    Period Ended  
    December 31,  
    2024 (1)  
    (Unaudited)  
Net asset value, beginning of period   $ 10.00  
Activity from investment operations:        
Net investment income(2)     0.02  
Net realized and unrealized gain on investments     0.09  
Total from investment operations     0.11  
Distributions to Shareholders:        
Net investment income     (0.02 )
Total distributions     (0.02 )
Net asset value, end of period   $ 10.09  
         
Total return (3)     1.10 % (4)
Net assets, end of period (in 000s)   $ 47,388  
         
Ratios/Supplemental Data:        
Ratio of gross expenses to average net assets (6)     1.62 % (5)
Ratio of net expenses to average net assets (6)     1.59 % (5)
Ratio of net investment income to average net assets (6,7)     1.01 % (5)
Portfolio turnover rate     79 % (4)
         
(1) The Fund commenced operations on October 16, 2024.

 

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

 

(3) Total returns shown assumes the reinvestment of all distributions.

 

(4) Not Annualized.

 

(5) Annualized.

 

(6) The ratios of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying investment companies in which the Fund invests.

 

(7) Recognition of net investment income by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

 

See accompanying notes to consolidated financial statements.

58

 

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

December 31, 2024

 

1. ORGANIZATION

 

Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund (each a “Fund” and collectively the “Funds”) are each a diversified series (except Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund, which are non-diversified series), of Advisors Preferred Trust (the “Trust”), a statutory trust organized under the laws of the State of Delaware on August 15, 2012 and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund and Quantified STF Fund currently offer two classes of shares, Investor and Advisor classes of shares each of which are offered at Net Asset Value per share (“NAV”). Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund currently offer Investor Class shares, which are offered at NAV. The Funds with the exception of Quantified Common Ground Fund are “fund of funds”, in that these Funds will generally invest in other investment companies.

 

The Funds’ commencement dates and their investment objectives are as follows:

 

Fund Investor Class Advisor Class Investment Objective
 Quantified Managed Income Fund August 9, 2013 March 18, 2016 seeks high total return from fixed income investments on an annual basis consistent with a moderate tolerance for risk
 Quantified Market Leaders Fund August 9, 2013 March 18, 2016 seeks high appreciation on an annual basis consistent with a high tolerance for risk
 Quantified Alternative Investment Fund August 9, 2013 March 18, 2016 seeks high total return from alternative investment vehicles on an annual basis consistent with a high tolerance for risk
 Quantified STF Fund November 13, 2015 November 13, 2015 seeks high appreciation on an annual basis consistent with a high tolerance for risk
Quantified Pattern Recognition Fund August 30, 2019 N/A seeks capital appreciation
Quantified Tactical Fixed Income Fund September 13, 2019 N/A seeks total return
Quantified Evolution Plus Fund September 30, 2019 N/A seeks capital appreciation
Quantified Common Ground Fund December 27, 2019 N/A seeks total return
 Quantified Tactical Sectors Fund March 4, 2021 N/A seeks high appreciation on an annual basis consistent with a high tolerance for risk
Quantified Rising Dividend Tactical Fund April 14, 2021 N/A seeks total return consistent with a moderate tolerance for risk
Quantified Government Income Tactical Fund April 15, 2021 N/A seeks high total return consistent with a moderate tolerance for risk
Quantified Global Fund November 29, 2023 N/A seeks total return
Quantified Eckhard Managed Futures Strategy Fund October 16, 2024 N/A seeks total return

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies followed by each Fund in preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services – Investment Companies including FASB Accounting Standard Update (“ASU”) 2013-08. Each Fund’s income, expenses (other than class-specific distribution and service fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

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December 31, 2024

 

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

 

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the day of valuation. Futures are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. Investments in open-end investment companies are valued at net asset value. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations with remaining maturities in excess of sixty days are valued at current market prices by an independent pricing service approved by the Trust’s Board of Trustees. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Funds may fair value a particular bond if the Advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Funds’ holding. Total return swaps on exchange-listed securities shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Exchange listed swaps shall be valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. Short-term debt obligations having sixty days or less remaining until maturity, at time of purchase, may be valued at amortized cost which approximates fair value. Certain investments such as commodity pools are measured based upon NAV as a practical expedient to determine fair value and are not required to be categorized in the fair value hierarchy.

 

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

 

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source) and (ii) securities for which, in

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December 31, 2024

 

the judgment of the advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor and/or sub-advisor to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to each Fund’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor and/or sub-advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Funds’ holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

 

Valuation of Fund of Funds – Each Fund invests in portfolios of exchange traded funds and open-end funds or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based upon the methods established by the board of directors of the Underlying Funds.

 

Open-ended mutual funds are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, and ETFs frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company or ETF purchased by the Fund will not change.

 

Units of Mount Vernon Liquid Assets Portfolio, LLC and certain investments such as commodity pools are not traded on an exchange and are valued at the investment company’s NAV per unit without further adjustment, as a practical expedient of fair value.

 

and are not required to be categorized in the fair value hierarchy.

 

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

 

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

 

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

 

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued) 

December 31, 2024

 

available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

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

 

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

 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2024 for each Fund’s assets and liabilities measured at fair value:

  

Quantified Managed Income Fund
 
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Common Stocks *   $ 12,862,384     $ —     $ —     $ 12,862,384  
Exchange-Traded Funds     95,393,082       —       —       95,393,082  
Short-Term Investments     20,075,688       —       —       20,075,688  
Collateral For Securities Loaned     —       —       —       22,084,026  **
Total Investments     $ 128,331,154     $ —     $ —     $ 150,415,180  
Derivatives                                
Futures Contracts   $ 9,300     $ —     $ —     $ 9,300  
Total Assets     $ 128,340,454     $ —     $ —     $ 150,424,480  
Liabilities                                
Derivatives                                
Futures Contracts   $ (48,115 )   $ —     $ —     $ (48,115 )
Total Liabilities     $ (48,115 )   $ —     $ —     $ (48,115 )
                                 
Quantified Market Leaders Fund                        
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Funds   $ 128,599,307     $ —     $ —     $ 128,599,307  
Short-Term Investments     15,270,161       —       —       15,270,161  
Collateral For Securities Loaned     —       —       —       14,539,241  **
Total Investments     $ 143,869,468     $ —     $ —     $ 158,408,709  
Total Assets     $ 143,869,468     $ —     $ —     $ 158,408,709  
Liabilities                                
Derivatives                                
Total Return Swaps   $ —     $ (1,707,748 )   $ —     $ (1,707,748 )
Total Liabilities     $ —     $ (1,707,748 )   $ —     $ (1,707,748 )

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Quantified Alternative Investment Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Funds   $ 11,346,864     $ —     $ —     $ 11,346,864  
Open-End Mutual Funds     5,890,840       —       —       5,890,840  
Short-Term Investments     1,951,631       —       —       1,951,631  
Collateral For Securities Loaned     —       —       —       687,825  **
Total Investments     $ 19,189,335     $ —     $ —     $ 19,877,160  
Total Assets     $ 19,189,335     $ —     $ —     $ 19,877,160  
Liabilities                                
Derivatives                                
Futures Contracts   $ (4,781 )   $ —     $ —     $ (4,781 )
Total Liabilities    $ (4,781 )   $ —     $ —     $ (4,781 )
                                 
Quantified STF Fund
 
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Private Investment Fund   $ —     $ —     $ —     $ 20,362,091  **
Certificate of Deposit *     —       6,978,770       —       6,978,770  
Short-Term Investments     176,337,856       —       —       176,337,856  
Total Investments     $ 176,337,856     $ 6,978,770     $ —     $ 203,678,717  
                                 
Quantified Pattern Recognition Fund
 
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Fund   $ 263,736     $ —     $ —     $ 263,736  
Certificate of Deposit *     —       1,000,758       —       1,000,758  
Short-Term Investments     37,290,881       —       —       37,290,881  
Total Investments     $ 37,554,617     $ 1,000,758     $ —     $ 38,555,375  
Total Assets     $ 37,554,617     $ 1,000,758     $ —     $ 38,555,375  
Liabilities                                
Derivatives                                
Futures Contracts   $ (2,721,877 )   $ —     $ —     $ (2,721,877 )
Total Liabilities     $ (2,721,877 )   $ —     $ —     $ (2,721,877 )
                                 
Quantified Tactical Fixed Income Fund
 
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Fund   $ 17,466     $ —     $ —     $ 17,466  
Certificate of Deposit *     —       2,001,905       —       2,001,905  
Short-Term Investments     28,691,611       —       —       28,691,611  
Total Investments     $ 28,709,077     $ 2,001,905     $ —     $ 30,710,982  
Total Assets     $ 28,709,077     $ 2,001,905     $ —     $ 30,710,982  
Liabilities                                
Derivatives                                
Futures Contracts   $ (79,864 )   $ —     $ —     $ (79,864 )
Total Return Swaps       —       (28,524 )     —       (28,524 )
Total Liabilities     $ (79,864 )   $ (28,524 )   $ —     $ (108,388 )

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Quantified Evolution Plus Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Funds   $ 395,561     $ —     $ —     $ 395,561  
Certificate of Deposit *     —       1,000,758       —       1,000,758  
Short-Term Investments     8,732,523       —       —       8,732,523  
Total Investments     $ 9,128,084     $ 1,000,758     $ —     $ 10,128,842  
Total Assets     $ 9,128,084     $ 1,000,758     $ —     $ 10,128,842  
Liabilities                                
Derivatives                                
Futures Contracts   $ (766,099 )   $ —     $ —     $ (766,099 )
Total Liabilities     $ (766,099 )   $ —     $ —     $ (766,099 )
                                 
Quantified Common Ground Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Common Stocks *   $ 140,201,028     $ —     $ —     $ 140,201,028  
Short-Term Investments     9,448,581       —       —       9,448,581  
Collateral For Securities Loaned     —       —       —       37,984,956  **
Total Investments     $ 149,649,609     $ —     $ —     $ 187,634,565  
                                 
Quantified Tactical Sectors Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Funds   $ 94,730,248     $ —     $ —     $ 94,730,248  
Short-Term Investments     12,371,417       —       —       12,371,417  
Collateral For Securities Loaned     —       —       —       2,506,400 **
Total Investments     $ 107,101,665     $ —     $ —     $ 109,608,065  
Derivatives                                
Total Return Swaps     $ —     $ 3,037,207     $ —     $ 3,037,207  
Total Assets     $ 107,101,665     $ 3,037,207     $ —     $ 112,645,272  
Liabilities                                
Derivatives                                
Total Return Swaps   $ —     $ (1,024,213 )   $ —     $ (1,024,213 )
Total Liabilities     $ —     $ (1,024,213 )   $ —     $ (1,024,213 )
                                 
Quantified Rising Dividend Tactical Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Funds   $ 27,105,861     $ —     $ —     $ 27,105,861  
Short-Term Investments     5,213,641       —       —       5,213,641  
Total Investments     $ 32,319,502     $ —     $ —     $ 32,319,502  
Derivatives                                
Total Return Swaps   $ —     $ 221,818     $ —     $ 221,818  
Total Assets     $ 32,319,502     $ 221,818     $ —     $ 32,541,320  
Liabilities                                
Derivatives                                
Total Return Swaps   $ —     $ (214,702 )   $ —     $ (214,702 )
Total Liabilities     $ —     $ (214,702 )   $ —     $ (214,702 )

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024 

 

Quantified Government Income Tactical Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Exchange-Traded Fund     113,529     $ —     $ —     $ 113,529  
Certificates of Deposit *     —       1,000,759       —       1,000,759  
Short-Term Investments     22,325,676       —       —       22,325,676  
Total Investments     $ 22,439,205     $ 1,000,759     $ —     $ 23,439,964  
Liabilities                                
Derivatives                                
Futures Contracts   $ (12,000 )   $ —     $ —     $ (12,000 )
Total Liabilities     $ (12,000 )   $ —     $ —     $ (12,000 )
                         
Quantified Global Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Common Stocks *   $ 1,426,535       —     $ —     $ 1,426,535  
Exchange-Traded Funds     1,533,682       —       —       1,533,682  
Total Investments     $ 2,960,217     $ —     $ —     $ 2,960,217  
                                 
Quantified Eckhardt Managed Futures Strategy Fund
                         
Assets   Level 1     Level 2     Level 3     Total  
Investments                        
Private Investment Funds   $ —       —     $ —     $ 20,442,771  **
Short-Term Investments     26,920,030       —               26,920,030  
Total Investments     $ 26,920,030     $ —     $ —     $ 47,362,801  

 

* Refer to each of the Schedule of Investments for industry classifications.

 

** Investment valued using the NAV per share practical expedient. In accordance with Topic 820, the investment is excluded from the fair value table.

 

The Funds did not hold any Level 3 securities during the six months or period ended December 31, 2024.

 

Consolidation of Subsidiaries – The consolidated financial statements of the Quantified Evolution Plus Fund and Quantified Eckhard Managed Futures Strategy Fund include the accounts of QEPF Fund Limited (“QEPF Ltd.”) and QEMFSF Fund Limited (“QEMFSF Ltd.), respectively, wholly-owned subsidiaries. All inter- company accounts and transactions have been eliminated in consolidation. These Funds may invest up to 25% of its total assets in QEPF Ltd. And QEMFSF Ltd., which act as an investment vehicles in order to affect certain investments consistent with the Funds’ investment objectives and policies. The subsidiaries commenced operations on December 30, 2019 and October 16, 2024, respectively, and are exempted Cayman Islands company with limited liability.

 

A summary of the Funds’ investment in QEPF Ltd. And QEMFSF Ltd. are as follows:

 

  Inception Date Net Assets at
December 31, 2024		 % of Net Assets at
December 31, 2024
QEPF Ltd. 12/30/19 $2,129,974 18.6%
QEMFSF Ltd. 10/16/24 $5,891,584 12.4%

 

Exchange Traded Funds (“ETFs”), Mutual Funds and Exchange Traded Notes (“ETNs”) Risk – ETFs, mutual funds and ETNs are subject to investment advisory or management and other expenses, which will be indirectly paid by the Funds. Each is subject to specific risks, depending on investment strategy. Also, each may be subject to leverage risk, which will magnify losses. ETNs are subject to default risks.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Each Fund invests in ETFs. ETFs are typically a type of index fund bought and sold on a securities exchange. An ETF trades like common stock and typically represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. Each Fund may purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

 

Cash Accounts – At times, the Funds may invest cash in a short-term deposit sweep vehicle program. Such deposits are in amounts at any such depositary institution not in excess of the Federal Deposit Insurance Corporation (“FDIC”) or National Credit Union Share Insurance Fund standard maximum deposit insurance amount such that funds are insured across the various banks or credit unions at which such funds are deposited. StoneCastle Cash Management, LLC (“StoneCastle”) provides ministerial deposit placement assistance to the Funds with respect to the short-term deposit sweep vehicle program. These deposits are not custodied by StoneCastle. These amounts are included as Cash on the Statements of Assets and Liabilities to the extent they are held by the Funds as of December 31, 2024.

 

Foreign Currency Translations – All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities and income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. These amounts are included with Net realized and unrealized gain/(loss) on Investments in the Statements of Operations. Each Fund’s investments in foreign securities are subject to foreign currency fluctuations, higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Greater political, economic, credit and information risks are also associated with foreign securities.

 

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

 

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

 

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

 

Each Fund may enter into credit default swaps (“CDS”). CDS are typically two-party (bilateral) financial

66

 

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

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

 

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

 

Each Fund may enter into Interest Rate Swaps. Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional principal amount. Each Fund may elect to pay a fixed rate and receive a floating rate, or receive a fixed rate and pay a floating rate on a notional principal amount.

 

Each Fund may enter into Total Return Swaps (“TRS”). Total Return Swaps are typically two-party (bilateral) financial contracts which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. In total return swaps, the underlying asset, referred to as the reference asset, is usually an equity, equity index, loans, or bonds. This is owned by the party receiving the set rate payment. The TRS allows one party to derive the economic benefit of owning an asset without putting that asset on its balance sheet, and allows the other party, which does retain that asset on its balance sheet, to buy protection against loss in its value.

 

Each Fund collateralizes swap agreements with cash and certain securities as indicated on the Schedule of Investments of the Fund and Statements of Assets and Liabilities, respectively. Such collateral is held for the benefit of the counterparty in a segregated account at the Custodian to protect the counterparty against non- payment by the Fund. Each Fund does not net collateral. In addition, the parties have mutually agreed to settle significant unrealized appreciation / depreciation on the swap contracts as they occur, resulting in an advance or prepayment on such swaps. Such amounts, if any, would be offset against the applicable contract upon final settlement. In the event of a default by the counterparty, a Fund will seek return of this collateral and may incur certain costs exercising its rights with respect to the collateral. Amounts expected to be owed to a Fund may be collateralized either directly with the Fund or in a segregated account at the custodian.

 

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

 

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

67

 

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Master Agreements. Any election to early terminate could be material to the financial statements. For the six months ended December 31, 2024, Quantified Market Leaders Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Tactical Sectors Fund and Quantified Rising Dividend Tactical Fund entered into total return swaps and are subject to applicable master netting arrangements.

 

The following table summarizes the securities received as non-cash collateral for swap contracts:

 

Fund   Collateral   Market Value  
Quantified Tactical Sectors Fund   U.S. Treasury Bonds, 3.00%, 2/15/49   $ 1,047,301  
    U.S. Treasury Bonds, 2.375%, 5/15/51     609,799  

 

Futures Contracts – Each Fund may be subject to the change in value of equity and interest rate risk in the normal course of pursuing its investment objective. Each Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of equities and interest rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (each Fund’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. When the contracts are closed, each Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and each Fund’s basis in the contract. If the Funds are unable to liquidate a futures contract and/or enter into an offsetting closing transaction, each Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Each Fund segregates cash having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recorded in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to each Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

 

During the normal course of business, each Fund purchases and sells various financial instruments, which may result in risks, the amount of which is not apparent from the financial statements.

 

Security Transactions and Related Income – Security transactions are accounted for on trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Foreign withholding tax is recorded as incurred or known, in accordance with the Funds’ understanding of the applicable country’s tax rules and rates.

 

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

 

Federal Income Tax – It is each Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

68

 

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for the open tax years (June 30, 2022 – June 30, 2024) or expected to be taken in the Funds’ June 30, 2025 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, and foreign jurisdictions where each Fund makes significant investments; however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

 

For tax purposes, QEPF Ltd. And QEMFSF Ltd. are each an exempted Cayman Islands investment company. QEPF and QEMFSF have received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits, and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, QEPF is a controlled foreign corporation (“CFC”) and as such is not subject to U.S. income tax. However, as a wholly-owned CFC, the net income and capital gain of the CFC, to the extent of its earnings and profits, will be included each year in Quantified Evolution Plus Fund’s and Quantified Eckhardt Managed Futures Strategy Fund’s investment company taxable income.

 

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

 

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

 

3. INVESTMENT TRANSACTIONS

 

The cost of purchases and proceeds from sale of securities, other than short-term investments, swaps and futures contracts, for the six months or period ended December 31, 2024 for the Funds were as follows: 

 

Fund   Purchases     Sales  
Quantified Managed Income Fund   $ 586,600,854     $ 576,558,942  
Quantified Market Leaders Fund     743,687,758       774,368,747  
Quantified Alternative Investment Fund     75,137,593       80,014,700  
Quantified STF Fund     34,970,535       19,894,331  
Quantified Pattern Recognition Fund     6,211,046       6,196,015  
Quantified Tactical Fixed Income Fund     2,867,733       12,906,083  
Quantified Evolution Plus Fund     16,120,132       16,293,314  
Quantified Common Ground Fund     553,826,745       568,513,043  
Quantified Tactical Sectors Fund     212,833,698       170,430,291  
Quantified Rising Dividend Tactical Fund     24,789,694       32,207,291  
Quantified Government Income Tactical Fund     2,496,771       2,481,084  
Quantified Global Fund     116,601,065       120,868,524  
Quantified Eckhardt Managed Futures Strategy Fund     32,098,974       11,797,829  

69

 

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

4. IMPACT OF DERIVATIVES ON THE STATEMENTS OF ASSETS AND LIABILITIES AND STATEMENTS OF OPERATIONS

 

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of December 31, 2024:

 

Derivative Investment Type Location on the Statements of Assets and Liabilities
Futures Unrealized appreciation (depreciation) on futures
Swaps Unrealized appreciation (depreciation) on swaps

  

    Asset derivatives        
Quantified Managed Income Fund   Futures - Equity Contracts   $ 9,300  
Quantified Tactical Sectors Fund   Swaps - Equity Contracts     3,037,207  
Quantified Rising Dividend Tactical Fund   Swaps - Equity Contracts     221,818  
             
    Liability derivatives        
Quantified Managed Income Fund   Futures - Interest Rate Contracts   $ (48,115 )
Quantified Market Leaders Fund   Swaps - Equity Contracts     (1,707,748 )
Quantified Alternative Investment Fund   Futures - Interest Rate Contracts     (4,781 )
Quantified Pattern Recognition Fund   Futures - Equity Contracts     (2,721,877 )
Quantified Tactical Fixed Income Fund   Futures - Interest Rate Contracts     (79,864 )
    Swaps - Equity Contracts     (28,524 )
Quantified Evolution Plus Fund   Futures - Commodity Contracts     (321,520 )
    Futures - Equity Contracts     (444,579 )
Quantified Tactical Sectors Fund   Swaps - Equity Contracts     (1,024,213 )
Quantified Rising Dividend Tactical Fund   Swaps - Equity Contracts     (214,702 )
Quantified Government Income Tactical Fund   Futures - Interest Rate Contracts     (12,000 )

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The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Transactions in derivative instruments during the six months ended December 31, 2024, were as follows:
        Equity/Interest  
        Rate/Credit/Commodity  
    Statements of Operations location   Contracts  
Quantified Managed Income Fund   Net Realized gain (loss) from: (1)        
Interest Rate Risk   Futures   $ (692,189 )
Equity Risk   Futures     (534,660 )
          (1,226,849 )
             
    Net Change in unrealized appreciation (depreciation) on: (2)        
Interest Rate Risk   Futures   $ 96,416  
Equity Risk   Futures     9,300  
          105,716  
Quantified Market Leaders Fund   Net Realized gain (loss) from: (1)        
Equity Risk   Swaps   $ (2,148,180 )
    Net Change in unrealized appreciation (depreciation) on: (2)        
Equity Risk   Swaps   $ (5,775,828 )
             
Quantified Alternative Investment Fund   Net Realized gain (loss) from: (1)        
Equity Risk   Futures   $ (64,136 )
Interest Rate Risk   Futures     (92,613 )
          (156,749 )
    Net Change in unrealized appreciation (depreciation) on: (2)        
Equity Risk   Futures   $ (2,069 )
Interest Rate Risk   Futures     21,343  
          19,274  
Quantified STF Fund   Net Realized gain (loss) from: (1)        
Equity Risk   Futures   $ (985,088 )
    Net Change in unrealized appreciation (depreciation) on: (2)        
Equity Risk   Futures   $ (1,448,262 )
             
Quantified Pattern Recognition Fund   Net Realized gain (loss) from: (1)        
Equity Risk   Futures   $ 4,122,380  
             
    Net Change in unrealized appreciation (depreciation) on: (2)        
Equity Risk   Futures   $ (2,625,168 )
             
Quantified Tactical Fixed Income Fund   Net Realized gain (loss) from: (1)        
Interest Rate Risk   Futures   $ (1,188,071 )
Credit Risk   Swaps     348,185  
    Net Change in unrealized appreciation (depreciation) on: (2)        
Interest Rate Risk   Futures   $ 33,067  
Credit Risk   Swaps     (4,718 )
             
Quantified Evolution Plus Fund (Consolidated)   Net Realized gain (loss) from: (1)        
Commodity Risk   Futures   $ 2,358,680  
Equity Risk   Futures     2,505,846  
Interest Rate Risk   Futures     (585,425 )
          4,279,101  
Commodity Risk   Swaps     (972,115 )
    Net Change in unrealized appreciation (depreciation) on: (2)        
Commodity Risk   Futures   $ (3,640 )
Equity Risk   Futures     (474,993 )
          (478,633 )
Equity Risk   Swaps     14,130  

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

        Equity/Interest  
        Rate/Credit/Commodity  
    Statements of Operations location   Contracts  
Quantified Tactical Sectors Fund   Net Realized gain (loss) from: (1)        
Equity Risk   Swaps   $ (1,273,699 )
    Net Change in unrealized appreciation (depreciation) on: (2)        
Equity Risk   Swaps   $ (235,373 )
             
Quantified Rising Dividend Tactical Fund   Net Realized gain (loss) from: (1)        
Equity Risk   Swaps   $ 2,405,547  
    Net Change in unrealized appreciation (depreciation) on: (2)        
Equity Risk   Swaps   $ (1,478,649 )
             
Quantified Government Income Tactical Fund   Net Realized gain (loss) from: (1)        
Interest Rate Risk   Futures   $ (60,123 )
    Net Change in unrealized appreciation (depreciation) on: (2)        
Interest Rate Risk   Futures   $ 48,121  

 

(1) Statement of Operations location: Net realized gain (loss) from futures, Net realized gain (loss) from swaps.

 

(2) Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures, Net change in unrealized appreciation (depreciation) on swaps.

 

The derivative instruments outstanding as of December 31,2024 as disclosed in the Schedules of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Statements of Operations serve as indicators of the volume of derivative activity for each Fund.

 

Associated Risk

 

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

 

Unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Funds and their investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.

 

Counterparty Risk: Each Fund may invest in swap contracts (the “Product”) with Barclays or CIBC as the counterparty. If Barclays or CIBC becomes insolvent, Barclays or CIBC may not be able to make any payments under the Product and investors may lose their capital invested in the Product. A decline in Barclays’s or CIBC’s standing is likely to reduce the market value of the Product and therefore the price an investor may receive for the Product if they sell it in the market.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Liquidity Risk: Liquidity risk is the risk that a Fund will encounter difficulty in raising funds to meet commitments. Liquidity risk may result in an inability to sell investments quickly at close to fair value. Each Fund’s financial instruments may include investments in securities which are not traded on organized public exchanges and which generally may be illiquid. As a result, a Fund may not be able to quickly liquidate its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements. The Funds’ do not anticipate any material losses as a result of liquidity risk.

 

5. OFFSETTING OF FINANCIAL ASSETS AND DERIVATIVE ASSETS

 

Each Fund’s policy is to recognize a gross asset or liability equal to the unrealized gain (loss) on futures contracts and swap contracts. The following table shows additional information regarding the offsetting of assets and liabilities as of December 31, 2024.

 

Quantified Managed Income Fund:

 

                      Gross Amounts Not Offset in the        
Assets:                     Statements of Assets & Liabilities        
    Gross Amounts     Gross Amounts     Net Amounts of                    
    Presented in the     Offset in the     Assets Presented in     Financial              
    Statements of Assets     Statements of Assets     the Statements of     Instruments     Cash Collateral        
Description   & Liabilities     & Liabilities     Assets & Liabilities     Pledged (2)     Received     Net Amount  
Unrealized Appreciation on Futures   $ 9,300     $ —     $ 9,300     $ (9,300 )   $ —     $ —  
Total   $ 9,300     $ —     $ 9,300     $ (9,300 )   $ —     $ —  
                                                 
                      Gross Amounts Not Offset in the        
Liabilities:                     Statement of Assets & Liabilities        
          Gross Amounts     Net Amounts of                    
    Gross Amounts of     Offset in the     Liabilities Presented     Financial              
    Recognized     Statement of Assets     in the Statement of     Instruments     Cash Collateral        
Description   Liabilities     & Liabilities     Assets & Liabilities     Pledged (2)     Pledged (1)     Net Amount  
Unrealized Depreciation on Futures   $ (48,115 )   $ —     $ (48,115 )   $ 9,300     $ 38,815     $ —  
Total   $ (48,115 )   $ —     $ (48,115 )   $ 9,300     $ 38,815     $ —  
                                                 
Quantified Market Leaders Fund:
 
                      Gross Amounts Not Offset in the        
 Liabilities:                     Statement of Assets & Liabilities        
          Gross Amounts     Net Amounts of                    
    Gross Amounts     Offset in the     Liabilities Presented in     Financial              
    Amount of     Statement of Assets     the Statement of Assets     Instruments     Cash Collateral        
Description   Recognized Liabilites     & Liabilities     & Liabilities     Pledged (2)     Pledged (1)     Net Amount  
Unrealized Depreciation on Swaps   $ (1,707,748 )   $ —     $ (1,707,748 )   $ —     $ 1,707,748     $ —  
Total   $ (1,707,748 )   $ —     $ (1,707,748 )   $ —     $ 1,707,748     $ —  
                                                 
Quantified Alternative Investment Fund:
 
                      Gross Amounts Not Offset in the Statement        
Liabilities:                     of Assets & Liabilities        
                Net Amounts of Libilities                    
    Gross Amounts of     Gross Amounts Offset     Presented in the     Financial              
    Recognized     in the Statement of     Statement of Assets &     Instruments     Cash Collateral        
Description   Liabilities     Assets & Liabilities     Liabilities     Pledged (2)     Pledged (1)     Net Amount  
Unrealized Depreciation on Futures   $ (4,781 )   $ —     $ (4,781 )   $ —     $ 4,781     $ —  
    $ (4,781 )   $ —     $ (4,781 )   $ —     $ 4,781     $ —  

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Quantified Pattern Recognition Fund:

 

                      Gross Amounts Not Offset in the Statement        
Liabilities:                     of Assets & Liabilities        
                Net Amounts of                    
          Gross Amounts     Liabilities                    
    Gross Amounts     Offset in the     Presented in the     Financial              
    of Recognized     Statement of Assets     Statement of     Instruments     Cash Collateral        
Description   Liabilities     & Liabilities     Assets & Liabilities     Pledged(2)     Pledged(1)     Net Amount  
Unrealized Depreciation on Futures   $ (2,721,877 )   $ —     $ (2,721,877 )   $ —     $ 2,721,877     $ —  
Total   $ (2,721,877 )   $ —     $ (2,721,877 )   $ —     $ 2,721,877     $ —  
                                                 
Quantified Tactical Fixed Income Fund:
 
                      Gross Amounts Not Offset in the Statement of        
Liabilities:                     Assets & Liabilities        
          Gross Amounts     Net Amounts of                    
    Gross Amounts of     Offset in the     liabilities Presented     Financial              
    Recognized     Statement of     in the Statement of     Instruments     Collateral        
Description   Liabilities     Assets & Liabilities     Assets & Liabilities     Pledged (2)     Pledged/(Received)     Net Amount  
Unrealized Depreciation on Futures   $ (79,864 )   $ —     $ (79,864 )   $ —     $ 79,864     $ —  
Unrealized Depreciation on Swaps     (28,524 )     —       (28,524 )     —       28,524       —  
Total   $ (108,388 )   $ —     $ (108,388 )   $ —     $ 108,388     $ —  
                                                 
Quantified Evolution Plus Fund:
 
                      Gross Amounts Not Offset in the        
Liabilities:                     Statement of Assets & Liabilities        
          Gross Amounts     Net Amounts of                    
          Offset in the     Liabilities Presented in     Financial              
    Gross Amounts of     Statement of Assets     the Statement of     Instruments     Cash Collateral        
Description   Recognied Liabilities     & Liabilities     Assets & Liabilities     Pledged (2)     Pledged (1)     Net Amount  
Unrealized Depreciation on Futures   $ (766,099 )   $ —     $ (766,099 )   $ —     $ 766,099     $ —  
Total   $ (766,099 )   $ —     $ (766,099 )   $ —     $ 780,229     $ —  
                                                 
Quantified Tactical Sectors Fund:
                                     
                      Gross Amounts Not Offset in the        
Assets:                     Statements of Assets & Liabilities        
    Gross Amounts     Gross Amounts     Net Amounts of                    
    Presented in the     Offset in the     Assets Presented in     Financial              
    Statements of     Statement of     the Statement of     Instruments     Cash Collateral        
Description   Assets & Liabilities     Assets & Liabilities     Assets & Liabilities     Pledged (2)     Received     Net Amount  
Unrealized Appreciation on Swaps   $ 3,037,207     $ —     $ 3,037,207     $ (1,024,213 )   $ —     $ 2,012,994  
Total   $ 3,037,207     $ —     $ 3,037,207     $ (1,024,213 )   $ —     $ 2,012,994  
                                                 
                      Gross Amounts Not Offset in the Statement        
Liabilities:                     of Assets & Liabilities        
          Gross Amounts     Net Amounts of                    
              Offset in the       liabilities Presented in                          
      Gross Amounts of     Statement of Assets     the Statement of Assets     Financial Instruments                  
Description   Recognized Liabilities     & Liabilities     & Liabilities     Pledged (2)     Collateral Pledged (1)     Net Amount  
Unrealized Depreciation on Swaps   $ (1,024,213 ) *   $ —     $ (1,024,213 )   $ 1,024,213     $ —     $ —  
Total   $ (1,024,213 )   $ —     $ (1,024,213 )   $ 1,024,213     $ —     $ —  

74

 

The Quantified Funds 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Quantified Rising Dividend Tactical Fund:
                               
                      Gross Amounts Not Offset in the        
Assets:                     Statements of Assets & Liabilities        
    Gross Amounts           Net Amounts of Assets                    
    Presented in the     Gross Amounts Offset     Presented in the     Financial              
    Statements of Assets &     in the Statement of     Statement of Assets &     Instruments     Cash Collateral        
Description   Liabilities     Assets & Liabilities     Liabilities     Pledged (2)     Received     Net Amount  
Unrealized Appreciation on Swaps   $ 221,818     $ —     $ 221,818     $ (214,702 )   $ —     $ 7,116  
Total   $ 221,818     $ —     $ 221,818     $ (214,702 )   $ —     $ 7,116  
                                                 
                      Gross Amounts Not Offset in the        
Liabilities:                     Statement of Assets & Liabilities        
                Net Amounts of                    
          Gross Amounts Offset     Liabilities Presented in the     Financial              
    Gross Amounts of     in the Statement of     Statement of Assets &     Instruments     Collateral        
Description   Recognized Liabilities     Assets & Liabilities     Liabilities     Pledged (2)     Pledged(1)     Net Amount  
Unrealized Depreciation on Swaps   $ (214,702 )   $ —     $ (214,702 )   $ 214,702     $ —     $ —  
Total   $ (214,702 )   $ —     $ (214,702 )   $ 214,702     $ —     $ —  
                                                 
Quantified Government Income Tactical Fund:
 
                      Gross Amounts Not Offset in the        
Liabilities:                     Statement of Assets & Liabilities        
          Gross Amounts     Net Amounts of                    
    Gross Amounts of     Offset in the     Liabilities Presented                    
    Recognized     Statement of Assets     in the Statement of     Financial     Cash Collateral        
Description   Liabilities     & Liabilities     Assets & Liabilities     Instruments     Pledged (1)     Net Amount  
Unrealized Depreciation on Futures   $ (12,000 )   $ —     $ (12,000 )   $ —     $ 12,000     $ —  
Total   $ (12,000 )   $ —     $ (12,000 )   $ —     $ 12,000     $ —  

 

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

 

(2) The amount does not include excess collateral pledged by the counterparty. Detailed collateral amounts are presented in the Statements of Assets and Liabilities.

 

6. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

 

The business activities of each Fund are overseen by the Board, which is responsible for the overall management of the Funds. Advisors Preferred LLC (“Advisor”), serves as investment advisor to the Funds. The Advisor has engaged Flexible Plan Investments, Ltd. (the “Sub-Advisor”) to serve as the sub-advisor to the Funds.

75

 

The Quantified Funds 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Pursuant to an advisory agreement with the Funds, the Advisor, under the oversight of the Board, directs the daily operations of each Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, each Fund pays advisory fees accrued daily and paid monthly, based on each Fund’s average daily net assets at an annual rate of 1.00%, except for Quantified Alternative Investment Fund, Quantified Managed Income Fund and Quantified Market Leaders Fund which pay 0.75%. For the six months or period ended December 31, 2024, each Fund accrued the following advisory fees:

 

Quantified Managed Income Fund   $ 496,116  
Quantified Market Leaders Fund     608,010  
Quantified Alternative Investment Fund     104,904  
Quantified STF Fund     1,026,864  
Quantified Pattern Recognition Fund     190,644  
Quantified Tactical Fixed Income Fund     244,024  
Quantified Evolution Plus Fund     141,661  
Quantified Common Ground Fund     822,198  
Quantified Tactical Sectors Fund     393,170  
Quantified Rising Dividend Tactical Fund     182,787  
Quantified Government Income Tactical Fund     150,503  
Quantified Global Fund     121,063  
Quantified Eckhardt Managed Futures Strategy Fund     74,027  

 

Pursuant to a liquidity program administrator agreement with the Funds, the Advisor, provides a liquidity program administrator who, directs the operations of the Funds’ liquidity risk management program. As compensation for its services and the related expenses borne by the Advisor, the Funds pay the Advisor out of pocket expenses and an annual fee of $9,000 per Fund. Pursuant to the liquidity program administrator agreement, the Advisor earned (net of voluntary waivers) the following fees in the Statements of Operations (miscellaneous expenses) for the six months or period ended December 31, 2024:

 

Quantified Managed Income Fund   $ 4,500     $ —  
Quantified Market Leaders Fund     4,500       —  
Quantified Alternative Investment Fund     4,500       (4,500 )
Quantified STF Fund     4,500       —  
Quantified Pattern Recognition Fund     4,500       (4,500 )
Quantified Tactical Fixed Income Fund     4,500       —  
Quantified Evolution Plus Fund     4,500       —  
Quantified Common Ground Fund     4,500       —  
Quantified Tactical Sectors Fund     4,500       —  
Quantified Rising Dividend Tactical Fund     4,500       (4,500 )
Quantified Government Income Tactical Fund     4,500       (4,500 )
Quantified Global Fund     4,500       (4,500 )
Quantified Eckhardt Managed Futures Strategy Fund     1,859       (1,859 )

 

Ultimus Fund Solutions, LLC (“UFS”), UFS, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to the servicing agreement with UFS, each Fund pays UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Under the terms of the Funds’ agreement with UFS, UFS pays for certain operating expenses of the Funds. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Funds for serving in such capacities.

 

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

 

Blu Giant, LLC (“Blu Giant”), an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for each Fund on an ad-hoc basis. These expenses are the responsibility of UFS.

 

The Trust has adopted Distribution Plans and Agreements pursuant to Rule 12b-1 under the 1940 Act for the

76

 

The Quantified Funds 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Funds’ Investor Class and Advisor Class shares (each a “Plan” and together, the “Plans”) pursuant to which the Funds pay fees to the Ceros Financial Services, Inc. (“Ceros” or “Distributor”) for providing distribution and/or shareholder services to the Funds. Under the Plans, Investor Class shares of a Funds may pay an account maintenance fee for account maintenance services and/or distribution fee at an annual rate of up to 0.25% of the Funds’ average net assets attributable to Investor Class shares as compensation for the Distributor providing account maintenance and distribution services to shareholders; and up to 1.00% for Advisor Class shares of a Fund’s average daily net assets attributable to the Advisor Class shares. The 12b-1 Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred.

 

For the six months or period ended December 31, 2024, pursuant to the Rule 12b-1 Plan, each Fund accrued:

 

    Investor Class     Advisor Class     Total  
Quantified Managed Income Fund   $ 165,360     $ 50     $ 165,410  
Quantified Market Leaders Fund     202,456       856       203,312  
Quantified Alternative Investment Fund     34,883       342       35,225  
Quantified STF Fund     256,250       1,864       258,114  
Quantified Pattern Recognition Fund     47,661       —       47,661  
Quantified Tactical Fixed Income Fund     61,006       —       61,006  
Quantified Evolution Plus Fund     35,415       —       35,415  
Quantified Common Ground Fund     205,549       —       205,549  
Quantified Tactical Sectors Fund     98,293       —       98,293  
Quantified Rising Dividend Tactical Fund     45,697       —       45,697  
Quantified Government Income Tactical Fund     37,626       —       37,626  
Quantified Global Fund     30,266       —       30,266  
Quantified Eckhard Managed Futures Strategy Fund     18,507       —       18,507  

 

The Board has adopted a Shareholder Servicing Plan (the “Servicing Plan”) with respect to the Investor Class of each Fund. The Servicing Plan provides that a monthly service fee is calculated by each Fund at an annual rate of up to 0.15% (currently set at 0.15%), of its average daily net assets of the Investor Class and is paid to Ceros to provide compensation for ongoing shareholder servicing activities or service and/or maintenance of accounts, not otherwise required to be provided by the Advisor. Ceros is an affiliate of the Advisor.

 

For the six months or period ended December 31, 2024, pursuant to the Shareholder Services Agreement, each Fund accrued:

 

    Investor Class  
Quantified Managed Income Fund   $ 99,216  
Quantified Market Leaders Fund     121,474  
Quantified Alternative Investment Fund     20,930  
Quantified STF Fund     153,742  
Quantified Pattern Recognition Fund     28,597  
Quantified Tactical Fixed Income Fund     36,604  
Quantified Evolution Plus Fund     21,249  
Quantified Common Ground Fund     123,330  
Quantified Tactical Sectors Fund     58,976  
Quantified Rising Dividend Tactical Fund     27,418  
Quantified Government Income Tactical Fund     22,575  
Quantified Global Fund     18,160  
Quantified Eckhardt Managed Futures Strategy Fund     11,104  

77

 

The Quantified Funds 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

During the six months or period ended December 31, 2024, Ceros, a registered broker/dealer, executed trades on behalf of Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Pattern Recognition Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, Quantified Government Income Tactical Fund, Quantified Global Fund and Quantified Eckhardt Managed Futures Strategy Fund received $167,037, $70,761, $16,454, $226, $163, $459, $711, $174,417, $16,421, $3,445, $396, $78,445 and $0 in trade commissions, respectively.

 

Each Trustee who is not an “interested person” of the Trust or Advisor is compensated at a rate of $72,000 per year plus $2,500 minimum per meeting for certain special meetings, which varies based on the matters submitted, as well as for reimbursement for any reasonable expenses incurred attending the meetings, paid quarterly. The “interested persons” who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust. Interested trustees of the Trust are also officers or employees of the Advisor and its affiliates.

 

7. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS

 

The identified cost of investments in securities owned by each Fund for federal income tax purposes excluding futures and swaps, and its respective gross unrealized appreciation and depreciation at December 31, 2024, were as follows:

 

          Gross     Gross     Net Unrealized  
          Unrealized     Unrealized     Appreciation/  
    Tax Cost     Appreciation     (Depreciation)     (Depreciation)  
Quantified Managed Income Fund   $ 153,463,566     $ 283,035     $ (3,331,421 )   $ (3,048,386 )
Quantified Market Leaders Fund     160,309,893       107,762       (2,008,946 )     (1,901,184 )
Quantified Alternative Investment Fund     20,317,110       56,783       (496,733 )     (439,950 )
Quantified STF Fund     204,707,672       2,182       (1,031,137 )     (1,028,955 )
Quantified Pattern Recognition Fund     38,561,771       758       (7,154 )     (6,396 )
Quantified Tactical Fixed Income Fund     30,775,424       1,905       (66,347 )     (64,442 )
Quantified Evolution Plus Fund     10,137,398       758       (9,314 )     (8,556 )
Quantified Common Ground Fund     198,104,008       266,616       (10,736,059 )     (10,469,443 )
Quantified Tactical Sectors Fund     106,675,388       2,932,677       —       2,932,677  
Quantified Rising Dividend Tactical Fund     32,492,867       332,719       (506,084 )     (173,365 )
Quantified Government Income Tactical Fund     23,478,647       759       (39,442 )     (38,683 )
Quantified Global Fund     3,040,963       65,809       (146,555 )     (80,746 )
Quantified Eckhard Managed Futures Strategy Fund     47,159,742       1,076,192       (873,133 )     203,059  

78

 

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

8. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

 

The tax character of distributions paid for the years ended June 30, 2024 and June 30, 2023 was as follows: 

 

For the period ended June 30, 2024:
    Ordinary     Long-Term     Return of     Tax Exempt        
Portfolio   Income     Capital Gains     Capital     Income     Total  
Quantified Managed Incomes Fund   $ 5,579,669     $ —     $ —     $ —     $ 5,579,669  
Quantified Market Leaders Fund     4,604,181       —       —       —       4,604,181  
Quantified Alternative Investment Fund     149,386       —       —       —       149,386  
Quantified STF Fund     1,890,831       —       —       —       1,890,831  
Quantified Pattern Recognition Fund     1,090,186       —       —       —       1,090,186  
Quantified Tactical Fixed Income Fund     46,531       —       —       —       46,531  
Quantified Evolution Plus Fund     2,819,019       —       —       —       2,819,019  
Quantified Common Ground Fund     306,845       —       —       —       306,845  
Quantified Tactical Sectors Fund     4,254,456       —       —       —       4,254,456  
Quantified Rising Dividend Tactical Fund     284,803       —       —       —       284,803  
Quantified Government Income Tactical Fund     813,095       —       —       —       813,095  
Quantified Global Fund     —       —       —       —       —  

 

For the period ended June 30, 2023:
    Ordinary     Long-Term     Return of     Tax Exempt        
Portfolio   Income     Capital Gains     Capital     Income     Total  
Quantified Managed Income Fund   $ 951,437     $ —       —     $ —     $ 951,437  
Quantified Market Leaders Fund     —       —       —       —       —  
Quantified Alternative Investment Fund     230,765       —       —       —       230,765  
Quantified STF Fund     —       —       —       —       —  
Quantified Pattern Recognition Fund     33,274       —       —       —       33,274  
Quantified Tactical Fixed Income Fund     —       —       —       —       —  
Quantified Evolution Plus Fund     37,720       —       —       —       37,720  
Quantified Common Ground Fund     —       —       —       —       —  
Quantified Tactical Sectors Fund     310,692       —       —       —       310,692  
Quantified Rising Dividend Tactical Fund     668,445       —       —       —       668,445  
Quantified Government Income Tactical Fund     —       —       —       —       —  
Quantified Global Fund     —       —       —       —       —  

 

As of June 30, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

 

    Undistributed     Undistributed     Post October Loss     Capital Loss     Other     Unrealized     Total  
    Ordinary     Long-Term     and     Carry     Book/Tax     Appreciation/     Accumulated  
    Income     Capital Gains     Late Year Loss     Forwards     Differences     (Depreciation)     Earnings/(Deficits)  
Quantified Managed Income Fund   $ 2,945,813     $ —     $ —     $ (25,271,398 )   $ —     $ (455,253 )   $ (22,780,838 )
Quantified Market Leaders Fund     —       —       (2,633,549 )     (51,112,408 )     —       5,260,653       (48,485,304 )
Quantified Alternative Investment Fund     57,197       —       —       (2,810,162 )     —       212,550       (2,540,415 )
Quantified STF Fund     10,085,840       —       —       —       —       (65,044 )     10,020,796  
Quantified Pattern Recognition Fund     507,722       —       —       (12,723,962 )     —       (6,121 )     (12,222,361 )
Quantified Tactical Fixed Income Fund     1,078,341       —       —       (50,474,123 )     —       (123,038 )     (49,518,820 )
Quantified Evolution Plus Fund     —       —       (247,839 )     (10,732,019 )     (317,880 )     (6,143 )     (11,303,881 )
Quantified Common Ground Fund     264,098       —       —       (736,247 )     —       (651,161 )     (1,123,310 )
Quantified Tactical Sectors Fund     —       —       —       (38,803,191 )     —       2,618,813       (36,184,378 )
Quantified Rising Dividend Tactical Fund     746,455       —       —       (7,419,527 )     —       2,859,529       (3,813,543 )
Quantified Government Income Tactical Fund     415,530       —       —       (15,333,329 )     —       (42,328 )     (14,960,127 )
Quantified Global Fund     203,663       —       —       —       —       17,126       220,789  

 

The difference between book basis and tax basis unrealized appreciation (depreciation), undistributed net investment income (loss) and accumulated net realized gains (losses) from investments is primarily attributable to the tax deferral of losses on wash sales, the mark-to-market on open Section 1256, swap contracts and passive foreign investment companies, Corporation return of capital distributions, partnerships and tax adjustments related to the Quantified Evolution Plus Fund’s wholly owned subsidiary.

79

 

The Quantified Funds 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

Late year losses incurred after December 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such late year losses as follows:

 

    Late Year  
    Losses  
Quantified Market Leaders Fund   $ 2,633,549  
Quantified Evolution Plus Fund     247,839  

 

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer no such capital losses as of June 30, 2024.

 

At June 30, 2024, the Funds below had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carryforwards utilized as follows:

 

    Short-Term     Long-Term     Total     CLCF Utilized  
Quantified Managed Income Fund   $ 14,237,918     $ 11,033,480     $ 25,271,398     $ —  
Quantified Market Leaders Fund     49,586,675       1,525,733       51,112,408       34,229,947  
Quantified Alternative Investment Fund     2,503,393       306,769       2,810,162       —  
Quantified STF Fund     —       —       —       31,091,890  
Quantified Pattern Recognition Fund     5,023,891       7,700,071       12,723,962       —  
Quantified Tactical Fixed Income Fund     22,430,330       28,043,793       50,474,123       —  
Quantified Evolution Plus Fund     5,391,995       5,340,024       10,732,019       —  
Quantified Common Ground Fund     590,453       145,794       736,247       12,408,520  
Quantified Tactical Sectors Fund     38,803,191       —       38,803,191       10,835,398  
Quantified Rising Dividend Tactical Fund     4,047,485       3,372,042       7,419,527       —  
Quantified Government Income Tactical Fund     6,243,741       9,089,588       15,333,329       —  

 

Permanent book and tax differences, primarily attributable to the book/tax basis treatment of non-deductible expenses, net operating losses, and distributions in excess, and tax adjustments related to the Quantified Evolution Plus Fund’s wholly owned subsidiary, resulted in reclassification for the period ended June 30, 2024, as follows:

 

    Paid        
    In     Accumulated  
    Capital     Earnings (Losses)  
Quantified Managed Income Fund   $ (1,354 )   $ 1,354  
Quantified Market Leaders Fund     (1,013,444 )     1,013,444  
Quantified Alternative Investment Fund     (22 )     22  
Quantified STF Fund     16,509,304       (16,509,304 )
Quantified Evolution Plus Fund     (427,383 )     427,383  
Quantified Tactical Sectors Fund     (4,230,644 )     4,230,644  
Quantified Global Fund     583,783       (583,783 )

  

9. CONTROL OWNERSHIP

 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of December 31, 2024, Axos Clearing LLC held 80.87% of the Quantified Managed Income Fund, 78.63% of the Quantified Market Leaders Fund, 90.56% of the Quantified Alternative Investment Fund, 68.04% of the Quantified STF Fund, 83.98% of the Quantified Pattern Recognition Fund, 87.89% of the Quantified Tactical Fixed Income Fund, 89.86% of the Quantified Evolution Plus Fund, 70.90% of the Quantified Common Ground Fund, 79.80% of the Quantified Tactical Sectors Fund, 86.36% of the Quantified Rising Dividend Tactical Fund, 69.44% of the Quantified Government Income Tactical Fund, 72.80% of the Quantified Global Fund and 83.81% of the Quantified Eckhardt Managed Future Strategy Fund.

80

 

The Quantified Funds 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

10. UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES

 

The following Funds currently invest greater than 25% of their net assets in the corresponding investments. The Funds may redeem these investments at any time if the Advisor or Subadvisor determines that it is in the best interest of the Funds and their shareholders to do so. The performance of the Fund will be directly affected by the performance of the investments. Other than Mount Vernon Liquid Assets Portfolio, LLC and Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund which are available upon request, the financial statements of the investments, including their schedule of investments, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Funds’ financial statements.

 

        Percentage of Net
Fund   Investment   Assets
Quantified Market Leaders Fund   SPDR S&P 500 ETF Trust   40.1 %
Quantified STF Fund   Fidelity Government Portfolio Class I   43.0 %
    First American Government Obligations Fund Class Z   43.1 %
Quantified Pattern Recognition Fund   Fidelity Government Portfolio Class I   42.2 %
    First American Government Obligations Fund Class Z   42.2 %
Quantified Tactical Fixed Income Fund   Fidelity Government Portfolio Class I   43.4 %
    First American Government Obligations Fund Class Z   43.4 %
Quantified Evolution Plus Fund   Fidelity Government Portfolio Class I   31.4 %
    First American Government Obligations Fund Class Z   31.4 %
Quantified Common Ground Fund   Mount Vernon Liquid Assets Portfolio, LLC   25.5 %
Quantified Tactical Sector Fund   SPDR S&P 500 ETF Trust   44.2 %
Quantified Government Income Tactical Fund   Fidelity Government Portfolio Class I   46.1 %
    First American Government Obligations Fund Class Z   46.1 %
Quantified Global Fund   SPDR S&P 500 ETF Trust   42.6 %
Quantified Eckhardt Managed Futures Strategy Fund   Galaxy Plus Fund LLC Evolution Strategy Financials Feeder Fund   31.1 %
    Fidelity Government Portfolio Class I   56.4 %

 

11. SECURITIES LENDING

 

The Funds have entered into a securities lending arrangement (the “Agreement”) with U.S. Bank (the “Lending Agent”). Under the terms of the Agreement, the Funds are authorized to loan securities to the Lending Agent. In exchange, at the time of the loan, the Funds receive cash and “non-cash” or “securities” collateral in the amount of at least 105% of the value of any loaned securities that are foreign securities or 102% of the value of any other loaned securities marked-to-market daily. Loans shall be marked to market daily and the margin restored in the event collateralization is below 100% of the value of securities loaned. The value of securities loaned is disclosed in a footnote on the Statements of Assets and Liabilities and on the Schedules of Investments. Securities lending income is disclosed in the Funds’ Statements of Operations. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the Lending Agent fails to return the securities on loan. The Funds’ cash collateral received in securities lending transactions is invested in the Mount Vernon Liquid Assets Portfolio, LLC, a privately offered liquidity fund, as presented below. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit.

81

 

The Quantified Funds

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)

December 31, 2024

 

As of December 31,2024, the following Funds loaned securities which were collateralized by cash. The value of securities on loan and the value of the related collateral were as follows:

 

          Overnight and Continuous  
Fund   Value of Securities Loaned     Value of Collateral*  
Quantified Managed Income Fund   $ 21,624,826     $ 22,084,026  
Quantified Market Leaders Fund     14,194,400       14,539,241  
Quantified Alternative Investment Fund     669,393       687,825  
Quantified Common Ground Fund     37,218,368       37,984,956  
Quantified Tactical Sectors Fund     2,455,856       2,506,400  

 

* The above Funds received cash collateral, which was subsequently invested in the Mount Vernon Liquid Assets Portfolio, LLC as reported in the Schedules of Investments.

 

12. LINE OF CREDIT

 

The Quantified Alternative Investment Fund, Quantified Common Ground Fund, and the Quantified Managed Income Fund (“Borrowing Funds”) have each entered into a line of credit agreement with U.S. Bank N.A. for investment purposes subject to the limitations of the 1940 Act for borrowings. The maximum amount a Borrowing Fund is allowed to borrow under its agreement is lesser of $15,000,000, 20% of the gross market value of the Borrowing Fund or 33 1/3% of the gross market value (as determined solely by the Bank using consistently applied valuation methods disclosed to the Borrower) of the unencumbered assets of the Borrowing Fund. Borrowings under each agreement bear interest at the Prime Rate, per annum, on the principal balance outstanding. The maturity date of the line of credit is October 30, 2025. During the six months ended December 31, 2024, the Borrowing Funds accessed the line of credit as follows:

 

    Average Amount                 Outstanding  
    Borrowings     Interest     Average     Borrowings  
    Outstanding     Expense     Interest Rate     12/31/2024  
Quantified Managed Income Fund   $ —     $ —       —     $ —  
Quantified Alternative Investment Fund     —       —       —       —  
Quantified Common Ground Fund     6,132,000       1,448       8.50 %     —  

 

13. SUBSEQUENT EVENTS

 

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

82

 

PROXY VOTING POLICY

 

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by calling 1-855-647-8268, by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov, or by visiting www.advisorspreferred.com/quantified-funds.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT ADVISOR 

Advisors Preferred LLC

1445 Research Blvd., Suite 530 

Rockville, MD 20850

 

SUB-ADVISOR 

Flexible Plan Investments, Ltd.

3883 Telegraph Road, Suite 100 

Bloomfield Hills, MI 48302

 

ADMINISTRATOR 

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450 

Cincinnati, OH 45246

 

 

The Quantified Funds 

ADDITIONAL INFORMATION (Unaudited)

December 31, 2024

 

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 Amended Advisory Agreement and Amended Sub-Advisory Agreements for Quantified Global Fund

 

At an in-person Board meeting held on May 23, 2023 (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 approval of the Amended Investment Advisory Agreement (the ” Advisory Agreement’) between Advisors Preferred, LLC (the “Adviser”) and the Trust, on behalf of Quantified Global Fund (“Global Fund”); and approval of the Amended Sub-Advisory Agreement (the ” Sub-Advisory Agreement”) between the Adviser and Flexible Plan Investments, Ltd. (the “Sub-Adviser” or “Flexible Plan”), on behalf of Global Fund. The Trustees’ deliberations are presented as collective deliberations.

 

In connection with the Board’s consideration, deliberation and approval of the Advisory Agreement and Sub-Advisory Agreement, (together the “Advisory Agreements”) the Adviser and Sub-Adviser provided the Board in advance of the Meeting with written materials, which included information regarding: (a) a description of the investment management personnel of the Adviser and Sub-Adviser; (b) the Adviser’s and Sub-Adviser’s operations and the Adviser’s financial condition; (c) the Adviser’s proposed brokerage practices (including any soft dollar arrangements); (d) the level of the advisory fees proposed to be charged compared with the fees charged to comparable mutual funds or accounts; (e) the anticipated level of profitability to the Adviser and Sub-Adviser from related operations; (f) the Adviser’s and Sub-Adviser’s compliance policies and procedures; and (g) information regarding the expected performance of Global Fund under Flexible Plan’s management. The Trustees reviewed the quality of work and abilities of the Adviser and its relationship with the Sub-Adviser, the performance of existing funds managed by Flexible Plan and the expected performance of Global Fund. The Trustees conducted some of their deliberations on a joint Adviser and Sub-Adviser basis given the close working relationship of the Adviser and Sub-Adviser. The Board’s review of the materials and deliberations are presented contemporaneously given the overlapping considerations, paralleled issues and conclusions drawn by the Board.

 

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, trade execution and

 

 

The Quantified Funds 

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

compliance, will be made for the 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 Global Fund, including the team of individuals that primarily monitor and execute the investment and administration process, and the respective portfolio managers. Further the Board reviewed a certification from each of the Adviser and the Sub-Adviser certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and noted that each of the Adviser and Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

 

Advisors Preferred: The Board discussed the Adviser’s compliance program for the Trust. The Board considered that the CCO of the Trust also serves as CCO of the Adviser and are confident in her abilities with respect to both positions. The Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. The Board considered that the cybersecurity risk management of the Adviser is supported by Sikich LLP (a technology consultancy) and discussed the overall technology of the Adviser with the CCO. The Adviser’s CCO reported no data breaches. The Board noted that the Adviser will ensure Flexible Plan, with respect to Global Fund, adheres to Section 12(d)(1) and Rule 12d1-4 for agreements required for planned purchases of ETFs. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreement.

 

Flexible Plan: With respect to the Sub-Adviser, the Trustees considered that the Sub-Adviser will be primarily responsible for investment management with respect to Global Fund. The Board considered the Sub-Adviser’s skills and experience relating to the other funds and its portfolio management, research techniques and use of model strategies. The Trustees noted that the Adviser’s CCO has reviewed the Compliance Manual and Policies & Procedures of Flexible Plan (pertaining to Global Fund’s operations) and there are no compliance issues. The Board also noted that the Sub-Adviser’s compliance policies and procedures appear to be operating effectively, and that the level of communication between the Adviser and Sub-Adviser appeared to be effective. The Board considered that the cybersecurity risk of the Sub-Adviser is managed by the Chief Technology Investment Officer who had reported no data breaches. The Trustees also noted the financial resources of the Sub-Adviser appear adequate. The Board concluded that the Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Flexible PIan to Global Fund was satisfactory and dependable.

 

Performance. The Board considered that the Adviser generally delegates its day-to-day investment decisions to the Sub-Adviser and, therefore, would not directly control the performance of the Global Fund. The Trustees considered earlier discussions with Mr. Wagner and his role as a portfolio manager and investment plans for the Global Fund, as well as his review of sample expected performance for Global Fund. The Board noted that based on the experience of the portfolio managers and performance of the other funds, the Adviser and Sub-Adviser should be able to provide satisfactory performance for Global Fund and its shareholders.

 

 

The Quantified Funds 

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

Fees and Expenses: As to the costs of the services to be provided to Global Fund by the Adviser and Sub-Adviser the Board reviewed and discussed the proposed advisory fee and total operating expenses of Global Fund compared to its peer group and Morningstar Global Equity Large Cap and/or Global Equity Mid/Small Cap category as presented in the Meeting Materials. The Trustees noted that the proposed advisory fee of 1.00% was within the range of the reasonable management fees of the Morningstar Global Equity Large Cap and Morningstar Global Equity Small-Mid Cap categories and well below the maximum management fee of both Morningstar categories. The Board then reviewed the projected expense ratio of 1.70% for the Investor Class, and 2.30% for the Advisor Class. In both Classes, it was noted the ratios were within range of the Morningstar categories viewed. The Board determined that the management fee and total expenses for Global Fund were reasonable.

 

Profitability of Adviser. The Board reviewed the levels of projected profits to the Adviser from the Global Fund and found that, with expected assets of $50 million for the first year, the Adviser would realize a small 4% profit from the advisory services, and for year two, with expected assets at $100 million, the Adviser would achieve approximately a 9% profit from advisory services. The Board reviewed the split of advisory fees with the Sub-Adviser, including the reverse breakpoint fee splits, and acknowledged that after paying the sub-adviser, the net advisory fee will be reduced to 0.14%. When taking into account the totality of the Adviser’s relationship, after marketing, wholesalers and advertising, the Adviser expected 3% and 6% profitability for year one and year two, respectively. After review and discussion, the Board concluded that, based on the services to be provided by the Adviser, the anticipated level of profit from the Adviser’s relationship with Global Fund was not excessive.

 

Profitability of Sub-Adviser: With respect to the Sub-Adviser’s profitability, the Trustees reviewed the projected profitability of Flexible PIan from managing Global Fund. With expected assets of $50 million for the first year, the Board noted the Sub-Adviser expects to achieve approximately 7% from portfolio management of the Global Fund and 21% profitability when combined with service fees related to the Global Fund. For year two, with projected assets of $100 million, the Board noted the expected profits for the Sub-Adviser would be 5% from portfolio management, and 19% profitability in total from services to the Fund. After further discussion, the Board concluded that, based on the services to be provided by the Sub-Adviser, the anticipated level of profit from the Sub-Adviser’s relationship with Global Fund was not excessive.

 

Economies of Scale. As to the extent to which Global Fund will realize economies of scale, the Adviser reported $500 million to be the minimum asset level required to reach such economies of scale. The Board discussed the Adviser’s expectations for growth, $50 million for year one, and $100 million for year two and considered them reasonable, and concluded that any material economies of scale would not be achieved in the near term. The Trustees agreed to revisit economies of scale as assets of Global Fund grow.

 

Conclusion. Counsel assisted the Board throughout the Advisory Agreements review process. The Trustees relied upon the advice of independent counsel, and their own business judgment, in determining the material factors to be considered in evaluating each of the Advisory Agreements and the weight to be given to each such factor. In considering the approval of each of the Advisory Agreements, the Board did not identify any one factor as all important, but rather considered these factors collectively and determined that approval of each of the Advisory Agreements was in the best interests of Global Fund and its prospective shareholders. Moreover, the Board noted that each Trustee

 

 

The Quantified Funds 

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

may have afforded different weight to the various factors in reaching his conclusions with respect to each Advisory Agreement.

 

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 of the Advisory Agreement and the Sub-Advisory Agreement as appropriate; the Board, including a majority of the Independent Trustees, determined that, with respect to each of the Advisory Agreements separately that (a) the terms of the Advisory Agreement and Sub-Advisory Agreement are reasonable with respect to the Global Fund; (b) the advisory fee for Global Fund was not unreasonable; and (c) each of the Advisory Agreement and Sub-Advisory Agreement is in the best interests of Global Fund and its prospective shareholders.

 

 

The Quantified Funds 

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements for Quantified Managed Income Fund, Quantified Market Leaders Fund; Quantified Alternative Investment Fund, Quantified STF Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Fund, Quantified Common Ground Fund, Quantified Pattern Recognition Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund and Quantified Government Income Tactical Fund (all together the “Quantified Funds”).

 

At an in-person Board meeting held on May 23, 2024 (the “Meeting”), the Board of Trustees (the “Board”) of Advisors Preferred Trust (the “Trust”), including a majority of Trustees who are not “interested persons” (the “Independent Trustees”), as such term is defined under Section 2(a)(19) of the 1940 Act, considered the renewal of the investment advisory agreement (the “Advisory Agreement”) between Advisors Preferred, LLC (the “Adviser”) and the Trust, on behalf of Quantified Managed Income Fund, Quantified Market Leaders Fund, Quantified Alternative Investment Fund (and its subsidiary) (“Alternative Investment” and “QAIF Fund Limited”), respectively; Quantified STF Fund, Quantified Tactical Fixed Income Fund, Quantified Evolution Plus Plan and its subsidiary, (“Evolution Plus” and “QEPF Limited”), Quantified Common Ground Fund, Quantified Pattern Recognition Fund, Quantified Tactical Sectors Fund, Quantified Rising Dividend Tactical Fund, and Quantified Government Income Tactical Fund and the renewal of each sub-advisory agreement (the “Sub-Advisory Agreements”) between the Adviser and Flexible Plan Investments, Ltd. (the “Sub-Adviser” or “Flexible Plan”). The Directors of the QAIF Fund Limited and QEPF Fund Limited, each a wholly owned foreign subsidiary of Alternative and Evolution Plus respectively, approved an investment advisory agreement between QAIF Fund Limited and QEPF Fund Limited and the Adviser (the “Subsidiary Advisory Agreement”) as well as the sub-advisory agreements (the “Subsidiary Sub-Advisory Agreements”) between the Adviser and Flexible Plan with respect to the QAIF Fund Limited and QEPF Fund Limited. The Fund level agreements and subsidiary agreements are referred to collectively for convenience and references to a Fund include the subsidiary as the context indicates. 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 Advisers Preferred, LLC, and Flexible Plan, in advance of the Meeting and deliberated on the renewal of the Advisory Agreements with respect to Quantified Funds (Managed Income, Market Leaders, Alternative Investment (and subsidiary QAIF), STF, Tactical Fixed, Common Ground, Evolution Plus (and subsidiary QEPF), Pattern Recognition, Tactical Sectors, Government Income and Rising Dividend (together the “Quantified Funds”). The Board members relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements with respect to Quantified Funds. The Board conducted some of their deliberations on a joint basis for the Adviser and Flexible Plan the given the close working relationship of the Adviser and Sub-Adviser and conducted their deliberations on a consolidated basis for the Funds that have a subsidiary.

 

Nature, Extent and Quality of Services: With respect to the nature, extent and quality of services provided, the Board reviewed the Adviser’s Form ADV, and the Sub-Adviser’s Form ADV, a description of the manner in which investment decisions, including asset allocation, sector selection and trade execution, are made for each Quantified Fund by the Sub-Adviser, a description of the services provided by the Adviser and those services provided by the Sub-Adviser and those executed by the Adviser. The Board reviewed the experience of professional personnel from both the Adviser and Flexible Plan performing services for

 

 

The Quantified Funds 

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

the Quantified Funds, including the team of individuals that primarily monitor and execute the investment and administration process, and the respective portfolio managers. Further the Board reviewed a certification from each of the Adviser and the Sub-Adviser certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and noted that each of the Adviser and Sub-Advisers have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

 

Advisors Preferred:

 

The Board reviewed the balance sheet of the Adviser as of March 31, 2024, and the profit and loss statement for January through March 31, 2024. The Board also reviewed the audited financials of the Adviser as of December 31, 2023. The Adviser reported $1.7 billion in total assets under management in active mutual funds and Ms. Ayers-Rigsby noted the commitment from Adviser to grow assets and fees as discussed earlier.

 

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 acknowledged they are confident in her abilities with respect to both positions. The 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 with no data breaches reported. The Board discussed the overall technology of the Adviser with the CCO. The Adviser confirmed adequate Professional Liability Insurance is in place. Counsel noted the Board had previously reviewed the business continuity plan for the Adviser. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreements. The Board reviewed financial statements of the Adviser and concluded it has sufficient financial resources to fulfill its Trust-related obligations, based in part on a representation that the Adviser has access to additional capital, as needed.

 

Flexible Plan:

 

The Board reviewed the balance sheet and income statement of Flexible Plan as of December 31, 2023 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 Quantified Funds. The Board saw that the Sub-Adviser remains dedicated to growing the Quantified Funds as investment vehicles under the various strategies for their clients, and determined Flexible Plan is financially equipped to continue to serve the Quantified Funds as sub-adviser.

 

The Board confirmed with the CCO that she works closely with the CCO of Flexible Plan, 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 Flexible Plan has Directors & Officers Liability insurance. The Board determined that Flexible Plan, has a compliance program in place that is reasonably designed to

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

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 Quantified Funds.

 

Performance. The Board considered that the Adviser delegates day-to-day investment decisions to Flexible Plan and, therefore, does not directly control the performance of the Quantified Funds. The Board considered the Adviser’s other responsibilities under the Advisory Agreements, including with respect to trade oversight, reviewing daily positions and balance reports for the Quantified Funds, obtaining derivative agreements for the Quantified Funds and reporting to the Board. The Trustees concluded that the Adviser appears to be properly and reasonably monitoring the Sub-Adviser’s adherence to the respective Quantified Fund’s investment objectives and to be carrying out its functions appropriately.

 

With respect to the performance, the Board reviewed Flexible Plan’s daily management and investment strategies and considered the updated performance of each of the Quantified Funds through March 31, 2024 compared to their primary benchmark and Morningstar category for various periods provided by the Adviser. The Board recalled the earlier presentations by portfolio managers of Flexible Plan, with respect to strategy and each Quantified Fund’s performance for various periods with explanations for over/under performance.

 

Quantified Managed Income Fund: With respect to Managed Income, (as measured by Investor Class shares) the Board noted the Fund lagged the Morningstar Conservative Allocation category for the one-, three-, five- and ten-year periods ended March 31, 2024. With respect to the Bloomberg Aggregate Bond Index benchmark the Fund outperformed for the one- and three-year periods ended March 31, 2024 while lagging for longer range periods. The Board reviewed the Fund’s positive return for all but the five-year period. The Board reflected on the Fund’s total return seeking strategy and observed that the Fund does not follow an index-tracking strategy and, therefore, swings in performance are expected. The Board recalled the Sub-Adviser’s earlier discussion on the strategy, and how Flexible Plan uses the Fund as a diversifying investment without purely focusing on the specific performance of the Fund. The Board concluded that Fund performance was acceptable in light of the previous factors and noted it expects the Fund will continue to grow as part of the Sub-Adviser’s rebalancing of clients’ accounts.

 

Quantified Market Leaders Fund: The Board noted that Market Leaders (as measured by Investor Class shares) outperformed the Morningstar Aggressive Target Risk category for the periods reviewed. However, the Fund outperformed the Morningstar Tactical Allocation category for the one-year and five-year periods reviewed and lagged for three- and ten-year periods. However, the Fund outperformed the Morningstar Tactical Allocation category for the one-,five- and ten-year periods, while lagging for the three-year period ended March 31, 2024. The Board noted that recent performance was somewhat encouraging. However, the Board recalled the changes to sector allocation that the Sub-Adviser had earlier described, and how the strategy changes have added value. They acknowledged the nature of the Fund’s strategy had led to periods of underperformance. The Board noted the Sub-Adviser’s refinements are designed to improve performance and serves to mitigate risk. The Board concluded that because of the Fund’s novel nature and strategy, performance was acceptable.

 

Quantified Alternative Investment Fund (and subsidiary): For Alternative Investment, the Board noted the Fund (as measured by Investor Class shares) underperformed the S&P 500 for the one-, three-, five-year and ten year periods ended March 31, 2024. The Sub-Adviser had reported the lags were spread across many holdings, not a single position. The Board discussed how the Fund’s strategy can lead to investment in ultra-long futures, thus making it difficult to benchmark. The Trustees further noted the Fund significantly outperformed the Morningstar Macro Trading category for the one-year period but

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

lagged for the three- and five year periods. The Board acknowledged that the S&P 500 does not directly correspond to the Fund’s investment strategy and noted that the Marco Trading category follows the alternative investment strategy of the Fund more closely. The Board concluded the Fund’s performance was acceptable.

 

Quantified STF Fund: The Board acknowledged the Fund (as measured by Investor Class shares) widely outperformed its benchmark, Nasdaq 100 Index, and the Morningstar Tactical Allocation category for the one-year period ended March 31, 2024. The Board note the Fund somewhat lagged the index for the three-year, five-year, and ten-year periods. The Board noted the Fund also outperformed Morningstar Tactical Allocation category for the one-, three-, and five-year periods. The Board noted that the Fund’s strategy includes a risk management element, and that the magnitude and frequency of bear market rallies result in a whipsaw effect to the Fund, the main cause of its underperformance. It was acknowledged by the Board that the signals utilized in the STF Strategy are not always correct in identifying and amplifying trending markets when there is such high volatility. The Board discussed how the Morningstar Tactical Sector is not a perfect index for comparison, yet somewhat informative. The Board concluded performance was acceptable

 

Quantified Tactical Fixed Income Fund: Tactical Fixed Income (as measured by Investor Class shares) lagged both its benchmark, Bloomberg Aggregate Bond Index, and the Morningstar Nontraditional Bond category for the one- and three-year periods ended March 31, 2024, and lagged the index since inception. The Board acknowledged the tough recent market for fixed income securities. The Board considered the aggressive strategy of the Fund has not found favorable market conditions and that the Sub-Adviser is refining the strategy in the expectation that returns will improve. The Board concluded that a longer time period is warranted to genuinely assess the Fund’s performance, but concluded performance is nonetheless considered nominally acceptable.

 

Quantified Evolution Plus Fund (and Subsidiary): The Board reviewed the Fund’s performance (as measured by Investor Class shares) for the one-, three- and five-year periods ended March 31, 2024, and noted the Fund lagged the S&P 500, and the Morningstar Tactical Allocation category; and lagged the index since inception. The Trustees discussed the various sources causing the Fund’s underperformance. The Board realized the wide-ranging and novel nature of the Fund’s capital appreciation seeking strategy and observed that the Fund does not follow an index-tracking strategy and, therefore, swings in performance are to be expected. The Board observed that the sub-adviser is refining the strategy in the expectation that returns will improve. The Board concluded that adjustments to the Fund’s allocation strategy may improve performance and that a longer time period is warranted to genuinely assess the Fund’s performance but concluded performance is nonetheless considered acceptable.

 

Quantified Common Ground Fund: For the one- and three-year periods ended March 31, 2024, the Common Ground Fund (as measured by Investor Class shares) underperformed its benchmarks, the S&P 1500 Index, and the Morningstar Mid-Cap Blend category. The Board noted that since inception the Fund was slightly behind the S&P 1500 Index. The Board noted the Fund invests in securities of issuers that can be considered compliant with both ESG (Environmental, Social and BRI (Biblically Responsible Investing) standards, which can lead to periods of under or over performance as this sector can fall in and out of favor. The Board determined it will take a long-term perspective on performance and deemed performance acceptable. The Board agreed to continue to monitor performance.

 

Quantified Pattern Recognition Fund: For the one-, three-year and since-inception periods ended March 31, 2024, the Board noted the Fund (as measured by Investor Class shares) underperformed its

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

benchmark S&P 500, while lagging the Morningstar Large Blend category and three-year periods. The Board discussed and took into consideration the Sub-Adviser’s ongoing refinement of the Fund’s strategy in an attempt to capture more returns during various market cycles. The Board determined a longer time period of performance is helpful to genuinely assess the Fund’s performance and agreed to monitor the Fund’s performance, and concluded performance was nonetheless considered acceptable.

 

Quantified Tactical Sectors Fund: The Board reviewed the Fund’s performance (as measured by Investor Class shares) for the one-, three-year and since-inception periods ended March 31, 2024, and found the Fund trailed the S&P 500 Index. The Board noted the Fund outperformed the Morningstar Large Blend category for the one-year period but lagged for the three-year period. The Board noted the Sub-Adviser’s strategy refinements. The Board determined it would see how the Fund performs in the longer term and agreed to reassess the Fund’s performance at a later date, but concluded performance was nonetheless acceptable.

 

Quantified Government Income Tactical Fund: The Board reviewed the Fund’s performance (as measured by Investor Class shares) for the one-year and since inception periods ended March 31, 2024 and found it had underperformed the Bloomberg Aggregate Bond Index and the Morningstar Intermediate Core Bond category for the one-year period and since-inception periods. The Board noted a since-inception Morningstar Intermediate Core Bond category comparison was unavailable. The Board noted the Sub-Adviser’s ongoing plans to adjust the section signals and to be more sensitive to changes in interest rates to attempt to enhance returns optimization of the strategy. The Board agreed to reassess the Fund’s performance at a later date, and concluded it was nonetheless acceptable.

 

Quantified Rising Dividend Tactical Fund: The Board reviewed the Fund’s performance (as measured by Investor Class shares) for the one-year period ended March 31, 2024 and found it lagged both the S&P 500 and the Morningstar Large Blend Category. The Board noted the Fund also lagged the index for the since-inception period. The Board noted the specialized nature of the Fund and that the Fund is not an index fund. The Board determined to watch how the Fund will perform in the longer term and to reassess the Fund’s performance at a later date, but concluded it was nonetheless acceptable.

 

The Board felt that with Adviser oversight, under the Sub-Adviser’s portfolio management, all the Quantified Funds are expected to continue to provide an acceptable level of investment returns for shareholders over the long term.

 

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

 

Quantified Managed Income Fund: The Board noted the advisory fee of 0.75% for Managed Income was within range of the Morningstar Conservative Allocation Category, and above average and well below the maximum management fee. The Trustees discussed net expenses of 1.59% for Investor Class shares and found it was above average of the net expenses for the Morningstar Conservative Allocation category, but within range. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.19% was within range and well below the maximum net expenses for the Morningstar Conservative Allocation category range of expenses.

 

Quantified Market Leaders Fund: The Board noted the advisory fee of 0.75% for Market Leaders was below average for the Morningstar Tactical Allocation Category, and well below the average and the

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

maximum management fee. The Trustees discussed net expenses of 1.50% for Investor Class shares and found it was below average for the net expenses for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Trustees noted the net expense ratio of 2.11% was below the average of the net expense ratio for the Morningstar Tactical Allocation C Class Category.

 

Quantified Alternative Investment Fund (and subsidiary): The Board noted the advisory fee of 0.75% for Alternative Investment was below the average for the Morningstar Macro Trading Category. The Trustees discussed the net expenses of 2.17% for Investor Class shares and found it above the average and within range for net expenses for the Morningstar Macro Trading A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.11% was within range and well below the maximum net expense ratio for the Macro Trading C Class category.

 

Quantified STF Fund: The Board noted the advisory fee of 1.00% for STF was within range and well below the maximum and within range of the Morningstar Tactical Allocation Category. The Trustees discussed net expenses of 1.66% for Investor Class shares and found it was slightly below the average and well below the maximum net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.26% was slightly below the average and well below the maximum net expense ratio for the Morningstar Tactical Allocation C Class category.

 

Quantified Tactical Fixed Income Fund: The Board noted the advisory fee of 1.00% for Tactical Fixed was within range and well below the maximum management fee for the Morningstar Nontraditional Bond Category. The Board discussed net expenses of 1.65% for Investor Class shares and found it within range of net expenses for the Morningstar Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.25% was above the average and well below the maximum net expense ratio for the Morningstar Nontraditional Bond C Class category.

 

Quantified Evolution Plus Fund (and subsidiary): The Board noted the advisory fee of 1.00% for Evolution Plus was within range of the Morningstar Tactical Allocation Category. The Trustees discussed net expenses of 1.73% for Investor Class shares and found it was slightly above the average net expense for the Morningstar Tactical Allocation A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.33% was slightly below the average net expense ratio for the Morningstar Tactical Allocation Class C Class category.

 

Quantified Common Ground Fund: The Board noted the advisory fee of 1.00% for Common Ground was within range of the management fee for the Morningstar Mid-Cap Blend Category. The Trustees discussed net expenses of 1.80% for Investor Class shares and found them below the maximum and within range of the net expense for the Mid Cap Blend A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.40% was within range of net expense ratio for the Morningstar Mid Cap Blend C Class category and below the maximum net expenses.

 

Quantified Pattern Recognition Fund: The Board noted the advisory fee of 1.00% for Pattern Recognition was within range for the Morningstar Large Blend category and below the maximum management fee. The Trustees discussed net expenses of 1.75% for Investor Class shares and found it was within the range of the Morningstar Large Blend category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.35% was within the range of the Large Blend category and in-line with the maximum net expenses.

 

Quantified Tactical Sectors Fund: The Board noted the advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend Category and well below the maximum management fee. The

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

Trustees discussed net expenses of 1.71% for Investor Class shares and found they were within range of the net expense ratios, and well below the maximum net expenses for the Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.31% was within range of the net expense ratio, and below the maximum net expenses for the Morningstar Large Blend C Class category.

 

Quantified Government Income Tactical Fund: The Board noted that the Fund’s investment strategy did not lend itself to a single Morningstar category and the advisory fee of 1.00% for the Fund was above the upper end of the range of the Morningstar Intermediate Core Bond Category while below the upper end of the Nontraditional Bond Morningstar Category. The Trustees discussed net expenses of 1.76% for Investor Class shares and found it was above range of the net expense ratios for the Intermediate Core Bond A Class category and below the top end of the Nontraditional Bond A Class category. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.36% was above range of the net expense ratio for the Morningstar Intermediate Core Bond C Class category and below the top end of the Nontraditional Bond C Class category. The Board noted the narrow strategy of the Morningstar Intermediate Core Bond C Class category constituents, and the better fit of Government Income Tactical into the Nontraditional Bond category.

 

Quantified Rising Dividend Tactical Fund: The Board noted the advisory fee of 1.00% for the Fund was within range of the Morningstar Large Blend Category and below the maximum management fee. The Trustees discussed net expenses of 1.82% for Investor Class shares and found it within range of the net expense ratios for the Large Blend A Class. With regards to Adviser Class shares, the Board noted the net expense ratio of 2.42% (estimated) was slightly above the range of the net expense ratio for the Morningstar Large Blend C Class category.

 

In the review of expenses with respect to each Quantified Fund, the Board reviewed and considered the split of the Advisory fee between the Adviser and 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.

 

The Board concluded that the advisory fees and net expenses of the Quantified Funds were reasonable, taking into consideration the complex investment strategies for certain Funds.

 

Profitability of Adviser. The Board reviewed the levels of profits to the Adviser for the fiscal year ended December 31, 2023 from each Fund with respect to advisory fees and from the total relationship with each Fund. They considered whether profits from each Fund were reasonable in light of services provided, including the assets levels and payments to the Sub-Adviser, and any breakpoints in fee structures for each respective Fund. The Board discussed the reverse breakpoint split fees applicable to the Quantified Funds.

 

Quantified Funds: Managed Income, Market Leaders, STF, Common Ground, Evolution Plus, Pattern Recognition, Tactical Fixed Fund, Rising Dividend, and Government Income Fund:

 

With respect to the Quantified Funds identified above, the Board noted that after fees paid to the Sub-Adviser, the Advisory fees were minimal, and the Adviser operated at a loss. The Board noted the Adviser also operated these Funds at a loss when taking into account the totality of the relationship with the Funds. The Board considered the split with the Sub-Adviser to be reasonable for the services provided.

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

Alternative Investment

 

In a review of the Adviser’s profitability report, the Board noted there was 13% profit from the advisory fees charged the Fund after payment of the sub-advisory fee. However, when taking into account the totality of the relation with the Fund, the Adviser’s profit was reduced to 8%.

 

Tactical Sectors

 

The Board reviewed profitability and noted there was a near-zero profit for the Adviser from advisory fees charged the Fund after payment of the sub-advisory fees. However, the Advisor is also near-zero profit when taking into consideration the total relationship.

 

The Board discussed the reverse breakpoint split in advisory fees, and the Adviser’s ability to continue to manage and operate the majority of the Quantified Funds at a loss. The Adviser reported Flexible Plan has a strong sales team to assist with marketing. She also noted that with the addition of the recently launched Global Fund, and the future launch of Eckhardt Fund, the Adviser’s profits should increase (or losses diminish). The Board concluded that based on the assets levels and services provided, profit levels for the Adviser are not a concern at this time. The Board concluded they would continue to monitor the Adviser’s profitability as assets of the Quantified Funds grow.

 

Profitability of Sub-Adviser: The Board reviewed the levels of profits to the Sub-Adviser for the year ended June 30, 2023 for Quantified Funds. They noted the situation for each Quantified Fund with respect to sub-advisory fees and from the total relationship with each Quantified Fund. With regards to Quantified Funds, the Board noted that the Sub-Adviser usually charges higher fees for separately managed accounts with similar investment strategies, or those that 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.

 

Quantified Funds: Managed Income, Market Leaders, Alternative Investment Fund

 

With respect to the above referenced Quantified Funds, and after a review of the Sub-Adviser’s profitability, the Board noted Flexible Plan operated each Fund at a loss when reviewing sub-advisory fees and when reviewing the total relationship with the Fund. The Board concluded that based on the assets levels and services provided, the Sub-Adviser profits is not of current concern.

 

With respect to the Quantified Funds listed below, the Board reviewed the profitability of Flexible Plan and noted the Sub-Adviser made modest profit from managing each Fund. The Board found that the Sub-Adviser’s profit increased when including other income earned from their relationship with the Fund as shown below:

 

Quantified Fund Name Profitability
Advisory Fees		 Profitability
Total Fund
Relationship
STF Fund 9% 19%
Common Ground 8% 19%
Evolution Plus 10% 21%
Pattern Recognition 8% 19%
Tactical Fixed Income 9% 21%
Tactical Sectors 9% 21%
Rising Dividend 9% 22%
Government Fixed 9% 21%

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

With the fees based on average assets of combined Quantified Funds and taking into account the reverse breakpoint fee schedule, the Board acknowledged it unlikely that the Sub-Adviser will, with respect to sub-advisory fees, or when taking into account the totality of the relationship, experience excess profits from its relationship with the any of the Quantified Funds. The Board stated they will monitor profit levels from each Quantified Fund as Flexible Plan continues to build assets of the Funds.

 

Economies of Scale. The Advisor’s estimate for Quantified Funds to reach economies of scale is between $300 to $700 million. The Board discussed the Adviser’s expectations for the growth in net assets of each Quantified Fund and concluded that any material economies of scale were not a concern at present assets levels. The Trustees noted economies of scale is an advisory agreement concern and is not a consideration for approval of any sub-advisory agreements. The Board agreed to revisit economies of scale as assets of the Funds continue to grow.

 

Conclusion. In considering the approval, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreements, Subsidiary Advisory Agreements; and the Sub-Advisory Agreements and Subsidiary Subadvisory Agreements. Accordingly, having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of each of the Advisory Agreements as appropriate; the Board found renewal of the advisory agreements are in the best interests of each Quantified Fund and its shareholders.

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

Approval of the Investment Advisory and Sub-Advisory Agreements for Quantified Eckhardt Managed Futures Strategy Fund.

 

At an in-person Board meeting held on May 23, 2024 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”) 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 approval of the investment advisory agreement (the “Advisory Agreement”) between Advisors Preferred, LLC (the “Adviser”) and the Trust, on behalf of Quantified Eckhardt Managed Futures Strategy Fund and, (and its subsidiary) (“Eckhardt Fund” and “QEMFSF Fund Limited”), respectively; and the approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Adviser and Flexible Plan Investments, Ltd. (the “Sub-Adviser” or “Flexible Plan”). The Directors of the QEMFSF Fund Limited wholly owned foreign subsidiary of Eckhardt Fund, respectively, approved an investment advisory agreement between QEMFSF Fund Limited and the Adviser (the “Subsidiary Advisory Agreement”) as well as the sub-advisory agreements (the “Subsidiary Sub-Advisory Agreements”) between the Adviser and Flexible Plan with respect to the QEMFSF Fund Limited. The Fund level agreements and subsidiary agreements are referred to collectively for convenience and references to the Fund 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 Advisers Preferred, LLC, and Flexible Plan, in advance of the Meeting and deliberated on the approval of the Advisory Agreements with respect to Eckhardt Fund (and subsidiary QEMFSF Fund Limited). The Board members relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreements with respect to Eckhardt Fund. The Board members conducted some of their deliberations on a joint basis for the Adviser and Flexible Plan the given the close working relationship of the Adviser and Sub-Adviser and conducted their deliberations on a consolidated basis for the Eckhardt Fund and its subsidiary.

 

Nature, Extent and Quality of Services: With respect to the nature, extent and quality of services provided, the Trustees reviewed the Adviser’s and the Sub-Adviser’s Form ADV, a description of the manner in which investment decisions will be made for Eckhardt Fund by the Sub-Adviser, a description of the services to be provided by the Adviser and those services to be provided by the Sub-Adviser. The Board noted that the Adviser selects brokers-dealers to execute trades for securities other than fixed-income. The Sub-Adviser selects brokers-dealers with respect to trades for fixed income securities only and neither the Adviser nor Sub-Adviser considers the sale of Eckhardt Fund shares in the selection process for broker dealers. The Board reviewed the experience of portfolio managers to be performing services for Eckhardt Fund, including the team of individuals that primarily monitor and execute the investment and administration process. The Board received a certification from each of the Adviser and 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 that each of the Adviser and Sub-Adviser has adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics. The Trustees also noted the financial resources of the Adviser and Sub-Adviser appeared adequate.

 

The Board discussed the Adviser’s compliance program for the Trust. The Board considered that the CCO of the Trust also serves as CCO of the Adviser and noted confidence in her abilities with respect to both

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

positions. The Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. The Board considered that the cybersecurity risk management of the Adviser is supported by Sikich LLP (a technology consultancy) and discussed the overall technology of the Adviser with the CCO. The Adviser’s CCO reported no data breaches. The Board noted that the Adviser will ensure Flexible Plan, with respect to Eckhardt Fund, adheres to Section 12(d)(1) and Rule 12d1-4 for agreements required for planned purchases of ETFs and mutual funds. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing duties under the Advisory Agreement.

 

With respect to the Sub-Adviser, the Trustees considered that the Sub-Adviser will be primarily responsible for investment management with respect to Eckhardt Fund. The Board considered the Sub-Adviser’s skills and experience relating to the existing Quantified Funds and its portfolio management, research techniques and use of model strategies. The Trustees noted that the Adviser’s CCO has reviewed the Compliance Manual and Policies & Procedures of Flexible Plan (pertaining to the Fund’s operations) and found no compliance issues. The Board discussed the Sub-Adviser’s compliance team of three and found compliance policies and procedures appear to be operating effectively, and that the level of communication between the Adviser and Sub-Adviser appeared to be effective. The Board considered that the cybersecurity risk of the Sub-Adviser is managed by the Chief Technology Investment Officer for Flexible Plan who had reported no data breaches. The Trustees noted the financial resources of the Sub-Adviser appeared adequate. The Board reviewed the Disaster Recovery Plan for Flexible Plan. The Board concluded that the Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by Flexible Plan to Eckhardt Fund was satisfactory and dependable.

 

Fees and Expenses. As to the costs of the services to be provided to Eckhardt Fund by the Adviser and Sub-Adviser, the Board reviewed and discussed the proposed advisory fee and total operating expenses of the Fund compared to its peer group and Morningstar Systematic Trend category as presented in the Meeting materials. The Trustees noted that the proposed advisory fee of 1.00% was below the average management fees of the Morningstar Systematic Trend category and well below the maximum management fee. The Board then reviewed the projected expense ratio of 1.65% for the Investor Class, and 2.25% for the Adviser Class. For the Investor Classes, it was noted the ratio was below the average and maximum Morningstar category net expenses. For the Advisor Class, the Board noted the expense ratio was below average for net expenses of the Systematic Trend Morningstar category. The Board determined that the management fee and projected total expenses for Eckhardt Fund were not unreasonable.

 

Profitability. (Adviser) The Board reviewed the levels of projected profits to the Adviser from Eckhardt Fund and found that, with expected assets of $50 million to $75 million for the first year, the Adviser would operate at a loss from the advisory services, and for year two, with expected assets at $75 million to $100 million, the Adviser expects to have no profit from advisory services. The Board reviewed the split of advisory fees with the Sub-Adviser, including the reverse breakpoints fee splits, and acknowledged that after paying the Sub-Adviser, the Adviser will continue operating at a loss from managing the Fund when taking into account the totality of the Adviser’s relationship, after marketing, wholesalers and advertising, the Adviser forecasts a loss from the Eckhardt Fund. After review and discussion, the Board

 

 

The Quantified Funds

ADDITIONAL INFORMATION (Unaudited) (Continued)

December 31, 2024

 

concluded that, based on the services to be provided by the Adviser, the excessive profitability of the Adviser’s relationship with Eckhardt Fund was not currently a concern.

 

Profitability. (Sub-Adviser) With respect to the Sub-Adviser’s profitability, the Trustees reviewed the projected profitability of Flexible Plan from managing Eckhardt Fund. With expected assets of $50 million and for the first year, the Board noted the Sub-Adviser expects to achieve approximately 9% profit from portfolio management of the Eckhardt Fund and 22% profitability when combined with service fees related to the Fund. For year two, with projected assets of $100 million, the Board noted the expected profit margin for the Sub-Adviser is projected to remain unchanged. After further discussion, the Board concluded that, based on the services to be provided by the Sub-Adviser, the anticipated level of profit from the Sub-Adviser’s relationship with Eckhardt Fund was not excessive.

 

Economies of Scale. As to the extent to which Eckhardt Fund will realize economies of scale, the Adviser reported $500 million to be the minimum asset level required to reach such potential economies of scale. The Board discussed the Adviser’s expectations for growth, $50 million base for year one, and $100 million upper range for year two and considered them reasonable and concluded that any material economies of scale would not be achieved in the near term. The Trustees agreed to revisit economies of scale with the Adviser and Sub-Adviser as assets of Eckhardt Fund grow.

 

Conclusion. Counsel assisted the Board throughout the Advisory Agreements review process. The Trustees relied upon the advice of independent counsel, and their own business judgment, in determining the material factors to be considered in evaluating each of the Advisory Agreements and the Sub-Advisory Agreements and the weight to be given to each such factor. In considering the approval the Board did not identify any one factor as all important, but rather considered factors collectively and determined that approval of each of the agreements was in the best interests of Eckhardt Fund and its prospective shareholders. Moreover, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his conclusions. 

 

 

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

 

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

 

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

 

Included under Item 7

 

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

 

Included under Item 7

 

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

 

Not applicable.

 

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

 

Not applicable.

 

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

 

Not applicable

 

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

 

None

 

Item 16. Controls and Procedures

 

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

 

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

 

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

 

Not applicable

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a)       Not applicable

 

(b)       Not applicable

 

 

Item 19. Exhibits.

 

(a)(1) Not applicable.

 

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

 

(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 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  2/24/25

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

 

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

 

Date  2/24/25

 

By (Signature and Title)

 

/s/ Christine Casares
Christine Casares, Principal Financial Officer/Treasurer

 

Date  2/24/25