Quantified Gold Futures Tracking Fund - Advisor (QGLCX )

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about Quantified Gold Futures Tracking Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.goldbullionstrategyfund.com/index.php/investor-materials. You can also request this information by contacting us at (855) 647-8268.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Advisor	$93	1.94%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund returned -7.47% for the six months ended June 30, 2026, as gold gave back its early gains later in the period. The S&P 500 Index, the Fund’s benchmark, gained 10.21%. The S&P GSCI Gold Index earned -7.36% for the period.

Strategy

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

Techniques

Gold continued its momentum from a very strong 2025 into early 2026 on trade uncertainty, central bank demand, and the start of the Iranian war in February. However, those gains were reversed as the period ended with concerns over the future direction of Fed policy.

Adhering to its stated investment strategy, the Fund tracked closely with gold prices primarily by using futures contracts. The Fund will continue to execute its investment strategy in an effort to track daily gold prices.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Quantified Gold Futures Tracking Fund	S&P 500^® Index	S&P GSCI Gold Index
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$9,073	$11,790	$9,306
Jun-2018	$8,860	$13,484	$9,325
Jun-2019	$9,817	$14,889	$10,449
Jun-2020	$11,915	$16,006	$13,132
Jun-2021	$11,315	$22,536	$12,616
Jun-2022	$11,004	$20,144	$12,781
Jun-2023	$11,304	$24,091	$13,577
Jun-2024	$13,299	$30,006	$16,376
Jun-2025	$18,306	$34,556	$22,895
Jun-2026	$21,732	$42,271	$27,703

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
Quantified Gold Futures Tracking Fund	-7.47%	18.71%	13.94%	8.07%
S&P 500 Index TR	10.21%	22.32%	13.41%	15.51%
S&P GSCI Gold Index	-7.36%	21.00%	17.04%	10.73%

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

Fund Statistics

Net Assets$115,181,090
Number of Portfolio Holdings15
Advisory Fee $582,193
Portfolio Turnover47%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	0.9%
Certificate Of Deposit	6.4%
Exchange-Traded Funds	8.0%
Private Investment Funds	13.5%
Money Market Funds	71.2%

What did the Fund invest in?

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

Table Summary
Value	Value
Gold	93.41%
Private Investment Funds	6.59%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Government Portfolio Class I, 3.520%,	66.2%
Hyperion Fund LLC	9.6%
iShares 0-3 Month Treasury Bond ETF	7.0%
Galaxy Plus Fund LLC	3.2%
First American Government Obligations Fund Class Z, 3.519%,	1.3%
Flushing Bank, 4.000%, 08/12/26	0.9%
Customers Bank, 4.000%, 08/17/26	0.9%
ESSA Bank & Trust, 3.700%, 09/25/26	0.9%
Connexus Credit Union, 4.000%, 08/30/27	0.9%
Axos Bank, 3.800%, 04/02/27	0.9%

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

Quantified Gold Futures Tracking Fund - Advisor (QGLCX )

Semi-Annual Shareholder Report - June 30, 2026

Additional information is available on the Fund's website (www.goldbullionstrategyfund.com/index.php/investor-materials), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-QGLCX

Quantified Gold Futures Tracking Fund - Investor (QGLDX )

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor	$64	1.34%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The Fund returned -7.22% for the six months ended June 30, 2026, as gold gave back its early gains later in the period. The S&P 500 Index, the Fund’s benchmark, gained 10.21%. The S&P GSCI Gold Index earned -7.36% for the period.

Strategy

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

Techniques

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Table Summary
	Quantified Gold Futures Tracking Fund	S&P 500^® Index	S&P GSCI Gold Index
Jun-2016	$10,000	$10,000	$10,000
Jun-2017	$9,126	$11,790	$9,306
Jun-2018	$8,963	$13,484	$9,325
Jun-2019	$9,991	$14,889	$10,449
Jun-2020	$12,203	$16,006	$13,132
Jun-2021	$11,660	$22,536	$12,616
Jun-2022	$11,403	$20,144	$12,781
Jun-2023	$11,785	$24,091	$13,577
Jun-2024	$13,943	$30,006	$16,376
Jun-2025	$19,312	$34,556	$22,895
Jun-2026	$22,998	$42,271	$27,703

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
Quantified Gold Futures Tracking Fund	-7.22%	19.34%	14.55%	8.69%
S&P 500 Index TR	10.21%	22.32%	13.41%	15.51%
S&P GSCI Gold Index	-7.36%	21.00%	17.04%	10.73%

Fund Statistics

Net Assets$115,181,090
Number of Portfolio Holdings15
Advisory Fee $582,193
Portfolio Turnover47%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Collateral for Securities Loaned	0.9%
Certificate Of Deposit	6.4%
Exchange-Traded Funds	8.0%
Private Investment Funds	13.5%
Money Market Funds	71.2%

What did the Fund invest in?

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

Table Summary
Value	Value
Gold	93.41%
Private Investment Funds	6.59%

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Fidelity Government Portfolio Class I, 3.520%,	66.2%
Hyperion Fund LLC	9.6%
iShares 0-3 Month Treasury Bond ETF	7.0%
Galaxy Plus Fund LLC	3.2%
First American Government Obligations Fund Class Z, 3.519%,	1.3%
Flushing Bank, 4.000%, 08/12/26	0.9%
Customers Bank, 4.000%, 08/17/26	0.9%
ESSA Bank & Trust, 3.700%, 09/25/26	0.9%
Connexus Credit Union, 4.000%, 08/30/27	0.9%
Axos Bank, 3.800%, 04/02/27	0.9%

Quantified Gold Futures Tracking Fund - Investor (QGLDX )

Semi-Annual Shareholder Report - June 30, 2026

Additional information is available on the Fund's website (www.goldbullionstrategyfund.com/index.php/investor-materials), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-QGLDX

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.

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

^(e) All or a portion of the security is on loan. Total loaned securities had a value of $933,614 at June 30, 2026

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

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

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

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

Segment Reporting – An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

Accounting Pronouncement – The Fund adopted the FASB Accounting Standards Update 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund’s adoption of ASU 2023-09 did not have a material impact on the Fund’s financial statements.

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

obligations) are valued each day by an independent pricing service approved by the Trust’s Board of Trustees (the “Board”) based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Fund may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund’s holding. Investments in open-end Mutual Funds are valued at net asset value. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost.

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

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

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

Valuation of Investment Companies – The Fund may invest in portfolios of open-end or closed-end investment companies (the “Underlying Funds”). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors/trustees of the Underlying Funds.

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

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs used as of June 30, 2026 for the Fund’s investments measured at fair value:

The Fund did not hold any Level 3 securities during the period ended June 30, 2026.

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

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

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

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2023 through December 31, 2025 or expected to be taken in the Fund’s December 31, 2026 tax returns.

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

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the six months ended June 30, 2026, the Fund did not incur any interest or penalties.

For tax purposes, GBSF Ltd. is an exempted Cayman Islands investment company. GBSF Ltd. has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, GBSF Ltd. is a Controlled Foreign Corporation and as such is not subject to U.S. income tax. However, a portion of GBSF Ltd.’s net income and capital gain, to the extent of its earnings and profits, will be included each period in the Fund’s investment company taxable income.

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

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

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

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

Cash Accounts – At times, the Fund may invest cash in a short-term deposit sweep vehicle program. Such deposits are in amounts at any such depositary institution not in excess of the Federal Deposit Insurance Corporation (“FDIC”) or National Credit Union Share Insurance Fund standard maximum deposit insurance amount such that funds are insured across the various banks or credit unions at which such funds are deposited. StoneCastle Cash Management, LLC (“StoneCastle”) provides ministerial deposit placement assistance to the Fund with respect to the Fund’s short-term deposit sweep vehicle program. These deposits are not custodied by StoneCastle. These amounts are included as Cash on the Consolidated Statement of Assets and Liabilities to the extent they are held by the Fund as of June 30, 2026.

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

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

Futures Contracts – The Fund is subject to commodity risk in the normal course of pursuing its investment objective. The Fund may purchase or sell futures contracts to gain exposure to, or hedge against, changes in the value of commodities, equities and interest rates. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to

reflect the value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, the Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund’s basis in the contract. If the Fund was unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. The Fund segregates cash having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Consolidated Statement of Assets and Liabilities. With futures, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

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

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

For the six months ended June 30, 2026, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to $8,359,027 and $9,198,131, respectively.

The Fund’s policy is to recognize a gross asset or liability equal to the unrealized appreciation/(depreciation) on futures contracts. During the six months ended June 30, 2026, the Fund was subject to a master netting arrangement. The following table shows additional information regarding the offsetting of assets and liabilities at June 30, 2026:

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

The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Assets and Liabilities as of June 30, 2026:

The following is a summary of the location of derivative investments on the Fund’s Consolidated Statement of Operations for the six months ended June 30, 2026:

The following is a summary of the Fund’s realized gain (loss) and unrealized appreciation (depreciation) on derivative investments recognized in the Consolidated Statement of Operations categorized by primary risk exposure for the six months ended June 30, 2026:

The derivative instruments outstanding as of June 30, 2026 as disclosed in the Consolidated Schedule of Investments and in the Notes to Consolidated Financial Statements and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed in the Consolidated Statement of Operations serve as indicators of the volume of derivative activity for the Fund.

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

Advisors Preferred LLC (“Advisor”), serves as investment adviser to the Fund. The Advisor has engaged Flexible Plan Investments, Ltd. (the “Sub-Advisor”) to serve as the sub-advisor to the Fund. Sub-Advisor expenses are the responsibility of the Advisor. The Sub-Advisor earned fees equivalent to 0.61% of average net assets of the Fund stated as an annual rate.

Pursuant to an advisory agreement with the Fund, the Advisor, under the oversight of the Board, directs the daily operations of the Fund and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor a fee, computed and accrued daily and paid monthly, at an annual rate of 0.75% of the Fund’s average daily net assets. Pursuant to the advisory agreement, the Advisor earned $582,193 in advisory fees for the six months ended June 30, 2026.

Pursuant to a liquidity program administrator agreement with the Fund, the Advisor, provides a liquidity program administrator who, directs the operations of the Fund’s liquidity risk management program. As compensation for its services and the related expenses borne by the Advisor, the Fund pays the Advisor out of pocket expenses and an annual fee of $9,000. Pursuant to the liquidity program administrator agreement, the Advisor earned $4,500 in fees in the Statement of Operations (miscellaneous expenses) for the six months ended June 30, 2026.

Ultimus Fund Solutions, LLC (“UFS” or “Ultimus”), provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Fund pays UFS customary fees for providing administration, fund accounting and transfer agent services to the Fund as shown in the Consolidated Statement of Operations under Administrative services fees. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities. For all services rendered to the Fund by Ultimus under the agreements, the Fund pays Ultimus a unitary style administration fee which scales downward based upon the average net assets of the Fund Family (defined in the agreements as funds with the same adviser and sub-adviser) for all “Operational Services”). Operational Services include all fund accounting, fund administration, transfer agency, routine fund legal fees, audit fees, regulatory document filing, printing and postage costs, state registration fees, custody fees and insurance services. Operational Services are exclusive of advisory fees, distribution fees, shareholder servicing fees, taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses of the Fund, expenses of other investment companies in which the Fund may invest and extraordinary expenses such as litigation.

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

The Board has adopted a Distribution Plan and Agreement (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that a monthly service and/or distribution fee is calculated by the Investor and Advisor class at an annual rate of up to 0.25% and 1.00%, respectively, of their average daily net assets and is paid to Ceros Financial Services, Inc. (the “Distributor” or “Ceros”), a registered broker/dealer and an affiliate of the Advisor, and principal underwriter of the Fund, to provide compensation for ongoing shareholder servicing or services and-or maintenance of accounts, not otherwise required to be provided by the Advisor. The Plan is a compensation plan, which means that compensation is provided regardless of 12b-1 expenses incurred. For the six months ended June 30, 2026, pursuant to the Plan, Investor and Advisor Class shares paid $192,143 and $7,687, respectively.

The Board has adopted a Shareholder Servicing Plan (the “Servicing Plan”) on the Investor class. The Servicing Plan provides that a monthly service fee is calculated by the Fund at an annual rate of up to 0.15% (currently set at 0.15%), of its average daily net assets of the Investor class and is paid to Ceros to provide compensation for ongoing shareholder servicing or service and/or maintenance of accounts, not otherwise required to be provided by the Advisor. For the six months ended June 30, 2026, Investor Class shares paid $115,286.

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

During the six months ended June 30, 2026, Ceros executed trades on behalf of the Fund and received $978 in trade commissions.

The identified cost of investments in securities owned by the Fund for federal income tax purposes including futures, and its respective gross unrealized appreciation and depreciation at June 30, 2026, were as follows:

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

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

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

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

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of June 30, 2026, National Financial Services LLC and Axos Clearing LLC held approximately 41% and 34% of the Fund, for the benefit of its customers.

The Fund currently invests greater than 25% of its net assets in the corresponding investment. The Fund may redeem this investment at any time if the Advisor or Subadvisor determines that it is in the best interest of the Fund and its shareholders to do so. The performance of the Fund will be directly affected by the performance of this

investment. The financial statements of the investments, including their schedule of investment, can be found at the Securities and Exchange Commission’s website www.sec.gov and should be read in conjunction with the Fund’s financial statements.

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

As of June 30, 2026, the Fund loaned securities which were collateralized by short-term investment securities or cash and cash equivalents. The value of securities on loan and the value of the related overnight and continuous collateral were $933,614 and $952,904, respectively.

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

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

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

Approval of the Renewal of the Investment Advisory and Sub-Advisory Agreements for Quantified Gold Futures Tracking Fund (and its subsidiary)

At an in-person Board meeting held on May 20, 2026 (the “Meeting”), the Board of Trustees (the “Board”) of Advisors Preferred Trust (the “Trust”), including a majority of Trustees who are not “interested persons” (the “Independent Trustees”), as such term is defined under Section 2(a)(19) of the 1940 Act, considered the renewal of the investment advisory agreement (the “Advisory Agreement”) between Advisors Preferred, LLC (the “Adviser” or “Advisors Preferred”) and the Trust, on behalf of Quantified Gold Futures Tracking Fund (and its subsidiary) (“Gold Fund” and “GBSF Fund Limited”, respectively); and the renewal of the sub-advisory agreement (the “Sub-Advisory Agreements) between the Adviser and Flexible Plan Investments, Ltd. (the “Sub-Adviser” or “Flexible Plan” or “FPI”). The Board and the Directors of the GBSP Fund Limited, a wholly owned foreign subsidiary of Gold Fund, approved the renewal of the investment advisory agreement between GBSF Fund Limited and the Adviser (the “Subsidiary Advisory Agreement”) as well as the renewal of the sub-advisory agreement (the “Subsidiary Sub-Advisory Agreement”) between the Adviser and Flexible Plan with respect to the GBSF Fund Limited. The Fund level Advisory and Sub-Advisory agreements and subsidiary agreements (together the “Agreements”) are referred to collectively for convenience and references to the Fund include the subsidiary as the context indicates. The Trustees’ and Directors’ deliberations are presented as collective deliberations as they were conducted concurrently and references to the Board also include the Directors.

The Board then reviewed and discussed the written materials that were provided by Advisors Preferred, LLC and Flexible Plan in advance of the Meeting and deliberated on the renewal of the Agreements with respect to Gold Fund (and subsidiary GBSF Fund Ltd.). The Board members relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Agreements with respect to Gold Fund. The Board conducted some deliberations on a joint basis for the Adviser and the Sub-Adviser given the close working relationship of the Adviser and Sub-Adviser and conducted deliberations on a consolidated basis for the Gold Fund and its subsidiary.

Nature, Extent and Quality of Services: With respect to the nature, extent and quality of services provided, the Board reviewed the Adviser’s Form ADV, and the Sub-Adviser’s Form ADV, a description of the manner in

which investment decisions, including asset allocation, sector selection and trade execution, are made for the 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 Fund, including the team of individuals that primarily monitor and execute the investment and administration process, and the portfolio managers. The Board considered the depth of resources of the Adviser and the Sub-Adviser. Further the Board reviewed a certification from the Adviser and the Sub-Adviser, certifying that each has adopted a Code of Ethics containing provisions reasonably necessary to prevent Access Persons, as that term is defined in Rule 17j-1 under the 1940 Act, from engaging in conduct prohibited by Rule 17j-1(b) and noted that each of the Adviser and the Sub-Adviser have adopted procedures reasonably necessary to prevent Access Persons from violating such Code of Ethics.

The Adviser selects third-party providers and continually monitors their performance with respect to the Fund. The Adviser reviews daily positions and trading activity for the Fund. All equity, ETF and mutual fund trades are executed by Ceros Financial Services, Inc. (“Ceros”), an affiliate of the Adviser. Futures and other derivatives are not traded by Ceros. Flexible Plan executes all short-term fixed income transactions. Fund counsel noted the Board is updated quarterly on any arbitration, regulatory exams, or litigation with respect to Ceros as an affiliate of the Adviser. The Board reviewed the balance sheet of the Adviser as of March 31, 2026, and the audited income statement and balance sheet as of December 31, 2025. The Board acknowledged that parent company financial support is available, as needed for the Adviser. The Board also reviewed the unaudited profit and loss comparisons for March 31, 2026 and the three months ended March 31, 2025. The Adviser reported $1.8 billion in total assets under management in active mutual funds and Ms. Ayers-Rigsby emphasized commitment from the Adviser to raise assets 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 was recently appointed to serve as the CCO for The North Country Funds. The Trustees acknowledged they are confident in her abilities with respect to all positions, and Trustees were comfortable that if a conflict of interest were to arise, counsel would be called upon for a solution. The Board noted that the Adviser continues to have in place procedures which are currently working to prevent violations of applicable securities laws. The CCO confirmed that she has the support and resources to ensure the compliance procedures of the Trust are updated in accordance with current SEC rules. The Board considered that the cybersecurity risk of the Adviser is managed by Sikich LLP (a cybersecurity consultancy) with no data breaches reported. The Board discussed the overall technology of the Adviser with the CCO. The CCO confirms that prior to implementing any AI program, it will work closely with their IT provider to ensure any potential vulnerabilities are addressed, create and draft clear guidelines on its use and provide training to employees authorized to use AI. There are no plans for the Advisor nor its affiliates to use AI for any investment related management decisions. The Adviser confirmed adequate Directors & Officers Error & Omissions Professional Liability Insurance (“D&O/E&O”) is in place. Ceros, the affiliated distributor, as coverage under a D&O policy up to $2,000,000 with a $100,000 retention. Fund counsel noted the Board had previously reviewed the business continuity plan for the Adviser and Ceros. The Board concluded that the Adviser has qualified professionals, resources, and compliance policies essential to performing its duties under the Advisory Agreements. The Board reviewed financial statements of the Adviser and

concluded it has sufficient financial resources to fulfill Trust-related obligations, based in part from additional capital from the parent.

The Board considered that Flexible Plan conduct research and analysis into the securities tradable for the Fund and FPI provides instruction to the Adviser for the implementation of its trading signals. The Board reviewed the balance sheet as of December 31, 2025 and profit & loss statement for calendar year ended December 31, 2025 from Flexible Plan and confirmed there were no changes to its financial condition since then. The Board recalled the presentation by the Sub-Adviser and earlier discussions concerning reverse breakpoint fee splits, and the financial stability of FPI. The Board noted that over 60% of the assets managed by Flexible Plan are directed into purchases of the gold-related funds and quantified funds (i.e. funds sub-adviser by FPI). The Board saw that Mr. Wagner remains dedicated to growing the Fund and related funds as investment vehicles under the various strategies for his clients, and determined Flexible Plan is financially equipped to continue to serve the Fund as Sub-Adviser.

The Board confirmed that Flexible Plan has a three member team of compliance personnel. The Trust’s CCO reported CCO that she works closely with the CCO of FPI, and she reviews the policies and procedures manual of the Sub-Adviser, including latest revisions and business continuity plans. The Board confirmed that cybersecurity risk management is the responsibility of the Chief Information Officer/Chief Insurance Security Officer of Flexible Plan and that there were no reported breaches. The Trustees also noted that FPI has adequate D&O/E&O coverage. FPI uses AI for model strategies only and does not rely on AI for investment selection on behalf of the Fund.

The Board determined that Flexible Plan has a compliance program in place that is reasonably designed to prevent violation of the applicable federal securities laws. The Board noted they are familiar with the portfolio managers of the Sub-Adviser and their qualifications in managing the Gold Fund.

The Board reviewed the Sub-Adviser’s daily management and investment strategies and considered the updated performance of the Fund through March 31, 2026 compared to the primary benchmark and Morningstar category for various periods, including one-, three-, five-year, ten-year, and since inception periods as provided by the Adviser. The Board recalled the earlier detailed presentation by the portfolio managers of Flexible Plan with respect to the Fund’s strategy and performance for various periods with explanations for over/under performance.

The Board considered that the Fund (as measured by Investor Class shares) underperformed the benchmark GSCI Gold Index for the one-, three-, five-, and ten-year periods ended March 31, 2026. This underperformance is expected as the Fund bears expenses while the gold price index does not. The Board noted the Fund outperformed the S&P 500 for the one-three- and five-year periods but lagged for the ten-year period. With respect to the Morningstar Commodities Focused category, the Board noted that the Fund underperformed for the one-year period, while outperforming for the other periods reviewed. The Trustees noted that the S&P and Morningstar Commodities Focused category are provided primarily for market performance reference points but do not serve as direct comparisons because they are outside the investment mandate of the Fund. The Board found the performance of the Fund was delivering on its gold price tracking mandate and was satisfactory.

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

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

The Board noted the advisory fees of 0.75% for Gold Fund was slightly under the average management fee of the Morningstar Commodity Broad Basket category, and well below the maximum management fee. The Board discussed and found the net expenses of 1.50% for Gold Fund A Class shares (estimated) and Investor Class shares was slightly above the average, within range, and well below the maximum fee for the Morningstar Commodity A Class category. With regards to Gold Fund Adviser Class shares, the Board noted the net expense ratio of 2.10% was slightly above the average and well below the maximum net expenses for the Morningstar Commodity C Class category.

In the review of expenses with respect to Gold Fund, the Board reviewed and considered the split of the Advisory fee between the Adviser and the Sub-Adviser (the Sub-Adviser being paid by the Adviser, not the Fund), and determined it was acceptable and reasonable for the services being provided to the Gold Fund. The Board concluded that the advisory fees and net expenses of Gold Fund were reasonable, taking into consideration the complex investment strategy.

Profitability of Adviser. The Board considered the level of profitability for the Adviser, and if the fees were the result of arms-length negotiations with respect to the Advisory Agreements. The Trustees reviewed the levels of profits to the Adviser for the fiscal year ended December 31, 2025 with respect to advisory fees and from the total relationship with the Fund. They considered whether profits from the 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 the Fund. The Board discussed the reverse breakpoint split fees applicable to the Fund. The Board considered the split with the Sub-Adviser to be reasonable for the services provided. The Board concluded the Adviser having excess profits from advising the Fund is not a concern.

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

Profitability of Sub-Adviser: The Board reviewed the levels of profits to the Sub-Adviser for the year ended December 31, 2025 with respect to Gold Fund. They noted the situation for the Fund with respect to sub-advisory fees and from the total relationship with the Fund. The Board noted that the Sub-Adviser usually charges higher fees for separately managed accounts with similar investment strategies or have fee structures that are not directly comparable. The Board, in consultation with counsel, noted that current court rulings with respect to profitability suggest up to or even over a 70% profit margin for any adviser or sub-adviser could be acceptable and not considered excessive.

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

Economies of Scale. As to the extent to which the Gold Fund will realize economies of scale, the Adviser reported an estimate of $700 million be the minimum asset level required to reach such economies of scale. The Board discussed the Adviser’s expectations for the growth in net assets of the Gold Fund and concluded that any material economies of scale were not a concern at present assets levels. The Trustees noted economies of scale is an advisory agreement concern and is not a consideration for approval of any sub-advisory agreements. The Board agreed to revisit economies of scale as assets of the Gold Fund continue to grow.

Conclusion. Counsel assisted the Board throughout the 15(c) review process. The Board members relied upon the advice of counsel, and their own business judgement, in determining the material factors to be considered in evaluating the Agreements. In considering the approval, the Board noted that each Trustee may have afforded different weight to the various factors in reaching his or her 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.

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

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

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

(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.

(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

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.

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.

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

Date of fiscal year end:	12/31

Date of reporting period:	6/30/26

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 7.6%
		COMMODITY - 0.6%
	1,700	SPDR Gold Shares^(a),(b)	$	626,246

		FIXED INCOME – 7.0%
	80,000	iShares 0-3 Month Treasury Bond ETF^(e)		8,053,600

		TOTAL EXCHANGE-TRADED FUNDS (Cost $8,653,383)		8,679,846

		PRIVATE INVESTMENT FUNDS — 12.8%
		PRIVATE INVESTMENT FUNDS - 12.8%
	N/A	Galaxy Plus Fund LLC - Icon Market Neutral Feeder Fund^{(a),(b),(f),(h),(i)}		3,645,742
	N/A	Hyperion Fund LLC^{(a),(b),(g),(h),(i)}		11,082,760
				14,728,502

		TOTAL PRIVATE INVESTMENT FUNDS (Cost $13,282,330)		14,728,502

Principal			Coupon Rate
Amount ($)			(%)	Maturity
		CERTIFICATE OF DEPOSIT — 6.1%
		BANKING - 6.1%
	1,000,000	Ally Bank	3.7500	09/27/27	995,245
	1,000,000	Axos Bank	3.8000	04/02/27	998,355
	1,000,000	Connexus Credit Union	4.0000	08/30/27	998,605
	1,000,000	Customers Bank	4.0000	08/17/26	999,979
	1,000,000	ESSA Bank & Trust	3.7000	09/25/26	998,865
	1,000,000	Flushing Bank	4.0000	08/12/26	1,000,117
	1,000,000	Texas Exchange Bank	3.6500	03/26/27	997,160
					6,988,326

		TOTAL CERTIFICATE OF DEPOSIT (Cost $7,000,000)			6,988,326

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 67.4%
		MONEY MARKET FUNDS - 67.4%
	76,229,527	Fidelity Government Portfolio, Class I, 3.52%^(c)	$	76,229,527
	1,456,494	First American Government Obligations Fund, Class Z, 3.52%^(b),(c)		1,456,494
		TOTAL MONEY MARKET FUNDS (Cost $77,686,021)		77,686,021

		TOTAL SHORT-TERM INVESTMENTS (Cost $77,686,021)		77,686,021
Units
		COLLATERAL FOR SECURITIES LOANED — 0.8%
	952,904	Mount Vernon Liquid Assets Portfolio, LLC, 3.75%^(c),(d)		952,904

		TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $952,904)

		TOTAL INVESTMENTS - 94.7% (Cost $107,574,638)	$	109,035,599
		OTHER ASSETS IN EXCESS OF LIABILITIES - 5.3%		6,145,491
		NET ASSETS - 100.0%	$	115,181,090

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Expiration	Notional Amount		Unrealized Depreciation
	284	COMEX Gold 100 Troy Ounces Futures^(b)	08/28/2026	$	114,452,000	$	(12,362,650	)

		TOTAL FUTURES CONTRACTS

ETF	- Exchange-Traded Fund

LLC	- Limited Liability Company

SPDR	- Standard & Poor’s Depositary Receipt

ASSETS
Investment securities:
At cost	$	107,574,638
At value ^(a)	$	109,035,599
Deposit with broker for futures contracts		18,461,576
Cash		1,148,588
Dividends and interest receivable		282,206
Receivable for Fund shares sold		207,988
Receivable for securities sold		115,348
Prepaid expenses and other assets		38,657
TOTAL ASSETS		129,289,962

LIABILITIES
Unrealized depreciation on futures contracts		12,362,650
Collateral on securities loaned (See note 11)		952,904
Payable for Fund shares repurchased		643,702
Investment advisory fees payable		76,161
Payable to related parties		32,141
Distribution (12b-1) fees payable		26,256
Shareholder service fees payable		15,058
TOTAL LIABILITIES		14,108,872
NET ASSETS	$	115,181,090

Composition of Net Assets:
Paid in capital	$	125,095,525
Accumulated deficit		(9,914,435	)
NET ASSETS	$	115,181,090

Net Asset Value Per Share:
Investor Class Shares:
Net Assets	$	113,838,435
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		6,072,168
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	18.75

Advisor Class Shares:
Net Assets	$	1,342,655
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		74,771
Net asset value (Net Assets ÷ Shares Outstanding), offering price and redemption price per share	$	17.96

INVESTMENT INCOME
Interest	$	2,119,832
Dividends		117,738
Securities lending		4,511
TOTAL INVESTMENT INCOME		2,242,081

EXPENSES
Investment advisory fees		582,193
Distribution (12b-1) fees - Investor Class Shares		192,143
Distribution (12b-1) fees - Advisor Class Shares		7,687
Administrative service fees		145,049
Shareholder service fees - Investor Class Shares		115,286
Liquidity program administration fees		4,500
TOTAL EXPENSES		1,046,858

NET INVESTMENT INCOME		1,195,223

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS
Net realized gain from:
Investments		137,567
Futures contracts		13,583,374
Net Realized Gain on Investments and Futures Contracts		13,720,941

Net change in unrealized appreciation(depreciation) on:
Investments		1,416,873
Futures contracts		(20,283,276	)
Net Change in Unrealized Depreciation on Investments and Futures Contracts		(18,866,403	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS AND FUTURES CONTRACTS		(5,145,462	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,950,239	)

	For the			For the
	Six Months Ended			Year Ended
	June 30, 2026			December 31, 2025
	(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,195,223		$	3,603,085
Net realized gain on investments and futures contracts		13,720,941			50,005,969
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(18,866,403	)		11,395,584
Net increase (decrease) in net assets resulting from operations		(3,950,239	)		65,004,638

DISTRIBUTIONS TO SHAREHOLDERS
From net investment income:
Investor Class		(1,066,873	)		(62,501,148	)
Advisor Class		(5,506	)		(543,320	)
From return of capital:
Investor Class		—			(10,300,334	)
Advisor Class		—			(90,864	)
Total distributions to shareholders		(1,072,379	)		(73,435,666	)

SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold:
Investor Class		85,869,958			232,395,524
Advisor Class		1,182,799			1,359,021
Reinvestment of dividends and distributions
Investor Class		1,053,338			70,759,490
Advisor Class		5,487			632,561
Payments for shares redeemed
Investor Class		(155,623,424	)		(210,462,974	)
Advisor Class		(1,410,207	)		(568,826	)
Net increase (decrease) from shares of beneficial interest transactions		(68,922,049	)		94,114,796

NET INCREASE (DECREASE) IN NET ASSETS		(73,944,667	)		85,683,768

NET ASSETS
Beginning of year/period		189,125,757			103,441,989
End of year/period	$	115,181,090		$	189,125,757

SHARE ACTIVITY
Investor Class:
Shares Sold		3,796,027			9,069,120
Shares Reinvested		52,704			3,430,232
Shares Redeemed		(6,980,110	)		(8,325,144	)
Net increase (decrease) in shares of beneficial interest outstanding		(3,131,379	)		4,174,208

Advisor Class:
Shares Sold		54,251			49,115
Shares Reinvested		291			32,129
Shares Redeemed		(64,610	)		(23,276	)
Net increase (decrease) in shares of beneficial interest outstanding		(10,068	)		57,968

	Investor Class
	Six Months Ended
	June 30,			Year Ended December 31,
	2026			2025			2024			2023			2022			2021
	(Unaudited)
Net asset value, beginning of year/period	$	20.37		$	20.46		$	21.20		$	21.19		$	22.21		$	23.69
Income (loss) from investment operations:
Net investment income (loss) ^(a)		0.17			0.66			0.69			0.46			(0.02	)		(0.15	)
Net realized and unrealized gain (loss)		(1.63	)		12.69			4.44			1.71			(1.00	)		(1.33	)
Total income (loss) from investment operations		(1.46	)		13.35			5.13			2.17			(1.02	)		(1.48	)
Less distributions:
Distributions from net investment income		(0.16	)		(12.32	)		(5.87	)		(2.16	)		—			—
Return of capital		—			(1.12	)		—			—			—			—
Total distributions		(0.16	)		(13.44	)		(5.87	)		(2.16	)		—			—
Net asset value, end of year/period	$	18.75		$	20.37		$	20.46		$	21.20		$	21.19		$	22.21
Total return ^(b)		(7.22	)% ^(e)		59.37	%		24.17	%		10.32	%		(4.59	)%		(6.25	)%
Net assets, end of year/period (in 000s)	$	113,838		$	187,472		$	102,907		$	115,008		$	128,654		$	129,065
Ratios/Supplemental Data:
Ratio of net expenses to average net assets ^(c)		1.34	% ^(f)		1.35	%		1.35	%		1.34	%		1.31	%		1.35	%
Ratios of net investment income (loss) to average net assets ^(c,d)		1.55	% ^(f)		2.53	%		2.87	%		2.09	%		(0.11	)%		(0.67	)%
Portfolio turnover rate		47	% ^(e)		68	%		77	%		26	%		143	%		162	%

Assets*	Level 1			Level 2		Level 3		Total
Investments:
Exchange-Traded Funds	$	8,679,846		$	—	$	—	$	8,679,846
Private Investment Funds		—			—		—		14,728,502	**
Certificate of Deposit		—			6,988,326		—		6,988,326
Money Market Funds		77,686,021			—		—		77,686,021
Collateral for Securities Loaned		—			—		—		952,904	**
Total Investments	$	86,365,867		$	6,988,326	$	—	$	109,035,599
Liabilities*
Derivatives:
Futures Contracts ^	$	(12,362,650	)	$	—	$	—	$	(12,362,650	)
Total Liabilities:	$	(12,362,650	)	$	—	$	—	$	(12,362,650	)

	Inception Date	GBSF Ltd. Net Assets at	% of Net Assets at
	of GBSF Ltd.	June 30, 2026	June 30, 2026
GBSF Ltd.	7/09/2013	$23,035,668	20.0%

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

Liability
Derivative Investment Type	Commodity Risk			Total
Futures Contracts	$	(12,362,650	)	$	(12,362,650	)

Realized gain on derivatives recognized in the Consolidated Statement of Operations
Derivative Investment Type	Commodity Risk			Total
Futures Contracts	$	13,583,374		$	13,583,374

Change in unrealized depreciation on derivatives recognized in the Consolidated Statement of Operations
Derivative Investment Type	Commodity Risk			Total
Futures Contracts	$	(20,283,276	)	$	(20,283,276	)

							Net Unrealized
		Gross Unrealized		Gross Unrealized			Appreciation
Tax Cost		Appreciation		(Depreciation)			(Depreciation)
$	107,578,720	$	1,493,049	$	(36,170	)	$	1,456,879

	Fiscal Year Ended		Fiscal Year Ended
	December 31, 2025		December 31, 2024
Ordinary Income	$	63,044,468	$	23,857,648
Return of Capital		10,391,198		—
	$	73,435,666	$	23,857,648

Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Distributable Earnings/
Income		Gains		Late Year Loss		Forwards			Differences		(Depreciation)		(Accumulated Deficit)
$	—	$	—	$	—	$	(4,931,823	)	$	—	$	40,006	$	(4,891,817	)

						CLCF
Short-Term		Long-Term		Total		Utilized
$	2,066,613	$	2,865,210	$	4,931,823	$	384

		Percentage of Net
Investment		Assets
Fidelity Government Portfolio, Class I		66.2%