U.S. equity markets posted losses in all three indexes last week. The S&P 500 lost 1.16%, the NASDAQ Composite was down 0.92%, and the Dow Jones Industrial Average fell 1.96%. Only one of the 11 sectors was up last week; Real Estate, which posted the best return, increased by 0.21%. Four of the 11 Quantified Funds were up last week: The Quantified Government Income Tactical Fund (QGITX) increased by 1.86%, the Quantified Tactical Fixed Income Fund (QFITX) increased by 1.77%, the Quantified Pattern Recognition Fund (QSPMX) increased by 1.33%, the Quantified Managed Income Fund (QBDSX) was up 0.60%, the Quantified Alternative Investment Fund (QALTX) fell 0.44%, the Quantified Common Ground Fund (QCGDX) fell 1.37%, the Quantified Tactical Sectors Fund (QTSSX) lost 1.79%, the Quantified Rising Dividend Tactical Fund (QRDTX) went down 1.81%, the Quantified STF Fund (QSTFX) fell 1.97%, the Quantified Market Leaders Fund (QMLFX) lost 1.98%, and the Quantified Evolution Plus Fund (QEVOX) was down 2.68%. The Market Environment Indicator (MEI) was bullish Friday morning last week. Equity asset-class allocations in the Quantified Market Leaders Fund were the following: Large-Cap Growth (30.26%), Small-Cap Growth (15.13%), Mid-Cap Growth (22.70%), and World Stock (7.57%). Total sector ETF weightings were at 75.65%, holding exposures to Technology, the S&P 500, and Consumer Discretionary. The cash level within the Quantified Alternative Investment Fund was at 12.42% last week. The capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week with an 8% net long exposure. On Monday, the position moved to a 7% net long exposure. On Friday, the position reallocated to an 8% net long exposure. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Alternative Investment Fund held a 10% net short exposure throughout the week. The QFC Self-adjusting Trend Following strategy's signal of exposure in the NASDAQ 100 Index (NDX) held a 200% net long exposure throughout the week. The Quantified STF Fund (QSTFX) lost 1.97% for the week, compared to a loss of 0.94% for the NASDAQ 100 Index (NDX) and a loss of 0.95% for the Rydex Series NASDAQ 100 Fund (RYHOX), a current potential holding of the STF strategy. The Quantified Managed Income Fund's (QBDSX) largest ETF allocations were the Invesco Senior Loan ETF (BKLN, 13.61%), the iShares Floating Rate Bond ETF (FLOT, 13.60%), the ProShares Short 20+ Year Treasury Fund (TBF, 13.60%), and the SPDR Bloomberg Convertible Securities ETF (CWB, 13.60%). Last week, the securities were down 0.19%, up 0.01%, up 3.78%, and down 0.21%, respectively. The cash allocation was at 10%. The 10-year U.S. Treasury closed the week up 5.94%. The capital allocation to 30-year U.S. Treasury bond futures in the Quantified Managed Income Fund held a 15% net short exposure throughout the week. The S&P 500 E-mini futures held a 5.50% net short exposure throughout the week. The Quantified Pattern Recognition Fund (QSPMX) started the week with a 140% net short exposure. On Monday, the position changed to a 190% net short exposure. On Wednesday, the position switched to a 180% net short exposure. On Thursday, the position shifted to an 80% net long exposure. The Quantified Tactical Fixed Income Fund (QFITX) held a 55% net short exposure to Treasurys and a 0% net long exposure to high-yield bonds throughout the week. The Quantified Government Income Tactical Fund (QGITX) held a -55% net short exposure to Treasurys throughout the week. The Quantified Evolution Plus Fund (QEVOX) had the following allocations at the end of last week: 46% in emerging markets, 31% in international equities, 20% in the S&P 500, and 3% in the Russell 2000. The Quantified Common Ground Fund's (QCGDX) largest allocations were Vertex Pharmaceuticals Incorporated (VRTX, 5.74%) and Selective Insurance Group Incorporated (SIGI, 4.95%). Last week, the securities were down 3.90% and 1.80%, respectively. The cash allocation was at 2.50%. The Quantified Tactical Sectors Fund (QTSSX) had the following allocations last Friday: the Technology Select Sector SPDR Fund (XLK, 39%), the Vanguard Information Technology ETF (VGT, 39%), the SPDR S&P 500 ETF Trust (SPY, 39%), and the Consumer Discretionary Select Sector SPDR Fund (XLY, 39%). The Quantified Rising Dividend Fund (QRDTX) was bullish at the end of last week. Total Return Fund (Inception) Symbol Qtr Ending (6/30/23) Year-To-Date Ending (6/30/23) 1 Year Ending (6/30/23) 3 Years Ending (6/30/23) 5 Years Ending (6/30/23) 10 Years Ending (6/30/23) Since * Inception Ending (6/30/23) Annual Expense Ratio The Gold Bullion Strategy Fund (7/9/13) QGLDX 3.31% 3.84% 3.35% (1.16%) 5.63% N/A 1.97% 1.53% Quantified Managed Income Fund (8/9/13) QBDSX 0.24% 0.00% (3.53%) (2.12%) (1.01%) N/A 0.14% 1.57% Quantified Market Leaders Fund (8/9/13) QMLFX 12.46% 11.47% 10.86% 8.38% 7.01% N/A 7.51% 1.57% Quantified Alternative Investment Fund (8/9/13) QALTX 3.73% 2.34% (1.71%) 6.86% 2.43% N/A 2.43% 2.07% Quantified STF Fund (11/13/15) QSTFX 29.45% 46.67% 14.74% 12.56% 14.78% N/A 14.30% 1.65% Quantified Common Ground Fund (12/27/19) QCGDX 4.55% 5.48% 1.39% 14.44% N/A N/A 10.16% 1.69% Quantified Evolution Plus Fund (9/30/19) QEVOX 0.81% 3.62% (6.46%) (0.90%) N/A N/A (3.72%) 1.66% Quantified Pattern Recognition Fund (8/30/19) QSPMX 10.85% 22.31% 35.28% 10.84% N/A N/A 10.82% 1.68% Quantified Tactical Fixed Income Fund (9/13/19) QFITX 0.25% (1.25%) (13.36%) (9.64%) N/A N/A (4.94%) 1.68% Quantified Tactical Sectors Fund (3/3/21) QTSSX 15.94% 14.36% 14.58% N/A N/A N/A (14.70%) 1.68% Quantified Rising Dividend Tactical Fund (4/14/21) QRDTX 5.59% 5.59% (7.28%) N/A N/A N/A (9.63%) 1.66% Quantified Government Income Tactical Fund (4/15/21) QGITX (0.74%) (2.53%) (14.59%) N/A N/A N/A (8.68%) 1.68% * Performance for periods of greater than one year are annualized. As of the most recent prospectus, the expense ratios for the Gold Bullion Strategy Fund are as follows: Investors’ Class (No Load), 1.53%; Class A, 1.53%; Class C, 2.13%. The maximum sales charge imposed on Class A share purchases (as percentage of offering price) is 5.75%. An additional 2% redemption fee applies to all share classes, including Investors’ Class, when shares are redeemed within 7 days of purchase. The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. To obtain performance data current to the most recent month-end please call 1-855-647-8268. Risks associated with the Quantified Funds include active frequent trading risk, aggressive investment techniques, small and mid-cap companies risk, counter party risk, depository receipt risk, derivatives risk, equity securities risk, foreign securities risk, holding cash risk, limited history of operations risk, lower quality debt securities risk, convertible bond risk, non-diversification risk, investing in other investment companies (including ETFs) risk, shorting risk, asset backed securities risk, commodity risk, credit risk, interest risk, prepayment risk, mortgage backed securities risk, hedging and leverage risk, preferred stock risk, and MLP and REIT risks. For detailed information relating to these risks, please see prospectus. The principal risks of investing in The Gold Bullion Strategy Fund are Risks of the Sub-advisor’s Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Derivatives, Risks of Investing in ETFs, Risks of Investing in Other Investment Companies, Leverage Risk, Taxation Risk, Concentration Risk, Gold Risk, Wholly-owned Corporation Risk, Risk of Non-Diversification and interest rate risk. “Gold Risk” includes volatility, price fluctuations over short periods, risks associated with global monetary, economic, social and political conditions and developments, currency devaluation and revaluation and restrictions, trading and transactional restrictions. (An investor should carefully consider the investment objectives, risks, charges and expenses of the funds before investing. This and other information can be found in the funds’ prospectus and summary prospectus, which can be obtained by calling 1-855-650-7453. The prospectus should be read carefully before investing.) There is no guarantee that any of the Quantified Funds or The Gold Bullion Strategy Fund will achieve their investment objectives. Flexible Plan Investments, Ltd., serves as investment sub-advisor to The Gold Bullion Strategy and Quantified Funds. Advisors Preferred, LLC serves as the Funds’ investment advisor.