U.S. equity markets posted gains in two of three indexes last week. The Dow Jones Industrial Average gained 4.08%, the S&P 500 gained 2.16%, and the NASDAQ Composite lost 0.55%. Nine of 11 sectors were up last week; Energy, which posted the largest gain, was up by 16.46%. Three of the eight Quantified Funds were up last week: The Quantified Common Ground Fund (QCGDX) gained 1.13%, the Quantified Market Leaders Fund (QMLFX) was up 0.39%, the Quantified Tactical Fixed Income Fund (QFITX) was up 0.09%, the Quantified Pattern Recognition Fund (QSPMX) remained neutral, the Quantified Managed Income Fund (QBDSX) remained neutral, the Quantified STF Fund (QSTFX) was down 0.66%, the Quantified Alternative Investment Fund (QALTX) was down 0.43%, and the Quantified Evolution Plus Fund (QEVOX) lost 3.09%. The Market Environment Indicator (MEI) remained bullish last week. Equity asset-class allocations in the Quantified Market Leaders Fund remained at the following: Large-Cap Growth (30.26%), Emerging Markets (22.70%), Small-Cap Growth (15.14%), and Mid-Cap Growth (7.56%). Total sector ETF weightings remained at 75.68%, holding equal exposures in Consumer Services, Electronics, Retail, and Technology. The individual ETF positions with the leading portfolio weightings were the iShares-MSCI Emerging Markets Index ETF (EEM, 22.70%), the iShares Semiconductor ETF (SOXX, 18.92%), and the Technology SPDR ETF (XLK, 18.91%). Total cash remained at 21.11%. Within the Quantified Alternative Investment Fund (QALTX), the Long/Short Market Neutral Alternative subportfolio made no major changes last week. There were a few changes among the largest positions: Allocation to the RiverPark Long/Short Opportunity Institutional Fund (RLSIX, 6%) increased, while allocation to the ACM Dynamic Opportunity Fund (ADOAX, 0%) decreased. Last week, the funds were down 4.64% and 3.38%, respectively. The cash level within the Alternative Fund increased to 33.64% last week. The daily trading of S&P 500 Index futures with 10% fund capital allocation remained neutral for the week. The 7.5% capital allocation of the volatility-based systematic trading of NASDAQ 100 Index futures started the week at 1% net long, increased to 2% net long on Thursday’s close, and remained there for the rest of the week. The Self-adjusting Trend Following strategy started the week with 60% exposure to the NASDAQ 100 Index (NDX), increased to 100% exposure on Wednesday, and increased to 200% exposure on Friday’s close. The Quantified STF Fund (QSTFX) was down 0.66% for the week, compared to a loss of 1.27% on the NASDAQ 100 Index (NDX) and a loss of 1.29% for the Rydex Series NASDAQ 100 Fund (RYHOX), a current potential holding of the STF strategy. The Quantified Managed Income Fund’s (QBDSX) two leading broad-bond index ETF holdings are the iShares Barclays 1-3 Year Treasury Bond ETF (SHY, 37.80%) and the SPDR Barclays Capital High Yield Bond ETF (JNK, 4%). Last week, the funds were down 0.06% and up 0.29%, respectively. Cash changed to 25.41%. The 10-year U.S. Treasury yield closed the week down 0.59%. The 12% active portfolio exposure to 30-year U.S. Treasury bond futures in the Fund started the week at 0% net neutral, increased to 5.50% net long on Thursday’s close, and remained there through Friday’s close. The S&P E-mini Futures were 7% net short to start the week and changed to 6.50% net short on Thursday’s close. The Quantified Pattern Recognition Fund (QSPMX) started and finished the week with 0% exposure to the market. The Quantified Tactical Fixed Income Fund (QFITX) started the week with an allocation of 18% in RYHJX, 62% in MPIXX, and 20% in DXHYX. On Thursday, the allocation changed to 51% in RYHBX, 29% in MPIXX, and 20% in DXHYX. The allocation of the Quantified Evolution Plus Fund (QEVOX) changed to the following: 65% in gold, 13% in the S&P, 12% in the NASDAQ, 7% in the Russell, and 3% in emerging markets. The cash exposure in the Quantified Common Ground Fund (QCGDX) remained at 2.50%. The Fund’s largest allocations were to Advanced Micro Devices (AMD, 8.76%) and DaVita Inc. (DVA, 6.14%). Last week, the stocks were down 5.18% and up 12.10%, respectively. Total Return Fund (Inception) Symbol Qtr Ending (9/30/20) YTD Ending (9/30/20) 1 Year Ending (9/30/20) 3 Year Ending* (9/30/20) 5 Year Ending* (9/30/20) Since* Inception Ending (9/30/20 ) Annual Expense Ratio The Gold Bullion Strategy Fund (7/5/13) QGLDX 3.79% 19.02% 21.90% 10.47% 8.46% 3.75% 1.51% Quantified Managed Income Fund (8/9/13) QBDSX (0.89%) (8.57%) (7.73%) (0.45%) 1.63% 0.97% 1.64% Quantified Market Leaders Fund (8/9/13) QMLFX 7.62% 12.52% 29.19% 9.05% 10.76% 7.98% 1.68% Quantified Alternative Investment Fund (8/9/13) QALTX 4.87% (8.78%) (3.97%) (1.36%) 1.19% 1.21% 2.11% Quantified STF Fund (11/13/15) QSTFX 20.53% 52.79% 82.39% 23.26% N/A 19.05% 1.72% Quantified Common Ground Fund (12/27/19) QCGDX 5.98% (0.80%) N/A N/A N/A (0.70%) 1.86% Quantified Evolution Plus Fund (9/30/19) QEVOX 0.11% (8.99%) (10.77%) N/A N/A (10.77%) 1.81% Quantified Pattern Recognition Fund (8/30/19) QSPMX (0.67%) (2.98%) (5.33%) N/A N/A 7.49% 1.78% Quantified Tactical Fixed Income Fund (9/13/19) QFITX 1.00% 11.49% 10.53% N/A N/A 12.32% 1.77% * 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), 1.51%; Class A, 1.51%; Class C, 2.10%. 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 consider the investment objectives, risks, charges and expenses of each Quantified Fund and The Gold Bullion Strategy Fund before investing. This and other information can be found in the Funds’ prospectus, which can be obtained by calling 1-855-647-8268. The prospectus should be read carefully prior to investing in The Quantified Funds or The Gold Bullion Strategy Fund. 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 is the Funds’ investment advisor.