Last week, the gold spot price decreased by 0.3% and the U.S. Dollar Index rose by 1.45%. The Gold Bullion Strategy Fund (QGLDX) lost 0.39% for the week. The value of the COMEX gold futures, which closes early at 1:30 p.m., decreased by 0.25% for the week. The short-duration fixed-income ETF holding(s) held by QGLDX as of Friday’s (5/12) close had an average weekly return of about 0.12%. Total Return Fund (Inception) Symbol Qtr Ending (3/31/23) Year-To-Date Ending (3/31/23) 1 Year Ending (3/31/23) 3 Years Ending (3/31/23) 5 Years Ending (3/31/23) 10 Years Ending (3/31/23) Since * Inception Ending (3/31/23) Annual Expense Ratio The Gold Bullion Strategy Fund (7/9/13) QGLDX 7.40% 7.40% (1.61%) 4.19% 4.99% N/A 2.37% 1.53% Quantified Managed Income Fund (8/9/13) QBDSX (0.24%) (0.24%) (4.32%) (1.65%) (1.04%) N/A 0.12% 1.57% Quantified Market Leaders Fund (8/9/13) QMLFX (0.88%) (0.88%) (13.89%) 10.28% 5.02% N/A 6.41% 1.57% Quantified Alternative Investment Fund (8/9/13) QALTX (1.34%) (1.34%) (8.71%) 6.86% 1.58% N/A 2.11% 2.07% Quantified STF Fund (11/13/15) QSTFX 13.30% 13.30% (19.34%) 12.55% 10.63% N/A 10.87% 1.65% Quantified Common Ground Fund (12/27/19) QCGDX 0.89% 0.89% (10.69%) 14.49% N/A N/A 9.47% 1.69% Quantified Evolution Plus Fund (9/30/19) QEVOX 2.78% 2.78% (13.41%) 1.53% N/A N/A (4.20%) 1.66% Quantified Pattern Recognition Fund (8/30/19) QSPMX 10.34% 10.34% 3.08% 11.97% N/A N/A 8.45% 1.68% Quantified Tactical Fixed Income Fund (9/13/19) QFITX (1.50%) (1.50%) (20.38%) (9.99%) N/A N/A (5.34%) 1.68% Quantified Tactical Sectors Fund (3/3/21) QTSSX (1.37%) (1.37%) (13.20%) N/A N/A N/A (22.08%) 1.68% Quantified Rising Dividend Tactical Fund (4/14/21) QRDTX 0.00% 0.00% (27.90%) N/A N/A N/A (13.22%) 1.66% Quantified Government Income Tactical Fund (4/15/21) QGITX (1.81%) (1.81%) (19.80%) N/A N/A N/A (9.39%) 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 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 as the Funds’ investment advisor.