[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_95":96},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","a3ecy86gbnur0xn75b3shzohe","revision",2,"title","Advisors Preferred Trust Dynamic Alpha Macro Fund 招募说明书披露投资策略与费用","originalTitle","Advisors Preferred Trust (0001556505) (Filer)","summary","Advisors Preferred Trust 的 Dynamic Alpha Macro Fund 寻求资本增值，拟将资产大致各半配置于股票策略和期货交易策略，股票部分主要通过 ETF 投资。","reason","source",{"_11":85,"_86":87,"_88":89,"_90":57,"_91":92,"_93":94},"links",{"_82":83,"_63":84},"publishedAt","2026-10-23T21:01:42.000Z","discoveredAt","2026-10-23T21:27:47.300Z","timelineAt","category","ai-products","tags",[80,81],"stockSymbols",[],"score",19,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fFd2Eefi6DYY",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","8a7ac53f-3a39-46da-8f3a-68b03b37d74c","Dynamic Alpha Macro Fund披露投资策略",{"_72":73,"_15":74},"zh","

Securities\nAct Registration No. 333-184169
\nInvestment Company Act Registration No. 811-22756

SECURITIES\nAND EXCHANGE COMMISSION
\nWashington, D. C. 20549

\n \n \n \n

o	REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

\n \n \n \n \n \n \n \n \n

	o	Pre-Effective\n Amendment No._

\n \n \n \n \n \n \n \n \n

	x	Post-Effective\n Amendment No. 221

and/or

\n \n \n \n

o	REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

\n \n \n \n \n \n \n \n \n

	x	Amendment\n No. 222

(Check\nappropriate box or boxes.)

Advisors\nPreferred Trust
\n(Exact Name of Registrant as Specified in Charter)

1445\nResearch Boulevard, Suite 530
\nRockville, MD 20850
\n(Address of Principal Executive Offices)(Zip Code)

Registrant’s\nTelephone Number, including Area Code: (240) 223-1998

The\nCorporation Trust Company
\nCorporation Trust Center
\n1209 Orange Street
\nWilmington, DE 19801

(Name\nand Address of Agent for Service)

With\ncopy to:

JoAnn\nM. Strasser
\nThompson Hine LLP
\n41 South High Street, 17th Floor
\nColumbus, OH 43215

Approximate\ndate of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It\nis proposed that this filing will become effective:

\n\n

Immediately\nupon filing pursuant to paragraph (b)

\n\n

On\nNovember 1, 2026 pursuant to paragraph (b)

\n\n

60\ndays after filing pursuant to paragraph (a)(1)

\n\n

On\n(date) pursuant to paragraph (a)(1)

\n\n

75\ndays after filing pursuant to paragraph (a)(2)

\n\n

On\n(date) pursuant to paragraph (a)(2) of Rule 485.

If\nappropriate, check the following box:

\n\n

This\npost-effective amendment designates a new effective date for a previously filed post-effective amendment.

Dynamic\nAlpha Macro Fund

Investor\nClass Shares (DYMAX)

Institutional\nClass Shares (DYMIX)

PROSPECTUS

November\n1, 2026

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Adviser:		Sub-Adviser:

ADVISORS	PREFERRED	$\"(GRAPHIC)\"$

\n \n \n \n

Advisors\nPreferred LLC

2273\nResearch Blvd. Suite 350

Rockville,\nMD 20850

Dynamic\nWealth Group, LLC

3225\nMcLeod Drive, Suite 100

Las\nVegas, NV 89121

The\nSecurities and Exchange Commission and the Commodity Futures Trading Commission have not approved or disapproved these securities or\ndetermined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Table\nof Contents

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

FUND SUMMARY	1
DYNAMIC ALPHA MACRO FUND	1
Investment Objective	1
Fees and Expenses of the Fund	1
Principal Investment Strategies	1
Performance	4
Investment Adviser	5
Sub-Adviser	5
Sub-Adviser Portfolio Managers	5
Futures Trading Adviser	5
Futures Trading Adviser Portfolio Manager	5
Purchase and Sale of Fund Shares	5
Tax Information	5
Payments to Broker-Dealers and Other Financial Intermediaries	5
ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS	6
INVESTMENT OBJECTIVE	6
PRINCIPAL INVESTMENT STRATEGIES	6
PRINCIPAL INVESTMENT RISKS	9
Liquidity Program	11
Temporary Investments	12
Fund Holdings Disclosure	12
Fund Proxy Voting Disclosures	12
Tailored Shareholder Disclosure	12
Cybersecurity	12
MANAGEMENT	13
Investment Adviser	13
Sub-Adviser	13
Sub-Adviser Portfolio Managers	13
Futures Trading Adviser	13
Futures Trading Adviser Portfolio Manager	13
INVESTMENT SUBSIDIARY	15
HOW SHARES ARE PRICED	16
HOW TO PURCHASE SHARES	17
HOW TO REDEEM SHARES	21
FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES	25
TAX STATUS, DIVIDENDS AND DISTRIBUTIONS	26
DISTRIBUTION OF SHARES	27
Distributor	27
Distribution Fees	27
Additional Compensation to Financial Intermediaries	27
Householding	27
Portfolio Holdings Information	27
CONSOLIDATED FINANCIAL HIGHLIGHTS	28
PRIVACY NOTICE	29

FUND\nSUMMARY

DYNAMIC\nALPHA MACRO FUND

Investment\nObjective

The\nDynamic Alpha Macro Fund (the “Fund”) seeks capital appreciation.

Fees\nand Expenses of the Fund

This\ntable describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as\nbrokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Annual\n Fund Operating Expenses \n (expenses that you pay each year as a percentage \n of the value of your investment)	Investor \n Class \n Shares *	Institutional \n Class \n Shares
Management\n Fees	1.50%	1.50%
Distribution\n (12b-1) Fees	0.25%	0.00%
Other\n Expenses⁽¹⁾	0.36%⁽¹⁾	0.21%
Acquired\n Fund Fees and Expenses ⁽²⁾	0.04%	0.04%
Total\n Annual Fund Operating Expenses	2.15%	1.75%\n

\n\n

Investor\n Class Shares have not commenced operations.

\n\n

(1)

May\n include up to 0.15% in shareholder service expenses that may include sub-transfer agent and\n sub-custodian fees.

\n\n

(2)

Acquired\n Fund Fees and Expenses are indirect costs of investing in other investment companies. The\n operating expenses in this fee table will not correlate to the expense ratio in the Fund’s\n financial highlights because the financial statements include only the direct operating expenses\n incurred by the Fund and does not include the indirect costs of investing in other investment\n companies.

Example:\n

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end\nof those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses\nremain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Class	One\n Year	Three\n Years	Five\n Years	Ten\n Year
Investor	$218	$673	$1,154	$2,483
Institutional	$178	$551	$949	$2,062

Portfolio\nTurnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”\nits portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are\nheld in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s\nperformance. During the fiscal year ended June 30, 2026 the Fund’s portfolio turnover rate was 25.75% of the average value of its\nportfolio.

Principal\nInvestment Strategies

The\nFund’s Adviser delegates execution of the Fund’s investment strategy to a Sub-Adviser, Dynamic Wealth Group, LLC; and to\na Futures Trading Adviser, AG Capital Management Partners, L.P. Dynamic in the Fund’s name is a reference to the active management\nemployed by the Sub-Adviser and Futures Trading Adviser. “Alpha” in the Fund’s name is a reference to the goal of producing\nabove-market returns, such as exceeding the S&P 500 Index return over a long-term investing horizon. Macro in the Fund’s name\nis a reference to the major macro-economic themes such as growth rates, interest rates, and inflation that inform the Sub-Adviser’s\nand Futures Trading Adviser’s analysis.

The\nFund seeks to achieve its investment objective by allocating its assets approximately 50%/50% equally among two principal strategies:

●

Equity\n Securities Strategy

●

Futures\n Trading Strategy

The\nEquity Securities Strategy is designed to achieve capital appreciation primarily by selecting exchange-traded funds (“ETFs”)\nthat hold domestic common stocks that are representative of (i) growth stocks, (ii) above-average dividend paying stocks, and (iii) broad\nmarket stocks. An example of broad market stocks would be those included in the S&P 500 Index. The Sub-Adviser anticipates allocating\nthe 50% of the portfolio delegated to it under the Equity Securities Strategy as follows: (i) approximately 40% to growth stocks; (ii)\napproximately 40% to above-average dividend paying stocks; and (iii) approximately 20% to broad market stocks. These percentages will\nrespectively represent approximately 20%, 20%, and 10% of the Fund’s overall holdings. The Fund invests in stocks of issuers of\nany capitalization. The Sub-Adviser executes its strategy primarily by selecting sector-representative ETFs rather than selecting individual\nstocks. The Sub-Adviser chooses ETFs based upon relative expenses, manager tenure, liquidity, historical returns, and the volatility\nof those returns. The Sub-Adviser sells ETFs to rebalance portfolio allocations or when a more-attractive ETF becomes available.

The\nFutures Trading Strategy is designed to achieve capital appreciation primarily by selecting long and short futures positions generally\namong U.S. exchange-traded financial futures on: (i) currencies, (ii) debt, and (iii) equities and among U.S. exchange-traded commodity\nfutures on: (i) energy, (ii) metals and (iii) agricultural foodstuffs. A futures contract is a legally binding agreement to buy or sell\na standardized asset on a specific date or during a specific month. The Fund gains on long positions when the futures price rises and\nloses when the futures price falls. The opposite is true for short positions. The Futures Trading Adviser does not have an allocation\ntarget among futures and takes an opportunistic approach. The Futures Trading Adviser uses fundamental analysis and technical price-pattern\nanalysis to develop forecasts for the price of financial and commodity futures. It sells a long position and buys back a short position\nwhen a price target has been reached, or vice versa.

The\nFund executes a portion of its Futures Trading Strategy by investing up to 25% of its total assets (measured at the time of purchase)\nin a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary is expected to provide the Fund with exposure\nto certain futures contracts within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986,\nas amended (the “Code”). The Subsidiary also invests in short-term U.S. government securities intended to serve as margin\nor collateral for futures positions. The Fund’s investments will be composed primarily of securities, even when viewing the Subsidiary\non a consolidated basis. The Subsidiary, when viewed from a consolidated basis, is subject to the same investment restrictions as the\nFund. To the extent the Futures Trading Strategy does not require all assets allocated to it for futures margin, the Sub-Adviser may\ninvest the excess in investment grade and high-quality debt instruments.

The\nSub-Adviser and Futures. Trading Adviser may engage in frequent trading to achieve the Fund’s investment objective, which may result\nin turnover in excess of 100%.

Principal\nInvestment Risks.

As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The\nFund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.

The\nfollowing risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the Subsidiary.

●

Futures\n Risk: Futures are subject to inherent leverage that magnifies Fund losses. Futures may\n not provide an effective substitute for their reference asset or index because changes in\n futures prices may not track those of the underlying reference asset or index.

○

Equity\n Futures Risk: Equity futures are subject to general market risks and may not track the\n equity indices for which they are intended to serve as substitutes.

○

Agriculture\n Commodity Futures Risk: Investing in the commodities markets through futures may subject\n the Fund to greater volatility than investments in traditional securities. Commodity prices\n may be influenced by unfavorable weather, animal and plant disease, geological and environmental\n factors as well as changes in government regulation such as tariffs, embargoes or burdensome\n production rules and restrictions.

●

ETF\n Risk: Investments in ETFs may involve duplication of advisory fees and certain other\n expenses. By investing in an ETF, the Fund becomes a shareholder thereof. As a result, Fund\n shareholders indirectly bear the Fund’s proportionate share of the fees and expenses\n paid by shareholders of the ETFs, in addition to the fees and expenses Fund shareholders\n directly bear in connection with the Fund’s own operations. If the ETFs fail to achieve\n their investment objectives, the value of the Fund’s investment will decline, adversely\n affecting the Fund’s performance. In addition, ETF shares potentially may trade at\n a discount or a premium and are subject to brokerage and other trading costs, which could\n result in greater expenses to the Fund. Finally, because the value of ETF shares depends\n on the demand in the market, the Sub-Adviser may not be able to liquidate the Fund’s\n holdings in those shares at the most optimal time, adversely affecting the Fund’s performance.

●

Market\n Risk: The Fund’s investments will decline in value if the price of equities or\n futures contracts declines. Overall securities or futures market risks may affect the value\n of individual Fund holdings. Factors such as foreign and domestic economic growth and market\n conditions, interest rate levels, and political events may adversely affect the equity and\n fixed income securities markets and futures markets.

Overall\ninvestment market risks affect the value of the Fund. Factors such as economic growth and market conditions, interest rate levels, and\npolitical events affect the US and international investment markets. Additionally, unexpected local, regional or global events, such\nas war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious\nillnesses or other public health issues (such as the global pandemic coronavirus disease 2019 (COVID-19)); and recessions and depressions\ncould have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear,\nwhich can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.

●

Short\n Position Risk: Short positions are designed to profit from a decline in the price of\n particular futures contracts. The Fund will lose value if and when the future’s price\n rises, a result that is the opposite from traditional mutual funds. Positions in short futures\n are more risky than “long” positions because the cost of buying back the futures\n contracts is unknown.

●

Small\n and Medium Capitalization Stock Risk: The value of small or medium capitalization company\n stocks may be subject to more abrupt or erratic market movements than larger, more established\n companies or the market averages in general.

●

Taxation\n Risk: By investing in certain futures contracts indirectly through the Subsidiary, the\n Fund will obtain exposure to these contracts within the federal tax requirements that apply\n to the Fund. However, because the Subsidiary is a controlled foreign corporation, any income\n received from its investments will be passed through to the Fund as ordinary income, which\n may be taxed at less favorable rates than capital gains.

●

Turnover\n Risk: A higher portfolio turnover may result in higher transactional and brokerage costs.\n The Fund’s turnover rate is expected to be above 100% annually.

●

Wholly\n Owned Subsidiary Risk: Changes in the laws of the United States and/or the Cayman Islands,\n under which the Fund and the Subsidiary, respectively, are organized, could result in the\n inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could\n negatively affect the Fund and its shareholders. Your cost of investing in the Fund will\n be higher because you indirectly bear the expenses of the Subsidiary. The Subsidiary is not\n registered under the Investment Company Act of 1940 (the “1940 Act”), as amended,\n and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections\n of the 1940 Act, such as limits on leverage when viewed in isolation from the Fund.

Performance

The\nbar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing\nin the Fund. The bar chart shows the performance of the Fund’s Institutional Class shares for each full calendar year since the\nFund’s Institutional Class Shares inception. The Investor Class Shares of the Fund have not commenced operations. The performance\ntable compares the performance of the Fund’s Institutional Class shares over time to the performance of a broad-based market index\nand a supplemental index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication\nof how the Fund will perform in the future. Also, class specific annual and semi-annual Shareholder Reports, containing performance and\nportfolio holdings information are mailed to shareholders; and full financials and shareholder reports are made available to shareholders\nsemi-annually upon request. Updated performance information and daily net asset value per share (“NAV”) is available at no\ncost by calling toll-free 1-833-462-6344.

Dynamic\nAlpha Macro Fund

Institutional\nClass Performance Bar Chart

For\nCalendar Year Ended December 31

\n\n \n \n \n\n \n \n \n

	2024	2025
	18.37%	25.36%

$\"(BAR$

\n \n \n \n \n \n \n \n \n

Best\n Quarter	17.00%	September\n 30, 2024
Worst\n Quarter	(7.30)%	December\n 31, 2024

The\nFund’s Institutional Class year-to-date return as of September 30, 2026 was 3.81%.

Performance\nTable
\nAverage Annual Total Returns

(For\nperiods ended December 31, 2025)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Dynamic\n Alpha Macro Fund	One \n Year	Since \n Inception⁽¹⁾
Institutional\n Class Shares Return before taxes	25.36%	20.37%
Institutional\n Class Shares Return after taxes on distributions⁽²⁾	22.31%	17.80%
Institutional\n Class Shares Return after taxes on distributions and sale of Fund shares⁽²⁾	15.20%	14.84%
S&P\n 500 Total Return Index⁽³⁾ \n(reflects no deduction for fees, expenses or taxes)	17.88%	19.62%
Barclay\n Global Macro Index^(4) \n(reflects no deduction for taxes)	19.62%	13.00%

\n\n

(1)

The\n Fund’s Institutional Class Shares commenced operations on July 31, 2023. The Fund’s\n Investor Class Shares have not commenced operations.

\n\n

(2)

After-tax\n returns are calculated using the historical highest individual federal marginal income tax\n rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend\n on an investor’s tax situation and may differ from those shown, and after-tax returns\n shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements,\n such as 401(k) plans or individual retirement accounts.

\n\n

(3)

The\n S&P 500 Total Return Index is an unmanaged composite of 500 large capitalization companies\n and includes the reinvestment of dividends. The Index is widely used by professional investors\n as a performance benchmark for large-cap stocks. Investors cannot invest directly in an index;\n unlike the Fund’s returns, the index does not reflect any taxes.

\n\n

(4)

Barclay\n Global Macro Index is maintained by Barclay Hedge and measures the performance of hedge fund\n managers who take long and short positions across major capital and derivative markets worldwide.\n These positions are based on the managers’ views of macroeconomic trends and global\n events. Investors cannot invest directly in an index; unlike the Fund’s returns, the index does not reflect any fees or expenses.

Investment\nAdviser

Advisors\nPreferred LLC (the “Adviser”)

Sub-Adviser

Dynamic\nWealth Group, LLC (the “Sub-Adviser”)

Sub-Adviser\nPortfolio Managers

Bradley\nBarrie, CFP® (Certified Financial Planner), ChFC® (Chartered Financial Consultant), Managing Director and Chief Investment Officer\nof the Sub-Adviser, has served the Fund as a portfolio manager since it commenced operations in 2023. Matt O’Bryon, Portfolio Strategist\nof the Sub-Adviser has served the Fund as a portfolio manager since 2025.

Futures\nTrading Adviser

AG\nCapital Management Partners, L.P.

Futures\nTrading Adviser Portfolio Manager

Asim\nGhaffar, President, Chief Investment Officer and Chief Compliance Officer of the Futures Trading Adviser, has served the Fund as a portfolio\nmanager since it commenced operations in 2023.

Purchase\nand Sale of Fund Shares

You\nmay purchase and redeem shares of the Fund on any day that the New York Stock Exchange (“NYSE”) is open. You may purchase or\nredeem Fund shares by written request via mail Dynamic Alpha Macro Fund, c/o Ultimus Fund Solutions, LLC, PO Box 46707, Cincinnati, OH\n45246, by wire transfer, by telephone toll-free at 1-(833) 462-6344, or through a financial intermediary. Redemptions by telephone\nare available unless you decline the telephone redemption privilege on your account application or later remove it in writing. The Fund\naccepts investments in the following minimum amounts:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Initial\n Investment	Subsequent\n Investment
Class	Regular \n Account	Retirement \n Account	Regular \n Account	Retirement \n Account
Investor	$5,000	$5,000	$500	$100
Institutional	$5,000	$5,000	$500	$100

The\nFund, Adviser or Sub-Adviser may waive any investment minimum.

Tax\nInformation

Dividends\nand capital gain distributions you receive from the Fund, whether you reinvest your distributions in additional Fund shares or receive\nthem in cash, are taxable to you at either ordinary income or capital gains tax rates unless you are investing through a tax-deferred\nplan such as an IRA or 401(k) Plan. However, these dividend and capital gain distributions may be taxable upon their eventual withdrawal\nfrom tax-deferred plans.

Payments\nto Broker-Dealers and Other Financial Intermediaries

If\nyou purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may\npay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing\nthe broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit\nyour financial intermediary’s website for more information.

ADDITIONAL\nINFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS

INVESTMENT\nOBJECTIVE

The\nFund seeks capital appreciation. The Fund’s investment objective may be changed without shareholder approval by the Fund’s\nBoard of Trustees upon written notice to shareholders.

PRINCIPAL\nINVESTMENT STRATEGIES

The\nFund’s Adviser delegates execution of the Fund’s investment strategy to the Sub-Adviser, Dynamic Wealth Group, LLC.\nand to a Futures Trading Adviser, AG Capital Management Partners, L.P. Dynamic in the Fund’s name is a reference to the\nactive management employed by the Sub-Adviser and Futures Trading Adviser. Alpha in the Fund’s name is a reference to the goal\nof producing above-market returns, such as exceeding the S&P 500 Index return over a long term investing horizon. Macro in the Fund’s\nname is a reference to the major macro-economic themes such as growth rates, interest rates, and inflation that inform the Sub-Adviser’s\nand Futures Trading Adviser’s analysis.

The\nFund seeks to achieve its investment objective by allocating its assets approximately equally 50%/50%) among two principal strategies:

Equity\nSecurities Strategy

Futures\nTrading Strategy

The\nSub-Adviser uses both qualitative and quantitative measures to select ETFs as described in the chart below. The Sub-Adviser takes a flexible\napproach and may give greater weight to one or more factors depending on market conditions.

\n \n \n \n \n \n \n \n \n \n \n \n \n

Quantitative\n Measures

Qualitative\n Measures

$\"(IMAGE)\"$

Risk:\n Loss Deviation vs. Standard Deviation, Draw down analysis, Non-Correlation with Causation

\n \n

Risk\n Adjusted Returns: Sortino Ratio, Skewness, Upside/Downside Capture Ratio, Sharpe Ratio

\n \n

Consistency:\nRolling analysis of returns, risk, and risk adjusted returns are utilized to help measure consistency & correlation relationships

People:\n Strategies & managers are examined, including culture-“how invested in their strategies\n are they?”, research capacity, & product development.

\n \n

Process:\n The firm & managers are examined to determine consistency in process, along with a logical approach

\n \n

Purpose:\nDiversification starts with examining the purpose behind each component, causation for correlation ratios is examined

The\nsummary of quantitative and qualitative measures above are intended to give a high-level overview of the Sub-Adviser’s process.\nThe following brief definitions are intended to illuminate the nature of the measurement techniques used by the Sub-Adviser. Standard\ndeviation is a measure of volatility of returns, which includes positive and negative returns. Loss deviation is a measure of volatility\nof only negative returns, whereas standard deviation is a measure of overall volatility. Loss deviation does not take into account deviation\nof the investment’s positive returns. Draw down measures how severe a loss is by comparing an asset’s peak-to-trough percentage\ndrop. Non-correlation with causation references the examination of the possible reasons for the non-correlation in returns between two\ninvestments. This is an attempt to reduce coincidental non-correlation. The Sharpe Ratio is a measure of risk adjusted performance where\nrisk is measured by standard deviation. The Sortino Ratio is also a measure of risk adjusted returns, where risk is measured as downside\ndeviation; and like the Sharpe Ratio, a higher number is better. The Sortino Ratio is a useful way for investors, analysts, and portfolio\nmanagers to evaluate an investment’s return for a given level of bad risk. Since this ratio uses the downside deviation as its\nrisk measure, it addresses the problem of using total risk, or standard deviation, as upside volatility is beneficial to investors. Like\nthe Sharpe Ratio, a higher Sortino Ratio is better. When looking at two similar investments, the one with the higher Sortino Ratio is\nearning more return per unit of bad risk. Upside capture ratio measures an asset’s performance in up markets relative to an index.\nA value over 100 indicates that an investment has outperformed the index during periods of positive returns for the index. Downside capture\nratio measures a strategy’s performance in down markets relative to the index. Skewness measures the magnitude of above-average\nreturns as compared to below-average returns. Consistency in process measures whether a manager evaluates\nthe same variables over time or jumps around from variable to variable.

The\nFutures Trading Strategy is designed to achieve capital appreciation primarily by selecting long and short futures positions generally\namong U.S. exchange-traded financial futures on: (i) currencies, (ii) debt, and (iii) equities and among U.S. exchange-traded commodity\nfutures on: (i) energy, (ii) metals and (iii) agricultural foodstuffs. A futures contract is a legally binding agreement to buy or sell\na standardized asset on a specific date or during a specific month. The Fund gains on long positions when the futures price rises and\nloses when the futures price falls. The opposite is true for short positions. The Futures Trading Adviser does not have an allocation\ntarget among futures and takes an opportunistic approach. The Futures Trading Adviser uses fundamental analysis and technical price-pattern\nanalysis to develop forecasts for the price of financial and commodity futures as presented in the table below. It sells a long position\nand buys back a short position when a price target has been reached, or vice versa.

Financial\n Futures	Commodity\n Futures
Currencies	Interest \n Rates	Equity \n Indices	Energy	Metals	Agriculture
$\"(IMAGE)\"$	$\"(IMAGE)\"$	$\"(IMAGE)\"$	$\"(IMAGE)\"$	$\"(IMAGE)\"$	$\"(IMAGE)\"$
Australian\n Dollar	Treasury\n Bond	DJIA	Crude\n Oil	Gold	Corn
British\n Pound	10-Year\n T-Note	S&P\n 500	Heating\n Oil	Silver	Wheat
Canadian\n Dollar	5-Year\n T-Note	Nasdaq	RBOB\n Gasoline *	Copper	Soybeans
Euro	2-Year\n T-Note	Nikkei	Natural\n Gas	Platinum	Soybean\n Oil
Japanese\n Yen	Eurodollars			Palladium	Soybean\n Meal
Mexican\n Peso					Live\n Cattle
Swiss\n Franc					Lean\n Hogs
					Sugar
					Cotton
					Cocoa
					Coffee

\n\n

RBOB\n stands for Reformulated Blendstock for Oxygenate Blending, a component that is used to create\n reformulated gasoline that produces less smog.

The\ndiagram below provides a representation of the Futures Trading Adviser’s investment process.

$\"(GRAPHIC)\"$

Subsidiary

The\nFund executes a portion of its Futures Trading Strategy by investing up to 25% of its total assets (measured at the time of purchase)\nin a wholly owned and controlled subsidiary (the “Subsidiary”). The Subsidiary is expected to provide the Fund with exposure\nto certain futures contracts within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code of 1986,\nas amended (the “Code”). The Subsidiary also invests in short-term U.S. government securities intended to serve as margin\nor collateral for futures positions. The Fund’s investments will be composed primarily of securities, even when viewing the Subsidiary\non a consolidated basis. To the extent the Futures Trading Strategy does not require all assets allocated to it for futures margin, the\nSub-Adviser may invest the excess in investment grade and high-quality debt instruments.

The\nSubsidiary invests primarily in futures contracts and short-term U.S. government securities intended to serve as margin or collateral\nfor futures positions. The Subsidiary is subject to the same investment restrictions as the Fund, when viewed on a consolidated basis.\nBy investing in certain futures contracts indirectly through the Subsidiary, the Fund will obtain exposure to those contracts within\nthe federal tax requirements of the Code that apply to the Fund. Subchapter M of the Code requires, among other things, that at\nleast 90% of the Fund’s income be derived from securities or derived with respect to its business of investing in securities (typically\nreferred to as “qualifying income”). Income from certain of the futures contracts in which the Fund invests will not be treated\nas “qualifying income” for purposes of the 90% income requirement.

To\nsatisfy the 90% income requirement, the Subsidiary will, not less than annually, declare a dividend to the Fund, as the sole shareholder\nof the Subsidiary, in an amount approximately equal to the total amount of “Subpart F” income (as defined in Section 951\nof the Code) generated by or expected to be generated by the Subsidiary’s investments during the fiscal year. Such dividends are\n“qualifying income” pursuant to Subchapter M (Section 851(b)) of the Code.

Because\nthe Fund may invest a substantial portion of its assets in the Subsidiary, which may hold some of the investments described in this Prospectus,\nthe Fund may be considered to be investing indirectly in some of those investments through its Subsidiary. For that reason, references\nto the Fund may also include the Subsidiary. The Subsidiary follows the same compliance policies and procedures as the Fund.

The\nSub-Adviser and Futures Trading Adviser may engage in frequent trading to achieve the Fund’s investment objective, which may result\nin turnover in excess of 100%.

PRINCIPAL\nINVESTMENT RISKS

There\nis no assurance that the Fund will achieve its investment objective. The Fund’s share price will fluctuate with changes in the\nmarket value of its portfolio investments. When you sell your Fund shares, they may be worth less than what you paid for them and, accordingly,\nyou can lose money investing in the Fund. Risks could adversely affect the NAV, total return and the value of the Fund and your investment.\nThe risk descriptions below provide a more detailed explanation of the principal investment risks that correspond to the risks described\nin the Fund’s “Fund Summary” section of this Prospectus.

The\nfollowing risks apply to the Fund through its direct investments as well as indirectly through investments in ETFs and the Subsidiary.

●

Management\n Risk: The Sub-Adviser’s and Futures Trading Adviser’s judgments about the\n attractiveness, value and potential appreciation or depreciation of a particular instrument\n in which the Fund invests may prove to be inaccurate and may not produce the desired results.\n The Adviser’s assessment of the Sub-Adviser’s and Futures Trading Adviser’s\n investment qualifications may also prove to be inaccurate and may not produce the desired\n results. Mutual funds and their advisers are subject to restrictions and limitations imposed\n by the 1940 Act, and the Code that do not apply to the management of individual and institutional\n accounts. As a result, the Sub-Adviser and Futures Trading Adviser may not achieve the intended\n result in managing the Fund’s portfolio.

●

Equity\n Securities Risk: The prices of common stocks can fall rapidly in response to developments\n affecting a specific company or industry, or to changing economic, political or market conditions.\n Common stock prices in general may decline over short or even extended periods of time. Market\n prices of securities in broad market segments may be adversely affected by a prominent issuer\n having experienced losses, lack of earnings, failure to meet the market’s expectations\n with respect to new products or services, or even by factors wholly unrelated to the value\n or condition of the issuer, such as changes in interest rates. Growth stocks and dividend\n stocks may underperform the market as a whole. Growth stocks may be more volatile than the\n stock market as a whole and can react differently to issuer, political, market, and economic\n developments than the market as a whole and other types of stocks. Growth stocks also tend\n to be more expensive relative to their earnings or assets compared to other types of stocks.\n As a result, growth stocks tend to be sensitive to changes in their earnings and more volatile\n in price than the stock market as a whole.

●

Futures\n Risk: Futures are subject to inherent leverage that magnifies Fund losses. Because futures\n contracts typically require only a small margin payment, the fluctuation of the value of\n futures in relation to the underlying assets upon which they are based is magnified. Thus,\n the Fund may experience losses that exceed losses experienced by funds that do not use derivative\n contracts. Futures may not provide an effective substitute for their reference asset or index\n because changes in futures prices may not track those of the underlying reference asset or\n index. Futures exchanges may impose daily or intraday price change limits and/or limit\n the volume of trading. Additionally, government regulation may further reduce liquidity through\n similar trading restrictions. There can be no assurance that any particular futures strategy\n will succeed.

○

Currency\n Futures Risk: Foreign currency contracts subject the Fund to currency trading risks that\n include market risk and country risk. Market risk results from adverse changes in exchange\n rates. Country risk arises because virtually every country has interfered with international\n transactions in its currency. Interference has taken the form of regulation of the local\n exchange market, restrictions on foreign investment by residents or limits on inflows of\n investment funds from abroad. Restrictions on the exchange market or on international transactions\n are intended to affect the level or movement of the exchange rate.

○

Debt\n Futures Risk: Typically, a rise in interest rates causes a decline in the value of debt\n futures. Current conditions may result in a rise in interest rates, which in turn may result\n in a decline in the value of the debt futures held by the Fund. If the U.S. Federal Reserve’s\n Federal Open Market Committee (“FOMC”) raises the federal funds interest rate\n target, interest rates across the U.S. financial system may rise. However, the magnitude\n of rate changes across maturities and borrower sectors is uncertain. Rising rates may decrease\n liquidity and increase volatility, which may make portfolio management more difficult and\n costly to the Fund and its shareholders.

○

Equity\n Futures Risk: Equity futures are subject to general market risks and may not track the\n equity indices for which they are intended to serve as substitutes. Equity futures are susceptible\n to volatile increases and decreases in value. Equity futures held by the Fund may experience\n sudden, unpredictable drops in value or long periods of decline in value. This may occur\n because of factors affecting securities markets generally, the equity securities of a particular\n sector, or a particular company.

○

Energy\n Futures Risk: Energy prices may be adversely affected by fluctuating commodity prices,\n weather, increased conservation or use of alternative fuel sources, increased governmental\n or environmental regulation, depletion, rising interest rates, declines in domestic or foreign\n production, accidents or catastrophic events, and economic conditions. Various governmental\n authorities have the power to enforce compliance with regulations and the permits issued\n under them, and violators are subject to administrative, civil and criminal penalties, including\n civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could\n be enacted in the future which would likely increase compliance costs and may adversely affect\n the financial performance of energy prices.

○

Metals\n Futures Risk: Precious and industrial metals prices may be susceptible to financial,\n economic, political or market events, as well as government regulation, impacting the production\n costs of these metals. Precious metal prices may become volatile when they serve as a substitute\n for currencies. Supplies of certain metals are concentrated in only a few countries such\n as Australia and South Africa, the governments of which may pass laws or regulations limiting\n metal investments for strategic or other policy reasons.

○

Agriculture\n Commodity Futures Risk: Investing in the commodities markets through futures may subject\n the Fund to greater volatility than investments in traditional securities. Commodity prices\n may be influenced by unfavorable weather, animal and plant disease, geologic and environmental\n factors as well as changes in government regulation such as tariffs, embargoes or burdensome\n production rules and restrictions. Changes in inflation or commodity-specific production\n costs, or sectors affecting a particular industry may produce unexpected jumps in commodity\n prices.

●

ETF\n Risk: ETFs are subject to investment advisory or management and other expenses, which\n will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will\n be higher than the cost of investing directly in ETFs and may be higher than other mutual\n funds that invest directly in stocks and bonds. ETFs are listed on national stock exchanges\n and are traded like stocks listed on an exchange. ETF shares may trade at a discount or a\n premium in market price if there is a limited market in such shares. ETFs are also subject\n to brokerage and/or other trading costs, which could result in greater expenses to the Fund.\n Because the value of ETF shares depends on the demand in the market, the Sub-Adviser may\n not be able to liquidate the Fund’s holdings at the most optimal time, adversely affecting\n performance.

○

Net\n Asset Value and Market Price Risk: The market value of ETF shares may differ from their\n NAV. This difference in price may be due to the fact that the supply and demand in the market\n for ETF shares at any point in time is not always identical to the supply and demand in the\n market for the underlying holdings. Accordingly, there may be times when an ETF shares trade\n at a premium or discount to its NAV.

○

Strategy\n Risk: Each ETF is subject to specific risks, depending on the nature of its investment\n strategy. These risks could include liquidity risk and sector risk.

○

Tracking\n Risk: ETFs in which the Fund invests will not be able to replicate exactly the performance\n of any indices or prices they track because the total return generated by the securities\n will be reduced by transaction costs incurred in adjusting the actual balance of the securities\n or derivatives. In addition, the index-tracking ETFs will incur expenses not incurred by\n their applicable indices. Certain securities comprising an index may, from time to time,\n temporarily be unavailable, which may further impede the ETF’s ability to track\n an index.

●

Market\n Risk: Securities and futures prices can be volatile. In other words, prices can fall\n rapidly in response to developments affecting a specific company or industry, or to changing\n economic, political or market conditions. The NAV of the Fund will fluctuate based on changes\n in the value of the securities and futures in which the Fund invests. The Fund invests, directly\n or indirectly, in securities and futures, which may be more volatile and carry more risk\n than some other forms of investment. Market prices of securities and futures may be adversely\n affected by price trends in interest rates, exchange rates or other factors. Overall securities\n market risks may affect the value of individual Fund holdings. Factors such as foreign and\n domestic economic growth and market conditions, interest rate levels, and political events\n may adversely affect the equity and futures markets.

For\nexample, the COVID-19 global pandemic and the aggressive responses taken by many governments, including closing borders, restricting\ninternational and domestic travel, and the imposition of prolonged quarantines or similar restrictions, as well as the forced or voluntary\nclosure of, or operational changes to, many retail and other businesses, has had negative impacts, and in many cases severe negative\nimpacts, on markets worldwide. COVID-19 negatively affected the worldwide economy, as well as the economies of individual countries,\nthe financial health of individual companies and the market in general in significant and unforeseen ways. Any such impact from a similar\nworldwide outbreak could adversely affect the Fund’s performance and the performance of the securities in which the Fund invests.\nDuring an outbreak, the Fund could lose money over short periods due to short-term market movements and over longer periods during more\nprolonged market downturns.

Market\nevents such as these and other types of market events may cause significant declines in the values and liquidity of many securities and\nother instruments, and significant disruptions to global business activity and financial markets. Turbulence in financial markets, and\nreduced liquidity in equity, credit and fixed-income markets may negatively affect many issuers both domestically and around the world,\nand can result in trading halts, any of which could have an adverse impact on the Fund. During periods of market volatility, security\nprices (including securities held by the Fund) could change drastically and rapidly, and therefore adversely affect the Fund.

●

Short\n Position Risk: Short positions are designed to profit from a decline in the price of\n particular futures contracts. The Fund will lose value if and when the future’s price\n rises, a result that is the opposite from traditional mutual funds. The Fund will engage\n in taking short futures positions which is significantly different from the investment activities\n commonly associated with conservative stock funds. Positions in short futures are more risky\n than “long” positions because the cost of buying back the futures contracts is\n unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential\n loss on long positions is limited to the original purchase price.

●

Small\n and Medium Capitalization Stock Risk: The value of small or medium capitalization company\n stocks may be subject to more abrupt or erratic market movements than larger, more established\n companies or the market averages in general. The earnings and prospects of small and medium\n sized companies are more volatile than larger companies and may experience higher failure\n rates than larger companies. Small and medium sized companies normally have a lower trading\n volume than larger companies, which may tend to make their market price fall more disproportionately\n than larger companies in response to selling pressures and may have limited markets, product\n lines, or financial resources and lack management experience.

●

Taxation\n Risk: By investing in certain futures contracts indirectly through the Subsidiary, the\n Fund will obtain exposure to certain futures within the federal tax requirements that apply\n to the Fund. The Subsidiary is classified as a controlled foreign corporation for U.S. tax\n purposes. Typically, any gains or losses from trading in Section 1256 futures contracts,\n such as exchange-traded commodity futures contracts, are taxed 60% as long-term capital gains/losses\n and 40% short term capital gains/losses. However, because the Subsidiary is a controlled\n foreign corporation any income received from its investments will be passed through to the\n Fund as ordinary income.

●

Turnover\n Risk: A higher portfolio turnover rate may result in higher transactional and brokerage\n costs associated with the turnover which may reduce the Fund’s return unless the securities\n traded can be bought and sold without corresponding commission costs.

●

Wholly\n Owned Subsidiary Risk: Changes in the laws of the United States and/or the Cayman Islands,\n under which the Fund and Subsidiary, respectively, are organized, could result in the inability\n of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively\n affect the Fund and its shareholders. For example, the Cayman Islands does not currently\n impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax\n or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary\n must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment\n returns. The Subsidiary is not registered under the 1940 Act and, unless otherwise noted\n in this Prospectus, is not subject to all of the investor protections of the 1940 Act. The\n Fund, by investing in the Subsidiary when viewed in isolation from the Fund, will not have\n all of the protections offered to investors in registered investment companies with respect\n to Sections 8 and 18 (regarding investment policies, capital structure and leverage), Section\n 15 (regarding investment advisory contracts) and Section 17 (regarding affiliated transactions\n and custody). However, the Fund wholly owns and controls the Subsidiary, and is overseen\n by the Adviser, making it unlikely that the Subsidiary will take action contrary to the interests\n of the Fund or its shareholders. The Fund’s Board has oversight responsibility for\n the investment activities of the Fund, including its investment in the Subsidiary, and the\n Fund’s role as the sole shareholder of the Subsidiary.

Liquidity\nProgram

The\nFund may participate in the ReFlow Fund, LLC (“ReFlow”) liquidity program, which is designed to provide an alternative liquidity\nsource for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow provides participating mutual funds\nwith a source of cash to meet net shareholder redemptions by standing ready each business day to purchase Fund shares up to the value\nof the net shares redeemed by other shareholders that are to settle the next business day. Following purchases of Fund shares, ReFlow\nthen generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow\n(currently 28 days) or at other times at ReFlow’s discretion. While ReFlow holds Fund shares, it will have the same rights and\nprivileges with respect to those shares as any other shareholder. ReFlow will periodically redeem its entire share position in the Fund\nand request that such redemption be met in kind in accordance with the Fund’s redemption in kind policies described under “HOW\nTO REDEEM SHARES” below. For use of the ReFlow service, the Fund pays a fee to ReFlow each time it purchases Fund shares, calculated\nby applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The minimum\nfee rate is 0.25% of the value of the Fund shares purchased by ReFlow although the Fund may submit a bid at a higher fee rate if it determines\nthat doing so is in the best interest of Fund shareholders. ReFlow’s purchases of Fund shares through the

liquidity\nprogram are made on an investment-blind basis without regard to the Fund’s objective, policies, or anticipated performance. ReFlow\npurchases will not be subject to any investment minimum applicable to such shares. Investments in the Fund by ReFlow in connection with\nthe ReFlow liquidity program are not subject to the market timing limitation or fees described in “FREQUENT PURCHASES AND REDEMPTIONS\nOF FUND SHARES” below. The investment Adviser and Sub-Adviser believe that the program assists in stabilizing the Fund’s\nnet assets to the benefit of the Fund and its shareholders. To the extent a Fund’s net assets do not decline, the investment Adviser\nand Sub-Adviser may also benefit.

Temporary\nInvestments

To\nrespond to adverse market, economic, political, or other conditions, the Fund may invest 100% of its total assets, without limitation,\nin high-quality short-term debt securities and money market instruments. The Fund may be invested in these instruments for extended periods,\ndepending on the Sub-Adviser’s and Futures Trading Adviser’s assessment of market conditions. These short-term debt securities\nand money market instruments may include shares of other mutual funds, commercial paper, certificates of deposit, bankers’ acceptances,\nU.S. Government securities and repurchase agreements. While the Fund is in a defensive position, the opportunity to achieve its investment\nobjective will be limited. Furthermore, to the extent that the Fund invests in money market mutual funds for its cash position, there\nwill be some duplication of expenses because the Fund would bear its pro rata portion of such money market funds’ advisory and\noperational fees. The Fund may also invest a substantial portion of its assets in such instruments at any time to maintain liquidity\nor pending selection of investments in accordance with its policies.

Fund\nHoldings Disclosure

A\ndescription of the Fund’s policies regarding the release of Fund holdings information is available in the Fund’s Statement\nof Additional Information (“SAI”). Shareholders may request Fund holdings schedules at no charge by calling toll-free 1-833-462-6344.

Fund\nProxy Voting Disclosures

The\nactual voting records relating to portfolio securities of the Fund during the most recent 12-month period ended June 30 are available\nwithout charge, upon request, by calling toll free 1-833-462-6344.

The\ninformation is available on the Fund’s website at https://www.advisorspreferred.com/dynamic-wealth or on the SEC’s\nwebsite at www.sec.gov. In addition, a copy of the Trust’s proxy voting policies and procedures are also available by calling\ntoll free 1-833-462-6344 and will be sent within three business days of receipt of a request.

Tailored\nShareholder Disclosure

The\nFund’s annual and semi-annual Tailored Shareholder Reports are available without charge, upon request, by calling toll free 1-833-462-6344.\nThe information is available on the Fund’s website at https://www.advisorspreferred.com/dynamic-wealth or\non the SEC’s website at www.sec.gov.

Cybersecurity

The\ncomputer systems, networks and devices used by the Fund and its service providers to carry out routine business operations employ a variety\nof protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures,\ninfiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers,\nsystems, networks, or devices potentially can be breached. The Fund and shareholders could be negatively impacted as a result of a cybersecurity\nbreach. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other\nmalicious software code; and attacks that shutdown, disable, slow, or otherwise disrupt operations, business processes, or website access\nor functionality. Cybersecurity breaches may cause disruptions and impact the Fund’s business operations, potentially resulting\nin financial losses; interference with the Fund’s ability to calculate NAV; impediments to trading; the inability of the Fund,\nthe Adviser, the Sub-Adviser, the Futures Trading Adviser and other service providers to transact business; violations of applicable\nprivacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance\ncosts; as well as the inadvertent release of confidential information.

Similar\nadverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties\nwith which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators,\nbanks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers\nfor the Fund’s shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent\nany cybersecurity breaches in the future.

MANAGEMENT

Investment\nAdviser

Advisors\nPreferred LLC (“Advisors Preferred”), 2273 Research Blvd., Suite 350, Rockville, MD 20850, serves as investment adviser\nto the Fund. Subject to the authority of the Board of Trustees, Advisors Preferred is responsible for management of the Fund’s\ninvestments directly or through a Sub-Adviser and/or Futures Trading Adviser. Advisors Preferred is responsible for assuring the Fund’s\ninvestments are selected according to the Fund’s investment objective, policies, and restrictions. Advisors Preferred was formed\nin 2011 and commencing 2012, provides investment advisory services to mutual funds. As of June 30, 2026, the Adviser had approximately\n$1.8 billion in assets under management. Pursuant to an advisory agreement between the Fund and the Adviser, the Adviser is entitled\nto receive, on a monthly basis, an annual advisory fee equal to 1.50% of the Fund’s average daily net assets.

Sub-Adviser

Dynamic\nWealth Group, LLC, located at 3225 McLeod Drive, Suite 100, Las Vegas, NV 89121 was formed to provide investment management services\nto mutual funds. As of June 30, 2026, it had over $245 million in assets under management. The Sub-Adviser is entitled\nto receive from the Adviser (not the Fund), a monthly fee based on Fund assets sub-advised.

Sub-Adviser\nPortfolio Managers

Bradley\nBarrie, CFP^®, ChFC^®, is a co-founder of Dynamic Wealth Group, LLC, and serves as Managing Director and\nChief Investment Officer, overseeing portfolio creation and management of its Dynamic Alpha Solutions’ Multi-Dimensional Asset\nAllocation models. Mr. Barrie has served the Sub-Adviser in these roles since its formation in March 2023. Before co-founding the Sub-Adviser,\nMr. Barrie founded Dynamic Alpha Group, Inc. in 2017, which focused on assisting financial advisors with all aspects of financial planning,\nincluding investment portfolio creation and management. From 1998 to 2017, Mr. Barrie held various positions at Ameriprise Financial,\nLLC, including: financial advisor, private wealth advisor, manager & acting field vice president, and compliance officer.

Outside\nof his professional career, Mr. Barrie is committed to philanthropy and community involvement. In 2017, he received the Philanthropist\nof the Year award from the Amita Health Foundation. In addition, he founded The Alliance Foundation, a public 501(c)(3) organization\ndedicated to helping individuals achieve prosperity through programs that address food, shelter, and emotional support. Mr. Barrie also\nserves on the boards of several non-profit organizations.

Mr.\nBarrie holds a Bachelor of Science in Mathematics and Economics from Rockford University.

Matthew\nO’Bryon, CIMA®, supports the day-to-day management, portfolio allocation, and overall investment strategy. He also serves as\nPortfolio Specialist for Dynamic Alpha Solutions, a position held since October 2022, supporting portfolio design and advisor implementation\nwithin the firm’s Multi-Dimensional Asset Allocation models.

Mr.\nO’Bryon began his career in 2008 as a founding member of Stratos Wealth Partners, later helping launch its internal asset management\narm, Stratos Wealth Management Group (now Fundamentum), where he served as Lead Portfolio Manager and helped grow assets to more than\n$350 million. He subsequently served as Managing Partner and Chief Investment Officer at Landing Point Financial Group, from April 2016\nto September 2022 overseeing investment strategy, research, and trading operations.

With\nover 17 years of industry experience, Mr. O’Bryon brings deep expertise in investment research, portfolio construction, and advisor\nsupport. He holds the Certified Investment Management Analyst® (CIMA®) designation and a Series 66 license.

Futures\nTrading Adviser

AG\nCapital Management Partners, L.P., located at 75 State St., Suite 100, Boston, MA 02109 was formed as a Delaware limited partnership\nApril 2, 2020, to provide futures-related investment management services to individuals and pooled investment vehicles. The Futures Trading\nAdviser is registered as a Commodity Trading Advisor (“CTA”) and Commodity Pool Operator (“CPO”) with the Commodity\nFutures Trading Commission (“CFTC”). As of June 30, 2026, it had $207 million in assets under management. The\nFutures Trading Adviser is entitled to receive from the Adviser (not the Fund), a monthly fee based on Fund assets advised.

Futures\nTrading Adviser Portfolio Manager

Asim\nGhaffar has served as the President, Chief Investment Officer\nand Chief Compliance Officer of AG Capital Management Partners, L.P. since its formation in April 2020. Previously, Mr. Ghaffar held\nthe same positions at the Futures Trading Adviser’s predecessor firm, AG Capital Investments, LLC since its founding in 2014.

Mr.\nGhaffar has extensive experience in economics, investment consulting, futures trading and risk management. He began his career as an\neconomics and business consulting analyst at Charles River Associates, followed by a stint as a strategy

consultant\nat Bain & Company before pursuing a master’s in business administration degree from the Massachusetts Institute of Technology\nSloan School of Management.

Post\nMBA, he advised foundations, universities, private clients, and insurance groups in the US, ranging in assets under management from $100\nmillion to $20 billion as an investment consultant for Cambridge Associates, LLC. Mr. Ghaffar then worked as an investment director at\nJohn Hancock Investments (JHI), an investment management firm. In this role, he managed JHI’s absolute return liquid alternative\ninvestment products.

In\naddition to having an MBA from the MIT Sloan School of Management, Mr. Ghaffar earned a Bachelor of Arts in Economics from Dartmouth\nCollege.

A\ndiscussion regarding the basis for the Trustees’ approval of the advisory agreement, sub-advisory agreement, and futures trading\nagreement is available in the Fund’s annual shareholder report for the fiscal year ended June 30, 2026, which is included in\nthe Fund’s form N-CSR. The Fund’s SAI provides additional information about the portfolio managers’ compensation\nstructure, other accounts managed and ownership of shares of the Fund.

INVESTMENT\nSUBSIDIARY

The\nFund may invest up to 25% of its total assets in the Subsidiary. The Subsidiary is a company organized under the laws of the Cayman Islands\nand is overseen by its own board of directors who are officers of the Fund. The Fund is the sole shareholder of the Subsidiary, and it\nis not currently expected that shares of the Subsidiary will be sold or offered to other investors. If, at any time, the Subsidiary proposes\nto offer or sell its shares to any investor other than the Fund, you will receive 60 days’ prior notice of such offer or sale.

The\nAdviser delegates investment responsibility to the Futures Trading Adviser. Pursuant to an investment advisory agreement between the\nAdviser and the Subsidiary, the Adviser manages the affairs of the Subsidiary directly or through the Futures Trading Adviser. Pursuant\nto a futures trading agreement between the Adviser and the Futures Trading Adviser, the Futures Trading Adviser executes the futures\nrelated investment program of the Subsidiary. Under these agreements, the Adviser and Futures Trading Adviser provide the Subsidiary\nwith the same type of management services, under the same terms, as are provided to the Fund, except that the Adviser and Futures Trading\nAdviser receive no fee. These agreements provide for automatic termination upon the termination of the advisory or futures trading agreement\nwith respect to the Fund. The Subsidiary has also entered into separate contracts for the provision of custody and transfer agency services\nwith the same service providers that provide those services to the Fund.

The\nSubsidiary also bears the fees and expenses incurred in connection with the custody, transfer agency and audit services that it receives.\nThe Fund expects that the expenses borne by the Subsidiary will not be material in relation to the value of the Fund’s assets.\nIt is also anticipated that the Fund’s own expense will be reduced to some extent as a result of the payment of such expenses at\nthe Subsidiary level. It is therefore expected that any duplicative fees for similar services provided to the Fund and Subsidiary will\nnot be material.

The\nSubsidiary is managed pursuant to compliance policies and procedures that are the same, in all material respects, as the policies and\nprocedures adopted by the Fund. As a result, the Sub-Adviser is subject to the same investment policies and restrictions that apply to\nthe management of the Fund, and, in particular, to the requirements relating to leverage, liquidity, brokerage, and the timing and method\nof the valuation of the Subsidiary’s Fund investments and shares of the Subsidiary, when viewing the Fund and the Subsidiary on\na consolidated basis. These policies and restrictions are described in detail in the Fund’s SAI. The Fund’s Chief Compliance\nOfficer oversees implementation of the Subsidiary’s policies and procedures and makes periodic reports to the Fund’s Board\nregarding the Subsidiary’s compliance with its policies and procedures.

On\nan aggregate basis with the Fund, the Subsidiary complies with the provisions of the 1940 Act in Sections 8 and 18 (regarding investment\npolicies, capital structure and leverage); the Adviser and Sub-Adviser to the Subsidiary, are SEC-registered and each complies with the\nprovisions of the 1940 Act in Section 15 (regarding investment advisory contracts) and the Subsidiary complies with the provisions of\nthe 1940 Act in Section 17 (regarding affiliated transactions and custody) and employs the same custodian as the Fund.

The\nfinancial statements of the Subsidiary are consolidated in the Fund’s financial statements which are included in the Fund’s\nannual and semi-annual reports. The Fund’s annual and semi-annual reports are available upon on the Fund’s website https://www.advisorspreferred.com/dynamic-wealth,\nand copies of the reports are provided without charge upon request as indicated on the back cover of this Prospectus. Please refer to\nthe SAI for additional information about the organization and management of the Subsidiary.

HOW\nSHARES ARE PRICED

Shares\nof the Fund are sold at NAV. The NAV of the Fund is determined at close of regular trading (normally 4:00 p.m. Eastern Time) on each\nday the NYSE is open for business. NAV is computed by determining, on a per class basis, the aggregate market value of all assets of\nthe Fund, less its liabilities, divided by the total number of shares outstanding ((assets-liabilities)/number of shares = NAV). The\nNYSE is closed on weekends and New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth\nDay, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. The NAV takes into account, on a per class basis, the expenses\nand fees of the Fund, including management, administration, and distribution fees, which are accrued daily. The determination of NAV\nfor a share class for a particular day is applicable to all applications for the purchase of shares, as well as all requests for the\nredemption of shares, received by the Fund (or an authorized broker or agent, or its authorized designee) before the close of trading\non the NYSE on that day.

Generally,\nthe Fund’s securities are valued each day at the last quoted sales price on each security’s primary exchange. Securities\ntraded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available\nand not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence\nof a sale on the primary exchange, at the mean between the current bid ask prices on such exchanges. Securities primarily traded in the\nNational Association of Securities Dealers’ Automated Quotation System (“NASDAQ”) National Market System for which\nmarket quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt\nin any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally\nshall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-\ncounter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer\nsupplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics,\nsuch as rating, interest rate and maturity.

If\nmarket quotations are not readily available, securities will be valued at their fair market value as determined using the “fair\nvalue” procedures approved by the Board. Fair value pricing involves subjective judgments, and it is possible that the fair value\ndetermined for a security may be materially different from the value that could be realized upon the sale of that security. The fair\nvalue prices can differ from market prices when they become available or when a price becomes available. The Board has delegated execution\nof these procedures to a fair value team composed of one or more officers from each of the (i) Trust, (ii) administrator, and (iii) Adviser\nand/or a sub-advisor. The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer\non an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process\nand the resultant fair value prices at least quarterly to assure the process produces reliable results.

The\nFund may use independent pricing services to assist in calculating the value of the Fund’s securities. In addition, market prices\nfor foreign securities are not determined at the same time of day as the NAV for the Fund. Because the Fund may invest in underlying\nETFs which may hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days\nwhen the underlying ETFs do not price their shares, the value of some of the Fund’s portfolio securities may change on days when\nyou may not be able to buy or sell Fund shares.

In\ncomputing the NAV, the Fund values foreign securities held by the Fund at the latest closing price on the exchange in which they are\ntraded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars\nat current rates. If events materially affecting the value of a security in the Fund’s portfolio, particularly foreign securities,\noccur after the close of trading on a foreign market but before the Fund prices its shares, the security will be valued at fair value.\nFor example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, the fair value team\nmay need to price the security using the Fund’s fair value pricing guidelines. Without a fair value price, short-term traders could\ntake advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund’s portfolio securities\ncan serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies\nwill prevent dilution of the Fund’s NAV by short term traders. The determination of fair value involves subjective judgments. As\na result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds\nto determine NAV, or from the price that may be realized upon the actual sale of the security.

With\nrespect to any portion of the Fund’s assets that are invested in one or more open-end management investment companies registered\nunder the 1940 Act, the Fund’s NAV is calculated based upon the NAVs of those open-end management investment companies, and the\nprospectuses for these companies explain the circumstances under which those companies will use fair value pricing and the effects of\nusing fair value pricing.

HOW\nTO PURCHASE SHARES

Share\nClasses: This Prospectus describes two classes of shares offered by the Fund: Investor Class and Institutional Class. The Fund offers\nthese classes of shares so that you can choose the class that best suits your investment needs. Refer to the information below so that\nyou can choose the class that best suits your investment needs. The main differences between each class are investment minimums and ongoing\nfees. For information on ongoing distribution fees, see the section entitled Distribution Fees in this Prospectus. Each class of shares\nin the Fund represents interest in the same portfolio of investments within the Fund. There is no investment minimum on reinvested distributions,\nand the Fund may change investment minimums at any time. The Fund, Adviser, and Sub-Adviser may each waive investment minimums at their\nindividual discretion. Not all share classes may be available for purchase in all states.

Factors\nto Consider When Choosing a Share Class: When deciding which class of shares of the Fund to purchase, you should consider your investment\ngoals, present and future amounts you may invest in the Fund, and the length of time you intend to hold your shares. To help you make\na determination as to which class of shares to buy, please refer back to the examples of the Fund’s expenses over time in the Fees\nand Expenses of the Fund section in this Prospectus. You also may wish to consult with your financial adviser for advice with regard\nto which share class would be most appropriate for you.

Investor\nClass Shares: Investor Class shares of the Fund are offered at their NAV without an initial sales charge. This means that 100% of\nyour initial investment is placed into shares of the Fund. Investor Class shares pay up to 0.25% on an annualized basis of the average\ndaily net assets as reimbursement or compensation for service and distribution-related activities with respect to the Fund and/or shareholder\nservices. Over time, fees paid under this distribution and service plan will increase the cost of an Investor Class shareholder’s\ninvestment and may cost more than other types of sales charges. Investor Class Shares are currently not available for purchase.

Institutional\nClass Shares: Institutional Class shares of the Fund are offered at their NAV without an initial sales charge. This means that 100%\nof your initial investment is placed into shares of the Fund.

Minimum\nand Additional Investment Amounts: Except as noted below, the minimum initial and subsequent investment by class of shares is:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	Initial\n Investment	Subsequent\n Investment
Class	Regular \n Account	Retirement \n Account	Regular \n Account	Retirement \n Account
Investor	$5,000	$5,000	$500	$100
Institutional	$5,000	$5,000	$500	$100

The\nFund, Adviser, and Sub-Adviser may each waive investment minimums at their individual discretion. There is no minimum investment requirement\nwhen you are buying shares by reinvesting dividends and distributions from the Fund.

Purchasing\nShares: The Fund reserves the right, in its sole discretion, to suspend the offering of shares or to reject purchase orders when,\nin the judgment of management, such suspension or rejection is in the best interests of the Fund. Subject to the Board’s discretion,\nthe Adviser and Sub-Adviser will monitor the Fund’s total assets and may decide to close the Fund to new investments or to new\naccounts due to concerns that a significant increase in the size of the Fund may adversely affect the implementation of the Fund’s\nstrategy.

If\nthe Fund closes to new investments, generally the Fund would be offered only to certain existing shareholders of the Fund and certain\nother persons, including (a) fee-based advisory model programs or financial advisors who manage fee-based wrap accounts that systematically\ntrade in and out of the Fund based on model portfolio allocations; (b) persons who already hold shares of the Fund directly or through\naccounts maintained by financial intermediaries; (c) existing and future clients of registered investment advisers and planners whose\nclients already hold shares of the Fund on transaction fee and non-transaction fee platforms; (d) employees of the Adviser and/or\nthe Sub-Adviser and their spouses, parents and children; (e) Trustees of Advisors Preferred Trust; and (f) defined contribution retirement\nplans of private employers and governed by ERISA or of state and local governments.

Except\nas otherwise noted, these restrictions apply to investments made directly with the Fund through its transfer agent, investments made\nindirectly through financial institutions and investments made indirectly through financial intermediaries. Once an account is closed,\nadditional investments will not be accepted unless you are one of the investors listed above. Investors may be required to demonstrate\neligibility to purchase shares of the Fund before an investment is accepted. Fund management reserves the right to (i) make additional\nexceptions that, in its judgment, do not adversely affect its ability to manage the Fund, (ii) reject any investment or refuse any exception,\nincluding those detailed above, that it believes will adversely affect its ability to manage the Fund, and (iii) close and re-open\nthe Fund to new or existing shareholders at any time.

Initial\nPurchase Methods: To open an account, you must submit a completed New Account Application in good order. Initial investments\nmay be funded via federal funds wire transfer, Automated Clearing House (ACH), or check drawn on a U.S. financial institution. The Fund\noffers its shares at the NAV next determined after an order is received in good order on a Business Day. The Fund reserves the right\nto reject any purchase order or payment method at its sole discretion.

Purchase\nby Mail: You may purchase shares of the Fund by sending a completed application form to the following address:

\n \n \n \n

Regular\nMail

Dynamic\nAlpha Macro Fund

c/o\nUltimus Fund Solutions, LLC

PO\nBox 46707

Cincinnati,\nOH 45246

Express/Overnight\nMail

Dynamic\nAlpha Macro Fund

c/o\nUltimus Fund Solutions, LLC

225\nPictoria Dr, Suite 450

Cincinnati,\nOH 45246

The\nFund, however, reserves the right, in its sole discretion, to reject any application to purchase shares. Applications sent by mail should\nbe accompanied by a check drawn on a U.S. bank, thrift institution, or credit union in U.S. funds for the full amount of the shares to\nbe purchased, unless the initial investment is funded by wire transfer or ACH as described in this section. After you open an account,\nyou may purchase additional shares by sending a check together with written instructions stating the name(s) on the account and the account\nnumber, to the above address. Make all checks payable to the Fund. The Fund generally does not accept cash equivalents for the purchase\nof shares, including, but not limited to cash, cashier’s checks, bank official checks, certified checks, bank money orders, third-party\nchecks (except for properly endorsed IRA transfer and rollover checks), counter checks, starter checks, traveler’s checks, money orders,\ncredit card checks, cryptocurrency, or payments drawn on non-U.S. financial institutions. Redemptions of Shares of the Fund purchased\nby check may be subject to a hold period until the check has been cleared by the issuing bank. To avoid such holding periods, Shares\nmay be purchased through a broker or by wire, as described in this section.

Purchase\nby Wire: If you wish to wire money to make an investment in the Fund, please call the Fund toll-free at 1-833-462-6344 for wiring\ninstructions and to notify the Fund that a wire transfer will be sent. Any commercial bank can transfer same-day funds via wire. The\nFund will generally credit investments made by wire on the business day the funds are received by the Fund’s designated bank, provided\nthey are received prior to the close of regular trading on the New York Stock Exchange (NYSE) (typically 4:00 p.m. Eastern Time).\nYour bank may charge a fee for same-day wire transfers. The Fund is not responsible for any delays in the receipt of wired funds due\nto the actions of the transmitting or receiving bank, or the Federal Reserve wire system.

Returned\nCheck/NSF Fee: If your check or electronic payment does not clear, you will be responsible for any loss or expense incurred by\nthe Fund or its Transfer Agent, as well as any applicable fees. A $25 fee will be charged to defray bank charges and processing costs\nassociated with the returned payment. The Fund reserves the right to redeem shares from your account to cover any unpaid amounts.

For\nshareholder account funds and/or transfers into the Fund, the Fund may accept securities in lieu of cash at the discretion of the Adviser\nor Sub-Adviser. There may be blackout periods such as near the end of a fiscal quarter or other holding or reporting periods where the\nAdviser or Sub-Adviser may refuse to accept securities into the Fund from new or existing Shareholders. Any tax issues resulting from\nthe exchange of securities into the Fund in lieu of cash are the responsibility of the shareholder.

Automatic\nInvestment Plan (“AIP”): Shareholders may purchase shares through an Automatic Investment Plan (“AIP”),\nwhich provides for regular, periodic purchases in accordance with the shareholder’s instructions and the transfer agent’s\nprocedures. With the shareholder’s authorization, the transfer agent will process AIP purchases in the amount and frequency selected\nby the shareholder. There is no minimum investment amount required to participate in the AIP. Shareholders may change or terminate AIP\ninstructions at any time by contacting the transfer agent. Only bank accounts maintained at U.S. financial institutions may be used.\nThe Fund and/or the transfer agent may modify, suspend, or terminate the AIP at any time. Please contact the Fund toll-free at 1-833-462-6344\nfor more information about the Fund’s Automatic Investment Plan.

Purchase\nthrough Brokers: You may invest in the Fund through brokers or agents who have entered into selling agreements with the Fund’s\ndistributor. The brokers and agents are authorized to receive purchase and redemption orders on behalf of the Fund. Such brokers are\nauthorized to designate other intermediaries to receive purchase and redemption orders on the Fund’s behalf. The Fund will be deemed\nto have received a purchase or redemption order when an authorized broker or its designee receives the order. The broker or agent may\nset their own initial and subsequent investment minimums. You may be charged a fee if you use a broker or agent to buy or redeem shares\nof the Fund. Finally, various servicing agents use procedures and impose restrictions that may be in addition to, or different from those\napplicable to investors purchasing shares directly from the Fund. You should carefully read the program materials provided to you by\nyour servicing agent.

Initial\nand Subsequent Purchases by ACH: ACH may be used for both initial and subsequent investments. To establish ACH instructions,\nshareholders must provide the required banking information on the Account Application (or other documentation acceptable to the Fund\nor its transfer agent). A voided check or other form of bank account verification acceptable to the Fund or its transfer agent is required\nto verify the designated bank account and its ownership.

Bank\nAccount Requirements: The designated bank account must be maintained at a U.S. financial institution. At least one registered\nowner of the Fund account must be an owner of the designated bank account, and the ownership information on the bank account must be\nsufficiently consistent with the registration of the Fund account. ACH transfers initiated from a bank account for which no registered\nowner of the Fund account is an owner will not be accepted.

Right\nto Reject/Good Order: The Fund and its transfer agent reserve the right to reject any ACH purchase request that is not received\nin “good order.” A request is in “good order” when all required information, authorizations, and documentation\nhave been received in proper form and are acceptable to the Fund or its transfer agent.

Payment\nfor Shares and Good Funds Policy:\nThe Fund accepts payment for shares by check, Automated Clearing House (“ACH”) transfer, or wire transfer. Payments made\nby check or ACH may be subject to a collection period to ensure that the payment has cleared and is received in good funds. If you redeem\nshares shortly after purchasing them by check or ACH, the Fund may delay sending the redemption proceeds for up to 10 business days,\nor longer if necessary, to allow the purchase payment to clear. This collection period does not apply to purchases made by wire transfer,\nwhich are generally considered good funds upon receipt. If a check or ACH payment does not clear, the purchase may be cancelled.

When\nOrder is Processed: Investor Class and Institutional Class shares can be purchased at the NAV per share next determined after\nthe Fund receives your application or request in good order. All requests received in good order by the Fund before the close of regular\ntrading on the NYSE (normally 4:00 p.m. (Eastern Time)) on each day the NYSE is open for business will be processed on that same day.\nRequests received after the close of regular trading on the NYSE will be processed on the next business day.

Purchases\nin Good Order: A purchase\nrequest will be considered to be “Good Order” if it includes:

●

A\n completed purchase application (for new accounts); or investment stub; and

●

The\n exact dollar amount of the investment; and

●

Payment\n in U.S. dollars, to \n the “Dynamic Alpha Macro Fund”

Requests\nthat are incomplete, unclear, or submitted without the required documentation may be delayed or rejected. The Fund and its transfer agent\nare not responsible for delays or losses due to requests that are not received in good order.

Good\norder means that your purchase (whether direct or through a financial intermediary) is complete and contains all necessary information;\nhas all supporting documentation (such as trust documents, beneficiary designations, proper signature guarantees, IRA rollover forms,\netc.); and is accompanied by sufficient purchase proceeds. An Account Application that is sent to the Fund’s transfer agent does\nnot constitute a purchase order until the transfer agent processes the Account Application and receives correct payment by check or wire\ntransfer.

Retirement\nPlans: You may purchase shares of the Fund for your individual retirement plans. Please call the Fund toll-free at 1-833-462-6344\nfor the most current listing and appropriate disclosure documentation on how to open a retirement account.

Account\nStatements and Transaction Confirmations:\nYou will receive periodic account statements summarizing all account activity, including purchases, redemptions, and any reinvested\ndividends or capital gains. A transaction confirmation will be sent for each financial transaction in your account, except for transactions\nthat occur on a recurring basis, such as purchases through the Automatic Investment Plan and dividend and capital gain distributions,\nwhich will appear on your periodic account statement. You must contact the Fund in writing regarding any errors or discrepancies within\n60 days after the date of the statement or confirmation that first reflects the transaction. The Fund may deny your ability to refute\na transaction if it does not hear from you within this 60-day period.

Customer\nIdentification Program (CIP) and Anti-Money Laundering (AML) Disclosure
\nImportant Information About Procedures for Opening a New\nAccount

To\nhelp the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions, including\nmutual funds, to obtain, verify, and record information that identifies each person or entity that opens an account, to the extent reasonable\nand practicable. This notice is provided in accordance with the USA PATRIOT Act of 2001 and the regulations issued thereunder.

What\nthis means for you: When you open an account, the Fund and/or its agents (including the Transfer Agent) will request your name,\nresidential or business street address, date of birth (for individuals), and an identification number, such as a Social Security Number\nor Taxpayer Identification Number (“TIN”) and may request other information that will allow the

Fund\nto identify you. A P.O. Box is not sufficient and will not be accepted as a primary residential or business street address, although\nit may be used as a mailing address. For legal entities, the Fund may require documentation verifying the legal existence of the entity\nand, as required by applicable law, identifying and verifying the identity of beneficial owners and/or control persons. The Fund may\nalso request to see a driver’s license, passport, or other identifying documents. The Fund may also check customer information against\ngovernment lists, as required or permitted by applicable law. The Fund will retain records of the information used to verify identity\nin accordance with applicable law.

Verification\nProcess: The Fund and/or its agents reserve the right to:

\n\n

●

Refuse\nto open an account or delay the processing of a purchase order if the required information is not provided;

\n\n

●

Restrict\ntransactions, close an account, or take other steps if identity cannot be verified within a reasonable timeframe; and/or

\n\n

●

Take\nany other action required or permitted by applicable law, including freezing an account or its assets.

If\nan account is closed because identity cannot be verified, shares will be redeemed at the next calculated net asset value (“NAV”)\nfollowing the closure (or as otherwise permitted by applicable law). To the extent permitted by applicable law, the Fund, the Transfer\nAgent, and their respective affiliates and agents will not be liable for any loss, including market fluctuations, resulting from delays,\nrestrictions, or account closures related to this verification process.

Rights\nReserved by the Funds: The Fund and its agents reserve the right at any time to: (i) reject or cancel all or any part\nof any purchase or exchange order; (ii) modify any terms or conditions related to the purchase, redemption or exchange of shares of any\nFund; (iii) reject or cancel any request to establish an Automatic Investment Plan (“AIP”) or Systematic Withdrawal Plan\n(“SWP”); (iv) suspend, change or withdraw all or any part of the offering made by this Prospectus.

HOW\nTO REDEEM SHARES

Redeeming\nShares by Mail: You may redeem all or any portion of the shares credited to your account by submitting a written request\nfor redemption to:

\n \n \n \n

Regular\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n PO Box 46707
\n Cincinnati, OH 45246

Express/Overnight\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n 225 Pictoria Dr, Suite 450
\n Cincinnati, OH 45246

Redemptions\nby Telephone: You may redeem Fund shares by calling 1-833-462-6344. The telephone redemption privileges are automatically\navailable for new accounts. If you do not want the telephone redemption privilege, you must indicate this in the appropriate area on\nyour account application or you must write to the Fund and instruct it to remove this privilege from your account.

Telephone\ninstructions, if received in good order before the applicable cut-off time, will be processed at the Fund’s next determined net\nasset value (“NAV”). Redemption proceeds will be sent promptly to your address of record by check or to your bank account\nof record by ACH or wire transfer. Telephone redemptions are generally limited to $50,000 per account. Requests for amounts above this\nlimit must be submitted in writing and must include a Medallion Signature Guarantee.

During\nperiods of heavy market activity or other unusual conditions, you may experience difficulty reaching the Fund or its Transfer Agent.\nPlease allow additional time to place your transaction. The Fund or its Transfer Agent will not be held liable for any loss if you are\nunable to reach them to confirm a telephone transaction.

The\nFund and its Transfer Agent use reasonable procedures to verify the authenticity of telephone instructions. These may include requiring\nan account number, a personal identification number (PIN) if applicable, recording of calls, and/or written confirmations. If these procedures\nare followed, neither the Fund nor its transfer agent will be responsible for any loss, liability, cost, or expense arising from unauthorized\nor fraudulent telephone instructions.

If\nyou own an IRA, you will be asked to make an election regarding federal and applicable state income tax withholding at the time of a\nredemption.

For\nyour protection, telephone redemptions may be restricted for 30 calendar days following a change of address or banking information. The\nFund may also require a signature guarantee or other documentation for certain transactions.

The\nFund reserves the right to modify, suspend, or terminate the telephone transaction privilege at any time, with or without notice.

Redemptions\nthrough Broker: If shares of the Fund are held by a broker-dealer, financial institution, or other servicing agent, you must\ncontact that servicing agent to redeem shares of the Fund. The servicing agent may charge a fee for this service.

Redemptions\nby Wire: a fee of $15 will be charged for each wire transfer of redemption proceeds. This fee will be deducted directly\nfrom your account and is subject to change without notice. Your bank or any intermediary institution may also charge a separate fee for\nreceiving the wire. The Fund and its transfer agent are not responsible for any delays or additional fees imposed by the receiving bank\nor any intermediary institution.

Federal\nand State Income Tax Withholding (IRAs and Other Retirement Accounts): Distributions from IRAs and other retirement accounts\nmay be subject to federal income tax withholding and, where applicable, state income tax withholding. Federal income tax generally will\nbe withheld from IRA distributions unless you elect otherwise on the applicable request form. If you do not make a withholding election,\nwithholding will be applied in accordance with applicable law and IRS rules. State income tax withholding may also apply depending on\nyour state of residence and applicable state law. Withholding is not a determination of your actual tax liability.

Systematic\nWithdrawal Plan: (SWP): Shareholders may redeem shares through a Systematic Withdrawal Plan (“SWP”),\nwhich provides for regular, periodic redemptions in accordance with the shareholder’s instructions and the transfer agent’s\nprocedures. With the shareholder’s authorization, the transfer agent will process SWP redemptions in the amount and frequency selected\nby the shareholder. Shareholders may change or terminate SWP instructions at any time by contacting the transfer agent. The Fund and/or\nthe transfer agent may modify, suspend, or terminate the SWP at any time.

Redemptions\nin Kind: The Fund reserves the right to honor requests for redemption or repurchase orders by making payment in whole or in part\nin readily marketable securities (“redemption in kind”) if the amount is greater than (the lesser of) $250,000 or 1% of the\nFund’s assets at the beginning of the 90 days period. The Fund may also use redemption in

kind\nfor certain Fund shares held by ReFlow. The securities will be chosen by the Fund and valued at the Fund’s NAV. A shareholder will\nbe exposed to market risk until these securities are converted to cash and may incur transaction expenses in converting these securities\nto cash.

When\nRedemptions are Sent: Once the Fund receives your redemption request in ‘good order’ as described below, it will\nissue payment based on the next determined NAV following your redemption request. Redemption proceeds are typically sent on the next\nbusiness day after a request is received in good order. Proceeds are generally paid by check, wire transfer, or ACH, as elected\nby the shareholder. As permitted by federal law, the Fund may delay payment for up to seven calendar days. The Fund also reserves the\nright to delay payment for shares recently purchased by check or via Automated Clearing House (ACH) until the payment has cleared, which\nmay take up to 10 business days (or longer, if necessary).

Under\ncertain circumstances, as described immediately above, redemption proceeds may be paid in kind rather than in cash. All the redemption\npayment methods will be used in regular and stressed market conditions.

Redemption\nRequests in Good Order: A\nredemption request will be considered to be in “good order” only if it includes the following:

●

the\n account number, and

●

the\n exact dollar amount or \n number of shares to be redeemed;

●

The\n name(s) of the registered account owner(s) exactly as they appear on the account,\n and

●

Signature(s)\n of all registered owner(s); and

●

Any\n required signature guarantee or medallion signature guarantee, if applicable

●

Any\n documentation reasonably required by the Fund or its transfer agent to verify the identity\n or authority of the person(s) requesting the redemption

Redemption\nrequests that are incomplete, unclear, unsigned, or submitted without the required documentation or signature guarantees may be delayed\nor rejected. The Fund and its transfer agent are not responsible for processing delays or losses resulting from requests not received\nin good order.

Medallion\nSignature Guarantee Requirements: To protect shareholders and the Fund from potential fraud, the Fund and/or its transfer\nagent (the “Transfer Agent”) may require a signature guarantee, including a Medallion Signature Guarantee (“MSG”)\nin certain circumstances as listed below: An MSG is a stamped certification from an eligible guarantor institution that verifies the authenticity of a\nsignature and the authority and capacity of the person signing.

The\nFund and/or its transfer agent require an MSG in situations including but not limited to the following:

The\n redemption amount exceeds $50,000; (or such other threshold as may be established\n by the Fund and/or the Transfer Agent);

The\n proceeds are requested to be mailed to an address or sent to a bank account\n that was changed or added within the past 30 calendar days;

The\n proceeds are requested to be made payable to a person or entity other than the\n registered account owner;

The\n proceeds are requested to be sent to a financial institution account that is not\n held in the shareholder’s name;

The\n account registration or ownership is being changed;

The\n instructions\n are submitted by mail with alternate delivery instructions or special handling,\n or other non-standard processing; or any

Any\n other circumstances in which the Fund or its transfer agent reasonably determines\n that additional documentation or verification is appropriate.

An\nMSG must be obtained from an eligible guarantor\ninstitution that participates in a Medallion Signature Guarantee program (STAMP, SEMP, or MSP). These institutions typically\ninclude commercial banks, savings associations, credit unions, and broker-dealers.

Shareholders\nshould contact the Transfer Agent in advance if they are unsure whether an MSG will be required. The Fund and/or the Transfer Agent reserves\nthe right, in its discretion, to waive or require an MSG and to reject any signature guarantee that it deems unacceptable.

A\nnotary public cannot guarantee signatures.

Involuntary\nRedemptions: To minimize Fund operating expenses, the Fund reserves the right to redeem your shares and close your account if\nyour account balance falls below the $5,000 minimum for any reason other than a decline in the Fund’s net asset value (NAV). If your\naccount falls below this required minimum, the Fund will provide you with 60 days’ written notice to increase your account balance. If\nthe balance is not brought up to the required minimum within this notice period, the Fund may, at its sole discretion, redeem all shares\nand mail a check for the proceeds to your address of record. Your account will not be closed if the account balance drops below the levels\nabove due to a decline in NAV.

All\nshares of the Fund are also subject to involuntary redemption if the Board of Trustees determines, in its sole discretion, to liquidate\nthe Fund. In such an event, the Fund will provide notice to shareholders but will not be required to obtain shareholder approval prior\nto such liquidation. An involuntary liquidation or redemption is generally considered a taxable event and will create a capital gain\nor a capital loss. Shareholders should consult their tax advisors regarding any potential tax consequences.

Suspension\nof Redemptions: The right of redemption may be suspended or the date of payment postponed (a) when trading on the New York Stock\nExchange (NYSE) is restricted, as determined by applicable rules and regulations of the SEC; (b) when the NYSE is closed for other than\ncustomary weekend and holiday closings; (c) when the SEC has by order permitted such suspension; or (d) during an emergency, as determined\nby the SEC, as a result of which it is not reasonably practicable for the Fund to dispose of securities or to determine the value of\nits net assets.

Lost\nShareholders, Inactive Accounts and Unclaimed Property: Unclaimed property laws may require the Fund or its transfer agent to\ntransfer the assets of accounts that are considered abandoned, inactive, or lost (due to return mail) to the appropriate state authority.\nAn account may be deemed unclaimed if the shareholder has not initiated any contact or transaction within a time period specified by\napplicable state law.

Before\nany transfer to the state is made, the Fund or its transfer agent will send a due diligence notice to the shareholder if legislatively\nrequired.

In\nsome cases, this process is referred to as escheatment, and shareholders may be required to reclaim the assets from the applicable state’s\nunclaimed property office. Some states may also require the liquidation of shares prior to escheatment, and shareholders may only be\nentitled to receive the cash value at the time of sale.

For\nretirement accounts, such escheatment may be treated as a taxable distribution, and federal and/or state income tax withholding may apply.

To\nhelp avoid escheatment, shareholders should maintain current contact information and periodically initiate contact with the Fund or its\ntransfer agent. Examples of shareholder-initiated contact include written correspondence, telephone inquiries, or initiating a transaction\nin the account.

In\naccordance with Texas Law, residents of the state of Texas may designate a representative to receive legislatively required unclaimed\nproperty due diligence notifications. A Texas Designation of Representative Form is available for making such an election.

Special\nSituations: There are certain times when you may be unable to sell shares of the Fund or proceeds may be delayed. This may occur\nduring emergencies, unusual market conditions or when the Fund cannot determine the value of its assets or sell its holdings. The Fund\nreserves the right to reject any purchase order or suspend offering of its shares. Generally, the Fund may reject a purchase if it is\ndisruptive to the efficient management of the Fund. The Fund may also refuse purchase requests from individuals or groups who have not\nbeen approved by the Fund’s Sub-Adviser.

Financial\nIntermediaries: Certain transactions through a financial intermediary may not be deemed in good form if such financial intermediary\nfailed to notify the Fund of such trade or trades before 4:00 p.m. Eastern Time. In particular, financial intermediaries that transact\nin shares of the Fund through the Fund/SERV^® system (a system used by mutual funds to settle purchases and redemptions\nof mutual fund shares) must, in many cases, notify the Fund of trades before placing them in the Fund/SERV^® system. In\nthe event that a financial intermediary transacts in shares of the Fund through the Fund/SERV^® system without notifying\nthe Fund of such trades in advance, such transaction may be deemed not to have been received in good order. In practice, this means that\nconfirmation from a financial intermediary is not binding on the Fund. In the event that a trade is deemed not to have been received\nin good form, for whatever reason, a purchase, redemption, or exchange request may be rejected or canceled and, in the event of a redemption\nwhich is canceled, the Fund shall have a right to a return of proceeds. Cancellation of a trade is processed at the NAV at which the\ntrade was originally received and is completed as soon as practical, ordinarily the next business day. Please contact your financial\nintermediary to determine how it processes transactions in shares of the Fund.

Dividends\nand Distributions Reinvestment Policy: If you elect to receive your dividend and capital gain distributions via check, ACH or\nwire, and the distribution amount is $50 or less, then the amount will be automatically reinvested as additional shares into your account.

For\nnon-retirement and non-educational accounts, any dividend and capital gain distributions sent by check which are not cashed within 180\ndays will be reinvested into your account at the current day’s NAV. When reinvested, those amounts are

subject\nto market risk like any other investment. Your distribution option will automatically be converted to having all dividends and capital\ngain distributions reinvested in your account as additional shares if any of the following occur:

Postal\n or other delivery service is unable to deliver mail or checks to the address of record thereby\n designated your account as “lost”);

Dividends\n and capital gain distribution checks are not cashed within 180 days; or

Bank\n account of record is no longer valid.

FREQUENT\nPURCHASES AND REDEMPTIONS OF FUND SHARES

The\nFund discourages and does not accommodate market timing that it considers abusive. Frequent trading into and out of the Fund can harm\nall Fund shareholders by disrupting the Fund’s investment strategies, increasing Fund expenses, decreasing tax efficiency, and\ndiluting the value of shares held by long-term shareholders. The Fund is designed for long-term investors and is not intended for market\ntiming or other disruptive trading activities. Accordingly, the Trust’s Board has approved policies that seek to curb these disruptive\nactivities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as their financial needs or\ncircumstances change or in response to perceived market conditions. The Fund currently uses several methods to reduce the risk of abusive\nmarket timing. These methods include:

●

Committing\n staff to review, on a continuous basis, recent trading activity in order to identify trading\n activity that may be contrary to the Fund’s “Market Timing Trading Policy;”\n and

●

Rejecting\n or limiting specific purchase requests; and

●

Rejecting\n purchase requests from certain investors.

Though\nthese methods involve judgments that are inherently subjective and involve some selectivity in their application, the Fund seeks to make\njudgments and applications that are consistent with the interests of the Fund’s shareholders.

Based\non the frequency of redemptions in your account, the Adviser, Sub-Adviser or transfer agent may in its sole discretion determine that\nyour trading activity is detrimental to the Fund as described in the Fund’s Market Timing Trading Policy and elect to (i) reject\nor limit the amount, number, frequency or method for requesting future purchases into the Fund and/or (ii) reject or limit the amount,\nnumber, frequency or method for requesting future exchanges out of the Fund.

The\nFund reserves the right to reject or restrict purchase requests for any reason, particularly when the shareholder’s trading activity\nsuggests that the shareholder may be engaged in abusive market timing or other disruptive trading activities. Neither the Fund nor the\nAdviser nor Sub-Adviser will be liable for any losses resulting from rejected purchase orders. The Adviser or Sub-Adviser may also bar\nan investor who has violated these policies (and the investor’s financial advisor) from opening new accounts with the Fund.

Although\nthe Fund attempts to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their\ntrading practices. There can be no guarantee that the Fund will be able to identify or limit these activities. Omnibus account arrangements\nare common forms of holding shares of the Fund. While the Fund will encourage financial intermediaries to apply the Fund’s Market\nTiming Trading Policy to their customers who invest indirectly in the Fund, the Fund is limited in its ability to monitor the trading\nactivity or enforce the Fund’s Market Timing Trading Policy with respect to customers of financial intermediaries. For example,\nshould it occur, the Fund may not be able to detect abusive market timing that may be facilitated by financial intermediaries or made\ndifficult to identify in the omnibus accounts used by those intermediaries for aggregated purchases, exchanges, and redemptions on behalf\nof all their customers. More specifically, unless the financial intermediaries have the ability to apply the Fund’s Market Timing\nTrading Policy to their customers through such methods as implementing short-term trading limitations or restrictions and monitoring\ntrading activity for what might be market timing, the Fund may not be able to determine whether trading by customers of financial intermediaries\nis contrary to the Fund’s Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Fund have agreed to provide\nshareholder transaction information to the extent known to the broker to the Fund upon request. If the Fund or its transfer agent or\nshareholder servicing agent suspects there is market timing activity in the account, the Fund will seek full cooperation from the service\nprovider maintaining the account to identify the underlying participant. At the request of the Adviser or Sub-Adviser, the service providers\nmay take immediate action to stop any further short-term trading by such participants. The ReFlow liquidity program is not subject to\nthe market timing limits described above.

TAX\nSTATUS, DIVIDENDS AND DISTRIBUTIONS

Any\nsale or exchange of the Fund’s shares may generate tax liability (unless you are a tax-exempt investor, or your investment is in\na qualified retirement account). When you redeem your shares, you may realize a taxable gain or loss. This is measured by the difference\nbetween the proceeds of the sale and the tax basis for the shares you sold. (To aid in computing your tax basis, you generally should\nretain your account statements for the period that you hold shares in the Fund.)

The\nFund intends to distribute substantially all of its net investment income and net capital gains annually. Both distributions will be\nreinvested in shares of the Fund unless you elect to receive cash. Dividends from net investment income (including any excess of net\nshort-term capital gain over net long-term capital loss) are taxable to investors as ordinary income, while distributions of net capital\ngain (the excess of net long-term capital gain over net short-term capital loss) are generally taxable as long-term capital gain, regardless\nof your holding period for the shares. Any dividends or capital gain distributions you receive from the Fund will normally be taxable\nto you when made, regardless of whether you reinvest dividends or capital gain distributions or receive them in cash. Certain dividends\nor distributions declared in October, November or December will be taxed to shareholders as if received in December if they are paid\nduring the following January. If you purchase shares before an ex-dividend date when a Fund has realized but not yet distributed income\nor capital gains, the purchase price may include the amount of the upcoming distribution, and you may pay the full price of shares and\nlater receive a portion of the purchase price back as a taxable distribution. In such case, you generally will be taxed upon receipt\nof such distribution, even though the distribution represents a return of a portion of your purchase price. This is known as “buying\na dividend.” Each year the Fund will inform you of the amount and type of your distributions. IRAs and other qualified retirement\nplans are exempt from federal income taxation until retirement proceeds are paid out to the participant.

Your\nredemptions of Fund shares may result in a capital gain or loss for federal tax purposes. A capital gain or loss on your investment is\nthe difference between the cost of your shares, including any sales charges, and the amount you receive when you sell them.

Cost\nBasis Reporting: The Fund is required to report cost basis information to the IRS and to shareholders on Form 1099-B for redemptions\nof “covered shares,” which are generally shares acquired on or after January 1, 2012.

The\nFund’s default cost basis calculation method is Average Cost. This method will be applied to your account unless you affirmatively elect\na different IRS-accepted method, such as First-In, First-Out (FIFO) or Specific Share Identification. You may make this election for\nfuture transactions by providing written instructions, contacting Shareholder Services at 1-833-462-6344, or through your online account\nportal, where available.

Please\nnote that, in accordance with IRS regulations, the cost basis method elected for the first redemption of covered shares cannot be changed\nafter the settlement of the redemption. The cost basis method you select may have significant tax implications. The Fund is not authorized\nto provide tax advice. We strongly recommend you consult your tax advisor to determine which method is most suitable for your individual\ncircumstances.

On\nthe account application, you will be asked to certify that your social security number or taxpayer identification number is correct and\nthat you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding or you\ndid not certify your taxpayer identification number, the IRS requires the Fund to withhold a percentage of any dividend, redemption,\nor exchange proceeds. The Fund reserves the right to reject any application that does not include a certified social security or taxpayer\nidentification number. If you do not have a social security number, you should indicate on the purchase form that your application to\nobtain a number is pending. The Fund is required to withhold taxes if a number is not delivered to the Fund within seven days.

This\nsummary is not intended to be and should not be construed to be legal or tax advice. You should consult your own tax advisers to determine\nthe tax consequences of owning the Fund’s shares.

DISTRIBUTION\nOF SHARES

Distributor

Ceros\nFinancial Services, Inc. (“Ceros”), 2273 Research Blvd., Suite 350, Rockville, MD 20850 is the distributor for\nthe shares of the Fund. Ceros is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).\nCeros and the adviser are affiliates because they are under common control. Shares of the Fund are offered on a continuous basis.

Distribution\nFees

The\nFund has adopted a Distribution Plan pursuant to Rule 12b-1 (the “Plan”) under the 1940 Act with respect to the sale and\ndistribution of Investor Class shares of the Fund. Pursuant to the Plan, the Fund pays the Fund’s distributor an annual fee for\ndistribution and shareholder servicing expenses of 0.25% of the Fund’s average daily net assets attributable to the Investor Class\nshares. A portion of the fee payable pursuant to the Plan, equal to up to 0.25% of the average daily net assets, may be characterized\nas a service fee as such term is defined under Rule 2341 of the FINRA Conduct Rules. A service fee includes payment made for personal\nservice and/or the maintenance of shareholder accounts. Because 12b-1 fees are paid out of the Fund’s assets on an on-going basis,\nover time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. You should\nbe aware that if you hold your Investor shares for a substantial period of time, you may indirectly pay more than the economic equivalent\nof the maximum front-end sales charge allowed by FINRA due to the recurring nature of distribution (12b-1) fees.

Additional\nCompensation to Financial Intermediaries

The\nFund’s distributor, its affiliates, and the Fund’s Adviser and Sub-Adviser and their affiliates may each, at their own expense\nand out of their own assets including their legitimate profits from Fund-related activities, provide additional cash payments to financial\nintermediaries who sell shares of the Fund. Financial intermediaries include brokers, financial planners, banks, insurance companies,\nretirement or 401(k) plan administrators and others. These payments are generally made to financial intermediaries that provide shareholder\nor administrative services, or marketing support. Marketing support may include access to sales meetings, sales representatives and financial\nintermediary management representatives, inclusion of the Fund on a sales list, including a preferred or select sales list, or other\nsales programs. These payments also may be made as an expense reimbursement in cases where the financial intermediary provides shareholder\nservices to Fund shareholders. The distributor may, from time to time, provide promotional incentives to certain investment firms. Such\nincentives may, at the distributor’s discretion, be limited to investment firms who allow their individual selling representatives\nto participate in such additional compensation.

Householding

To\nreduce expenses, the Fund mails only one copy of the Prospectus and each class specific annual and semi-annual Report to those addresses\nshared by two or more accounts. If you wish to receive individual copies of these documents, or the annual and semi-annual reports, please\ncall the Fund toll-free at 1-833-462-6344 on days the Fund is open for business or contact your financial institution. The Fund will\nbegin sending you individual copies thirty days after receiving your request.

Portfolio\nHoldings Information

A\ndescription of the Fund’s policies and procedures with respect to the disclosure of a Fund’s portfolio securities is available\nin the Fund’s SAI. Disclosure of the Fund’s holdings is required to be made within 60 days of the end of each fiscal quarter\nand in the financials contained in the monthly N-PORT filed with the SEC. The financials are not required to be mailed to shareholders.\nThe TSR is filed within 60 days of the end of each annual and semi-annual period with the SEC on Form N-CSR and is required to be mailed\nto shareholders. To reduce expense, the Fund mails only one copy of the Fund’s TSR (with highlights of the Fund’s portfolio)\nto those addresses shared by two or more accounts. The financial statements and TSRs, as filed with the SEC on Form N-CSR, are available\nby contacting the Fund c/o Ultimus Fund Solutions, LLC, P.O. Box 46707, Cincinnati, OH 45246 or calling 1-833-462-6344, or the funds\nwebsite at https://www.advisorspreferred.com/dynamic-wealth.

CONSOLIDATED\nFINANCIAL HIGHLIGHTS

Dynamic\nAlpha Macro Fund

The\nconsolidated financial highlights table is intended to help you understand the Fund’s financial performance for the period of the\nFund’s operations. The tables below reflect information for the Fund’s Institutional Class shares. The total returns in the\ntable represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends\nand distributions). This information for the Fund has been derived from the consolidated financial statements audited by the Fund’s\nIndependent Registered Public Accounting Firm, Cohen & Company, Ltd., whose report, along with the Fund’s consolidated financial\nstatements, are included in the Fund’s June 30, 2026 annual report, which is available upon request and is incorporated\nby reference in the SAI.

Per\nShare Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Period/Year.

	Institutional Class
	For the Year \nEnded			For the Year \nEnded			For the Period \nEnded
	June 30, 2026			June 30, 2025			June 30, 2024*
Net asset value, beginning\n of period/year	$	12.72			$	11.47		$	10.00
Income from investment operations:
Net\n investment income^(a)		0.12				0.15			0.15
Net realized and unrealized gain\n on investments and futures contracts		2.26				1.93			1.36
Total from investment operations		2.38				2.08			1.51
Less distributions to shareholders from:
Net investment income		(0.93	)			(0.83	)		(0.04	)
Total distributions		(0.93	)			(0.83	)		(0.04	)

Net asset value, end of period/year	$	14.17			$	12.72		$	11.47

Total\n return ^(b)		18.79	%			18.73	%		15.18	% ^(f)
Net assets, end of period/year (in 000s)	$	245,801			$	173,187		$	97,228

Ratio\n of net expenses to average net assets^(c)		1.71	%			1.76	%		1.89	% ^(e)
Ratios\n of net investment income to average net assets^(c,d)		0.86	%			1.22	%		1.57	% ^(e)
Portfolio turnover rate		25.75	%			3.11	%		0.00	% ^(f)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

^*	For\n the period July 31, 2023 (commencement of operations) through June 30, 2024.

^(a)	Per\n share amounts are calculated using the average shares method, which more appropriately presents the per share data for the period/year.

^(b)	Total\n returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if\n any.

^(c)	The\n ratio of expenses to average net assets and net investment income to average net assets do not reflect the expenses of the underlying\n investment companies in which the Fund invests.

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

^(e)	Annualized.

^(f)	Not\n annualized.

PRIVACY\nNOTICE

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n *Rev. May 2014*

FACTS	WHAT\n DOES ADVISORS PREFERRED TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial\n companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing.\n Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully\n to understand what we do.

What?	The\n types of personal information we collect and share depend on the product or service you have with us. This information can include:

	■ Social Security number	■ Purchase History

	■ Assets	■ Account Balances

	■ Retirement Assets	■ Account Transactions

	■ Transaction History	■ Wire Transfer Instructions

	■ Checking Account Information

	When\n you are no longer our customer, we continue to share your information as described in this notice.

How?	All\n financial companies need to share customers’ personal information to run their everyday business. In the section below, we\n list the reasons financial companies can share their customers’ personal information; the reasons Advisors Preferred Trust\n chooses to share; and whether you can limit this sharing.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Reasons\n we can share your personal information	Does\n Advisors \n Preferred Trust \n share?	Can\n you limit this sharing?
For\n our everyday business purposes – \n such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit\n bureaus	Yes	No
For\n our marketing purposes – \n to offer our products and services to you	No	We\n don’t share
For\n joint marketing with other financial companies	No	We\n don’t share
For\n our affiliates’ everyday business purposes – \n information about your transactions and experiences	No	We\n don’t share
For\n our affiliates’ everyday business purposes – \n information about your creditworthiness	No	We\n don’t share
For\n nonaffiliates to market to you	No	We\n don’t share

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n Who we are
Who\n is providing this notice?	Advisors\n Preferred Trust
What\n we do
How\n does Advisors Preferred Trust protect my personal information?	To\n protect your personal information from unauthorized access and use, we use security measures\n that comply with federal law. These measures include computer safeguards and secured files\n and buildings. \n \n Our\nservice providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal\ninformation.
How\n does Advisors Preferred Trust collect my personal information?	We\n collect your personal information, for example, when you \n \n ■ Open\n an account \n \n ■ Provide\n account information \n \n ■ Give\n us your contact information \n \n ■ Make\n deposits or withdrawals from your account \n \n ■ Make\n a wire transfer \n \n ■ Tell\n us where to send the money \n \n ■ Tells\n us who receives the money \n \n ■ Show\n your government-issued ID \n \n ■ Show\n your driver’s license \n \n We\nalso collect your personal information from other companies.
Why\n can’t I limit all sharing?	Federal\n law gives you the right to limit only \n \n ■ Sharing\n for affiliates’ everyday business purposes – information about your creditworthiness \n \n ■ Affiliates\n from using your information to market to you \n \n ■ Sharing\n for nonaffiliates to market to you \n \n State\nlaws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies\n related by common ownership or control. They can be financial and nonfinancial companies. \n \n ■ Advisors\n Preferred Trust does not share with our affiliates. \n
Nonaffiliates	Companies\n not related by common ownership or control. They can be financial and nonfinancial companies. \n \n ■ Advisors\nPreferred Trust does not share with nonaffiliates so they can market to you.
Joint\n marketing	A\n formal agreement between nonaffiliated financial companies that together market financial\n products or services to you. \n \n ■ Advisors\nPreferred Trust doesn’t jointly market.

Questions?	1-833-462-6344

Dynamic\nAlpha Macro Fund

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Adviser	Advisors\n Preferred LLC \n 2273 Research Blvd., Suite 350 \n Rockville, MD 20850	Distributor	Ceros\nFinancial Services, Inc. \n2273 Research Blvd., Suite 350 \nRockville, MD 20850
Sub-Adviser	Dynamic\n Wealth Group, LLC \n 3225 McLeod Drive, Suite 100 \n Las Vegas, NV 89121	Legal \nCounsel	Thompson\n Hine LLP \n 41 South High St., 17th Floor \n Columbus, OH 43215
Futures \n Trading \n Adviser	AG\n Capital Management Partners, L.P. \n 75 State St., Suite 100 \n Boston, MA 02109	Custodian	U.S.\n Bank N.A. \n 425 Walnut Street \n Cincinnati, OH 45202
Independent \n Registered \n Public \n Accounting \n Firm	Cohen\n & Company, Ltd. \n 1350 Euclid Avenue, Suite 800 \n Cleveland, OH 44115	Transfer \nAgent	Ultimus\nFund Solutions, LLC \n225 Pictoria Drive, Suite 450 \nCincinnati, OH 45246

Additional\ninformation about the Fund is included in the Fund’s SAI dated November 1, 2026 as may be supplemented from time to time\nand is incorporated into this Prospectus by reference (i.e., legally made a part of this Prospectus). The SAI provides more details\nabout the Fund’s policies and management. Additional information about the Fund’s investments will be available in the Fund’s\nTailored Shareholder Reports, and the Annual and Semi-Annual Reports to Shareholders.

To\nobtain a free copy of the SAI and the Annual and Semi-Annual Reports to Shareholders, or other information about the Fund, or to make\nshareholder inquiries about the Fund, please call toll-free 1-833-462-6344 or visit https://www.advisorspreferred.com/dynamic-wealth.\nYou may also write to:

\n \n \n \n

Regular\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n PO Box 46707
\n Cincinnati, OH 45246

Express/Overnight\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n 225 Pictoria Dr, Suite 450
\n Cincinnati, OH 45246

Reports\nand other information about the Fund will be available on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov.\nCopies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov,\nor by writing the Public Reference Section, Securities and Exchange Commission, Washington, D.C. 20549-1520,

Investment\nCompany Act File # 811-22756

Dynamic\nAlpha Macro Fund

Investor\nClass Shares (DYMAX)

Institutional\nClass Shares (DYMIX)

A\nSERIES OF ADVISORS PREFERRED TRUST

STATEMENT\nOF ADDITIONAL INFORMATION

November\n1, 2026

This\nStatement of Additional Information (“SAI”) is not a prospectus. It should be read in conjunction with the Prospectus for the\nDynamic Alpha Macro Fund (the “Fund”) dated November 1, 2026, as supplemented from time to time. The Fund’s Prospectus\ndated November 1, 2026 (and as supplemented from time to time) is incorporated herein by reference into this SAI (i.e., legally\nmade a part of this SAI). Copies may be obtained without charge by contacting the Fund’s Transfer Agent in writing or by calling\ntoll-free 1-833-462-6344. You may also obtain a prospectus by visiting www.advisorspreferred.com.

\n \n \n \n

Regular\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n P.O. Box 46707
\n Cincinnati, OH 45246

Express/Overnight\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n 225 Pictoria Drive, Suite 450
\n Cincinnati, OH 45246

TABLE\n OF CONTENTS	Page
Description\n of the Trust and Fund	1
Additional\n Information about the Fund’s Investments and Risks	1
Management\n of the Fund	26
Organization\n and Management of Wholly Owned Subsidiary	29
Code\n of Ethics	30
Control\n Persons and Principal Holders of Securities	30
Investment\n Advisory and Other Services	31
Investment\n Adviser	31
Sub-Adviser	32
Futures\n Trading Adviser	32
Distributor	34
Custodian	35
Fund\n Services	35
Independent\n Registered Public Accounting Firm	36
Legal\n Counsel	36
Brokerage\n Allocation and Other Practices	36
Disclosure\n of Portfolio Holdings	37
Anti-Money\n Laundering Program	38
Purchase,\n Redemption and Pricing of Shares	39
Frequent\n Purchase and Redemption of Fund Shares	42
Redemption\n In Kind	43
Tax\n Status	43
Proxy\n Voting Policies and Procedures	48
Consolidated\n Financial Statements	48
Adviser’s\n Proxy Voting Policies and Procedures	A-1

DESCRIPTION\nOF THE TRUST AND FUND

The\nFund is a diversified series of Advisors Preferred Trust (the “Trust”). The Trust is an open-end investment company established\nunder the laws of Delaware by an Agreement and Declaration of Trust dated August 15, 2012 (the “Trust Agreement”). The Trust\nAgreement permits the Board of Trustees to authorize and issue an unlimited number of shares of beneficial interest of separate series\nwithout par value. The investment adviser to the Fund is Advisors Preferred LLC (the “Adviser”). The securities investment\nsub-adviser to the Fund is Dynamic Wealth Group, LLC (the “Sub-Adviser”); and the futures sub-adviser is AG Capital Management\nPartners, L.P. (the “Futures Trading Adviser”).

The\nFund does not issue share certificates. All shares are held in non-certificated form registered on the books of the Fund and the transfer\nagent for the account of the shareholder. The Fund may issue an unlimited number of shares of beneficial interest in one or more share\nclasses. The Fund offers Investor Class Shares and Institutional Class Shares. The Investor Class shares are currently not available\nfor sale. Generally, all shares of the Fund have equal rights and privileges, except for class-specific features, rights and expenses.\nEach share of the Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the\nFund is entitled to participate equally with other shares on a class-specific basis (i) in dividends and distributions declared by the\nFund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares\nof the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights.\nFractional shares have proportionately the same rights, including voting rights, as are provided for a full share. The shares do not\nhave cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide\nor combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial\ninterest in the assets belonging to that series and the rights of shares of any other series are in no way affected. Expenses attributable\nto any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series\nare allocated by or under the direction of the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder\nis liable to further calls or to assessment by the Trust without his or her express consent.

Any\nTrustee of the Trust may be removed by vote of the shareholders holding not less than two-thirds of the outstanding shares of the Trust.\nThe Trust does not hold an annual meeting of shareholders. When matters are submitted to shareholders for a vote, each shareholder is\nentitled to one vote for each whole share he owns and fractional votes for fractional shares he owns. All shares of the Fund have equal\nvoting rights and liquidation rights. The Agreement and Declaration of Trust can be amended by the Trustees, except that any amendment\nthat adversely affects the rights of shareholders must be approved by the shareholders affected. All shares of the Fund are subject to\ninvoluntary redemption if the Trustees determine to liquidate the Fund. An involuntary redemption will create a capital gain or a capital\nloss, which may have tax consequences about which you should consult your tax adviser.

For\ninformation concerning the purchase and redemption of shares of the Fund, see “How to Purchase Shares” and “How to Redeem\nShares” in the Prospectus. For a description of the methods used to determine the share price and value of the Fund’s assets, see\n“How to Purchase Shares” and “How Shares are Priced” in the Prospectus and “Pricing of Shares” in this\nSAI.

ADDITIONAL\nINFORMATION ABOUT THE FUND’S INVESTMENTS AND RISKS

Investment\nStrategies and Risks

All\nprincipal investment strategies and risks are discussed in the Fund’s Prospectus. This section contains a more detailed discussion\nof some of the investments the Fund and/or Subsidiary may make and some of the techniques the Fund and/or Subsidiary may use, as described\nin the Principal Investment Risks summary in the Prospectus. Additional non-principal strategies and risks also are discussed here. For\npurposes of describing these strategies and risks, references to the Fund are deemed to include the Subsidiary as well.

Asset-Backed\nSecurities and Collateralized Debt Obligations

The\nFund may invest in asset-backed securities and collateralized debt obligations (“CDOs”). Asset-backed securities and CDOs are\ncreated by the grouping of certain governmental, government related and private loans, receivables and other non-mortgage lender assets/collateral\ninto pools. A sponsoring organization establishes a special purpose vehicle to hold the assets/collateral and issue securities. Interests\nin these pools are sold as individual securities. Payments of principal and interest are passed through to investors and are typically\nsupported by some form of credit enhancement, such as a letter of credit, surety bond, limited guaranty or senior/subordination. Payments\nfrom the asset pools may be divided into several different tranches of debt securities, offering investors various maturity and credit\nrisk characteristics. Some tranches entitled to receive regular installments of principal and interest, other tranches entitled to receive\nregular installments of interest, with principal payable at maturity or upon specified call dates, and other tranches only entitled to

receive payments of principal and accrued interest at maturity or upon specified call dates. Different tranches of securities will bear\ndifferent interest rates, which may be fixed or floating.

Investors\nin asset backed securities and CDOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and\nsubordinated/equity, according to their degree of credit risk. If there are defaults or the CDO’s collateral otherwise underperforms,\nscheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches\ntake precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated by S&P Ratings Group\n(“S&P”) and Moody’s Investor Services, Inc. (“Moody’s), with Senior tranches receiving ratings of A to AAA\nand the latter receiving ratings of B to BBB from S&P . The ratings reflect both the credit quality of underlying collateral\nas well as how much protection a given tranche is afforded by tranches that are subordinate to it.

Because\nthe loans held in the pool often may be prepaid without penalty or premium, asset-backed securities and CDOs can be subject to higher\nprepayment risks than most other types of debt instruments. Prepayments may result in a capital loss to the Fund to the extent that the\nprepaid securities purchased at a market discount from their stated principal amount will accelerate the recognition of interest income\nby the Fund, which would be taxed as ordinary income when distributed to the shareholders.

The\ncredit characteristics of asset-backed securities and CDOs also differ in a number of respects from those of traditional debt securities.\nThe credit quality of most asset-backed securities and CDOs depends primarily upon the credit quality of the assets/collateral underlying\nsuch securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated\nentities, and the amount and quality of any credit enhancement to such securities.

Brady\nBonds

Brady\nbonds are securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging\nmarkets for new bonds in connection with debt restructurings. In light of the history of defaults of countries issuing Brady bonds on\ntheir commercial bank loans, investments in Brady bonds may be viewed as speculative. Brady bonds may be fully or partially collateralized\nor uncollateralized, are issued in various currencies (but primarily the U.S. dollar) and are actively traded in over-the-counter secondary\nmarkets. Incomplete collateralization of interest or principal payment obligations results in increased credit risk. U.S. Dollar-denominated\ncollateralized Brady bonds, which may be fixed-rate bonds or floating-rate bonds, are generally collateralized by U.S. Treasury zero\ncoupon bonds having the same maturity as the Brady bonds.

Business\nDevelopment Companies (BDCs) and Special Purpose Acquisition Companies (SPACs).

The\nFund may invest in BDCs and SPACs. Federal securities laws impose certain restraints upon the organization and operations of BDCs\nand SPACs. For example, BDCs are required to invest at least 70% of their total assets primarily in securities of private companies\nor in thinly traded U.S. public companies, cash, cash equivalents, U.S. government securities and high quality debt instruments that\nmature in one year or less. SPACs typically hold 85% to 100% of the proceeds raised from their IPO in trust to be used at a later\ndate for a merger or acquisition. The SPAC must sign a letter of intent for a merger or acquisition within 18 months of the IPO.\nOtherwise, it will be forced to dissolve and return the assets held in the trust to the public stockholders. However, if a letter of\nintent is signed within 18 months, the SPAC can close the transaction within 24 months. In addition, the target of the acquisition\nmust have a fair market value that is equal to at least 80% of the SPAC’s assets at the time of acquisition and a majority of\nshareholders voting must approve this combination with no more than 20% of the shareholders voting against the acquisition and\nrequesting their money back. When a deal is proposed, a shareholder can stay with the transaction by voting for it or elect to sell\nhis shares in the SPAC if voting against it. SPACs are more transparent than private equity as they may be subject to certain SEC\nregulations, including registration statement requirements under the Securities Act of 1933, 10-K, 10-Q and 8-K financial reporting\nrequirements. Since SPACs are publicly traded, they provide limited liquidity to an investor (i.e., investment comes in the form of\ncommon shares and warrants which can be traded). Other than the risks normally associated with IPOs, SPACs’ public\nshareholders’ risks include limited liquidity of their securities (as shares are generally thinly traded), loss of 0-15% of\ntheir investments (resulting from the SPACs operating costs) if no deals are made and lack of investment diversification as assets\nare invested in a single company.

Certificates\nof Deposit and Bankers’ Acceptances

Certificates\nof deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount\ndeposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded\nin the secondary market prior to maturity. Bankers’ acceptances typically arise from short-term credit arrangements designed to enable\nbusinesses to obtain funds to finance commercial transactions. Generally, an acceptance

is a time draft drawn on a bank by an exporter\nor an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then “accepted” by a bank that,\nin effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by\nthe accepting bank as an earning asset, or it may be sold in the secondary market at the going rate of discount for a specific maturity.\nAlthough maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Closed-End\nInvestment Companies

The\nFund may invest in closed-end investment companies. Shares of closed-end funds are typically offered to the public in a one-time initial\npublic offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering\nprice. Such securities are then listed for trading, for example, on the New York Stock Exchange (“NYSE”), the National Association\nof Securities Dealers Automated Quotation System (commonly known as “NASDAQ”) and, in some cases, may be traded in other over-the-counter\nmarkets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment\ncompany (such as the Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The\nFund generally will purchase shares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such\npurchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market.\nThe Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser,\nSub-Adviser, based on a consideration of the nature of the closed-end fund’s proposed investments, the prevailing market conditions and\nthe level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically\nwill include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary\nmarket.

The\nshares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than the net\nasset value (“NAV”) per share, the difference representing the “market discount” of such shares. This market discount\nmay be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the\nfact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined NAV, but rather,\nare subject to supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares may\nalso contribute to such shares trading at a discount to their NAV.

The\nFund may invest in shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance\nthat the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this\nmarket discount may increase, and the Fund may suffer realized or unrealized capital losses due to further decline in the market price\nof the securities of such closed-end funds, thereby adversely affecting the NAV of the Fund’s shares. Similarly, there can be no assurance\nthat any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will\nnot decrease subsequent to a purchase of such shares by the Fund.

Closed-end\nfunds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund’s\ncommon shares in an attempt to enhance the current return to such closed-end fund’s common shareholders. The Fund’s investment in the\ncommon shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment,\nbut at the same time may be expected to exhibit more volatility in market price and NAV value than an investment in shares of investment\ncompanies without a leveraged capital structure.

Commercial\nPaper

The\nFund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued\nby corporations in order to finance current operations.

Convertible\nSecurities

Convertible\nsecurities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer’s underlying\ncommon stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred\nstock, convertible bonds or debentures, units consisting of “usable” bonds and warrants or a combination of the features of\nseveral of these securities. Convertible securities are senior to common stocks in an issuer’s capital structure but are usually subordinated\nto similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from\ncommon stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity,\nthrough its conversion feature,

to participate in the capital appreciation of the issuing company depending upon a market price advance\nin the convertible security’s underlying common stock.

Corporate\nDebt

Corporate\ndebt securities are long and short-term debt obligations issued by companies (such as publicly issued and privately placed bonds, notes\nand commercial paper). The Fund considers corporate debt securities to be of investment grade quality if they are rated, at the time\npurchased, in the top four categories of a rating agency; BBB- or higher by S&P or Baa3 or higher by Moody’s, or if unrated, determined\nby the Adviser or Sub-Adviser to be of comparable quality. Investment grade debt securities generally have adequate to strong protection\nof principal and interest payments. In the lower end of this category, adverse economic conditions or changing circumstances are more\nlikely to lead to a weakened capacity to pay interest and repay principal than in higher rated categories. The Fund may invest in both\nsecured and unsecured corporate bonds. A secured bond is backed by collateral and an unsecured bond is not. Therefore, an unsecured bond\nmay have a lower recovery value than a secured bond in the event of a default by its issuer. The Adviser or Sub-Adviser may incorrectly\nanalyze the risks inherent in corporate bonds, such as the issuer’s ability to meet interest and principal payments, resulting in a loss\nto the Fund. The Fund’s investments in debt instruments may be in the form of a zero-coupon bond or other original issue discount (“OID”)\ninstruments. The following risks are created by investing in OID instruments.

The\n higher interest rates of OID instruments reflect the payment deferral and credit risk associated\n with them. Investors in the Fund share the risks and rewards of OID and market discount.\n These risks, however, are not shared by the Adviser and Sub-Adviser, who in the case of payment-in-kind\n (“PIK”) loans, collect higher asset-based fees with no deferral of cash payments\n and no repayment obligation to the Fund if any of these loans are uncollectible.

OID\n instruments may have unreliable valuations because their continuing accruals require continuing\n judgments about the collectability of the deferred payments and the value of any associated\n collateral.

OID\n instruments generally represent a significantly higher credit risk than coupon loans.

OID\n income received by the Fund may create uncertainty about the source of the Fund’s cash distributions.\n For accounting purposes, any cash distributions to shareholders representing OID or market\n discount income are not treated as coming from paid-in capital, even though the cash to pay\n them comes from the offering proceeds. Thus, although a distribution of OID or market discount\n interest comes from the cash invested by shareholders, Section 19(a) of the Investment Company\n Act of 1940 (the “1940 Act”) does not require that shareholders be given notice\n of this fact by reporting it as a return of capital.

In\n the case of PIK debt, the deferral of PIK interest has the simultaneous effects of increasing\n the assets under management and increasing the management fee at a compounding rate. In addition,\n the deferral of PIK interest also reduces the loan-to-value ratio at a compounding rate.

Depositary\nReceipts

Sponsored\nand unsponsored American Depositary Receipts (“ADRs”) are receipts issued by an American bank or trust company evidencing ownership\nof underlying securities issued by a foreign issuer. ADRs, in sponsored form, are designed for use in U.S. securities markets. A sponsoring\ncompany provides financial information to the bank and may subsidize administration of the ADR. Unsponsored ADRs may be created by a\nbroker-dealer or depository bank without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs\nof the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of\nan unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through\nvoting rights. Unsponsored ADRs may carry more risk than sponsored ADRs because of the absence of financial information provided by the\nunderlying company. Many of the risks described below regarding foreign securities apply to investments in ADRs.

Emerging\nMarkets Securities

Investing\nin emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These\nrisks include (I) the smaller market capitalization of securities markets, which may suffer periods of relative illiquidity, (ii) significant\nprice volatility, (iii) restrictions on foreign investment, and (iv) possible repatriation of investment income and capital. In addition,\nforeign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls,\nforced mergers, expropriation or confiscatory taxation, seizure, nationalization, or the creation of government monopolies. The currencies\nof emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments\nin these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects\non the economies and securities markets of certain emerging market countries.

Certain\nemerging markets limit, or require governmental approval prior to investments by foreign persons. Repatriation of investment income\nand capital from certain emerging markets is subject to certain governmental consents. Even where there is no outright restriction on\nrepatriation of capital, the mechanics of repatriation may affect the operation of the Fund.

Additional\nrisks of emerging markets securities may include (i) greater social, economic and political uncertainty and instability, (ii) more substantial\ngovernmental involvement in the economy, (iii) less governmental supervision and regulation, (iv) the unavailability of currency hedging\ntechnique, (v) companies that are newly organized and small, (vi) differences in auditing and financial reporting standards, which may\nresult in unavailability of material information about issuers, and (vii) less developed legal systems. In addition, emerging securities\nmarkets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions\nor otherwise make it difficult to engage in such transactions. Settlement problems may cause the Fund to miss attractive investment opportunities,\nhold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result\nin possible liability to a purchaser of the security.

Equity\nSecurities

Equity\nsecurities consist of common stock, convertible preferred stock, preferred stock, rights and warrants. Common stocks, the most familiar\ntype, represent an equity (ownership) interest in a corporation. Warrants are options to purchase equity securities at a specified price\nfor a specific time period. Rights are similar to warrants, but normally have a short duration and are distributed by the issuer to its\nshareholders. Although equity securities have a history of long-term growth in value, their prices fluctuate based on changes in a company’s\nfinancial condition and on overall market and economic conditions.

Investments\nin equity securities are subject to inherent market risks and fluctuations in value due to earnings, economic conditions and other factors\nbeyond the control of the Adviser or Sub-Adviser. As a result, the return and NAV of the Fund will fluctuate. Securities in the Fund’s\nportfolio may not increase as much as the market as a whole and some undervalued securities may continue to be undervalued for long periods\nof time. Although profits in some Fund holdings may be realized quickly, it is not expected that most investments will appreciate rapidly.

Exchange-Traded\nFunds

The\nFund may invest in a range of exchange-traded funds (“ETFs”). ETFs may include, but are not limited to, Standard & Poor’s\nDepositary Receipts (“SPDRs”), DIAMONDS,^SMNasdaq-100 Index Tracking Stock (“QQQs”), iShares, HOLDRs,\nFidelity Select Portfolios, Select Sector SPDRs, Fortune e-50 and Fortune 50. Additionally, the Fund may invest in new exchange traded\nshares as they become available and to the extent that such an investment would be consistent with the requirements of the 1940 Act,\nand the relevant SEC guidelines or rules and the Fund’s investment objectives.

SPDRs\nrepresent ownership in the SPDR Trust, a unit investment trust that holds a portfolio of common stocks designed to closely track the\nprice performance and dividend yield of the Standard & Poor’s 500 Composite Stock Price Index^TM (“S&P 500 Index”).\nSPDRs trade on the NYSE Arca under the symbol SPY. The value of SPDRs fluctuates in relation to changes in the value of the underlying\nportfolio of common stocks. A MidCap SPDR is similar to a SPDR except that it tracks the performance of the S&P MidCap 400 Index\nand trades on the NYSE Arca under the symbol MDY. DIAMONDS represent an investment in the DIAMONDS Trust, a unit investment trust that\nserves as an index to the Dow Jones Industrial Average (the “Dow”) in that its holding consists of the 30 component stocks\nof the Dow. The DIAMONDS Trust is structured so that its shares trade at approximately 1/100 (one one-hundredth) of the value of the\nDow Index. The DIAMONDS Trust’s shares trade on the NYSE Arca under the symbol DIA. QQQs represent ownership in the Nasdaq-100 Trust,\na unit investment trust that holds a portfolio of common stocks designed to track the price performance and dividend yield of the Nasdaq\n100 Index by holding shares of all the companies on the Index. Shares trade on the NYSE Arca under the symbol QQQ. The iShares are managed\nby BlackRock (“BlackRock”). They track 80 different indexes, including sector/industry indexes (such as the S&P Financial\nSector Index), bond indexes (such as the Barclay’s Capital U.S. Aggregate Index and the Barclay’s Capital 1-3 Year Treasury Bond Index)\nand international indexes (such as the S&P Europe 500 Index). Each iShares international ETF represents a broad portfolio of publicly\ntraded stocks in a selected country. Each iShares international ETF seeks to generate investment results that generally correspond to\nthe market yield performance of a given Morgan Stanley Capital International (“MSCI”) Index. BlackRock offers six iShares fixed\nincome ETFs that track a particular Barclay’s Capital bond index. ETFs (both stock and fixed income) are subject to all of the common\nstock risks, and the International iShares are subject to all of the foreign securities risks described above. Investments in SPDRs,\nDIAMONDS, QQQs and iShares are considered to be investments in investment companies, see “Investments in Other Investment Companies”\nbelow.

When\nthe Fund invests in sector ETFs, there is a risk that securities within the same group of industries will decline in price due to sector-specific\nmarket or economic developments. If the Fund invests more heavily in a particular sector, the value of its shares may be especially sensitive\nto factors and economic risks that specifically affect that sector. As a result, the

Fund’s share price may fluctuate more widely than\nthe value of shares of a mutual fund that invests in a broader range of industries. Additionally, some sectors could be subject to greater\ngovernment regulation than other sectors. Therefore, changes in regulatory policies for those sectors may have a material effect on the\nvalue of securities issued by companies in those sectors. The sectors in which the Fund may be more heavily invested will vary.

The\nshares of an ETF may be assembled in a block (typically 50,000 shares) known as a creation unit and redeemed in-kind for a portfolio\nof the underlying securities (based on the ETF’s NAV) together with a cash payment generally equal to accumulated dividends as of the\ndate of redemption. Conversely, a creation unit may be purchased from the ETF by depositing a specified portfolio of the ETF’s underlying\nsecurities, as well as a cash payment generally equal to accumulated dividends of the securities (net of expenses) up to the time of\ndeposit. A fund may redeem creation units for the underlying securities (and any applicable cash) and may assemble a portfolio of the\nunderlying securities and use it (and any required cash) to purchase creation units, if a fund’s manager believes it is in the fund’s\ninterest to do so. A fund’s ability to redeem creation units may be limited by the 1940 Act, which provides that the ETFs will not be\nobligated to redeem shares held by a fund in an amount exceeding one percent of their total outstanding securities during any period\nof less than 30 days.

There\nis a risk that the underlying ETFs in which the Fund invests may terminate due to extraordinary events that may cause any of the service\nproviders to the ETFs, such as the trustee or sponsor, to close or otherwise fail to perform their obligations to the ETF. Also, because\nthe ETFs in which the Fund intends to invest may be granted licenses by agreement to use the indices as a basis for determining their\ncompositions and/or otherwise to use certain trade names, the ETFs may terminate if such license agreements are terminated. In addition,\nan ETF may terminate if its entire NAV falls below a certain amount. Although the Fund believes that, in the event of the termination\nof an underlying ETF, the Fund will be able to invest instead in shares of an alternate ETF tracking the same market index or another\nmarket index with the same general market, there is no guarantee that shares of an alternate ETF would be available for investment at\nthat time. To the extent the Fund invests in a sector product, the Fund will be subject to the risks associated with that sector.

Foreign\nSecurities

Purchases\nof foreign equity securities entail certain risks. For example, there may be less information publicly available about a foreign company\nthan about a U.S. company, and foreign companies generally are not subject to accounting, auditing and financial reporting standards\nand practices comparable to those in the U.S. Other risks associated with investments in foreign securities include changes in restrictions\non foreign currency transactions and rates of exchanges, changes in the administrations or economic and monetary policies of foreign\ngovernments, the imposition of exchange control regulations, the possibility of expropriation decrees and other adverse foreign governmental\naction, the imposition of foreign taxes, less liquid markets, less government supervision of exchanges, brokers and issuers, difficulty\nin enforcing contractual obligations, delays in settlement of securities transactions and greater price volatility. In addition, investing\nin foreign securities will generally result in higher commissions than investing in similar domestic securities.

Futures\nContracts

Futures\ncontracts provide for the future sale by one party and purchase by another party of a specified amount of a specific security, class\nof securities, commodity, or an index at a specified future time and at a specified price. Futures contracts may be issued with respect\nto fixed-income securities, foreign currencies, single stocks or financial indices, including indices of U.S. government securities,\nforeign government securities, and equity or fixed-income securities as well as commodities. U.S. futures contracts are traded on exchanges\nthat have been designated “contract markets” by the Commodity Futures Trading Commission (the “CFTC”) and must be\nexecuted through a futures commission merchant (“FCM”), or brokerage firm, which is a member of the relevant contract market.\nThrough their clearing corporations, the exchanges guarantee performance of the contracts between the clearing members of the exchange.\nThe Fund may invest in futures traded on a foreign exchange, which may be subject to fewer regulations and investor protections.

The\nFund may at times engage in futures transactions for hedging purposes or to enhance returns. This means that a purpose in entering into\nfutures contracts is to protect the Fund from fluctuations in the value of securities or interest rates without actually buying or selling\nthe underlying debt or equity security or other reference asset; or to seek outright returns. For example, if the Fund anticipates an\nincrease in the price of stocks, and it intends to purchase stocks at a later time, the Fund could enter into a futures contract to purchase\na stock index as a temporary substitute for stock purchases. If an increase in the market occurs that influences the stock index as anticipated,\nthe value of the futures contracts will increase, thereby serving as a hedge against the Fund not participating in a market advance.\nThis technique is sometimes known as an anticipatory hedge. Conversely, if the Fund holds stocks and seeks to protect itself from a decrease\nin stock prices, the Fund might sell stock index futures contracts, thereby hoping to offset the potential decline in the value of its\nportfolio securities by a corresponding increase in the value of the futures contract position. The Fund could protect against a decline\nin stock prices by selling portfolio securities and investing in money market instruments, but the use of futures contracts enables it\nto maintain a defensive position without having to sell portfolio securities.

If\nthe Fund owns Treasury bonds and the portfolio manager expects interest rates to increase, the Fund may take a short position in interest\nrate futures contracts. Taking such a position would have much the same effect as the Fund selling Treasury bonds in its portfolio. If\ninterest rates increase as anticipated, the value of the Treasury bonds would decline, but the value of the Fund’s interest rate futures\ncontract will increase, thereby keeping the NAV of the Fund from declining as much as it may have otherwise. If, on the other hand, a\nportfolio manager expects interest rates to decline, the Fund may take a long position in interest rate futures contracts in anticipation\nof later closing out the futures position and purchasing the bonds. Although the Fund can accomplish similar results by buying securities\nwith long maturities and selling securities with short maturities, given the greater liquidity of the futures market than the cash market,\nit may be possible to accomplish the same result more easily and more quickly by using futures contracts as an investment tool to reduce\nrisk.

Risk\nFactors in Futures Transactions

Liquidity\nRisk. Because futures contracts are generally settled within a day from the date they are closed out, compared with a settlement\nperiod of two days for some types of securities, the futures markets can provide superior liquidity to the securities markets. Nevertheless,\nthere is no assurance that a liquid secondary market will exist for any particular futures contract at any particular time. In addition,\nfutures exchanges may establish daily price fluctuation limits for futures contracts and may halt trading if a contract’s price moves\nupward or downward more than the limit in a given day. On volatile trading days when the price fluctuation limit is reached, it may be\nimpossible for the Fund to enter into new positions or close out existing positions. If the secondary market for a futures contract is\nnot liquid because of price fluctuation limits or otherwise, the Fund may not be able to promptly liquidate unfavorable futures positions\nand potentially could be required to continue to hold a futures position until the delivery date, regardless of changes in its value.\nAs a result, the Fund’s access to other assets pledged to assure performance related to its futures positions also could be impaired.

Risk\nof Loss. Although the Fund may believe that the use of such contracts will benefit the Fund, the Fund’s overall performance could\nbe worse than if the Fund had not entered into futures contracts if the Adviser’s, Sub-Adviser’s or Trading Adviser’s investment\njudgment proves incorrect. For example, if the Fund has hedged against the effects of a possible decrease in prices of securities held\nin its portfolio and prices increase instead, the Fund will lose part or all of the benefit of the increased value of these securities\nbecause of offsetting losses in its futures positions. In addition, if the Fund has insufficient cash, it may have to sell securities\nfrom its portfolio to meet daily variation margin requirements. Those sales may be, but will not necessarily be, at increased prices\nthat reflect the rising market and may occur at a time when the sales are disadvantageous to the Fund.

The\nrisk of loss in trading futures contracts in some strategies can be substantial, due both to the low margin deposits required, and the\nextremely high degree of leverage involved in futures pricing. Because the deposit requirements in the futures markets are less onerous\nthan margin requirements in the securities market, there may be increased participation by speculators in the futures market that may\nalso cause temporary price distortions. A relatively small price movement in a futures contract may result in immediate and substantial\nloss (as well as gain) to the investor. For example, if at the time of purchase, 10% of the value of the futures contract is deposited\nas margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before\nany deduction for the transaction costs, if the account were then closed out. Thus, the purchase or sale of a futures contract may result\nin losses in excess of the amount invested in the contract. The Fund will only engage in futures transactions when it is believed these\nrisks are justified and will engage in futures transactions primarily for risk management purposes and to seek returns.

Correlation\nRisk. The prices of futures contracts depend primarily on the value of their underlying instruments or reference asset, such\nas a commodity. Because there are a limited number of types of futures contracts, it is possible that the standardized futures contracts\navailable to the Fund will not match exactly the Fund’s current or potential investments. The Fund may buy and sell futures contracts\nbased on underlying instruments with different characteristics from the securities in which it typically invests for example, by hedging\ninvestments in portfolio securities with a futures contract based on a broad index of securities, which involves a risk that the futures\nposition will not correlate precisely with the performance of the Fund’s investments.

Futures\nprices can also diverge from the prices of their underlying instruments or reference asset even if the underlying instruments closely\ncorrelate with the Fund’s investments. Futures prices are affected by factors such as current and anticipated short-term interest rates,\nchanges in volatility of the underlying instruments or reference asset and the time remaining until expiration of the contract. Those\nfactors may affect securities or commodity prices differently from futures prices. Imperfect correlations between the Fund’s investments\nand its futures positions also may result from differing levels of demand in the futures markets and the securities markets, from structural\ndifferences in how futures and securities or commodities are traded, and from imposition of daily price fluctuation limits for futures\ncontracts. The Fund may buy or sell futures contracts with a greater or lesser value

than the securities it wishes to hedge or is considering\npurchasing in order to attempt to compensate for differences in historical volatility between the futures contract and the securities,\nalthough this may not be successful in all cases. If price changes in the Fund’s futures positions are poorly correlated with its other\ninvestments, its futures positions may fail to produce desired gains or result in losses that are not offset by the gains in the Fund’s\nother investments.

Margin\nRequirements. The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless\nthe contract is held until the delivery date. However, both the buyer and seller are required to deposit “initial margin” for\nthe benefit of the FCM when the contract is entered into. Initial margin deposits:

●

Are\n equal to a percentage of the contract’s value, as set by the exchange on which the contract\n is traded; and

●

Are\n similar to good faith deposits or performance bonds.

Unlike\nmargin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of the\nFund’s investment limitations. If the value of either party’s position declines, that party will be required to make additional “variation\nmargin” payments for the benefit of the FCM to settle the change in value on a daily basis. The party that has a gain may be entitled\nto receive all or a portion of this amount. In the event of the bankruptcy of the FCM that holds margin on behalf of the Fund, the Fund\nmay be entitled to return of margin owed to the Fund only in proportion to the amount received by the FCM’s other customers. The Trust\nwill attempt to minimize this risk by careful monitoring of the creditworthiness of the FCMs with which it does business and by depositing\nmargin payments in a segregated account with the Trust’s custodian.

Liquidity\nImpact of Margin and Segregation Requirements. Although the Fund will segregate cash and liquid assets in an amount sufficient\nto cover (i.e., pledge assets to assure Fund performance) its open futures obligations, the segregated assets may be available to the\nFund immediately upon closing out the futures position, while settlement of securities transactions could take several days. However,\nbecause the Fund’s cash that may otherwise be invested would be held uninvested or invested in other liquid assets so long as the futures\nposition remains open, the Fund’s return could be diminished due to the opportunity losses of foregoing other potential investments.

Cover\n(i.e., pledged assets to assure Fund performance) for Futures Contracts. Transactions involving futures contracts expose the\nFund to an obligation to another party. The Fund will not enter into any such transactions unless it owns either: (1) an offsetting (“covering”)\nposition in other futures contracts; or (2) cash and liquid assets with a value, marked-to-market daily, sufficient to cover (make good)\nits potential obligations to the extent not covered as provided in (1) above. The Fund may enter into agreements with broker-dealers,\nwhich require the broker-dealers to accept physical settlement for certain futures contracts.

Foreign\nCurrency Transactions

The\nFund may enter into foreign currency futures contracts and forward currency contracts to hedge or seek returns. A foreign currency futures\ncontract is a standardized contract for the future delivery of a specified amount of a foreign currency, at a future date at a price\nset at the time of the contract. A forward currency contract is an obligation to purchase or sell a currency against another currency\nat a future date at a price agreed upon by the parties. The Fund may either accept or make delivery of the currency at the maturity of\nthe contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. The Fund\nwill engage in foreign currency futures contracts and forward currency transactions in anticipation of or to protect itself against fluctuations\nin currency exchange rates or as an investment strategy. Forward currency contracts are not traded on regulated commodities exchanges.\nThe Fund, when entering into a forward currency contract, incurs the risk of default by the counter party to the transaction.

There\ncan be no assurance that a liquid market will exist when the Fund seeks to close out a foreign currency futures or forward currency position,\nin which case the Fund might not be able to effect a closing purchase transaction at any particular time. While these contracts tend\nto minimize the risk of loss due to a decline in the value of the hedged currency, at the same time, they tend to limit any potential\ngain which might result should the value of such currency increase.

Although\nthe Fund values assets daily in U.S. dollars, it does not intend to physically convert its holdings of foreign currencies into U.S. dollars\non a daily basis. The Fund will do so from time to time and investors should be aware of the costs of currency conversion. Although foreign\nexchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the “spread”) between\nthe prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at\none rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

Forward\nContracts

The\nFund may use forward contracts to achieve substantially similar strategies as those executed using futures contracts. A forward contract\nis an obligation to purchase or sell an asset at a future date at a price agreed upon by the parties. The Fund may either accept or make\ndelivery of the asset at the maturity of the contract or, prior to maturity, enter into a closing transaction involving the purchase\nor sale of an offsetting contract. The Fund may engage in forward contracts for hedging or investment purposes. Forward contracts are\nnot traded on regulated exchanges and incur the risk of default by the counter party to the transaction.

High\nYield Securities

The\nFund may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below investment grade\nby the rating agencies (e.g., BB+ or lower by S&P and Ba1 or lower by Moody’s). Other terms used to describe such securities include\n“lower rated bonds,” “non-investment grade bonds,” “below investment grade bonds,” and “junk bonds.”\nThese securities are considered to be high-risk investments and the include the following risks:

Greater\nRisk of Loss. These securities are regarded as predominately speculative. There is a greater risk that issuers of lower rated securities\nwill default than issuers of higher rated securities. Issuers of lower rated securities generally are less creditworthy and may be highly\nindebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes, political changes\nor adverse industry developments. In addition, high yield securities are frequently subordinated to the prior payment of senior indebtedness.\nIf an issuer fails to pay principal or interest, the Fund will experience a decrease in income and a decline in the market value of its\ninvestments. An Underlying Fund also may incur additional expenses in seeking recovery from the issuer.

Sensitivity\nto Interest Rate and Economic Changes. The income and market value of lower-rated securities may fluctuate more than higher rated\nsecurities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities,\nnon-investment grade securities are more sensitive to short-term corporate, economic and market developments. During periods of economic\nuncertainty and change, the market price of the investments in lower-rated securities may be volatile. The default rate for high yield\nbonds tends to be cyclical, with defaults rising in periods of economic downturn.

Valuation\nDifficulties. It is often more difficult to value lower-rated securities than higher-rated securities. If an issuer’s financial condition\ndeteriorates, accurate financial and business information may be limited or unavailable. In addition, the lower-rated investments may\nbe thinly traded and there may be no established secondary market. Because of the lack of market pricing and current information for\ninvestments in lower-rated securities, valuation of such investments is much more dependent on judgment than is the case with higher-rated\nsecurities.

Liquidity\nRisk. There may be no established secondary or public market for investments in lower-rated securities. Such securities are frequently\ntraded in markets that may be relatively less liquid than the market for higher rated securities. In addition, relatively few institutional\npurchasers may hold a major portion of the issue of lower-rated securities at times. As a result, corporations (including foreign corporations),\nlimited partnerships and other pooled investment vehicles, including those commonly known as hedge funds (i.e. investment vehicles that\nare excluded from the definition of investment company under Section 3(c)(1) or 3(c)(7) of the 1940 Act) (“Underlying Funds”)\nthat invests in lower-rated securities may be required to sell investments at substantial losses or retain them indefinitely even where\nan issuer’s financial condition is deteriorating.

Credit\nQuality Risk. Credit quality of non-investment grade securities can change suddenly and unexpectedly, and even recently issued credit\nratings may not fully reflect the actual risks posed by a particular high-yield security.

New\nLegislation Risk. Future legislation may have a possible negative impact on the market for high yield, high risk bonds. As an example,\nin the late 1980’s, legislation required federally insured savings and loan associations to divest their investments in high-yield, high-risk\nbonds. New legislation, if enacted, could have a material negative effect on an Underlying Fund’s investments in lower-rated securities.

High-yield,\nhigh-risk investments may include the following:

Straight\nfixed-income debt securities. These include bonds and other debt obligations that bear a fixed or variable rate of interest payable\nat regular intervals and have a fixed or resettable maturity date. The particular terms of such securities vary and may include features\nsuch as call provisions and sinking funds.

Zero-coupon\ndebt securities. These bear no interest obligation but are issued at a discount from their value at maturity. When held to maturity,\ntheir entire return equals the difference between their issue price and their maturity value.

Zero-fixed-coupon\ndebt securities. These are zero-coupon debt securities that convert on a specified date to interest-bearing debt securities.

Pay-in-kind\nbonds. These are bonds which allow the issuer, at its option, to make current interest payments on the bonds either in cash or in\nadditional bonds. These are bonds commonly sold without registration under the Securities Act of 1933, as amended (the “Securities\nAct”), usually to a relatively small number of institutional investors.

Convertible\nSecurities. These are bonds or preferred stock that may be converted to common stock.

Preferred\nStock. These are stocks that generally pay a dividend at a specified rate and have preference over common stock in the payment of\ndividends and in liquidation.

Loan\nParticipations and Assignments. These are participations in, or assignments of all or a portion of loans to corporations or to governments,\nincluding governments of less-developed countries (“LDCs”).

Securities\nissued in connection with Reorganizations and Corporate Restructurings. In connection with reorganizing or restructuring of an issuer,\nan issuer may issue common stock or other securities to holders of its debt securities.

Illiquid\nand Restricted Securities

The\nFund may invest up to 15% of its net assets in illiquid securities, including limited partnerships. Illiquid securities include securities\nsubject to contractual or legal restrictions on resale (e.g., including Section 3(c)(1) and (7) funds because they have not been registered\nunder the 1933 Act, and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because\nmarket makers do not exist or will not entertain bids or offers). Securities that have not been registered under the Securities Act are\nreferred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign\nsecurities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted\nand other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. The Fund might be unable\nto dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests\nfrom shareholders. The Fund might have to register restricted securities in order to dispose of them, resulting in additional expense\nand delay. Adverse market conditions could impede such a public offering of securities.

A\nlarge institutional market exists for certain securities that are not registered under the 1933 Act, including foreign securities. The\nfact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative\nof the liquidity of such investments. Rule 144A under the 1933 Act allows such a broader institutional trading market for securities\notherwise subject to restrictions on resale to the general public. Rule 144A establishes a “safe harbor” from the registration\nrequirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced\nliquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation\nand the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered\nsecurities of domestic and foreign issuers sponsored by NASDAQ.

Under\nguidelines adopted by the Trust’s Board, the Fund’s Adviser or Sub-Adviser may determine that particular Rule 144A securities, and commercial\npaper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are\nliquid even though they are not registered. A determination of whether such a security is liquid or not is not a question of fact. In\nmaking this determination, the Adviser or Sub-Adviser will consider, as it deems appropriate under the circumstances and among other\nfactors: (i) the frequency of trades and quotes for the security; (ii) the number of dealers willing to purchase or sell the security;\n(iii) the number of other potential purchasers of the security; (iv) dealer undertakings to make a market in the security; (v) the nature\nof the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature\nof the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer);\nand (vi) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser\nor Sub-Adviser will also determine that the paper (a) is not traded flat or in default as to principal and interest, and (b) is

rated\nin one of the two highest rating categories by at least two National Statistical Rating Organizations (“NRSRO”) or, if only\none NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser or Sub-Adviser determines that it is of equivalent\nquality.

Rule\n144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by\nthe Adviser or Sub-Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A\nsecurities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Fund’s assets invested in illiquid\nsecurities if institutional buyers are unwilling to purchase such securities.

Income\nTrusts

The\nFund may invest in income trusts which are investment trusts that hold assets that are income producing. The income is passed on to the\n“unitholders.” Each income trust has an operating risk based on its underlying business. The term may also be used to designate\na legal entity, capital structure and ownership vehicle for certain assets or businesses. Shares or “trust units” are traded\non securities exchanges just like stocks. Income is passed on to the investors, called unitholders, through monthly or quarterly distributions.\nHistorically, distributions have typically been higher than dividends on common stocks. The unitholders are the beneficiaries of a trust,\nand their units represent their right to participate in the income and capital of the trust. Income trusts generally invest funds in\nassets that provide a return to the trust and its beneficiaries based on the cash flows of an underlying business. This return is often\nachieved through the acquisition by the trust of equity and debt instruments, royalty interests or real properties. The trust can receive\ninterest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital.

Each\nincome trust has an operating risk based on its underlying business; and, typically, the higher the yield, the higher the risk. They\nalso have additional risk factors, including, but not limited to, poorer access to debt markets. Similar to a dividend paying stock,\nincome trusts do not guarantee minimum distributions or even return of capital. If the business starts to lose money, the trust can reduce\nor even eliminate distributions; this is usually accompanied by sharp losses in a unit’s market value. Since the yield is one of the\nmain attractions of income trusts, there is the risk that trust units will decline in value if interest rates offered in competing markets,\nsuch as in the cash/treasury market, increase. Interest rate risk is also present within the trusts themselves because they hold very\nlong-term capital assets (e.g., pipelines, power plants, etc.), and much of the excess distributable income is derived from a maturity\n(or duration) mismatch between the life of the asset, and the life of the financing associated with it. In an increasing interest rate\nenvironment, not only does the attractiveness of trust distributions decrease, but quite possibly, the distributions may themselves decrease,\nleading to a double whammy of both declining yield and substantial loss of unitholder value. Because most income is passed on to unitholders,\nrather than reinvested in the business, in some cases, a trust can become a wasted asset unless more equity is issued. Because many income\ntrusts pay out more than their net income, the unitholder equity (capital) may decline over time. To the extent that the value of the\ntrust is driven by the deferral or reduction of tax, any change in government tax regulations to remove the benefit will reduce the value\nof the trusts. Generally, income trusts also carry the same risks as dividend paying stocks that are traded on stock markets.

Indexed\nSecurities

The\nFund may purchase indexed securities consistent with its investment objectives. Indexed securities are those, the value of which varies\npositively or negatively in relation to the value of other securities, securities indices or other financial indicators. Indexed securities\nmay be debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic.\nIssuers of indexed securities have included banks, corporations and certain U.S. Government agencies.

The\nperformance of indexed securities depends to a great extent on the performance of the security or other instrument to which they are\nindexed and also may be influenced by interest rate changes in the U.S. and abroad. Indexed securities are subject to the credit risks\nassociated with the issuer of the security, and their values may decline substantially if the issuer’s creditworthiness deteriorates.\nIndexed securities may be more volatile than the underlying instruments. Certain indexed securities that are not traded on an established\nmarket may be deemed illiquid.

Insured\nBank Obligations

The\nFund may invest in insured bank obligations. The Federal Deposit Insurance Corporation (“FDIC”) insures the deposits of federally\ninsured banks and savings and loan associations (collectively referred to as “banks”) up to $250,000. The Fund may purchase\nbank obligations which are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments\nmust be limited to $250,000 per bank, if the principal amount and accrued interest together exceed $250,000, the excess principal and\naccrued interest will not be insured. Insured bank obligations may have limited marketability.

Investment\nCompany Securities and ETFs

The\nFund may invest in the securities of other investment companies, including Exchange Traded Funds (“ETFs”) to the extent that\nsuch an investment would be consistent with the requirements of the 1940 Act, and relevant SEC guidelines or rules and the Fund’s investment\nobjectives. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses.\nBy investing in another investment company, the Fund becomes a shareholder of that investment company. As a result, the Fund’s shareholders\nindirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in\naddition to the fees and expenses the Fund’s shareholders directly bear in connection with the Fund’s own operations.

Generally,\nunder Section 12(d) (1) of the 1940 Act, the Fund may invest only up to 5% of its total assets in the securities of any one investment\ncompany (ETF or other mutual funds), but the Fund may not own more than 3% of the outstanding voting stock of any one investment company\n(the “3% Limitation”) or invest more than 10% of its total assets in the securities of other investment companies. However,\nSection 12(d)(1)(F) of the 1940 Act allows the Fund to exceed the 5% limitation and the 10% limitation described above. Section 12(d)(1)(F)\nof the 1940 Act, provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by\nthe Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment\ncompany is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund has not offered or sold after January 1, 1971,\nand is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering\nprice which includes a sales load of more than 1 ½% percent. An investment company that issues shares to the Fund pursuant to\nparagraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company’s total outstanding\nshares in any period of less than thirty days. The Fund (or the Adviser or Sub-Adviser acting on behalf of the Fund) must comply with\nthe following voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies\nowned by the Fund, the Fund will either seek instruction from the Fund’s shareholders with regard to the voting of all proxies and vote\nin accordance with such instructions, or vote the shares held by the Fund in the same proportion as the vote of all other holders of\nsuch security. Because other investment companies employ an investment adviser, such investments by the Fund may cause shareholders to\nbear duplicate fees. The Fund may also invest in ETFs or other mutual funds in excess of the 3%/5%/10% limits described above in reliance\nupon Rule 12d1-4 under the 1940 Act.

Loan-Focused\nETFs

The\nFund may indirectly invest in loan assets through loan-focused ETFs that invest primarily in loans and loan participations. These loans\ninclude commercial loans, bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and\nfloating rate loans. These loans may be acquired by an ETF through loan participations and assignments or on a when-issued basis. Generally,\nloans are subject to credit risk, including lower-rated debt (“junk bond”) risk, liquidity risk and interest rate risk as well\nas specific risks described below.

Bank\nLoans. Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions,\nand refinancings. Investments in bank loans may be acquired as a participation interest in, or assignment of, loans originated by a lender\nor other financial institution. These investments may include institutionally traded floating and fixed-rate debt securities. Borrowers\nmay have low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in\nbankruptcy proceedings. Participation interests and assignments may be subject to restrictions on resale and have limited trading in\nsecondary trading markets. When an ETF purchases a participation interest, it may only be able to enforce its rights through the lender\nand may assume the credit risk of both the borrower and the lender. In addition, there is no assurance that the liquidation of any collateral\nfrom a secured loan would satisfy a borrower’s obligations or that any collateral could be liquidated. Rising interest rates may strain\na floating rate borrower’s ability to repay.

Bridge\nLoans. Bridge loans are short-term loan arrangements typically made by a borrower in anticipation of receiving intermediate-term\nor long-term permanent financing. Most bridge loans are structured as floating-rate debt with step-up provisions under which the interest\nrate on the bridge loan increases the longer the loan remains outstanding. In addition, bridge loans commonly contain a conversion feature\nthat allows the bridge loan investor to convert its loan interest to senior exchange notes if the loan has not been prepaid in full on\nor prior to its maturity date. Bridge loans typically are structured as senior loans but may be structured as junior loans. A delay in\nobtaining permanent financing subjects the bridge loan investor to increased risk. A borrower’s use of bridge loans also involves the\nrisk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived\ncreditworthiness.

DIP\nLoans. DIP loans are issued in connection with restructuring and refinancing transactions. DIP loans are loans to a debtor-in-possession\nin a proceeding under the U.S. bankruptcy code that have been approved by the bankruptcy court. DIP loans are typically fully secured\nby a lien on the debtor’s otherwise unencumbered assets or secured by a junior lien on the debtor’s encumbered assets (so long as the\nloan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP loans are often required to\nclose with certainty and in a rapid manner to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid\na bankruptcy proceeding. Investments in DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be\nforced to liquidate its assets. In the event of liquidation, the only recourse will typically be against the property securing the DIP\nloan.

Mezzanine\nLoans. Mezzanine loans are secured by the stock of the company that owns the assets acquired with the proceeds of the loan. Mezzanine\nloans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan\nis composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan\nis not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.\nBecause mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the\nadditional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after\nthe related borrower pays off any senior obligations. In addition, they are often used by smaller companies that may be highly leveraged,\nand in turn may be subject to a higher risk of default. Investment in mezzanine loans is a specialized practice that depends more heavily\non independent credit analysis than investments in other fixed-income securities.

Lending\nPortfolio Securities

For\nthe purpose of achieving income, the Fund may lend its portfolio securities, provided (1) the loan is secured continuously by collateral\nconsisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit,\nbankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market\nvalue of the securities loaned, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will\nreceive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at\nany time exceed one-third of the total assets of the Fund.

Loan\nAssignments and Participations

The\nFund may invest in assignments of and participations in loans issued by banks and other financial institutions.

When\nthe Fund purchases assignments from lending financial institutions, the Fund will acquire direct rights against the borrower on the loan.\nHowever, since assignments are generally arranged through private negotiations between potential assignees and potential assignors, the\nrights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by\nthe assigning lender.

Participations\nin loans will typically result in the Fund having a contractual relationship with the lending financial institution, not the borrower.\nThe Fund would have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender of\nthe payments from the borrower. In connection with purchasing a participation, the Fund generally will have no right to enforce compliance\nby the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund\nmay not benefit directly from any collateral supporting the loan in which it has purchased a participation. As a result, the Fund purchasing\na participation will assume the credit risk of both the borrower and the lender selling the participation. In the event of insolvency\nof the lender selling the participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off\nbetween the lender and the borrower.

The\nFund may have difficulty disposing of assignments and participations because there is no liquid market for such investments. The lack\nof a liquid secondary market will have an adverse impact on the value of such investments and on the Fund’s ability to dispose of particular\nassignments or participations when necessary to meet the Fund’s liquidity needs or in response to a specific economic event, such as\na deterioration in the creditworthiness of the borrower. The lack of a liquid market for assignments and participations may also make\nit more difficult for the Fund to assign a value to these investments for purposes of valuing the Fund’s portfolio and calculating its\nnet asset value.

The\nFund may invest in fixed and floating rate loans (“Loans”) arranged through private negotiations between a foreign government\n(a “Borrower”) and one or more financial institutions (“Lenders”). The Fund’s investments in Loans are expected to\nbe mostly in the form of participations in Loans (“Participations”) and assignments of portions of Loans from third parties\n(“Assignments”). Participations typically will result in the Fund having a contractual relationship only with the Lender, not\nwith the Borrower. The Fund will have the right to receive payments of principal, interest and any fees to which

it is entitled only\nfrom the Lender selling the Participation and only upon receipt by the Lender of the payments from the Borrower. In connection with purchasing\nParticipations, the Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement relating\nto the Loan, nor any rights of set-off against the Borrower, and the Fund may not directly benefit from any collateral supporting the\nLoan in which it has purchased the Participation. As a result, the Fund will assume the credit risk of both the Borrower and the Lender\nthat is selling the Participation. In the event of the insolvency of the Lender selling a Participation, the Fund may be treated as a\ngeneral creditor of the Lender and may not benefit from any set-off between the Lender and the Borrower. The Fund will acquire Participations\nonly if the Lender interpositioned between the Fund and the Borrower is determined by the Advisor or Sub-Adviser to be creditworthy.

When\nthe Fund purchases Assignments from Lenders, the Fund will acquire direct rights against the Borrower on the Loan. However, since Assignments\nare generally arranged through private negotiations between potential assignees and potential assignors, the rights and obligations acquired\nby the Fund as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender.

There\nare risks involved in investing in Participations and Assignments. The Fund may have difficulty disposing of them because there is no\nliquid market for such investments. The lack of a liquid secondary market will have an adverse impact on the value of such investments\nand on the Fund’s ability to dispose of particular Participations or Assignments when necessary to meet the Fund’s liquidity needs or\nin response to a specific economic event, such as a deterioration in the creditworthiness of the Borrower. The lack of a liquid market\nfor Participations and Assignments also may make it more difficult for the Fund to assign a value to these securities for purposes of\nvaluing the Fund’s portfolio and calculating its net asset value.

Master\nLimited Partnerships

The\nFund may invest up to 10% of its assets in Master Limited Partnerships (“MLPs”). MLPs are limited partnerships or limited\nliability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange and are\ntreated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a “publicly traded partnership”\nthat is not subject to taxation as a corporation for federal income tax purposes, an MLP must receive at least 90% of its income from\nqualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). In addition\nto qualifying sources that produce interest, dividends and real property rents, these qualifying sources also include income producing\nactivities such as the exploration, development, mining, production, processing, refining, transportation, storage, and marketing of\nmineral or natural resources. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the\nmanaging member and the members. For purposes of this section, references to general partners also apply to managing members and references\nto limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the\ndirect management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private\nor publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through\nan equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners\nown the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations

MLPs\nare typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions\nup to an established minimum amount (“minimum quarterly distributions” or “MQD”). Common and general partner interests\nalso accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid,\nsubordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Distributable cash in\nexcess of the MQD paid to both common and subordinated units is distributed to both common and subordinated units generally on a pro\nrata basis. The general partner is also eligible to receive incentive distributions if the general partner operates the business in a\nmanner which results in distributions paid per common unit surpassing specified target levels. As the general partner increases cash\ndistributions to the limited partners, the general partner receives an increasingly higher percentage of the incremental cash distributions.\nA common arrangement provides that the general partner can reach a tier where it receives 50% of every incremental dollar paid to common\nand subordinated unit holders. These incentive distributions encourage the general partner to streamline costs, increase capital expenditures\nand acquire assets in order to increase the partnership’s cash flow and raise the quarterly cash distribution in order to reach higher\ntiers. Such results benefit all security holders of the MLP.

General\npartner interests of MLPs are typically retained by an MLP’s original sponsors, such as its founders, corporate partners, entities that\nsell assets to the MLP and investors such as us. A holder of general partner interests can be liable under certain circumstances for\namounts greater than the amount of the holder’s investment in the general partner interest. General partner interests often confer direct\nboard participation rights, and in many cases, operating control, over the MLP. These interests themselves are not publicly traded, although\nthey may be owned by publicly traded entities. General partner interests receive cash distributions, typically 2% of the MLP’s aggregate\ncash distributions, which are contractually defined

in the partnership agreement. In addition, holders of general partner interests typically\nhold incentive distribution rights (“IDRs”), which provide them with a larger share of the aggregate MLP cash distributions\nas the distributions to limited partner unit holders are increased to prescribed levels. General partner interests generally cannot be\nconverted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general\npartner, typically with a supermajority vote by limited partner unitholders.

Mortgage-Backed\nSecurities

The\nFund may invest in mortgage-backed securities (“MBS”). MBS represent participation interests in pools of one-to-four family\nresidential mortgage loans originated by private mortgage originators. Traditionally, residential MBS have been issued by governmental\nagencies such as Ginnie Mae, Fannie Mae and Freddie Mac. The Fund does not intend to invest in commercial mortgage-backed securities.\nNon-governmental entities that have issued or sponsored residential mortgage-backed securities offerings include savings and loan associations,\nmortgage banks, insurance companies, investment banks and special purpose subsidiaries of the foregoing.

While\nresidential loans do not typically have prepayment penalties or restrictions, they are often structured so that subordinated classes\nmay be locked out of prepayments for a period of time. However, in a period of extremely rapid prepayments, during which senior classes\nmay be retired faster than expected, the subordinated classes may receive unscheduled payments of principal and would have average lives\nthat, while longer than the average lives of the senior classes, would be shorter than originally expected. The types of residential\nmortgage-backed securities in which the Fund may invest may include the following:

Guaranteed\nMortgage Pass-Through Securities. The Fund may invest in mortgage pass-through securities representing participation interests in\npools of residential mortgage loans originated by the U.S. government and guaranteed, to the extent provided in such securities, by the\nU.S. government or one of its agencies or instrumentalities. Such securities, which are ownership interests in the underlying mortgage\nloans, differ from conventional debt securities, which provide for periodic payment of interest in fixed amounts (usually semi-annually)\nand principal payments at maturity or on specified call dates. Mortgage pass-through securities provide for monthly payments that are\na “pass-through” of the monthly interest and principal payments (including any prepayments) made by the individual borrowers\non the pooled mortgage loans, net of any fees paid to the guarantor of such securities and the servicer of the underlying mortgage loans.\nThe guaranteed mortgage pass-through securities in which the Fund will invest are those issued or guaranteed by Ginnie Mae, Fannie Mae\nand Freddie Mac.

Private\nMortgage Pass-Through Securities. Private mortgage pass-through securities (“Private Pass-Throughs”) are structured similarly\nto Ginnie Mae, Fannie Mae and Freddie Mac mortgage pass-through securities described above and are issued by originators of and investors\nin mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries\nof the foregoing. Private Pass-Throughs are usually backed by a pool of conventional fixed rate or adjustable rate mortgage loans. Since\nPrivate Pass-Throughs typically are not guaranteed by an entity having the credit status of Ginnie Mae, Fannie Mae or Freddie Mac, such\nsecurities generally are structured with one or more types of credit enhancement.

Collateralized\nMortgage Obligations. (“CMOs”) are debt obligations collateralized by mortgage loans or mortgage pass-through securities.\nTypically, CMOs are collateralized by Ginnie Mae, Fannie Mae or Freddie Mac Certificates, but may also be collateralized by whole loans\nor Private Pass-Throughs (such collateral collectively hereinafter referred to as “Mortgage Assets”).

Multi-class\npass-through securities are equity interests in a pool of Mortgage Assets. Unless the context indicates otherwise, all references herein\nto CMOs include multi-class pass-through securities. Payments of principal of and interest on the Mortgage Assets, and any reinvestment\nincome thereon, provide the Fund to pay debt service on the CMOs or make scheduled distributions on the multi-class pass-through securities.\nCMOs may be sponsored by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage\nloans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose subsidiaries of\nthe foregoing. Under current law, every newly created CMO issuer must elect to be treated for federal income tax purposes as a Real Estate\nMortgage Investment Conduit.

In\na CMO, a series of bonds or certificates is issued in multiple classes. Each class of CMOs, often referred to as a “tranche,”\nis issued at a specific fixed or floating coupon rate and has a stated maturity or final distribution date. Principal prepayments on\nthe Mortgage Assets may cause the CMOs to be retired substantially earlier than their stated maturities or final distribution dates.\nInterest is paid or accrues on all classes of the CMOs on a monthly, quarterly or semi-annual basis. The principal of and interest on\nthe Mortgage Assets may be allocated among the several classes of a series of a CMO in innumerable ways. In one structure, payments of\nprincipal, including any principal prepayments, on the Mortgage Assets

are applied to the classes of a CMO in the order of their respective\nstated maturities or final distribution dates, so that no payment of principal will be made on any class of CMOs until all other classes\nhaving an earlier stated maturity or final distribution date have been paid in full.

The\nFund may also invest in, among others, parallel pay CMOs and Planned Amortization Class CMOs (PAC Bonds). Parallel pay CMOs are structured\nto provide payments of principal on each payment date to more than one class. These simultaneous payments are taken into account in calculating\nthe stated maturity date or final distribution date of each class, which, as with other CMO structures, must be retired by its payments\nof a specified amount of principal on each payment date.

Ginnie\nMae Certificates. Ginnie Mae is a wholly owned corporate instrumentality of the U.S. government within the Department of Housing\nand Urban Development. The National Housing Act of 1934, as amended (the “Housing Act”), authorizes Ginnie Mae to guarantee\nthe timely payment of the principal of and interest on certificates that are based on and backed by a pool of mortgage loans insured\nby the Federal Housing Administration under the Housing Act, or Title V of the Housing Act of 1949 (“FHA Loans”), or guaranteed\nby the Veterans’ Administration under the Servicemen’s Readjustment Act of 1944, as amended (“VA Loans”), or by pools of other\neligible mortgage loans. The Housing Act provides that the full faith and credit of the U.S. government is pledged to the payment of\nall amounts that may be required to be paid under any guarantee.

The\nGinnie Mae Certificates will represent a pro rata interest in one or more pools of the following types of mortgage loans: (i) fixed rate\nlevel payment mortgage loans; (ii) fixed rate graduated payment mortgage loans; (iii) fixed rate growing equity mortgage loans; (iv)\nfixed rate mortgage loans secured by manufactured (mobile) homes; (v) mortgage loans on multifamily residential properties under construction;\n(vi) mortgage loans on completed multifamily projects; (vii) fixed rate mortgage loans as to which escrowed funds are used to reduce\nthe borrower’s monthly payments during the early years of the mortgage loans (“buydown” mortgage loans); (viii) mortgage loans\nthat provide for adjustments in payments based on periodic changes in interest rates or in other payment terms of the mortgage loans;\nand (ix) mortgage-backed serial notes. All of these mortgage loans will be FHA Loans or VA Loans and, except as otherwise specified above,\nwill be fully amortizing loans secured by first liens on one-to-four family housing units.

Fannie\nMae Certificates. Fannie Mae is a federally chartered and privately-owned corporation organized and existing under the Federal National\nMortgage Association Charter Act. Fannie Mae was originally established in 1938 as a U.S. government agency to provide supplemental liquidity\nto the mortgage market and was transformed into a stockholder-owned and privately managed corporation by legislation enacted in 1968.\nFannie Mae provides funds to the mortgage market primarily by purchasing home mortgage loans from local lenders, thereby replenishing\ntheir funds for additional lending. Fannie Mae acquires funds to purchase home mortgage loans from many capital market investors that\nmay not ordinarily invest in mortgage loans directly, thereby expanding the total amount of funds available for housing.

Each\nFannie Mae Certificate entitles the registered holder thereof to receive amounts representing such holder’s pro rata interest in scheduled\nprincipal payments and interest payments (at such Fannie Mae Certificate’s pass-through rate, which is net of any servicing and guarantee\nfees on the underlying mortgage loans), and any principal prepayments on the mortgage loans in the pool represented by such Fannie Mae\nCertificate and such holder’s proportionate interest in the full principal amount of any foreclosed or otherwise finally liquidated mortgage\nloan. The full and timely payment of principal of and interest on each Fannie Mae Certificate will be guaranteed by Fannie Mae, which\nguarantee is not backed by the full faith and credit of the U.S. government. In order to meet its obligations under such guarantee, Ginnie\nMae is authorized to borrow from the U.S. Treasury with no limitations as to amount.

Each\nFannie Mae Certificate will represent a pro rata interest in one or more pools of FHA Loans, VA Loans or conventional mortgage loans\n(i.e., mortgage loans that are not insured or guaranteed by any governmental agency) of the following types: (i) fixed rate level payment\nmortgage loans; (ii) fixed rate growing equity mortgage loans; (iii) fixed rate graduated payment mortgage loans; (iv) variable rate\nCalifornia mortgage loans; (v) other adjustable rate mortgage loans; and (vi) fixed rate mortgage loans secured by multifamily projects.\nOn September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the “FHFA”) announced that Fannie\nMae and Freddie Mac had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective\nof returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured\nlending facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability\nto fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing\nbusiness operations of Fannie Mae or Freddie Mac.

Freddie\nMac Certificates. Freddie Mac is a corporate instrumentality of the U.S. government created pursuant to the Emergency Home Finance\nAct of 1970, as amended (the “FHLMC Act”). Freddie Mac was established primarily for the purpose of increasing the availability\nof mortgage credit for the financing of needed housing. The principal activity of Freddie

Mac currently consists of the purchase of first\nlien, conventional, residential mortgage loans and participation interests in such mortgage loans and the resale of the mortgage loans\nso purchased in the form of mortgage securities, primarily Freddie Mac Certificates.

Freddie\nMac guarantees to each registered holder of a Freddie Mac Certificate the timely payment of interest at the rate provided for by such\nFreddie Mac Certificate, whether or not received. Freddie Mac also guarantees to each registered holder of a Freddie Mac Certificate\nultimate collection of all principal amounts of the related mortgage loans, without any offset or deduction, but does not generally guarantee\nthe timely payment of scheduled principal. Freddie Mac may remit the amount due on account of its guarantee of collection of principal\nat any time after default on an underlying mortgage loan, but not later than 30 days following (i) foreclosure sale, (ii) payment of\na claim by any mortgage insurer, or (iii) the expiration of any right of redemption, whichever occurs later, but in any event no later\nthan one year after demand has been made upon the mortgagor for acceleration of payment of principal. The obligations of Freddie Mac\nunder its guarantee are obligations solely of Freddie Mac and are not backed by the full faith and credit of the U.S. government.

Freddie\nMac Certificates represent a pro rata interest in a group of mortgage loans (a “Freddie Mac Certificate group”) purchased by\nFreddie Mac. The mortgage loans underlying the Freddie Mac Certificates will consist of fixed rate or adjustable rate mortgage loans\nwith original terms to maturity of between ten and thirty years, substantially all of which are secured by first liens on one-to-four\nfamily residential properties or multifamily projects. Each mortgage loan must meet the applicable standards set forth in the FHLMC Act.\nA Freddie Mac Certificate group may include whole loans, participation interests in whole loans and undivided interests in whole loans\nand participations comprising another Freddie Mac Certificate group.

Federal\nHome Loan Bank Securities. The Federal Home Loan Bank system (“FHLB”) was created in 1932 pursuant to the Federal Home\nLoan Bank Act. FHLB was created to support residential mortgage lending and community investment. FHLB consists of 12 member banks which\nare owned by over 8,000 member community financial institutions. FHLB provides liquidity for housing finance and community development\nby making direct loans to these community financial institutions, and through two FHLB mortgage programs, which help expand home ownership\nby giving lenders an alternative option for mortgage funding. Each member financial institution (typically a bank or savings and loan)\nis a shareholder in one or more of 12 regional FHLB banks, which are privately capitalized, separate corporate entities. Federal oversight,\nin conjunction with normal bank regulation and shareholder vigilance, assures that the 12 regional Banks will remain conservatively managed\nand well capitalized. FHLB banks are among the largest providers of mortgage credit in the U.S.

FHLB\nis also one of the world’s largest private issuers of fixed-income debt securities, and the Office of Finance serves as FHLB’s central\ndebt issuance facility. Debt is issued in the global capital markets and the Fund is channeled to member financial institutions to fund\nmortgages, community development, and affordable housing.

Securities\nissued by FHLB are not obligations of the U.S. government and are not guaranteed by the U. S. government. FHLB may issue either bonds\nor discount notes. The securities, issued pursuant to the Act, are joint and several unsecured general obligations of FHLB banks. The\nbonds or discount notes will not limit other indebtedness that FHLB banks may incur, and they will not contain any financial or similar\nrestrictions on FHLB banks or any restrictions on their ability to secure other indebtedness. Under the Federal Home Loan Bank Act, FHLB\nbanks may incur other indebtedness such as secured joint and several obligations of FHLB banks and unsecured joint and several obligations\nof FHL Banks, as well as obligations of individual FHLB banks (although current Federal Housing Finance Board rules prohibit their issuance).

Municipal\nSecurities

The\nFund may invest in securities issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities\nof states and multi-state agencies or authorities. Although the interest earned on many municipal securities is exempt from federal income\ntax, the Fund may invest in taxable municipal securities.

Municipal\nsecurities share the attributes of a debt/fixed income securities in general, but are generally issued by states, municipalities and\nother political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies or authorities. The municipal\nsecurities which the Fund may purchase include general obligation bonds and limited obligation bonds (or revenue bonds), including industrial\ndevelopment bonds issued pursuant to former federal tax law. General obligation bonds are obligations involving the credit of an issuer\npossessing taxing power and are payable from such issuer’s general revenues and not from any particular source. Limited obligation bonds\nare payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of\na special excise or other specific revenue source. Tax-exempt private activity bonds and industrial development bonds generally are also\nrevenue bonds and thus are not payable from the issuer’s general revenues. The credit and quality of private activity bonds and industrial\ndevelopment bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of\nprincipal of such bonds is the responsibility of the corporate user (and/or any guarantor).

Under\nthe Code, certain limited obligation bonds are considered “private activity bonds” and interest paid on such bonds is treated\nas an item of tax preference for purposes of calculating federal alternative minimum tax liability.

Options

The\nFund may utilize call and put options, on securities and/or futures, to attempt to protect against possible changes in the market value\nof securities held in or to be purchased for the Fund’s portfolio and to generate income or gain for the Fund. The ability of the Fund\nto successfully utilize options will depend on the Adviser’s, Sub-Adviser’s or Futures Trading Adviser’s ability to predict pertinent\nmarket movements, which cannot be assured. The Fund will comply with applicable regulatory requirements when implementing these techniques\nand instruments.

The\nFund may write (sell) covered call options and covered put options and purchase call and put options. The purpose of engaging in options\ntransactions is to reduce the effect of price fluctuations of the securities owned by the Fund (and involved in the options) on the Fund’s\nNAV per share and to generate additional revenues.

A\ncovered call option is an option sold on a security owned by the seller of the option in exchange for a premium. A call option gives\nthe purchaser of the option the right to buy the underlying securities at the exercise price during the option period. If the option\nis exercised by the purchaser during the option period, the seller is required to deliver the underlying security against payment of\nthe exercise price. The seller’s obligation terminates upon expiration of the option period or when the seller executes a closing purchase\ntransaction with respect to such option. Call options on securities which the Fund sells (writes) will be covered or secured, which means\nthat the Fund will own the underlying security or, to the extent it does not hold such a security, will maintain a segregated account\nwith the Fund’s custodian consisting of liquid securities sufficient to assure the Fund’s performance with respect to the written option.\nWhen the Fund writes a covered call option, it profits from the premium paid by the buyer but gives up the opportunity to profit from\nan increase in the value of the underlying security above the exercise price. At the same time, the seller retains the risk of loss from\na decline in the value of the underlying security during the option period. Although the seller may terminate its obligation by executing\na closing purchase transaction, the cost of effecting such a transaction may be greater than the premium received upon its sale, resulting\nin a loss to the seller if such an option expires unexercised, the seller realizes a gain equal to the premium received. Such a gain\nmay be offset or exceeded by a decline in the market value of the underlying security during the option period. If an option is exercised,\nthe exercise price, the premium received, and the market value of the underlying security determine the gain or loss realized by the\nseller.

When\nthe Fund sells a covered put option, it has the obligation to buy, and the purchaser of the put the right to sell, the underlying security\nat the exercise price during the option period. To cover a put option, the Fund holds a short position in the refence security or deposits\nU.S. government securities (or other liquid securities) in a segregated account at its custodian. The value of the deposited securities\nis marked to market daily and, if necessary, additional assets are placed in the segregated account to assure Fund performance with respect\nto the written put option. The Fund maintains the segregated account so long as it is obligated as the seller. The obligation of the\nFund is terminated when the purchaser exercises the put option, when the option expires or when a closing purchase transaction is effected\nby the Fund. The Fund’s gain on the sale of a put option is limited to the premium received plus interest earned on its segregated account.\nThe Fund’s potential loss on a put option is determined by taking into consideration the exercise price of the option, the market price\nof the underlying security when the put is exercised, the premium received, and the interest earned on its segregated account. Although\nthe Fund risks a substantial loss if the price of the security on which it has sold a put option drops suddenly, it can protect itself\nagainst serious loss by entering into a closing purchase transaction. The degree of loss will depend upon the Fund’s ability to detect\nthe movement in the security’s price and to execute a closing transaction at the appropriate time.

The\nFund will write options on such portion of its portfolio as management determines what is appropriate in seeking to attain the Fund’s\nobjective. The Fund will write options when management believes that a liquid secondary market will exist on a national securities exchange\nfor options of the same series so that the Fund can effect a closing purchase transaction if it desires to close out its position. Consistent\nwith the investment policies of the Fund, a closing purchase transaction will ordinarily be effected to realize a profit on an outstanding\noption, to prevent an underlying security from being called or to permit the sale of the underlying security. Effecting a closing purchase\ntransaction will permit the Fund to write another option on the underlying security with either a different exercise price or expiration\ndate or both.

The\nFund may purchase put options to protect against declines in the market value of portfolio securities or to attempt to retain unrealized\ngains in the value of portfolio securities. Put options might also be purchased to facilitate the sale of portfolio securities. The Fund\nmay purchase call options as a temporary substitute for the purchase of individual securities, which then could be purchased in orderly\nfashion. Upon the purchase of the securities, the Fund would normally terminate the call position. The purchase of both put and call\noptions involves the risk of loss of all or part of the premium paid. If the

price of the underlying security does not rise (in the case\nof a call) or drop (in the case of a put) by an amount at least equal to the premium paid for the option contract, the Fund will experience\na loss on the option contract equal to the deficiency.

Preferred\nStock

Preferred\nstocks are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends, but\npayment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high\ndividend yield or yield to maturity. The risks of preferred stocks are a lack of voting rights, and the Adviser or Sub-Adviser may incorrectly\nanalyze the security, resulting in a loss to the Fund. Furthermore, preferred stock dividends are not guaranteed, and management can\nelect to forego the preferred dividend, resulting in a loss to the Fund.

Publicly\nTraded Partnerships

The\nFund may invest in publicly traded partnerships (“PTPs”). PTPs are limited partnerships the interests in which (known as “units”)\nare traded on public exchanges, just like corporate stock. PTPs are limited partnerships that provide an investor with a direct interest\nin a group of assets (generally, oil and gas properties). Publicly traded partnership units typically trade publicly, like stock, and\nthus may provide the investor more liquidity than ordinary limited partnerships. Publicly traded partnerships are also called master\nlimited partnerships and public limited partnerships. A limited partnership has one or more general partners (they may be individuals,\ncorporations, partnerships or another entity) which manage the partnership, and limited partners, which provide capital to the partnership\nbut have no role in its management. When an investor buys a unit in a PTP, he or she becomes a limited partner. PTPs are formed in several\nways. A non-traded partnership may decide to go public. Several non-traded partnerships may “roll up” into a single PTP. A\ncorporation may spin off a group of assets or part of its business into a PTP of which it is the general partner, either to realize what\nit believes to be the assets’ full value or as an alternative to issuing debt. A corporation may fully convert to a PTP, although since\n1986 the tax consequences have made this unappealing; or, a newly formed company may operate as a PTP from its inception.

There\nare different types of risks to investing in PTPs including regulatory risks and interest rate risks. Currently most partnerships enjoy\npass through taxation of their income to partners, which avoids double taxation of earnings. If the government were to change PTP business\ntax structure, unitholders would not be able to enjoy the relatively high yields in the sector for long. In addition, PTP’s which charge\ngovernment-regulated fees for transportation of oil and gas products through their pipelines are subject to unfavorable changes in government-approved\nrates and fees, which could affect a PTPs revenue stream negatively. PTPs also carry some interest rate risks. During increases in interest\nrates, PTPs may not produce decent returns to shareholders.

Options\non Foreign Currencies

The\nFund may invest in call and put options on domestic and foreign securities and foreign currencies. The Fund may purchase and write call\nand put options on foreign currencies as a hedge against changes in the value of the U.S. dollar (or another currency) in relation to\na foreign currency in which portfolio securities of the Fund may be denominated, or as an investment strategy. A call option on a foreign\ncurrency gives the purchaser the right to buy, and a put option the right to sell, a certain amount of foreign currency at a specified\nprice during a fixed period of time. The Fund may enter into closing sale transactions with respect to such options, exercise them, or\npermit them to expire.

The\nFund may employ hedging strategies with options on currencies before the Fund purchases a foreign security denominated in the hedged\ncurrency, during the period the Fund holds the foreign security, or between the day the foreign security is purchased or sold and the\ndate on which payment therefore is made or received. Hedging against a change in the value of a foreign currency in the foregoing manner\ndoes not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Furthermore,\nsuch hedging transactions reduce or preclude the opportunity for gain if the value of the hedged currency should increase relative to\nthe U.S. dollar. The Fund will purchase options on foreign currencies for hedging purposes and may also speculate in options on foreign\ncurrencies. The Fund may invest in options on foreign currencies which are either listed on a domestic securities exchange or traded\non a recognized foreign exchange.

An\noption position on a foreign currency may be closed out only on an exchange which provides a secondary market for an option of the same\nseries. Although the Fund will typically purchase exchange-traded options, there is no assurance that a liquid secondary market on an\nexchange will exist for any particular option, or at any particular time. In the event that no liquid secondary market exists, it might\nnot be possible to affect closing transactions in particular options. If the Fund cannot close out an exchange-traded option which it\nholds, it would have to exercise its option in order to realize any profit and would incur transactional costs on the sale of the underlying\nassets.

Real\nEstate Investment Trusts

The\nFund may invest in Real Estate Investment Trusts (“REITs”), equity interests or debt obligations issued by REITs. REITs are\npooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest. REITs are\ngenerally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority\nof their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital\ngains by selling property that has appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages\nand derive income from the collection of interest payments. Similar to investment companies, REITs are not taxed on income distributed\nto shareholders provided they comply with several requirements of the Code. The Fund will indirectly bear its proportionate share of\nexpenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund.

Investing\nin REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity\nREITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by\nthe quality of any credit extended. REITs are dependent upon management skills, are not diversified, are subject to heavy cash flow dependency,\ndefault by borrowers and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax free pass-through\nof income under the Code and failing to maintain their exemption from registration under the 1940 Act.

REITs\n(especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in\nfixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed-rate\nobligations can be expected to decline. In contrast, as interest rates on adjustable rate mortgage loans are reset periodically, yields\non a REIT’s investment in such loans will gradually align themselves to fluctuate less dramatically in response to interest rate fluctuations\nthan would investments in fixed-rate obligations.

Investment\nin REITs involves risks similar to those associated with investing in small capitalization companies. These risks include:

●

limited\n financial resources;

●

infrequent\n or limited trading;

●

more\n abrupt or erratic price movements than larger company securities; and

●

in\n addition, small capitalization stocks, such as REITs, historically have been more volatile\n in price than the larger capitalization stocks included in the S&P 500 Index.

Repurchase\nAgreements

The\nFund may enter into repurchase agreements with banks that are members of the Federal Reserve System or securities dealers that are members\nof a national securities exchange or are primary dealers in U.S. government securities. Repurchase agreements generally are for a short\nperiod of time, usually less than a week. Under a repurchase agreement, the Fund purchases a U.S. government security and simultaneously\nagrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later.\nThe resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the Fund’s holding period.\nWhile the maturities of the underlying securities in repurchase agreement transactions may be more than one year, the term of each repurchase\nagreement will always be less than one year. Repurchase agreements with a maturity of more than seven days are considered to be illiquid\ninvestments. The Fund may not enter into such a repurchase agreement if, as a result, more than 15% of the value of its net assets would\nthen be invested in such repurchase agreements and other illiquid investments.

The\nFund will always receive, as collateral, securities whose market value, including accrued interest, at all times will be at least equal\nto 100% of the dollar amount invested by the Fund in each repurchase agreement. In the event of default or bankruptcy by the seller,\nthe Fund will liquidate those securities (whose market value, including accrued interest, must be at least 100% of the amount invested\nby the Fund) held under the applicable repurchase agreement, which securities constitute collateral for the seller’s obligation to repurchase\nthe security. If the seller defaults, the Fund might incur a loss if the value of the collateral securing the repurchase agreement declines\nand might incur disposition costs in connection with liquidating the collateral. In addition, if bankruptcy or similar proceedings are\ncommenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited.

Reverse\nRepurchase Transactions

The\nFund may borrow by entering into reverse repurchase agreements with the same parties with whom it may enter into repurchase agreements.\nUnder a reverse repurchase agreement, the Fund sells securities and agrees to repurchase them

at a mutually agreed price. At the time\nthe Fund enters into a reverse repurchase agreement, it will establish and maintain a segregated account with an approved custodian containing\nliquid high-grade securities, marked-to-market daily, having a value not less than the repurchase price (including accrued interest).\nReverse repurchase agreements involve the risk that the market value of securities retained in lieu of sale by the Fund may decline below\nthe price of the securities the Fund has sold but is obliged to repurchase. If the buyer of securities under a reverse repurchase agreement\nfiles for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether\nto enforce the Fund’s obligation to repurchase the securities. During that time, the Fund’s use of the proceeds of the reverse repurchase\nagreement effectively may be restricted. Reverse repurchase agreements create leverage, a speculative factor, and are considered borrowings\nfor the purpose of the Fund’s limitation on borrowing.

Rights

Rights\nare usually granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued\nto the public. The right entitles its holder to buy common stock at a specified price. Rights have similar features to warrants, except\nthat the life of a right is typically much shorter, usually a few weeks. The Adviser or Sub-Adviser believes rights may become underpriced\nif they are sold without regard to value and if analysts do not include them in their research. The risk in investing in rights is that\nthe Adviser or Sub-Adviser might miscalculate their value resulting in a loss to the Fund. Another risk is the underlying common stock\nmay not reach the Adviser’s or Sub-Adviser’s anticipated price within the life of the right.

Short\nSales

The\nFund may seek to realize additional gains or hedge investments by selling a security short. A short sale is a transaction in which the\nFund sells a security that it does not own in anticipation of a decline in the market price of the security. To complete the short sale,\nthe Fund must arrange through a broker to borrow the security in order to deliver it to the buyer. The Fund is obligated to replace the\nborrowed security by purchasing it at a market price at or prior to the time it must be returned to the lender. The price at which the\nFund is required to replace the borrowed security may be more or less than the price at which the security was sold by the Fund. Until\nthe security is replaced, the Fund is required to repay the lender any dividends or interest attributable to the borrowed security that\nmay accrue during the period of the loan. To borrow the security, the Fund may be required to pay a premium, which would increase the\ncost of the security sold. Until the short position is closed out, the Fund will also incur fees and other transaction costs.

The\nnet proceeds of the short sale plus any additional cash collateral will be retained by the broker to the extent necessary to meet margin\nrequirements and provide a collateral cushion in the event that the value of the security sold short increases. The Fund will receive\nthe net proceeds after it closes out the short position by replacing the borrowed security. Until the Fund closes the short position,\nthe Fund also must maintain a segregated account with its custodian consisting of cash or other liquid securities to assurance Fund performance.\nThe assets in the segregated account are marked to market daily. The short sale proceeds held by the broker and the segregated account\nwith the custodian will not necessarily limit the Fund’s potential loss on a short sale, which is unlimited.

The\nFund will incur a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces\nthe borrowed security. The Fund will realize a gain if the price of the security declines between those dates. The amount of any gain\nwill be decreased, and the amount of any loss increased, by the amount of any premium, dividend, interest or expenses the Fund may be\nrequired to pay in connection with the short sale. There can be no assurance that the Fund will be able to close out a short position\nat any particular time or at an acceptable price.

Structured\nNotes, Bonds and Debentures.

The\nFund may invest in structured notes, bonds and debentures. Typically, the value of the principal and/or interest on these instruments\nis determined by reference to changes in the value of specific currencies, interest rates, commodities, indexes or other financial indicators\n(the “Reference”) or the relevant change in two or more References. The interest rate or the principal amount payable upon\nmaturity or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured\nsecurities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in the loss of the Fund’s\nentire investment. The value of structured securities may move in the same or the opposite direction as the value of the Reference, so\nthat appreciation of the Reference may produce an increase or decrease in the interest rate or value of the security at maturity. In\naddition, the change in interest rate or the value of the security at maturity may be a multiple of the change in the value of the Reference,\nso that the security may be more or less volatile than the Reference, depending on the multiple. Consequently, structured securities\nmay entail a greater degree of market risk and volatility than other types of debt obligations.

Structured\nNote Risk. The Fund may seek investment exposure to sectors through structured notes that may be exchange traded or may trade in\nthe over-the-counter market. These notes are typically issued by banks or brokerage firms and have interest and/or principal payments\nwhich are linked to changes in the price level of certain assets or to the price performance of certain indices. The value of a structured\nnote will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and market volatility, changes\nin the issuer’s credit quality rating, and economic, legal, political, or events that affect the industry. In addition, there may be\na lag between a change in the value of the underlying reference asset and the value of the structured note. Structured notes may also\nbe subject to counterparty risk. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the\nsecondary market.

STRIPS

The\nFederal Reserve creates STRIPS (Separate Trading of Registered Interest and Principal of Securities) by separating the coupon payments\nand the principal payment from an outstanding Treasury security and selling them as individual securities. To the extent the Fund purchases\nthe principal portion of the STRIP, the Fund will not receive regular interest payments. Instead, they are sold at a deep discount from\ntheir face value. The Fund will accrue income on such STRIPS for tax and accounting purposes, in accordance with applicable law, which\nincome is distributable to shareholders. Because no cash is received at the time such income is accrued, the Fund may be required to\nliquidate other Fund securities to satisfy its distribution obligations. Because the principal portion of the STRIP does not pay current\nincome, its price can be very volatile when interest rates change. In calculating its dividend, the Fund takes into account as income\na portion of the difference between the principal portion of the STRIP’s purchase price and its face value.

Swap\nAgreements

The\nFund may enter into swap agreements for purposes of attempting to gain exposure to equity, debt, commodities or other asset markets without\nactually purchasing those assets, or to hedge a position. Swap agreements are typically two-party contracts entered into primarily by\ninstitutional investors for periods ranging from a day to more than one year. In a standard “swap” transaction, two parties\nagree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments.\nThe gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount,”\ni.e., the return on or increase in value of a particular dollar amount invested in a “basket” of securities representing a\nparticular index.

Most\nswap agreements entered into by the Fund calculate the obligations of the parties to the agreement on a “net basis.” Consequently,\nthe Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received\nunder the agreement based on the relative values of the positions held by each party to the agreement (the “net amount”). Payments\nmay be made at the conclusion of a swap agreement or periodically during its term.

Swap\nagreements do not involve the delivery of securities or other underlying assets. Accordingly, if a swap is entered into on a net basis,\nif the other party to a swap agreement defaults, the Fund’s risk of loss consists of the net amount of payments that the Fund is contractually\nentitled to receive, if any.

The\nnet amount of the excess, if any, of the Fund’s obligations over its entitlements with respect to a swap agreement entered into on a\nnet basis will be accrued daily and an amount of cash or liquid asset having an aggregate NAV value at least equal to the accrued excess\nwill be maintained in an account with the Custodian. The Fund will also establish and maintain such accounts with respect to its total\nobligations under any swaps that are not entered into on a net basis.

Because\nthey are two-party contracts and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid\nfor the Fund’s illiquid investment limitations. The Fund will not enter into any swap agreement unless the Adviser or Sub-Adviser believes\nthat the other party to the transaction is creditworthy. The Fund bears the risk of loss of the amount expected to be received under\na swap agreement in the event of the default or bankruptcy of a swap agreement counterparty.

The\nFund may enter into a swap agreement in circumstances where the Adviser or Sub-Adviser believes that it may be more cost effective or\npractical than buying the securities represented by such index or a futures contract or an option on such index. The counterparty to\nany swap agreement will typically be a bank, investment banking firm or broker/dealer. The counterparty will generally agree to pay the\nFund the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the\nparticular stocks represented in the index, plus the dividends that would have been received on those stocks. The Fund will agree to\npay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the\nnotional amount would have decreased in value had it been invested in such stocks. Therefore, the return to the Fund on any swap agreement\nshould

be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Fund on the notional amount.

The\nswap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals\nand as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid in comparison with\nthe markets for other similar instruments that are traded in the OTC market.

Time\nDeposits and Variable Rate Notes

The\nFund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

The\ncommercial paper obligations which the Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable\nrate note (i.e., a “Master Note”) permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a\ndirect arrangement between the Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The Fund\nhas the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under\nthe note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be\nbacked by one or more bank letters of credit. Because these notes are direct lending arrangements between the Fund and the issuer, it\nis not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically\nprovided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection\nwith such purchase and on an ongoing basis, the Fund’s Adviser or Sub-Adviser will consider the earning power, cash flow and other liquidity\nratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes\nmade demand simultaneously. Variable rate notes are subject to the Fund’s investment restriction on illiquid securities unless such notes\ncan be put back to the issuer on demand within seven days.

U.S.\nGovernment Securities

The\nFund may invest in U.S. government securities. These securities may be backed by the credit of the government as a whole or only by the\nissuing agency. U.S. Treasury bonds, notes, and bills and some agency securities, such as those issued by the Federal Housing Administration\nand the Government National Mortgage Association (Ginnie Mae), are backed by the full faith and credit of the U.S. government as to payment\nof principal and interest and are the highest quality government securities. Other securities issued by U.S. government agencies or instrumentalities,\nsuch as securities issued by the Federal Home Loan Banks and the Federal Home Loan Mortgage Corporation (Freddie Mac), are supported\nonly by the credit of the agency that issued them, and not by the U.S. government. Securities issued by the Federal Farm Credit System,\nthe Federal Land Banks, and the Federal National Mortgage Association (Fannie Mae) are supported by the agency’s right to borrow money\nfrom the U.S. Treasury under certain circumstances but are not backed by the full faith and credit of the U.S. government.

The\nFund’s investments in U.S. Government securities may include agency step-up obligations. These obligations are structured with a coupon\nrate that “steps-up” periodically over the life of the obligation. Step-up obligations typically contain a call option, permitting\nthe issuer to buy back the obligation upon exercise of the option. Step-up obligations are designed for investors who are unwilling to\ninvest in long-term securities in a low interest rate environment. Step-up obligations are used in an attempt to reduce the risk of a\nprice decline should interest rates rise significantly at any time during the life of the obligation. However, step-up obligations also\ncarry the risk that market interest rates may be significantly below the new, stepped-up coupon rate. If this occurs, the issuer of the\nobligation likely will exercise the call option, leaving investors with cash to reinvest. As a result, these obligations may expose the\nFund to the risk that proceeds from a called security may be reinvested in another security paying a lower rate of interest.

Warrants

Warrants\nare securities that are usually issued with a bond or preferred stock but may trade separately in the market. A warrant allows its holder\nto purchase a specified amount of common stock at a specified price for a specified time. The risk in investing in warrants is the Adviser\nor Sub-Adviser might miscalculate their value, resulting in a loss to the Fund. Another risk is the warrants will not realize their value\nbecause the underlying common stock does reach the Adviser’s or Sub-Adviser’s anticipated price within the life of the warrant.

When-Issued,\nForward Commitments and Delayed Settlements

The\nFund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Fund’s custodian\nwill segregate liquid assets equal to the amount of the commitment in a separate account. Normally, the custodian will set aside portfolio\nsecurities to satisfy a purchase commitment. In such a case, the Fund

subsequently may be required to segregate additional assets in\norder to assure that the value of the account remains equal to the amount of the Fund’s commitment. It may be expected that the Fund’s\nnet assets will fluctuate to a greater degree when it sets aside portfolio securities to cover such purchase commitments than when it\nsets aside cash.

The\nFund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives. Because\nthe Fund will segregate liquid assets to satisfy its purchase commitments in the manner described, the Fund’s liquidity and the ability\nof the Adviser or Sub-Adviser to manage them may be affected in the event the Fund’s forward commitments, commitments to purchase when-issued\nsecurities and delayed settlements ever exceeded 15% of the value of its net assets.

The\nFund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing\nthe transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment\nafter it is entered into and may sell securities it has committed to purchase before those securities are delivered to the Fund on the\nsettlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment\nand delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result\nin the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The\nmarket value of the securities underlying a when-issued purchase, forward commitment to purchase securities, or a delayed settlement\nand any subsequent fluctuations in their market value is taken into account when determining the market value of the Fund starting on\nthe day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed to purchasing\nuntil it has paid for and delivered on the settlement date.

Wholly\nOwned Subsidiary

The\nFund may invest up to 25% of its total assets in a wholly owned and controlled Cayman Islands subsidiary (the “Subsidiary”),\nwhich is expected to invest primarily in commodity and financial futures, as well as fixed income securities and other investments intended\nto serve as margin or collateral for the Subsidiary’s derivatives positions. As a result, the Fund may be considered to be investing\nindirectly in these investments through the Subsidiary. For that reason, and for the sake of convenience, references in this SAI to the\nFund may also include the Subsidiary.

The\nSubsidiary will not be registered under the 1940 Act but will be subject to certain of the investor protections of the 1940 Act, as noted\nin this SAI. The Adviser has on behalf of the Subsidiary, filed a notice with the CFTC and the NFA claiming exemption from the CFTC’s\nreporting requirements in accordance with Part 4 of the CFTC regulations pursuant to no-action relief for certain subsidiaries of registered\ninvestment companies. Under this no-action letter guidance, the CFTC provides relief relating to CFTC reporting requirements for commodity\npools, such as the Subsidiary, which are wholly owned subsidiaries of registered investment companies (such as the Fund). The Adviser\nalso claims exemption from the CFTC’s disclosure and reporting requirements in accordance with Part 4 of the CFTC regulations, which\nprovide relief relating to CFTC disclosure and reporting requirements for commodity pools, such as the Subsidiary, that are operated\nby a commodity pool operator that is the same as, controls, is controlled by or is under common control with the commodity pool operator\nof an offered pool (such as the Fund).

Changes\nin the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could\nresult in the inability of the Fund and/or the Subsidiary to operate as described in this SAI and could negatively affect the Fund and\nits shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty,\ninheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman\nIslands taxes, the Fund shareholders would likely suffer decreased investment returns.

Regulation\nas a Commodity Pool Operator

The\nFund is a “commodity pool” under the U.S. Commodity Exchange Act. With respect to the Fund, the Adviser is a “commodity\npool operator” registered with and regulated by the Commodity Futures Trading Commission (“CFTC”). As a result, additional\nCFTC-mandated disclosure, reporting and recordkeeping obligations apply to the Fund.

Portfolio\nTurnover

The\nFund may sell a portfolio investment soon after its acquisition if the Adviser or Sub-Adviser believes that such a disposition is consistent\nwith attaining the investment objective of the Fund. Fund investments may be sold for a variety of reasons, such as a more favorable\ninvestment opportunity or other circumstances bearing on the desirability of continuing to hold such investments. A high rate of portfolio\nturnover (over 100%) may involve correspondingly greater transaction

costs, which must be borne directly by the Fund and ultimately by\nits shareholders. High portfolio turnover may result in the realization of substantial net capital gains. To the extent short-term capital\ngains are realized, distributions attributable to such gains will be ordinary income for federal income tax purposes. The Fund’s portfolio\nturnover rate for the fiscal year ended June 30, 2026 was 25.75% and for the fiscal year ended June 30, 2025 was 3.11%.\nIt is expected that the Fund’s portfolio turnover rate may vary and may exceed 100% on an annual basis.

Investment\nRestrictions

Fundamental\nInvestment Limitations. The investment limitations described below have been adopted by the Trust with respect to the Fund and are\nfundamental (“Fundamental”) (i.e., they may not be changed without the affirmative vote of a majority of the outstanding shares\nof the Fund). As used in the Prospectus and this SAI, the term “majority” of the outstanding shares of the Fund means the lesser\nof: (1) 67% or more of the outstanding shares of the Fund present at a meeting if the holders of more than 50% of the outstanding shares\nof the Fund is present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. Other investment practices,\nwhich may be changed by the Board of Trustees without the approval of shareholders to the extent permitted by applicable law, regulation\nor regulatory policy, are considered non-fundamental (“Non-Fundamental”).

Borrowing\n Money. The Fund will not borrow money, except: (a) from a bank, provided that immediately\n after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or\n (b) from a bank or other persons for temporary purposes only, provided that such temporary\n borrowings are in an amount not exceeding 5% of the Fund’s total assets at the time when\n the borrowing is made. This limitation does not preclude the Fund from entering into reverse\n repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowings\n and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

Senior\n Securities. The Fund will not issue senior securities. This limitation is not applicable\n to activities that may be deemed to be similar to the issuance or sale of a senior security\n by the Fund, provided that the Fund’s engagement in such activities is consistent with or\n permitted by the 1940 Act, the rules and regulations promulgated thereunder or interpretations\n of the SEC or its staff.

Underwriting.\n The Fund will not act as underwriter of securities issued by other persons. This limitation\n is not applicable to the extent that, in connection with the disposition of portfolio securities\n (including restricted securities), the Fund may be deemed an underwriter under certain federal\n securities laws.

Real\n Estate. The Fund will not purchase or sell real estate. This limitation is not applicable\n to investments in marketable securities that are secured by or represent interests in real\n estate. This limitation does not preclude the Fund from investing in mortgage-related securities\n or investing in companies engaged in the real estate business or that have a significant\n portion of their assets in real estate (including real estate investment trusts).

Commodities.\n The Fund will not purchase or sell commodities unless acquired as a result of ownership of\n securities or other investments. This limitation does not preclude the Fund from purchasing\n or selling options or futures contracts on commodities, from investing in securities or other\n instruments backed by commodities or from investing in companies, which are engaged in a\n commodities business or have a significant portion of their assets in commodities.

Loans.\n The Fund will not make loans to other persons, except: (a) by loaning portfolio securities\n (limited at any given time to no more than one-third of the Fund’s total assets); (b) by\n engaging in repurchase agreements; or (c) by purchasing non-publicly offered debt securities.\n For purposes of this limitation, the term “loans” shall not include the purchase\n of a portion of an issue of publicly distributed bonds, debentures or other securities.

Concentration.\n The Fund will not invest 25% or more of its total assets in a particular industry or group\n of industries. This limitation is not applicable to investments in obligations issued or\n guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements\n with respect thereto.

With\nrespect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the\nfixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition\nof any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above.

Notwithstanding\nany of the foregoing limitations, any investment company, whether organized as a trust, association or corporation, or a personal holding\ncompany, may be merged or consolidated with or acquired by the Trust, provided that if such merger, consolidation or acquisition results\nin an investment in the securities of any issuer prohibited by said paragraphs, the

Trust shall, within ninety days after the consummation\nof such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as\nshall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

MANAGEMENT\nOF THE FUND

The\nBoard of Trustees supervises the business activities of the Trust and appoints the officers. Each Trustee serves as a trustee until the\ntermination of the Trust unless the Trustee dies, resigns, retires or is removed. As of the date of this SAI, the Fund is one of 20\nseries in the Trust The Board will generally meet at least four times a year to review the progress and status of the Fund.

Board\nLeadership Structure

The\nTrust is led by Catherine Ayers-Rigsby, who has served as the Chairperson of the Board and President since November 2012. Ms. Ayers-Rigsby\nis an interested person of the Trust under the 1940 Act by virtue of her status as an interested person (officer) of the Trust’s investment\nadviser and its principal underwriter. The Board of Trustees is comprised of two interested person Trustees (“Interested Trustees”)\nand three independent Trustees, those who are not interested persons of the Trust under the 1940 Act (“Independent Trustees”).\nThe Independent Trustees have not selected a Lead Independent Trustee. Additionally, because certain 1940 Act governance guidelines may\napply to the Trust from time to time, the Independent Trustees will meet in executive session, at least quarterly. Under the Trust’s\nAgreement and Declaration of Trust and By-Laws, the Chairperson of the Board, in her capacity as a Trustee and officer is generally responsible\nfor (a) presiding at board meetings, (b) calling special meetings on an as-needed basis, (c) execution and administration of Trust policies\nincluding (i) setting the agendas for board meetings and (ii) providing information to board members in advance of each board meeting\nand between board meetings. Generally, the Trust believes it best to have an executive Chairperson of the Board, who also serves as President\n(principal executive officer) and who is seen by our shareholders, business partners and other stakeholders as providing strong leadership.\nThe Trust believes that the Chairperson, the independent chair of the Audit Committee, and, as an entity, the full Board of Trustees,\nprovide effective leadership that is in the best interests of the Trust, its Fund and each shareholder because of the Board’s collective\nbusiness acumen and strong understanding of the regulatory framework under which investment companies must operate.

Board\nRisk Oversight

The\nBoard of Trustees is comprised of two Interested Trustees and three Independent Trustees with a standing independent Audit Committee\nwith a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of\nrisk management and receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly\nmeetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of\nresponsibility. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting\nchain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

Trustee\nQualifications

Generally,\nthe Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii)\nqualifications, (iii) attributes and (iv) skills. Ms. Ayers-Rigsby has over 25 years of business experience in the investment management\nand brokerage business and possesses a strong understanding of the regulatory framework under which investment companies must operate.\nMr. Brian S. Humphrey has over a decade of business experience in the financial services technology industry and brokerage business and\nis familiar with the regulatory framework and restrictions under which a fund must operate. Mr. Felix Rivera has over 20 years of business\nexperience in the investment management and brokerage business and possesses a strong understanding of the regulatory framework under\nwhich investment companies must operate. Mr. David Feldman has over two decades of business experience in the financial services industry\nand brokerage business and is familiar with the regulatory framework and restrictions under which a fund must operate. Mr. Charles R.\nRanson has more than 20 years’ experience in strategic analysis and planning, risk assessment, and capital formation in the operation\nof complex organizations and entrepreneurial ventures. The Trust does not believe any one factor is determinative in assessing a Trustee’s\nqualifications, but that the collective experience of each Trustee makes them each highly qualified.

The\nfollowing table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the\n1940 Act.

Independent\nTrustees

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name,\n Address ¹ \n and Year of Birth	Position(s) \n Held with \n the Trust	Term\n of \n Office/ Length \n of Time \n Served	Principal\n Occupation(s) During \n Past Five Years	Number\n of \n Portfolios in \n Fund \n Complex \n Overseen by \n Trustee ²	Other\n \n Directorships \n Held by Trustee \n Past Five Years
Charles\n R. Ranson \n Born: 1947	Trustee	Indefinite,\n since November 2012	Principal,\n Ranson & Associates (business consultancy) (Since 2003)	21	Northern\n Lights Fund Trust IV (39 series) (Since July 2015)
Felix\n Rivera \n Born: 1963	Trustee	Indefinite,\n since November 2012	Managing\n Partner, Independent Channel Advisors, LLC consultancy Practice), (since January 2011)	21	Alternative\n Assets Fund (since Nov. 2022); Roundhill ETF Trust (since October 2023)
David\n Feldman \n Born: 1963	Trustee	Indefinite,\n Since September 2017	Independent\n Consultant (since January 2015).	21	None

\n\n

^1.

Unless\n otherwise specified, the mailing address of each Trustee is c/o Advisors Preferred Trust,\n 2273 Research Blvd., Suite 350, Rockville, MD 20850.

\n\n

^2.

The\n “Fund Complex” consists of registered investment companies for which Advisors Preferred\n LLC serves as investment adviser, the Trust (20 series) and The North Country Funds\n (1 series).

The\nfollowing table provides information regarding each Trustee and Officers who is an “interested person” of the Trust, as defined\nin the 1940 Act, and each officer of the Trust.

Interested\nTrustees & Officers

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name,\n Address ^1 \nand Year of Birth	Position(s) \n Held with \n the Trust	Term\n of \n Office/ \n Length \n of Time \n Served	Principal\n Occupation(s) \n During Past Five Years	Number\n of \n Portfolios in \n Fund \n Complex \n Overseen by \n Trustee ²	Other\n \n Directorships \n Held by \n Trustee \n During Past \n Five Years
Catherine\n Ayers-Rigsby ^3 \nBorn: 1948	Trustee,\n Chairperson, President	Indefinite;\n since November 2012	CEO,\n Advisors Preferred, LLC (“Advisors Preferred”) (since April 2011); President, Ceros Financial Services, Inc. (“Ceros”)\n (broker/dealer) (since August 2009); President, Atcap Partners, LLC (“AtCap”) (investment adviser) (since July 2011)	21	None
Brian\n S. Humphrey^(4) \nBorn: 1972	Trustee	Indefinite;\n since November 2012	Director,\n Sales & Marketing, Advisors Preferred & Ceros (since January 2011);	21	None
Christine\n Casares \n Born: 1975	Treasurer	One\n Year; since May 2019	Senior\n Vice President, Tax Administration, Ultimus Fund\n Solutions, LLC (“Ultimus”)(since January 2016)	N/A	N/A
Angela\n Holland \n Born: 1970	Chief\n Compliance Officer	One\n Year; since July 2020	Chief\n Compliance Officer of: Advisors Preferred (since March 2022); Ceros (since January 2016); AtCap (since March 2022);and Innovation\n X Advisors, Inc. (investment adviser) (since July 2022); Compliance Manager, Advisors Preferred, LLC (April 2012-March 2022); Compliance\n Manager, AtCap (April 2012-March 2022)	N/A	N/A
Jimmy\n Chao \n Born: 1971	Assistant\n Treasurer	One\n Year Since November 2017	Assistant\n Vice President, Fund Administration Ultimus (since April 2012)	N/A	N/A
Jeff\n Meacham \n Born: 1976	Assistant\n Treasurer	One\n Year since November 2021	Head\n Trader and Operations Specialist, Ceros & Advisors Preferred.	N/A	N/A
Daniel\n Gibson \n Born: 1984	Assistant\n Treasurer & Secretary	One\n Year since November 2021; Since October 2022	Chief\n Operating Officer Ceros and Adviser	N/A	N/A
Teresa\n M. Ritchie \n Born: 1959	Assistant\n Secretary	One\n Year since October 2022	Legal\n Administrator, Ultimus since May 2012	N/A	N/A

\n\n

^1.

The\n address of each Trustee is c/o Advisors Preferred Trust, 2273 Research Blvd., Suite 350, Rockville, MD 20850. The address of D, Gibson, A. Holland and J. Meacham is Advisors\n Preferred Trust. The address of C. Casares, J. Chao, and T. Ritchie is Ultimus Fund Solutions,\n LLC, 80 Arkay Drive, Suite 110, Hauppauge, NY 11788

^2.

The\n “Fund Complex” consists of consists of registered investment companies for which\n Advisors Preferred LLC serves as investment adviser, the Trust (20 series) and The\n North Country Funds (1 series).

\n\n

^3.

Ms.\n Ayers-Rigsby is an interested Trustees because she is an officer of the Trust, an officer\n of the Trust’s investment adviser and an officer of the Trust’s principal underwriter.

\n\n

^4.

Mr.\n Humphrey is an interested Trustee because he is an officer of the Trust’s principal underwriter.

The\nTrust’s Audit Committee consists of Mr. Rivera, Mr. Ranson, and Mr. Feldman. The Audit Committee is responsible for (i) overseeing the\naccounting and financial reporting policies and practices of the Fund, internal controls and, as appropriate, the internal controls of\ncertain service providers; (ii) overseeing the quality and objectivity of the Fund’s financial statements and the independent audit of\nthe financial statements; and (iii) acting as a liaison between the Fund’s independent auditors and the full Board of Trustees. None\nof the audit committee members are “Interested” as defined in the 1940 Act. During the fiscal year ended June 30, 2026,\nthe Audit Committee met six times.

The\nTrust does not have a nominating committee, but the Audit Committee will perform nominating committee functions, when and if needed.\nThe Trust does not intend to accept trustee nominations submitted by shareholders, except as may be required by law. Presently, there\nis no legal requirement to accept trustee nominations submitted by shareholders.

Compensation

Each\nTrustee who is not affiliated with the Trust, Adviser or Subadviser receives $72,000 per year plus at least $2,500 minimum per meeting\nfor certain special meetings, which varies based on the matters considered. The foregoing compensation is paid quarterly and for any\nspecial meeting as it may occur. Each Trustee is also reimbursed for any reasonable expenses incurred in attending the Meetings. The\n“interested persons” who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the\nexecutive officers receive compensation from the Trust.

The\ntable below details the amount of compensation the Trustees received from the Fund during the fiscal year ended June 30, 2026.\nThe Fund pays its proportional amount of the Trustee fees. The Trust does not have a bonus, profit sharing, pension or retirement plan.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n and Position	Aggregate \n Compensation \n From Fund	Pension\n or \n Retirement \n Benefits \n Accrued as \n Part of Fund \n Expenses	Estimated \n Annual \n Benefits \n Upon \n Retirement	Total\n Compensation \n from Fund and \n Fund Complex * \n Paid to Directors
Charles\n R. Ranson	$5,013	None	None	$72,000
Felix\n Rivera	$5,013	None	None	$72,000
David\n Feldman	$5,013	None	None	$72,000
Catherine\n Ayres-Rigsby	None	None	None	None
Brian\n S. Humphrey	None	None	None	None

\n\n

The\n term “Fund Complex” consists of registered investment companies for which Advisors\n Preferred LLC serves as investment adviser, the Trust (20 series) and The North Country\n Funds (1 series).

Trustee\nand Management Ownership

As\nof December 31, 2025, the Trustees beneficially owned the following amounts in the Fund and Fund Complex, respectively:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n of Trustee	Dollar\n Range of \n Equity Securities in \n the Fund	Aggregate\n Dollar Range of Equity Securities in \n Family of Investment Companies Overseen by \n Trustee in Fund Complex *
Charles\n R. Ranson	None	None
Felix\n Rivera	None	None
David\n Feldman	None	None
Catherine\n Ayers-Rigsby	None	Over\n $100,000
Brian\n S. Humphrey	None	$10,001\n - $50,000

\n\n

The\nterm “Fund Complex” consists of registered investment companies for which Advisors Preferred LLC serves as investment adviser,\nthe Trust (20 series) and The North Country Funds (1 series).

As\nof October 8, 2026, the Trustees, as a group, owned less than 1.00% of the Fund’s outstanding shares and less than 1.00% of the\nFund Complex’s outstanding shares.

ORGANIZATION\nAND MANAGEMENT OF WHOLLY OWNED SUBSIDIARY

The\nFund may invest up to 25% of its total assets in the Subsidiary. It is expected that the Subsidiary will invest primarily in futures\ncontracts. The Subsidiary is a company organized under the laws of the Cayman Islands, whose registered office is located at the offices\nof DAMF Fund, Limited, Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9001, Cayman Islands. The Subsidiary’s\naffairs are overseen by a board of directors consisting of certain officers of the Trust.

\n \n \n \n \n \n \n \n \n \n

Director	Position/Term\n of Office*
Teresa\n Ritchie	Director\n since June 2023
Christine\n Casares	Director\n since June 2023

\n\n

Each\nDirector’s term of office is indefinite until his/her resignation.

The\nSubsidiary has entered into a separate contract with the Adviser for the management of the Subsidiary’s portfolio. The Adviser has entered\ninto a separate contract with the Futures Trading Adviser for the futures-related investment management of the Subsidiary’s portfolio.\nThe Subsidiary’s financial statements are not audited separately, but are consolidated with those of the Fund, which is audited by Cohen\n& Company Ltd., the Fund’s independent registered public accounting firm. The Subsidiary has entered into a separate contract with\nU.S. Bank N.A. to serve as the Subsidiary’s custodian, and with Ultimus to serve as the Subsidiary’s accountant and transfer agent. The\nSubsidiary has adopted compliance policies and procedures that are substantially similar to the policies and procedures adopted by the\nFund. The Fund’s Chief Compliance Officer oversees implementation of the Subsidiary’s policies and procedures and makes periodic reports\nto the Fund’s Board regarding the Subsidiary’s compliance with its policies and procedures.

The\nAdviser, Futures Trading Adviser, and Ultimus do not receive compensation from the Subsidiary for their services. The Subsidiary will\nbear the fees and expenses incurred in connection with the custody, accounting, and transfer agency that it receives. The Fund expects\nthat the expenses borne by the Subsidiary will not be material in relation to the value of the Fund’s assets. It is also anticipated\nthat the Fund’s own expense will be reduced to some extent as a result of the payment of such expenses at the Subsidiary level. It is\ntherefore expected that the Fund’s investment in the Subsidiary will not result in the Fund paying duplicative fees for similar services\nprovided to the Fund and Subsidiary.

CODE\nOF ETHICS

Pursuant\nto the requirements of rule 17j-1 under the 1940 Act and in order to protect against certain unlawful acts, practices and courses of\nbusiness by certain individuals or entities related to the Fund; the Trust, Distributor, Adviser, Sub-Adviser, and Futures Trading Adviser\nhave each adopted a Code of Ethics and procedures for implementing the provisions of their respective code. The personnel of the Trust,\nAdviser, Sub-Adviser, and Futures Trading Adviser are permitted to purchase securities and instruments including those that may be purchased,\nheld or sold by the Fund, subject to the respective Code of Ethics.

CONTROL\nPERSONS AND PRINCIPAL HOLDERS OF SECURITIES

Control\nPersons

A\ncontrol person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged\nthe existence of control. A shareholder who controls the Fund can determine the outcome of any proposal submitted to the shareholders\nfor approval, including changes to the Fund’s fundamental policies or the terms of the agreement with the Adviser, Sub-Adviser, or Futures\nTrading Adviser.

As\nof October 8, 2026, following shareholders of record owned 5% or more of the Fund’s Shares:

\n \n \n \n \n \n \n \n \n \n \n \n \n

Class\n of Shares	Name\n & Address	Percentage\n of Fund Class
Institutional\n Class	Charles\n Schwab \n INC/FBO 16416412 \n 211 Main Street \n San Francisco CA 94105	52.89%
	LPL\n Financial/FBO \n Cust. Accts/Mutual Funds \n 4707 Executive Drive \n San Diego, CA 92121	7.42%

INVESTMENT\nADVISORY AND OTHER SERVICES

Investment\nAdviser

The\nTrustees selected Advisors Preferred LLC (the “Adviser”) to serve as investment adviser to the Fund. The Adviser is wholly\nowned by DGBM Holdings, LLC (“DGBM”), a Delaware limited liability company. DGBM controls the Adviser.

Subject\nto the supervision and direction of the Trustees, the Adviser manages the Fund’s securities and investments (directly or through a sub-adviser\nor futures trading adviser) in accordance with the Fund’s stated investment objectives and policies, makes investment decisions and places\norders to purchase and sell securities on behalf of the Fund. The fee paid to the Adviser is governed by an investment advisory agreement\n(“Management Agreement”) between the Trust, on behalf of the Fund, and the Adviser. Pursuant to an advisory agreement between\nthe Fund and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 1.50% of the average\ndaily net assets of the Fund. For the years ended June 30, 2026, June 30, 2025 the Fund paid $3,209,382; and $2,104,626\nin advisory fees. For the fiscal period July 31, 2023 (commencement of operations) through June 30, 2024, the Fund paid $810,975\nin advisory fees.

Under\nthe Management Agreement, the Adviser, under the supervision of the Board, agrees to invest the assets of the Fund in accordance with\napplicable law and the investment objective, policies and restrictions set forth in the Fund’s current Prospectus and SAI, and subject\nto such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser shall act as the\ninvestment adviser to the Fund and, as such shall, directly or through a sub-adviser or futures trading adviser, (i) obtain and evaluate\nsuch information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful\nin discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of the Fund in a\nmanner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities and investments\nto be purchased, sold, retained or lent by the Fund, and implement those decisions, including the selection of entities with or through\nwhich such purchases, sales or loans are to be effected; provided, that the Adviser and/or any sub-adviser and/or any futures trading\nadviser will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if\nwith a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion\npurchase and sell portfolio securities from and to brokers who provide the Adviser and/or any sub-adviser or futures trading adviser\nwith research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged\nby other brokers. The Adviser also provides the Trust with all necessary office facilities and Adviser personnel for assisting in the\nservicing the Fund’s investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees\nof the Adviser, and all personnel of the Trust or the Adviser performing services relating to research, statistical and investment activities.\nThe Management Agreement with respect to the Fund was approved for renewal by the Board of the Trust, including by a majority\nof the Independent Trustees, at a meeting held on May 20, 2026.

The\nManagement Agreement shall continue from year to year provided such continuance is approved at least annually by (a) a vote of the majority\nof the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the\nmajority vote of either all of the Trustees or the vote of a majority of the outstanding shares of the Fund. The Management Agreement\nmay be terminated without penalty on 60 days’ written notice by a vote of a majority of the Trustees or by the Adviser, or by holders\nof a majority of that Trust’s outstanding shares. The Management Agreement shall terminate automatically in the event of its assignment.

Pursuant\nto a Liquidity Program Administrator Agreement, the Adviser provides a Liquidity Program Administrator to the Fund to oversee the Trust’s\nLiquidity Risk Management Program (the “Program”) with respect to the Fund and provides support services related to the Fund’s\ncompliance with Rule 22e-4 under the 1940 Act through the Program. The Adviser is entitled to receive $9,000 per year plus out-of-pocket\nexpenses from the Fund for its services. The Trust and Adviser each indemnify and hold the other party harmless from and against any\nand all losses, damages, costs, charges, reasonable counsel fees, payments, expenses and liabilities arising out of or attributable to\na breach of the agreement or which arise out of lack of good faith, gross negligence or willful misconduct with respect to performance\nunder or in connection with the agreement. The agreement may be terminated by either party on 90 days’ notice.

Pursuant\nto a Compliance Consulting Agreement, the Adviser provides a Chief Compliance Officer to the Fund to oversee the Fund’s compliance\nwith various securities related laws and regulations and the Code with respect to the Fund and provide support services for oversight\nof Fund service providers. The Adviser is entitled to receive $15,000 per year, plus out-of-pocket expenses from the Fund for its services.\nThe Trust and Adviser each indemnify and hold the other party harmless from and against any and all losses, damages, costs, charges,\nreasonable counsel fees, payments, expenses and liabilities arising out of or attributable to a breach of the agreement or which arise\nout of lack of good faith, gross negligence or willful misconduct with respect to performance under or in connection with the agreement.\nThe agreement may be terminated by either party on 90 days’ notice.

Sub-Adviser

The\nTrustees and Adviser have selected Dynamic Wealth Group, LLC (the “Sub-Adviser”) as the investment securities Sub-Adviser to\nthe Fund. Bradley Barrie, CFP^®, ChFC^®, Managing Director and Chief Investment Officer of the Sub-Adviser,\nindirectly owns more than 25% of the Sub-Adviser and is deemed to control the Sub-Adviser.

Subject\nto the supervision and direction of the Trustees and the Adviser, the Sub-Adviser manages a portion of the Fund’s securities and investments\nin accordance with the Fund’s stated investment objectives and policies, makes investment decisions and places orders to purchase and\nsell securities on behalf of the Fund. The fee paid to the Sub-Adviser is governed by an investment sub-advisory agreement (“Sub-Advisory\nAgreement”) between the Adviser and Sub-Adviser. Pursuant to the Sub-Advisory Agreement between the Adviser and the Sub-Adviser,\nthe Sub-Adviser is entitled to receive from the Adviser (not the Fund), on a monthly basis, a sub-advisory fee based on the portion of\nFund assets allocated to it.

The\nSub-Advisory Agreement will continue in effect for two years initially and thereafter shall continue from year to year provided such\ncontinuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically\ncalled for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority\nof the outstanding shares of the Fund. The Sub-Advisory Agreement may be terminated without penalty on 60 days’ written notice\nby a vote of a majority of the Trustees or by the Adviser, or by holders of a majority of the Fund’s outstanding shares. The Sub-Advisory\nAgreement shall terminate automatically in the event of its assignment. The Sub-Advisory Agreement was approved for renewal by\nthe Board of the Trust, including by a majority of the Independent Trustees, at a meeting held on May 20, 2026.

Bradley\nBarrie, CFP^®, ChFC^®, Managing Director and Chief Investment Officer of the Sub-Adviser; and Matthew O’Bryon,\nPortfolio Strategist of the Sub-Adviser are the portfolio managers responsible for the day-to-day management of the securities portion\nof the Fund’s portfolio. As of June 30, 2026, they were responsible for the management of the following other types of accounts\n(other than the Fund):

Bradley\nBarrie

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Account\n Type	Number\n of \n Accounts by \n Account Type	Total\n Assets by \n Account Type	Number\n of \n Accounts by \n Type Subject to a \n Performance Fee	Total\n Assets by \n Account Type \n Subject to a \n Performance Fee
Registered\n Investment Companies	0	$0	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts	0	$0	0	$0

Matthew\nO’Bryon

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Account\n Type	Number\n of \n Accounts by \n Account Type	Total\n Assets by \n Account Type \n (millions)	Number\n of \n Accounts by \n Type Subject to a \n Performance Fee	Total\n Assets by \n Account Type \n Subject to a \n Performance Fee \n (millions)
Registered\n Investment Companies	0	$0	0	$0
Other\n Pooled Investment Vehicles	0	$0	0	$0
Other\n Accounts	0	$0	0	$0

Futures\nTrading Adviser

The\nTrustees and Adviser have selected AG Capital Management Partners, L.P. as Fund’s Futures Trading Adviser. Asim Ghaffar, President, Chief\nInvestment Officer and Chief Compliance Officer of the Futures Trading Adviser is deemed to control the Futures Trading Adviser because\nhe controls the general partner of the Futures Trading Adviser.

Subject\nto the supervision and direction of the Trustees and the Adviser, the Futures Trading Adviser manages a portion of the Fund’s investments\nin accordance with the Fund’s stated investment objectives and policies, makes investment

decisions and places orders to purchase and\nsell futures on behalf of the Fund. The fee paid to the Futures Trading Adviser is governed by a futures trading agreement (“Futures\nTrading Agreement”) between the Adviser and the Futures Trading Adviser. Pursuant to the Futures Trading Agreement between the Adviser\nand the Futures Trading Adviser, the Futures Trading Adviser is entitled to receive from the Adviser (not the Fund), on a monthly basis,\na futures trading fee based on the portion of Fund assets allocated to it.

The\nFutures Trading Agreement will continue in effect for two years initially and thereafter shall continue from year to year provided such\ncontinuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically\ncalled for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority\nof the outstanding shares of the Fund. The Futures Trading Agreement may be terminated without penalty on 60 days’ written notice\nby a vote of a majority of the Trustees or by the Adviser, or by holders of a majority of the Fund’s outstanding shares. The Futures\nTrading Agreement shall terminate automatically in the event of its assignment. The Futures Trading Agreement was approved for renewal\nby the Board of the Trust, including by a majority of the Independent Trustees, at a meeting held on May 20, 2026.

Asim\nGhaffar, President, Chief Investment Officer and Chief Compliance Officer of the Futures Trading Adviser is a portfolio manager responsible\nfor the day-to-day management of the futures portion of the Fund’s portfolio. As of June 30, 2026, he was responsible for the\nmanagement of the following other types of accounts (other than the Fund):

Asim\nGhaffar

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Account\n Type	Number\n of \n Accounts by \n Account Type	Total\n Assets by \n Account Type \n (millions)	Number\n of \n Accounts by \n Type Subject to a \n Performance Fee	Total\n Assets by \n Account Type \n Subject to a \n Performance Fee \n (millions)
Registered\n Investment Companies	0	$0	0	$0
Other\n Pooled Investment Vehicles	6	$74	6	$74
Other\n Accounts	27	$133	25	$89

Conflicts\nof Interest

As\nindicated in the table above, a portfolio manager may manage numerous accounts for multiple clients. These accounts may include registered\ninvestment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed\non behalf of individuals or public or private institutions). The portfolio managers make investment decisions for each account based\non the investment objectives and policies and other relevant investment considerations applicable to that portfolio.

When\na portfolio manager has responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts\ncould include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For\ninstance, the Adviser, Sub-Adviser, or Futures Trading Adviser may receive fees from certain accounts that are higher than the fee it\nreceives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may\nhave an incentive to favor the higher and/or performance-based fee accounts over the Fund. The Adviser, Sub-Adviser, and Futures Trading\nAdviser have adopted policies and procedures designed to address these potential material conflicts. For instance, the Adviser, Sub-Adviser,\nand Futures Trading Adviser each utilizes a system for allocating investment opportunities among portfolios that is designed to provide\na fair and equitable allocation.

The\nportfolio managers’ compensation is based on salary, discretionary bonus and a share of the profits. The portfolio managers’ compensation\nis not tied to the performance of the Fund.

Ownership\nof Securities

The\nfollowing table shows the dollar range of Fund equity securities beneficially owned by the portfolio managers as of June 30, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n

Portfolio\n Manager	Amount\n Fund Shares
Bradley\n Barrie	Over\n $1,000,000
Matthew\n O’Bryon	$10,001\n to $50,000
Asim\n Ghaffar	none

Distributor

Ceros,\nlocated at 2273 Research Blvd., Suite 350, Rockville, MD 20850 serves as the principal underwriter and national distributor for\nthe shares of the Trust pursuant to an underwriting agreement with the Trust (the “Underwriting Agreement”). The Distributor\nand the Adviser are affiliates because they are under common control. The Distributor is registered as a broker-dealer under the Securities\nExchange Act of 1934 and each state’s securities laws and is a member of FINRA. The offering of the Fund’s shares is continuous. The\nUnderwriting Agreement provides that the Distributor, as agent in connection with the distribution of the Fund shares, will use its reasonable\nefforts to distribute the Fund’s shares.

The\nUnderwriting Agreement was most recently approved by the Board at a Meeting held on May 20, 2026 and provides that, unless sooner\nterminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval\nby (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons\nof the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval. The Underwriting\nAgreement may be terminated by the Fund at any time, without the payment of any penalty, by vote of a majority of the entire Board of\nthe Trust or by vote of a majority of the outstanding shares of the Fund on 60 days written notice to the Distributor, or by the Distributor\nat any time, without the payment of any penalty, on 60 days written notice to the Fund. The Underwriting Agreement will automatically\nterminate in the event of its assignment.

The\nfollowing table sets forth the total compensation received by the Distributor from the Fund during the fiscal year ended June 30, 2026.

\n \n \n \n \n \n \n \n \n

Net\n Underwriting \n Discounts and \n Commissions	Compensation\n on \n Redemptions and \n Repurchases	Brokerage\n \n Commissions
$0	$0	$10,524

Rule\n12b-1 Plan

The\nTrust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act for the Fund’s Investor Class shares (the “Rule\n12b-1 Plan”) pursuant to which the Fund may pay fees to the Distributor for providing distribution and/or shareholder services to\nthe Fund. Under the Rule 12b-1 Plan, these shares of the Fund may pay an account maintenance fee for account maintenance services and/or\ndistribution fee at an annual rate of up to 0.25% of the Fund’s average net assets attributable to the Fund’s Investor Class shares compensation\nfor the Distributor providing account maintenance and distribution services to shareholders. Such fees are to be paid by the Fund monthly,\nor at such other intervals, as the Board shall determine. Such fees shall be based upon the share class’s average daily net assets during\nthe preceding month and shall be calculated and accrued daily. The Fund may pay fees to the Distributor at a lesser rate, as agreed upon\nby the Board of the Trust and the Distributor. The Rule 12b-1 Plan authorizes payments to the Distributor as compensation for providing\naccount maintenance services to Fund shareholders, including arranging for certain securities dealers or brokers, administrators and\nothers (“Recipients”) to provide these services and paying compensation for these services.

The\nservices to be provided by Recipients may include, but are not limited to, the following: assistance in the offering and sale of the\nFund’s shares and in other aspects of the marketing of the shares to clients or prospective clients of the respective recipients; answering\nroutine inquiries concerning the Fund; assisting in the establishment and maintenance of accounts or sub-accounts in the Fund and in\nprocessing purchase and redemption transactions; making the Fund’s investment plan and shareholder services available; and providing\nsuch other information and services to investors in shares of the Fund as the Distributor or the Trust, on behalf of the Fund, may reasonably\nrequest. The distribution services shall also include any advertising and marketing services provided by or arranged by the Distributor\nwith respect to the Fund. The Adviser and Sub-Adviser may be compensated by the Distributor for their distribution and marketing efforts.

The\nDistributor is required to provide a written report, at least quarterly, to the Board of the Trust, specifying in reasonable detail the\namounts expended by the Fund pursuant to the Rule 12b-1 Plan and the purposes for which such expenditures were made. Further, the Distributor\nwill inform the Board of any Rule 12b-1 fees to be paid by the Distributor to Recipients.

The\ninitial term of the Rule 12b-1 Plan is one year and will continue in effect from year to year thereafter, provided such continuance is\nspecifically approved at least annually by a majority of the Board of the Trust and a majority of the Trustees

who are not “interested\npersons” of the Trust and do not have a direct or indirect financial interest in the Rule 12b-1 Plan (“Rule 12b-1 Trustees”)\nby votes cast in person at a meeting called for the purpose of voting on the Rule 12b-1 Plan. The Rule 12b-1 Plan may be terminated at\nany time by the Trust or the Fund by vote of a majority of the Rule 12b-1 Trustees or by vote of a majority of the outstanding shares\nof the Fund.

The\nRule 12b-1 Plan may not be amended to increase materially the amount of the Distributor’s compensation to be paid by the Fund unless\nsuch amendment is approved by the vote of a majority of the outstanding voting shares of the respective Fund (as defined in the 1940\nAct). All material amendments must be approved by a majority of the Board of the Trust and a majority of the Rule 12b-1 Trustees by votes\ncast in person at a meeting called for the purpose of voting on a Rule 12b-1 Plan. During the term of a Rule 12b-1 Plan, the selection\nand nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor\nwill preserve copies of the Rule 12b-1 Plan, any related agreements, and all reports, for a period of not less than six years from the\ndate of such document and for at least the first two years in an easily accessible place.

Any\nagreement related to a Rule 12b-1 Plan will be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any\ntime upon not more than sixty days’ written notice, without the payment of any penalty, by vote of a majority of the respective Rule\n12b-1 Trustees, or by vote of a majority of the outstanding voting securities of the Trust or Fund; (b) it will automatically terminate\nin the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from\nthe date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the\nBoard and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

Under\nthe Rule 12b-1 Plan, the Fund may pay the distributor (or other parties) for distribution-related activities including costs of advertising,\nprinting and mailing of prospectuses to other than current shareholders, compensation to underwriters, compensation to broker-dealers,\ncompensation to sales personnel, interest, carrying, or other financing charges and activities intended to promote sales of Investor\nClass shares. The 12b-1 Plan is a compensation-style plan that pays the distributor an asset-based fee rather than reimbursing the distributor\nfor actual expenses incurred. The Fund anticipates that the Rule 12b-1 Plan will result in increased sales of shares, which may produce\ncertain economies of scale for shareholders.

For\nthe fiscal year ended June 30, 2026, the Fund, with respect to Institutional Class shares the Fund paid no distribution fees.

Custodian

U.S.\nBank N.A., 425 Walnut Street, Cincinnati, OH 45202, serves as the Fund’s custodian (“Custodian”). The Custodian acts as the\nFund’s depository, provides safekeeping of its portfolio securities, collects all income and other payments with respect thereto, disburses\nfunds at the Fund’s request and maintains records in connection with its duties.

Fund\nServices

Fund\nAdministration, Fund Accounting and Transfer Agent Services

Ultimus,\nwhich has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, serves as administrator, fund accountant\nand transfer agent for the Fund pursuant to a Fund Services Agreement (the “Agreement”), subject to the supervision of the\nBoard. Ultimus is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional\nmutual funds. Ultimus may also provide persons to serve as officers of the Trust. Such officers may be directors, officers or employees\nof Ultimus or its affiliates. Ultimus and its affiliated companies, Northern Lights Compliance Services, LLC and BluGiant, LLC are directly\nowned by The Ultimus Group, LLC.

The\nAgreement dated May 23, 2023 with respect to the Fund, will continue in effect for successive twelve-month periods provided that such\ncontinuance is specifically approved at least annually by a majority of the Board. The Agreement is terminable by the Board or Ultimus\non 90 days’ written notice and may not be assigned by the Trust without prior written consent of Ultimus.

Under\nthe Agreement, Ultimus performs administrative services, including for the Fund: (1) monitor the performance of administrative and professional\nservices rendered to the Trust by others service providers; (2) monitor the Fund’s holdings and operations for post-trade compliance\nwith the Trust’s registration statement and applicable laws and rules; (3) prepare and coordinate the printing of semi-annual and annual\nfinancial statements; (4) prepare selected management reports for performance and compliance analyses; (5) prepare and disseminate materials\nfor and attend and participate in meetings of the Board; (6) determine income and capital gains available for distribution and calculate\ndistributions required to meet

regulatory, income, and excise tax requirements; (7) review the Trust’s federal, state, and local tax\nreturns as prepared and signed by the Trust’s independent public accountants; (8) prepare and maintain the Trust’s operating expense\nbudget to determine proper expense accruals to be charged to the Fund to calculate its daily NAV; (9) assist in and monitor the preparation,\nfiling, printing and where applicable, dissemination to shareholders of amendments to the Trust’s Registration Statement on Form N-1A,\nperiodic reports to the Trustees, shareholders and the SEC, notices pursuant to Rule 24f-2, proxy materials and reports to the SEC on\nForms N-CEN, N-CSR, TSR, and N-PORT and N-PX; (10) coordinate the Trust’s audits and examinations by assisting the Fund’s independent\npublic accountants; (11) determine, in consultation with others, the jurisdictions in which shares of the Trust shall be registered or\nqualified for sale and facilitate such registration or qualification; (12) monitor sales of shares and ensure that the shares are properly\nand duly registered with the SEC; (13) monitor the calculation of performance data for the Fund; (14) prepare, or cause to be prepared,\nexpense and financial reports; (15) prepare authorization for the payment of Trust expenses and pay, from Trust assets, all bills of\nthe Trust; (16) provide information typically supplied in the investment company industry to companies that track or report price, performance\nor other information with respect to investment companies; (17) upon request, assist the Fund in the evaluation and selection of other\nservice providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates\nof Ultimus); and (18) perform other services, recordkeeping and assistance relating to the affairs of the Trust as the Trust may, from\ntime to time, reasonably request.

Ultimus\nalso provides the Fund with accounting services, including: (i) daily computation of NAV; (ii) maintenance of security ledgers and books\nand records as required by the 1940 Act; (iii) production of the Fund’s listing of portfolio securities and general ledger reports; (iv)\nreconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintaining certain books and records\ndescribed in Rule 31a-1 under the 1940 Act, and reconciling account information and balances among the Fund’s Custodian and Adviser;\nand (vii) monitoring and evaluating daily income and expense accruals, and sales and redemptions of shares of the Fund.

Ultimus\nalso acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to the Agreement. Under the Agreement,\nUltimus is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration,\nand maintaining necessary records in accordance with applicable rules and regulations.

For\nthe services rendered to the Fund by Ultimus under the Agreement, the Fund pays Ultimus a unitary administration fee which scales downward\nupon net assets for all ordinary services required in the operation of the Fund (“Operational Services”). Operational Services\ninclude all fund accounting, fund administration, transfer agency, routine fund legal fees, audit fees, regulatory document filing, printing\nand postage costs, state registration fees, custody fees, and insurance premiums. Operational Services are exclusive of advisory fees,\ndistribution fees, shareholder servicing fees, taxes, short selling expenses, interest, brokerage commissions, expenses incurred in connection\nwith any merger or reorganization, indirect expenses of the Fund, expenses of other investment companies in which the Fund may invest,\nand extraordinary expenses such as litigation.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fiscal\n Year/Period Ended	Administrative\n \n Services Fees	Transfer\n Agent \n Fees
June\n 30, 2024*	$57,926	$31,143
June\n 30, 2025	$123,524	$43,356
June\n 30, 2026	$186,932	$51,487

* The Fund commenced Operations on July 31, 2023.

Independent\nRegistered Public Accounting Firm

Cohen\n& Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115, has been selected as the independent registered public accounting\nfirm for the Fund for the fiscal year ending June 30, 2027. Its services include auditing the Fund’s financial statements.\nCohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

Legal\nCounsel

Thompson\nHine LLP, 41 South High Street, 17th Floor, Columbus, OH 43215, serves as the Trust’s legal counsel.

BROKERAGE\nALLOCATION AND OTHER PRACTICES

Subject\nto policies established by the Board of Trustees, the Sub-Adviser and Futures Trading Adviser are responsible for a portion the Fund’s\nportfolio decisions and the Adviser is responsible for placing most portfolio securities transactions. In placing portfolio transactions,\nthe Adviser seeks the best qualitative execution for the Fund, taking into account such factors as price (including the applicable brokerage\ncommission or dealer spread), the execution capability, financial responsibility

and responsiveness of the broker or dealer and the brokerage\nand research services provided by the broker or dealer. The Adviser generally seeks favorable prices and commission rates that are reasonable\nin relation to the benefits received. The Adviser typically selects Ceros, an affiliated broker/dealer, to execute securities transactions,\nwhile transactions for futures and other derivatives are executed with non-affiliated or Sub-Adviser affiliated brokers. In executing\ntransactions through its affiliated broker/dealer, the Adviser will at all times comply with SEC Rule 17e-1 under the 1940 Act.

The\nAdviser is specifically authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the\nother accounts over which the Adviser exercises investment discretion, and to pay such brokers or dealers a commission in excess of the\ncommission another broker or dealer would charge if the Adviser determined that in good faith that the commission is reasonable in relation\nto the value of the brokerage and research services provided. The determination may be viewed in terms of a particular transaction or\nthe Adviser’s overall responsibilities with respect to the Trust and to other accounts over which it exercises investment discretion.\nThe Adviser may not give consideration to sales of shares of the Trust as a factor in the selection of brokers and dealers to execute\nportfolio transactions. However, the Adviser may place portfolio transactions with brokers or dealers that promote or sell the Fund’s\nshares so long as such placements are made pursuant to policies approved by the Board of Trustees that are designed to ensure that the\nselection is based on the quality of the broker’s execution and not on its sales efforts.

Research\nservices include supplemental research, securities and economic analyses, statistical services and information with respect to the availability\nof securities or purchasers or sellers of securities, and analyses of reports concerning performance of accounts. The research services\nand other information furnished by brokers through whom the Fund effect securities transactions may also be used by the Adviser or Sub-Adviser\nin servicing all of its accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful\nto the Adviser or Sub-Adviser in connection with its services to the Fund. Although research services and other information are useful\nto the Fund and the Adviser and/or Sub-Adviser, it is not possible to place a dollar value on the research and other information received.\nIt is the opinion of the Board of Trustees and the Adviser that the review and study of the research and other information will not reduce\nthe overall cost to the Adviser or Sub-Adviser of performing their duties to the Fund.

Over-the-counter\ntransactions will be placed either directly with principal market makers or with broker-dealers, if the same or a better price, including\ncommissions and executions, is available. Fixed income securities are normally purchased directly from the issuer, an underwriter or\na market maker. Purchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may\ninclude the spread between the bid and asked prices.

When\nthe Fund and another of the Adviser’s, Sub-Adviser’s or Futures Trading Adviser’s clients seeks to purchase or sell the same\nsecurity at or about the same time, they may execute the transaction on a combined (“blocked”) basis. Blocked transactions\ncan produce better execution for the Fund because of the increased volume of the transaction. If the entire blocked order is not filled,\nthe Fund may not be able to acquire as large a position in such security as it desires, or it may have to pay a higher price for the\nsecurity. Similarly, the Fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular\nportfolio security if the other client desires to sell the same portfolio security at the same time. In the event that the entire blocked\norder is not filled, the purchase or sale will normally be allocated on a pro rata basis. The Adviser, Sub-Advisor and Futures Trading\nAdviser may adjust the allocation when, taking into account such factors as the size of the individual orders and transaction costs,\nthey believe an adjustment is reasonable.

For\nthe fiscal period/years indicated below the Fund paid brokerage commissions on transactions as follows, all of which was paid to Ceros,\nthe Fund’s Distributor: Differences in brokerage commissions were primarily related to changing asset allocations and Fund size.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Fiscal\n Year/Period Ended	Brokerage \n Commissions	Total\n Amount of Securities \n Transactions
June\n 30, 2024 *	$3,602	$40,362,438
June\n 30, 2025	$5,522	$46,439,133
June\n 30, 2026	$10,524	$85,455,358

\n\n

The\n Fund commenced Operations on July 31, 2023.

DISCLOSURE\nOF PORTFOLIO HOLDINGS

The\nFund is required to include a schedule of portfolio holdings in the annual and semi-annual reports to shareholders, which is sent to\nshareholders within 60 days of the end of the second and fourth fiscal quarters and which is filed with the SEC on Form N-CSR within\n70 days of the end of the second and fourth fiscal quarters. The Fund is also required to file a schedule of portfolio holdings with\nthe SEC on Form N-PORT within 60 days of the end of the first and third fiscal quarters. The Fund must provide a copy of the complete\nschedule of portfolio holdings as filed with the SEC to any shareholder of

the Fund, upon request, free of charge. This policy is applied\nuniformly to all shareholders of the Fund without regard to the type of requesting shareholder (i.e., regardless of whether the shareholder\nis an individual or institutional investor). The Fund may also, from time to time, list the Fund’s top ten holdings on its website. The\nFund may enter into ongoing arrangements to release portfolio holdings to rating agencies, such as Morningstar or Lipper, in order for\nthe agencies to assign a rating or ranking to the Fund. Portfolio holdings will be supplied to rating agencies no more frequently than\nquarterly and only after the Fund has filed a Form N-CSR or Form N-PORT with the SEC. The Fund currently does not have any ongoing arrangements\nto release portfolio holdings information to rating agencies.

Pursuant\nto policies and procedures adopted by the Board of Trustees, the Fund has ongoing arrangements to release portfolio holdings information\non a daily basis to the Adviser, Sub-Adviser, Futures Trading Adviser, Distributor, Administrator, Transfer Agent, Fund Accounting Agent\nand Custodian and on an as needed basis to other third parties providing services to the Fund. The Adviser, Sub-Adviser, Futures Trading\nAdviser, Administrator, Transfer Agent, Fund Accounting Agent and Custodian receive portfolio holdings information daily in order to\ncarry out the essential operations of the Fund. The Fund discloses portfolio holdings to its auditors, legal counsel, proxy voting services\n(if applicable), pricing services, printers, parties to merger and reorganization agreements and their agents, and prospective or newly\nhired investment advisers or Sub-Advisers. The lag between the date of the information and the date on which the information is disclosed\nwill vary based on the identity of the party to whom the information is disclosed. For instance, the information may be provided to auditors\nwithin days of the end of an annual period, while the information may be given to legal counsel at any time.

The\nFund, the Adviser, the Sub-Adviser, the Futures Trading Adviser, the Distributor, the Transfer Agent, the Fund Accounting Agent and the\nCustodian are prohibited from entering into any special or ad hoc arrangements with any person to make available information about the\nFund’s portfolio holdings without the specific approval of the Board. Any party wishing to release portfolio holdings information on\nan ad hoc or special basis must submit any proposed arrangement to the Board, which will review the arrangement to determine (i) whether\nthe arrangement is in the best interests of the Fund’s shareholders, (ii) the information will be kept confidential (based on the factors\ndiscussed below), (iii) whether sufficient protections are in place to guard against personal trading based on the information, and (iv)\nwhether the disclosure presents a conflict of interest between the interests of Fund shareholders and those of the Adviser, Sub-Adviser,\nFutures Trading Adviser or any affiliated person of the Fund, Adviser, Sub-Adviser, or Futures Trading Adviser. Additionally, the Adviser,\nthe Sub-Adviser, the Futures Trading Adviser and any affiliated persons of the Adviser, Sub-Adviser, or Futures Trading Adviser are prohibited\nfrom receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund’s portfolio\nholdings. The Fund’s Chief Compliance Officer monitors compliance with these procedures and reviews their effectiveness on an annual\nbasis.

Information\ndisclosed to third parties, whether on an ongoing or ad hoc basis, is disclosed under conditions of confidentiality. “Conditions\nof Confidentiality” include (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the\nrelationship (e.g., attorney-client relationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody\nrelationships) or (iv) understandings or expectations between the parties that the information will be kept confidential. The agreements\nwith the Fund’s Adviser, Sub-Adviser, Futures Trading Adviser, Distributor, Transfer Agent, Fund Accounting Agent and Custodian contain\nconfidentiality clauses, which the Board and these parties have determined extend to the disclosure of nonpublic information about the\nFund’s portfolio holding and the duty not to trade on the non-public information. The Fund believes that these are reasonable procedures\nto protect the confidentiality of the Fund’s portfolio holdings and will provide sufficient protection against personal trading based\non the information.

ANTI-MONEY\nLAUNDERING PROGRAM

The\nTrust has established an Anti-Money Laundering Compliance Program (the “Program”) as required by the Uniting and Strengthening\nAmerica by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”). To ensure\ncompliance with this law, the Trust’s Program provides for the development of internal practices, procedures and controls, designation\nof an anti-money laundering compliance officer (the Trust’s Chief Compliance Officer), an ongoing training program and an independent\naudit function to determine the effectiveness of the Program.

Procedures\nto implement the Program include, but are not limited to, determining that the Fund’s Transfer Agent has established proper anti-money\nlaundering procedures, reported suspicious and/or fraudulent activity and a complete and thorough review of all new opening account applications.\nThe Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the\nUSA PATRIOT Act.

As\na result of the Program, the Trust may be required to “freeze” the account of a shareholder if the shareholder appears to be\ninvolved in suspicious activity or if certain account information matches information on government lists of known terrorists or other\nsuspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

PURCHASE,\nREDEMPTION AND PRICING OF SHARES

Calculation\nof Share Price

As\nindicated in the Fund’s Prospectus under the heading “How Shares Are Priced” the NAV of the Fund’s shares, by\nclass, is determined by dividing the total value of the Fund’s portfolio investments and other assets, less any liabilities, by the total\nnumber of shares outstanding of the Fund, by class.

Generally,\nthe Fund’s domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges)\nare valued each day at the last quoted sales price on each security’s primary exchange. Securities traded or dealt in upon one or more\nsecurities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued\nat the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the\ncurrent bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers’ Automated\nQuotation System (“NASDAQ”) National Market System for which market quotations are readily available shall be valued using\nthe NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value\nas determined in good faith by the Fund’s fair value committee in accordance with procedures approved by the Board and as further described\nbelow. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter\nmarket quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between\nthe current bid and ask price on such over-the-counter market.

Certain\nsecurities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by\nthe Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied\nby a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to\nthe value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term investments having\na maturity of 60 days or less may be generally valued at amortized cost when it approximates fair value.

Exchange\ntraded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices\non the exchange on which such options are traded. Futures and options on futures are valued at the settlement price determined by the\nexchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by\nthe Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations\nfrom market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under\ncertain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities\non a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied\nby the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets\nof comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent\npricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued\nat a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures.\nBecause foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Fund can change on\ndays when Fund shares cannot be redeemed or purchased. In the event that a foreign security’s market quotations are not readily available\nor are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund’s calculation\nof NAV), the security will be valued at its fair market value as determined in good faith by the Fund’s fair value committee in accordance\nwith procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage\nof the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund’s portfolio securities can serve to\nreduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund’s\nNAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed\non foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their\nshares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments\ninitially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services.\nAs a result, the NAV of shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities\ntraded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on\na day that the NYSE is closed, and an investor is not able to purchase, redeem or exchange shares.

Fund\nshares are valued at the close of regular trading on the NYSE (normally 4:00 p.m., Eastern Time) (the “NYSE Close”) on each\nday that the NYSE is open. For purposes of calculating the NAV, the Fund normally uses pricing data for domestic equity securities received\nshortly after the NYSE Close and does not normally consider trading, clearances or settlements that take place after the NYSE Close.\nDomestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for\nthose securities. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will\nnot generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When\nmarket quotations are insufficient or not readily available, the Fund may value securities at fair value or estimate their value as determined\nin good faith by the Board or its designees, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board\nif extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

The\nFund may hold securities, such as private placements, interests in commodity pools, other non-traded securities or temporarily illiquid\nsecurities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued\nat their fair market value as determined using the “fair value” procedures approved by the Board. The Board has delegated execution\nof these procedures to a fair value team composed of one of more officers from each of the (i) Trust, (ii) administrator, and (iii) adviser\nand/or sub-adviser. The team may also enlist third party consultants such as an audit firm or financial officer of a security issuer\non an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process\nand the resultant fair value prices at least quarterly to ensure the process produces reliable results.

Fair\nValue Committee and Valuation Process. The fair value committee is composed of one of more officers from each of the (i) Trust, (ii)\nadministrator, and (iii) adviser and/or sub-adviser. The applicable investments are valued collectively via input from each of these\ngroups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations\nare insufficient or not readily available on a particular business day (including securities for which there is a short and temporary\nlapse in the provision of a price by the regular pricing source), (ii) securities for which, in the judgment of the adviser or sub-adviser,\nthe prices or values available do not represent the fair value of the instrument. Factors which may cause the adviser or sub-adviser\nto 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\nbid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of\nthe securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities\nwith respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices\nwere established on the principal exchange on which they are traded, but prior to the Fund’s calculation of its NAV Specifically, interests\nin commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract\nor other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private placements or non-traded\nsecurities are valued via inputs from the adviser or sub-adviser valuation based upon the current bid for the security from two or more\nindependent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration\nall relevant factors as may be appropriate under the circumstances). If the adviser or sub-adviser is unable to obtain a current bid\nfrom such independent dealers or other independent parties, the fair value team shall determine the fair value of such security using\nthe following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund’s holdings;\n(iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v)\ninformation as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition\nof the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies\nof similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics\nof the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or\nexchangeable.

Standards\nfor Fair Value Determinations. As a general principle, the fair value of a security is the amount that the Fund might reasonably expect\nto realize upon its current sale. The Trust has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards\nCodification Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). In accordance with ASC 820, fair value is defined\nas the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal\nor most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data\nand minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs\nrefer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk,\nfor example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the\nrisk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect\nthe assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources\nindependent of the reporting entity. Unobservable inputs are inputs that reflect the

reporting entity’s own assumptions about the assumptions\nmarket participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various\ninputs are used in determining the value of the Fund’s investments relating to ASC 820. These inputs are summarized in the three broad\nlevels listed below.

Level\n1 quoted prices in active markets for identical securities.

Level\n2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit\nrisk, etc.)

Level\n3 significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The\nfair value team takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing\nhistory (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies\nthat could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Fund with respect\nto the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser (or sub-adviser)\nor other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for\nthe security will result from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity\nof the market for the security.

Board\nof Trustees Determination. The Board of Trustees meets at least quarterly to consider the valuations provided by the fair value committee\nand to ratify the valuations made for the applicable securities. The Board of Trustees considers the reports provided by the fair value\ncommittee, including follow up studies of subsequent market-provided prices when available, in reviewing and determining in good faith\nthe fair value of the applicable portfolio securities.

The\nTrust expects that the NYSE will be closed on the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good\nFriday, Memorial Day, Juneteenth Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Purchase\nof Shares

Orders\nfor shares received by the Fund in good order prior to the close of business on the NYSE on each day during such periods that the NYSE\nis open for trading are priced at the public offering price, which is NAV plus any sales charge, or at NAV per share (if no sales charges\napply) computed as of the close of the regular session of trading on the NYSE. Orders received in good order after the close of the NYSE,\nor on a day it is not open for trading, are priced at the close of such NYSE on the next day on which it is open for trading at the next\ndetermined NAV value per share plus sales charges, if any. In addition to issuing shares in exchange for cash, the Fund may issue shares\nin exchange for securities (in kind) at its discretion.

Notice\nto Texas Shareholders

Under\nsection 72.1021(a) of the Texas Property Code, initial investors in the Fund who are Texas residents may designate a representative to\nreceive notices of abandoned property in connection with Fund shares. Texas shareholders who wish to appoint a representative should\nnotify the Trust’s Transfer Agent by writing to the address below to obtain a form for providing written notice to the Trust:

\n \n \n \n

Regular\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n P.O. Box 46707
\n Cincinnati, OH 45246

Express/Overnight\n Mail
\n Dynamic Alpha Macro Fund
\n c/o Ultimus Fund Solutions, LLC
\n 225 Pictoria Drive, Suite 450
\n Cincinnati, OH 45246

Redemption\nof Shares

The\nFund will redeem all or any portion of a shareholder’s shares of the Fund when requested in accordance with the procedures set forth\nin the “How to Redeem Shares” section of the Prospectus. Under the 1940 Act, a shareholder’s right to redeem shares\nand to receive payment therefore may be suspended at times including: (a) when the NYSE is closed, other than customary weekend and holiday\nclosings; (b) when trading on that exchange is restricted for any reason; (c) when an emergency exists as a result of which disposal\nby the Fund of securities owned is not reasonably practicable or it is not reasonably practicable for the Fund to fairly determine the\nvalue of net assets, provided that applicable rules and regulations of the SEC (or any succeeding governmental authority) will govern\nas to whether the conditions prescribed in (b) or (c) exist; or (d) when the SEC by order permits a suspension of the right to redemption\nor a postponement of the date of payment on redemption.

In\ncase of suspension of the right of redemption, payment of a redemption request will be made based on the NAV value next determined after\nthe termination of the suspension.

Supporting\ndocuments in addition to those listed under “How to Redeem Shares” in the Prospectus will be required from executors,\nadministrators, trustees, or if redemption is requested by someone other than the shareholder of record. Such documents include, but\nare not restricted to, stock powers, trust instruments, certificates of death, appointments as executor, the certificates of corporate\nauthority and waiver of tax required in some states when settling estates.

FREQUENT\nPURCHASE AND REDEMPTION OF FUND SHARES

The\nFund discourages and does not accommodate frequent purchase and redemption Fund shares, commonly referred to as market timing that it\nconsiders abusive. Market timing is an investment strategy using frequent purchases and redemptions and/or exchanges in an attempt to\nprofit from short term market movements. Market timing may result in dilution of the value of Fund shares held by long term shareholders,\ndisrupt portfolio management, and increase Fund expenses for all shareholders. Accordingly, the Board has approved policies that seek\nto curb these disruptive activities while recognizing that shareholders may have a legitimate need to adjust their Fund investments as\ntheir financial needs or circumstances change. These policies require the Fund’s transfer agent to monitor shareholder activity for purchases\nand redemptions and/or exchanges that reasonably indicate market timing activity. The transfer agent does not employ an objective standard\nand may not be able to identify all market timing activity or may misidentify certain trading activity as market timing activity. The\nBoard has adopted a redemption policy to discourage short term traders and/ or market timers from investing in the Fund.

Although\nthe Fund attempts to limit disruptive trading activities, some investors use a variety of strategies to hide their identities and their\ntrading practices. There can be no guarantee that the Fund will be able to identify or limit these activities. Omnibus account arrangements\nare common forms of holding shares of the Fund. While the Fund will encourage financial intermediaries to apply the Fund’s Market Timing\nTrading Policy to their customers who invest indirectly in the Fund, the Fund is limited in its ability to monitor the trading activity\nor enforce the Fund’s Market Timing Trading Policy with respect to customers of financial intermediaries. For example, should it occur,\na Fund may not be able to detect market timing that may be facilitated by financial intermediaries or made difficult to identify in the\nomnibus accounts used by those intermediaries for aggregated purchases, exchanges, and redemptions on behalf of all their customers.\nMore specifically, unless the financial intermediaries have the ability to apply the Fund’s Market Timing Trading Policy to their customers\nthrough such methods as implementing short-term trading limitations or restrictions and monitoring trading activity for what might be\ndisruptive market timing, the Fund may not be able to determine whether trading by customers of financial intermediaries is contrary\nto the Fund’s Market Timing Trading Policy. Brokers maintaining omnibus accounts with the Fund have agreed to provide shareholder transaction\ninformation to the extent known to the broker to the Fund upon request. If the Fund or its transfer agent or shareholder servicing agent\nsuspects there is disruptive market timing activity in the account, the Fund will seek full cooperation from the service provider maintaining\nthe account to identify the underlying participant. At the request of the Adviser or Subadviser, the service providers may take immediate\naction to stop any further short-term trading by such participants. The Reflow liquidity program is not subject to the market timing\nlimits described above.

Pricing\nof Shares

Fund\nshares are valued (per-class NAV per share) at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time) each day the\nNYSE is open for business. For a description of the methods used to determine the NAV, see “How Shares Are Priced” in the prospectus.

Equity\nsecurities generally are valued by using market quotations but may be valued on the basis of prices furnished by a pricing service when\nthe Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock\nexchange or on the NASDAQ over-the-counter market are generally valued by the pricing service

at the last quoted sale price as of 4:00\np.m. (or earlier if the NASDAQ closes early). Lacking a last sale price, an equity security is generally valued by the pricing service\nat the mean of the last bid and ask price as of 4:00 p.m. (or earlier if the NASDAQ closes early). When market quotations are not readily\navailable, when the Sub-Adviser determines that the market quotation or the price provided by the pricing service does not accurately\nreflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined\nin good faith by the Sub-Adviser, in conformity with guidelines adopted by and subject to review of the Board.

Fixed\nincome securities generally are valued by using market quotations available as of the NYSE close but may be valued on the basis of prices\nfurnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. A pricing\nservice utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to\ndetermine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. If the Adviser\ndecides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices\nare not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at\nfair value as determined in good faith by the Adviser, in conformity with guidelines adopted by the Fund and subject to review\nof the Board of Trustees. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which\nsubsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined\nwill represent fair value.

REDEMPTION\nIN-KIND

The\nFund does not intend to redeem shares in any form except cash. The Fund reserves the right to honor requests for redemption or repurchase\norders made by shareholders during any 90-day period by making payment in whole or in part in portfolio securities (“redemption\nin kind”) if the amount of such a request in excess of the amount is large enough to affect operations (if the request is greater\nthan the lesser of $250,000 or 1% of the Fund’s net assets at the beginning if the 90-day period). The securities will be chosen by the\nrespective Fund and valued using the same procedures as used in calculating the Fund’s NAV. A shareholder will be exposed to market risk\nuntil these securities are converted to cash and may incur transaction expenses in converting these securities to cash. In the event\nthat an in-kind distribution is made, a shareholder may incur additional expenses, such as the payment of brokerage commissions, on the\nsale or other disposition of the securities received from the Fund.

TAX\nSTATUS

The\nfollowing discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications.\nAll shareholders should consult a qualified tax adviser regarding their investment in the Fund.

The\nFund intends to qualify as regulated investment company under Subchapter M of the Code, which requires compliance with certain requirements\nconcerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders.\nSuch qualification does not involve supervision of management or investment practices or policies by any government agency or bureau.\nBy so qualifying, the Fund should not be subject to federal income or excise tax on its net investment income or net capital gain, which\nare distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of\nthe Fund will be computed in accordance with Section 852 of the Code.

Net\ninvestment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account\nany capital loss carryforward of the Fund. Capital losses incurred in tax years beginning after December 22, 2010 may now be carried\nforward indefinitely and retain the character of the original loss. Under previously enacted laws, capital losses could be carried forward\nto offset any capital gains only for eight years, and carried forward as short-term capital losses, irrespective of the character of\nthe original loss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry\nforwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

The\nFund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses,\nand any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by\nthe Code and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income and net\ncapital gain will be made after the end of each fiscal year, and no later than December 31 of each year. Both types of distributions\nwill be in shares of the Fund unless a shareholder elects to receive cash.

On\nJune 30, 2026, the Fund had non-expiring capital loss carry forwards for federal income tax purposes available to offset future\ncapital gains as follows:

\n \n \n \n \n \n \n \n \n

Short-Term	Long-Term	Total
$4,570,287	$5,831,123	$10,401,409

To\nbe treated as a regulated investment company under Subchapter M of the Code, the Fund must also (a) derive at least 90% of its gross\nincome from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and\ngains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from\noptions, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify\nits holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund’s assets is represented by\ncash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation,\ngenerally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund’s assets and 10% of\nthe outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities\nof (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers\nwhich the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain\npublicly traded partnerships.

If\nthe Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation\nfor federal income tax purposes. As such, the Fund would be required to pay income taxes on its net investment income and net realized\ncapital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for\nincome tax on the Fund’s net investment income or net realized capital gains in their individual capacities. Distributions to shareholders,\nwhether from the Fund’s net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current\nor accumulated earnings and profits of the Fund.

The\nFund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed\nformula contained in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing\nat least 98% of the Fund’s ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess\nof its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income\nthat was neither distributed nor taxed to the Fund during the preceding calendar year. Under ordinary circumstances, the Fund expects\nto time its distributions so as to avoid liability for this tax.

The\nfollowing discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are\nIRAs or other qualified retirement plans are exempt from income taxation under the Code.

Distributions\nof taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders\nas ordinary income.

Distributions\nof net capital gain (“capital gain dividends”) generally are taxable to shareholders as long-term capital gain, regardless\nof the length of time the shares of the Fund have been held by such shareholders.

A\nredemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference\nbetween the amount realized and the shareholder’s tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain\nor loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the\ndate of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during\nsuch six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are\npurchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions\nof taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares.\nShareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes\nin each share so received equal to the NAV of a share on the reinvestment date.

All\ndistributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each\ntaxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as\nof a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January\nof the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to\nthese reporting requirements.

Under\nthe Code, the Fund will be required to report to the Internal Revenue Service (“IRS”) all distributions of taxable income and\ncapital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders.\nUnder the backup withholding provisions of Section 3406 of the Code, distributions of taxable net

investment income and net capital gain\nand proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal\nincome tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers\nand with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a\nbroker that withholding is required due to an incorrect Tax Payer Identification Number (“TIN”) or a previous failure to report\ntaxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash\nor reinvested in additional shares, will be reduced by the amounts required to be withheld.

Other\nReporting and Withholding Requirements

Payments\nto a shareholder that is either a foreign financial institution (“FFI”) or a non-financial foreign entity (“NFFE”)\nwithin the meaning of the Foreign Account Tax Compliance Act (“FATCA”) may be subject to a generally nonrefundable 30% withholding\ntax on: (a) income dividends paid by the Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising\nfrom the sale of Fund shares paid by the Fund after December 31, 2016. FATCA withholding tax generally can be avoided: (a) by an FFI,\nsubject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among\nother requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S.\npersons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have\nsuch owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the\nIRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity\nthat is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status\nunder FATCA.

Options,\nFutures, Forward Contracts and Swap Agreements

To\nthe extent such investments are permissible for the Fund, the Fund’s transactions in options, futures contracts, hedging transactions,\nforward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale,\nstraddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause\nadjustments in the holding periods of the Fund’s securities, convert long-term capital gains into short-term capital gains and convert\nshort-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions\nto shareholders.

To\nthe extent such investments are permissible, certain of the Fund’s hedging activities (including its transactions, if any, in foreign\ncurrencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income.\nIf the Fund’s book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend\nto the extent of the Fund’s remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter,\nas a return of capital to the extent of the recipient’s basis in the shares, and (iii) thereafter, as gain from the sale or exchange\nof a capital asset. If the Fund’s book income is less than taxable income, the Fund could be required to make distributions exceeding\nbook income to qualify as a regular investment company that is accorded special tax treatment.

Passive\nForeign Investment Companies

Investment\nby the Fund in certain “passive foreign investment companies” (“PFICs”) could subject the Fund to a U.S. federal\nincome tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares\nin the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to treat a PFIC\nas a “qualified electing fund” (“QEF election”), in which case the Fund will be required to include its share of\nthe company’s income and net capital gains annually, regardless of whether they receive any distribution from the company.

The\nFund also may make an election to mark the gains (and to a limited extent losses) in such holdings “to the market” as though\nit had sold and repurchased its holdings in those PFICs on the last day of the Fund’s taxable year. Such gains and losses are treated\nas ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash)\nand increase the amount required to be distributed for the Fund to avoid taxation. Making either of these elections therefore may require\nthe Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which\nmay also accelerate the recognition of gain and affect the Fund’s total return.

Foreign\nCurrency Transactions

The\nFund’s transactions in foreign currencies, foreign currency-denominated debt securities and certain foreign currency options, futures\ncontracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss\nresults from fluctuations in the value of the foreign currency concerned.

Foreign\nTaxation

Income\nreceived by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax\ntreaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of\nthe Fund’s total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect\nto “pass through” to the Fund’s shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this\nelection is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends\nactually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized\ndeduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against\nhis or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares\n(without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the\nex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be\nclaimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund’s\ntaxable year whether the foreign taxes paid by the Fund will “pass through” for that year.

Generally,\na credit for foreign taxes is subject to the limitation that it may not exceed the shareholder’s U.S. tax attributable to his or her\ntotal foreign source taxable income. For this purpose, if a pass-through election is made, the source of the Fund’s income will flow\nthrough to shareholders of the Fund. With respect to the Fund, gains from the sale of securities will be treated as derived from U.S.\nsources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables\nand payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately\nto foreign source passive income, and to certain other types of income. A shareholder may be unable to claim credit for the full amount\nof his or her proportionate share of the foreign taxes paid by the Fund. The foreign tax credit can be used to offset only 90% of the\nrevised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative\nminimum taxable income.

Wholly\nOwned Subsidiary

The\nFund intends to invest a portion of its assets in its Subsidiary, which will be classified as a corporation for U.S. federal income tax\npurposes. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed\nto be engaged in a U.S. trade or business. It is expected that the Subsidiary will conduct its activities in a manner so as to meet the\nrequirements of a safe harbor under Section 864(b)(2) of the Code (the “Safe Harbor”) pursuant to which the Subsidiary, provided\nit is not a dealer in stocks, securities or commodities, may engage in the following activities without being deemed to be engaged in\na U.S. trade or business: (1) trading in stocks or securities (including contracts or options to buy or sell securities) for its own\naccount; and (2) trading, for its own account, in commodities that are “of a kind customarily dealt in on an organized commodity\nexchange” if the transaction is of a kind customarily consummated at such place. Thus, the Subsidiary’s securities and commodities\ntrading activities should not constitute a U.S. trade or business. However, if certain of the Subsidiary’s activities were determined\nnot to be of the type described in the Safe Harbor or if the Subsidiary’s gains are attributable to investments in securities that constitute\nU.S. real property interests (which is not expected), then the activities of the Subsidiary may constitute a U.S. trade or business and\nbe taxed as such.

In\ngeneral, a foreign corporation that does not conduct a U.S. trade or business is nonetheless subject to tax at a flat rate of 30 percent\n(or lower tax treaty rate), generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively\nconnected with a U.S. trade or business. There is presently no tax treaty in force between the U.S. and the Cayman Islands that would\nreduce this rate of withholding tax. Income subject to such a flat tax includes dividends and certain interest income. The 30 percent\ntax does not apply to U.S.-source capital gains (whether long-term or short-term) or to interest paid to a foreign corporation on its\ndeposits with U.S. banks. The 30 percent tax also does not apply to interest which qualifies as “portfolio interest.” The term\n“portfolio interest” generally includes interest (including original issue discount) on an obligation in registered form which\nhas been issued after July 18, 1984 and with respect to which the person, who would otherwise be required to deduct and withhold the\n30 percent tax, received the required statement that the beneficial owner of the obligation is not a U.S. person within the meaning of\nthe Code. Under certain circumstances, interest on bearer obligations may also be considered portfolio interest.

The\nSubsidiary is wholly owned by the Fund. A U.S. person who owns (directly, indirectly or constructively) 10 percent or more of\nthe total combined voting power of all classes of stock of a foreign corporation is a “U.S. Shareholder” for purposes

of the\ncontrolled foreign corporation (“CFC”) provisions of the Code. A foreign corporation is a CFC if, on any day of its taxable\nyear, more than 50 percent of the voting power or value of its stock is owned (directly, indirectly or constructively) by “U.S.\nShareholders.” Because the Fund is a U.S. person that will own all of the stock of the Subsidiary, the Fund will be a “U.S.\nShareholder”, and the Subsidiary will be a CFC. As a “U.S. Shareholder,” the Fund will be required to include in gross\nincome for United States federal income tax purposes all of the Subsidiary’s “subpart F income” (defined, in part, below),\nwhether or not such income is distributed by the Subsidiary. It is expected that all of the Subsidiary’s income will be “subpart\nF income.” “Subpart F income” generally includes interest, original issue discount, dividends, net gains from the disposition\nof stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar\nderivatives. “Subpart F income” also includes the excess of gains over losses from transactions (including futures, forward\nand similar transactions) in any commodities. The Fund’s recognition of the Subsidiary’s “subpart F income” will increase the\nFund’s tax basis in the Subsidiary. Distributions by the Subsidiary to the Fund will be tax-free, to the extent of its previously undistributed\n“subpart F income,” and will correspondingly reduce the Fund’s tax basis in the Subsidiary. “Subpart F income” is\ngenerally treated as ordinary income, regardless of the character of the Subsidiary’s underlying income.

In\ngeneral, each “U.S. Shareholder” is required to file IRS Form 5471 with its U.S. federal income tax (or information) returns\nproviding information about its ownership of the CFC. In addition, a “U.S. Shareholder” may in certain circumstances be required\nto report a disposition of shares in a Subsidiary by attaching IRS Form 5471 to its U.S. federal income tax (or information) return that\nit would normally file for the taxable year in which the disposition occurs. In general, these filing requirements will apply to investors\nof the Fund if the investor is a U.S. person who owns directly, indirectly or constructively (within the meaning of Sections 958(a) and\n(b) of the Code) 10 percent or more of the total combined voting power of all classes of voting stock of a foreign corporation that is\na CFC for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and who owned that stock on the\nlast day of that year.

Original\nIssue Discount and Pay-In-Kind Securities

Current\nfederal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion\nof the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during\nthe year. In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even though\nthe Fund holding the security receives no interest payment in cash on the security during the year.

Some\nof the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund\nmay be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount (“OID”)\nis treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not\nreceived until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain\nhigh-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income\ntax purposes.

Some\nof the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund\nin the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial\npayment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment,\ndoes not exceed the “accrued market discount” on such debt security. Market discount generally accrues in equal daily installments.\nThe Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character\nand timing of recognition of income.

Some\ndebt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Fund may be treated\nas having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include\nthe acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until\na later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities having\nacquisition discount, or OID, which could affect the character and timing of recognition of income.

If\nthe Fund holds the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount which is\ngreater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the\nFund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains\nor losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive\na larger capital gain distribution, if any, than they would in the absence of such transactions.

Shareholders\nof the Fund may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund’s shares.

A\nbrief explanation of the form and character of the distribution accompany each distribution. In January of each year the Fund issues\nto each shareholder a statement of the federal income tax status of all distributions.

Shareholders\nshould consult their tax advisers about the application of federal, state and local and foreign tax law in light of their particular\nsituation.

PROXY\nVOTING POLICIES AND PROCEDURES

The\nBoard has delegated responsibilities for decisions regarding proxy voting for securities held by the Fund to the Adviser, or its delegate.\nThe Adviser will vote such proxies in accordance with its proxy policies and procedures. In some instances, the Adviser may be asked\nto cast a proxy vote that presents a conflict between the interests of the Fund’s shareholders, and those of the Adviser or an affiliated\nperson of the Adviser. In such a case, the Trust’s policy requires that the Adviser abstain from making a voting decision and to forward\nall necessary proxy voting materials to the Trust to enable the Board of Trustees to make a voting decision. The Adviser shall make a\nwritten recommendation of the voting decision to the Board of Trustees, which shall include: (i) an explanation of why it has a conflict\nof interest; (ii) the reasons for its recommendation; and (iii) an explanation of why the recommendation is consistent with Adviser’s\nproxy voting policies. The Board of Trustees shall make the proxy voting decision that, in its judgment, after reviewing the recommendation\nof the Adviser, is most consistent with the Adviser’s proxy voting policies and in the best interests of Fund shareholders. When the\nBoard is required to make a proxy voting decision, only the Trustees without a conflict of interest with regard to the security in question\nor the matter to be voted upon shall be permitted to participate in the decision of how the Fund’s vote will be cast.

The\nAdviser’s policies and procedures are attached as Appendix A.

MORE\nINFORMATION. The actual voting records relating to portfolio securities during the most recent 12-month period ended June 30 are available\non the Fund’s website https://www.advisorspreferred.com/dynamic-wealth without charge, or upon request, by calling\ntoll free, 1-833-462-6344. The information will also be available on the SEC’s website at www.sec.gov. In addition, a copy of\nthe Trust’s proxy voting policies and procedures are also available by calling 1-833-462-6344 and will be sent within three business\ndays of receipt of a request.

CONSOLIDATED\nFINANCIAL STATEMENTS

The\nFunds’ class specific Tailored Shareholder Report and the consolidated financial statements and report of the independent registered\npublic accounting firm required in the SAI are hereby incorporated by reference to the Fund’s Annual\nReport for the fiscal year ended June 30, 2026. You can obtain a copy of the consolidated financial statements contained in\nthe Fund’s Annual or Semi-Annual Report without charge by calling the Fund at 1-833-462-6344 or by visiting https://www.advisorspreferred.com/dynamic-wealth.

APPENDIX\nA

PROXY\nVOTING POLICY OF THE ADVISER

Background:\nPursuant to Rule 206(4)-6 and Rule 204-2 under the Advisers Act, it is a fraudulent, deceptive, or manipulative act, practice or course\nof business, within the meaning of Section 206(4) of the Advisers Act, for an investment adviser to exercise voting authority with respect\nto client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed\nto ensure that the adviser votes proxies in the best interests of its clients, (ii) the adviser describes its proxy voting procedures\nto its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the\nadviser voted their proxies.

Policy:\nThe Adviser will vote proxies on behalf of its individual clients. In order to fulfill its responsibilities under the Advisers Act,\nthe Adviser has adopted the following policies and procedures for proxy voting with regard to companies in the investment portfolio of\nthe Fund(s). The Adviser’s primary purpose and fiduciary responsibility is to maximize shareholder value, which is defined as share\nprice and dividend appreciation. Adviser will vote proxies in the best interests of our Funds, Portfolios and clients and will generally\nvote for, against, consider on a case-by-case basis, or abstain from voting as indicated below. Because of the extenuating circumstances\nassociated with specific proxy issues, Adviser’s votes may differ from time to time from the indications noted. In addition, the\nlist may not include all proxies on which Adviser votes. Adviser will also act, in our best judgment, on behalf of our Funds, Portfolios\nand clients on certain corporate actions that impact shareholder value, such as tender offers and bankruptcy proceedings.

Proxy\nNotice Delivery Handling

●

All\n hardcopy proxies that are received in the office shall be scanned and sent to compliance\n e-mailbox the same day.

●

Electronic\n proxies shall be sent to the compliance e-mailbox.

●

The\n compliance consultant (“CC”) will review the proxies, determine appropriate action\n and vote the proxies within listed timelines to ensure the most appropriate voting process\n is completed.

●

After\n voting functions are completed, the CC will ensure all proxy documentation is stored electronically\n and grouped by appropriate fund company.

●

The\n proxy data will be included in the appropriate compliance checklist for the quarter involved.

●

The\n proxy process will be validated during the quarterly checklist certification.

Voting\nProxies

All\n proxies sent to clients that are actually received by the Adviser (to vote on behalf of the\n client) will be provided to the Compliance Consultant.

The\n Compliance Consultant will generally adhere to the following procedures (subject to limited\n exception):

A\n written record of each proxy received by the Adviser (on behalf of its clients) will be kept\n in the Adviser’s files;

The\n Compliance Consultant will determine which of the Advisory Clients holds the security to\n which the proxy relates;

Proposals\n Specific to Mutual Funds

Adviser\nserves as investment adviser to certain investment companies under the Northern Lights Fund Trust II. These funds invest in other\ninvestment companies that are not affiliated (“Underlying Funds”) and are required by the 1940 Act to handle proxies received\nfrom Underlying Funds in a certain manner. Notwithstanding the guidelines provided in these procedures, it is the policy of Adviser\nto vote all proxies received from the Underlying Funds in the same proportion that all shares of the Underlying Funds are voted, or in\naccordance with instructions received from fund shareholders, pursuant to Section 12(d)(1)(F) of the 1940 Act. After properly voted,\nthe proxy materials are placed in a file maintained by the Chief Compliance Officer for future reference.

A-1

Prior\n to voting any proxies, the Compliance Consultant will determine if there are any conflicts\n of interest related to the proxy in question in accordance with the \tgeneral guidelines\n set forth below. If a conflict is identified, the Compliance Consultant will then make a\n determination (which may be in consultation with outside legal counsel) as to whether the\n conflict is material.

If\n no material conflict is identified pursuant to these procedures, the Compliance Consultant\n will vote the proxy in accordance with the guidelines set forth below. The Compliance Consultant\n will deliver the proxy in accordance with instructions related to such proxy in a timely\n and appropriate manner.

Conflicts\nof Interest

As\n stated above, in evaluating how to vote a proxy, the Compliance Consultant will first determine\n whether there is a conflict of interest related to the proxy in question between the Adviser\n and its Advisory Clients. This examination will include (but will not be limited to) an evaluation\n of whether the Adviser (or any affiliate of the Adviser) has any relationship with the company\n (or an affiliate of the company) to which the proxy relates outside of an investment in such\n company by a client of the Adviser.

If\n a conflict is identified and deemed “material” by the Compliance Consultant,\n the Adviser will determine whether voting in accordance with the proxy voting guidelines\n outlined below is in the best interests of the client (which may include utilizing an independent\n third party to vote such proxies).

With\n respect to material conflicts, the Adviser will determine whether it is appropriate to disclose\n the conflict to affected clients in order to give such clients the opportunity to vote the\n proxies in question themselves. However, with respect to ERISA clients whose advisory contract\n reserves the right to vote proxies when the Adviser has determined that a material conflict\n exists that affects its best judgment as a fiduciary to the ERISA client, the Adviser will:

Give\n the ERISA client the opportunity to vote the proxies in question themselves; or

Follow\n designated special proxy voting procedures related to voting proxies pursuant to the terms\n of the investment management agreement with such ERISA clients (if any).

Disclosure\nof Procedures

A\nsummary of the above proxy voting procedures will be included in Part II of the Adviser’s Form ADV and will be updated whenever these\npolicies and procedures are updated. Clients will be provided with contact information as to how they can obtain information about: (a)\nthe Adviser’s proxy voting procedures (i.e., a copy of these procedures); and (b) how the Adviser voted proxies that are relevant to\nthe affected client.

Record-keeping\nRequirements

The\nCompliance Consultant will be responsible for maintaining files relating to the Adviser’s proxy voting procedures. Records will be maintained\nand preserved for five years from the end of the fiscal year during which the last entry was made on a record, with records for the first\ntwo years kept in the offices of the Adviser. Records of the following will be included in the files:

Copies\n of these proxy voting policies and procedures, and any amendments thereto;

A\n copy of each proxy statement that the Adviser actually received; provided, however, that\n the Adviser may rely on obtaining a copy of proxy;

statements\n from the SEC’s EDGAR system for those proxy statements that are so available;

A\n record of each vote that the Adviser casts;

A\n copy of any document that the Adviser created that was material to making a decision on how\n to vote the proxies, or memorializes that decision (if any); and

A\n copy of each written request for information on how the Adviser voted such client’s\n proxies and a copy of any written response to any request for information on how the Adviser\n voted proxies on behalf of clients.

A-2

PART C - OTHER INFORMATION

Item 28. Exhibits.

(a)		Articles\n of Incorporation.
	1.	Registrant’s\n Agreement and Declaration of Trust, filed as an exhibit to the Registrant’s Registration Statement on September 28, 2012, is hereby\n incorporated by reference.
	2.	Registrant’s\n Certificate of Trust, filed as an exhibit to the Registrant’s Registration Statement on September 28, 2012, is hereby incorporated\n by reference.
(b)		By-laws.
		Registrant’s\n By-Laws, filed as an exhibit to the Registrant’s Registration Statement on February 24, 2021, is hereby incorporated by reference.
(c)		Instruments\n Defining Rights of Security Holder.
		None\n other than in the Agreement and Declaration of Trust and By-Laws of the Registrant.
(d)		Investment\n Advisory Contracts.
	1.	Investment\n Advisory Agreement between the Trust and Advisors Preferred LLC filed as an exhibit to the Registrant’s Registration Statement on\n August 19, 2019, is hereby incorporated by reference.
	2.	Management\n Agreement between the Trust and Advisers Preferred, LLC with respect to GBSF Fund Limited filed as an exhibit to the Registrant’s\n Registration Statement on October 28, 2019, is hereby incorporated by reference.
	3.	Management\n Agreement between the Trust and Advisers Preferred, LLC with respect to GBSP Fund Limited filed as an exhibit to the Registrant’s\n Registration Statement on October 28, 2019, is hereby incorporated by reference.
	4.	Investment\n Advisory Agreement between the Trust and Advisors Preferred, LLC with respect to Hundredfold Select Alternative Fund Limited filed as\n an exhibit to the Registrant’s Registration Statement on August 9, 2019, is hereby incorporated by reference.
	5.	Investment\n Advisory Agreement between the Trust and Advisors Preferred, LLC with respect to QEPF Fund Limited filed as an exhibit to the Registrant’s\n Registration Statement on November 27, 2019, is hereby incorporated by reference.
	6.	Sub-Advisory\n Management Agreement between Advisors Preferred LLC and Price Capital Management, Inc. with respect to OnTrack Core Fund, filed as an\n exhibit to the Registrant’s Registration Statement on October 28, 2019, is hereby incorporated by reference.
	7.	Sub-Advisory\n Management Agreement between Advisors Preferred LLC and Flexible Plan Investments, Ltd. filed as an exhibit to the Registrant’s\n Registration Statement on August 19, 2019, is hereby incorporated by reference.
	8.	Sub-Advisory\n Management Agreement between Advisers Preferred, LLC and Flexible Plan Investments, Ltd. with respect to GBSF Fund Limited filed as an\n exhibit to the Registrant’s Registration Statement on November 27, 2019, is hereby incorporated by reference.
	9.	Sub-Advisory\n Management Agreement between Advisers Preferred, LLC and Flexible Plan Investments, Ltd. with respect to GBSP Fund Limited filed as an\n exhibit the Registrant’s Registration Statement on November 27, 2019, is hereby incorporated by reference.
	10.	Sub-Advisory\n Management Agreement between Advisers Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QEPF Fund Limited filed as an\n exhibit to the Registrant’s Registration Statement on November 27, 2019, is hereby incorporated by reference.
	11.	Investment\n Sub-Advisory Agreement between Advisors Preferred, LLC and Hundredfold Advisors, LLC with respect to Hundredfold Select Alternative Fund\n filed as an exhibit to the Registrant’s filing on Registration Statement on August 9, 2019, is hereby incorporated by reference.
	12.	Investment\n Sub-Advisory Agreement between Advisors Preferred, LLC and Hundredfold Advisors, LLC with respect to Hundredfold Select Alternative Fund\n Limited filed as an exhibit to the Registrant’s Registration Statement on August 9, 2019, is hereby incorporated by reference.

C-1

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	13.	Sub-Advisory\n Management Agreement between Advisors Preferred LLC and Spectrum Financial Inc. with respect to Spectrum Advisors Preferred Fund and Spectrum\n Low Volatility Fund filed as an exhibit to the Registrant's Registration Statement on October 28, 2019, is hereby incorporated by reference.
	14.	Amended\n Appendix A to Investment Advisory Agreement between the Trust and Advisors Preferred LLC, with respect to Quantified Tactical Sectors\n Fund filed as an exhibit to the Registrant’s Registration Statement on February 24, 2021, is hereby incorporated by reference.
	15.	Amended\n Appendix A to Sub-Advisory Management Agreement between Advisors Preferred LLC and Flexible Plan Investments, Ltd., with respect to Quantified\n Tactical Sectors Fund, Quantified Government Income Tactical Fund and Quantified Rising Dividend Tactical Fund filed as an exhibit to\n the Registrant’s Registration Statement on April 9, 2021, is hereby incorporated by reference.
	16.	Sub-Advisory\n Agreement Amendment between Advisors Preferred LLC and Spectrum Financial, Inc. with respect to Spectrum Unconstrained Fund filed as an\n exhibit to the Registrant’s Registration Statement on April 13, 2021, is hereby incorporated by reference.
	17.	Amended\n Appendix A to Investment Advisory Agreement between the Trust and Advisors Preferred LLC, with respect to Quantified Government Income\n Tactical Fund and Quantified Rising Dividend Tactical Fund filed as an exhibit to the Registrant’s Registration Statement on April\n 12, 2021, is hereby incorporated by reference.
	18.	Amended\n Appendix A to Investment Advisory Agreement between the Trust and Advisors Preferred LLC, with respect to Spectrum Unconstrained Fund\n filed as an exhibit to the Registrant’s Registration Statement on April 13, 2021, is hereby incorporated by reference.
	19.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QAIF Fund Limited filed as an exhibit to the Registrant’s Registration Statement\n on December 23, 2021 is hereby incorporated by reference.
	20.	Sub-Advisory\n Agreement between Advisers Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QAIF Fund Limited filed as an exhibit to\n the Registrant’s Registration Statement on December 23, 2021 is hereby incorporated by reference.
	21.	Amended\n Appendix A to Investment Advisory Agreement between the Trust and Advisors Preferred LLC, with respect to Dynamic Alpha Macro Fund filed\n as an exhibit June 30, 2023 is hereby incorporated by reference.
	22.	Investment\n Advisory Agreement between Advisors Preferred LLC and DAMF Fund Limited filed as an exhibit June 30, 2023 is hereby incorporated by reference.
	23.	Sub-Advisory\n Agreement between Advisors Preferred LLC and Dynamic Wealth Group, LLC, with respect to Dynamic Alpha Macro Fund filed as an exhibit June\n 30, 2023 is hereby incorporated by reference.
	24.	Sub-Advisory\n Agreement between Advisors Preferred LLC and Dynamic Wealth Group, LLC, with respect to DAMF Fund Limited filed as an exhibit June 30,\n 2023 is hereby incorporated by reference.
	25.	Futures\n Trading Agreement between Advisors Preferred LLC and AG Capital Management Partners, L.P., with respect to Dynamic Alpha Macro Alpha Fund\n filed as an exhibit June 30, 2023 is hereby incorporated by reference.
	26.	Futures\n Trading Agreement between Advisors Preferred LLC and AG Capital Management Partners, L.P., with respect to DAMF Fund Limited filed as\n an exhibit June 30, 2023 is hereby incorporated by reference.
	27.	Operating\n Expenses Limitation Agreement between the Registrant and Dynamic Wealth Group, LLC, with respect to Dynamic Alpha Macro Fund filed as\n an exhibit June 30, 2023 is hereby incorporated by reference.
	28.	Amended\n Appendix A to Investment Advisory Agreement between the Trust and Advisors Preferred LLC, with respect to Quantified Global Fund filed\n as an exhibit October 18, 2023 is hereby incorporated by reference.
	29.	Amended\n Appendix A to Sub-Advisory Management Agreement between Advisors Preferred LLC and Flexible Plan Investments, Ltd., with respect to Quantified\n Global Fund filed as an exhibit October 18, 2023 is hereby incorporated by reference.

C-2

	30.	Amended\n Appendix A to Investment Advisory Agreement between the Trust and Advisors Preferred LLC, with respect to Quantified Eckhardt Managed\n Futures Strategy Fund filed as an exhibit September 19, 2024, is hereby incorporated by reference.
	31.	Amended\n Appendix A to Sub-Advisory Management Agreement between Advisors Preferred LLC and Flexible Plan Investments, Ltd., with respect to Quantified\n Eckhardt Managed Futures Strategy Fund filed as an exhibit September 19, 2024, is hereby incorporated by reference.
	32.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QEMFSF Fund Limited filed as an exhibit September 19, 2024, is hereby incorporated\n by reference.
	33.	Sub-Advisory\n Agreement between Advisers Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QEMFSF Fund Limited filed as an exhibit\n September 19, 2024, is hereby incorporated by reference.
	34.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QCGF Fund Limited filed as an exhibit April 2, 2026, is hereby incorporated by\n reference.
	35.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QMIF Fund Limited filed as an exhibit April 2, 2026, is hereby incorporated by\n reference.
	36.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QTFIF Fund Limited filed as an exhibit April 2, 2026, is hereby incorporated by\n reference.
	37.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QGITF Fund Limited filed as an exhibit April 2, 2026, is hereby incorporated by\n reference.
	38.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QPRF Fund Limited filed as an exhibit April 2, 2026, is hereby incorporated by\n reference.
	39.	Investment\n Advisory Agreement between Advisors Preferred, LLC and QSTFF Fund Limited filed as an exhibit April 2, 2026, is hereby incorporated by\n reference.
	40.	Sub-Advisory\n Agreement between Advisors Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QCGF Fund Limited filed as an exhibit April\n 2, 2026, is hereby incorporated by reference.
	41.	Sub-Advisory\n Agreement between Advisors Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QMIF Fund Limited filed as an exhibit April\n 2, 2026, is hereby incorporated by reference.
	42.	Sub-Advisory\n Agreement between Advisors Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QTFIF Fund Limited filed as an exhibit April\n 2, 2026, is hereby incorporated by reference.
	43.	Sub-Advisory\n Agreement between Advisors Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QGITF Fund Limited filed as an exhibit April\n 2, 2026, is hereby incorporated by reference.
	44.	Sub-Advisory\n Agreement between Advisors Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QPRF Fund Limited filed as an exhibit April\n 2, 2026, is hereby incorporated by reference.
	45.	Sub-Advisory\n Agreement between Advisors Preferred, LLC and Flexible Plan Investments, Ltd. with respect to QSTFF Fund Limited filed as an exhibit April\n 2, 2026, is hereby incorporated by reference.
(e)		Underwriting\n Contracts.
	1.	Underwriting\n Agreement filed as an exhibit to the Registrant’s Registration Statement on August 9, 2019, is hereby incorporated by reference.
	2.	Form\n of Selling Agreement for the Trust, filed as an exhibit to the Registrant’s Registration Statement on January 4, 2013, is hereby\n incorporated by reference.
	3.	Amended\n Appendix to Underwriting Agreement filed as an exhibit to the Registrant’s Registration Statement on April 9, 2021, is hereby incorporated\n by reference.
	4.	Amended\n Appendix to Underwriting Agreement with respect to Dynamic Alpha Macro Fund filed as an exhibit June 30, 2023 is hereby\n incorporated by reference.
	5.	Amended\n Appendix to Underwriting Agreement with respect to Quantified Global Fund filed as an exhibit October 18, 2023 is hereby incorporated\n by reference.
	6.	Amended\n Appendix to Underwriting Agreement with respect to Quantified Eckhardt Managed Futures Strategy Fund filed as an exhibit September 19,\n 2024, is hereby incorporated by reference.

C-3

(f)		Bonus\n or Profit Sharing Contracts.
		None.
(g)		Custodian\n Agreements.
	1.	Custody\n Agreement for Trust with U.S. Bank National Association (“US Bank”) filed as an exhibit to the Registrant’s Registration\n Statement on January 4, 2013, is hereby incorporated by reference.
	2.	Special\n Custodian Agreement for the Trust with National Financial Services, LLC, filed as an exhibit to the Registration Statement on October\n 27, 2016, is hereby incorporated by reference.
	3.	Amended\n Appendix to Special Custodian Agreement with National Financial Services, LLC filed as an exhibit the Registrant’s Registration\n Statement on October 14, 2020, is hereby incorporated by reference.
	4.	Amended\n Special Custodian Agreement Appendix for the Trust with National Financial Services, LLC to be filed by subsequent amendment.
	5.	Fifteenth\n Amendment to the Custody Agreement with US Bank filed as an exhibit to the Registrant’s Registration Statement on April 19, 2021,\n is hereby incorporated by reference.
	6.	Sixteenth\n Amendment to the Custody Agreement with US Bank filed as an exhibit June 30, 2023 is hereby incorporated by reference.
	7.	Seventeenth\n Amendment to the Custody Agreement with US Bank filed as an exhibit October 27, 2023 is hereby incorporated by reference.
	8.	Eighteenth\n Amendment to the Custody Agreement with US Bank filed as an exhibit September 19, 2024, is hereby incorporated by reference.
(h)		Other\n Material Contracts.
	1.	ReFlow\n Participating Fund Agreement for the Trust, filed as an exhibit to the Registrant’s Registration Statement on January 4, 2013, is\n hereby incorporated by reference.
	2.	Shareholder\n Services Agreement with Flexible Plan Investments, Ltd. filed as an exhibit to the Registrant’s Registration Statement on August\n 19, 2019, is hereby incorporated by reference.
	3.	Participation\n Agreement with Jefferson National Life Insurance Company filed as an exhibit to the Registrant’s Registration Statement on June\n 5, 2015, is hereby incorporated by reference.
	4.	Shareholder\n Services Plan with respect to Investor Class Shares of Hundredfold Select Alternative Fund filed as an exhibit to the Registrant’s\n Registration Statement on August 9, 2019, is hereby incorporated by reference.
	5.	Securities\n Lending Agreement with US Bank, National Association dated February 24, 2020 filed as an Exhibit to Registrant’s Registration Statement\n filed on April 17, 2020 is hereby incorporated by reference.
	6.	Compliance\n Consulting Agreement between Registrant and Advisors Preferred, LLC filed as an exhibit the Registrant’s Registration Statement\n on October 14, 2020, is hereby incorporated by reference.
	7.	Amended\n Appendix A to Participating Fund Agreement with ReFlow filed as an exhibit to the Registrant’s Registration Statement on April 30,\n 2021, is hereby incorporated by reference.
	8.	Amendment\n to Exhibit A of Securities Lending Agreement with US Bank, National Association filed as an exhibit to the Registrant’s Registration\n Statement on April 9, 2021, is hereby incorporated by reference.
	9.	Amended\n Schedule B to Shareholder Services Agreement with Flexible Plan Investments, Ltd. filed as an exhibit to the Registrant’s Registration\n Statement on April 9, 2021, is hereby incorporated by reference.
	10.	Liquidity\n Program Administrator Agreement between Registrant and Advisors Preferred, LLC filed as an exhibit to the Registrant’s Registration\n Statement on July 1, 2021, is hereby incorporated by reference.
	11.	Fund\n Services Agreement with Ultimus Fund Solutions, LLC filed as an exhibit July 15, 2022, incorporated by reference.
	12.	Derivatives\n Risk Management Program Support Services Addendum with Ultimus Fund Solutions, LLC filed as an exhibit July 15, 2022, incorporated by\n reference.

C-4

	13.	Line\n of Credit Agreement with U.S. Bank, National Association filed as an exhibit to Registrant’s Registration Statement on December\n 23, 2021 is hereby incorporated by reference.
	14.	Rule\n 12d1-4 Investment Agreement with respect to Direxion Shares ETF Trust, filed as an exhibit to Registrant’s Registration Statement\n on April 18, 2022 is hereby incorporated by reference.
	15.	Rule\n 12d1-4 Investment Agreement with ProShares Trust filed as an exhibit to the Registrant’s Registration Statement on January 27, 2023\n is hereby incorporated by reference.
	16.	Amendment\n to Line of Credit Agreement with U.S. Bank, National Association filed as an exhibit to the Registrant’s Registration Statement\n on January 27, 2023 is hereby incorporated by reference.
	17.	Amendment\n to Fund Services Agreement with Ultimus Fund Solutions, LLC with respect to blue sky fees, filed as an exhibit April 15, 2024, is hereby\n incorporated by reference.
	18.	Amendment\n to Fund Services Agreement with Ultimus Fund Solutions, LLC with respect to Dynamic Alpha Macro Fund filed as an exhibit October 18, 2023\n is hereby incorporated by reference.
	19.	Amended\n Appendix A to Participating Fund Agreement with ReFlow with respect to Dynamic Alpha Macro Fund, Quantified Global Fund, and Quantified\n Eckhardt Managed Futures Strategy Fund to be filed by subsequent amendment.
	20.	Compliance\n Consulting Agreement between Registrant and Advisors Preferred, LLC with respect to Dynamic Alpha Macro Fund filed as an exhibit June\n 30, 2023 is hereby incorporated by reference.
	21.	Amended\n Appendix to Liquidity Program Administrator Agreement between Registrant and Advisors Preferred, LLC with respect to Dynamic Alpha Macro\n Fund filed as an exhibit June 30, 2023 is hereby incorporated by reference.
	22.	Amendment\n to Exhibit A of Securities Lending Agreement with US Bank, National Association with respect to Dynamic Alpha Macro Fund filed as an exhibit\n June 30, 2023 is hereby incorporated by reference.
	23.	Amended\n Appendix to Liquidity Program Administrator Agreement between Registrant and Advisors Preferred, LLC with respect to Quantified Global\n Fund filed as an exhibit October 18, 2023 is hereby incorporated by reference.
	24.	Amendment\n to Exhibit A of Securities Lending Agreement with US Bank, National Association with respect to Quantified Global Fund filed as an exhibit\n October 18, 2023 is hereby incorporated by reference.
	25.	Amended\n Schedule B to Shareholder Services Agreement with Flexible Plan Investments, Ltd. with respect to Quantified Global Fund filed as an exhibit\n October 18, 2023 is hereby incorporated by reference.
	26.	Amendment\n to Fund Services Agreement with Ultimus Fund Solutions, LLC with respect to Quantified Global Fund filed October 27, 2023 is hereby incorporated\n by reference.
	27.	Amended\n Schedule A to Derivatives Risk Management Program Support Services Agreement with Ultimus Fund Solutions, LLC filed October 27, 2023 is\n hereby incorporated by reference.
	28.	Rule\n 12d1-4 Investment Agreement with Advisers Series Trust (Semper Funds) filed December 22, 2023, is hereby incorporated by reference.
	29.	Rule\n 12d1-4 Investment Agreement with Two Roads Shared Trust (Holbrook Fund) filed as an exhibit September 19, 2024, is hereby incorporated\n by reference.
	30.	Amended\n Appendix to Liquidity Program Administrator Agreement between Registrant and Advisors Preferred, LLC with respect to Quantified Eckhardt\n Managed Futures Strategy Fund filed as an exhibit September 19, 2024, is hereby incorporated by reference.
	31.	Amendment\n to Exhibit A of Securities Lending Agreement with US Bank, National Association with respect to Quantified Eckhardt Managed Futures Strategy\n Fund filed as an exhibit October 24, 2024, is hereby incorporated by reference.
	32.	Amended\n Schedule B to Shareholder Services Agreement with Flexible Plan Investments, Ltd. with respect to Quantified Eckhardt Managed Futures\n Strategy Fund filed as an exhibit October 24, 2024, is hereby incorporated by reference.

C-5

	33.	Amendment\n to Fund Services Agreement with Ultimus Fund Solutions, LLC with respect to Quantified Eckhardt Managed Futures Strategy Fund filed as\n an exhibit September 19, 2024, is hereby incorporated by reference.
	34.	Amended\n Schedule A to Derivatives Risk Management Program Support Services Agreement with Ultimus Fund Solutions, LLC with respect to Quantified\n Eckhardt Managed Futures Strategy Fund filed as an exhibit September 19, 2024, is hereby incorporated by reference.
(i)		Legal\n Opinion.
	1.	Opinion\n and Consent of Thompson Hine LLP filed as an exhibit September 19, 2024, is hereby incorporated by reference.
	2.	Consent of Thompson Hine LLP filed herewith.
(j)		Other\n Opinions.
		Consent of Cohen & Company, Ltd. filed herewith.
(k)		Omitted\n Financial Statements.
		None.
(l)		Initial\n Capital Agreements.
		Subscription\n Agreement between the Trust and the Initial Investor, filed as an exhibit to the Registration Statement on January 4, 2013, is hereby\n incorporated by reference.
(m)		Rule\n 12b-1 Plans.
	1.	Amended\n Advisor Class Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s Registration Statement on December\n 13, 2013, is hereby incorporated by reference.
	2.	Amended\n Investor Class Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s Registration Statement on April\n 27, 2015, is hereby incorporated by reference.
	3.	Plan\n of Distribution Pursuant to Rule 12b-1 for The Gold Bullion Strategy Portfolio filed as an exhibit to the Registrant’s Registration\n Statement on August 5, 2013, is hereby incorporated by reference.
	4.	Class\n A Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit the Registrant’s Registration Statement on June 27, 2014, is hereby\n incorporated by reference.
	5.	Class\n C Shares Plan of Distribution (Gold Fund) filed as an exhibit to Registrant’s Registration Statement on June 27, 2014.
	6.	Amended\n Exhibit A to Class A Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to Registrant’s Registration Statement on May\n 21, 2019, is hereby incorporated by reference.
	7.	Amended\n Investor Class (25 bp) Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s Registration Statement\n on August 19, 2019, is hereby incorporated by reference.
	8.	Amended\n Advisor, Service, and Class C Shares (100 bp) Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s\n Registration Statement on August 19, 2019, is hereby incorporated by reference.
	9.	Amended\n Exhibit A to Class A Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s Registration Statement\n on February 24, 2021, is hereby incorporated by reference.
	10.	Amended\n Class C Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit the Registrant’s Registration Statement on October 14, 2020,\n is hereby incorporated by reference.
	11.	Amended\n Investor Class (25 bp) Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s Registration Statement\n on April 9, 2021, is hereby incorporated by reference.
	12.	Amended\n Advisor, Service, and Class C Shares (100 bp) Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to the Registrant’s\n Registration Statement on April 9, 2021, is hereby incorporated by reference.
	13.	Amended\n Investor Class (25 bp) Plan of Distribution Pursuant to Rule 12b-1 with respect to Dynamic Alpha Macro Fund filed as an exhibit June 30,\n 2023 is hereby incorporated by reference.
	14.	Amended\n Investor Class (25 bp) Plan of Distribution Pursuant to Rule 12b-1 with respect to Quantified Global Fund filed as an exhibit October\n 18, 2023 is hereby incorporated by reference.

C-6

	15.	Amended\n Advisor, Service, and Class C shares (100 bp) Plan of Distribution Pursuant to Rule 12b-1 with respect to Quantified Global Fund filed\n as an exhibit October 18, 2023 is hereby incorporated by reference.
	16.	Amended\n Investor Class (25 bp) Plan of Distribution Pursuant to Rule 12b-1 with respect to Quantified Eckhardt Managed Futures Strategy Fund filed\n as an exhibit September 19, 2024, is hereby incorporated by reference.
	17.	Amended\n Advisor, Service, and Class C shares (100 bp) Plan of Distribution Pursuant to Rule 12b-1 with respect to Quantified Eckhardt Managed\n Futures Strategy Fund filed as an exhibit September 19, 2024, is hereby incorporated by reference.
(n)		Rule\n 18f-3 Plan.
	1.	Amended\n Rule 18f-3 Plan filed as an exhibit to the Registrant’s Registration Statement on April 9, 2021, is hereby incorporated by reference.
	2.	Amended\n Rule 18f-3 Plan with respect to Dynamic Alpha Macro Fund filed as an exhibit June 30, 2023 is hereby incorporated by reference.
	3.	Amended\n Rule 18f-3 Plan with respect to Quantified Global Fund filed as an exhibit October 18, 2023 is hereby incorporated by reference.
	4.	Amended\n Rule 18f-3 Plan with respect to Quantified Eckhardt Managed Futures Strategy Fund filed as an exhibit September 19, 2024, is hereby incorporated\n by reference.
(o)		Reserved.
(p)		Code\n of Ethics.
	1.	Code\n of Ethics for Advisors Preferred Trust filed as an exhibit to the Registrant’s Registration Statement on February 26, 2026, is hereby\n incorporated by reference.
	2.	Code\n of Ethics for Advisors Preferred LLC, filed as an exhibit to the Registrant’s Registration Statement on April 18, 2022, is hereby\n incorporated by reference.
	3.	Code\n of Ethics for Price Capital Management, Inc., filed as an exhibit to the Registrant’s Registration Statement on January 4, 2013,\n is hereby incorporated by reference.
	4.	Code\n of Ethics for Ceros Financial Services, Inc., filed as an exhibit to the Registrant’s Registration Statement on January 11, 2013,\n is hereby incorporated by reference.
	5.	Code\n of Ethics for Flexible Plan Investments, Ltd. filed as an exhibit to the Registrant’s Registration Statement on January 28, 2022,\n is hereby incorporated by reference.
	6.	Code\n of Ethics for Spectrum Financial Inc. filed as an exhibit to the Registrant’s Registration Statement on December 13, 2013, is hereby\n incorporated by reference.
	7.	Code\n of Ethics for Hundredfold Advisors, LLC filed as an exhibit to the Registrant’s Registration Statement on August 9, 2019, is hereby\n incorporated by reference.
	8.	Code\n of Ethics for Dynamic Wealth Group, LLC filed as an exhibit June 30, 2023 is hereby incorporated by reference.
	9.	Code\n of Ethics for AG Capital Management Partners, L.P. filed as an exhibit June 30, 2023 is hereby incorporated by reference.
(q)		Power\n of Attorney.
	1.	Power\n of Attorney for the Trust, and a certificate with respect thereto, and each trustee and executive officer, filed as an exhibit to the\n Registrant’s Registration Statement on January 4, 2013, are hereby incorporated by reference.
	2.	Powers\n of Attorney for GBSF Fund Limited and GBSP Fund Limited filed as an exhibit to the Registrant’s Registration Statement on October\n 27, 2016, is hereby incorporated by reference.
	3.	Power\n of Attorney with respect to the Trust for David Feldman, filed as an exhibit to the Registrant’s Registration Statement on January\n 29, 2018, is hereby incorporated by reference.
	4.	Power\n of Attorney with respect to GBSF Fund Limited and GBSP Fund Limited for David Feldman, filed as an exhibit to the Registrant’s Registration\n Statement on January 29, 2018, is hereby incorporated by reference.
	5.	Power\n of Attorney with respect to the Trust for Christine Casares filed as an exhibit to the Registrant’s Registration Statement on June\n 21, 2019, is hereby incorporated by reference.

Item 29. Persons Controlled by or Under Common Control with the\nFund. None.

C-7

Item 30. Indemnification.

Reference is made to Article IX of the Registrant’s\nAgreement and Declaration of Trust, Section IX of the Underwriting Agreement, Section 2.2.4 of the Management Agreement, Section 10(b)\nof the Sub-Advisory Management Agreements (Price Capital Management, Inc., Flexible Plan Investments, Ltd., Spectrum Financial Inc., Section\n10(b) of the Investment Sub-Advisory Agreement (Dynamic Wealth Group, LLC; and AG Capital Management Partners, L.P.), and Section 4 of\nthe Fund Services Agreement. Insurance carried by the Registrant provides indemnification of the Trustees and officers. The application\nof these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising\nunder the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing\nprovisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification\nis against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against\nsuch liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of\nthe registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person\nin connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled\nby controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public\npolicy as expressed in such Act and will be governed by the final adjudication of such issue. The Registrant may maintain a standard mutual\nfund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage\nto the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses\nby reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

Item 31. Business and other Connections of\nInvestment Adviser and Sub-Advisers.

Advisors Preferred LLC, 2273 Research Blvd.,\nSuite 350, Rockville, MD 20850, is a registered investment adviser. Additional information about the Adviser and its officers is hereby\nincorporated by reference to the Adviser’s Form ADV, file number 801-72430.

Price Capital Management, Inc., 85 Chanteclaire\nCircle, Gulf Breeze, FL 32561, is a registered investment adviser. Additional information about Price Capital Management, Inc. and its\nofficers is incorporated by reference to the sub-adviser’s Form ADV, file number 801-73195.

Flexible Plan Investments, Ltd., 3883 Telegraph\nRoad, Suite 100, Bloomfield Hills, Michigan, 48302, is a registered investment adviser. Additional information about Flexible Plan Investments,\nLtd. and its officers is incorporated by reference to the sub-adviser’s Form ADV, file number 801-21073.

Spectrum Financial Inc., 272 Bendix Road, Suite\n600, Virginia Beach, Virginia, 23452 is a registered investment adviser. Additional information about Spectrum Financial Inc. and its\nofficers is incorporated by reference to the sub-adviser’s Form ADV, file number 801-33311.

Hundredfold Advisors, LLC, 272 Bendix Road, Suite\n600, Virginia Beach, Virginia, 23452 is a registered investment adviser. Additional information about Hundredfold Advisors, LLC and its\nofficers is incorporated by reference to the sub-adviser’s Form ADV, file number 801-63226.

Dynamic Wealth Group, LLC, located at 3225 McLeod\nDrive, Suite 100, Las Vegas, NV 89121, is a registered investment adviser. Additional information about Dynamic Wealth Group, LLC and\nits officers is incorporated by reference to the sub-adviser’s Form ADV, file number 801-128038. Bradley Barrie Managing Director\nand Chief Investment Officer of Dynamic Wealth Group, LLC, also serves as President of Dynamic Alpha Group, Inc., located at 3225 McLeod\nDrive, Suite 100, Las Vegas, NV 89121, a consultancy, which focuses on assisting financial advisors with all aspects of financial planning,\nincluding investment portfolio creation and management.

AG Capital Management Partners, L.P., 75 State\nSt., Suite 100, Boston, MA 02109, and its officers and managers have no other material businesses.

C-8

Item 32. Principal Underwriter.

(a) Ceros Financial Services, Inc., 2273 Research\nBlvd., Suite 350, Rockville, MD 20850, the principal underwriter to Advisors Preferred Trust.

(b) Ceros Financial Services, Inc. is registered\nwith the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The\nprincipal business address of Ceros Financial Services, Inc. is 2273 Research Blvd., Suite 350, Rockville, MD 20850. To the best of Registrant’s\nknowledge, the following are the officers of Ceros Financial Services, Inc.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name\n and Principal Business Address*	Positions\n and Offices with Underwriter	Positions\n and Offices with the Trust
Angela\n Lynette Holland	Chief\n Compliance Officer	Chief\n Compliance Officer
M.\n Catherine Ayers-Rigsby	President	Trustee,\n President
Mark\n H. Goldwasser	CEO	None
Kim\n U. Powell	CFO	None
Brian\n Humphrey	Director\n Sales & Marketing	Trustee

* 2273 Research Blvd., Suite 350, Rockville,\nMD 20850

Item 33. Location of Accounts and Records.

All accounts, books and documents required to\nbe maintained by the Registrant and any Fund’s or Portfolio’s subsidiary pursuant to Section 31(a) of the Investment Company\nAct of 1940 and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant, Adviser, sub-advisers, Principal\nUnderwriter, Transfer Agent, Fund Accountant, Administrator and Custodian at the addresses stated in each SAI of the Trust.

Item 34. Management Services.

Not applicable.

Item 35. Undertakings.

The Registrant undertakes that any Fund’s\nor Portfolio’s subsidiary hereby consents to service of process within the United States, will maintain books and records pursuant\nto Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-3 thereunder, and consents to examination of its books\nand records.

SIGNATURES

Pursuant to the requirements of the Securities\nAct of 1933 and the Investment Company Act of 1940, the Registrant certifies it meets all of the requirements for effectiveness of this\nregistration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its\nbehalf by the undersigned, duly authorized, in the City of Columbus, and State of Ohio, on the 23rd day of October 2026.

Advisors Preferred Trust

By: Catherine Ayers-Rigsby *

President

Pursuant to the requirements of the Securities\nAct of 1933, this Amendment to Registration Statement has been signed below by the following persons in the capacities and on the date\nindicated.

\n \n \n \n \n \n \n \n \n \n

Signature	Title
Christine\n Casares *	Treasurer\n and Principal Financial Officer (and in the capacity of Principal Accounting Officer)
Catherine\n Ayers-Rigsby *	President,\n Principal Executive Officer and Trustee

C-9

\n \n \n \n \n \n \n \n \n \n \n \n \n

Brian\n S. Humphrey *	Trustee
Charles\n R. Ranson *	Trustee
Felix\n Rivera *	Trustee
David\n Feldman *	Trustee

*By: /s/

Michael V. Wible

Attorney-in-Fact

October 23, 2026

Exhibit Index

\n \n \n \n \n \n \n

(i)\n (2)	Consent of Thompson Hine LLP
(j)	Consent of Cohen & Company, Ltd.

C-10

","zhKind","complete","公司与财报","IPO","aihot","/items/a3ecy86gbnur0xn75b3shzohe","https://www.sec.gov/Archives/edgar/data/1556505/000158064226007074/0001580642-26-007074-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","kind","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792972800&sig=9d173b888aad17ec","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792972800&sig=997f44534d647b46 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792972800&sig=923979fb4a1845f5 96w","changelogVersion","2026-10-01T08:00"]