# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001999371-26-012168
**Filing Date:** 2026-6
**Character Count:** 465308
**Document Hash:** 634d490045f8db6b6bbe78bf2770c5b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-012168.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001999371-26-012168

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Collaborative Investment Series Trust
- **CENTRAL INDEX KEY:** 0001719812

**ORGANIZATION NAME:**
- **EIN:** 826635713
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23306
- **FILM NUMBER:** 261068387

**BUSINESS ADDRESS:**
- **STREET 1:** 500 DAMONTE RANCH
- **STREET 2:** PARKWAY BUILDING 700, UNIT 700
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89521
- **BUSINESS PHONE:** 2036226000

**MAIL ADDRESS:**
- **STREET 1:** 500 DAMONTE RANCH
- **STREET 2:** PARKWAY BUILDING 700, UNIT 700
- **CITY:** RENO
- **STATE:** NV
- **ZIP:** 89521

## Series and Classes Contracts Data

### RAREVIEW DYNAMIC FIXED INCOME ETF (Series ID: S000069798)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000222559 | RAREVIEW DYNAMIC FIXED INCOME ETF | RDFI            |

### RAREVIEW TAX ADVANTAGED INCOME ETF (Series ID: S000069799)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000222560 | RAREVIEW TAX ADVANTAGED INCOME ETF | RTAI            |

### The SPAC and New Issue ETF (Series ID: S000070261)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000223446 | The SPAC and New Issue ETF | SPCX            |

### Adaptive Core ETF (Series ID: S000072878)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000229546 | Adaptive Core ETF | RULE            |

### Mindful Conservative ETF (Series ID: S000072879)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000229547 | Mindful Conservative ETF | MFUL            |

### Goose Hollow Tactical Allocation ETF (Series ID: S000073730)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000230847 | Goose Hollow Tactical Allocation ETF | GHTA            |

### Rareview Systematic Equity ETF (Series ID: S000075093)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000233898 | Rareview Systematic Equity ETF | RSEE            |

### Mohr Sector Nav ETF (Series ID: S000079362)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000240370 | Mohr Sector Nav ETF | SNAV            |

### Mohr Company Nav ETF (Series ID: S000083162)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000246678 | Mohr Company Nav ETF | CNAV            |

### Rareview Total Return Bond ETF (Series ID: S000085236)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000250203 | Rareview Total Return Bond ETF | RTRE            |

### Nelson Select ETF (Series ID: S000094773)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000263311 | Nelson Select ETF | NELS            |

### PL Growth and Income ETF (Series ID: S000096064)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000264851 | PL Growth and Income ETF | PLGI            |

?xml version='1.0' encoding='ASCII'? N-CSRS

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: **811-23306**

**Collaborative Investment Series Trust**

**500 Damonte Ranch, Parkway Building 700, Unit 700 Reno, Nevada 89521**

**Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219**

Registrant's telephone number, including area code: **<u>(440) 922-0066</u>**

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2026</u>**

**Item 1. Reports to Stockholders.**

#### Adaptive Core ETF

#### RULE ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](id8bfa4e1431311b50d88dbca.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Adaptive Core ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.mohrfunds.com/rule-adaptive-core-etf. You can also request this information by contacting us at 1-866-464-6608.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Adaptive Core ETF | $117 | 2.31% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11818911 |
| Number of Portfolio Holdings | 35 |
| Net Investment Advisory Fees | $43125 |
| Portfolio Turnover Rate | 70% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 82.1 |
| Exchange-Traded Funds | 17.9 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i06f733618ce064c11db85afd.jpg)

#### Adaptive Core ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://www.mohrfunds.com/rule-adaptive-core-etf, or upon request, by calling 1-866-464-6608.

Semi-Annual Shareholder Report — March 31, 2026

RULE-03/26-SAR

#### Goose Hollow Tactical Allocation ETF

#### GHTA ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](ieb55339b388c8c9c805a1538.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Goose Hollow Tactical Allocation ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.gham.co. You can also request this information by contacting us at 1-866-898-6447.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Goose Hollow Tactical Allocation ETF | $72 | 1.44% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $40064516 |
| Number of Portfolio Holdings | 19 |
| Net Investment Advisory Fees | $171934 |
| Portfolio Turnover Rate | 347% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition\*** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 13.3 |
| Exchange-Traded Funds | 86.0 |
| Purchased Options Contracts | 0.7 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](id3b0454d6d28652d85d05013.jpg)

#### Goose Hollow Tactical Allocation ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://www.gham.co, or upon request, by calling 1-866-898-6447.

Semi-Annual Shareholder Report — March 31, 2026

GHTA-03/26-SAR

#### Mindful Conservative ETF

#### MFUL ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](id8bfa4e1431311b50d88dbca.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Mindful Conservative ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.mohrfunds.com/mful-mindful-conservative-etf. You can also request this information by contacting us at 1-866-464-6608.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Mindful Conservative ETF | $105 | 2.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7570359 |
| Number of Portfolio Holdings | 15 |
| Net Investment Advisory Fees | $51045 |
| Portfolio Turnover Rate | 213% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Exchange-Traded Funds | 100.0 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i06f733618ce064c11db85afd.jpg)

#### Mindful Conservative ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://www.mohrfunds.com/mful-mindful-conservative-etf, or upon request, by calling 1-866-464-6608.

Semi-Annual Shareholder Report — March 31, 2026

MFUL-03/26-SAR

#### Mohr Company Nav ETF

#### CNAV ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](id8bfa4e1431311b50d88dbca.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Mohr Company Nav ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.mohrfunds.com/cnav-mohr-company-nav-etf. You can also request this information by contacting us at 1-866-464-6608.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Mohr Company Nav ETF | $73 | 1.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $33598287 |
| Number of Portfolio Holdings | 29 |
| Net Investment Advisory Fees | $123129 |
| Portfolio Turnover Rate | 106% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 100.0 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i06f733618ce064c11db85afd.jpg)

#### Mohr Company Nav ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://www.mohrfunds.com/cnav-mohr-company-nav-etf, or upon request, by calling 1-866-464-6608.

Semi-Annual Shareholder Report — March 31, 2026

CNAV-03/26-SAR

#### Mohr Sector Nav ETF

#### SNAV ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](id8bfa4e1431311b50d88dbca.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Mohr Sector Nav ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://www.mohrfunds.com/snav-mohr-sector-nav-etf. You can also request this information by contacting us at 1-866-464-6608.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Mohr Sector Nav ETF | $79 | 1.57% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25233995 |
| Number of Portfolio Holdings | 7 |
| Net Investment Advisory Fees | $86226 |
| Portfolio Turnover Rate | 245% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Exchange-Traded Funds | 100.0 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i06f733618ce064c11db85afd.jpg)

#### Mohr Sector Nav ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://www.mohrfunds.com/snav-mohr-sector-nav-etf, or upon request, by calling 1-866-464-6608.

Semi-Annual Shareholder Report — March 31, 2026

SNAV-03/26-SAR

#### Nelson Select ETF

#### NELS ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i3fea5d8bf159f149182ed922.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Nelson Select ETF (the "Fund") for the period of October 14, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://nelsonselectetf.com. You can also request this information by contacting us at 1-877-694-3532.

# What were the Fund's costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment<sup>Footnote Reference+</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Nelson Select ETF | $68 | 1.49% |

---

+ The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

\* Annualized for periods less than one year.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $43905541 |
| Number of Portfolio Holdings | 69 |
| Net Investment Advisory Fees | $154833 |
| Portfolio Turnover Rate | 268% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 94.7 |
| Exchange-Traded Funds | 5.3 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i846c920aa8fed3c0a89d02a2.jpg)

#### Nelson Select ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://nelsonselectetf.com, or upon request, by calling 1-877-694-3532.

Semi-Annual Shareholder Report — March 31, 2026

NELS-03/26-SAR

#### PL Growth and Income ETF

#### PLGI ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i74d18396f778a29eaa7eb6b8.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about PL Growth and Income ETF (the "Fund") for the period of December 9, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://www.plgrowthincome.com. You can also request this information by contacting us at 1-630-489-6581.

# What were the Fund's costs since inception?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment<sup>Footnote Reference+</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| PL Growth and Income ETF | $38 | 1.25% |

---

+ The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.

\* Annualized for periods less than one year.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $59149665 |
| Number of Portfolio Holdings | 43 |
| Net Investment Advisory Fees | $111511 |
| Portfolio Turnover Rate | 31% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 93.6 |
| Exchange-Traded Funds | 6.4 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i9d344521da2672d2b76623dc.jpg)

#### PL Growth and Income ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://www.plgrowthincome.com, or upon request, by calling 1-630-489-6581.

Semi-Annual Shareholder Report — March 31, 2026

PLGI-03/26-SAR

#### Rareview Dynamic Fixed Income ETF

#### RDFI ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i0f757acf0b74a1fa5a730161.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Rareview Dynamic Fixed Income ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://rareviewcapital.com/dynamic-fixed-income-etf/. You can also request this information by contacting us at 1-888-783-8637.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Rareview Dynamic Fixed Income ETF | $74 | 1.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $73482685 |
| Number of Portfolio Holdings | 34 |
| Net Investment Advisory Fees | $308987 |
| Portfolio Turnover Rate | 60% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 94.4 |
| Exchange-Traded Funds | 5.6 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i580ec2e02d376cadf434d634.jpg)

#### Rareview Dynamic Fixed Income ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://rareviewcapital.com/dynamic-fixed-income-etf/, or upon request, by calling 1-888-783-8637.

Semi-Annual Shareholder Report — March 31, 2026

RDFI-03/26-SAR

#### Rareview Systematic Equity ETF

#### RSEE ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i0f757acf0b74a1fa5a730161.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Rareview Systematic Equity ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://rareviewcapital.com/systematic-equity-etf/. You can also request this information by contacting us at 1-888-783-8637**. This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Rareview Systematic Equity ETF | $211 | 4.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58911345 |
| Number of Portfolio Holdings | 6 |
| Net Investment Advisory Fees | $257280 |
| Portfolio Turnover Rate | 54% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Exchange-Traded Funds | 100.0 |
| Total | 100.0 |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available January 28, 2027 at www.rareviewcapital.com or upon request at 1-(888)-783-8637.

Effective May 1, 2026, the expense cap for the Fund decreased from 1.35% of the Fund's average daily net assets to 1.29% of the Fund's average daily net assets.

![Image](i580ec2e02d376cadf434d634.jpg)

#### Rareview Systematic Equity ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://rareviewcapital.com/systematic-equity-etf/, or upon request, by calling 1-888-783-8637.

Semi-Annual Shareholder Report — March 31, 2026

RSEE-03/26-SAR

#### Rareview Tax Advantaged Income ETF

#### RTAI ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i0f757acf0b74a1fa5a730161.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Rareview Tax Advantaged Income ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://rareviewcapital.com/tax-advantaged-income-etf/. You can also request this information by contacting us at 1-888-783-8637.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Rareview Tax Advantaged Income ETF | $62 | 1.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17968173 |
| Number of Portfolio Holdings | 10 |
| Net Investment Advisory Fees | $4386 |
| Portfolio Turnover Rate | 46% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 100.0 |
| Total | 100.0 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i580ec2e02d376cadf434d634.jpg)

#### Rareview Tax Advantaged Income ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://rareviewcapital.com/tax-advantaged-income-etf/, or upon request, by calling 1-888-783-8637.

Semi-Annual Shareholder Report — March 31, 2026

RTAI-03/26-SAR

#### Rareview Total Return Bond ETF

#### RTRE ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i0f757acf0b74a1fa5a730161.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Rareview Total Return Bond ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://rareviewcapital.com/total-return-bond-etf/. You can also request this information by contacting us at 1-888-783-8637.

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Rareview Total Return Bond ETF | $34 | 0.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $61998982 |
| Number of Portfolio Holdings | 173 |
| Net Investment Advisory Fees | $38247 |
| Portfolio Turnover Rate | 25% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Asset-Backed Securities | 1 |
| Collateralized Mortgage Obligations | 7.2 |
| Collateralized Mortgage-Backed Securities | 6.8 |
| Corporate Bonds | 22.5 |
| Exchange-Traded Funds | 15.4 |
| Municipal Bonds | 0.8 |
| Preferred Stocks | 0.4 |
| Treasury Notes | 13.2 |
| U.S. Government Agency Mortgages | 31.9 |
| Yankee Dollars | 0.8 |
| Total | 100 |

---

# Material Fund Changes
There were no material fund changes during the reporting period.

![Image](i580ec2e02d376cadf434d634.jpg)

#### Rareview Total Return Bond ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at https://rareviewcapital.com/total-return-bond-etf/, or upon request, by calling 1-888-783-8637.

Semi-Annual Shareholder Report — March 31, 2026

RTRE-03/26-SAR

#### The SPAC and New Issue ETF

#### SPCK ︳ The Nasdaq Stock Market LLC

#### Semi-Annual Shareholder Report — March 31, 2026
![Image](i4a61d05fb61a2aee99ac3c12.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about The SPAC and New Issue ETF (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at http://www.spcketf.com. You can also request this information by contacting us at 1-866-904-0406. **This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| The SPAC and New Issue ETF | $48 | 0.95% |

---

&nbsp;&nbsp;&nbsp;&nbsp; \*Annualized

#### Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $7056633 |
| Number of Portfolio Holdings | 48 |
| Net Investment Advisory Fees | $- |
| Portfolio Turnover Rate | 146% |

---

# What did the Fund invest in?
(as of 3/31/2026)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 100.0 |
| Private Investments | 0.0 |
| Warrants | 0.0 |
| Total | 100.0 |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available January 28, 2027 at www.spcketf.com or upon request at 1-(866)-904-0406. Effective April 7, 2026, the ticker symbol for the Fund changed from SPCX to SPCK.

![Image](i4467cdf8ffcd444947b2f7b9.jpg)

#### The SPAC and New Issue ETF
Additional information about the Fund including its prospectus, financial information, holdings, federal tax information, and proxy voting information, is available on the Fund's website at http://www.spcketf.com, or upon request, by calling 1-866-904-0406.

Semi-Annual Shareholder Report — March 31, 2026

SPCK-03/26-SAR

**Item 2. Code of Ethics.**

Not applicable.

 ****

**Item 3. Audit Committee Financial Expert.**

 

Not applicable.

 

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Semi-Annual Financial Statements and Other Information

Goose Hollow Tactical Allocation ETF (GHTA)

March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Page | &nbsp;&nbsp;&nbsp;&nbsp; Page |
| Item 7 –Financial Statements and Additional Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF** **CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#goose-fs_033126a131) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#goose-fs_033126a132) | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#goose-fs_033126a133) | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#goose-fs_033126a134) | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#goose-fs_033126a135) | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#goose-fs_033126a136) | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#goose-fs_033126a137) | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#goose-fs_033126a138) | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| [Item 9 – Proxy Disclosures for Open End Management<br>Investment Companies](#goose-fs_033126a139) | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#goose-fs_033126a129) | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| [Item 11 – Statement Regarding Basis for Approval of Investment<br>Advisory Contract](#goose-fs_033126a130) | &nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Goose Hollow Tactical Allocation ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** |
| **Communication Services — 0.8%** | **Communication Services — 0.8%** | **Communication Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5000 | Tencent Holdings, Ltd, ADR | &nbsp;&nbsp;&nbsp;&nbsp; 316100 |
| **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** | **Consumer Discretionary — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6000 | Alibaba Group Holding, Ltd, ADR | &nbsp;&nbsp;&nbsp;&nbsp; 752760 |
| **Energy — 1.3%** | **Energy — 1.3%** | **Energy — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | SLB Ltd | &nbsp;&nbsp;&nbsp;&nbsp; 513900 |
| **Financials** **— 3.9%** | **Financials** **— 3.9%** | **Financials** **— 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 158854 | AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1593306 |
| **Industrials — 2.6%** | **Industrials — 2.6%** | **Industrials — 2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 19952 | Latam Airlines Group SA, ADR | &nbsp;&nbsp;&nbsp;&nbsp; 986427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10000 | T1 Energy, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 43900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1030327 |
| **Total Common Stocks (Cost $4,201,823)** | **Total Common Stocks (Cost $4,201,823)** | &nbsp;&nbsp;&nbsp;&nbsp; **4206393** |
| **Exchange-Traded Funds — 67.7%** | **Exchange-Traded Funds — 67.7%** | **Exchange-Traded Funds — 67.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 19400 | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 976402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 25100 | Invesco Agriculture Commodity Strategy<br>NO K-1 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 915397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | Invesco CurrencyShares Japanese Yen Trust<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1736400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20000 | Invesco Solar ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1114200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11023 | iShares MSCI Japan Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1070113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 90902 | iShares Treasury Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4602368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 40000 | KraneShares CSI China Internet ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1137200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 59100 | SPDR Bloomberg Short Term International Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1590972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 99250 | SPDR FTSE International Government Inflation-Protected Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3930300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 30000 | State Street Real Estate Select Sector SPDR ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1224900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 175000 | WisdomTree Floating Rate Treasury Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8809500 |
| **Total Exchange-Traded Funds** **(Cost $27,243,186)** | **Total Exchange-Traded Funds** **(Cost $27,243,186)** | &nbsp;&nbsp;&nbsp;&nbsp; **27107752** |
| **Purchased Options Contracts — 0.5%<sup>(b)</sup>** | **Purchased Options Contracts — 0.5%<sup>(b)</sup>** | **Purchased Options Contracts — 0.5%<sup>(b)</sup>** |
| **Total** **Purchased Options Contracts (Cost $191,932)** | **Total** **Purchased Options Contracts (Cost $191,932)** | &nbsp;&nbsp;&nbsp;&nbsp; **203450** |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Goose Hollow Tactical Allocation ETF**

---

| | |
|:---|:---|
| <u>**Shares**</u> | <u>**Fair Value ($)**</u> |
| **Total Investments — 78.7%** **(Cost $31,636,941)** | &nbsp;&nbsp;&nbsp;&nbsp; **31517595** |
| **Net other assets (liabilities) — 21.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **8546921** |
| **Net** **Assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **40064516** |

---

(a) Non-income producing security

(b) See Purchased Options Contracts

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor's Depositary Receipts

**Written Options Contracts**

Exchange-traded options on future contracts written as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number** **of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>** | **Premiums Received ($)** | **Strike Price ($)** | **Expiration Date** | **Value ($)** |
| Euro Currency Options | Call | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 15075 | &nbsp;&nbsp;&nbsp;&nbsp; 80644 | &nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; (86430) |
| Gold Future Comex Put Option | Put | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp;&nbsp; 37275 | &nbsp;&nbsp;&nbsp;&nbsp; 4200.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; (38100) |
| **(Total** **Premiums Received $117,919)** | **(Total** **Premiums Received $117,919)** | **(Total** **Premiums Received $117,919)** | **(Total** **Premiums Received $117,919)** | **(Total** **Premiums Received $117,919)** | **(Total** **Premiums Received $117,919)** | **(Total** **Premiums Received $117,919)** | &nbsp;&nbsp;&nbsp;&nbsp; (124530) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Goose Hollow Tactical Allocation ETF**

**Purchased Options Contracts**

Exchange-traded options on futures contracts purchased as of March 31, 2026 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>** | **Cost** **($)** | **Strike Price ($)** | **Expiration Date** | **Value ($)** |
| Euro Currency Options | Call | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 14673 | &nbsp;&nbsp;&nbsp;&nbsp; 142907 | &nbsp;&nbsp;&nbsp;&nbsp;73.00 | &nbsp;&nbsp;&nbsp;&nbsp; 12/4/26 | &nbsp;&nbsp;&nbsp;&nbsp; 150750 |
| Gold Future Comex Put Option | Put | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; 49025 | &nbsp;&nbsp;&nbsp;&nbsp; 4300.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4/26/26 | &nbsp;&nbsp;&nbsp;&nbsp; 52700 |
| **(Total Cost $191,932)** | **(Total Cost $191,932)** | **(Total Cost $191,932)** | **(Total Cost $191,932)** | **(Total Cost $191,932)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 203450 |

---

(a) Notional amount is expressed as the number of contracts multiplied by contract size multiplied by the strike price of the underlying asset.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 6

Statement of Assets and LiabilitiesMarch 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **Goose** **Hollow Tactical Allocation ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $31,636,941) | &nbsp;&nbsp;&nbsp;&nbsp; $31517595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp; 7841692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | &nbsp;&nbsp;&nbsp;&nbsp; 907234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 19062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp; 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 40288579 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 44199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options at value (Premiums received $117,919) | &nbsp;&nbsp;&nbsp;&nbsp; 124530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp; 29401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp;&nbsp; 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp;&nbsp; 9934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp; 8609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 224063 |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $40064516 |
| **Net** **Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp; $42155503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp; (2090987) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $40064516 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp;&nbsp; $40064516 |
| **Shares of Beneficial Interest Outstanding (unlimited** **number of shares authorized, no par value):** | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 |
| **Net Asset Value (offering** **and redemption price per share):** | &nbsp;&nbsp;&nbsp;&nbsp; $29.68 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 7

Statement of OperationsFor the six months ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **Goose Hollow Tactical Allocation ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $644375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | &nbsp;&nbsp;&nbsp;&nbsp; 131042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp;&nbsp; 14582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 789999 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp; 180656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp;&nbsp; 31881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp;&nbsp; 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp;&nbsp; 53439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | &nbsp;&nbsp;&nbsp;&nbsp; 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp; 22173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp; 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; 5794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp;&nbsp; 315378 |
| Expenses voluntarily waived by the Advisor<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (8722) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 306656 |
| **Net** **Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; 483343 |
| **Realized and Unrealized Gains (Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp; (598479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp; 780991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains(losses) from affiliated funds transactions | &nbsp;&nbsp;&nbsp;&nbsp; (148613) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | &nbsp;&nbsp;&nbsp;&nbsp; (414823) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (290713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on<br>affiliated funds | &nbsp;&nbsp;&nbsp;&nbsp; (71455) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on<br>written options | &nbsp;&nbsp;&nbsp;&nbsp; (6673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp;&nbsp; (749765) |
| **Change** **in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp;&nbsp; $(266422) |

---

(a) See Note 3 in the Notes to Financial Statements.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 8

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Goose Hollow Tactical Allocation ETF** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Goose Hollow Tactical Allocation ETF** |
|  | **Six months ended<br>March 31, 2026 (Unaudited)** | **Year ended September 30, 2025** |
| **From** **Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $483343 | &nbsp;&nbsp;&nbsp;&nbsp; $985899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, in-kind, affiliated funds, and written options transactions | &nbsp;&nbsp;&nbsp;&nbsp; (380924) | &nbsp;&nbsp;&nbsp;&nbsp; 3000534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, affiliated funds, and written options | &nbsp;&nbsp;&nbsp;&nbsp; (368841) | &nbsp;&nbsp;&nbsp;&nbsp; (1417560) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (266422) | &nbsp;&nbsp;&nbsp;&nbsp; 2568873 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp;&nbsp; (1605387) | &nbsp;&nbsp;&nbsp;&nbsp; (955873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1605387) | &nbsp;&nbsp;&nbsp;&nbsp; (955873) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 4614153 | &nbsp;&nbsp;&nbsp;&nbsp; 32005122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6892801) | &nbsp;&nbsp;&nbsp;&nbsp; (29440302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (2278648) | &nbsp;&nbsp;&nbsp;&nbsp; 2564820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (4150457) | &nbsp;&nbsp;&nbsp;&nbsp; 4177820 |
| **Net Assets:** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 44214973 | &nbsp;&nbsp;&nbsp;&nbsp; 40037153 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $40064516 | &nbsp;&nbsp;&nbsp;&nbsp; $44214973 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (225000) | &nbsp;&nbsp;&nbsp;&nbsp; (1000000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp;&nbsp; (75000) | &nbsp;&nbsp;&nbsp;&nbsp; 75000 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 9

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Goose Hollow<br>Tactical** **Allocation ETF** | **Six months<br>ended<br>March<br>31, 2026<br>(Unaudited)** | **Year ended<br>September<br>30, 2025** | **Year ended<br>September<br>30, 2024** | **Year ended<br>September<br>30, 2023** | **November<br>16, 2021<sup>(a)</sup>** **<br>through<br>September<br>30, 2022** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp;&nbsp; $22.25 | &nbsp;&nbsp;&nbsp;&nbsp; $24.63 |
| Net Investment<br>Income (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;4.32<br> <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.58<br> <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (2.34) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp; (2.28) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $29.68 | &nbsp;&nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp;&nbsp; $22.25 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $40065 | &nbsp;&nbsp;&nbsp;&nbsp; $44215 | &nbsp;&nbsp;&nbsp;&nbsp; $40037 | &nbsp;&nbsp;&nbsp;&nbsp; $41080 | &nbsp;&nbsp;&nbsp;&nbsp; $10569 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp;7.18% | &nbsp;&nbsp;&nbsp;&nbsp;20.07% | &nbsp;&nbsp;&nbsp;&nbsp;14.05% | &nbsp;&nbsp;&nbsp;&nbsp; (9.30)% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Ratio of Gross Expenses to Average Net<br>Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.28% | &nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;2.58% | &nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 347% | &nbsp;&nbsp;&nbsp;&nbsp; 377% | &nbsp;&nbsp;&nbsp;&nbsp; 129% | &nbsp;&nbsp;&nbsp;&nbsp; 450% | &nbsp;&nbsp;&nbsp;&nbsp; 392% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Realized and unrealized gains per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) Annualized for periods less than one year

(g) Excludes expenses of the investment companies in which the Fund invests

(h) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(i) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(j) Excludes the impact of in-kind transactions

Semi-Annual Financial Statements and Other Information \| 10

Notes to Financial StatementsMarch 31, 2026 (Unaudited)

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several fund and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of Goose Hollow Tactical Allocation ETF (the "Fund"). The Fund is a diversified actively-managed exchange-traded fund. The Fund's prospectus provides a description of the Fund's investment objectives, policies, and strategies. The assets of the Fund are segregated and a shareholder's interest is limited to the Fund in which shares are held.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Fund included herein are deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund are used by the investment manager to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund, is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements.

**(2) Significant** **Accounting Policies**

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Shares may be different from their net asset value (''NAV''). The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, called ''Creation Units''. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of the Fund may only be purchased or redeemed by certain financial institutions (''Authorized Participants''). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a depository trust company participant and, in each case, must have executed a Participant Agreement with Paralel Distributors LLC (the

Semi-Annual Financial Statements and Other Information \| 11

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

''Distributor''). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund.

The following is a summary of significant policies consistently followed by the Fund in preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (''GAAP''). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (''FASB'') Accounting Standards Codification Topic 946 ''Financial Services - Investment Companies'', including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Fund holds investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Fund may use a pricing service, bank, or broker-dealer experienced in such matters to value the Fund's securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to Goose Hollow Capital Management, LLC (the "Advisor") as fair value designee. The fair valuation process is designed to value the subject security at the price the Fund would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Fund's investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below.

• Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access

Semi-Annual Financial Statements and Other Information \| 12

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

• Level 2 — Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — Significant unobservable pricing inputs at the measurement date (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Exchange-traded funds ("ETFs") and preferred stocks traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds and preferred stocks traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Exchange-traded futures contracts are valued at their settlement price on the exchange on which they are traded and are typically categorized as Level 1 in the fair value hierarchy. Exchange-traded options contracts are valued at the last quoted sales price on the primary exchange for that option as recorded by an approved pricing vendor. If an option is not traded on the valuation date, exchange-traded options are valued at the composite price. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

The Fund did not hold any Level 2 or Level 3 investments as of March 31, 2026.

The following table summarizes the Fund's investments, based on their valuation inputs, as of March 31, 2026, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Goose Hollow Tactical Allocation ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $4206393 | &nbsp;&nbsp;&nbsp;&nbsp; $4206393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 27107752 | &nbsp;&nbsp;&nbsp;&nbsp; 27107752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 203450 | &nbsp;&nbsp;&nbsp;&nbsp; 203450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp; **$31517595** | &nbsp;&nbsp;&nbsp;&nbsp; **$31517595** |
| Other Financial Instruments<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(124530) | &nbsp;&nbsp;&nbsp;&nbsp; $(124530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **$31393065** | &nbsp;&nbsp;&nbsp;&nbsp; **$31393065** |

---

(a) See the Portfolio of Investments for Industry classifications.

(b) Other financial instruments include derivative instruments, such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options, which are valued at fair value.

Semi-Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**B. Security Transactions** **and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date.

**C. Cash**

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to** **Shareholders**

Distributions are recorded on the ex-dividend date. The Fund intends to distribute to its shareholders net investment income and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation of Expenses**

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

**F. Derivative Instruments:**

All open derivative positions at period end are reflected on the Fund's Portfolio of Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposure related to each instrument type.

Semi-Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

*Options Contracts:*

Purchased Options – The Fund pays a premium which is included in "Investments, at value" on the Statement of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Fund bears the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options – The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

The gross notional amount of purchased and written options outstanding as of March 31, 2026, and the monthly average notional amount for these contracts for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding Notional Amount (000)** | **Monthly Average Notional Amount (000)** |
| **Purchased Options:** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; $18973 | &nbsp;&nbsp;&nbsp;&nbsp; $27298 |
| **Written Options Contracts:** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; 19275 | &nbsp;&nbsp;&nbsp;&nbsp; 26189 |

---

*Summary of Derivative Instruments:*

The following is a summary of the fair value of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  | **Investments, at Value for Purchased Options** | **Written** **Options, at Value** |
| **Commodity Risk Exposure** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; $52700 | &nbsp;&nbsp;&nbsp;&nbsp; $38100 |
| **Currency Risk Exposure** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; 150750 | &nbsp;&nbsp;&nbsp;&nbsp; 86430 |

---

Semi-Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Realized Gains<br>(Losses) from** | **Net Realized Gains<br>(Losses) from** | **Net Change<br>in Unrealized**<br> **Appreciation<br>(Depreciation) on** | **Net Change<br>in Unrealized**<br> **Appreciation<br>(Depreciation) on** |
|  | **Purchased Options<sup>(a)</sup>** | **Written Options** | **Purchased Options<sup>(b)</sup>** | **Written Options** |
| **Commodity Risk Exposure:** |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; $181924 | &nbsp;&nbsp;&nbsp;&nbsp; $(409980) | &nbsp;&nbsp;&nbsp;&nbsp; $3675 | &nbsp;&nbsp;&nbsp;&nbsp; $(825) |
| **Currency Risk Exposure:** |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; (130004) | &nbsp;&nbsp;&nbsp;&nbsp; (40609) | &nbsp;&nbsp;&nbsp;&nbsp; 7844 | &nbsp;&nbsp;&nbsp;&nbsp; (5848) |
| **Equity Risk Exposure:** |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; 108546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21194 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Interest** **rate Risk Exposure:** |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; (75172) | &nbsp;&nbsp;&nbsp;&nbsp; 35766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

(a) These are included with realized gains (losses) from investment transactions on the Statement of Operations.

(b) These are included with change in unrealized appreciation (depreciation) on investments on the Statement of Operations.

**(3) Investment Advisory and Other Contractual Services**

**A. Investment** **Advisory Fees**

Goose Hollow Capital Management, LLC, serves as the Fund's investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Fund. The Fund pays the Advisor a management fee, based on a percentage of its average daily net assets, calculated daily and paid monthly.

---

| | |
|:---|:---|
|  | **Management<br>Fee Rate** |
| Goose Hollow Tactical Allocation ETF | 0.85% |

---

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, at least through January 31, 2027, to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expenses on securities sold short), (vi) taxes, (vii) other fees related to

Semi-Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

underlying investments, (such as option fees and expenses or swap fees and expenses); or (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Advisor))) will not exceed the following:

---

| | |
|:---|:---|
|  | **Expense Cap** |
| Goose Hollow Tactical Allocation ETF | 1.85% |

---

Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. Fee waiver and reimbursement arrangements can decrease the Fund's expenses and boost the Fund's performance. The expense imitation agreement may be terminated at any time, by the Board upon sixty days written notice to the Advisor.

As of March 31, 2026, the Advisor may recoup amounts from the Fund as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Waived/<br>Reimbursed<br>FY 2023<br>Expires<br>09/30/2026** | **Waived/<br>Reimbursed<br>FY** **2024<br>Expires<br>09/30/2027** | **Waived/<br>Reimbursed<br>FY 2025<br>Expires<br>09/30/2028** | **Waived/<br>Reimbursed<br>FY 2026<br>Expires<br>09/30/2029** | **Total** |
| Goose Hollow Tactical<br> Allocation ETF | $162149 | $91708 | $— | $— | $253857 |

---

**Affiliated** **Transactions:**

The following affiliated investment activity occurred during the period ended March 31, 2026. No affiliated investments were held at period end.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at** **September 30, 2025** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized** **Gain (Loss) on Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Balance at March 31,** **2026** | **Shares as of March 31, 2026** | **Dividend Income** | **Capital Gains** **Distributions** |
| Goose Hollow Multi-Strategy Income ETF | $6118066 | $107371 | $6005369 | $(148613) | $(71455) | $— |  | $131042 | $— |

---

**B. Administration, Custodian,** **Transfer Agent and Accounting Fees**

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Fund pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Fund pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Fund and provides the Fund with various administrative services. For these services, the Fund pays CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

Semi-Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**C. Distribution and Shareholder** **Services Fees**

Paralel Distributors LLC is the principal underwriter and distributor for the Fund's Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

**D. Compliance Services**

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Fund for these services.

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using each Fund's net assets at month-end and is paid by the Funds on a quarterly basis as previously approved by the Board. During the period ended March 31, 2026, the Fund paid a total of $1,350 to the Treasurer.

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Fund for its services.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Goose Hollow Tactical Allocation ETF | $128203203 | $129400176 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Goose Hollow Tactical Allocation ETF | $3884684 | $6386830 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2026.

**(5)** **Capital Share Transactions**

Shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in shares for the Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of the Fund's specified universe and an amount of cash. Investors purchasing and redeeming Creation Units

Semi-Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for the Fund are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for In-Kind and Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>** |
| Goose Hollow Tactical Allocation ETF | $250 | 2.00% |

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statement of Assets and Liabilities.

As of March 31, 2026, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

The Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Fund has reviewed the tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

For the year ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the tax year ended September 30, 2025, the Fund did not incur any interest or penalties.

Semi-Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

As of the year ended September 30, 2025, the tax cost of securities, including written options and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Goose Hollow Tactical<br>Allocation ETF | $35036831 | $1048023 | $(805839) | $242184 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity and partnership investments.

The tax character of distributions paid during the years ended September 30, 2024 and September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** |
|  | **Ordinary Income** | **Net Capital Gains** | **Total<br>Taxable<br>Distributions** | **Total Distributions<br>Paid** |
| Goose Hollow Tactical Allocation ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $981366 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $981366 | &nbsp;&nbsp;&nbsp;&nbsp; $981366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 955873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 955873 | &nbsp;&nbsp;&nbsp;&nbsp; 955873 |

---

As of the year ended September 30, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Losses)** |
| Goose Hollow Tactical Allocation ETF | $912726 | $— | $912726 | $(1371609) | $239705 | $(219178) |

---

As of the year ended September 30, 2025, the following Fund had net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| Goose Hollow Tactical Allocation ETF | $594837 | $776772 | $1371609 |

---

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**Permanent Tax Differences:**

As of the year ended September 30, 2025, the following reclassifications were made on the Statement of Assets and Liabilities, relating primarily to redemptions in-kind.

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings (Loss)** | **Paid-in Capital** |
| Goose Hollow Tactical Allocation ETF | $(3749369) | $3749369 |

---

**(7) Investment Risks** 

**ETF Risk**

The NAV of a fund can fluctuate up or down, and you could lose money investing in the Fund if the prices of the securities owned by the Fund decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Geopolitical Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund. It is not known how long such impacts, or any future impacts of other significant events described above, would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes

Semi-Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

Additional investment risks are outlined in the Fund's prospectus.

**(8) Segment Reporting**

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. Subject to the oversight and, when applicable, approval of the Board, the portfolio manager of the Fund acts as the Fund's chief operation decision marker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio manager as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**(9) Recent Accounting Pronouncement**

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if the quantitative threshold is met. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**(10) Subsequent** **Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2026.

Semi-Annual Financial Statements and Other Information \| 22

Additional InformationMarch 31, 2026 (Unaudited)

**Proxy Voting:**

Information regarding how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, by (i) calling 1-866-898-6447; (ii) on the Fund's websites at <u>https://www.gham.co/</u>; and (iii) referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

Semi-Annual Financial Statements and Other Information \| 23

**Items 8-11** (Unaudited)

**Item 8. Changes in and** **Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item** **9. Proxy Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item** **10. Remuneration Paid to Directors, Officers, and Others of Open-End** **Management Investment Companies.**

Refer to the financial statements included herein.

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

Not Applicable.

Semi-Annual Financial Statements and Other Information

Mindful Conservative ETF (MFUL)

Adaptive Core ETF (RULE)

Mohr Sector Nav ETF (SNAV)

Mohr Company Nav ETF (CNAV)

March 31, 2026

---

| | |
|:---|:---|
| Item 7 –Financial Statements and Additional Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS** | &nbsp;&nbsp;&nbsp;&nbsp; Page |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolios of Investments](#mohr-fs_033126a251) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mohr-fs_033126a252) | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mohr-fs_033126a253) | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mohr-fs_033126a254) | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#mohr-fs_033126a255) | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#mohr-fs_033126a256) | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#mohr-fs_033126a257) | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#mohr-fs_033126a258) | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| [Item 9 – Proxy Disclosures for Open End Management Investment Companies](#mohr-fs_033126a259) | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#mohr-fs_033126a260) | &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#mohr-fs_033126a261) | &nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Mindful Conservative ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Exchange-Traded Funds — 91.4%** | **Exchange-Traded Funds — 91.4%** | **Exchange-Traded Funds — 91.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7759 | Capital Group Dividend Value ETF | &nbsp;&nbsp;&nbsp;&nbsp; 330068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11165 | Franklin Income Focus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 320994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13737 | iShares Core 40/60 Moderate Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; 650722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6066 | iShares Intermediate Government/Credit Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 647121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3070 | iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;&nbsp;&nbsp; 284712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3149 | iShares TIPS Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 347523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15706 | iShares U.S. Treasury Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 359824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6433 | JPMorgan Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 302866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12760 | Schwab U.S. Large-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 327166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7136 | State Street Global Allocation ETF | &nbsp;&nbsp;&nbsp;&nbsp; 353232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11332 | State Street Multi-Asset Real Return ETF | &nbsp;&nbsp;&nbsp;&nbsp; 409652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8814 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp;&nbsp; 807715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4196 | State Street SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;&nbsp;&nbsp; 384018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4644 | Vanguard Short-Term Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 364136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 20496 | WisdomTree Floating Rate Treasury Fund ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1031768 |
| **Total Exchange-Traded Funds (Cost $7,033,603)** | **Total Exchange-Traded Funds (Cost $7,033,603)** | &nbsp;&nbsp;&nbsp;&nbsp; **6921517** |
| **Total Investments** **— 91.4% (Cost $7,033,603)** | **Total Investments** **— 91.4% (Cost $7,033,603)** | &nbsp;&nbsp;&nbsp;&nbsp; **6921517** |
| **Net other assets (liabilities) — 8.6%** | **Net other assets (liabilities) — 8.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **648842** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **7570359** |

---

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

SPDR — Standard & Poor's Depositary Receipts

TIPS — Treasury Inflation-Protected Security

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 4

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Adaptive Core ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common** **Stocks — 80.9%** | **Common** **Stocks — 80.9%** | **Common** **Stocks — 80.9%** |
| **Communication Services — 3.1%** | **Communication Services — 3.1%** | **Communication Services — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1288 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 370377 |
| **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** | **Consumer Discretionary — 2.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3645 | General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp; 271553 |
| **Energy —** **4.5%** | **Energy —** **4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4083 | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 249267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1691 | Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 286895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 536162 |
| **Financials — 4.6%** | **Financials — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 321 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 271563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13628 | KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp; 273241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 544804 |
| **Health Care — 9.9%** | **Health Care — 9.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1251 | Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 264349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 712 | Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 223668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 750 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 368647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 23435 | Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 316607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1173271 |
| **Industrials —** **15.6%** | **Industrials —** **15.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 441 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 312431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1580 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 262391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 704 | Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 378766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1079 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 243886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 417 | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 373315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1406 | RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 271217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1842006 |
| **Information Technology — 29.2%** | **Information Technology — 29.2%** | **Information Technology — 29.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1058 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 215229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 862 | Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 274237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2524 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 195837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3491 | Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 474671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 229 | KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 337182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1700 | Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 363222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2125 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 717910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1656 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 288806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1019 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp; 399204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 920 | Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 178609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3444907 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Adaptive Core ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 80.9% (continued)** | **Common Stocks — 80.9% (continued)** | **Common Stocks — 80.9% (continued)** |
| **Materials — 11.7%** | **Materials — 11.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6478 | Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 264237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5455 | Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 320645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3679 | Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 398252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2300 | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 395738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1378872 |
| **Total Common Stocks (Cost $7,955,745)** | **Total Common Stocks (Cost $7,955,745)** | &nbsp;&nbsp;&nbsp;&nbsp; **9561952** |
| **Exchange-Traded Funds —** **17.7%** | **Exchange-Traded Funds —** **17.7%** | **Exchange-Traded Funds —** **17.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5082 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Quality ETF | &nbsp;&nbsp;&nbsp;&nbsp; 382116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7026 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Top 50 ETF | &nbsp;&nbsp;&nbsp;&nbsp; 383268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 846 | iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp; 360735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9511 | JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 481352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5260 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp;&nbsp; 482026 |
| **Total Exchange-Traded** **Funds (Cost $1,838,113)** | **Total Exchange-Traded** **Funds (Cost $1,838,113)** | &nbsp;&nbsp;&nbsp;&nbsp; **2089497** |
| **Total Investments — 98.6% (Cost $9,793,858)** | **Total Investments — 98.6% (Cost $9,793,858)** | &nbsp;&nbsp;&nbsp;&nbsp; **11651449** |
| **Net other assets (liabilities) — 1.4%** | **Net other assets (liabilities) — 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **167462** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **11818911** |

---

(a) Non-income producing security

ETF — Exchange-Traded Fund

PLC — Public Limited Company

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 6

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Mohr Sector Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 70.9%** | **Exchange-Traded Funds — 70.9%** | **Exchange-Traded Funds — 70.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 22799 | Invesco S&P 500 Equal Weight ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4375583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3348 | SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 2177338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 48433 | State Street Utilities Select Sector SPDR ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2222590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 15588 | Vanguard Energy ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2697348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2941 | Vanguard Information Technology ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2051995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7027 | Vanguard Large-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2100019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11433 | Vanguard Utilities ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2265335 |
| **Total Exchange-Traded Funds** **(Cost $17,337,245)** | **Total Exchange-Traded Funds** **(Cost $17,337,245)** | &nbsp;&nbsp;&nbsp;&nbsp; **17890208** |
| **Total Investments — 70.9% (Cost $17,337,245)** | **Total Investments — 70.9% (Cost $17,337,245)** | &nbsp;&nbsp;&nbsp;&nbsp; **17890208** |
| **Net other assets (liabilities) — 29.1%** | **Net other assets (liabilities) — 29.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **7343787** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **25233995** |

---

ETF — Exchange-Traded Fund

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 7

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Mohr Company Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks** **— 94.1%** | **Common Stocks** **— 94.1%** | **Common Stocks** **— 94.1%** |
| **Consumer Discretionary — 6.9%** | **Consumer Discretionary — 6.9%** | **Consumer Discretionary — 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3760 | Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 814529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10800 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1523988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2338517 |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8661 | Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1076389 |
| **Energy** **— 7.0%** | **Energy** **— 7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 23629 | Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1442550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3224 | Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 914842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2357392 |
| **Financials — 3.5%** | **Financials — 3.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9939 | Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1169423 |
| **Industrials** **— 33.7%** | **Industrials** **— 33.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1598 | Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1132119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1033 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1424497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1477 | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1006014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3598 | Ftai Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 881510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1093 | GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 954080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3785 | Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 855524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2827 | MasTec, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 909559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7259 | nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp; 858595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3879 | Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 972000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3347 | Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1197957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5736 | XPO, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1115939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11307794 |
| **Information Technology — 30.4%** | **Information Technology — 30.4%** | **Information Technology — 30.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3734 | Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1276244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2107 | Ciena Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 818001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10491 | Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1426461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5080 | Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp; 833780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1179 | Lumentum Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 828554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3220 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1087845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1493 | SanDisk Corp.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 948563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1356 | Teledyne Technologies, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 820394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8004 | Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 2165001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10204843 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 8

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Mohr Company Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 94.1% (continued)** | **Common Stocks — 94.1% (continued)** | **Common Stocks — 94.1% (continued)** |
| **Materials — 3.3%** | **Materials — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6384 | Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1098431 |
| **Utilities — 6.1%** | **Utilities — 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 9294 | American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1218258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7462 | Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 838430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2056688 |
| **Total Common Stocks** **(Cost $27,493,250)** | **Total Common Stocks** **(Cost $27,493,250)** | &nbsp;&nbsp;&nbsp;&nbsp; **31609477** |
| **Total Investments — 94.1% (Cost $27,493,250)** | **Total Investments — 94.1% (Cost $27,493,250)** | &nbsp;&nbsp;&nbsp;&nbsp; **31609477** |
| **Net other assets (liabilities) — 5.9%** | **Net other assets (liabilities) — 5.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **1988810** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **33598287** |

---

(a) Non-income producing security

PLC — Public Limited Company

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 9

Statements of Assets and LiabilitiesMarch 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Adaptive <br>Core <br>ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $7,033,603 and $9,793,858) | &nbsp;&nbsp;&nbsp;&nbsp; $6921517 | &nbsp;&nbsp;&nbsp;&nbsp; $11651449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp; 678039 | &nbsp;&nbsp;&nbsp;&nbsp; 194295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 2419 | &nbsp;&nbsp;&nbsp;&nbsp; 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 7601975 | &nbsp;&nbsp;&nbsp;&nbsp; 11848840 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp; 4551 | &nbsp;&nbsp;&nbsp;&nbsp; 7201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp;&nbsp; 986 | &nbsp;&nbsp;&nbsp;&nbsp; 1234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp;&nbsp; 9808 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp; 10394 | &nbsp;&nbsp;&nbsp;&nbsp; 10467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp;&nbsp; 4038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp; 1074 | &nbsp;&nbsp;&nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 31616 | &nbsp;&nbsp;&nbsp;&nbsp; 29929 |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $7570359 | &nbsp;&nbsp;&nbsp;&nbsp; $11818911 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp; $12680811 | &nbsp;&nbsp;&nbsp;&nbsp; $24642101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp; (5110452) | &nbsp;&nbsp;&nbsp;&nbsp; (12823190) |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $7570359 | &nbsp;&nbsp;&nbsp;&nbsp; $11818911 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp;&nbsp; $7570359 | &nbsp;&nbsp;&nbsp;&nbsp; $11818911 |
| **Shares of Beneficial Interest Outstanding (unlimited** **number of shares authorized, no par value):** | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| **Net Asset Value** **(offering and redemption <br>price per share):** | &nbsp;&nbsp;&nbsp;&nbsp; $21.63 | &nbsp;&nbsp;&nbsp;&nbsp; $23.64 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 10

Statements of Assets and Liabilities (continued)March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mohr <br>Sector Nav <br>ETF** | **Mohr <br>Company Nav ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $17,337,245 and $27,493,250) | &nbsp;&nbsp;&nbsp;&nbsp; $17890208 | &nbsp;&nbsp;&nbsp;&nbsp; $31609477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp; 5169211 | &nbsp;&nbsp;&nbsp;&nbsp; 2045104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp;&nbsp; 6017 | &nbsp;&nbsp;&nbsp;&nbsp; 3566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp; 4475510 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 27541526 | &nbsp;&nbsp;&nbsp;&nbsp; 33661824 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp;&nbsp; 2266192 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp; 15236 | &nbsp;&nbsp;&nbsp;&nbsp; 20564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp;&nbsp; 2612 | &nbsp;&nbsp;&nbsp;&nbsp; 3525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering cost | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filling fees | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp;&nbsp; 8212 | &nbsp;&nbsp;&nbsp;&nbsp; 11310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp; 10298 | &nbsp;&nbsp;&nbsp;&nbsp; 16771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp;&nbsp;&nbsp; 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp; 1193 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 2307531 | &nbsp;&nbsp;&nbsp;&nbsp; 63537 |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $25233995 | &nbsp;&nbsp;&nbsp;&nbsp; $33598287 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp;&nbsp; $24321838 | &nbsp;&nbsp;&nbsp;&nbsp; $31618002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp; 912157 | &nbsp;&nbsp;&nbsp;&nbsp; 1980285 |
| **Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp; $25233995 | &nbsp;&nbsp;&nbsp;&nbsp; $33598287 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp;&nbsp; $25233995 | &nbsp;&nbsp;&nbsp;&nbsp; $33598287 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized,** **no par value):** | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 |
| **Net Asset Value (offering and redemption** **price per share):** | &nbsp;&nbsp;&nbsp;&nbsp; $34.81 | &nbsp;&nbsp;&nbsp;&nbsp; $31.11 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 11

Statements of OperationsFor the six months ended March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Adaptive <br>Core <br>ETF** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $265161 | &nbsp;&nbsp;&nbsp;&nbsp; $67553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 265161 | &nbsp;&nbsp;&nbsp;&nbsp; 67553 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp; 51045 | &nbsp;&nbsp;&nbsp;&nbsp; 43125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp;&nbsp; 9370 | &nbsp;&nbsp;&nbsp;&nbsp; 7393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp;&nbsp; 4861 | &nbsp;&nbsp;&nbsp;&nbsp; 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp;&nbsp; 49953 | &nbsp;&nbsp;&nbsp;&nbsp; 50058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | &nbsp;&nbsp;&nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp;&nbsp; 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp; 3477 | &nbsp;&nbsp;&nbsp;&nbsp; 3538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp; 1874 | &nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; 5168 | &nbsp;&nbsp;&nbsp;&nbsp; 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 152031 | &nbsp;&nbsp;&nbsp;&nbsp; 142109 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; 113130 | &nbsp;&nbsp;&nbsp;&nbsp; (74556) |
| **Realized and Unrealized Gains** **(Losses) from Investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp; 199048 | &nbsp;&nbsp;&nbsp;&nbsp; (544117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp; 215825 | &nbsp;&nbsp;&nbsp;&nbsp; 144526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (521939) | &nbsp;&nbsp;&nbsp;&nbsp; 952378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) from Investments: | &nbsp;&nbsp;&nbsp;&nbsp; (107066) | &nbsp;&nbsp;&nbsp;&nbsp; 552787 |
| **Change in Net Assets Resulting** **From Operations** | &nbsp;&nbsp;&nbsp;&nbsp; $6064 | &nbsp;&nbsp;&nbsp;&nbsp; $478231 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 12

---

| | | |
|:---|:---|:---|
|  | **Mohr <br>Sector Nav <br>ETF** | **Mohr <br>Company Nav<br>ETF** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | &nbsp;&nbsp;&nbsp;&nbsp; $169166 | &nbsp;&nbsp;&nbsp;&nbsp; $135031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 169166 | &nbsp;&nbsp;&nbsp;&nbsp; 135031 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp; 86226 | &nbsp;&nbsp;&nbsp;&nbsp; 123129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp;&nbsp; 14779 | &nbsp;&nbsp;&nbsp;&nbsp; 21108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp;&nbsp; 4861 | &nbsp;&nbsp;&nbsp;&nbsp; 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp;&nbsp; 49890 | &nbsp;&nbsp;&nbsp;&nbsp; 51537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | &nbsp;&nbsp;&nbsp;&nbsp; 6228 | &nbsp;&nbsp;&nbsp;&nbsp; 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp;&nbsp; 17961 | &nbsp;&nbsp;&nbsp;&nbsp; 26127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp; 3753 | &nbsp;&nbsp;&nbsp;&nbsp; 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; 5079 | &nbsp;&nbsp;&nbsp;&nbsp; 6769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 193013 | &nbsp;&nbsp;&nbsp;&nbsp; 254321 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp; (23847) | &nbsp;&nbsp;&nbsp;&nbsp; (119290) |
| **Realized and Unrealized** **Gains (Losses) from Investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp; (258794) | &nbsp;&nbsp;&nbsp;&nbsp; (1064536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1985041 | &nbsp;&nbsp;&nbsp;&nbsp; 3986586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1594193) | &nbsp;&nbsp;&nbsp;&nbsp; (1721081) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) from Investments: | &nbsp;&nbsp;&nbsp;&nbsp; 132054 | &nbsp;&nbsp;&nbsp;&nbsp; 1200969 |
| **Change in Net** **Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp;&nbsp; $108207 | &nbsp;&nbsp;&nbsp;&nbsp; $1081679 |

---

Statements of Operations (continued)For the six months ended March 31, 2026 (Unaudited)

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 13

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Mindful Conservative ETF** | **Adaptive Core ETF** | **Adaptive Core ETF** |
|  | **Six months ended <br>March 31, <br>2026 (Unaudited)** | **Year ended<br>September 30, 2025** | **Six months ended <br>March 31, <br>2026 (Unaudited)** | **Year ended<br>September 30, 2025** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $113130 | &nbsp;&nbsp;&nbsp;&nbsp; $935313 | &nbsp;&nbsp;&nbsp;&nbsp; $(74556) | &nbsp;&nbsp;&nbsp;&nbsp; $(86383) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp; 414873 | &nbsp;&nbsp;&nbsp;&nbsp; 1021794 | &nbsp;&nbsp;&nbsp;&nbsp; (399591) | &nbsp;&nbsp;&nbsp;&nbsp; 920735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (521939) | &nbsp;&nbsp;&nbsp;&nbsp; (626874) | &nbsp;&nbsp;&nbsp;&nbsp; 952378 | &nbsp;&nbsp;&nbsp;&nbsp; (588352) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 6064 | &nbsp;&nbsp;&nbsp;&nbsp; 1330233 | &nbsp;&nbsp;&nbsp;&nbsp; 478231 | &nbsp;&nbsp;&nbsp;&nbsp; 246000 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp;&nbsp; (256669) | &nbsp;&nbsp;&nbsp;&nbsp; (989660) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp;&nbsp; (256669) | &nbsp;&nbsp;&nbsp;&nbsp; (989660) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20686998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10602284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (21491071) | &nbsp;&nbsp;&nbsp;&nbsp; (38160464) | &nbsp;&nbsp;&nbsp;&nbsp; (642404) | &nbsp;&nbsp;&nbsp;&nbsp; (26780913) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (21491071) | &nbsp;&nbsp;&nbsp;&nbsp; (17473466) | &nbsp;&nbsp;&nbsp;&nbsp; (642404) | &nbsp;&nbsp;&nbsp;&nbsp; (16178629) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (21741676) | &nbsp;&nbsp;&nbsp;&nbsp; (17132893) | &nbsp;&nbsp;&nbsp;&nbsp; (164173) | &nbsp;&nbsp;&nbsp;&nbsp; (15932629) |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 29312034 | &nbsp;&nbsp;&nbsp;&nbsp; 46444927 | &nbsp;&nbsp;&nbsp;&nbsp; 11983084 | &nbsp;&nbsp;&nbsp;&nbsp; 27915713 |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $7570359 | &nbsp;&nbsp;&nbsp;&nbsp; $29312034 | &nbsp;&nbsp;&nbsp;&nbsp; $11818911 | &nbsp;&nbsp;&nbsp;&nbsp; $11983084 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 475000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (975000) | &nbsp;&nbsp;&nbsp;&nbsp; (1750000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | &nbsp;&nbsp;&nbsp;&nbsp; (1225000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp;&nbsp; (975000) | &nbsp;&nbsp;&nbsp;&nbsp; (800000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | &nbsp;&nbsp;&nbsp;&nbsp; (750000) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 14

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mohr Sector Nav ETF** | **Mohr Sector Nav ETF** | **Mohr Company Nav ETF** | **Mohr Company Nav ETF** |
|  | **Six months ended <br>March 31, <br>2026 (Unaudited)** | **Year ended<br>September 30, 2025** | **Six months ended <br>March 31, <br>2026 (Unaudited)** | **Year ended<br>September 30, 2025<sup>(a)</sup>** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $(23847) | &nbsp;&nbsp;&nbsp;&nbsp; $(29124) | &nbsp;&nbsp;&nbsp;&nbsp; $(119290) | &nbsp;&nbsp;&nbsp;&nbsp; $(245242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1726247 | &nbsp;&nbsp;&nbsp;&nbsp; 2327419 | &nbsp;&nbsp;&nbsp;&nbsp; 2922050 | &nbsp;&nbsp;&nbsp;&nbsp; 1819669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1594193) | &nbsp;&nbsp;&nbsp;&nbsp; 327899 | &nbsp;&nbsp;&nbsp;&nbsp; (1721081) | &nbsp;&nbsp;&nbsp;&nbsp; 5837308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 108207 | &nbsp;&nbsp;&nbsp;&nbsp; 2626194 | &nbsp;&nbsp;&nbsp;&nbsp; 1081679 | &nbsp;&nbsp;&nbsp;&nbsp; 7411735 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (292063) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (292063) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 19423978 | &nbsp;&nbsp;&nbsp;&nbsp; 30028672 | &nbsp;&nbsp;&nbsp;&nbsp; 11271376 | &nbsp;&nbsp;&nbsp;&nbsp; 74072797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (19379010) | &nbsp;&nbsp;&nbsp;&nbsp; (71543576) | &nbsp;&nbsp;&nbsp;&nbsp; (14458026) | &nbsp;&nbsp;&nbsp;&nbsp; (45781274) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 44968 | &nbsp;&nbsp;&nbsp;&nbsp; (41514904) | &nbsp;&nbsp;&nbsp;&nbsp; (3186650) | &nbsp;&nbsp;&nbsp;&nbsp; 28291523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 153175 | &nbsp;&nbsp;&nbsp;&nbsp; (39180773) | &nbsp;&nbsp;&nbsp;&nbsp; (2104971) | &nbsp;&nbsp;&nbsp;&nbsp; 35703258 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 25080820 | &nbsp;&nbsp;&nbsp;&nbsp; 64261593 | &nbsp;&nbsp;&nbsp;&nbsp; 35703258 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $25233995 | &nbsp;&nbsp;&nbsp;&nbsp; $25080820 | &nbsp;&nbsp;&nbsp;&nbsp; $33598287 | &nbsp;&nbsp;&nbsp;&nbsp; $35703258 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 2890000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp;&nbsp; (2300000) | &nbsp;&nbsp;&nbsp;&nbsp; (450000) | &nbsp;&nbsp;&nbsp;&nbsp; (1710000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1350000) | &nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp; 1180000 |

---

(a) Commencement of operations was October 1, 2024.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 15

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mindful** **Conservative ETF** | **Six months ended <br>March 31, <br>2026 <br>(Unaudited)**  | **Year ended <br>September 30, <br>2025**  | **Year ended <br>September 30, <br>2024**  | **Year ended <br>September 30, <br>2023**  | **November 2, 2021<sup>(a)** <br></sup>**through <br> September 30, <br>2022** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; $22.12 | &nbsp;&nbsp;&nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp;&nbsp; $21.24 | &nbsp;&nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp;&nbsp; (3.50) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (3.59) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $21.63 | &nbsp;&nbsp;&nbsp;&nbsp; $22.12 | &nbsp;&nbsp;&nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp;&nbsp; $21.24 | &nbsp;&nbsp;&nbsp;&nbsp; $21.41 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $7570 | &nbsp;&nbsp;&nbsp;&nbsp; $29312 | &nbsp;&nbsp;&nbsp;&nbsp; $46445 | &nbsp;&nbsp;&nbsp;&nbsp; $81782 | &nbsp;&nbsp;&nbsp;&nbsp; $95812 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp;&nbsp;&nbsp;3.92% | &nbsp;&nbsp;&nbsp;&nbsp;9.47% | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)% | &nbsp;&nbsp;&nbsp;&nbsp; (14.36)% |
| Ratio of Operating Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.10% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)% |
| Portfolio Turnover<sup>(d)</sup><sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 213% | &nbsp;&nbsp;&nbsp;&nbsp; 336% | &nbsp;&nbsp;&nbsp;&nbsp; 314% | &nbsp;&nbsp;&nbsp;&nbsp; 260<br> %<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 665% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Not annualized for periods less than one year

(e) Annualized for periods less than one year

(f) Excludes expenses of the investment companies in which the Fund invests

(g) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(h) Excludes the impact of in-kind transactions

(i) Portfolio Turnover decreased significantly this year due to the Fund holding higher positions in cash or cash alternatives for a longer period of time than usual due to risk mitigation. As a result, trading activity was reduced dramatically compared to more active periods

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 16

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Adaptive Core ETF** | **Six months ended <br>March 31, <br>2026 <br>(Unaudited)**  | **Year ended <br>September 30, <br>2025**  | **Year ended <br>September 30, <br>2024**  | **Year ended <br>September 30, <br>2023**  | **November 2, 2021**<sup>**(a)</sup>** **through <br>September 30, <br>2022** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; $22.82 | &nbsp;&nbsp;&nbsp;&nbsp; $21.89 | &nbsp;&nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp; (0.04) |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp;&nbsp; (5.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp;&nbsp; (5.57) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $23.64 | &nbsp;&nbsp;&nbsp;&nbsp; $22.82 | &nbsp;&nbsp;&nbsp;&nbsp; $21.89 | &nbsp;&nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp;&nbsp; $19.43 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $11819 | &nbsp;&nbsp;&nbsp;&nbsp; $11983 | &nbsp;&nbsp;&nbsp;&nbsp; $27916 | &nbsp;&nbsp;&nbsp;&nbsp; $47402 | &nbsp;&nbsp;&nbsp;&nbsp; $69463 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.56% | &nbsp;&nbsp;&nbsp;&nbsp;4.25% | &nbsp;&nbsp;&nbsp;&nbsp;18.97% | &nbsp;&nbsp;&nbsp;&nbsp; (3.37)% | &nbsp;&nbsp;&nbsp;&nbsp; (22.28)% |
| Ratio of Operating Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.31% | &nbsp;&nbsp;&nbsp;&nbsp;1.81% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (1.21)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.47)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% |
| Portfolio Turnover<sup>(e)</sup><sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 70% | &nbsp;&nbsp;&nbsp;&nbsp; 348% | &nbsp;&nbsp;&nbsp;&nbsp; 451% | &nbsp;&nbsp;&nbsp;&nbsp; 425<br> %<sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1180% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Amount is less than $0.00.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) Annualized for periods less than one year

(g) Excludes expenses of the investment companies in which the Fund invests

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions

(j) Portfolio Turnover decreased significantly this year due to the Fund holding higher positions in cash or cash alternatives for a longer period of time than usual due to risk mitigation. As a result, trading activity was reduced dramatically compared to more active periods

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 17

Financial Highlights (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mohr Sector Nav ETF** | **Six months ended <br>March 31, <br>2026 <br>(Unaudited)** | **Year ended<br>September 30, <br>2025** | **Year ended<br>September 30, <br>2024** | **January 10,<br>2023<sup>(a)</sup>** **<br>through <br>September 30, <br>2023** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net Realized and Unrealized Gains (Losses) on Investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $34.81 | &nbsp;&nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp;&nbsp; $25.86 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $25234 | &nbsp;&nbsp;&nbsp;&nbsp; $25081 | &nbsp;&nbsp;&nbsp;&nbsp; $64262 | &nbsp;&nbsp;&nbsp;&nbsp; $58824 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.73% | &nbsp;&nbsp;&nbsp;&nbsp;23.70% | &nbsp;&nbsp;&nbsp;&nbsp;3.43% |
| Ratio of Operating Expenses to Average<br> Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.57% | &nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.19)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 245% | &nbsp;&nbsp;&nbsp;&nbsp; 342% | &nbsp;&nbsp;&nbsp;&nbsp; 523% | &nbsp;&nbsp;&nbsp;&nbsp; 537% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Realized and unrealized gains per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) Annualized for periods less than one year

(g) Excludes expenses of the investment companies in which the Fund invests

(h) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(i) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(j) Excludes the impact of in-kind transactions

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 18

Financial Highlights (continued)

---

| | | |
|:---|:---|:---|
| **Mohr Company Nav ETF** | **Six months <br>ended <br>March 31, <br>2026 <br>(Unaudited)**  | **Year ended September 30, 2025<sup>(a)</sup>**  |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp;&nbsp; $30.26 | &nbsp;&nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) |
| Net Realized and Unrealized Gains (Losses) on Investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.26 |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp;&nbsp; $31.11 | &nbsp;&nbsp;&nbsp;&nbsp; $30.26 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp;&nbsp; $33598 | &nbsp;&nbsp;&nbsp;&nbsp; $35703 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.82% | &nbsp;&nbsp;&nbsp;&nbsp;21.03% |
| Ratio of Operating Expenses to Average <br>Net Assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Ratio of Net Investment Income (Loss) to <br>Average Net Assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;&nbsp;&nbsp; (0.62)% |
| Portfolio Turnover<sup>(e)</sup><sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 106% | &nbsp;&nbsp;&nbsp;&nbsp; 317% |

---

(a) Commencement of operations was October 1, 2024

(b) Calculated based on average shares method

(c) Realized and unrealized gains per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) Annualized for periods less than one year

(g) Excludes the impact of in-kind transactions

Semi-Annual Financial Statements and Other Information \| 19

Notes to Financial StatementsMarch 31, 2026 (Unaudited)

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of Mindful Conservative ETF, Adaptive Core ETF, Mohr Sector Nav ETF, and Mohr Company Nav ETF (each a "Fund" and collectively, the "Funds"). The Funds are diversified actively-managed exchange-traded funds. The Funds' prospectus provides a description of the Funds' investment objectives, policies, and strategies. The assets of the Funds are segregated and a shareholder's interest is limited to the Fund in which shares are held.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Funds included herein are deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund are used by the investment manager to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Funds is the information utilized for the day-to-day management of the Funds.

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). Each Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, or multiples thereof, called "Creation Units". Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of each Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a depository trust company participant and, in each case, must have executed a Participant Agreement with Paralel

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

Distributors LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds.

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Funds hold investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds' securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to Retireful, LLC (the "Advisor"), as fair value designee. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Funds' investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

Semi-Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

• Level 1 — Quoted prices in active markets for identical assets that the Funds have the ability to access

• Level 2 — Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — Significant unobservable pricing inputs at the measurement date (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Common stocks and exchange-traded funds ("ETFs") traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

The Funds did not hold any Level 2 or Level 3 investments as of March 31, 2026.

The following table summarizes the Funds' investments, based on their valuation inputs, as of March 31, 2026, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Funds:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Mindful Conservative ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $6921517 | &nbsp;&nbsp;&nbsp;&nbsp; $6921517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; **$6921517** | &nbsp;&nbsp;&nbsp;&nbsp; **$6921517** |
| **Adaptive Core ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $9561952 | &nbsp;&nbsp;&nbsp;&nbsp; $9561952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2089497 | &nbsp;&nbsp;&nbsp;&nbsp; 2089497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; **$11651449** | &nbsp;&nbsp;&nbsp;&nbsp; **$11651449** |
| **Mohr Sector Nav ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $17890208 | &nbsp;&nbsp;&nbsp;&nbsp; $17890208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; **$17890208** | &nbsp;&nbsp;&nbsp;&nbsp; **$17890208** |
| **Mohr Company Nav ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $31609477 | &nbsp;&nbsp;&nbsp;&nbsp; $31609477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; **$31609477** | &nbsp;&nbsp;&nbsp;&nbsp; **$31609477** |

---

(a) See the Portfolio of Investments for industry classifications.

Semi-Annual Financial Statements and Other Information \| 22

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date.

The Funds may own shares of ETFs that may invest in real estate investments trusts ("REITs") which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the Funds.

**C.** **Cash**

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to Shareholders**

Distributions are recorded on the ex-dividend date. The Funds intend to distribute to their shareholders net investment income, if any, at least quarterly and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation of Expenses**

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

Semi-Annual Financial Statements and Other Information \| 23

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

The Advisor serves as the Funds' investment advisor pursuant to investment advisory agreements. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Funds. The Funds pay the Advisor a management fee of 0.70% of each Fund's average daily net assets, calculated daily and paid monthly.

**B. Administration, Custodian, Transfer Agent and Accounting** **Fees**

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Funds pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Funds pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Funds and provides the Funds with various administrative services. For these services, the Funds pay CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

**C. Distribution and Shareholder Services Fees**

Paralel Distributors LLC is the principal underwriter and distributor for the Funds' Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

**D. Compliance Services**

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Funds for these services.

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using each Fund's net assets at month-end and is paid by the Funds on a quarterly basis as previously approved by the Board. During the period ended March 31, 2026, the Funds paid a total of $4,800 to the Treasurer.

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Funds for their services.

Semi-Annual Financial Statements and Other Information \| 24

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp;&nbsp; $31406388 | &nbsp;&nbsp;&nbsp;&nbsp; $32042700 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 8596575 | &nbsp;&nbsp;&nbsp;&nbsp; 8694249 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 56657254 | &nbsp;&nbsp;&nbsp;&nbsp; 61555744 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 36492803 | &nbsp;&nbsp;&nbsp;&nbsp; 37199606 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21118048 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 628969 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 18648442 | &nbsp;&nbsp;&nbsp;&nbsp; 20471029 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 10983912 | &nbsp;&nbsp;&nbsp;&nbsp; 14887171 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2026.

**(5) Capital Share Transactions**

Shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund's specified universe and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for each Fund are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for** **In-Kind** **and Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>** |
| Mindful Conservative ETF | $250 | 2.00% |
| Adaptive Core ETF | 250 | 2.00% |
| Mohr Sector NAV ETF | 250 | 2.00% |
| Mohr Company NAV ETF | 250 | 2.00% |

---

(a) As a percentage of the amount invested.

Semi-Annual Financial Statements and Other Information \| 25

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statements of Assets and Liabilities. As of March 31, 2026, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Funds has reviewed the tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

As of and during the year ended September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the tax year ended September 30, 2025, the Funds did not incur any interest or penalties.

As of September 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp;&nbsp; $28482575 | &nbsp;&nbsp;&nbsp;&nbsp; $316492 | &nbsp;&nbsp;&nbsp;&nbsp; $(16124) | &nbsp;&nbsp;&nbsp;&nbsp; $300368 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 10920634 | &nbsp;&nbsp;&nbsp;&nbsp; 1069582 | &nbsp;&nbsp;&nbsp;&nbsp; (164814) | &nbsp;&nbsp;&nbsp;&nbsp; 904768 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 22332213 | &nbsp;&nbsp;&nbsp;&nbsp; 2147019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2147019 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29186525 | &nbsp;&nbsp;&nbsp;&nbsp; 6109951 | &nbsp;&nbsp;&nbsp;&nbsp; (277676) | &nbsp;&nbsp;&nbsp;&nbsp; 5832275 |

---

Semi-Annual Financial Statements and Other Information \| 26

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity. The tax character of distributions paid during the years ended September 30, 2024 and September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions Paid From**  | **Distributions Paid From**  | **Distributions Paid From**  | **Distributions Paid From**  |
|  | **Ordinary Income** | **Net <br>Capital <br>Gains** | **Total <br>Taxable Distributions** | **Total Distributions Paid** |
| Mindful Conservative ETF |  |  |  |  |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp; $3621537 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3621537 | &nbsp;&nbsp;&nbsp;&nbsp; $3621537 |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 989660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 989660 | &nbsp;&nbsp;&nbsp;&nbsp; 989660 |
| Adaptive Core ETF |  |  |  |  |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 819624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 819624 | &nbsp;&nbsp;&nbsp;&nbsp; 819624 |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mohr Sector Nav ETF |  |  |  |  |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 1783040 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1783040 | &nbsp;&nbsp;&nbsp;&nbsp; 1783040 |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 292063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 292063 | &nbsp;&nbsp;&nbsp;&nbsp; 292063 |
| Mohr Company Nav ETF |  |  |  |  |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

As of the year ended September 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Losses)** |
| Mindful <br>Conservative ETF | &nbsp;&nbsp;&nbsp;&nbsp; $15489 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15489 | &nbsp;&nbsp;&nbsp;&nbsp; $(5175705) | &nbsp;&nbsp;&nbsp;&nbsp; $300368 | &nbsp;&nbsp;&nbsp;&nbsp; $(4859848) |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14206189) | &nbsp;&nbsp;&nbsp;&nbsp; 904768 | &nbsp;&nbsp;&nbsp;&nbsp; (13301421) |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1343069) | &nbsp;&nbsp;&nbsp;&nbsp; 2147019 | &nbsp;&nbsp;&nbsp;&nbsp; 803950 |
| Mohr Company <br>Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4933669) | &nbsp;&nbsp;&nbsp;&nbsp; 5832275 | &nbsp;&nbsp;&nbsp;&nbsp; 898606 |

---

As of the year ended September 30, 2025, the following Funds had net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Amount** | **Long-Term<br>Amount** | **Total** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp;&nbsp; $5143731 | &nbsp;&nbsp;&nbsp;&nbsp; $31974 | &nbsp;&nbsp;&nbsp;&nbsp; $5175705 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; 14113453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14113453 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1313945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1313945 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4747538 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4747538 |

---

Semi-Annual Financial Statements and Other Information \| 27

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

Under current law, capital losses and specified ordinary losses realized after October 31 and non-specified ordinary losses incurred after December 31 (ordinary losses collectively known as "late year ordinary loss") may be deferred and treated as occurring on the first business day of the following fiscal year. As of the year ended September 30, 2025, the Funds' deferred losses are as follows:

---

| | |
|:---|:---|
|  | **Late Year Ordinary Loss Deferred** |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; $92736 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 29124 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; 186131 |

---

**Permanent** **Tax Differences:**

As of the year ended September 30, 2025, the following reclassifications were made on the Statements of Assets and Liabilities, relating primarily to redemptions in-kind:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings/(Loss)** | **Paid- in <br>Capital** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp;&nbsp; $(1523216) | &nbsp;&nbsp;&nbsp;&nbsp; $1523216 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp;&nbsp; (2444949) | &nbsp;&nbsp;&nbsp;&nbsp; 2444949 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; (3636068) | &nbsp;&nbsp;&nbsp;&nbsp; 3636068 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp;&nbsp; (6513129) | &nbsp;&nbsp;&nbsp;&nbsp; 6513129 |

---

**(7) Investment Risks** 

**ETF Risk**

The NAV of a fund can fluctuate up or down, and you could lose money investing in the Funds if the prices of the securities owned by the Funds decline. In addition, each Fund may be subject to the following risks; (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Geopolitical Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related

Semi-Annual Financial Statements and Other Information \| 28

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

Additional investment risks are outlined in each Fund's prospectus.

**(8) Segment Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. Subject to the oversight and, when applicable, approval of the Board, the portfolio manager of the Funds acts as the Funds' chief operation manager ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio manager as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(9) Recent Accounting Pronouncement**

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if the quantitative threshold is met. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

Semi-Annual Financial Statements and Other Information \| 29

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**(10) Subsequent Events**

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2026.

Semi-Annual Financial Statements and Other Information \| 30

Additional InformationMarch 31, 2026 (Unaudited)

**Proxy Voting:**

Information regarding how the Funds voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, by (i) calling 1-866-464-6608; (ii) by visiting <u>http://www.mohrfunds.com</u>; or (iii) referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

Semi-Annual Financial Statements and Other Information \| 31

**Items 8-11 (Unaudited)**

**Item 8. Changes in and Disagreements with** **Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy** **Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item 10. Remuneration** **Paid to Directors, Officers, and Others of Open-End Management Investment** **Companies.**

Refer to the financial statements included herein.

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

Not Applicable

Semi-Annual Financial Statements and Other Information

Nelson Select ETF (NELS)

March 31, 2026

---

| | |
|:---|:---|
| Page | Page |
| Item 7 –Financial Statements and Additional Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#nelson-fs_033126a394) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#nelson-fs_033126a395) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#nelson-fs_033126a396) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#nelson-fs_033126a397) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#nelson-fs_033126a398) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#nelson-fs_033126a399) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#nelson-fs_033126a400) | 19 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#nelson-fs_033126a401) | 20 |
| [Item 9 – Proxy Disclosures for Open End Management Investment Companies](#nelson-fs_033126a402) | 20 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#nelson-fs_033126a403) | 20 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#nelson-fs_033126a404) | 21 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Nelson Select ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Common Stocks — 94.0%** | **Common Stocks — 94.0%** | **Common Stocks — 94.0%** |
| **Communication Services — 10.5%** | **Communication Services — 10.5%** | **Communication Services — 10.5%** |
| 7157 | Alphabet, Inc., Class A | 2058067 |
| 1095 | Meta Platforms, Inc., Class A | 626482 |
| 7191 | Netflix, Inc.<sup>(a)</sup> | 691414 |
| 3364 | T-Mobile US, Inc. | 706541 |
| 5686 | Walt Disney Co. (The) | 548017 |
|  |  | 4630521 |
| **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** | **Consumer Discretionary — 9.2%** |
| 7368 | Amazon.com, Inc.<sup>(a)</sup> | 1534533 |
| 1344 | Ralph Lauren Corp., Class A | 462322 |
| 2144 | Ross Stores, Inc. | 464455 |
| 3117 | Tapestry, Inc. | 439840 |
| 1084 | Tesla, Inc.<sup>(a)</sup> | 402977 |
| 4423 | TJX Cos., Inc. (The) | 706353 |
|  |  | 4010480 |
| **Consumer Staples — 4.3%** | **Consumer Staples — 4.3%** | **Consumer Staples — 4.3%** |
| 6328 | Colgate-Palmolive Co. | 539335 |
| 450 | Costco Wholesale Corp. | 448394 |
| 5959 | Monster Beverage Corp.<sup>(a)</sup> | 431789 |
| 3695 | Walmart, Inc. | 459214 |
|  |  | 1878732 |
| **Energy — 5.2%** | **Energy — 5.2%** |  |
| 3639 | Chevron Corp. | 752909 |
| 15953 | Halliburton Co. | 622007 |
| 6087 | SLB Ltd | 312811 |
| 2487 | Targa Resources Corp. | 623566 |
|  |  | 2311293 |
| **Financials —** **11.9%** | **Financials —** **11.9%** |  |
| 4765 | Bank of New York Mellon Corp. (The) | 565272 |
| 1094 | Berkshire Hathaway, Inc., Class B<sup>(a)</sup> | 524245 |
| 1736 | Chubb, Ltd. | 565814 |
| 1492 | CME Group, Inc., Class A | 440662 |
| 845 | Goldman Sachs Group, Inc. (The) | 714862 |
| 2735 | Intercontinental Exchange, Inc. | 430161 |
| 3718 | JPMorgan Chase & Co. | 1093687 |
| 3470 | State Street Corp. | 439163 |
| 8686 | U.S. Bancorp | 451759 |
|  |  | 5225625 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Nelson Select ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Common Stocks — 94.0% (continued)** | **Common Stocks — 94.0% (continued)** | **Common Stocks — 94.0% (continued)** |
| **Health Care — 10.1%** | **Health Care — 10.1%** |  |
| 2533 | AbbVie, Inc. | 550902 |
| 1537 | Cardinal Health, Inc. | 324783 |
| 725 | Eli Lilly & Co. | 666833 |
| 3800 | Gilead Sciences, Inc. | 529606 |
| 3009 | Johnson & Johnson | 735520 |
| 511 | McKesson Corp. | 442199 |
| 3965 | Merck & Co., Inc. | 476950 |
| 15103 | Royalty Pharma PLC, Class A | 724491 |
|  |  | 4451284 |
| **Industrials — 9.6%** | **Industrials — 9.6%** |  |
| 4132 | BAE Systems PLC, ADR | 481378 |
| 619 | Caterpillar, Inc. | 438537 |
| 558 | GE Vernova, Inc. | 487078 |
| 1988 | Honeywell International, Inc. | 449348 |
| 1859 | Howmet Aerospace, Inc. | 428425 |
| 2313 | ITT, Inc. | 440696 |
| 1600 | L3Harris Technologies, Inc. | 552240 |
| 3999 | nVent Electric PLC | 473002 |
| 827 | Quanta Services, Inc. | 454040 |
|  |  | 4204744 |
| **Information Technology — 28.2%** | **Information Technology — 28.2%** |  |
| 5336 | Amphenol Corp., Class A | 674204 |
| 8094 | Apple, Inc. | 2054176 |
| 1803 | Applied Materials, Inc. | 616247 |
| 2797 | Broadcom, Inc. | 865699 |
| 1121 | Coherent Corp.<sup>(a)</sup> | 267033 |
| 5335 | Dell Technologies, Inc., Class C | 875634 |
| 2287 | First Solar, Inc.<sup>(a)</sup> | 451134 |
| 3367 | Fortinet, Inc.<sup>(a)</sup> | 275151 |
| 386 | KLA Corp. | 568350 |
| 4353 | Microsoft Corp. | 1611351 |
| 15639 | NVIDIA Corp. | 2727442 |
| 1791 | Palantir Technologies, Inc., Class A<sup>(a)</sup> | 261987 |
| 1673 | Palo Alto Networks, Inc.<sup>(a)</sup> | 268215 |
| 2509 | Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 847917 |
|  |  | 12364540 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Nelson Select ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Common Stocks — 94.0% (continued)** | **Common Stocks — 94.0% (continued)** | **Common Stocks — 94.0% (continued)** |
| **Materials — 2.8%** | **Materials — 2.8%** |  |
| 5801 | Freeport-McMoRan, Inc. | 340983 |
| 1022 | Linde PLC | 506667 |
| 3171 | Newmont Corp. | 343261 |
|  |  | 1190911 |
| **Real Estate — 2.2%** | **Real Estate — 2.2%** |  |
| 2603 | Agree Realty Corp. | 196214 |
| 240 | Equinix, Inc. | 235258 |
| 6186 | Essential Properties Realty Trust, Inc. | 187807 |
| 5097 | STAG Industrial, Inc. | 183798 |
| 1010 | Welltower, Inc. | 199687 |
|  |  | 1002764 |
| **Total Common Stocks (Cost $41,200,024)** | **Total Common Stocks (Cost $41,200,024)** | **41270894** |
| **Exchange-Traded Funds — 5.3%** | **Exchange-Traded Funds — 5.3%** |  |
| 15635 | iShares Expanded Tech-Software Sector ETF<sup>(a)</sup> | 1251582 |
| 23506 | State Street Utilities Select Sector SPDR ETF | 1078690 |
| **Total Exchange-Traded Funds (Cost $2,379,785)** | **Total Exchange-Traded Funds (Cost $2,379,785)** | **2330272** |
| **Total Investments — 99.3% (Cost $43,579,809)** | **Total Investments — 99.3% (Cost $43,579,809)** | **43601166** |
| **Net other assets (liabilities) — 0.7%** | **Net other assets (liabilities) — 0.7%** | **304375** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **43905541** |

---

(a) Non-income producing security

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

SPDR — Standard & Poor's Depositary Receipts

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 6

Statement of Assets and LiabilitiesMarch 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **Nelson Select ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $43,579,809) | $43601166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 679272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 26771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 1377033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 7047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 45691289 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 1719451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 35380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 7459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filling fees | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 12078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 3559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1785748 |
| **Net Assets** | $43905541 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $45242667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | (1337126) |
| **Net Assets** | $43905541 |
| **Net** **Assets:** | $43905541 |
| **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized,** **no par value):** | 1770000 |
| **Net Asset Value (offering and redemption price** **per share):** | $24.81 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 7

Statement of OperationsFor the period ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **Nelson Select ETF<sup>(a)</sup>** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $211526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 211526 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | 168721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 34085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 4064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 14504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 22095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Listing fee | 5472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 3695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | 573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | 2807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | 269553 |
| Expenses contractually waived and/or reimbursed by the Advisor | (13888) |
| **Total Net Expenses** | 255665 |
| **Net** **Investment Income (Loss)** | (44139) |
| **Realized and Unrealized Gains (Losses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | (2483920) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | 1169576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | 21357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | (1292987) |
| **Change in Net Assets** **Resulting From Operations** | $(1337126) |

---

(a) Commencement of operations was October 14, 2025.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 8

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **Nelson Select ETF**  |
|  | **For the period October 14,** **2025<sup>(a)</sup>** **through March 31, 2026 (Unaudited)** |
| **From Investment Activities:** |  |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(44139) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | (1314344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | 21357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (1337126) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 50710449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (5467782) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | 45242667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | 43905541 |
| **Net** **Assets:** |  |
| Beginning of period |  |
| End of period | $43905541 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 1980000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (210000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 1770000 |

---

(a) Commencement of operations

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 9

Financial Highlights

---

| | |
|:---|:---|
| **Nelson Select ETF** | **For the period October 14, 2025<sup>(a)</sup>** **through March 31, 2026 (Unaudited)** |
| Net Asset Value, Beginning of Period | $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | (0.03) |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16) |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| Net Asset Value, End of Period | $24.81 |
| Net Assets at End of Period (000's) | $43906 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup> | (0.78)% |
| Ratio of Net Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup> | 1.49% |
| Ratio of Operating Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup> | 1.57% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup> | (0.26)% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup> | 268% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Not annualized for periods less than one year

(e) Annualized for periods less than one year

(f) Excludes expenses of the investment companies in which the Fund invests

(g) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions

Semi-Annual Financial Statements and Other Information \| 10

Notes to Financial StatementsMarch 31, 2026 (Unaudited)

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of Nelson Select ETF (the "Fund"). The Fund is a diversified actively-managed exchange-traded fund. The Fund's prospectus provides a description of the Fund's investment objectives, policies, and strategies. The Fund commenced operations on October 14, 2025.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreement as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements.

**(2) Significant Accounting Policies**

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called Creation Units ("Creation Units"). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a depository trust company participant and, in each case, must have executed a Participant Agreement with Paralel Distributors LLC (the

Semi-Annual Financial Statements and Other Information \| 11

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

"Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Fund holds investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Fund may use a pricing service, bank, or broker-dealer experienced in such matters to value the Fund's securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to the advisor as fair value designee. The fair valuation process is designed to value the subject security at the price the Fund would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to the circumstances that indicate that a transaction is not orderly.

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Fund's investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

• Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access

Semi-Annual Financial Statements and Other Information \| 12

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

• Level 2 — Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — Significant unobservable pricing inputs at the measurement date (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Common stocks and exchange-traded funds ("ETFs") traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

The Fund did not hold any Level 2 or Level 3 investments as of March 31, 2026.

The following table summarizes the Fund's investments, based on their valuation inputs, as of March 31, 2026, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Nelson Select ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | $41270894 | $41270894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 2330272 | 2330272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | **$43601166** | **$43601166** |

---

(a) See the Portfolio of Investments for industry classifications.

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date.

**C. Cash**

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

Semi-Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**D. Dividends and Distributions to Shareholders**

Distributions are recorded on the ex-dividend date. The Fund intends to distribute to its shareholders net investment income and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation of Expenses**

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

Collaborative Fund Advisors, LLC (the "Advisor") serves as the Fund's investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Fund. The Fund pays the Advisor a management fee of 0.99% of its average daily net assets, calculated daily and paid monthly.

Retireful, LLC ("Sub-Advisor") serves as the Fund's sub-advisor. The Sub-Advisor is responsible for the trade execution management of the Fund's investment portfolio. Pursuant to a sub-advisory agreement between the Advisor and the Sub-Advisor, the Sub-Advisor is entitled to receive from the Advisor (not the Fund) on a monthly basis, an annual advisory fee equal to 0.15% of the Fund's net assets.

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, through May 16, 2027, to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective

Semi-Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, (vii) other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses), (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Advisor))) would not exceed 1.49%. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment.

As of March 31, 2026, the Advisor may recoup amounts from the Fund as follows:

---

| | | |
|:---|:---|:---|
|  | **Waived/ Reimbursed <br>FY 2026** **Expires 09/30/2029** | **Total** |
| Nelson Select ETF | $13888 | $13888 |

---

At March 31, 2026, there was no commitment or contingent liability.

**B. Administration, Custodian, Transfer Agent and Accounting Fees**

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Fund pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Fund pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Fund and provides the Fund with various administrative services. For these services, the Fund pays CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

**C. Distribution and Shareholder Services Fees**

Paralel Distributors LLC is the principal underwriter and distributor for the Fund's Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

Semi-Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**D. Compliance Services**

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Fund for these services.

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using the Fund's net assets at month-end and is paid by the Fund on a quarterly basis as previously approved by the Board. During the period ended March 31, 2026, the Fund paid a total of $573 to the Treasurer.

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Fund for their services.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Nelson Select ETF | $82608305 | $82393085 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Nelson Select ETF | $49818450 | $5548811 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2026.

**(5) Capital Share Transactions**

Shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, Shares of the Fund are not redeemable. Transactions in Shares for the Fund are disclosed in detail on the Statement of Changes in Net Assets.

The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of the Fund's specified universe and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and

Semi-Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for the Fund are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for** **<br>In-Kind and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>** |
| Nelson Select ETF | $250 | 2.00% |

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statement of Assets and Liabilities. As of March 31, 2026, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

The Fund intends to qualify and continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Fund has reviewed the tax positions taken in years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**(7) Investment Risks** 

**ETF Risk**

The NAV of a fund can fluctuate up or down, and you could lose money investing in the Fund if the prices of the securities owned by the Fund decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Semi-Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**Market and** **Geopolitical Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

Additional investment risks are outlined in the Fund's prospectus.

**(8) Segment Reporting**

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. Subject to the oversight and, when applicable, approval of the Board, the portfolio manager of the Fund acts as the Fund's chief operation decision marker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio manager as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

Semi-Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**(9) Recent Accounting Pronouncement**

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if the quantitative threshold is met. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**(10) Subsequent Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2026.

Semi-Annual Financial Statements and Other Information \| 19

Additional InformationMarch 31, 2026 (Unaudited)

**Proxy Voting**

Information regarding how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, (i) by calling 1-877-694-3532; (ii) on the Fund's website at <u>https://www.nelsonselectetf.com</u>; and (iii) referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

Semi-Annual Financial Statements and Other Information \| 20

**Items 8-10** (Unaudited)

**Item 8. Changes in and Disagreements with Accountants for** **Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy Disclosures for** **Open-End Management Investment Companies.**

Not Applicable.

**Item 10. Remuneration Paid to** **Directors, Officers, and Others of Open-End Management Investment Companies.**

Refer to the financial statements included herein.

Semi-Annual Financial Statements and Other Information \| 21

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (unaudited)

<u>Approval of the Investment Advisory Agreement with Collaborative Fund Advisors, LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on May 16, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement between Collaborative Fund Advisors, LLC ("CFA") and the Trust, with respect to Nelson Select ETF (the "Fund"). In considering the approval of the investment advisory agreement, the Board received materials specifically relating to the investment advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the investment advisory agreement between CFA and the Trust. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the investment advisory agreement, on behalf of the Fund, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the investment advisory agreement.

*Nature, Extent and Quality of Services*. The Board noted its familiarity with CFA as the investment adviser to another series in the Trust. The Board reviewed the business experience of each of the key persons that would service the Fund. The Board noted the various services that CFA would provide for the Fund, including proprietary research, risk management and compliance oversight. The Board reviewed CFA's practices for monitoring compliance. The Board further reviewed the specific duties CFA will delegate to the sub-adviser, including trading services. The Board noted that CFA reported no compliance issues, SEC or regulatory examinations, or any material litigation or administrative actions in the past 36 months. The Board concluded that CFA had sufficient quality and depth of personnel and resources to perform its duties under the proposed investment advisory agreement in a manner and at a level that was consistent with the Board's expectations.

*Performance*. The Board noted that there was no prior performance of the Fund for the Board to evaluate.

*Fees and Expenses*. The Board discussed the proposed advisory fee of 0.99% and net expense ratio of 1.49% for the Fund. The Board noted that the advisory fee and net expense ratio for the Fund were below the averages of its peer group identified by CFA. The Board noted that CFA intended to have an expense limitation agreement in place with respect to the Fund. The Board

Semi-Annual Financial Statements and Other Information \| 22

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (unaudited) (continued)

considered the services to be provided by CFA, as well as the costs of providing such services and, after discussion, the Board concluded that the proposed fees were not unreasonable.

*Profitability*. The Board discussed that CFA anticipated to earn a modest profit from its relationship with the Fund during the first two years. The Board determined that excessive profitability was not an issue for the Fund at this time.

*Economies of Scale*. The Board considered whether CFA would realize economies of scale during the initial period of the investment advisory agreement. The Board noted that CFA was open to consider breakpoints as the Fund grew in assets under management.

*Conclusion*. Having requested and received such information from CFA as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the investment advisory agreement was in the best interests of the Fund and its future shareholders.

<u>Approval of the Sub-Advisory Agreement between Collaborative Fund Advisors, LLC and Retireful, LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on May 16, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a sub-advisory agreement between Collaborative Fund Advisors, LLC ("CFA") and Retireful, LLC ("Retireful"), with respect to Nelson Select ETF (the "Fund"). In considering the approval of the sub-advisory agreement, the Board received materials specifically relating to the sub-advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the sub-advisory agreement between CFA and Retireful. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the sub-advisory agreement, on behalf of the Fund, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the sub-advisory agreement.

Semi-Annual Financial Statements and Other Information \| 23

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (unaudited) (continued)

*Nature, Extent and Quality of Services*. The Board noted its familiarity with Retireful as the investment adviser to other series in the Trust. The Board reviewed the business experience of each of the key persons that would service the Fund. The Board noted that Retireful would provide trading services to the Fund. The Board reviewed Retireful's practices for monitoring compliance with the Fund's investment limitations. The Board noted that Retireful reported no compliance issues, SEC or regulatory examinations or any material litigation or administrative actions in the past 36 months. The Board concluded that Retireful had sufficient quality and depth of personnel and resources to perform its duties under the proposed sub-advisory agreement in a manner and at a level that was consistent with the Board's expectations.

*Performance*. The Board noted that there was no prior performance of the Fund for the Board to evaluate.

*Fees and Expenses*. The Board noted Retireful's proposed sub-advisory fee of 0.15% of the Fund's average daily net assets allocated to Retireful by the adviser. The Board noted that Retireful did not provide similar services to any other accounts. The Board determined that Retireful's sub-advisory fee for the Fund was not unreasonable.

*Profitability*. The Board reviewed the profitability analysis provided by Retireful for the Fund and observed that Retireful expected to earn a reasonable profit for the first two years of the Fund's operations. The Board determined that excessive profitability was not an issue for Retireful at this time.

*Economies of Scale*. The Board considered whether Retireful would expect realized economies of scale with respect to the sub-advisory services provided to the Fund. The Board agreed that this was primarily an adviser-level issue and should be considered with respect to the overall advisory agreement taking into consideration the impact of the sub-advisory expense. The Board concluded that it was unlikely that Retireful was benefitting from any material economies of scale.

*Conclusion*. Having requested and received such information from Retireful as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the sub-advisory agreement was in the best interests of the Fund and its future shareholders.

Semi-Annual Financial Statements and Other Information

PL Growth and Income ETF (PLGI)

March 31, 2026

---

| | |
|:---|:---|
| Page | Page |
| Item 7 –Financial Statements and Additional Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE** **OF CONTENTS**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#pl-fs_033126a400) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#pl-fs_033126a401) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#pl-fs_033126a402) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#pl-fs_033126a403) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#pl-fs_033126a404) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#pl-fs_033126a405) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#pl-fs_033126a406) | 22 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#pl-fs_033126a407) | 23 |
| [Item 9 – Proxy Disclosures for Open End Management Investment Companies](#pl-fs_033126a408) | 23 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#pl-fs_033126a409) | 23 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#pl-fs_033126a410) | 24 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2026 (unaudited)

**PL Growth and Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 94.9%** | **Common Stocks — 94.9%** | **Common Stocks — 94.9%** |
| **Communication Services —** **9.4%** | **Communication Services —** **9.4%** | **Communication Services —** **9.4%** |
| 6408 | Alphabet, Inc., Class A | 1842684 |
| 93629 | Pinterest, Inc., Class A<sup>(a)</sup> | 1717156 |
| 9612 | T-Mobile US, Inc. | 2018808 |
|  |  | 5578648 |
| **Consumer Discretionary — 20.7%** | **Consumer Discretionary — 20.7%** | **Consumer Discretionary — 20.7%** |
| 13733 | Birkenstock Holding PLC<sup>(a)</sup> | 492053 |
| 19518 | Deckers Outdoor Corp.<sup>(a)</sup> | 1953557 |
| 9373 | Expedia Group, Inc. | 2164132 |
| 1146 | MercadoLibre, Inc.<sup>(a)</sup> | 1981457 |
| 51260 | Mobileye Global, Inc., Class A<sup>(a)</sup> | 352156 |
| 19539 | New Oriental Education & Technology Group, Inc., ADR | 1106494 |
| 9500 | Toyota Motor Corp., ADR | 1957855 |
| 13127 | Vipshop Holdings, Ltd., ADR | 206356 |
| 41385 | Yum China Holdings, Inc. | 2018760 |
|  |  | 12232820 |
| **Consumer Staples — 17.0%** | **Consumer Staples — 17.0%** | **Consumer Staples — 17.0%** |
| 2136 | Costco Wholesale Corp. | 2128374 |
| 18423 | Ingredion, Inc. | 2075535 |
| 72144 | Keurig Dr Pepper, Inc. | 1899552 |
| 35511 | Mondelez International, Inc., Class A | 2046854 |
| 56871 | National Beverage Corp.<sup>(a)</sup> | 1913709 |
|  |  | 10064024 |
| **Energy — 0.0%<sup>(b)</sup>** | **Energy — 0.0%<sup>(b)</sup>** |  |
| 11 | Diamondback Energy, Inc. | 2176 |
| **Financials** **— 12.2%** | **Financials** **— 12.2%** |  |
| 6833 | Allstate Corp. (The) | 1416754 |
| 724 | American Express Co. | 218996 |
| 6675 | Barclays PLC, ADR | 141243 |
| 43399 | HDFC Bank, Ltd., ADR | 1079767 |
| 81109 | ING Groep NV, ADR | 2112889 |
| 13285 | Pinnacle Financial Partners, Inc. | 1144370 |
| 15725 | Robinhood Markets, Inc., Class A<sup>(a)</sup> | 1089743 |
|  |  | 7203762 |
| **Health Care — 3.5%** | **Health Care — 3.5%** |  |
| 36312 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2051265 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)March 31, 2026 (unaudited)

**PL Growth and Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 94.9% (continued)** | **Common Stocks — 94.9% (continued)** |  |
| **Industrials — 15.1%** | **Industrials — 15.1%** |  |
| 30438 | A.O. Smith Corp. | 2007082 |
| 153939 | American Airlines Group, Inc.<sup>(a)</sup> | 1653305 |
| 3823 | Cummins, Inc. | 2056850 |
| 49736 | ExlService Holdings, Inc.<sup>(a)</sup> | 1514461 |
| 45390 | Genpact, Ltd. | 1690778 |
|  |  | 8922476 |
| **Information Technology — 16.4%** | **Information Technology — 16.4%** | **Information Technology — 16.4%** |
| 7022 | Apple, Inc. | 1782114 |
| 1101 | Dell Technologies, Inc., Class C | 180707 |
| 16512 | Nice, Ltd., ADR<sup>(a)</sup> | 1820613 |
| 6668 | NVIDIA Corp. | 1162899 |
| 8544 | Salesforce, Inc. | 1594908 |
| 8982 | Sanmina Corp.<sup>(a)</sup> | 1164426 |
| 22228 | Wix.com, Ltd.<sup>(a)</sup> | 2002077 |
|  |  | 9707744 |
| **Materials — 0.0%<sup>(b)</sup>** | **Materials — 0.0%<sup>(b)</sup>** |  |
| 5 | Element Solutions, Inc. | 171 |
| **Real Estate — 0.6%** | **Real Estate — 0.6%** |  |
| 16403 | Cousins Properties, Inc. | 370216 |
| **Total Common Stocks (Cost $59,992,796)** | **Total Common Stocks (Cost $59,992,796)** | **56133302** |
| **Exchange-Traded Funds — 6.5%** | **Exchange-Traded Funds — 6.5%** |  |
| 42783 | iShares Broad USD High Yield Corporate Bond ETF | 1576126 |
| 8606 | Rareview Government Money Market ETF | 863612 |
| 15416 | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 1412722 |
| **Total Exchange-Traded Funds (Cost $3,843,100)** | **Total Exchange-Traded Funds (Cost $3,843,100)** | **3852460** |
| **Total Investments — 101.4% (Cost $63,835,896)** | **Total Investments — 101.4% (Cost $63,835,896)** | **59985762** |
| **Net other assets (liabilities) — (1.4%)** | **Net other assets (liabilities) — (1.4%)** | **(836097)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **59149665** |

---

(a) Non-income producing security

(b) Represents less than 0.05%.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

PLC — Public Limited Company

SPDR — Standard & Poor's Depositary Receipts

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)March 31, 2026 (unaudited)

**PL Growth and Income ETF**

**Written Options Contracts**

Exchange-traded options on future contracts written as of March 31, 2026 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>** | **Premiums Received ($)** | **Strike** **Price ($)** | **Expiration Date** | **Value ($)** |
| A.O. Smith Corp.<br> Call | 50 | 350 | 14069 | 70.00 | 4/17/26 | (1875) |
| A.O. Smith Corp.<br> Call | 125 | 938 | 22247 | 75.00 | 4/17/26 | (250) |
| A.O. Smith Corp.<br> Call | 70 | 525 | 24008 | 75.00 | 7/17/26 | (8750) |
| Allstate Corp. (The)<br> Call | 40 | 840 | 35919 | 210.00 | 6/18/26 | (36400) |
| Allstate Corp. (The)<br> Call | 13 | 286 | 12064 | 220.00 | 6/18/26 | (6630) |
| Alphabet, Inc.<br> Call | 15 | 510 | 31275 | 340.00 | 4/17/26 | (120) |
| Alphabet, Inc.<br> Call | 9 | 288 | 21132 | 320.00 | 5/15/26 | (3330) |
| Alphabet, Inc.<br> Call | 15 | 473 | 50520 | 315.00 | 7/17/26 | (17055) |
| Alphabet, Inc.<br> Call | 10 | 345 | 26930 | 345.00 | 8/21/26 | (7410) |
| American Airlines Group, Inc.<br> Call | 200 | 320 | 34397 | 16.00 | 5/15/26 | (800) |
| American Airlines Group, Inc.<br> Call | 475 | 808 | 68864 | 17.00 | 5/15/26 | (950) |
| American Airlines Group, Inc.<br> Call | 222 | 355 | 41733 | 16.00 | 6/18/26 | (2220) |
| American Airlines Group, Inc.<br> Call | 200 | 280 | 42595 | 14.00 | 8/21/26 | (11800) |
| American Express Co.<br> Call | 6 | 192 | 9546 | 320.00 | 6/18/26 | (8016) |
| Apple, Inc.<br> Call | 9 | 248 | 15957 | 275.00 | 5/15/26 | (2457) |
| Apple, Inc.<br> Call | 1 | 29 | 1548 | 285.00 | 6/18/26 | (288) |
| Apple, Inc.<br> Call | 10 | 275 | 20180 | 275.00 | 6/18/26 | (5450) |
| Apple, Inc.<br> Call | 10 | 280 | 18630 | 280.00 | 7/17/26 | (5700) |
| Apple, Inc.<br> Call | 33 | 908 | 63728 | 275.00 | 8/21/26 | (34155) |
| BioMarin Pharmaceutical, Inc.<br> Call | 55 | 303 | 51589 | 55.00 | 4/17/26 | (13970) |
| BioMarin Pharmaceutical, Inc.<br> Call | 100 | 625 | 56799 | 62.50 | 7/17/26 | (16750) |
| BioMarin Pharmaceutical, Inc.<br> Call | 150 | 900 | 94196 | 60.00 | 8/21/26 | (63750) |
| Birkenstock Holding PLC<br> Call | 90 | 383 | 38518 | 42.50 | 7/17/26 | (16650) |
| Costco Wholesale Corp.<br> Call | 10 | 989 | 48980 | 990.00 | 5/15/26 | (38350) |
| Costco Wholesale Corp.<br> Call | 6 | 534 | 26388 | 890.00 | 6/18/26 | (75030) |
| Costco Wholesale Corp.<br> Call | 1 | 106 | 3086 | 1060.00 | 6/18/26 | (2055) |
| Costco Wholesale Corp.<br> Call | 1 | 100 | 5778 | 1000.00 | 6/18/26 | (4600) |
| Cummins, Inc.<br> Call | 15 | 780 | 86370 | 520.00 | 9/18/26 | (99000) |
| Cummins, Inc.<br> Call | 16 | 912 | 126367 | 570.00 | 9/18/26 | (66400) |
| Deckers Outdoor Corp.<br> Call | 70 | 840 | 58658 | 120.00 | 5/15/26 | (5775) |
| Deckers Outdoor Corp.<br> Call | 40 | 480 | 50319 | 120.00 | 6/18/26 | (11560) |
| ExlService Holdings, Inc.<br> Call | 6 | 27 | 568 | 45.00 | 4/17/26 | (15) |
| ExlService Holdings, Inc.<br> Call | 350 | 1224 | 74542 | 35.00 | 7/17/26 | (51625) |
| Expedia Group, Inc.<br> Call | 31 | 930 | 71127 | 300.00 | 4/17/26 | (1054) |
| Expedia Group, Inc.<br> Call | 12 | 360 | 35976 | 300.00 | 6/18/26 | (5400) |
| Expedia Group, Inc.<br> Call | 10 | 230 | 32730 | 230.00 | 7/17/26 | (28225) |
| Expedia Group, Inc.<br> Call | 32 | 672 | 63519 | 210.00 | 7/17/26 | (126159) |
| Genpact, Ltd.<br> Call | 69 | 345 | 24011 | 50.00 | 6/18/26 | (3278) |
| Genpact, Ltd.<br> Call | 100 | 400 | 34798 | 40.00 | 6/18/26 | (18750) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 6

Portfolio of Investments (continued)March 31, 2026 (unaudited)

**PL Growth and Income ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>** | **Premiums Received ($)** | **Strike** **Price ($)** | **Expiration Date** | **Value ($)** |
| Genpact, Ltd.<br> Call | 120 | 480 | 52557 | 40.00 | 9/18/26 | (36300) |
| HDFC Bank, Ltd.<br> Call | 150 | 525 | 26696 | 35.00 | 7/17/26 | (2250) |
| ING Groep NV<br> Call | 140 | 420 | 13517 | 30.00 | 4/17/26 | (1400) |
| ING Groep NV<br> Call | 95 | 276 | 10259 | 29.00 | 4/17/26 | (475) |
| ING Groep NV<br> Call | 319 | 925 | 54609 | 29.00 | 6/18/26 | (11165) |
| ING Groep NV<br> Call | 127 | 381 | 15618 | 30.00 | 7/17/26 | (6033) |
| ING Groep NV<br> Call | 10 | 29 | 1480 | 29.00 | 7/17/26 | (775) |
| Ingredion, Inc.<br> Call | 30 | 345 | 8460 | 115.00 | 4/17/26 | (2175) |
| Ingredion, Inc.<br> Call | 60 | 720 | 17729 | 120.00 | 4/17/26 | (1500) |
| Ingredion, Inc.<br> Call | 35 | 438 | 14979 | 125.00 | 7/17/26 | (5950) |
| Ingredion, Inc.<br> Call | 10 | 120 | 5280 | 120.00 | 7/17/26 | (2425) |
| Keurig Dr Pepper, Inc.<br> Call | 305 | 885 | 23934 | 29.00 | 4/17/26 | (2288) |
| Keurig Dr Pepper, Inc.<br> Call | 200 | 560 | 28595 | 28.00 | 6/18/26 | (14000) |
| Keurig Dr Pepper, Inc.<br> Call | 144 | 446 | 17421 | 31.00 | 7/17/26 | (2520) |
| Mercadolibre, Inc.<br> Call | 3 | 630 | 56994 | 2100.00 | 6/18/26 | (6360) |
| Mercadolibre, Inc.<br> Call | 4 | 880 | 103432 | 2200.00 | 7/17/26 | (10140) |
| Mobileye Global, Inc.<br> Call | 432 | 432 | 54876 | 10.00 | 8/21/26 | (10584) |
| Mondelez International, Inc.<br> Call | 270 | 1687 | 57504 | 62.50 | 6/18/26 | (33750) |
| Mondelez International, Inc.<br> Call | 9 | 52 | 2052 | 57.50 | 6/18/26 | (2700) |
| National Beverage Corp.<br> Call | 344 | 1203 | 40865 | 35.00 | 4/17/26 | (17200) |
| National Beverage Corp.<br> Call | 55 | 193 | 11989 | 35.00 | 7/17/26 | (11963) |
| Nice, Ltd.<br> Call | 48 | 528 | 76865 | 110.00 | 8/21/26 | (70560) |
| Nice, Ltd.<br> Call | 100 | 1149 | 155797 | 115.00 | 8/21/26 | (121500) |
| NVIDIA Corp.<br> Call | 43 | 770 | 53878 | 179.00 | 6/18/26 | (50697) |
| NVIDIA Corp.<br> Call | 3 | 60 | 6210 | 200.00 | 8/21/26 | (2661) |
| Pinnacle Financial Partners, Inc.<br> Call | 95 | 903 | 31158 | 95.00 | 4/17/26 | (7125) |
| Pinterest, Inc.<br> Call | 190 | 551 | 56615 | 29.00 | 5/15/26 | (1520) |
| Pinterest, Inc.<br> Call | 594 | 1009 | 153237 | 17.00 | 8/21/26 | (222749) |
| Robinhood Markets, Inc.<br> Call | 40 | 400 | 47519 | 100.00 | 4/17/26 | (200) |
| Robinhood Markets, Inc.<br> Call | 24 | 312 | 40752 | 130.00 | 5/15/26 | (192) |
| Robinhood Markets, Inc.<br> Call | 64 | 832 | 72311 | 130.00 | 6/18/26 | (1600) |
| Salesforce, Inc.<br> Call | 12 | 324 | 21624 | 270.00 | 5/15/26 | (108) |
| Salesforce, Inc.<br> Call | 14 | 378 | 30906 | 270.00 | 6/18/26 | (644) |
| Salesforce, Inc.<br> Call | 32 | 624 | 77495 | 195.00 | 8/21/26 | (52960) |
| Sanmina Corp.<br> Call | 73 | 985 | 107891 | 135.00 | 5/15/26 | (78110) |
| T-Mobile US, Inc.<br> Call | 35 | 683 | 48929 | 195.00 | 5/15/26 | (68775) |
| T-Mobile US, Inc.<br> Call | 15 | 345 | 13620 | 230.00 | 5/15/26 | (4650) |
| T-Mobile US, Inc.<br> Call | 35 | 700 | 46829 | 200.00 | 6/18/26 | (63875) |
| Toyota Motor Corp.<br> Call | 20 | 480 | 18360 | 240.00 | 4/17/26 | (300) |
| Toyota Motor Corp.<br> Call | 14 | 322 | 11452 | 230.00 | 5/15/26 | (3598) |
| Toyota Motor Corp.<br> Call | 1 | 22 | 1298 | 220.00 | 6/18/26 | (725) |
| Toyota Motor Corp.<br> Call | 40 | 1000 | 47918 | 250.00 | 7/17/26 | (12000) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 7

Portfolio of Investments (continued)March 31, 2026 (unaudited)

**PL Growth and Income ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>** | **Premiums Received ($)** | **Strike** **Price ($)** | **Expiration Date** | **Value ($)** |
| Vipshop Holdings, Ltd.<br> Call | 100 | 170 | 4298 | 17.00 | 5/15/26 | (2500) |
| Wix.com, Ltd.<br> Call | 120 | 1080 | 110157 | 90.00 | 4/17/26 | (58800) |
| Wix.com, Ltd.<br> Call | 80 | 580 | 96478 | 72.50 | 7/17/26 | (185600) |
| Yum China Holdings, Inc.<br> Call | 36 | 180 | 9707 | 50.00 | 4/17/26 | (3600) |
| Yum China Holdings, Inc.<br> Call | 300 | 1499 | 104394 | 50.00 | 7/17/26 | (92250) |
| **(Total Premiums Received $3,604,205)** | **(Total Premiums Received $3,604,205)** | **(Total Premiums Received $3,604,205)** | **(Total Premiums Received $3,604,205)** | **(Total Premiums Received $3,604,205)** |  | (2091304) |

---

(a) Notional amount is expressed as the number of contracts multiplied by contract size multiplied by the strike price of the underlying asset.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 8

Statement of Assets and LiabilitiesMarch 31, 2026 (unaudited)

---

| | |
|:---|:---|
|  | **PL Growth** **and Income ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $63,835,896) | $59985762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1144699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 90561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 5721071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital shares issued | 5464863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 9466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 72416422 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 5532544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | 5575584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options at value (Premiums received , $3,604,205 and) | 2091304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 39475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 9809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 1062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filling fees | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 6738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 6928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 1411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 13266757 |
| **Net** **Assets** | $59149665 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $61106599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | (1956934) |
| **Net Assets** | $59149665 |
| **Net Assets:** | $59149665 |
| **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value):** | 2440000 |
| **Net Asset** **Value (offering and redemption price per share):** | $24.24 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 9

Statement of OperationsFor the period ended March 31, 2026

---

| | |
|:---|:---|
|  | **PL Growth and Income ETF<sup>(a)</sup>** **<br>(Unaudited)** |
| **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $262920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 262920 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | 111511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 29055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 2107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 11895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | 1789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 15143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Listing fee | 4770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 2270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 187555 |
| **Total Net Expenses** | 187555 |
| **Net Investment Income (Loss)** | 75365 |
| **Realized and Unrealized** **Gains (Losses):** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | 59033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | 1410314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | (1152220) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (3850134) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on written options | 1512901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | (2020106) |
| **Change in** **Net Assets Resulting From Operations** | $(1944741) |

---

(a) Commencement of operations was December 9, 2025.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 10

Statement of Changes in Net Assets

---

| | |
|:---|:---|
|  | **PL Growth and Income ETF** |
|  | **For the period December 9, 2025<sup>(a)</sup>** **through March 31, 2026 (Unaudited)** |
| **From Investment Activities:** |  |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $75365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, in-kind transactions, and written options | 317127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments and written options | (2337233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (1944741) |
| **Distributions to Shareholders From:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings | (12193) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions | (12193) |
| **Capital Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 66682182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (5575583) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | 61106599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | 59149665 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $59149665 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 2670000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (230000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 2440000 |

---

(a) Commencement of operations

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 11

Financial Highlights

---

| | |
|:---|:---|
| **PL Growth and Income** **ETF** | **For the period December 9, 2025<sup>(a)</sup>** **through March 31, 2026 (Unaudited)** |
| Net Asset Value, Beginning of Period | $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | 0.04 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.79) |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.75) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01) |
| Net Asset Value, End of Period | $24.24 |
| Net Assets at End of Period (000's) | $59150 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup> | (3.01)% |
| Ratio of Net Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup> | 1.25% |
| Ratio of Gross Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup> | 1.25% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup> | 0.50% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup> | 31% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Not annualized for periods less than one year

(e) Annualized for periods less than one year

(f) Excludes expenses of the investment companies in which the Fund invests

(g) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions

Semi-Annual Financial Statements and Other Information \| 12

Notes to Financial StatementsMarch 31, 2026 (unaudited)

**(1)** **Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of PL Growth and Income ETF (the "Fund"). The Fund is a diversified actively-managed exchange-traded fund. The Fund's prospectus provides a description of the Fund's investment objectives, policies, and strategies. The Fund commenced operations on December 9, 2025.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreement as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements.

**(2) Significant** **Accounting Policies**

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares called Creation Units ("Creation Units"). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a depository trust company participant and, in each case, must have executed a Participant Agreement with Paralel Distributors LLC (the

Semi-Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

"Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Fund holds investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Fund may use a pricing service, bank, or broker-dealer experienced in such matters to value the Fund's securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to the advisor as fair value designee. The fair valuation process is designed to value the subject security at the price the Fund would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to the circumstances that indicate that a transaction is not orderly.

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Fund's investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

• Level 1 — Quoted prices in active markets for identical assets that the Fund has the ability to access

Semi-Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

• Level 2 — Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — Significant unobservable pricing inputs at the measurement date (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Common stocks and exchange-traded funds ("ETFs") traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

The Fund did not hold any Level 2 or Level 3 investments as of March 31, 2026.

The following table summarizes the Fund's investments, based on their valuation inputs, as of March 31, 2026, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **PL Growth and Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | $56133302 | $56133302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 3852460 | 3852460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | $59985762 | $59985762 |
| Other Financial Instruments<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options Contracts | $(2091304) | $(2091304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | **$57894458** | **$57894458** |

---

(a) See the Portfolio of Investments for industry classifications.

(b) Other financial instruments include derivative instruments, such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options, which are valued at fair value.

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date.

Semi-Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

**C.** **Cash**

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to Shareholders**

Distributions are recorded on the ex-dividend date. The Fund intends to distribute to its shareholders net investment income quarterly and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation of Expenses**

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

**F. Derivative Instruments:**

All open derivative positions at period end are reflected on the Portfolio of Investments. The following is a description of the derivative instruments utilized by the Fund, including the primary underlying risk exposure related to each instrument type.

*Options Contracts:*

Purchased Options – The Fund pays a premium which is included in "Investments, at value" on the Statements of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The

Semi-Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options – The Fund receives a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Fund bears the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value.

The gross notional amount of purchased and written options outstanding as of March 31, 2026, and the monthly average notional amount for these contracts for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding Notional <br>Amount (000)** | **Monthly Average Notional <br>Amount (000)** |
| **Written Options** **Contracts:** |  |  |
| PL Growth and Income ETF | $46903 | $25847 |

---

****Summary of Derivative***  ***Instruments:****

The following is a summary of the fair value of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of March 31, 2026:

---

| | |
|:---|:---|
|  | **Liabilities** |
|  | **Written Options,** **at Value** |
| **Equity Risk Exposure** |  |
| PL Growth and Income ETF | $2091304 |

---

The following is a summary of the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the period ended March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Net Realized Gains (Losses) from** | **Net Change in Unrealized Appreciation (Depreciation) on** |
|  | **Written** **Options** | **Written Options** |
| **Equity Risk Exposure:** |  |  |
| PL Growth and Income ETF | $(1152220) | $1512901 |

---

Semi-Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

Collaborative Fund Advisors, LLC (the "Advisor") serves as the Fund's investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Fund. The Fund pays the Advisor a management fee of 1.25% of its average daily net assets, calculated daily and paid monthly.

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, through July 31, 2026, to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions), (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, (vii) other fees related to underlying investments, (such as option fees and expenses or swap fees and expenses), (viii) extraordinary expenses such as litigation (which may include indemnification of Fund officers and trustees or contractual indemnification of Fund service providers (other than the Advisor))) would not exceed 1.25%. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits or the expense limits in place at the time of recoupment.

Retireful, LLC ("Sub-Advisor") serves as the Fund's sub-advisor. The Sub-Advisor is responsible for the trade execution management of the Fund's investment portfolio. Pursuant to a sub-advisory agreement between the Advisor and the Sub-Advisor, the Sub-Advisor is entitled to receive from the Advisor (not the Fund) on a monthly basis, an annual advisory fee equal to 0.15% of the Fund's net assets.

At March 31, 2026, there was no commitment or contingent liability.

**B. Administration, Custodian, Transfer Agent and** **Accounting Fees**

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Fund pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Fund pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Fund and provides the Fund with various administrative services. For these services, the Fund pays CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

Semi-Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

**C. Distribution and Shareholder Services Fees**

Paralel Distributors LLC is the principal underwriter and distributor for the Fund's Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

**D.** **Compliance Services**

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Fund for these services.

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using the Fund's net assets at month-end and is paid by the Fund on a quarterly basis as previously approved by the Board. During the period ended March 31, 2026, the Fund paid a total of $101 to the Treasurer.

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Fund for their services.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| PL Growth and Income ETF | $13796332 | $14443321 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| PL Growth and Income ETF | $67404119 | $5391025 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2026.

**(5) Capital Share Transactions**

Shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, Shares of the Fund are not redeemable. Transactions in Shares for the Fund are disclosed in detail on the Statement of Changes in Net Assets.

The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of the Fund's specified universe and an amount of cash. Investors purchasing and redeeming

Semi-Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for the Fund are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for** <br> **In-Kind** **and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>** |
| PL Growth and Income ETF | $250 | 2.00% |

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statement of Assets and Liabilities. As of March 31, 2026, there were no unsettled in-kind capital transactions.

**(6)** **Federal Income Taxes**

The Fund intends to qualify and continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Fund has reviewed the tax positions taken in years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

**(7) Investment Risks** 

**ETF Risk**

The NAV of a fund can fluctuate up or down, and you could lose money investing in the Fund if the prices of the securities owned by the Fund decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

**Market and Geopolitical** **Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

Additional investment risks are outlined in the Fund's prospectus.

**(8) Segment Reporting**

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. Subject to the oversight and, when applicable, approval of the Board, the portfolio manager of the Fund acts as the Fund's chief operation decision marker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio manager as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

Semi-Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)March 31, 2026 (unaudited)

**(9) Recent Accounting Pronouncement**

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if the quantitative threshold is met. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**(10) Subsequent Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2026.

Semi-Annual Financial Statements and Other Information \| 22

Additional InformationMarch 31, 2026 (Unaudited)

**Proxy Voting**

Information regarding how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, (i) by calling 1-630-489-6581; (ii) on the Fund's website at <u>https://www.plgrowthincome.com</u>; and (iii) referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

Semi-Annual Financial Statements and Other Information \| 23

**Items 8-11** (Unaudited)

**Item 8. Changes in and** **Disagreements with Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item** **9. Proxy Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item** **10. Remuneration Paid to Directors, Officers, and Others of Open-End** **Management Investment Companies.**

Refer to the financial statements included herein.

Semi-Annual Financial Statements and Other Information \| 24

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (Unaudited)

<u>Approval of the Investment Advisory Agreement with Collaborative Fund Advisors, LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on August 21, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement between Collaborative Fund Advisors, LLC ("CFA") and the Trust, with respect to PL Growth and Income ETF (the "Fund"). In considering the approval of the investment advisory agreement, the Board received materials specifically relating to the investment advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the investment advisory agreement between CFA and the Trust. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the investment advisory agreement, on behalf of the Fund, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the investment advisory agreement.

*Nature, Extent and Quality of Services.** The Board noted its familiarity with CFA as the investment adviser to other series in the Trust. The Board reviewed the business experience of each of the key persons that would service the Fund, noting the portfolio manager's extensive history in the financial services industry. The Board noted the various services that CFA would provide for the Fund, including proprietary research on the assets held within the Fund as well as risk management services. The Board reviewed CFA's practices for monitoring compliance, which included various uses of checklists. The Board further reviewed the specific duties CFA will delegate to the sub-adviser, including trading services and broker-dealer selection. The Board noted that CFA reported no compliance issues, SEC or regulatory examinations, or any material litigation or administrative actions in the past 36 months. The Board concluded that CFA had sufficient quality and depth of personnel and resources to perform its duties under the proposed investment advisory agreement in a manner and at a level that was consistent with the Board's expectations.

*Performance.* The Board noted that there was no prior performance of the Fund for the Board to evaluate.

*Fees and Expenses.* The Board discussed the proposed advisory fee of 0.75% and net expense ratio of 1.25% for the Fund. The Board noted that the advisory fee and net expense ratio for the Fund were below the averages of

Semi-Annual Financial Statements and Other Information \| 25

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (Unaudited) (continued)

its peer group identified by CFA. The Board noted that CFA intended to have an expense limitation agreement in place with respect to the Fund. The Board considered the services to be provided by CFA, as well as the costs of providing such services and, after discussion, the Board concluded that the proposed fees were not unreasonable.

*Profitability.* The Board discussed that CFA anticipated to earn a modest profit from its relationship with the Fund during the first two years. The Board determined that excessive profitability was not an issue for the Fund at this time.

*Economies of Scale.* The Board considered whether CFA would realize economies of scale during the initial period of the investment advisory agreement. The Board noted that CFA was open to consider breakpoints as the Fund grew in assets under management.

*Conclusion.** Having requested and received such information from CFA as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the investment advisory agreement was in the best interests of the Fund and its future shareholders.

<u>Approval of the Sub-Advisory Agreement between Collaborative Fund Advisors, LLC and Retireful, LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on August 21, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of a sub-advisory agreement between Collaborative Fund Advisors, LLC ("CFA") and Retireful, LLC ("Retireful"), with respect to PL Growth and Income ETF (the "Fund"). In considering the approval of the sub-advisory agreement, the Board received materials specifically relating to the sub-advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the sub-advisory agreement between CFA and Retireful. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the sub-advisory agreement, on behalf of the Fund, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the sub-advisory agreement.

Semi-Annual Financial Statements and Other Information \| 26

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (Unaudited) (continued)

*Nature, Extent and Quality of Services.* The Board noted its familiarity with Retireful as the investment adviser and sub-adviser to other series in the Trust. The Board further noted Retireful's relationship with the adviser, noting that it provided sub-advisory services to other series advised by the adviser. The Board reviewed the business experience of each of the key persons that would service the Fund. The Board noted that Retireful would provide trading services to the Fund. The Board acknowledged the adviser's assertion that the trading of the Fund would involve less time and resources than other funds for which Retireful serves as the training sub-adviser. The Board reviewed Retireful's practices for monitoring compliance with the Fund's investment limitations and its broker-selection process. The Board noted that Retireful reported no compliance issues, SEC or regulatory examinations or any material litigation or administrative actions in the past 36 months. The Board concluded that Retireful had sufficient quality and depth of personnel and resources to perform its duties under the proposed sub-advisory agreement in a manner and at a level that was consistent with the Board's expectations.

*Performance*. The Board noted that there was no prior performance of the Fund for the Board to evaluate.

*Fees and Expenses.* The Board noted Retireful's proposed sub-advisory fee of 0.10% of the Fund's average daily net assets allocated to Retireful by the adviser. The Board noted that the proposed sub-advisory fee was below the fee provided by other accounts sub-advised by Retireful. The Board determined that Retireful's sub-advisory fee for the Fund was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Retireful for the Fund and observed that Retireful expected to earn a reasonable profit for the first two years of the Fund's operations. The Board determined that excessive profitability was not an issue for Retireful at this time.

*Economies of Scale*. The Board considered whether Retireful would expect realized economies of scale with respect to the sub-advisory services provided to the Fund. The Board agreed that this was primarily an adviser-level issue and should be considered with respect to the overall advisory agreement taking into consideration the impact of the sub-advisory expense. The Board concluded that it was unlikely that Retireful was benefitting from any material economies of scale.

*Conclusion.* Having requested and received such information from Retireful as the Board believed to be reasonably necessary to evaluate the terms of the investment sub-advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the investment sub-advisory agreement was in the best interests of the Fund and its future shareholders.

Semi-Annual Financial Statements and Other Information

Rareview Dynamic Fixed Income ETF (RDFI)

Rareview Tax Advantaged Income ETF (RTAI)

Rareview Systematic Equity ETF (RSEE)

Rareview Total Return Bond ETF (RTRE)

March 31, 2026

Page

---

| | |
|:---|:---|
| Item 7 –Financial Statements and Additional Information  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolios of Investments](#rareview-fs_033126a405) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Dynamic Fixed Income ETF](#rareview-fs_033126a406) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Tax Advantage Income ETF](#rareview-fs_033126a407) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Systematic Equity ETF](#rareview-fs_033126a408) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Total Return Bond ETF](#rareview-fs_033126a409) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#rareview-fs_033126a410) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#rareview-fs_033126a411) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#rareview-fs_033126a412) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#rareview-fs_033126a414) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#rareview-fs_033126a415) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#rareview-fs_033126a416) | 45 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#rareview-fs_033126a417) | 46 |
| [Item 9 – Proxy Disclosures for Open End Management <br>Investment Companies](#rareview-fs_033126a418) | 46 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#rareview-fs_033126a419) | 46 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#rareview-fs_033126a420) | 47 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 1

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Rareview Dynamic Fixed Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Closed-End Funds — 92.9%** | **Closed-End Funds — 92.9%** |  |
| 240034 | Aberdeen Asia-Pacific Income Fund, Inc. | 3461290 |
| 209459 | AllianceBernstein National Municipal Income Fund, Inc. | 2239117 |
| 183467 | Allspring Multi-Sector Income Fund | 1653038 |
| 202115 | BlackRock Core Bond Trust | 1851373 |
| 307199 | BlackRock Corporate High Yield Fund, Inc. | 2617336 |
| 367912 | BlackRock Credit Allocation Income Trust | 3715911 |
| 159882 | BlackRock Income Trust, Inc. | 1689953 |
| 147763 | BlackRock Multi-Sector Income Trust | 1849993 |
| 71327 | BlackRock MuniHoldings California <br>Quality Fund, Inc. | 741801 |
| 316337 | BlackRock MuniHoldings Fund, Inc. | 3568281 |
| 228114 | BlackRock MuniYield Quality Fund III, Inc. | 2397478 |
| 222534 | BlackRock MuniYield Quality Fund, Inc. | 2443423 |
| 76836 | BlackRock Taxable Municipal Bond Trust | 1242438 |
| 114312 | BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 876773 |
| 253193 | Brookfield Real Assets Income Fund, Inc. | 3256062 |
| 132703 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 2650079 |
| 65472 | Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund | 1226945 |
| 76095 | DoubleLine Income Solutions Fund | 824109 |
| 168388 | DoubleLine Yield Opportunities Fund | 2343961 |
| 228407 | Eaton Vance Municipal Bond Fund | 2231536 |
| 91917 | First Trust Intermediate Duration Preferred & Income Fund | 1620497 |
| 46689 | Invesco Municipal Trust | 444479 |
| 180612 | KKR Income Opportunities Fund | 1986732 |
| 270627 | Morgan Stanley Emerging Markets Debt Fund, Inc. | 1899802 |
| 958773 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 4860979 |
| 228133 | Neuberger Municipal Fund, Inc. | 2315550 |
| 90004 | PIMCO Dynamic Income Strategy Fund | 1985488 |
| 15286 | TCW Strategic Income Fund, Inc. | 68634 |
| 551585 | Templeton Emerging Markets Income Fund | 3315026 |
| 286804 | Western Asset Emerging Markets Debt Fund, Inc. | 2816415 |
| 691641 | Western Asset High Income Opportunity Fund, Inc. | 2510657 |
| 149758 | Western Asset Managed Municipals Fund, Inc. | 1539512 |
| **Total Closed-End Funds (Cost $69,977,153)** | **Total Closed-End Funds (Cost $69,977,153)** | **68244668** |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 2

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Dynamic Fixed Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 5.5%** | **Exchange-Traded Funds — 5.5%** |  |
| 89588 | Angel Oak Income ETF | 1861003 |
| 22106 | Rareview Government Money Market ETF<sup>(a)</sup> | 2218337 |
| **Total Exchange-Traded Funds (Cost $4,072,670)** | **Total Exchange-Traded Funds (Cost $4,072,670)** | **4079340** |
| **Total Investments — 98.4% (Cost $74,049,823)** | **Total Investments — 98.4% (Cost $74,049,823)** | **72324008** |
| **Net other assets (liabilities) — 1.6%** | **Net other assets (liabilities) — 1.6%** | **1158677** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **73482685** |

---

(a) Affiliated security

ETF — Exchange-Traded Fund

PIMCO — Pacific Investment Management Company

**Futures** **Contracts**

At March 31, 2026, the Fund's open futures contracts were as follows:

**Futures Contracts Purchased**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration Date** | **Notional <br>Amount <br>(000)($)** | **Value <br>($)** | **Unrealized <br>Appreciation<br>(Depreciation) ($)** |
| 3 Month SOFR Futures | 600 | 12/15/26 | 144616272 | 144502500 | (113772) |
|  |  |  |  |  | (113772) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Rareview Tax Advantaged Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Closed-End Funds — 99.1%** | **Closed-End Funds — 99.1%** | **Closed-End Funds — 99.1%** |
| 206709 | AllianceBernstein National Municipal Income Fund, Inc. | 2209719 |
| 86956 | BlackRock MuniHoldings California Quality Fund, Inc. | 904342 |
| 270820 | BlackRock MuniHoldings Fund, Inc. | 3054850 |
| 225552 | BlackRock MuniYield Quality Fund III, Inc. | 2370551 |
| 214994 | BlackRock MuniYield Quality Fund, Inc. | 2360634 |
| 208370 | Eaton Vance Municipal Bond Fund | 2035775 |
| 46976 | Invesco Municipal Trust | 447212 |
| 228093 | Neuberger Municipal Fund, Inc. | 2315144 |
| 10767 | NYLI MacKay DefinedTerm Muni Opportunities Fund | 159890 |
| 189011 | Western Asset Managed Municipals Fund, Inc. | 1943033 |
| **Total Closed-End Funds (Cost $17,854,955)** | **Total Closed-End Funds (Cost $17,854,955)** | **17801150** |
| **Total Investments — 99.1% (Cost $17,854,955)** | **Total Investments — 99.1% (Cost $17,854,955)** | **17801150** |
| **Net other assets** **(liabilities) — 0.9%** | **Net other assets** **(liabilities) — 0.9%** | **167023** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **17968173** |

---

NYLI — New York life Investments

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 4

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Rareview Systematic Equity ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 171.1%** | **Exchange-Traded Funds — 171.1%** | **Exchange-Traded Funds — 171.1%** |
| 27169 | Invesco QQQ Trust Series 1<sup>(a)</sup> | 15681403 |
| 210275 | Rareview Government Money Market ETF<sup>(b)</sup><sup>(c)</sup> | 21101096 |
| 315371 | Vanguard FTSE Developed Markets ETF<sup>(d)</sup> | 20208974 |
| 149297 | Vanguard FTSE Emerging Markets ETF | 8069503 |
| 46294 | Vanguard S&P 500 ETF<sup>(e)</sup> | 27662980 |
| 30926 | Vanguard Small-Cap ETF | 8100138 |
| **Total Exchange-Traded Funds (Cost $86,636,158)** | **Total Exchange-Traded Funds (Cost $86,636,158)** | **100824094** |
| **Total Investments — 171.1% (Cost $86,636,158)** | **Total Investments — 171.1% (Cost $86,636,158)** | **100824094** |
| **Net other assets** **(liabilities) — (71.1%)** | **Net other assets** **(liabilities) — (71.1%)** | **(41912749)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **58911345** |

---

(a) As of March 31, 2026, investment is 26.6% of the Fund's net assets. See Note 8 in Notes to Financial Statements.

(b) As of March 31, 2026, investment is 35.8% of the Fund's net assets. See Note 8 in Notes to Financial Statements.

(c) Affiliated security

(d) As of March 31, 2026, investment is 34.3% of the Fund's net assets. See Note 8 in Notes to Financial Statements.

(e) As of March 31, 2026, investment is 47.0% of the Fund's net assets. See Note 8 in Notes to Financial Statements.

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

S&P — Standard and Poor's

**Futures Contracts**

At March 31, 2026, the Fund's open futures contracts were as follows:

**Futures Contracts Sold**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration Date** | **Notional <br>Amount <br>($)** | **Value <br>($)** | **Unrealized <br>Appreciation<br>(Depreciation) ($)** |
| S&P 500 Emini Futures | 104 | 6/18/26 | 33336229 | 34167900 | (831671) |
|  |  |  |  |  | (831671) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 5

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Asset-Backed Securities** **— 1.0%** | **Asset-Backed Securities** **— 1.0%** | **Asset-Backed Securities** **— 1.0%** |
| 100000 | Aligned Data Centers Issuer LLC Series 2021-1A Class A2 1.94%, 08/15/2046 | 98979 |
| 60000 | Carmax Auto Owner Trust Series 2022-3 Class C 4.98%, 02/15/2028 | 60143 |
| 150000 | DataBank Issuer II LLC Series 2025-1A Class A2 5.18%, 09/27/2055 | 145502 |
| 23018 | Dell Equipment Finance Trust Series 2023-3 Class A3 5.93%, 04/23/2029 | 23086 |
| 77500 | Ford Credit Auto Owner Trust Series 2024-A Class A3 5.09%, 12/15/2028 | 78031 |
| 215000 | Verizon Master Trust Series 2024-3 Class A1A 5.34%, 04/22/2030 | 217835 |
| **Total** **Asset-Backed Securities (Cost $622,567)** | **Total** **Asset-Backed Securities (Cost $622,567)** | **623576** |
| **Collateralized Mortgage Obligations — 7.1%** | **Collateralized Mortgage Obligations — 7.1%** | **Collateralized Mortgage Obligations — 7.1%** |
| 147024 | Angel Oak Mortgage Trust Series 2021-7 Class A1 1.98%, 10/25/2066 | 127651 |
| 126914 | BRAVO Residential Funding Trust Series 2024-NQM4 Class A1A 4.35%, 01/25/2060 | 125302 |
| 225000 | Chase Home Lending Mortgage Trust Series 2024-7 Class A7 6.00%, 06/25/2055 | 227318 |
| 100000 | Chase Home Lending Mortgage Trust Series 2024-9 Class A7 5.50%, 09/25/2055 | 99621 |
| 241587 | CIM Trust Series 2021-INV1 Class A29 2.50%, 07/01/2051 | 199614 |
| 212721 | CITIGROUP MORTGAGE LOAN TRUST 2021-J1 Series 2021-J1 Class B3W 2.61%, 04/25/2051 | 174995 |
| 11823 | COLT Mortgage Loan Trust Series 2020-2R Class A1 1.33%, 10/26/2065 | 11229 |
| 88572 | COLT Mortgage Loan Trust Series 2021-HX1 Class A1 1.11%, 10/25/2066 | 76465 |
| 66278 | Flagstar Mortgage Trust Series 2021-4 Class A5 2.50%, 06/01/2051<sup>(a)</sup> | 59307 |
| 111832 | GCAT Trust Series 2021-NQM5 Class A1 1.26%, 07/25/2066 | 93562 |
| 93478 | GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A8 2.50%, 01/25/2052 | 83854 |
| 237420 | JPMorgan Mortgage Trust Series 2017-2 Class B5 3.65%, 05/25/2047 | 213451 |
| 93410 | JPMorgan Mortgage Trust Series 2018-6 Class B2 3.90%, 12/25/2048 | 87207 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 6

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Collateralized Mortgage Obligations — 7.1% (continued)** | **Collateralized Mortgage Obligations — 7.1% (continued)** | **Collateralized Mortgage Obligations — 7.1% (continued)** |
| 81613 | JPMorgan Mortgage Trust Series 2019-INV1 Class B3 4.94%, 09/25/2049 | 79071 |
| 362216 | JPMorgan Mortgage Trust Series 2020-2 Class B5 3.82%, 07/25/2050 | 321069 |
| 178419 | JPMorgan Mortgage Trust Series 2021-4 Class A11 4.32%, 08/25/2051 | 165043 |
| 250294 | JPMorgan Mortgage Trust Series 2021-10 Class A11 4.47%, 12/25/2051 | 234580 |
| 235126 | JPMorgan Mortgage Trust Series 2024-INV1 Class A3 5.50%, 04/25/2055 | 234241 |
| 103340 | Mello Mortgage Capital Acceptance Series 2021-INV2 Class A4 2.50%, 08/25/2051 | 92603 |
| 131905 | New Residential Mortgage Loan Trust Series 2021-INV2 Class A11 4.62%, 09/25/2051 | 123842 |
| 176388 | New Residential Mortgage Loan Trust Series 2025-NQM1 Class A1 5.64%, 01/25/2065 | 178186 |
| 259632 | New Residential Mortgage Loan Trust Series 2025-NQM4 Class A2 5.60%, 07/25/2065 | 259571 |
| 88315 | New Residential Mortgage Loan Trust Series 2025-NQM5 Class A1 5.11%, 08/25/2065 | 88008 |
| 245446 | PRKCM Trust Series 2021-AFC2 Class A1 2.07%, 11/25/2056 | 217507 |
| 65388 | PRMI Securitization Trust Series 2021-1 Class A3B 2.00%, 04/25/2051 | 57499 |
| 72567 | TRK Trust Series 2021-INV2 Class A1 1.97%, 11/25/2056 | 65900 |
| 227174 | Wells Fargo Mortgage Backed Securities Trust Series 2021-1 Class B2 2.70%, 12/25/2050 | 195527 |
| 76491 | Wells Fargo Mortgage Backed Securities Trust Series 2021-RR1 Class A1 2.50%, 12/25/2050 | 63678 |
| 112513 | Wells Fargo Mortgage Backed Securities Trust Series 2021-2 Class A3 2.50%, 06/25/2051<sup>(a)</sup> | 100736 |
| 68226 | Wells Fargo Mortgage Backed Securities Trust Series 2021-INV2 Class A4 2.50%, 09/25/2051 | 61443 |
| 87933 | Wells Fargo Mortgage Backed Securities Trust Series 2021-INV2 Class A17 3.00%, 09/25/2051 | 75434 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 7

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Collateralized Mortgage Obligations — 7.1% (continued)** | **Collateralized Mortgage Obligations — 7.1% (continued)** | **Collateralized Mortgage Obligations — 7.1% (continued)** |
| 74164 | Wells Fargo Mortgage Backed Securities Trust Series 2022-2 Class A2 2.50%, 12/25/2051 | 61698 |
| 74650 | Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A2 3.00%, 03/25/2052 | 64834 |
| 121899 | Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A4 3.00%, 03/25/2052 | 111243 |
| **Total Collateralized Mortgage Obligations <br>(Cost $4,425,460)** | **Total Collateralized Mortgage Obligations <br>(Cost $4,425,460)** | **4431289** |
| **Collateralized Mortgage-Backed** **Securities — 6.8%** | **Collateralized Mortgage-Backed** **Securities — 6.8%** | **Collateralized Mortgage-Backed** **Securities — 6.8%** |
| 300000 | BANK 2019-BNK18 Series 2019-BN18 Class B 3.98%, 05/15/2062 | 263528 |
| 100000 | BANK 2019-BNK22 Series 2019-BN22 Class A4 2.98%, 11/15/2062 | 94474 |
| 140000 | BANK 2019-BNK22 Series 2019-BN22 Class B 3.41%, 11/15/2062 | 123091 |
| 165000 | BANK 2019-BNK24 Series 2019-BN24 Class B 3.45%, 11/15/2062 | 151122 |
| 50000 | BANK 2024-BNK47 Series 2024-BNK47 Class C 6.61%, 06/15/2057 | 50558 |
| 260000 | BANK5 2023-5YR1 Series 2023-5YR1 Class D 4.00%, 04/15/2056 | 234137 |
| 55954 | BANK5 2023-5YR1 Series 2023-5YR1 Class A2 5.78%, 04/15/2056 | 56670 |
| 121000 | BANK5 2024-5YR10 Series 2024-5YR10 Class B 6.14%, 10/15/2057 | 123834 |
| 250000 | BANK5 2025-5YR14 Series 2025-5YR14 Class C 6.46%, 04/15/2058 | 253783 |
| 200000 | BANK5 Trust 2025-5YR13 Series 2025-5YR13 Class A2 5.03%, 01/15/2058 | 201910 |
| 140386 | BBCMS Mortgage Trust Series 2024-C24 Class A1 5.23%, 02/15/2057 | 141141 |
| 198711 | BBCMS Mortgage Trust Series 2024-5C29 Class A2 4.74%, 09/15/2057 | 199400 |
| 100000 | Benchmark Mortgage Trust Series 2024-V6 Class AS 6.38%, 03/15/2027 | 103409 |
| 65000 | Benchmark Mortgage Trust Series 2020-B20 Class B 2.53%, 10/15/2053 | 52569 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 8

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Collateralized Mortgage-Backed Securities — 6.8% (continued)** | **Collateralized Mortgage-Backed Securities — 6.8% (continued)** | **Collateralized Mortgage-Backed Securities — 6.8% (continued)** |
| 127000 | Benchmark Mortgage Trust Series 2024-V7 Class A3 6.23%, 05/15/2056 | 132343 |
| 100000 | Benchmark Mortgage Trust Series 2024-V7 Class AS 6.53%, 05/15/2056 | 104085 |
| 240000 | Benchmark Mortgage Trust Series 2024-V5 Class B 6.06%, 01/10/2057 | 243623 |
| 100000 | BMO Mortgage Trust Series 2024-C9 Class A2 6.54%, 07/15/2057 | 103801 |
| 71082 | CCUBS Commercial Mortgage Trust Series 2017-C1 Class A3 3.28%, 11/15/2050 | 69743 |
| 135000 | CSAIL Commercial Mortgage Trust Series 2018-C14 Class A4 4.42%, 11/15/2051 | 134538 |
| 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series KG02 <br>Class A2 2.41%, 08/25/2029 | <br> 94724 |
| 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series K-158<br>Class A2 4.05%, 07/25/2033 | <br> 97365 |
| 5507 | JPMBB Commercial Mortgage Securities Trust Series 2014-C25 Class A5 3.67%, 11/15/2047 | 5445 |
| 145000 | MED Commercial Mortgage Trust Series 2024-MOB Class A 5.26%, 05/15/2041 | 143827 |
| 100000 | Morgan Stanley Capital I Trust Series 2019-L2 Class A4 4.07%, 03/15/2052 | 98578 |
| 220000 | Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A2 5.45%, 07/15/2057 | 223485 |
| 320000 | Wells Fargo Commercial Mortgage Trust Series 2024-C63 Class A5 5.31%, 08/15/2057 | 326628 |
| 175000 | Wells Fargo Commercial Mortgage Trust Series 2025-5C3 Class A3 6.10%, 01/15/2058 | 183102 |
| 200000 | Wells Fargo Commercial Mortgage Trust Series 2026-5C8 Class A3 5.03%, 03/15/2059 | 201964 |
| **Total Collateralized Mortgage-Backed Securities <br>(Cost $4,228,733)** | **Total Collateralized Mortgage-Backed Securities <br>(Cost $4,228,733)** | **4212877** |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 9

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Corporate Bonds — 22.4%** | **Corporate Bonds — 22.4%** | **Corporate Bonds — 22.4%** |
| 488000 | Appalachian Power Co. 5.65%, 04/01/2034 | 502111 |
| 156000 | AthenaHealth Group, Inc. 6.50%, 02/15/2030 | 146425 |
| 495000 | Bank of America Corp. 5.47%, 01/23/2035 | 505295 |
| 150000 | Beazer Homes USA, Inc. 7.50%, 03/15/2031 | 147351 |
| 476000 | Boeing Co. (The) 6.13%, 02/15/2033 | 506078 |
| 499000 | Boston Properties, LP 5.75%, 01/15/2035 | 496261 |
| 500000 | Citigroup, Inc. 4.91%, 05/24/2033 | 497736 |
| 140000 | Comstock Resources, Inc. 6.75%, 03/01/2029 | 138185 |
| 161000 | CoreWeave, Inc. 9.25%, 06/01/2030 | 156437 |
| 487000 | Dell International LLC/EMC Corp. 5.40%, 04/15/2034 | 491384 |
| 112000 | Directv Financing LLC 8.88%, 02/01/2030 | 111478 |
| 503000 | EQT Corp. 5.75%, 02/01/2034 | 518559 |
| 477000 | General Motors Financial Co., Inc. 6.10%, 01/07/2034 | 495486 |
| 555000 | Goldman Sachs Group, Inc. (The) 4.41%, 04/23/2039 | 497046 |
| 600000 | GXO Logistics, Inc. 2.65%, 07/15/2031 | 534065 |
| 479000 | HCA, Inc. 5.60%, 04/01/2034 | 489176 |
| 440000 | Intel Corp. 5.15%, 02/21/2034 | 438796 |
| 476000 | Interstate Power and Light Co. 5.70%, 10/15/2033 | 495265 |
| 692000 | JPMorgan Chase & Co. 3.11%, 04/22/2041 | 527707 |
| 499000 | Kinder Morgan, Inc. 5.30%, 12/01/2034 | 502844 |
| 113000 | Kraken Oil & Gas Partners LLC 7.63%, 08/15/2029 | 115392 |
| 493000 | Morgan Stanley 5.47%, 01/18/2035 | 501146 |
| 505000 | Oracle Corp. 5.20%, 09/26/2035 | 473687 |
| 476000 | Ovintiv, Inc. 6.25%, 07/15/2033 | 502239 |
| 470000 | Patterson-UTI Energy, Inc. 7.15%, 10/01/2033 | 505166 |
| 487000 | Philip Morris International, Inc. 5.25%, 02/13/2034 | 495913 |
| 540000 | Pilgrim's Pride Corp. 4.25%, 04/15/2031 | 515817 |
| 150000 | Rithm Capital Corp. 8.00%, 04/01/2029 | 147365 |
| 266000 | Salesforce, Inc. 5.20%, 03/15/2033 | 265546 |
| 489000 | State Street Corp. 5.16%, 05/18/2034 | 495115 |
| 478000 | Tyson Foods, Inc. 5.70%, 03/15/2034 | 494831 |
| 479000 | U.S. Bancorp 5.68%, 01/23/2035 | 494740 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 10

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Corporate Bonds — 22.4% (continued)** | **Corporate Bonds — 22.4% (continued)** | **Corporate Bonds — 22.4% (continued)** |
| 118000 | Univision Communications, Inc. 7.38%, 06/30/2030 | 115631 |
| 126000 | Venture Global LNG, Inc. 8.13%, 06/01/2028 | 128863 |
| 490000 | Wells Fargo & Co. 5.61%, 01/15/2044 | 468880 |
| **Total Corporate Bonds (Cost $13,934,629)** | **Total Corporate Bonds (Cost $13,934,629)** | **13918016** |
| **Exchange-Traded Funds — 15.4%** | **Exchange-Traded Funds — 15.4%** | **Exchange-Traded Funds — 15.4%** |
| 26688 | First Trust Emerging Markets Local Currency Bond ETF | 766930 |
| 19699 | iShares J.P. Morgan EM High Yield Bond ETF | 775747 |
| 213852 | Rareview Dynamic Fixed Income ETF<sup>(b)</sup> | 4929909 |
| 10914 | Rareview Government Money Market ETF<sup>(b)</sup> | 1095220 |
| 30354 | Vanguard Extended Duration Treasury ETF | 1971492 |
| **Total Exchange-Traded Funds (Cost $9,880,007)** | **Total Exchange-Traded Funds (Cost $9,880,007)** | **9539298** |
| **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** |
| 30000 | City of Dallas (GO) 5.61%, 02/15/2030 | 31082 |
| 95000 | County of Miami-Dade FL Transit System (RB) 5.53%, 07/01/2032 | 96462 |
| 100000 | Metropolitan Transportation Authority (RB) 6.65%, 11/15/2039 | 106155 |
| 65000 | New York City Municipal Water Finance Authority (RB) 5.88%, 06/15/2044 | 65398 |
| 85000 | State of California (GO) 7.55%, 04/01/2039 | 100901 |
| 104706 | State of Illinois (GO) 5.10%, 06/01/2033 | 106654 |
| **Total Municipal Bonds (Cost $508,949)** | **Total Municipal Bonds (Cost $508,949)** | **506652** |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Financials — 0.2%** | **Financials — 0.2%** |  |
| 4922 | Rithm Capital Corp. | 119753 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| 7064 | Brookfield Infrastructure Partners, LP | 112176 |
| **Total Preferred Stocks (Cost $239,662)** | **Total Preferred Stocks (Cost $239,662)** | **231929** |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 11

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Treasury Notes — 13.2%** | **Treasury Notes — 13.2%** | **Treasury Notes — 13.2%** |
| 959000 | United States Treasury Note/Bond 3.38%, 12/31/2027 | 951620 |
| 383000 | United States Treasury Note/Bond 3.50%, 12/15/2028 | 379828 |
| 2595000 | United States Treasury Note/Bond 3.63%, 12/31/2030 | 2559725 |
| 1850000 | United States Treasury Note/Bond 3.88%, 12/31/2032 | 1823189 |
| 1985000 | United States Treasury Note/Bond 4.00%, 11/15/2035 | 1936306 |
| 575000 | United States Treasury Note/Bond 4.25%, 02/15/2054 | 515074 |
| **Total Treasury Notes (Cost $8,266,837)** | **Total Treasury Notes (Cost $8,266,837)** | **8165742** |
| **U.S. Government Agency Mortgages — 31.8%** | **U.S. Government Agency Mortgages — 31.8%** | **U.S. Government Agency Mortgages — 31.8%** |
| 130000 | Federal Farm Credit Banks Funding Corp. 5.43%, 12/01/2045 | 128730 |
| 100000 | Federal Home Loan Banks 5.35%, 09/25/2040 | 99110 |
| 169326 | Federal Home Loan Mortgage Corporation 4.00%, 01/01/2040 | 165462 |
| 152180 | Federal Home Loan Mortgage Corporation 3.00%, 02/01/2050 | 139182 |
| 332611 | Federal Home Loan Mortgage Corporation 2.50%, 09/01/2051 | 279937 |
| 392392 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2051 | 330251 |
| 635254 | Federal Home Loan Mortgage Corporation 2.00%, 01/01/2052 | 514326 |
| 116805 | Federal Home Loan Mortgage Corporation 2.50%, 02/01/2052 | 98882 |
| 879631 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | 743156 |
| 454368 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | 384933 |
| 385118 | Federal Home Loan Mortgage Corporation 2.50%, 05/01/2052 | 331232 |
| 482727 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | 424960 |
| 884776 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | 778899 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 12

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **U.S. Government Agency Mortgages — 31.8% (continued)** | **U.S. Government Agency Mortgages — 31.8% (continued)** | **U.S. Government Agency Mortgages — 31.8% (continued)** |
| 76624 | Federal Home Loan Mortgage Corporation 4.00%, 06/01/2052 | 72477 |
| 814368 | Federal Home Loan Mortgage Corporation 3.00%, 06/01/2052 | 716917 |
| 290602 | Federal Home Loan Mortgage Corporation 3.50%, 06/01/2052 | 266746 |
| 723703 | Federal Home Loan Mortgage Corporation 4.00%, 08/01/2052 | 684320 |
| 394118 | Federal Home Loan Mortgage Corporation 2.50%, 08/01/2052 | 333276 |
| 741036 | Federal Home Loan Mortgage Corporation 3.50%, 08/01/2052 | 680165 |
| 794306 | Federal Home Loan Mortgage Corporation 3.00%, 09/01/2052 | 699150 |
| 644624 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2052 | 543740 |
| 768708 | Federal Home Loan Mortgage Corporation 3.50%, 01/01/2055 | 705368 |
| 552984 | Federal National Mortgage Association 2.50%, 09/01/2051 | 465407 |
| 82753 | Federal National Mortgage Association 2.50%, 12/01/2051 | 69647 |
| 420678 | Federal National Mortgage Association 2.50%, 01/01/2052 | 354052 |
| 223859 | Federal National Mortgage Association 2.00%, 03/01/2052 | 180435 |
| 799686 | Federal National Mortgage Association 2.50%, 04/01/2052 | 675488 |
| 146816 | Federal National Mortgage Association 3.00%, 04/01/2052 | 130459 |
| 817920 | Federal National Mortgage Association 3.00%, 04/01/2052 | 719311 |
| 453896 | Federal National Mortgage Association 2.50%, 04/01/2052 | 382654 |
| 200559 | Federal National Mortgage Association 2.50%, 05/01/2052 | 168794 |
| 413387 | Federal National Mortgage Association 2.50%, 06/01/2052 | 349832 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 13

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **U.S. Government Agency Mortgages — 31.8% (continued)** | **U.S. Government Agency Mortgages — 31.8% (continued)** | **U.S. Government Agency Mortgages — 31.8% (continued)** |
| 681551 | Federal National Mortgage Association 4.00%, 06/01/2052 | 645959 |
| 441735 | Federal National Mortgage Association 2.50%, 06/01/2052 | 373979 |
| 918523 | Federal National Mortgage Association 3.00%, 06/01/2052 | 808797 |
| 41005 | Federal National Mortgage Association 3.00%, 06/01/2052 | 36061 |
| 807996 | Federal National Mortgage Association 3.50%, 07/01/2052 | 741669 |
| 148416 | Federal National Mortgage Association 4.00%, 08/01/2052 | 140125 |
| 480896 | Federal National Mortgage Association 3.00%, 10/01/2052 | 423166 |
| 797857 | Federal National Mortgage Association 3.50%, 10/01/2052 | 732236 |
| 198511 | Federal National Mortgage Association 4.00%, 03/01/2053 | 187719 |
| 741662 | Federal National Mortgage Association 3.50%, 04/01/2053 | 680551 |
| 802615 | Federal National Mortgage Association 3.50%, 11/01/2054 | 736481 |
| 397313 | Federal National Mortgage Association 4.00%, 03/01/2055 | 375072 |
| 379206 | Federal National Mortgage Association 4.00%, 07/01/2055 | 357978 |
| 476000 | Federal National Mortgage Association 4.50%, TBA | 459343 |
| 346000 | Federal National Mortgage Association 5.00%, TBA | 341200 |
| **Total U.S. Government Agency Mortgages <br>(Cost $19,607,325)** | **Total U.S. Government Agency Mortgages <br>(Cost $19,607,325)** | **19657634** |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 14

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Yankee Dollars — 0.8%** | **Yankee Dollars — 0.8%** |  |
| 228000 | ArcelorMittal SA 6.80%, 11/29/2032 | 251649 |
| 199000 | Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 5.00%, 06/15/2029 | 188810 |
| 74900 | Transocean International, Ltd. 8.75%, 02/15/2030 | 77910 |
| **Total Yankee Dollars (Cost $508,938)** | **Total Yankee Dollars (Cost $508,938)** | **518369** |
| **Total Investments — 99.7% (Cost $62,223,107)** | **Total Investments — 99.7% (Cost $62,223,107)** | **61805382** |
| **Net other assets (liabilities) — 0.3%** | **Net other assets (liabilities) — 0.3%** | **193600** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **61998982** |

---

(a) Security which is restricted to resale. The Fund's investment advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2026 was $160,043 which represented 0.26% of the net assets of the Fund.

(b) Affiliated security

ETF — Exchange-Traded Fund

GO — General Obligation

LP — Limited Partnership

RB — Revenue Bond

TBA — To Be Announced purchase or sale commitment. Security is subject to delayed delivery

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 15

Statements of Assets and LiabilitiesMarch 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Dynamic Fixed Income ETF** | **Rareview Tax Advantaged Income ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $74,049,823 and $17,854,955) | $72324008 | $17801150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 644502 | 72144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | 343034 | 66218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 267120 | 56235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 2995 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 73581659 | 17996196 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable due to Advisor | 4424 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 60784 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 10047 | 2639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 361 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian |  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 10697 | 10658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 9742 | 10800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 427 | 2587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 1990 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 502 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 98974 | 28023 |
| **Net Assets** | $73482685 | $17968173 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $83407745 | $22975237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | (9925060) | (5007064) |
| **Net Assets** | $73482685 | $17968173 |
| **Net Assets:** | $73482685 | $17968173 |
| **Shares of Beneficial Interest Outstanding (unlimited number** **of shares authorized, no par value):** | 3190000 | 865000 |
| **Net Asset Value (offering** **and redemption price per share):** | $23.04 | $20.77 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 16

Statements of Assets and Liabilities (continued)March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview <br>Total Return <br>Bond ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $86,636,158 and $55,999,972) | $100824094 | $55780253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Investments, at value (Cost $— and $6,223,135) |  | 6025129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 168911 | 624834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 64482 | 401768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 1554 | 9156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 101059041 | 62841140 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased |  | 809109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 40983236 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin payable on derivatives | 949000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 43784 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 8497 | 8610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 361 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 10637 | 5407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 145998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 1504 | 8956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 1821 | 2282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 2387 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 125 | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 42147696 | 842158 |
| **Net Assets** | $58911345 | $61998982 |
| **Net Assets** **consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $51063073 | $62292360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | 7848272 | (293378) |
| **Net Assets** | $58911345 | $61998982 |
| **Net Assets:** | $58911345 | $61998982 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 1805000 | 2480000 |
| **Net Asset Value (offering and redemption price per share):** | $32.64 | $25.00 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 17

Statements of OperationsFor the six months ended

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Dynamic Fixed Income ETF** | **Rareview Tax Advantaged Income ETF** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2909620 | $564866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 11675 | 471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 2921295 | 565337 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | 308987 | 67834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 52074 | 15376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 4861 | 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 2008 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 52660 | 52509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | 6228 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 18601 | 17535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Listing Fee | 6000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 9476 | 3994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Recoupment of prior expenses reimbursed by Advisor | 11127 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | 2250 | 900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | 3989 | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 34 | 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | 478295 | 176489 |
| Expenses contractually waived and/or reimbursed by the Advisor |  | (63448) |
| **Total Net Expenses** | 478295 | 113041 |
| **Net Investment Income (Loss)** | 2443000 | 452296 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | 267083 | (164727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | 238364 | 14268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | 75270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | (247835) | 39271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (4331758) | (437534) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on futures | (118341) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on written options | 313893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | (3803324) | (548722) |
| **Change in Net Assets Resulting From Operations** | $(1360324) | $(96426) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 18

Statements of Operations (continued)For the six months ended

March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview <br>Total Return <br>Bond ETF** |
| **Investment Income:** | **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1061184 | $82033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income |  | 164914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | 1006131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 1061184 | 1253078 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | 325368 | 168776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 48890 | 42232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 4861 | 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 719 | 976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 52474 | 45511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index receipt agent fee | 6228 | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 864167 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 11581 | 17902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 4063 | 4090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | 2250 | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | 4787 | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 6171 | 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | 1331559 | 299706 |
| Expenses contractually waived and/or reimbursed by the Advisor | (68088) | (130529) |
| **Total Net Expenses** | 1263471 | 169177 |
| **Net Investment** **Income (Loss)** | (202287) | 1083901 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | (47218) | 7077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | 725534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (708482) | (771726) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on affiliated funds |  | (241015) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on futures | (831671) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | (861837) | (1005664) |
| **Change in Net Assets Resulting** **From Operations** | $(1064124) | $78237 |

---

Semi-Annual Financial Statements and Other Information \| 19

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rareview Dynamic Fixed <br>Income ETF** | **Rareview Dynamic Fixed <br>Income ETF** | **Rareview Tax Advantaged <br>Income ETF** | **Rareview Tax Advantaged <br>Income ETF** |
|  | **Six months ended March 31, 2026<br>(Unaudited)** | **Year ended September 30, 2025** | **Six months ended March 31, 2026<br>(Unaudited)** | **Year ended September 30, 2025** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2443000 | $2994515 | $452296 | $818136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, in-kind, futures, and written options transactions | 332882 | 907597 | (111188) | (297821) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, futures, and written options | (4136206) | (1279775) | (437534) | (689840) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (1360324) | 2622337 | (96426) | (169525) |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings | (2545642) | (3880973) | (451619) | (1113252) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  | (560469) |  | (3604) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions | (2545642) | (4441442) | (451619) | (1116856) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 22196354 | 13892211 | 648043 | 806893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (3374118) | (7621686) | (215774) | (2462449) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | 18822236 | 6270525 | 432269 | (1655556) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | 14916270 | 4451420 | (115776) | (2941937) |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 58566415 | 54114995 | 18083949 | 21025886 |
| End of period | $73482685 | $58566415 | $17968173 | $18083949 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 920000 | 580000 | 30000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (140000) | (330000) | (10000) | (120000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 780000 | 250000 | 20000 | (80000) |

---

Semi-Annual Financial Statements and Other Information \| 20

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview Systematic <br>Equity ETF** | **Rareview Total Return <br>Bond ETF** | **Rareview Total Return <br>Bond ETF** |
|  | **Six months ended March 31, 2026<br>(Unaudited)** | **Year ended September 30, 2025** | **Six months ended March 31, 2026<br>(Unaudited)** | **Year ended September 30, 2025** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(202287) | $50908 | $1083901 | $1447731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | 678316 | 546023 | 7077 | (65167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, affiliated funds, and futures | (1540153) | 6076662 | (1012741) | (108462) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | (1064124) | 6673593 | 78237 | 1274102 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings |  | (4812249) | (1080599) | (1515287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions |  | (4812249) | (1080599) | (1515287) |
| **Capital** **Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 3872368 | 8873220 | 23110037 | 15864348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1654566) | (12575871) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | 2217802 | (3702651) | 23110037 | 15864348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | 1153678 | (1841307) | 22107675 | 15623163 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 57757667 | 59598974 | 39891307 | 24268144 |
| End of period | $58911345 | $57757667 | $61998982 | $39891307 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 110000 | 300000 | 910000 | 640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (50000) | (450000) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | 60000 | (150000) | 910000 | 640000 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 21

---

| | |
|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** |
| **Cash Flows from Operating Activities:** |  |
| Net increase in net assets from operations | $(1064124) |
| Adjustments to reconcile net increase in net assets from <br>operations to net cash used in operating activities: | Adjustments to reconcile net increase in net assets from <br>operations to net cash used in operating activities: |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (63687145) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposition of investments | 52892833 |
| Net realized losses from investment transactions | 47218 |
| Net realized gains from in-kind transactions | (725534) |
| Change in unrealized (appreciation) on investments | 708482 |
| (Increase) decrease in assets: |  |
| Interest & Dividend Receivable | 51563 |
| Prepaid expenses | (147) |
| Increase (decrease) in assets and liabilities: |  |
| Change in deposits at broker/due to broker | 8012808 |
| Payments for futures contracts transactions | 949000 |
| Accounts payable and accrued expenses | (1919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities | (2816965) |
| **Cash** **Flows from Financing Activities:** |  |
| Proceeds from shares issued - cash component | 1498496 |
| Cost of shares redeemed - cash component | 987602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 2486098 |
| Net change in cash | (330867) |
| Cash at beginning of period | 499778 |
| Cash at end of period | $168911 |
| **Supplemental** **Disclosure for Non-Cash Operating Activities:** |  |
| Purchases of investment securities in-kind | $(2373872) |
| Sales of investment securities in-kind | 2642168 |
| **Supplemental Disclosure for Non-Cash Financing** **Activities:** |  |
| Proceeds from shares sold in-kind | $2373872 |
| Payment on shares redeemed in-kind | (2642168) |

---

Statement of Cash FlowsFor the six months ended

March 31, 2026 (Unaudited)

Semi-Annual Financial Statements and Other Information \| 22

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rareview Dynamic Fixed Income ETF** | **Six months ended <br>March 31,** <br> **2026 (Unaudited)** | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Year ended September 30, 2023** | **Year ended September 30, 2022** | **October** **20, <br>2020<sup>(a)</sup>** **through September 30, 2021** |
| Net Asset Value, Beginning of Period | $24.30 | $25.05 | $21.07 | $21.93 | $29.46 | $25.00 |
| Net Investment Income (Loss) | 0.91<br> <sup>(b)</sup> | 1.31<br> <sup>(b)</sup> | 1.18<br> <sup>(b)</sup> | 1.06<br> <sup>(b)</sup> | 0.93<br> <sup>(b)</sup> | 1.21 |
| Net Realized and Unrealized Gains (Losses) on Investments | (1.20) | (0.11) | 4.70 | (0.44) | (6.54) | 4.32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (0.29) | 1.20 | 5.88 | 0.62 | (5.61) | 5.53 |
| Distributions from Net Investment Income | (0.97) | (1.70) | (1.69) | (1.35) | (1.26) | (1.07) |
| Distributions from Net Realized Gains on Investments |  |  |  |  | (0.65) |  |
| Return of Capital |  | (0.25) | (0.21) | (0.13) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.97) | (1.95) | (1.90) | (1.48) | (1.92) | (1.07) |
| Net Asset Value, End of Period | $23.04 | $24.30 | $25.05 | $21.07 | $21.93 | $29.46 |
| Net Assets at End of Period (000's) | $73483 | $58566 | $54115 | $36449 | $38934 | $67764 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup> | (1.31)% | 5.24% | 29.33% | 2.59% | (20.10)% | 22.35% |
| Ratio of Net Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.47% | 1.50% |
| Ratio of Gross Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup> | 1.50% | 1.50% | 1.55% | 1.52% | 1.38% | 1.70% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup> | 7.66% | 5.53% | 5.17% | 4.75% | 3.57% | 5.11% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup> | 60% | 153% | 151% | 128% | 132% | 74% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Not annualized for periods less than one year

(e) Annualized for periods less than one year

(f) Excludes expenses of the investment companies in which the Fund invests.

(g) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions

Semi-Annual Financial Statements and Other Information \| 23

Financial Highlights (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Rareview Tax Advantaged Income ETF** | **Six months ended <br>March 31,** <br> **2026 (Unaudited)** | **Year ended September 30, 2025** | **Year ended September 30, 2024** | **Year ended September 30, 2023** | **Year ended September 30, 2022** | **October** **20, <br>2020<sup>(a)</sup>** **through September 30, 2021** |
| Net Asset Value, Beginning of Period | $21.40 | $22.73 | $18.11 | $19.66 | $27.93 | $25.00 |
| Net Investment Income (Loss) | 0.53<br> <sup>(b)</sup> | 0.92<br> <sup>(b)</sup> | 0.91<br> <sup>(b)</sup> | 0.65<br> <sup>(b)</sup> | 0.78<br> <sup>(b)</sup> | 0.72 |
| Net Realized and Unrealized Gains (Losses) on Investments | (0.63) | (0.99) | 4.63 | (1.54) | (7.72) | 2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (0.10) | (0.07) | 5.54 | (0.89) | (6.94) | 3.60 |
| Distributions from Net Investment Income | (0.53) | (1.26) | (0.92) | (0.66) | (0.76) | (0.67) |
| Distributions from Net Realized Gains on Investments |  |  |  |  | (0.57) |  |
| Return of Capital |  | —<br> <sup>(c)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.53) | (1.26) | (0.92) | (0.66) | (1.33) | (0.67) |
| Capital Shares Transaction Fees (See Note 5 in Notes to Financial Statements) |  |  |  | —<sup>(c)</sup> |  |  |
| Net Asset Value, End of Period | $20.77 | $21.40 | $22.73 | $18.11 | $19.66 | $27.93 |
| Net Assets at End of Period (000's) | $17968 | $18084 | $21026 | $18924 | $15731 | $19552 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | (0.49)% | (0.12)% | 31.20% | (4.84)% | (25.86)% | 14.49% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| Ratio of Gross Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup> | 1.95% | 1.90% | 1.67% | 1.64% | 1.51% | 2.03% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(i)</sup> | 5.00% | 4.37% | 4.37% | 3.23% | 3.20% | 2.94% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup> | 46% | 51% | 37% | 31<br> %<sup>(k)</sup> | 65% | 78% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Less than $0.005

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) Annualized for periods less than one year

(g) Excludes expenses of the investment companies in which the Fund invests.

(h) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(i) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(j) Excludes the impact of in-kind transactions

(k) Portfolio Turnover decreased significantly this year as the variance of municipal bond closed-end funds discount- to-NAV and yield differentials were very low, so therefore tactical rotation for discount-to-NAV capture was less opportunistic during the period.

Semi-Annual Financial Statements and Other Information \| 24

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rareview Systematic <br>Equity ETF** | **Six months <br>ended <br>March 31, <br>2026 (Unaudited)** | **Year ended September <br>30, 2025** | **Year ended September <br>30, 2024** | **Year ended September <br>30, 2023** | **January 20, 2022<sup>(a)</sup>** **<br>through September 30,<br>2022** |
| Net Asset Value, Beginning of Period | $33.10 | $31.45 | $24.76 | $24.54 | $25.00 |
| Net Investment <br>Income (Loss)<sup>(b)</sup> | (0.12) | 0.03 | 0.34 | 0.21 | 0.11 |
| Net Realized and Unrealized Gains (Losses) on Investments | (0.34) | 4.09 | 6.68<br> <sup>(c)</sup> | 0.55 | (0.57)<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | (0.46) | 4.12 | 7.02 | 0.76 | (0.46) |
| Distributions from Net Investment Income |  | (0.20) | (0.33) | (0.12) |  |
| Distributions from Net Realized Gains on Investments |  | (2.27) |  | (0.42) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions |  | (2.47) | (0.33) | (0.54) |  |
| Net Asset Value, End <br>of Period | $32.64 | $33.10 | $31.45 | $24.76 | $24.54 |
| Net Assets at End of Period (000's) | $58911 | $57758 | $59599 | $34545 | $25152 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | (1.39)% | 13.99% | 28.51% | 3.20% | (1.85)% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup> | 4.27<br> %<sup>(m)</sup> | 2.66<br> %<sup>(m)</sup> | 1.35% | 1.23<br> %<sup>(h)</sup> | 0.97<br> %<sup>(h)</sup> |
| Ratio of Gross Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(i)</sup> | 4.50<br> %<sup>(m)</sup> | 2.92<br> %<sup>(m)</sup> | 1.61% | 1.51<br> %<sup>(j)</sup> | 1.69<br> %<sup>(j)</sup> |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(k)</sup> | (0.68)% | 0.09% | 1.24% | 0.82% | 0.66% |
| Portfolio Turnover<sup>(e)</sup><sup>(l)</sup> | 54% | 126% | 126% | 124% | 237% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Realized and unrealized gains per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statements of Operations due to share transactions for the period

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) Annualized for periods less than one year

(g) Excludes expenses of the investment companies in which the Fund invests.

(h) The ratio of net expenses to average net assets would have been 0.98% had certain expenses not been voluntarily waived for the period ended September 30, 2022.

(i) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(j) The ratio of gross expenses to average net assets would have been 1.70% had certain expenses not been voluntarily waived for the period ended September 30, 2022.

(k) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(l) Excludes the impact of in-kind transactions

(m) The ratio of net expenses to average net assets and ratio of gross expenses to average net assets include 2.92% and 1.31% for March 31, 2026 and September 30, 2025, respectively, of interest expense related to collateral activity.

Semi-Annual Financial Statements and Other Information \| 25

Financial Highlights (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Rareview** **Total Return Bond ETF** | **Six months <br>ended <br>March 31, <br>2026 <br>(Unaudited)** | **Year ended <br>September 30, <br>2025** | **May** **31, 2024<sup>(a)</sup>**<br>**through<br> September 30, <br>2024** |
| Net Asset Value, Beginning of Period | $25.41 | $26.09 | $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | 0.54 | 1.07 | 0.35 |
| Net Realized and Unrealized Gains (Losses) on Investments | (0.38) | (0.54) | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Activities | 0.16 | 0.53 | 1.29 |
| Distributions from Net Investment Income | (0.57) | (1.04) | (0.21) |
| Distributions from Net Realized Gains on Investments |  | (0.17) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.57) | (1.21) | (0.21) |
| Capital Shares Transaction Fees (See Note 5 in Notes to Financial Statements) |  |  | 0.01 |
| Net Asset Value, End of Period | $25.00 | $25.41 | $26.09 |
| Net Assets at End of Period (000's) | $61999 | $39891 | $24268 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup> | 0.63% | 2.18% | 5.23% |
| Ratio of Net Expenses to Average <br>Net Assets<sup>(e)</sup><sup>(f)</sup> | 0.67% | 0.64<br> %<sup>(j)</sup> | 0.67% |
| Ratio of Gross Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup> | 1.19% | 1.27% | 1.61% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup> | 4.29% | 4.31% | 4.06% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup> | 25% | 132% | 39% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(d) Not annualized for periods less than one year

(e) Annualized for periods less than one year

(f) Excludes expenses of the investment companies in which the Fund invests

(g) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(h) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the underlying investment companies.

(i) Excludes the impact of in-kind transactions

(j) Certain affiliated fund fees were waived voluntarily. If such waivers had not occurred, the ratio would have been higher.

Semi-Annual Financial Statements and Other Information \| 26

Notes to Financial StatementsMarch 31, 2026 (Unaudited)

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of the Rareview Dynamic Fixed Income ETF, Rareview Tax Advantaged Income ETF, Rareview Systematic Equity ETF, and Review Total Return Bond ETF (each a "Fund" and collectively, the "Funds"). The Funds are diversified actively-managed exchange-traded funds. The Funds' prospectus provides a description of each Fund's investment objectives, policies, and strategies. The assets of each Fund are segregated and a shareholder's interest is limited to the Fund in which shares are held. The Rareview Systematic Equity ETF is a commodity pool under the U.S. Commodity Exchange Act and its investment advisor, Rareview Capital, LLC (the "Advisor"), is registered as a commodity pool operator with the Commodity Futures Trading Commission.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Funds included herein are deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund are used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Funds is the information utilized for the day-to-day management of the Funds. The Funds are party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Funds based on performance measurements.

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. Market prices for the Shares may be different from their net asset value ("NAV"). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, or multiples thereof, called "Creation Units". Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than

Semi-Annual Financial Statements and Other Information \| 27

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

a Creation Unit. Shares of each Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a depository trust company participant and, in each case, must have executed a Participant Agreement with Foreside Fund Services, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds.

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standard Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment** **Valuations**

The Funds hold investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Funds may use a pricing service, bank, or broker-dealer experienced in such matters to value the Funds' securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to the Advisor as fair value designee. The fair valuation process is designed to value the subject security at the price the Funds would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

Semi-Annual Financial Statements and Other Information \| 28

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Funds' investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

• Level 1 - Quoted prices in active markets for identical assets that the Funds have the ability to access

• Level 2 - Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - Significant unobservable pricing inputs at the measurement date (including the Funds' own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Shares of closed-end funds, unlike those of open-end investment companies, are not redeemable by the Funds on a daily basis. A closed-end fund's value increases or decreases due to various factors, including, but not limited to general market conditions, the market's confidence in the closed-end fund advisor's ability to generate desired investment returns, and investor confidence in the closed-end fund's underlying assets. A closed-end fund's shares that are traded on an exchange may be bought or sold at a market price that is lower or higher than the per-share value of the closed-end fund's underlying assets; when this occurs, the shares are considered to be traded at a discount or premium, respectively. Common stocks, closed-end funds and exchange-traded funds ("ETFs") traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Exchange-traded futures contracts are valued at their settlement price on the exchange on which they are traded and are typically categorized as Level 1 in the fair value hierarchy. Exchange-traded options contracts are valued at the closing price or last sale price on the primary instrument for that option as recorded by an approved pricing service and are typically categorized as Level 1 in the fair value hierarchy. If an option is not traded on the valuation date, exchange-traded options are valued at the composite price. Composite option pricing calculates the mean of the highest bid price and lowest ask price across the exchanges where the option is traded.

Semi-Annual Financial Statements and Other Information \| 29

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

Fixed income securities, including those with a remaining maturity of 60 days or less, are generally categorized as Level 2 securities in the fair value hierarchy.

Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries, market maker prices are used since they are the most representative of the daily trading activity. In the case of certain foreign exchanges, the closing price reported by the exchange (which may sometimes be referred to by the exchange or one or more pricing agents as the "official close" or the "official closing price" or other similar term) will be considered the most recent sale price. Securities not traded on a particular day are valued at the mean between the last reported bid and asked quotes or the last sale price where appropriate; otherwise, fair value will be determined in accordance with fair value procedures approved by the Board.

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities at the close of each business day. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds did not hold any Level 3 investments as of March 31, 2026.

The following table provides the fair value measurement as of March 31, 2026, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for each Fund:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Dynamic** **Fixed Income ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds | $68244668 | $— | $68244668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $4079340 |  | 4079340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | 72324008 |  | 72324008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | (113772) |  | (113772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments**  | **$72210236** | **$—** | **$72210236** |

---

Semi-Annual Financial Statements and Other Information \| 30

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Tax Advantaged Income ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Closed-End Funds | $17801150 | $— | $17801150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments**  | **$17801150** | **—** | **$17801150** |
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Systematic Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $100824094 | $— | $100824094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities  | 100824094 |  | 100824094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts  | (831671) |  | (831671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments**  | **$99992423** | **$—** | **$99992423** |
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Total Return Bond ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $623576 | $623576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 4431289 | 4431289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage-Backed Securities |  | 4212877 | 4212877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 13918016 | 13918016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 9539298 |  | 9539298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 506652 | 506652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 231929 |  | 231929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasury Notes |  | 8165742 | 8165742 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Mortgages |  | 19657634 | 19657634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yankee Dollars |  | 518369 | 518369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | **$9771227** | **$52034155** | **$61805382** |

---

(a) Other financial instruments include derivative instruments, such as futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument and written options, which are valued at fair value.

**B. Security** **Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date.

Semi-Annual Financial Statements and Other Information \| 31

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The Funds may own shares of ETFs that may invest in real estate investments trusts ("REITs") which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the Funds.

**C. Cash**

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to** **Shareholders**

Distributions are recorded on the ex-dividend date. Rareview Dynamic Fixed Income ETF, Rareview Tax Advantaged Income ETF and Rareview Total Return Bond ETF intend to distribute to their shareholders net investment income, if any, at least monthly. Rareview Systematic Equity ETF intends to distribute to its shareholders net investment income, if any, at least semi-annually. The Funds intend to distribute to their shareholders any net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation** **of Expenses**

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

**F. Short Sales**

The Funds may engage in short sales against the box (i.e., where the Funds own or have an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of their portfolio securities.

Semi-Annual Financial Statements and Other Information \| 32

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

In a short sale, the Funds sell a borrowed security and have a corresponding obligation to the lender to return the identical security. The Funds may also incur dividend and interest expense on securities sold short. When the Funds engage in a short sale, the Funds record a liability for securities sold short and record an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Funds also may be required to pay a premium, which would increase the cost of the security sold. There were no open short positions as of March 31, 2026.

**G. Derivative Instruments:**

All open derivative positions at period end are reflected on each Fund's Portfolio of Investments. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.

****Futures*** ***Contracts:****

The Funds may enter into futures contracts for the purpose of hedging existing portfolio securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing market interest conditions. Upon entering into futures contracts, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin", are made or received each day, depending on the daily fluctuations in the fair value of the underlying security. The Funds recognize an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the amounts reflected on the Statements of Assets and Liabilities as variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the

Semi-Annual Financial Statements and Other Information \| 33

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

contract. The gross notional amount of futures contracts outstanding as of March 31, 2026, and the monthly average notional amount for these contracts for the period ended March 31, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Outstanding <br>Notional Amount <br>(000)** | **Outstanding <br>Notional Amount <br>(000)** | **Monthly Average <br>Notional Amount <br>(000)**  | **Monthly Average <br>Notional Amount <br>(000)**  |
| **Futures Contracts:** | **Long** | **Short** | **Long** | **Short** |
| Rareview Dynamic Fixed Income ETF | $144503 | $— | $25183 | $— |
| Rareview Tax Advantaged Income ETF |  |  |  |  |
| Rareview Systematic Equity ETF |  | 34168 |  | 5695 |

---

*Options Contracts:*

Purchased Options – The Funds pay a premium which is included in "Investments, at value" on the Statements of Assets and Liabilities and marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When a put option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain/loss on the transaction. The Funds bear the risk of loss of the premium and change in value should the counterparty not perform under the contract.

Written Options – The Funds receive a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. As of March 31, 2026, the Funds hold deposits at brokers for written options collateral, which is reported on the Statements of Assets and Liabilities.

The gross notional amount of purchased and written options outstanding as of March 31, 2026, and the monthly average notional amount for these contracts for the period ended March 31, 2026, were as follows:

Semi-Annual Financial Statements and Other Information \| 34

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Outstanding<br>Notional Amount<br>(000)** | **Monthly Average<br>Notional Amount<br>(000)** |
| **Purchased Options:** |  |  |
| Rareview Dynamic Fixed Income ETF | $— | $367757 |
| Rareview Tax Advantaged Income ETF |  | 38725 |
| **Written Options:** |  |  |
| Rareview Dynamic Fixed Income ETF | $— | $368707 |
| Rareview Tax Advantaged Income ETF |  | 383825 |

---

*Summary of Derivative Instruments:*

The following is a summary of the fair value of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of March 31, 2026:

---

| | |
|:---|:---|
|  | **Liabilities** |
|  | **Unrealized Depreciation** **on Futures Contracts<sup>(a)</sup>** |
| **Currency Risk Exposure:** |  |
| Rareview Dynamic Fixed Income ETF | $— |
| **Equity Risk Exposure:** |  |
| Rareview Dynamic Fixed Income ETF |  |
| Rareview Systematic Equity ETF | 831671 |
| **Interest Rate Risk Exposure:** |  |
| Rareview Dynamic Fixed Income ETF | 113772 |
| Rareview Systematic Equity ETF |  |

---

(a) For futures contracts, the amounts represent their cumulative appreciation (depreciation) as reported on the Portfolios of Investments. Only the current day's variation margin, if any, is reported within the Statements of Assets and Liabilities as variation margin on futures contracts.

Semi-Annual Financial Statements and Other Information \| 35

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the period ended March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Realized Gains (Losses) from** | **Net Realized Gains (Losses) from** | **Net Realized Gains (Losses) from** | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives**  | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives**  | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives**  |
|  | **Futures Contracts** | **Purchased Options<sup>(a)</sup>** | **Written Options** | **Futures Contracts** | **Purchased Options<sup>(b)</sup>**  | **Written Options** |
| **Currency Risk Exposure:** |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | $90634 | $— | $— | $4569 | $— | $— |
| **Equity Risk Exposure:** |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | (15351) |  |  |  |  |  |
| Rareview Systematic Equity ETF |  |  |  | (831671) |  |  |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | (13) | (416131) | (247835) | (113772) | (62402) | 313893 |
| Rareview Tax Advantaged Income ETF |  | (91478) | 39271 |  | 35750 |  |

---

(a) These are included with realized gains (losses) from investment transactions on the Statements of Operations.

(b) These are included with change in unrealized appreciation (depreciation) on investments on the Statements of Operations.

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory** **Fees**

The Advisor serves as the Funds' investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Funds. Each Fund pays the Advisor a management fee, based on a percentage of its average daily net assets, calculated daily and paid monthly.

---

| | |
|:---|:---|
| **Fund** | **Management Fee Rate** |
| Rareview Dynamic Fixed Income ETF | 0.97% |
| Rareview Tax Advantaged Income ETF | 0.75% |
| Rareview Systematic Equity ETF | 1.10% |
| Rareview Total Return Bond ETF | 0.67% |

---

GST Management, LLC dba RegimePilot ("GST") serves as the sub-advisor for Rareview Systematic Equity ETF. GST is responsible for the trade execution management of the Fund's investment portfolio. Pursuant to a sub-advisory agreement between the Advisor and GST, GST is entitled to receive from the Advisor (not the Fund), 50% of the net management fees of the Advisor.

Semi-Annual Financial Statements and Other Information \| 36

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

In addition, the Advisor has contractually agreed to waive a portion or all of its management fees and/or reimburse each Fund's expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Operating Expenses after fee waivers and/or expense reimbursements to a specific percentage of each Fund's average daily net assets (the "Expense Cap") as identified below.

---

| | |
|:---|:---|
| **Fund** | **Expense Cap** |
| Rareview Dynamic Fixed Income ETF | 1.50% |
| Rareview Tax Advantaged Income ETF | 1.25% |
| Rareview Systematic Equity ETF  | 1.35%  |
| Rareview Total Return Bond ETF | 0.67% |

---

The Expense Cap for the Funds will remain in effect through at least January 31, 2027. Each Expense Cap may be terminated earlier only upon approval by the Board, on 60 days' written notice to the Advisor. More information about each Fund's fee waiver and Expense Cap is available in the "Management of the Fund" section of the Funds' prospectus.

The Advisor may request recoupment of previously waived fees and reimbursed Fund expenses from the applicable Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Cap: (i) in effect at the time of the waiver or reimbursement; or (ii) in effect at the time of recoupment.

As of March 31, 2026, the Advisor may recoup amounts from the Funds as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Waived/ Reimbursed FY 2023 Expires 09/30/2026** | **Waived/ Reimbursed FY 2024 Expires 09/30/2027** | **Waived/ Reimbursed FY 2025 Expires 09/30/2028** | **Waived/ Reimbursed FY 2026 Expires 09/30/2029** | **Total** |
| Rareview Dynamic Fixed <br>Income ETF | $— | $8888 | $2317 | $— | $11205 |
| Rareview Tax Advantaged Income ETF | 78585 | 82329 | 122099 | 63448 | 346461 |
| Rareview Systematic Equity ETF | 102421 | 116244 | 151298 | 68088 | 438051 |
| Rareview Total Return <br>Bond ETF<sup>(a)</sup> |  | 66785 | 201899 | 130529 | 399213 |

---

(a) The Advisor has voluntarily agreed to waive the amount of the management fee associated with Rareview Total Return Bond ETF's affiliated investment in Rareview Dynamic Fixed Income ETF. This amount is shown as "Expenses voluntarily waived by the Advisor" on the Statements of Operations and cannot be recouped by the Advisor in future years.

Semi-Annual Financial Statements and Other Information \| 37

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**Affiliated Transactions:**

At March 31, 2026, the following investments are noted as Affiliated Securities in Rareview Total Return Bond ETF's Portfolio of Investments:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at September 30, 2025** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) on Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Balance at March 31, 2026** | **Shares as of <br>March 31, 2026** | **Dividend Income** | **Capital Gains Distributions** |
| Rareview Dynamic Fixed <br>Income ETF | $3200896 | $1972654 | $— | $— | $(243641) | $4929909 | 213852 | $157354 | $— |
| Rareview Government Money Market |  | 1092594 |  |  | 2626 | 1095220 | 10914 | 7560 |  |
| Total | $3200896 | $3065248 | $— | $— | $(241015) | $6025129 | 224766 | $164914 | $— |

---

**B. Administration, Custodian, Transfer Agent and** **Accounting Fees**

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Funds pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Funds pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Funds and provides the Funds with various administrative services. For these services, the Funds pay CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

**C. Distribution and Shareholder Services Fees**

Foreside Fund Services, LLC is the principal underwriter and distributor for the Funds' Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

**D. Compliance** **Services**

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Funds for these services.

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using each Fund's net assets at month-end and is paid by the Funds on a quarterly basis as previously approved by the Board. During the period ended March 31, 2026, the Funds paid a total of $6,900 to the Treasurer.

Semi-Annual Financial Statements and Other Information \| 38

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Funds for their services.

**(4) Investment** **Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Dynamic Fixed Income ETF | $41018338 | $38059827 |
| Rareview Tax Advantaged Income ETF | 8352604 | 8192429 |
| Rareview Systematic Equity ETF | 63687145 | 52892833 |
| Rareview Total Return Bond ETF | 35995314 | 12513457 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Dynamic Fixed Income ETF | $19432638 | $3292394 |
| Rareview Tax Advantaged Income ETF | 639677 | 213565 |
| Rareview Systematic Equity ETF | 2373872 | 2642168 |

---

Purchases and sales of long-term U.S. government securities for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Total Return Bond ETF | $16685509 | $7277692 |

---

**(5) Capital** **Share Transactions**

Shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of that Fund's specified universe and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for each Fund are listed below:

Semi-Annual Financial Statements and Other Information \| 39

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Fee for <br>In-Kind and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>** |
| Rareview Dynamic Fixed Income ETF | $250 | 2.00% |
| Rareview Tax Advantaged Income ETF | 250 | 2.00% |
| Rareview Systematic Equity ETF | 250 | 2.00% |
| Rareview Total Return Bond ETF | 250 | 2.00% |

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statements of Assets and Liabilities.

As of March 31, 2026, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Funds has reviewed the tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

As of and during the year ended September 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended September 30, 2025, the Funds did not incur any interest or penalties.

Semi-Annual Financial Statements and Other Information \| 40

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

As of the year ended September 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of<br>Securities** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| Rareview Dynamic Fixed Income ETF | $54834483 | $2504000 | $(285552) | $2218448 |
| Rareview Tax Advantaged Income ETF | 17350433 | 619121 | (215892) | 403229 |
| Rareview Systematic <br>Equity ETF | 75661880 | 14665284 |  | 14665284 |
| Rareview Total Return <br>Bond ETF | 39638469 | 647769 | (52753) | 595016 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity, mark-to-market on derivative contracts, and as-of-trades.

The tax character of distributions paid during the years ended September 30, 2024 and September 30, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** |
|  | **Ordinary Income** | **Net <br>Capital Gains** | **Total <br>Taxable Distributions** | **Tax-Exempt Distributions** | **Return** <br> **of Capital** | **Total Distributions Paid** |
| Rareview Dynamic Fixed <br>Income ETF | Rareview Dynamic Fixed <br>Income ETF | Rareview Dynamic Fixed <br>Income ETF | Rareview Dynamic Fixed <br>Income ETF | Rareview Dynamic Fixed <br>Income ETF | Rareview Dynamic Fixed <br>Income ETF | Rareview Dynamic Fixed <br>Income ETF |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | $2619511 | $— | $2619511 | $261660 | $367876 | $3249047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 3497013 |  | 3497013 | 383960 | 560469 | 4441442 |
| Rareview Tax Advantaged <br>Income ETF | Rareview Tax Advantaged <br>Income ETF | Rareview Tax Advantaged <br>Income ETF | Rareview Tax Advantaged <br>Income ETF | Rareview Tax Advantaged <br>Income ETF | Rareview Tax Advantaged <br>Income ETF | Rareview Tax Advantaged <br>Income ETF |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 45309 |  | 45309 | 823682 |  | 868991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 485062 |  | 485062 | 628190 | 3604 | 1116856 |
| Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 536486 |  | 536486 |  |  | 536486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 2624204 | 2188045 | 4812249 |  |  | 4812249 |
| Rareview Total Return <br>Bond ETF | Rareview Total Return <br>Bond ETF | Rareview Total Return <br>Bond ETF | Rareview Total Return <br>Bond ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024 | 188979 |  | 188979 |  |  | 188979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 1515287 |  | 1515287 |  |  | 1515287 |

---

Semi-Annual Financial Statements and Other Information \| 41

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

As of the year ended September 30, 2025, the components of distributable earnings (accumulated deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total <br>Distributable Earnings (Accumulated Loss)** |
| Rareview Dynamic Fixed Income ETF | $— | $— | $— | $(8239688) | $2220594 | $(6019094) |
| Rareview Tax Advantaged Income ETF |  |  |  | (4862248) | 403229 | (4459019) |
| Rareview Systematic Equity ETF |  |  |  | (5752888) | 14665284 | 8912396 |
| Rareview Total Return Bond ETF | 179309 |  | 179309 | (65341) | 595016 | 708984 |

---

As of the year ended September 30, 2025, the following Funds have net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| Rareview Dynamic Fixed Income ETF | $6385905 | $1853783 | $8239688 |
| Rareview Tax Advantaged Income ETF | 2244516 | 2617732 | 4862248 |
| Rareview Systematic Equity ETF | 594542 | 1142316 | 1736858 |
| Rareview Total Return Bond ETF | 55815 | 9526 | 65341 |

---

During the year ended September 30, 2025, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
|  | **Capital Loss Carryforward Used** |
| Rareview Dynamic Fixed Income ETF | $361674 |

---

Under current law, capital losses and specified ordinary losses realized after October 31 and non-specified ordinary losses incurred after December 31 (ordinary losses collectively known as "late year ordinary loss") may be deferred and treated as occurring on the first business day of the following fiscal year.

As of the year ended September 30, 2025, the Funds deferred losses are as follows:

---

| | |
|:---|:---|
|  | **Late Year Ordinary Loss Deferred** |
| Rareview Systematic Equity ETF | $95835 |

---

**Permanent Tax Differences:**

As of the year ended September 30, 2025, the following reclassifications were made on the Statements of Assets and Liabilities, relating primarily to taxable over-distributions, utilization or earnings and profits on redemption of shares, and redemptions in-kind:

Semi-Annual Financial Statements and Other Information \| 42

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings (Losses)** | **Paid-in Capital** |
| Rareview Dynamic Fixed Income ETF | $615405 | $(615405) |
| Rareview Tax Advantaged Income ETF | 230040 | (230040) |
| Rareview Systematic Equity ETF | (3497103) | 3497103 |

---

**(7) Investment Risks** 

**ETF Risk**

The NAV of a Fund can fluctuate up or down, and you could lose money investing in the Funds if the prices of the securities owned by the Funds decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and** **Geopolitical Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund. It is not known how long such impacts, or any future impacts of other significant events described above, would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types

Semi-Annual Financial Statements and Other Information \| 43

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

Additional investment risks are outlined in each Fund's prospectus.

**(8) Concentration of Investments**

As of March 31, 2026, the Rareview Systematic Equity ETF's investments in Invesco QQQ Trust Series 1, Rareview Government Money Market ETF, Vanguard FTSE Developed Markets ETF, and Vanguard S&P 500 ETF represented 26.6%, 35.8%, 34.3% and 47.0% of the Fund's net assets, respectively. The financial statements of these underlying funds, including their portfolio of investments, can be found at the SEC's website [www.sec.gov](#rareview-fs_033126a402) and should be read in conjunction with these financial statements.

**(9) Segment** **Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. Subject to the oversight and, when applicable, approval of the Board, the portfolio manager of the Funds acts as the Funds' chief operation manager ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio manager as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(10) Recent** **Accounting Pronouncement**

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if the quantitative threshold is met. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**(11) Subsequent Events**

Effective May 1, 2026, the expense cap for Rareview Systematic Equity ETF will change from 1.35% of the Fund's average daily net assets to 1.29% of the Fund's average daily net assets.

Semi-Annual Financial Statements and Other Information \| 44

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2026.

Semi-Annual Financial Statements and Other Information \| 45

Additional InformationMarch 31, 2026 (Unaudited)

**Proxy Voting:**

Information regarding how the Funds voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, (i) by calling 1-888-783-8637; (ii) on the Funds' website at [https://rareviewcapital.com/etfs/;](#rareview-fs_033126a403) and (iii) by referring to the Securities and Exchange Commission's website at [http://www.sec.gov.](#rareview-fs_033126a404)

Semi-Annual Financial Statements and Other Information \| 46

**Items 8-10** (Unaudited)

**Item** **8. Changes in and Disagreements with Accountants for Open-End Management** **Investment Companies.**

Not Applicable.

**Item 9. Proxy Disclosures for Open-End Management** **Investment Companies.**

Not Applicable.

**Item 10. Remuneration Paid to Directors, Officers,** **and Others of Open-End Management Investment Companies.**

Refer to the financial statements included herein.

Semi-Annual Financial Statements and Other Information \| 47

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** (Unaudited)

**Rareview Systematic Equity ETF**

<u>Renewal of the Investment Advisory Agreement with Rareview Capital LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on November 14, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement between Rareview Capital LLC ("Rareview") and the Trust, with respect to Rareview Systematic Equity ETF (the "Fund"). In considering the renewal of the investment advisory agreement, the Board received materials specifically relating to the investment advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the investment advisory agreement between Rareview and the Trust. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the investment advisory agreement, on behalf of the Fund, and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the investment advisory agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel servicing the Fund, noting no material personnel changes. The Board further reviewed the services provided by Rareview to the Fund, noting that the Fund's sub-adviser provided the trading services for the Fund. The Board acknowledged that Rareview used monthly reports as a practice for monitoring compliance with the Fund's investment limitations. The Board reviewed the factors that Rareview considered when selecting broker-dealers, noting that Rareview seeks to obtain best execution. The Board observed that Rareview did not report any material compliance issues, material litigation or administrative action, nor any regulatory examinations since the last approval of the advisory agreement. The Board concluded that it expected Rareview to continue to provide satisfactory services to the Fund and its shareholders.

*Performance.* The Board observed that the Fund underperformed its benchmark index and broad-based benchmark index, MSCI All Country World Index, for the 1-year period ended September 30, 2025 but outperformed during the since inception period. The Board acknowledged Rareview's assertion that the short-term underperformance was a result of the international equity outperformance and the composition of the benchmark index. The Board concluded that the Fund's performance was acceptable.

Semi-Annual Financial Statements and Other Information \| 48

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** (Unaudited) (continued)

*Fees and Expenses.* The Board observed that the Fund's advisory fee of 1.10% was higher than the average of the Fund's peer group selected by Rareview but within the range. The Board further observed that the Fund's advisory fee was lower than the Fund's Morningstar category average. The Board noted that the Fund's net expense ratio of 1.35% was lower than the peer group and Morningstar category averages. The Board noted Rareview's intention to renew the expense limitation agreement for an additional year and concluded that the advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Rareview and noted that Rareview was earning a modest profit with respect to its management of the Fund. The Board determined that excessive profitability was not an issue for Rareview at this time.

*Economies of Scale.* The Board considered whether economies of scale would be realized in connection with the services provided to the Fund by Rareview. The Board discussed Rareview's position on breakpoints and noted that Rareview would continue to monitor the Fund's asset levels as the Fund continued to grow.

*Conclusion.* Having requested and received such information from Rareview as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the renewal of the investment advisory agreement was in the best interests of the Fund and its shareholders.

Semi-Annual Financial Statements and Other Information

The SPAC and New Issue ETF (SPCK)

March 31, 2026

---

| | |
|:---|:---|
| Page | Page |
| Item 7 –Financial Statements and Additional Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE** **OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#spac-fs_033126a397) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#spac-fs_033126a398) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#spac-fs_033126a399) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#spac-fs_033126a400) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#spac-fs_033126a401) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#spac-fs_033126a402) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#spac-fs_033126a403) | 21 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#spac-fs_033126a404) | 22 |
| [Item 9 – Proxy Disclosures for Open End Management Investment Companies](#spac-fs_033126a405) | 22 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#spac-fs_033126a406) | 22 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#spac-fs_033126a407) | 23 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2026 (Unaudited)

**The SPAC and New Issue ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares/Units**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common** **Stocks — 99.1%** | **Common** **Stocks — 99.1%** | **Common** **Stocks — 99.1%** |
| **Financials — 94.9%** | **Financials — 94.9%** |  |
| 10000 | Abony Acquisition Corp. I<sup>(a)</sup> | 99400 |
| 74315 | Acropolis Infrastructure Escrow<sup>(a)</sup> | – |
| 10000 | Activate Energy Acquisition Corp.<sup>(a)</sup> | 100200 |
| 25000 | Aldabra 4 Liquidity Opportunity Vehicle, Inc.<sup>(a)</sup> | 249250 |
| 20000 | American Drive Acquisition Co.<sup>(a)</sup> | 199400 |
| 10000 | Archimedes Tech SPAC Partners III Co.<sup>(a)</sup> | 99800 |
| 25000 | Art Technology Acquisition Corp.<sup>(a)</sup> | 247500 |
| 40000 | Berto Acquisition Corp.<sup>(a)</sup> | 410000 |
| 25000 | Bitcoin Infrastructure Acquisition Corp., Ltd.<sup>(a)</sup> | 250000 |
| 35000 | Bleichroeder Acquisition Corp. II<sup>(a)</sup> | 360150 |
| 15000 | Cambridge Acquisition Corp.<sup>(a)</sup> | 149400 |
| 20065 | Cantor Equity Partners I, Inc., Class A<sup>(a)</sup> | 210683 |
| 20000 | Cantor Equity Partners II, Inc., Class A<sup>(a)</sup> | 217800 |
| 20000 | Cantor Equity Partners III, Inc., Class A<sup>(a)</sup> | 206200 |
| 20000 | Cantor Equity Partners IV, Inc., Class A<sup>(a)</sup> | 203800 |
| 20000 | Cantor Equity Partners V, Inc., Class A<sup>(a)</sup> | 202000 |
| 30000 | Cantor Equity Partners VI, Inc., Class A<sup>(a)</sup> | 303600 |
| 5000 | Daedalus Special Acquisition Corp.<sup>(a)</sup> | 50150 |
| 10000 | Digital Asset Acquisition Corp.<sup>(a)</sup> | 104000 |
| 25000 | Dynamix Corp. III<sup>(a)</sup> | 251000 |
| 40000 | GSR IV Acquisition Corp.<sup>(a)</sup> | 409999 |
| 5000 | Hennessy Capital Investment Corp. VII<sup>(a)</sup> | 52800 |
| 5000 | Inflection Point Acquisition Corp. III<sup>(a)</sup> | 53050 |
| 25000 | Iron Horse Acquisition II Corp.<sup>(a)</sup> | 249000 |
| 10000 | ITHAX Acquisition Corp. III<sup>(a)</sup> | 99600 |
| 5000 | Lafayette Digital Acquisition Corp. I<sup>(a)</sup> | 49650 |
| 5000 | Leapfrog Acquisition Corp.<sup>(a)</sup> | 50250 |
| 20000 | M3-Brigade Acquisition V Corp., Class A<sup>(a)</sup> | 214800 |
| 15000 | Melar Acquisition Corp. I<sup>(a)</sup> | 161850 |
| 20000 | MOZAYYX Acquisition Corp.<sup>(a)</sup> | 198800 |
| 10000 | Muzero Acquisition Corp.<sup>(a)</sup> | 99300 |
| 25000 | Praetorian Acquisition Corp.<sup>(a)</sup> | 247250 |
| 15000 | Proem Acquisition Corp. I<sup>(a)</sup> | 149700 |
| 23586 | Renatus Tactical Acquisition Corp. I<sup>(a)</sup> | 242464 |
| 5000 | Rithm Acquisition Corp., Class A<sup>(a)</sup> | 52000 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**The SPAC and New Issue ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares/Units**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** | **Common Stocks — 99.1% (continued)** |
| 20000 | Silicon Valley Acquisition Corp.<sup>(a)</sup> | 200400 |
| 15000 | Soren Acquisition Corp.<sup>(a)</sup> | 148950 |
| 5000 | Space Asset Acquisition Corp.<sup>(a)</sup> | 50875 |
| 5000 | Spring Valley Acquisition Corp. IV<sup>(a)</sup> | 50800 |
|  |  | 6695871 |
| **Health Care — 0.0%<sup>(b)</sup>** | **Health Care — 0.0%<sup>(b)</sup>** | **Health Care — 0.0%<sup>(b)</sup>** |
| 160 | DIH Holdings U.S., Inc.<sup>(a)</sup> | 2 |
| **Information Technology — 1.4%** | **Information Technology — 1.4%** | **Information Technology — 1.4%** |
| 10000 | Social Commerce Partners Corp.<sup>(a)</sup> | 100100 |
| **Materials** **— 1.4%** | **Materials** **— 1.4%** |  |
| 10000 | M Evo Global Acquisition Corp. II<sup>(a)</sup> | 100100 |
| **Utilities —** **1.4%** | **Utilities —** **1.4%** |  |
| 10000 | Legato Merger Corp. IV<sup>(a)</sup> | 99800 |
| **Total Common Stocks (Cost** **$7,002,931)** | **Total Common Stocks (Cost** **$7,002,931)** | **6995873** |
| **Private Investments — 0.0%<sup>(b)</sup>** | **Private Investments — 0.0%<sup>(b)</sup>** | **Private Investments — 0.0%<sup>(b)</sup>** |
| 59668 | Clean Energy Special Situations Corp. - Founder Shares<sup>(a)</sup><sup>(c)</sup><sup>(d)</sup> |  |
| 33750 | Silver Spike Sponsor II LLC<sup>(a)</sup><sup>(c)</sup><sup>(d)</sup> | 34 |
| **Total Private Investments (Cost $153,894)** | **Total Private Investments (Cost $153,894)** | **34** |
| **Warrants — 0.0%<sup>(b)</sup>** | **Warrants — 0.0%<sup>(b)</sup>** |  |
| 50000 | Aura FAT Projects Acquisition Corp., 06/02/2027<sup>(a)</sup> |  |
| 19889 | Clean Energy Special Situations Corp. - Private Placement Units, <br>01/13/2049<sup>(a)</sup><sup>(c)</sup><sup>(d)</sup> | 20 |
| 19770 | Newbury Street Acquisition Corp., 12/31/2027<sup>(a)</sup> |  |
| **Total Warrants (Cost $45,666)** | **Total Warrants (Cost $45,666)** | **20** |
| **Total Investments — 99.1% (Cost $7,202,491)** | **Total Investments — 99.1% (Cost $7,202,491)** | **6995927** |
| **Net other assets (liabilities) — 0.9%** | **Net other assets (liabilities) — 0.9%** | **60706** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **7056633** |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)March 31, 2026 (Unaudited)

**The SPAC and New Issue ETF**

The illiquid restricted securities held as of March 31, 2026 are identified below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date<sup>(e)</sup>** | **Acquisition<br>Cost<br>($)** | **Shares<br>or Units** | **Fair<br>Value<br>($)** | **Percentage<br>of Net<br>Assets (%)** |
| Clean Energy Special Situations Corp. - Founder Shares | 8/12/2021 | 153894 | 59668 |  |  |
| Clean Energy Special Situations Corp. - Private<br> Placement Units | 8/12/2021 | 45000 | 19889 | 20 | 0.0 |
| Silver Spike Sponsor II LLC | 4/22/2024<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | 33750 | 34 | 0.0 |

---

Amounts shown as "—" are either $0 or round to less than $1

(a) Non-income producing security

(b) Represents less than 0.05%.

(c) Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2026.

(d) Security which is restricted to resale. The Fund's Advisor has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2026 was $54 which represented less than 0.0% of the net assets of the Fund.

(e) Acquisition date represents the initial purchase date of the security, if applicable.

(f) Silver Spike Sponsor II LLC was removed from the portfolio when the SPAC liquidated and then added back onto accounting records on date above in anticipation of final distribution of Trust assets. Since the value of the distribution is unknown, this security is fair valued at $0.

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 6

Statement of Assets and LiabilitiesMarch 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (Cost $7,202,491) | $6995927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 77398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Advisor | 13421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 7086989 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 13713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 3971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 30356 |
| **Net Assets** | $7056633 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $14047999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | (6991366) |
| **Net Assets** | $7056633 |
| **Net Assets:** | $7056633 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | 325000 |
| **Net Asset Value (offering and redemption price per share):** | $21.71 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 7

Statement of OperationsFor the six months ended March 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| **Investment Income:** | $2382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 2390 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory | 32977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 7947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance services | 4861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 50050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | 26179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 6185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Treasurer | 1800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee | 1596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 3371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | 142134 |
| Expenses contractually waived and/or reimbursed by the Advisor | (104434) |
| **Total Net** **Expenses** | 37700 |
| **Net Investment Income (Loss)** | (35310) |
| **Realized and Unrealized Gains (Losses) from** **Investments:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | 219416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (99939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) from Investments: | 119477 |
| **Change in Net Assets Resulting From** **Operations** | $84167 |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 8

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **The SPAC and New Issue ETF** | **The SPAC and New Issue ETF** |
|  | **Six months ended <br>March 31, 2026 (Unaudited)** | **Year ended<br>September 30, 2025** |
| **From Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(35310) | $(218715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment | 219416 | 1087984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (99939) | (228445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 84167 | 640824 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Earnings | (1256908) | (65123) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from distributions | (1256908) | (65123) |
| **Capital** **Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued |  | 1262703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (546153) | (4284250) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | (546153) | (3021547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in net assets | (1718894) | (2445846) |
| **Net Assets:** |  |  |
| Beginning of period | 8775527 | 11221373 |
| End of period | $7056633 | $8775527 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued |  | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (25000) | (175000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in shares | (25000) | (125000) |

---

*See notes which are an integral part of the Financial Statements.*

Semi-Annual Financial Statements and Other Information \| 9

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **The SPAC and New Issue ETF** | **Six months** **ended <br>March 31, <br>2026 (Unaudited)** | **Year ended September 30, 2025**  | **Year ended September 30, 2024**  | **Year ended September** **30, 2023**  | **Year ended September 30, 2022**  | **December 15, 2020<sup>(a)</sup>** **<br>through September 30, 2021** |
| Net Asset Value, Beginning of Period | $25.07 | $23.62 | $23.62 | $26.24 | $28.72 | $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup> | (0.10) | (0.56) | (0.33) | (0.23) | (0.25) | (0.26) |
| Net Realized and Unrealized Gains (Losses) on Investments | 0.33 | 2.17 | 0.85 | (2.50) | (1.89) | 3.98<br> <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Investment <br>Activities | 0.23 | 1.61 | 0.52 | (2.73) | (2.14) | 3.72 |
| Distributions from Net <br>Investment Income | (3.59) | (0.16) | (0.52) |  | (0.36) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (3.59) | (0.16) | (0.52) |  | (0.36) |  |
| Impact of NAV error |  |  |  | 0.11 | 0.02 |  |
| Net Asset Value, End of Period | $21.71 | $25.07 | $23.62 | $23.62 | $26.24 | $28.72 |
| Net Assets at End of Period (000's) | $7057 | $8776 | $11221 | $16532 | $30176 | $85444 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup> | 0.85% | 6.87% | 2.87% | (9.99)%<sup>(f)</sup> | (7.47)%<sup>(g)</sup> | 14.88% |
| Ratio of Net Expenses to Average Net Assets<sup>(h)</sup> | 0.95% | 2.32% | 1.89% | 0.95% | 0.95% | 0.95% |
| Ratio of Gross Expenses to Average Net Assets<sup>(h)</sup><sup>(i)</sup> | 3.58% | 3.07% | 2.30% | 1.89% | 1.31% | 1.13% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(h)</sup> | (0.89)% | (2.30)% | (1.39)% | (0.95)% | (0.88)% | (0.90)% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup> | 146% | 328% | 274% | 62% | 51% | 124% |

---

(a) Commencement of operations

(b) Calculated based on average shares method

(c) Realized and unrealized gains per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not accord with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(d) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund.

(e) Not annualized for periods less than one year

(f) As a result of the Adara Acquisition Corp's business combination with Alliance Entertainment, the Adara Acquisition Corp founder's shares held by the fund were subject to an involuntary haircut to its number of shares backdated to the Business Combination closing on February 10, 2023. The share haircut resulted in an overstated net asset value (NAV) error from February 10, 2023 to September 8, 2023. The impact of the NAV error on Total Return at NAV was (0.51)%.

(g) A reduction in position of a private placement security resulted in an overstated NAV error from September 14, 2021 through February 7, 2022. The impact of the NAV error on Total Return at NAV was (0.07)%.

(h) Annualized for periods less than one year

(i) If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratio would have been as indicated.

(j) Excludes the impact of in-kind transactions

Semi-Annual Financial Statements and Other Information \| 10

Notes to Financial StatementsMarch 31, 2026 (Unaudited)

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of The SPAC and New Issue ETF (the "Fund"). The Fund is a diversified actively-managed exchange-traded fund. The Fund's prospectus provides a description of the Fund's investment objectives, policies, and strategies. The assets of the Fund are segregated and a shareholder's interest is limited to the Fund in which shares are held.

Under the Trust's organizational documents, its officers and Board of Trustees (the "Board") are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

The Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statement of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreement as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements.

**(2) Significant Accounting Policies**

Shares of the Fund are listed and traded on the Nasdaq Stock Market, LLC. Market prices for the Shares may be different from their net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, or multiples thereof, called "Creation Units". Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a depository trust company

Semi-Annual Financial Statements and Other Information \| 11

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

participant and, in each case, must have executed a Participant Agreement with Foreside Fund Services, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund.

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update 2013-08. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations for the period. Actual results could differ from those estimates.

**A. Investment Valuations**

The Fund holds investments at fair value. Fair value is defined as the price that would be expected to be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below.

Security values are ordinarily obtained through the use of independent pricing services in accordance with Rule 2a-5 under the 1940 Act pursuant to procedures adopted by the Board. Pursuant to these procedures, the Fund may use a pricing service, bank, or broker-dealer experienced in such matters to value the Fund's securities. If market quotations are not readily available, securities will be valued at their fair market as determined using the fair value procedures approved by the Board. The Board has delegated the execution of these procedures to Tuttle Capital Management, LLC (the "Advisor") as fair value designee. The fair valuation process is designed to value the subject security at the price the Fund would reasonably expect to receive upon its current sale. Additional consideration is given to securities that have experienced a decrease in the volume or level of activity or to circumstances that indicate that a transaction is not orderly.

The Trust uses a three-tier fair value hierarchy that is dependent upon the various "inputs" used to determine the value of the Fund's investments. The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

Semi-Annual Financial Statements and Other Information \| 12

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

• Level 1 - Quoted prices in active markets for identical assets that the Fund has the ability to access

• Level 2 - Other observable pricing inputs at the measurement date (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - Significant unobservable pricing inputs at the measurement date (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Common stocks, closed-end funds, and exchange-traded funds ("ETFs") traded on a recognized securities exchange are valued at that day's last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

The following table summarizes the Fund's investments, based on their valuation inputs, as of March 31, 2026, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total Investments** |
| **The SPAC and New Issue ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup> | $6995873 | $— | $— | $6995873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Investments |  |  | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | **$6995873** | **$—** | **$54** | **$6995927** |

---

(a) See the Portfolio of Investments for industry classifications.

Semi-Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| Balance as of September 30, 2025 | $54 |
| Purchases During the Period |  |
| Change in Unrealized Appreciation (Depreciation) |  |
| Sales During the Period |  |
| Realized Gains (Losses) |  |
| Transfers In (Out) of Level 3 |  |
| Balance as of March 31, 2026 | $54 |

---

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the valuation designee in accordance with procedures adopted by the Board for Level 3 Fair Value Measurements for investments held at March 31, 2026.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Assets** | **Fair Value at <br>March 31, 2026** | **Valuation Techniques** | **Unobservable Input(s)<sup>(a)</sup>** | **Value Range** | **Weighted Average** |
| Clean Energy Special Situation Corp.-Private Placement Units | $20 | Discount<br>to Public <br>Share Price | Discount for <br>lack of<br> marketability | 100% discount <br>to Public <br>Share Price | 100% discount <br>to Public Share Price |
| Clean Energy Special Situations Corp.- Founder Shares | $— | Discounted Based on the Probability of Completing <br>a Business<br>Combinations | Final Residual Value | Worthless | Worthless |
| Silver Spike Sponsor II LLC Warrants | $34 | Last <br>Available Price | Unlisted Transactions | $0.01 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $54 |  |  |  |  |

---

(a) A change to the unobservable input may result in a significant change to the value of the investment as follows:

---

| | | |
|:---|:---|:---|
| **Unobservable Input** | **Impact to Value <br>if Input Increases** | **Impact to value <br>if Input Decreases** |
| Discount for lack of marketability | Decrease | Increase |
| Final Residual Value | Increase | Decrease |
| Unlisted Transactions | Increase | Decrease |

---

Semi-Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**B. Security Transactions and Rela** **ted Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date.

The Fund may own shares of ETFs that may invest in real estate investment trusts ("REITs"), which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the Fund.

**C. Cash**

Idle cash may be swept into various interest-bearing overnight demand deposits and is classified as cash on the Statement of Assets and Liabilities. The Fund maintains cash in bank deposit accounts which, at times, may exceed the United States federally insured limit of $250,000. Amounts swept overnight are available on the next business day.

**D. Dividends and Distributions to Shareholders**

Distributions are recorded on the ex-dividend date. The Fund intends to distribute to its shareholders net investment income and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

In addition, the Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. These reclassifications have no effect on net assets or net asset values per share.

**E. Allocation of Expenses**

Expenses directly attributable to a fund are charged to that fund. Expenses not directly attributable to a fund are allocated proportionally among all funds within the Trust in relation to the net assets of each fund or on another reasonable basis.

Semi-Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**(3) Investment Advisory and Other Contractual Services**

**A. Investment Advisory Fees**

Tuttle Capital Management, LLC serves as the Fund's investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Fund. The Fund pays the Advisor a management fee of 0.83% of its average daily net assets, calculated daily and paid monthly.

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, through January 31, 2027, to ensure that Net Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired (underlying) fund fees and expenses or extraordinary expenses such as litigation) would not exceed 0.95%. The Advisor retains its right to receive reimbursement of any excess expense payments paid by it pursuant to this expense limitation agreement for three years from the date on which the waiver or reimbursement occurs, if such reimbursement can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment.

As of March 31, 2026, the Advisor may recoup amounts from the Fund as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Waived/Reimbursed <br>FY 2023 Expires 09/30/2026**  | &nbsp;&nbsp;&nbsp;&nbsp;**Waived/Reimbursed <br>FY 2024 Expires 09/30/2027**  | &nbsp;&nbsp;&nbsp;&nbsp;**Waived/Reimbursed FY 2025 Expires 09/30/2028**  | &nbsp;&nbsp;&nbsp;&nbsp;**Waived/Reimbursed <br>FY 2026 Expires 09/30/2029** | **Total** |
| The SPAC and New Issue ETF | $195405  | $54619  | $71536 | $104434 | $425994 |

---

**B. Administration, Custodian, Transfer Agent and Accounting Fees**

Citi Fund Services Ohio, Inc. serves as the sub-administrator, fund accountant, and dividend disbursing agent for the Fund pursuant to a Services Agreement. Citibank, N.A. serves as the custodian and transfer agent of the Fund pursuant to a Global Custodial and Agency Services Agreement.

Collaborative Fund Services LLC ("CFS") serves as the administrator for the Fund and provides the Fund with various administrative services. For these services, the Fund pays CFS an administrative fee that is the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets.

Semi-Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**C. Distribution and Shareholder Services Fees**

Foreside Fund Services, LLC is the principal underwriter and distributor for the Fund's Shares. The Distributor is compensated by the Advisor in accordance with an ETF Distribution Agreement between the Advisor and the Distributor.

**D. Compliance Services**

Beacon Compliance Consulting provides compliance services to the Trust and receives a monthly fee paid by the Fund for these services.

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using the Fund's net assets at month-end and is paid by the Fund on a quarterly basis as previously approved by the Board. During the period ended March 31, 2026, the Fund paid a total of $1,800 to the Treasurer.

**F. General**

Certain trustees and officers of the Trust are officers, directors and/or trustees of the above companies and, except for the Treasurer, receive no compensation from the Fund for their services.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| The SPAC and New Issue ETF | $11481747 | $13240905 |

---

There were no purchases and sales of in-kind transactions for the period ended March 31, 2026.

There were no purchases or sales of U.S. government securities during the period ended March 31, 2026.

**(5) Capital Share Transactions**

Shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof at NAV. Except when aggregated in Creation Units, Shares of the Fund are not redeemable. Transactions in Shares for the Fund are disclosed in detail on the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of the Fund generally consists of the in-kind deposit of a designated basket of securities, which constitutes an optimized representation of the securities of the Fund's specified universe and an amount of cash. Investors purchasing and redeeming Creation Units may be charged a transaction fee to cover the transfer and

Semi-Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

other transactional costs it incurs to issue or redeem Creation Units. The transaction fees for the Fund are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for In-Kind and Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>** |
| The SPAC and New Issue ETF | $250 | 2.00% |

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statement of Assets and Liabilities.

As of March 31, 2026, there were no unsettled in-kind capital transactions.

**(6) Federal** **Income Taxes**

The Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code of 1986, as amended, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes.

Management of the Fund has reviewed the tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including U.S. federal (i.e., all open tax years and the interim tax period since then). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

For the year ended September 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended September 30, 2025, the Fund did not incur any interest or penalties.

As of the year ended September 30, 2025, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Net Unrealized Appreciation / <br>(Depreciation)** |
| SPAC and New Issue ETF | $9011545 | $— | $(375938) | $(375938) |

---

Semi-Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity, partnership investments, and passive foreign investment companies mark to market.

The tax character of distributions paid during the years ended September 30, 2024, and September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  |
|  | **Ordinary <br>Income** | **Net <br>Capital <br>Gains** | **Total <br>Taxable Distributions** | **Total Distributions Paid** |
| SPAC and New Issue ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2024  | $340599 | $— | $340599 | $340599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2025 | 65123 |  | 65123 | 65123 |

---

As of the year ended September 30, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Accumulated Losses)** |
| The SPAC and New Issue ETF | $783074 | $— | $783074 | $(6225760) | $(375938) | $(5818624) |

---

As of the year ended September 30, 2025, the Fund has net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| The SPAC and New Issue ETF | $2254036 | $3971724 | $6225760 |

---

**(7) Investment Risks** 

**ETF Risk**

The NAV of a fund can fluctuate up or down, and you could lose money investing in the Fund if the prices of the securities owned by the Fund decline. In addition, the Fund may be subject to the following risks: (1) the market price of the Fund's shares may trade above or below its NAV; (2) an active trading market for the Fund's shares may not develop or be maintained; or (3) trading of the Fund's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are delisted from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

Semi-Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

**Market and Geopolitical** **Risk**

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events, tariffs and trade wars, and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a fund. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**SPAC** **Risk**

The Fund invests in SPACs and companies that have completed an IPO. SPACs are companies that may be unseasoned and lack a trading or operational history, a track record of reporting to investors, and widely available research coverage. The Fund may purchase SPACs through an IPO. IPOs are often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO. In addition, IPOs may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2026 (Unaudited)

result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. The Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have less liquidity than SPAC shares issued in an IPO. The Fund may experience material losses as a result of forfeited founder shares or founder shares that expire worthless.

Additional investment risks are outlined in the Fund's prospectus.

**(8) Segment Reporting**

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or its results of operations. Subject to the oversight and, when applicable, approval of the Board, the portfolio manager of the Fund acts as the Fund's chief operation decision marker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio manager as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements.

**(9) Recent Accounting Pronouncement**

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction if the quantitative threshold is met. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**(10)** **Subsequent Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial instruments were issued.

On April 7, 2026, the ticker symbol for the Fund changed from SPCX to SPCK. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of March 31, 2026.

Semi-Annual Financial Statements and Other Information \| 21

Additional InformationMarch 31, 2026 (Unaudited)

**Proxy Voting**

Information regarding how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies is available without charge, upon request, (i) by calling 1-866-904-0406; (ii) on the Fund's website at <u>www.spcketf.com</u>; and (iii) referring to the Securities and Exchange Commission's website at <u>http://www.sec.gov</u>.

Semi-Annual Financial Statements and Other Information \| 22

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Items 8-10** (Unaudited)

**Item 8. Changes in and Disagreements with** **Accountants for Open-End Management Investment Companies.**

Not Applicable.

**Item 9. Proxy** **Disclosures for Open-End Management Investment Companies.**

Not Applicable.

**Item 10. Remuneration** **Paid to Directors, Officers, and Others of Open-End Management Investment** **Companies.**

Refer to the financial statements included herein.

Semi-Annual Financial Statements and Other Information \| 23

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (Unaudited)

<u>Renewal of the Investment Advisory Agreement with Tuttle Capital Management, LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on November 14, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement between Tuttle Capital Management, LLC ("Tuttle") and the Trust, with respect to The SPAC and New Issue ETF (the "Fund"). In considering the renewal of the investment advisory agreement, the Board received materials specifically relating to the investment advisory agreement.

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the renewal of the investment advisory agreement between Tuttle and the Trust. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the investment advisory agreement on behalf of the Fund and the weight to be given to each factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the investment advisory agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel servicing the Fund, noting no changes since the last renewal of the advisory agreement. The Board observed the investment advisory services provided by Tuttle, including monitoring and evaluating the marketplace and monitoring compliance with the Fund's prospectus. The Board reviewed Tuttle's practices for monitoring compliance with the Fund's investment limitations, which involved an order execution management system and daily checklists. The Board acknowledged that Tuttle selected broker-dealers based on best execution among various factors. The Board noted that Tuttle did not report any material compliance issues nor material litigation since the last renewal of the advisory agreement. The Board concluded that it expected Tuttle to continue to provide satisfactory service to the Fund and its shareholders.

*Performance*. The Board observed that the Fund underperformed its benchmark index, IQ Merger Arbitrage Index, and broad-based index, S&P 500 Index, for the 1-year and since inception periods ended September 30, 2025 with net returns of 6.44% and 0.70%, respectively. The Board acknowledged Tuttle's explanation that the underperformance was attributed to the decrease in demand for SPACs and the impact of recent events. The Board noted Tuttle's proposed adjustments to the Fund's strategy. The Board concluded that the Fund's performance was acceptable.

Semi-Annual Financial Statements and Other Information \| 24

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** (Unaudited) (continued)

*Fees and Expenses.* The Board noted that the Fund's advisory fee of 0.83% and expense ratio of 1.36% were below the averages of its peer group selected by Tuttle. The Board concluded that the advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis for the Fund provided by Tuttle and noted that Tuttle was operating the Fund at a loss. After discussion, the Board determined that excessive profitability was not an issue for Tuttle at this time.

*Economies of Scale*. The Board considered whether economies of scale would be realized in connection with the services provided to the Fund by Tuttle. The Board noted that there were no breakpoints at this time. The Board discussed Tuttle's position on breakpoints and agreed to continue to monitor the Fund's asset levels and revisit the matter as the Fund continued to grow.

*Conclusion.* Having requested and received such information from Tuttle as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreement, and as assisted by the advice of independent counsel, the Board determined that approval of the renewal of the investment advisory agreement was in the best interests of the Fund and its shareholders.

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

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

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

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Collaborative Investment Series Trust

---

| | |
|:---|:---|
| By (Signature and Title) | &nbsp;&nbsp;&nbsp;/s/ Gregory Skidmore |
|  | &nbsp;&nbsp;&nbsp;Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust |

---

Date <u>June 3, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | &nbsp;&nbsp;&nbsp;/s/ Gregory Skidmore |
|  | &nbsp;&nbsp;&nbsp;Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust |

---

Date <u>June 3, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | &nbsp;&nbsp;&nbsp;/s/ William McCormick |
|  | &nbsp;&nbsp;&nbsp;Bill McCormick, Treasurer and Principal Financial Officer of the Trust |

---

Date <u>June 3, 2026</u>

## Ex-99.Cert

[Collaborative Investment Series Trust N-CSRS](cist-ncsrs_033126.htm)

**Exhibit 99.CERT**

<u>Section 302 – CERTIFICATIONS</u>

I, Gregory Skidmore, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Collaborative Investment
Series Trust (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 3, 2026 | /s/ Gregory Skidmore |
| Date | Gregory Skidmore |
|  | Principal Executive Officer |

---

<u>Section 302 – CERTIFICATIONS</u>

I, Bill McCormick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSRS of Collaborative Investment
Series Trust (the "registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| June 3, 2026 | /s/ William McCormick |
| Date | Bill McCormick |
|  | Principal Financial Officer |

---

## Exhibit 99.906

[Collaborative Investment Series Trust N-CSRS](cist-ncsrs_033126.htm)

**Exhibit 99.906 CERT**

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSRS for the period ended March 31, 2026, of Collaborative Investment Series Trust (the "Registrant").

The undersigned, being the Principal Executive Officer of the Registrant, hereby certifies that, to the officer's knowledge:

1. the Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSRS fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

June 3, 2026

Date

---

| |
|:---|
| /s/ Gregory Skidmore |
| Gregory Skidmore |
| Principal Executive Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSRS for the period ended March 31, 2026, of Collaborative Investment Series Trust (the "Registrant").

The undersigned, being the Principal Financial Officer of the Registrant, hereby certifies that, to the officer's knowledge:

1. the Form N-CSRS fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSRS fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

June 3, 2026

Date

---

| |
|:---|
| /s/ William McCormick |
| Bill McCormick |
| Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSRS or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.