# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001999371-25-007458
**Filing Date:** 2025-6
**Character Count:** 377995
**Document Hash:** 8f4050cd0b3e247aca35a1c000497844
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-007458.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001999371-25-007458

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**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:** 251033657

**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            |

### Goose Hollow Multi-Strategy Income ETF (Series ID: S000081514)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000244425 | Goose Hollow Multi-Strategy Income ETF | GHMS            |

### 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            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 4321**9

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

Date of fiscal year end: **<u>September 30, 2025</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**Item 1. Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) #### Adaptive Core ETF

#### RULE ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](iaf4ae0527138e206c005cd07.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Adaptive Core ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. 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 | $75 | 1.54% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13408710 |
| Number of Portfolio Holdings | 35 |
| Net Investment Advisory Fees | $83651 |
| Portfolio Turnover Rate | 180% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 80.9 |
| Exchange-Traded Funds | 19.1 |
| Total | 100.0 |

---

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

![Image](if6da8c8b6692950fecf51b89.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, 2025

RULE-03/25-SAR

#### Goose Hollow Multi-Strategy Income ETF

#### GHMS ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](goosemulitsr002.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Goose Hollow Multi-Strategy Income ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://ghms.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 Multi-Strategy Income ETF | $50 | 1.00% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17499171 |
| Number of Portfolio Holdings | 21 |
| Net Investment Advisory Fees | $5991 |
| Portfolio Turnover Rate | 40% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 14.5 |
| Exchange-Traded Funds | 73.7 |
| Preferred Stocks | 11.8 |
| Total | 100.0 |

---

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

![Image](i97b0895bb431e83894a4c1ad.jpg)

#### Goose Hollow Multi-Strategy 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://ghms.gham.co, or upon request, by calling 1-866-898-6447.

Semi-Annual Shareholder Report — March 31, 2025

GHMS-03/25-SAR

#### Goose Hollow Tactical Allocation ETF

#### GHTA ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](i47057fff0685489c5bc2142a.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, 2024 to March 31, 2025. 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. **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>** |
| Goose Hollow Tactical Allocation ETF | $68 | 1.37% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39997658 |
| Number of Portfolio Holdings | 29 |
| Net Investment Advisory Fees | $156199 |
| Portfolio Turnover Rate | 181% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 26.3 |
| Exchange-Traded Funds | 67.6 |
| Purchased Options Contracts | 4.0 |
| Warrants | 2.1 |
| Total | 100.0 |

---

# Material Fund Changes
This is a summary of planned changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026, or upon request by contacting us at 1-866-898-6447.

Effective February 1, 2025, the Fund's expense limitation changed from 0.99% to 1.85% of the Fund's average daily net assets.

![Image](i9feae85faf1444c5acd1da36.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, 2025

GHTA-03/25-SAR

#### Mindful Conservative ETF

#### MFUL ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](i2854e6f7ac279e492235297b.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Mindful Conservative ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. 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 | $61 | 1.23% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $34029968 |
| Number of Portfolio Holdings | 19 |
| Net Investment Advisory Fees | $149953 |
| Portfolio Turnover Rate | 168% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **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](ia5d547d20863b11d18172c3f.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, 2025

MFUL-03/25-SAR

#### Mohr Company Nav ETF

#### CNAV ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](i1531c1bf44626f3f3eb0d41a.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Mohr Company Nav ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. 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 | $59 | 1.23% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32024813 |
| Number of Portfolio Holdings | 30 |
| Net Investment Advisory Fees | $155092 |
| Portfolio Turnover Rate | 213% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **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](if6da8c8b6692950fecf51b89.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, 2025

CNAV-03/25-SAR

#### Mohr Sector Nav ETF

#### SNAV ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](i1531c1bf44626f3f3eb0d41a.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Mohr Sector Nav ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. 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 | $67 | 1.37% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $24572590 |
| Number of Portfolio Holdings | 8 |
| Net Investment Advisory Fees | $105198 |
| Portfolio Turnover Rate | 165% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **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](i1531c1bf44626f3f3eb0d41a.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, 2025

SNAV-03/25-SAR

#### Rareview Dynamic Fixed Income ETF

#### RDFI ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](rareviewtaxadvantagetsr001.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, 2024 to March 31, 2025. 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 | $55109179 |
| Number of Portfolio Holdings | 30 |
| Net Investment Advisory Fees | $271293 |
| Portfolio Turnover Rate | 78% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 76.7 |
| Common Stocks | 1.3 |
| Exchange-Traded Funds | 21 |
| Purchased Options Contracts | 1 |
| Total | 100 |

---

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

![Image](ica90b722fe1f7ac4d4d2db73.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, 2025

RDFI-03/25-SAR

#### Rareview Systematic Equity ETF

#### RSEE ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](i717e3fb7e0decf7eca5dcf84.jpg)

# **Fund Overview** 
This semi-annual shareholder report contains important information about Rareview Systematic Equity ETF (the "Fund") for the period of October 1, 2024 to March 31, 2025. 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 | $66 | 1.35% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $56654417 |
| Number of Portfolio Holdings | 6 |
| Net Investment Advisory Fees | $260682 |
| Portfolio Turnover Rate | 52% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

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

---

# Material Fund Changes
This is a summary of planned changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026, or upon request by contacting us at 1-888-783-8637.

At a special shareholder meeting held on March 14, 2025, a new sub-advisory agreement between the Fund's adviser, Rareview Capital LLC, (the "Adviser") and GST Management, LLC dba RegimePilot (the "Sub-Adviser") was approved.

![Image](ib272918928f21a1a3ca8aa79.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, 2025

RSEE-03/25-SAR

#### Rareview Tax Advantaged Income ETF

#### RTAI ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](ia3b9c01ad512121164110b6f.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, 2024 to March 31, 2025. 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 | $61 | 1.25% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18973874 |
| Number of Portfolio Holdings | 12 |
| Net Investment Advisory Fees | $19938 |
| Portfolio Turnover Rate | 8% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **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](ic96367a53cb824a8c669c109.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, 2025

RTAI-03/25-SAR

#### Rareview Total Return Bond ETF

#### RTRE ︳ Cboe BZX Exchange, Inc.

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](ica90b722fe1f7ac4d4d2db73.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, 2024 to March 31, 2025. 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 | $33 | 0.67% |

---

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

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $37040477 |
| Number of Portfolio Holdings | 125 |
| Net Investment Advisory Fees | $8856 |
| Portfolio Turnover Rate | 63% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Asset-Backed Securities | 1.5 |
| Collateralized Mortgage Obligations | 6.7 |
| Collateralized Mortgage-Backed Securities | 6.5 |
| Corporate Bonds | 19.7 |
| Exchange-Traded Funds | 4.9 |
| Municipal Bonds | 0.9 |
| Preferred Stocks | 0.2 |
| Treasury Bill | 7.5 |
| Treasury Notes | 16.8 |
| U.S. Government Agency Mortgages | 34.5 |
| Yankee Dollars | 0.8 |
| Total | 100.0 |

---

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

![Image](ie33b619c3e34e240b9594b89.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, 2025

RTRE-03/25-SAR

#### The SPAC and New Issue ETF

#### SPCX ︳ The Nasdaq Stock Market LLC

#### Semi-Annual Shareholder Report — March 31, 2025
![Image](i56d5a70963755590ef14087a.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, 2024 to March 31, 2025. You can find additional information about the Fund at http://www.spcxetf.com. You can also request this information by contacting us at 1-866-904-0406.

# 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 | $142 | 2.82% |

---

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

#### Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $8980288 |
| Number of Portfolio Holdings | 40 |
| Net Investment Advisory Fees | $40823 |
| Portfolio Turnover Rate | 82% |

---

# What did the Fund invest in?
(as of 3/31/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 98.5 |
| Private Investments | 1.5 |
| Rights |  |
| Warrants | 0.0 |
| Total | 100.0 |

---

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

![Image](spactsr002.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.spcxetf.com, or upon request, by calling 1-866-904-0406.

Semi-Annual Shareholder Report — March 31, 2025

SPCX-03/25-SAR

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

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

**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)

Goose Hollow Multi-Strategy Income ETF (GHMS)

March 31, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolios of Investments](#gh-ncsrs_033125a92) | 3 |
| &nbsp;&nbsp;&nbsp; [Goose Hollow Tactical Allocation ETF](#gh-ncsrs_033125a92) | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; [Goose Hollow Multi-Strategy Income ETF](#gh-ncsrs_033125a93) | &nbsp;&nbsp;&nbsp; 6 |
| [Statements of Assets and Liabilities](#gh-ncsrs_033125a94) | &nbsp;&nbsp;&nbsp; 8 |
| [Statements of Operations](#gh-ncsrs_033125a95) | &nbsp;&nbsp;&nbsp; 9 |
| [Statements of Changes in Net Assets](#gh-ncsrs_033125a96) | 10 |
| [Financial Highlights](#gh-ncsrs_033125a97) | 11 |
| [Notes to Financial Statements](#gh-ncsrs_033125a98) | 13 |

---

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

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Goose Hollow Tactical Allocation ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Common Stocks — 26.** **2%** | **Common Stocks — 26.** **2%** |  |
| **Consumer Staples — 3.6%** | **Consumer Staples — 3.6%** |  |
| &nbsp;&nbsp;&nbsp; 14617 | Fomento Economico Mexicano SAB de CV, ADR | &nbsp;&nbsp;&nbsp; 1426327 |
| **Financials — 18.1%** | **Financials — 18.1%** |  |
| &nbsp;&nbsp;&nbsp; 396284 | AGNC Investment Corp. | &nbsp;&nbsp;&nbsp; 3796400 |
| &nbsp;&nbsp;&nbsp; 66678 | Akbank TAS, ADR | &nbsp;&nbsp;&nbsp; 200701 |
| &nbsp;&nbsp;&nbsp; 34514 | Banco Santander Chile, ADR | &nbsp;&nbsp;&nbsp; 786919 |
| &nbsp;&nbsp;&nbsp; 21089 | ICICI Bank, Ltd., ADR | &nbsp;&nbsp;&nbsp; 664725 |
| &nbsp;&nbsp;&nbsp; 135151 | Itau Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp; 743331 |
| &nbsp;&nbsp;&nbsp; 52727 | NU Holdings, Ltd., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 539924 |
| &nbsp;&nbsp;&nbsp; 40000 | PT Bank Central Asia Tbk, ADR | &nbsp;&nbsp;&nbsp; 508400 |
|  |  | &nbsp;&nbsp;&nbsp; 7240400  |
| **Industrials — 3.** **3%** | **Industrials — 3.** **3%** |  |
| &nbsp;&nbsp;&nbsp; 6327 | Grupo Aeroportuario del Centro Norte SAB de CV, ADR | &nbsp;&nbsp;&nbsp; 497492 |
| &nbsp;&nbsp;&nbsp; 3162 | Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp; 816998 |
|  |  | &nbsp;&nbsp;&nbsp; 1314490  |
| **Information Technology — 1.2%** | **Information Technology — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; 21089 | Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp; 475452 |
| **Total Common Stocks (Cost $10,611,711)** | **Total Common Stocks (Cost $10,611,711)** | &nbsp;&nbsp;&nbsp; **10456669**  |
| **Exchange-Traded Funds — 67.3%** | **Exchange-Traded Funds — 67.3%** |  |
| &nbsp;&nbsp;&nbsp; 54180 | Global X MSCI Colombia ETF | &nbsp;&nbsp;&nbsp; 1489950 |
| &nbsp;&nbsp;&nbsp; 178742 | Goose Hollow Multi-Strategy Income ETF<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; 4632992 |
| &nbsp;&nbsp;&nbsp; 5000 | Invesco QQQ Trust Series 1 | &nbsp;&nbsp;&nbsp; 2344600 |
| &nbsp;&nbsp;&nbsp; 37273 | Invesco Solar ETF | &nbsp;&nbsp;&nbsp; 1135336 |
| &nbsp;&nbsp;&nbsp; 55024 | iShares MSCI Brazil ETF | &nbsp;&nbsp;&nbsp; 1422370 |
| &nbsp;&nbsp;&nbsp; 34162 | iShares MSCI Chile ETF | &nbsp;&nbsp;&nbsp; 1018711 |
| &nbsp;&nbsp;&nbsp; 41089 | iShares MSCI India ETF | &nbsp;&nbsp;&nbsp; 2115262 |
| &nbsp;&nbsp;&nbsp; 32811 | iShares MSCI Mexico ETF | &nbsp;&nbsp;&nbsp; 1672049 |
| &nbsp;&nbsp;&nbsp; 6732 | iShares MSCI Norway ETF | &nbsp;&nbsp;&nbsp; 174695 |
| &nbsp;&nbsp;&nbsp; 18001 | iShares MSCI South Korea ETF | &nbsp;&nbsp;&nbsp; 972774 |
| &nbsp;&nbsp;&nbsp; 50000 | iShares Treasury Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp; 2533000 |
| &nbsp;&nbsp;&nbsp; 15000 | iShares U.S. Home Construction ETF | &nbsp;&nbsp;&nbsp; 1428150 |
| &nbsp;&nbsp;&nbsp; 12169 | SPDR S&P Oil & Gas Exploration & Production ETF | &nbsp;&nbsp;&nbsp; 1602779 |
| &nbsp;&nbsp;&nbsp; 10000 | Technology Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 2064800 |
| &nbsp;&nbsp;&nbsp; 3292 | VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp; 862899 |
| &nbsp;&nbsp;&nbsp; 15816 | Vanguard Real Estate ETF | &nbsp;&nbsp;&nbsp; 1431981 |
| **Total Exchange-Traded Funds (Cost $26,824,696)** | **Total Exchange-Traded Funds (Cost $26,824,696)** | &nbsp;&nbsp;&nbsp; **26902348**  |

---

*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, 2025 (Unaudited)

**Goose Hollow Tactical Allocation ETF**

---

| | |
|:---|:---|
| <u>**Shares**</u> | <u>**Fair Value ($)**</u> |
| **Warrants — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; 21960<br> Occidental Petroleum Corp. 08/03/2027<sup>(a)</sup><sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; 607633 |
| &nbsp;&nbsp;&nbsp; 48092<br> Valaris, Ltd. 04/29/2028<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 244788 |
| **Total Warrants (Cost $784,126)** | &nbsp;&nbsp;&nbsp; **852421** |
| **Purchased Options Contracts — 3.9%<sup>(d)</sup>**  |  |
| **Total Purchased Options Contracts (Cost $1,337,278)** | &nbsp;&nbsp;&nbsp; **1573000**  |
| **Total Investments —** **99.5** **% (Cost $39,557,811)** | &nbsp;&nbsp;&nbsp; **39784438**  |
| **Other Assets in Excess of Liabilities — 0.5%** | &nbsp;&nbsp;&nbsp; **213220** |
| **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **39997658**  |

---

(a) Non-income producing security.

(b) Affiliated security.

(c) 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, 2025 was $607,633 which represented 1.52% of the net assets of the Fund.

(d) See Purchased Options Contracts.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

**Written Options Contacts**

Exchange-traded options on future contracts written as of March 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts**  | **Notional Amount (000)($)<sup>(a)</sup>**  | **Premiums<br>Received ($)**  | **Strike <br>Price ($)** | **Expiration Date**  | **Value ($)** |
| C Currency Options<br> Call | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 18750 | &nbsp;&nbsp;&nbsp; 56883 | &nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp; 12/5/25 | &nbsp;&nbsp;&nbsp; (45000) |
| Crude Oil Future Options<br> Call | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp; 295526 | &nbsp;&nbsp;&nbsp;&nbsp;75.00 | &nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp; (428000) |
| Crude Oil Options<br> Call | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 22500 | &nbsp;&nbsp;&nbsp; 106900 | &nbsp;&nbsp;&nbsp;&nbsp;90.00 | &nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp; (162500) |
| Euro Currency Options<br> Call | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 484012 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp; 12/5/25 | &nbsp;&nbsp;&nbsp; (495000) |
| Japanese Yen Options<br> Call | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 2880 | &nbsp;&nbsp;&nbsp; 45901 | &nbsp;&nbsp;&nbsp;&nbsp;72.00 | &nbsp;&nbsp;&nbsp; 12/5/25 | &nbsp;&nbsp;&nbsp; (53500) |
| **(Total Premiums Received $989,222)** | **(Total Premiums Received $989,222)** | **(Total Premiums Received $989,222)** | **(Total Premiums Received $989,222)** | **(Total Premiums Received $989,222)** |  | &nbsp;&nbsp;&nbsp; (1184000) |

---

*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, 2025 (Unaudited)

**Goose Hollow Tactical Allocation ETF**

**Purchased Options Contracts**

Exchange-traded options on futures contracts purchased as of March 31, 2025, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**  | **Number <br>of Contracts** | **Notional<br>Amount<br>(000)($)<sup>(a)</sup>**  | **Cost ($)** | **Strike <br>Price ($)** | **Expiration Date**  | **Value ($)** |
| C Currency Options<br> Call | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 18375 | &nbsp;&nbsp;&nbsp; 120618 | &nbsp;&nbsp;&nbsp;&nbsp;73.50 | &nbsp;&nbsp;&nbsp; 12/5/25 | &nbsp;&nbsp;&nbsp; 90000 |
| Crude Oil Future Options<br> Call | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 14700 | &nbsp;&nbsp;&nbsp; 362474 | &nbsp;&nbsp;&nbsp;&nbsp;73.50 | &nbsp;&nbsp;&nbsp; 7/17/25 | &nbsp;&nbsp;&nbsp; 518000 |
| Crude Oil Options<br> Call | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp; 190600 | &nbsp;&nbsp;&nbsp;&nbsp;84.00 | &nbsp;&nbsp;&nbsp; 7/28/25 | &nbsp;&nbsp;&nbsp; 290000 |
| Euro Currency Options<br> Call | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 595987 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp; 12/5/25 | &nbsp;&nbsp;&nbsp; 595000 |
| Japanese Yen Options<br> Call | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 67599 | &nbsp;&nbsp;&nbsp;&nbsp;70.00 | &nbsp;&nbsp;&nbsp; 12/5/25 | &nbsp;&nbsp;&nbsp; 80000 |
| **(Total Cost $1,337,278)** | **(Total Cost $1,337,278)** | **(Total Cost $1,337,278)** | **(Total Cost $1,337,278)** | **(Total Cost $1,337,278)** |  | &nbsp;&nbsp;&nbsp; 1573000 |

---

(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

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Goose Hollow Multi-Strategy Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Closed-End Funds — 14.1%** | **Closed-End Funds — 14.1%** |  |
| &nbsp;&nbsp;&nbsp; 45523 | Aberdeen Asia-Pacific Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 714711 |
| &nbsp;&nbsp;&nbsp; 218484 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 1026876 |
| &nbsp;&nbsp;&nbsp; 72472 | Templeton Emerging Markets Income Fund | &nbsp;&nbsp;&nbsp; 389899 |
| &nbsp;&nbsp;&nbsp; 66555 | Virtus Stone Harbor Emerging Markets Income Fund | &nbsp;&nbsp;&nbsp; 336768 |
| **Total Closed-End Funds (Cost $2,549,811)** | **Total Closed-End Funds (Cost $2,549,811)** | &nbsp;&nbsp;&nbsp; **2468254** |
| **Exchange-Traded Funds — 71.6%** | **Exchange-Traded Funds — 71.6%** |  |
| &nbsp;&nbsp;&nbsp; 13605 | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | &nbsp;&nbsp;&nbsp; 685080 |
| &nbsp;&nbsp;&nbsp; 9643 | BondBloxx JPMorgan USD Emerging Markets 1-10 Year Bond ETF | &nbsp;&nbsp;&nbsp; 406518 |
| &nbsp;&nbsp;&nbsp; 63157 | SPDR FTSE International Government Inflation-Protected Bond ETF | &nbsp;&nbsp;&nbsp; 2368457 |
| &nbsp;&nbsp;&nbsp; 24108 | VanEck J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 575217 |
| &nbsp;&nbsp;&nbsp; 9578 | Vanguard Global ex-U.S. Real Estate ETF | &nbsp;&nbsp;&nbsp; 387526 |
| &nbsp;&nbsp;&nbsp; 34507 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 1598019 |
| &nbsp;&nbsp;&nbsp; 17265 | Vanguard Real Estate ETF | &nbsp;&nbsp;&nbsp; 1563173 |
| &nbsp;&nbsp;&nbsp; 23213 | Vanguard Short-Term Treasury ETF, Class T | &nbsp;&nbsp;&nbsp; 1362371 |
| &nbsp;&nbsp;&nbsp; 52840 | Vanguard Total International Bond ETF | &nbsp;&nbsp;&nbsp; 2579648 |
| &nbsp;&nbsp;&nbsp; 20000 | WisdomTree Floating Rate Treasury Fund ETF | &nbsp;&nbsp;&nbsp; 1006600 |
| **Total Exchange-Traded Funds (Cost $12,752,717)** | **Total Exchange-Traded Funds (Cost $12,752,717)** | &nbsp;&nbsp;&nbsp; **12532609**  |
| **Preferred Stocks — 11.5%** | **Preferred Stocks — 11.5%** |  |
| **Financials — 8.9%** | **Financials — 8.9%** |  |
| &nbsp;&nbsp;&nbsp; 11983 | AGNC Investment Corp., Series C | &nbsp;&nbsp;&nbsp; 312397 |
| &nbsp;&nbsp;&nbsp; 14553 | AGNC Investment Corp., Series F | &nbsp;&nbsp;&nbsp; 367608 |
| &nbsp;&nbsp;&nbsp; 11959 | Annaly Capital Management, Inc., Series F | &nbsp;&nbsp;&nbsp; 305194 |
| &nbsp;&nbsp;&nbsp; 8645 | Rithm Capital Corp., Series A | &nbsp;&nbsp;&nbsp; 221831 |
| &nbsp;&nbsp;&nbsp; 13591 | Rithm Capital Corp., Series B | &nbsp;&nbsp;&nbsp; 342901 |
|  |  | &nbsp;&nbsp;&nbsp; 1549931  |
| **Real Estate — 2.6%** | **Real Estate — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; 14465 | Public Storage, Series P | &nbsp;&nbsp;&nbsp; 235200 |
| &nbsp;&nbsp;&nbsp; 13679 | Public Storage, Series R | &nbsp;&nbsp;&nbsp; 222421 |
|  |  | &nbsp;&nbsp;&nbsp; 457621 |
| **Total Preferred Stocks (Cost $1,968,784)** | **Total Preferred Stocks (Cost $1,968,784)** | &nbsp;&nbsp;&nbsp; **2007552**  |

---

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

Semi-Annual Financial Statements and Other Information \| 7

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Goose Hollow Multi-Strategy Income ETF**

---

| | |
|:---|:---|
| <u>**Shares**</u> | <u>**Fair Value ($)**</u> |
| **Total Investments — 97.2% (Cost $17,271,312)** | &nbsp;&nbsp;&nbsp; **17008415**  |
| **Other Assets in Excess of Liabilities — 2.8%** | &nbsp;&nbsp;&nbsp; **490756** |
| **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **17499171**  |

---

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

SPDR — Standard & Poor's Depositary Receipts

*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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Multi-Strategy Income ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $34,863,991 and $17,271,312) | &nbsp;&nbsp;&nbsp; $35151446 | &nbsp;&nbsp;&nbsp; $17008415 |
| &nbsp;&nbsp;&nbsp; Affiliated investments, at value <br>(Cost $4,693,820 and $—) | &nbsp;&nbsp;&nbsp; 4632992 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp; 404500 | &nbsp;&nbsp;&nbsp; 517885 |
| &nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | &nbsp;&nbsp;&nbsp; 576705 | &nbsp;&nbsp;&nbsp; 210734 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 52346 | &nbsp;&nbsp;&nbsp; 34957 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold | &nbsp;&nbsp;&nbsp; 13668936 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Receivable due from advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | &nbsp;&nbsp;&nbsp; 6237 | &nbsp;&nbsp;&nbsp; 2986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  | &nbsp;&nbsp;&nbsp; 54493162  | &nbsp;&nbsp;&nbsp; 17780042  |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp; 13261132 | &nbsp;&nbsp;&nbsp; 253188 |
| &nbsp;&nbsp;&nbsp; Written options at value (Premiums received <br>$989,222 and $—) | &nbsp;&nbsp;&nbsp; 1184000 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 26774 | &nbsp;&nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 5099 | &nbsp;&nbsp;&nbsp; 2964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 7261 | &nbsp;&nbsp;&nbsp; 17719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 8138 | &nbsp;&nbsp;&nbsp; 3577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1193 | &nbsp;&nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing  | &nbsp;&nbsp;&nbsp; 1907 | &nbsp;&nbsp;&nbsp; 2165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  | &nbsp;&nbsp;&nbsp; 14495504  | &nbsp;&nbsp;&nbsp; 280871 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $39997658  | &nbsp;&nbsp;&nbsp; $17499171  |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $38905733 | &nbsp;&nbsp;&nbsp; $17534248 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp; 1091925  | &nbsp;&nbsp;&nbsp; (35077) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $39997658  | &nbsp;&nbsp;&nbsp; $17499171  |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $39997658 | &nbsp;&nbsp;&nbsp; $17499171 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | &nbsp;&nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp; 675000 |
| **Net Asset Value (offering and redemption price per share):** | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $25.92 |

---

*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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Multi-Strategy Income ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income | &nbsp;&nbsp;&nbsp; $835026 | &nbsp;&nbsp;&nbsp; $573178 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income | &nbsp;&nbsp;&nbsp; 106754 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp; 2536 | &nbsp;&nbsp;&nbsp; 4110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 944316 | &nbsp;&nbsp;&nbsp; 577288 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 169730 | &nbsp;&nbsp;&nbsp; 57192 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 29952 | &nbsp;&nbsp;&nbsp; 17597 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 4488 | &nbsp;&nbsp;&nbsp; 4486 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp; 1102 |
| &nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 48117 | &nbsp;&nbsp;&nbsp; 27256 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 13781 | &nbsp;&nbsp;&nbsp; 13676 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 4183 | &nbsp;&nbsp;&nbsp; 4254 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp; 1597 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 5057 | &nbsp;&nbsp;&nbsp; 4533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 287676 | &nbsp;&nbsp;&nbsp; 139172 |
| Expenses contractually waived and/or reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; (13531) | &nbsp;&nbsp;&nbsp; (51201) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 274145 | &nbsp;&nbsp;&nbsp; 87971 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 670171 | &nbsp;&nbsp;&nbsp; 489317 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; (1385877) | &nbsp;&nbsp;&nbsp; 17781 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 2286076 | &nbsp;&nbsp;&nbsp; 6842 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from affiliated <br>in-kind transactions | &nbsp;&nbsp;&nbsp; 17396 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | &nbsp;&nbsp;&nbsp; 73259 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | &nbsp;&nbsp;&nbsp; 98115 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on investments | &nbsp;&nbsp;&nbsp; (1275654) | &nbsp;&nbsp;&nbsp; (592628) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on affiliated funds | &nbsp;&nbsp;&nbsp; (131233) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on written options  | &nbsp;&nbsp;&nbsp; (221646) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; (539564) | &nbsp;&nbsp;&nbsp; (568005) |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $130607 | &nbsp;&nbsp;&nbsp; $(78688) |

---

(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 \| 10

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goose Hollow <br>Tactical Allocation ETF** | **Goose Hollow <br>Tactical Allocation ETF** | **Goose Hollow <br>Multi-Strategy Income ETF** | **Goose Hollow <br>Multi-Strategy Income ETF** |
|  | **Six months<br>ended<br>March 31, <br>2025<br>(unaudited)** | **Year<br>ended<br>September 30, 2024**  | **Six months<br>ended<br>March 31, <br>2025 (unaudited)** | **For the period<br>November 14, 2023<sup>(a)</sup>** **<br>through<br>September 30, 2024** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $670171 | &nbsp;&nbsp;&nbsp; $965141 | &nbsp;&nbsp;&nbsp; $489317 | &nbsp;&nbsp;&nbsp; $518029 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments, affiliated funds, futures, written options, and in-kind transactions | &nbsp;&nbsp;&nbsp; 1088969 | &nbsp;&nbsp;&nbsp; 3061534 | &nbsp;&nbsp;&nbsp; 24623 | &nbsp;&nbsp;&nbsp; 31937 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, affiliated funds, and written options  | &nbsp;&nbsp;&nbsp; (1628533) | &nbsp;&nbsp;&nbsp; 3125845 | &nbsp;&nbsp;&nbsp; (592628) | &nbsp;&nbsp;&nbsp; 329731 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 130607 | &nbsp;&nbsp;&nbsp; 7152520 | &nbsp;&nbsp;&nbsp; (78688) | &nbsp;&nbsp;&nbsp; 879697 |
| **Distributions to <br>Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings  | &nbsp;&nbsp;&nbsp; (955873) | &nbsp;&nbsp;&nbsp; (981366) | &nbsp;&nbsp;&nbsp; (472929) | &nbsp;&nbsp;&nbsp; (300623) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions  | &nbsp;&nbsp;&nbsp; (955873) | &nbsp;&nbsp;&nbsp; (981366) | &nbsp;&nbsp;&nbsp; (472929) | &nbsp;&nbsp;&nbsp; (300623) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 16899112 | &nbsp;&nbsp;&nbsp; 31900662 | &nbsp;&nbsp;&nbsp; 1931306 | &nbsp;&nbsp;&nbsp; 21345999 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (16113341) | &nbsp;&nbsp;&nbsp; (39114945) | &nbsp;&nbsp;&nbsp; (1913664) | &nbsp;&nbsp;&nbsp; (3891927) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions  | &nbsp;&nbsp;&nbsp; 785771 | &nbsp;&nbsp;&nbsp; (7214283) | &nbsp;&nbsp;&nbsp; 17642 | &nbsp;&nbsp;&nbsp; 17454072 |
| &nbsp;&nbsp;&nbsp; Change in net assets  | &nbsp;&nbsp;&nbsp; (39495) | &nbsp;&nbsp;&nbsp; (1043129) | &nbsp;&nbsp;&nbsp; (533975) | &nbsp;&nbsp;&nbsp; 18033146 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 40037153 | &nbsp;&nbsp;&nbsp; 41080282 | &nbsp;&nbsp;&nbsp; 18033146 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $39997658 | &nbsp;&nbsp;&nbsp; $40037153 | &nbsp;&nbsp;&nbsp; $17499171 | &nbsp;&nbsp;&nbsp; $18033146 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 825000 |
| &nbsp;&nbsp;&nbsp; Redeemed  | &nbsp;&nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp; (1425000) | &nbsp;&nbsp;&nbsp; (75000) | &nbsp;&nbsp;&nbsp; (150000) |
| &nbsp;&nbsp;&nbsp; Change in shares  | &nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp; (275000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 675000 |

---

(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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Goose Hollow <br>Tactical Allocation ETF** | **Six Months ended<br>March 31, 2025 (unaudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **November 16, 2021<sup>(a)</sup>** **<br>through<br>September 30, 2022** |
| Net Asset Value, <br>Beginning of Period | &nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp; $22.25 | &nbsp;&nbsp;&nbsp; $24.63 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &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; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;4.32<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;2.58<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; (2.34) |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp; (2.28) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; (0.10) |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.10) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $29.66 | &nbsp;&nbsp;&nbsp; $25.28 | &nbsp;&nbsp;&nbsp; $22.25 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $39998 | &nbsp;&nbsp;&nbsp; $40037 | &nbsp;&nbsp;&nbsp; $41080 | &nbsp;&nbsp;&nbsp; $10569 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;20.07% | &nbsp;&nbsp;&nbsp;&nbsp;14.05% | &nbsp;&nbsp;&nbsp; (9.30)% |
| Ratio of Net Expenses to <br>Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &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 Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.44% | &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;3.36% | &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; 181% | &nbsp;&nbsp;&nbsp; 129% | &nbsp;&nbsp;&nbsp; 450% | &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.

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

Semi-Annual Financial Statements and Other Information \| 12

Financial Highlights (continued)

---

| | | |
|:---|:---|:---|
| **Goose Hollow Multi-Strategy Income ETF** | **Six Months Ended<br>March 31, 2025 (unaudited)** | **November 14, 2023<sup>(a)</sup>** **<br>through<br>September 30, 2024** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $26.72 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net Realized and Unrealized Gains (Losses) <br>on Investments<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; (0.53) |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; (0.53) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $25.92 | &nbsp;&nbsp;&nbsp; $26.72 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $17499 | &nbsp;&nbsp;&nbsp; $18033 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; (0.45)% | &nbsp;&nbsp;&nbsp;&nbsp;9.09% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of Gross Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;4.72% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup>  | &nbsp;&nbsp;&nbsp; 40% | &nbsp;&nbsp;&nbsp; 35% |

---

(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 \| 13

Notes to Financial StatementsMarch 31, 2025 (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 Goose Hollow Tactical Allocation ETF and Goose Hollow Multi-Strategy Income 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. 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. Due to the significance of oversight and their role, the investment advisor is deemed to be the Chief Operating Decision Maker for the Funds.

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (''Cboe''). 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, currently 25,000 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 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

Semi-Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Paralel 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 policies consistently followed by each Fund in 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''*. 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 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 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.

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

Semi-Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)March 31, 2025 (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 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.

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 Funds did not hold any Level 2 or Level 3 investments as of March 31, 2025.

The following table summarizes the Funds' investments, based on their valuation inputs, as of March 31, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Funds:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Goose Hollow Tactical Allocation ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $10456669 | &nbsp;&nbsp;&nbsp; $10456669 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 26902238 | &nbsp;&nbsp;&nbsp; 26902238 |
| &nbsp;&nbsp;&nbsp; Purchased Options Contracts | &nbsp;&nbsp;&nbsp; 1573000 | &nbsp;&nbsp;&nbsp; 1573000 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp; 852421 | &nbsp;&nbsp;&nbsp; 852421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$39784,** **438** | &nbsp;&nbsp;&nbsp; **$39784438** |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; **Liabilities**<br> Written Options Contracts | &nbsp;&nbsp;&nbsp; (1184000) | &nbsp;&nbsp;&nbsp; (1184000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp; **$1184000** | &nbsp;&nbsp;&nbsp; **$1184000** |

---

Semi-Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Goose Hollow Multi-Strategy Income ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $12532609 | &nbsp;&nbsp;&nbsp; $12532609 |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp; 2468254 | &nbsp;&nbsp;&nbsp; 2468254 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp; 2007552 | &nbsp;&nbsp;&nbsp; 2007552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$17008415** | &nbsp;&nbsp;&nbsp; **$17008415** |

---

(a) Please 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. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which they invest.

The Funds may own shares of ETFs that may invest in real estate investments trusts (''REITs'') and master limited partnerships (''MLPs''), which report information on the source of their distributions annually. Distributions received from investments in REITs or MLPs 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 Goose Hollow Tactical Allocation ETF intends to distribute to its shareholders net investment income and net realized capital gains, if any, at least annually. The Goose Hollow Multi-Strategy Income ETF intends to distribute to its shareholders net investment income and net realized capital gains, if any, at least semi-annually. The amount

Semi-Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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. 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

Semi-Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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 contract. The monthly average notional amount for these contracts for the period ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Monthly Average Notional Amount (000)** | **Monthly Average Notional Amount (000)** |
|  | **Long**  | **Short**  |
| **Futures Contracts:** |  |  |
| Goose Hollow Tactical Allocation ETF | $659 | $— |

---

<u>**<u>Options Contracts</u>**</u>**:**

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.

The gross notional amount of purchased and written options outstanding as of March 31, 2025, and the monthly average notional amount for these contracts for the period ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding Notional Amount (000)** | **Monthly Average Notional Amount (000)** |
| **Purchased Options:** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $114575 | &nbsp;&nbsp;&nbsp; $25446 |
| **Written Options Contracts:** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; 117350 | &nbsp;&nbsp;&nbsp; 25332 |

---

Semi-Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**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, 2025:

---

| | | |
|:---|:---|:---|
|  | **Assets** | **Liabilities** |
|  | **Investments, <br>at Value <br>for Purchased Options**  | **Written <br>Options, <br>at Value** |
| **Equity Risk Exposure** |  |  |
| Goose Hollow Tactical Allocation ETF | $1573000  | $1184000  |

---

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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Realized <br>Gains (Losses) from** | **Net Realized <br>Gains (Losses) from** | **Net Realized <br>Gains (Losses) from** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
|  | **Futures Contracts**  | **Purchased Options<sup>(a)</sup>**  | **Written Options**  | **Futures Contracts**  | **Purchased Options<sup>(b)</sup>**  | **Written Options**  |
| **Currency Risk Exposure:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $73259 | &nbsp;&nbsp;&nbsp; $14251 | &nbsp;&nbsp;&nbsp; $4626 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(19204) | &nbsp;&nbsp;&nbsp; $(6704) |
| **Equity Risk Exposure:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40588) | &nbsp;&nbsp;&nbsp; 31467 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33538 | &nbsp;&nbsp;&nbsp; (26867) |
| **Commodity Risk Exposure:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (176478) | &nbsp;&nbsp;&nbsp; 62022 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 254926 | &nbsp;&nbsp;&nbsp; (188075) |

---

(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.

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Management <br>Fee Rate** |
| Goose Hollow Tactical Allocation ETF | 0.85% |
| Goose Hollow Multi-Strategy Income ETF | 0.65% |

---

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, at least through January 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 expenses on securities sold short), (vi) taxes, (vii) other fees related to 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% |
| Goose Hollow Multi-Strategy Income ETF | 1.00% |

---

Fee waivers and expense reimbursements are subject to possible recoupment from the Funds in future years on a rolling three-year basis (within the 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 Funds' expenses and boost the Funds' 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, 2025, the Advisor may recoup amounts from the Funds as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Waived/Reimbursed<br>FY 2022 <br>Expires <br>09/30/2025** | **Waived/Reimbursed <br>FY 2023 <br>Expires <br>09/30/2026** | **Waived/Reimbursed <br>FY 2024 <br>Expires <br>09/30/2027** | **Waived/Reimbursed <br>FY 2025 <br>Expires <br>09/30/2028** | **Total** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $80007 | &nbsp;&nbsp;&nbsp; $162149 | &nbsp;&nbsp;&nbsp; $91708 | &nbsp;&nbsp;&nbsp; $13531 | $347395 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77799 | &nbsp;&nbsp;&nbsp; 51201 | 129000 |

---

Semi-Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**Affiliated Transactions:**

At March 31, 2025, the following investments are noted as Affiliated Securities in Goose Hollow Tactical Allocation ETF's Portfolio of Investments:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at** **September 30,** **2024** | **Purchases<br>at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) on Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Balance at March 31, 2025** | **Shares as of March 31, 2025** | **Dividend Income** | **Capital Gains Distributions** |
| **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Tactical Allocation ETF** |  |  |  |  |  |  |  |
| Goose Hollow Multi-Strategy Income ETF | $3542509 | $1671898 | $(467578)  | $17396 | $(131233)  | $4632992  | 178742 | $106754 | $— |

---

**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 (the "Distributor") 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, 2025, the Funds paid a total of $1,125 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 \| 22

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $69298342 | &nbsp;&nbsp;&nbsp; $69431857 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 7848743  | &nbsp;&nbsp;&nbsp; 6868308 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $16358846 | &nbsp;&nbsp;&nbsp; $15593653 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 625298 | &nbsp;&nbsp;&nbsp; 1872062 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2025.

**(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 the Funds are listed below:

---

| | | |
|:---|:---|:---|
|  | **Fee for <br>In-Kind and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>**  |
| Goose Hollow Tactical Allocation ETF | $250 | 2.00% |
| Goose Hollow Multi-Strategy 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 Statements of Assets and Liabilities.

As of March 31, 2025, there were no unsettled in-kind capital transactions.

Semi-Annual Financial Statements and Other Information \| 23

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(6) Federal Income Taxes**

It is the policy of each Fund 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.

For the tax year ended September 30, 2024, 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 Statement of Operations. During the tax year ended September 30, 2024, the Funds did not incur any interest or penalties.

As of tax year ended September 30, 2024, the tax cost of securities, including written options and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation**  | **Unrealized Depreciation**  | **Net Unrealized Appreciation (Depreciation)** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $36477966 | &nbsp;&nbsp;&nbsp; $1793883 | &nbsp;&nbsp;&nbsp; (133899) | &nbsp;&nbsp;&nbsp; $1659984 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 17369842  | &nbsp;&nbsp;&nbsp; 387007 | &nbsp;&nbsp;&nbsp; (57276) | &nbsp;&nbsp;&nbsp; 329731 |

---

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 tax year ended September 30, 2023, and September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** | **Distributions paid from** |
|  | **Ordinary Income**  | **Net <br>Capital Gains**  | **Total Taxable Distributions**  | **Total Distributions Paid**  |
| Goose Hollow Tactical Allocation ETF |  |  |  |  |
| 2023 | &nbsp;&nbsp;&nbsp; $81324 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $81324 | &nbsp;&nbsp;&nbsp; $81324 |
| 2024 | &nbsp;&nbsp;&nbsp; 981366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 981366 | &nbsp;&nbsp;&nbsp; 981366 |
| Goose Hollow Multi-Strategy Income ETF |  |  |  |  |
| 2024 | &nbsp;&nbsp;&nbsp; 300623 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 300623 | &nbsp;&nbsp;&nbsp; 300623 |

---

Semi-Annual Financial Statements and Other Information \| 24

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

As of tax year ended September 30, 2024, 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 Distributable Earnings (Loss)** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $912444 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $912444 | &nbsp;&nbsp;&nbsp; $(655237) | &nbsp;&nbsp;&nbsp; $1659984 | &nbsp;&nbsp;&nbsp; $1917191 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 219043 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 219043 | &nbsp;&nbsp;&nbsp; (32234) | &nbsp;&nbsp;&nbsp; 329731 | &nbsp;&nbsp;&nbsp; 516540 |

---

As of tax year ended September 30, 2024, 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** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $593601 | &nbsp;&nbsp;&nbsp; $61636 | &nbsp;&nbsp;&nbsp; $655237 |
| Goose Hollow Multi-Strategy ETF | &nbsp;&nbsp;&nbsp; 32234 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32234 |

---

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 fiscal tax year ended September 30, 2024, the Funds had no deferred losses.

**Permanent Tax Differences:**

As of tax year ended September 30, 2024, the following reclassifications were made on the Statement of Assets and Liabilities, relating primarily to excise tax and redemptions in-kind.

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings (Loss)** | **Paid-in Capital** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $(3618282) | &nbsp;&nbsp;&nbsp; $3618282 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; (62534) | &nbsp;&nbsp;&nbsp; 62534 |

---

Semi-Annual Financial Statements and Other Information \| 25

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(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, 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 the Funds 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 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 the Funds. 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, the Funds 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) 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, 2025.

Semi-Annual Financial Statements and Other Information \| 26

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(9) 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 1-866-898-6447; (ii) on the Funds' websites at *<u>*<u>https://www.gham.co/</u>*</u>* and *<u>*<u>https://ghms.gham.co/</u>*</u>*; and (iii) by referring to the Securities and Exchange Commission's website at *<u>*<u>http://www.sec.gov</u>*</u>*.

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, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolios of Investments](#mohr-ncsrs_033125a258) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mindful Conservative ETF](#mohr-ncsrs_033125a258) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Adaptive Core ETF](#mohr-ncsrs_033125a259) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mohr Sector Nav ETF](#mohr-ncsrs_033125a260) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mohr Company Nav ETF](#mohr-ncsrs_033125a261) | 7 |
| [Statements of Assets and Liabilities](#mohr-ncsrs_033125a262) | 9 |
| [Statements of Operations](#mohr-ncsrs_033125a263) | 11 |
| [Statements of Changes in Net Assets](#mohr-ncsrs_033125a264) | 13 |
| [Financial Highlights](#mohr-ncsrs_033125a265) | 15 |
| [Notes to Financial Statements](#mohr-ncsrs_033125a266) | 19 |
| [Approval of the Investment Advisory Agreement](#mohr-ncsrs_033125a267) | 30 |

---

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

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Mindful Conservative ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Exchange-Traded Funds — 97.8%** | **Exchange-Traded Funds — 97.8%** |  |
| &nbsp;&nbsp;&nbsp; 80980 | First Trust Exchange-Traded Fund-First Trust Morningstar Dividend Leaders Index | &nbsp;&nbsp;&nbsp; 3517771 |
| &nbsp;&nbsp;&nbsp; 22853 | First Trust Rising Dividend Achievers ETF | &nbsp;&nbsp;&nbsp; 1337815 |
| &nbsp;&nbsp;&nbsp; 46476 | Goldman Sachs Access Treasury 0-1 Year ETF | &nbsp;&nbsp;&nbsp; 4655966 |
| &nbsp;&nbsp;&nbsp; 388 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Top 50 ETF | &nbsp;&nbsp;&nbsp; 17856 |
| &nbsp;&nbsp;&nbsp; 16528 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 1663874 |
| &nbsp;&nbsp;&nbsp; 23248 | iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp;&nbsp; 2405471 |
| &nbsp;&nbsp;&nbsp; 28455 | iShares Core 60/40 Balanced Allocation ETF | &nbsp;&nbsp;&nbsp; 1638154 |
| &nbsp;&nbsp;&nbsp; 17533 | iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 1734364 |
| &nbsp;&nbsp;&nbsp; 10930 | iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;&nbsp; 1023704 |
| &nbsp;&nbsp;&nbsp; 18060 | PIMCO Active Bond ETF | &nbsp;&nbsp;&nbsp; 1670008 |
| &nbsp;&nbsp;&nbsp; 28957 | SPDR Bloomberg 1-10 Year TIPS ETF | &nbsp;&nbsp;&nbsp; 555685 |
| &nbsp;&nbsp;&nbsp; 39630 | SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 3635260 |
| &nbsp;&nbsp;&nbsp; 18049 | SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;&nbsp; 1382914 |
| &nbsp;&nbsp;&nbsp; 24349 | SPDR SSgA Global Allocation ETF | &nbsp;&nbsp;&nbsp; 1091373 |
| &nbsp;&nbsp;&nbsp; 37936 | SPDR SSgA Income Allocation ETF | &nbsp;&nbsp;&nbsp; 1206365 |
| &nbsp;&nbsp;&nbsp; 14679 | VanEck Morningstar Wide Moat ETF | &nbsp;&nbsp;&nbsp; 1291752 |
| &nbsp;&nbsp;&nbsp; 18808 | Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;&nbsp; 1440128 |
| &nbsp;&nbsp;&nbsp; 126 | Vanguard Mega Cap Growth ETF | &nbsp;&nbsp;&nbsp; 38919 |
| &nbsp;&nbsp;&nbsp; 58908 | WisdomTree Floating Rate Treasury Fund ETF | &nbsp;&nbsp;&nbsp; 2964840 |
| **Total Exchange-Traded Funds (Cost $33,352,046)** | **Total Exchange-Traded Funds (Cost $33,352,046)** | &nbsp;&nbsp;&nbsp; **33272219** |
| **Total Investments — 97.8% (Cost $33,352,046)** | **Total Investments — 97.8% (Cost $33,352,046)** | &nbsp;&nbsp;&nbsp; **33272219** |
| **Other Assets in Excess of Liabilities — 2.2%** | **Other Assets in Excess of Liabilities — 2.2%** | &nbsp;&nbsp;&nbsp; **757749** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **34029968** |

---

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

PIMCO — Pacific Investment Management Company

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

SSgA — State Street Global Advisors

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, 2025 (Unaudited)

**Adaptive Core ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 79.3%** | **Common Stocks — 79.3%** |  |
| **Communication Services — 2.9%** | **Communication Services — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; 1483 | T-Mobile US, Inc.  | &nbsp;&nbsp;&nbsp; 395531 |
| **Consumer Discretionary — 8.3%** | **Consumer Discretionary — 8.3%** |  |
| &nbsp;&nbsp;&nbsp; 1300 | Amazon.com, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 247338 |
| &nbsp;&nbsp;&nbsp; 1858 | DoorDash, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 339587 |
| &nbsp;&nbsp;&nbsp; 4446 | eBay, Inc. | &nbsp;&nbsp;&nbsp; 301127 |
| &nbsp;&nbsp;&nbsp; 782 | Lululemon Athletica, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 221353 |
|  |  | &nbsp;&nbsp;&nbsp; 1109405 |
| **Consumer Staples — 5.9%** | **Consumer Staples — 5.9%** |  |
| &nbsp;&nbsp;&nbsp; 353 | Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp; 333860 |
| &nbsp;&nbsp;&nbsp; 6698 | Kroger Co. (The) | &nbsp;&nbsp;&nbsp; 453388 |
|  |  | &nbsp;&nbsp;&nbsp; 787248 |
| **Financials — 13.9%** | **Financials — 13.9%** |  |
| &nbsp;&nbsp;&nbsp; 2999 | Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp; 517328 |
| &nbsp;&nbsp;&nbsp; 1278 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp; 313493 |
| &nbsp;&nbsp;&nbsp; 1432 | Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp; 349451 |
| &nbsp;&nbsp;&nbsp; 510 | Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 279541 |
| &nbsp;&nbsp;&nbsp; 2699 | Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp; 400694 |
|  |  | &nbsp;&nbsp;&nbsp; 1860507 |
| **Health Care — 12.1%** | **Health Care — 12.1%** |  |
| &nbsp;&nbsp;&nbsp; 1875 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 392850 |
| &nbsp;&nbsp;&nbsp; 5459 | Edwards Lifesciences Corp.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 395668 |
| &nbsp;&nbsp;&nbsp; 448 | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp; 370008 |
| &nbsp;&nbsp;&nbsp; 1405 | Molina Healthcare, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 462793 |
|  |  | &nbsp;&nbsp;&nbsp; 1621319 |
| **Industrials — 18.8%** | **Industrials — 18.8%** |  |
| &nbsp;&nbsp;&nbsp; 2448 | Builders FirstSource, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 305853 |
| &nbsp;&nbsp;&nbsp; 1761 | General Electric Co. | &nbsp;&nbsp;&nbsp; 352464 |
| &nbsp;&nbsp;&nbsp; 1464 | HEICO Corp. | &nbsp;&nbsp;&nbsp; 391166 |
| &nbsp;&nbsp;&nbsp; 2462 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; 319395 |
| &nbsp;&nbsp;&nbsp; 1599 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; 334687 |
| &nbsp;&nbsp;&nbsp; 2054 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp; 339834 |
| &nbsp;&nbsp;&nbsp; 1998 | Republic Services, Inc. | &nbsp;&nbsp;&nbsp; 483836 |
|  |  | &nbsp;&nbsp;&nbsp; 2527235 |

---

*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, 2025 (Unaudited)

**Adaptive Core ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Information Technology — 11.9%** | **Information Technology — 11.9%** |  |
| &nbsp;&nbsp;&nbsp; 5739 | Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp; 376421 |
| &nbsp;&nbsp;&nbsp; 4407 | Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp; 337135 |
| &nbsp;&nbsp;&nbsp; 620 | Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp; 359588 |
| &nbsp;&nbsp;&nbsp; 2148 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp; 232800 |
| &nbsp;&nbsp;&nbsp; 1256 | Workday, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 293314 |
|  |  | &nbsp;&nbsp;&nbsp; 1599258 |
| **Real Estate — 2.9%** | **Real Estate — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; 2498 | Welltower, Inc.  | &nbsp;&nbsp;&nbsp; 382719 |
| **Utilities — 2.6%** | **Utilities — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; 2964 | Vistra Corp.  | &nbsp;&nbsp;&nbsp; 348092 |
| **Total Common Stocks (Cost $10,893,575)** | **Total Common Stocks (Cost $10,893,575)** | &nbsp;&nbsp;&nbsp; **10631314** |
| **Exchange-Traded Funds — 18.7%** | **Exchange-Traded Funds — 18.7%** |  |
| &nbsp;&nbsp;&nbsp; 6606 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Quality ETF | &nbsp;&nbsp;&nbsp; 438242 |
| &nbsp;&nbsp;&nbsp; 9132 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Top 50 ETF | &nbsp;&nbsp;&nbsp; 420254 |
| &nbsp;&nbsp;&nbsp; 1098 | iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp; 396477 |
| &nbsp;&nbsp;&nbsp; 12361 | JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp; 625837 |
| &nbsp;&nbsp;&nbsp; 6838 | SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 627250 |
| **Total Exchange-Traded Funds (Cost $2,382,776)** | **Total Exchange-Traded Funds (Cost $2,382,776)** | &nbsp;&nbsp;&nbsp; **2508060** |
| **Total Investments — 98.0% (Cost $13,276,** **350)** | **Total Investments — 98.0% (Cost $13,276,** **350)** | &nbsp;&nbsp;&nbsp; **13139374** |
| **Other Assets in Excess of Liabilities — 2.0%** | **Other Assets in Excess of Liabilities — 2.0%** | &nbsp;&nbsp;&nbsp; **269336** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **13408710** |

---

(a) Non-income producing security.

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 \| 6

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Mohr Sector Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 97.8%** | **Exchange-Traded Funds — 97.8%** |  |
| &nbsp;&nbsp;&nbsp; 42708 | Financial Select Sector SPDR Fund ETF | &nbsp;&nbsp;&nbsp; 2127285 |
| &nbsp;&nbsp;&nbsp; 141216 | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 10738066 |
| &nbsp;&nbsp;&nbsp; 15590 | Industrial Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 2043381 |
| &nbsp;&nbsp;&nbsp; 254 | SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 142085 |
| &nbsp;&nbsp;&nbsp; 27457 | Utilities Select Sector SPDR Fund | &nbsp;&nbsp;&nbsp; 2164984 |
| &nbsp;&nbsp;&nbsp; 10272 | Vanguard Consumer Staples ETF | &nbsp;&nbsp;&nbsp; 2247719 |
| &nbsp;&nbsp;&nbsp; 17232 | Vanguard Energy ETF | &nbsp;&nbsp;&nbsp; 2235163 |
| &nbsp;&nbsp;&nbsp; 8818 | Vanguard Health Care ETF | &nbsp;&nbsp;&nbsp; 2334389 |
| **Total Exchange-Traded Funds (Cost $24,305,789)** | **Total Exchange-Traded Funds (Cost $24,305,789)** | &nbsp;&nbsp;&nbsp; **24033072** |
| **Total Investments — 97.8% (Cost $24,305,789)** | **Total Investments — 97.8% (Cost $24,305,789)** | &nbsp;&nbsp;&nbsp; **24033072** |
| **Other Assets in Excess of Liabilities — 2.2%** | **Other Assets in Excess of Liabilities — 2.2%** | &nbsp;&nbsp;&nbsp; **539518** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **24572590** |

---

(a) As of March 31, 2025, investment is 43.70% of the Fund's net assets. See Note 8 in the Notes to Financial Statements.

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, 2025 (Unaudited)

**Mohr Company Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |  |
| **Communication Services — 12.3%** | **Communication Services — 12.3%** |  |
| &nbsp;&nbsp;&nbsp; 6377 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 986140 |
| &nbsp;&nbsp;&nbsp; 1440 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 829958 |
| &nbsp;&nbsp;&nbsp; 1407 | Netflix, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1312070 |
| &nbsp;&nbsp;&nbsp; 5259 | TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp; 803628 |
|  |  | &nbsp;&nbsp;&nbsp; 3931796 |
| **Consumer Discretionary — 21.8%** | **Consumer Discretionary — 21.8%** |  |
| &nbsp;&nbsp;&nbsp; 33634 | Chewy, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1093441 |
| &nbsp;&nbsp;&nbsp; 6995 | Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp; 1453281 |
| &nbsp;&nbsp;&nbsp; 6835 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 1148964 |
| &nbsp;&nbsp;&nbsp; 3206 | Lululemon Athletica, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 907490 |
| &nbsp;&nbsp;&nbsp; 18401 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 1295614 |
| &nbsp;&nbsp;&nbsp; 6977 | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp; 1103064 |
|  |  | &nbsp;&nbsp;&nbsp; 7001854 |
| **Energy — 3.7%** | **Energy — 3.7%** |  |
| &nbsp;&nbsp;&nbsp; 63864 | Energy Transfer LP  | &nbsp;&nbsp;&nbsp; 1187232 |
| **Financials — 7.2%** | **Financials — 7.2%** |  |
| &nbsp;&nbsp;&nbsp; 3680 | LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1203875 |
| &nbsp;&nbsp;&nbsp; 32949 | Toast, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1092918 |
|  |  | &nbsp;&nbsp;&nbsp; 2296793 |
| **Health Care — 3.3%** | **Health Care — 3.3%** |  |
| &nbsp;&nbsp;&nbsp; 7361 | Natera, Inc. <sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1040919 |
| **Industrials — 6.0%** | **Industrials — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; 3455 | GE Vernova, Inc. | &nbsp;&nbsp;&nbsp; 1054742 |
| &nbsp;&nbsp;&nbsp; 12721 | United Airlines Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 878385 |
|  |  | &nbsp;&nbsp;&nbsp; 1933127 |
| **Information Technology — 40.6%** | **Information Technology — 40.6%** |  |
| &nbsp;&nbsp;&nbsp; 10642 | Arista Networks, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 824542 |
| &nbsp;&nbsp;&nbsp; 4896 | Atlassian Corp., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1038980 |
| &nbsp;&nbsp;&nbsp; 5298 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 887044 |
| &nbsp;&nbsp;&nbsp; 10929 | Cloudflare, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1231588 |
| &nbsp;&nbsp;&nbsp; 13510 | Docusign, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1099714 |
| &nbsp;&nbsp;&nbsp; 3335 | F5, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 888010 |
| &nbsp;&nbsp;&nbsp; 6272 | GoDaddy, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1129838 |
| &nbsp;&nbsp;&nbsp; 1764 | HubSpot, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1007756 |
| &nbsp;&nbsp;&nbsp; 8326 | Jabil, Inc. | &nbsp;&nbsp;&nbsp; 1132919 |
| &nbsp;&nbsp;&nbsp; 10929 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 672899 |
| &nbsp;&nbsp;&nbsp; 19669 | Pure Storage, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 870747 |

---

*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, 2025 (Unaudited)

**Mohr Company Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 97.5% (continued)** | **Common Stocks — 97.5% (continued)** |  |
| **Information Technology — 40.6% (continued)** | **Information Technology — 40.6% (continued)** |  |
| &nbsp;&nbsp;&nbsp; 11249 | Twilio, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1101390 |
| &nbsp;&nbsp;&nbsp; 3594 | Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp; 1114644 |
|  |  | &nbsp;&nbsp;&nbsp; 13000071 |
| **Utilities — 2.6%** | **Utilities — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; 6964 | Vistra Corp.  | &nbsp;&nbsp;&nbsp; 817852 |
| **Total Common Stocks (Cost $36,203,495)** | **Total Common Stocks (Cost $36,203,495)** | &nbsp;&nbsp;&nbsp; **31209644** |
| **Total Investments — 97.5% (Cost $36,203,495)** | **Total Investments — 97.5% (Cost $36,203,495)** | &nbsp;&nbsp;&nbsp; **31209644** |
| **Other Assets in Excess of Liabilities — 2.5%** | **Other Assets in Excess of Liabilities — 2.5%** | &nbsp;&nbsp;&nbsp; **815169** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **32024813** |

---

(a) Non-income producing security.

LP — Limited Partnership

*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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Adaptive Core <br>ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value <br>(Cost $33,352,046 and $13,276,350) | &nbsp;&nbsp;&nbsp; $33272219 | &nbsp;&nbsp;&nbsp; $13139374 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 795571 | &nbsp;&nbsp;&nbsp; 288157 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 3551 | &nbsp;&nbsp;&nbsp; 2899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 34071341 | &nbsp;&nbsp;&nbsp; 13432031 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 21351 | &nbsp;&nbsp;&nbsp; 8834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 3660 | &nbsp;&nbsp;&nbsp; 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 6666 | &nbsp;&nbsp;&nbsp; 4151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 5158 | &nbsp;&nbsp;&nbsp; 4785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1486 | &nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 2950 | &nbsp;&nbsp;&nbsp; 2687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 41373 | &nbsp;&nbsp;&nbsp; 23321 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $34029968 | &nbsp;&nbsp;&nbsp; $13408710 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $38162583 | &nbsp;&nbsp;&nbsp; $25505386 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp; (4132615) | &nbsp;&nbsp;&nbsp; (12096676) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $34029968 | &nbsp;&nbsp;&nbsp; $13408710 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $34029968 | &nbsp;&nbsp;&nbsp; $13408710 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized,** **no par** **value):** | &nbsp;&nbsp;&nbsp; 1575000 | &nbsp;&nbsp;&nbsp; 650000 |
| **Net Asset Value (offering and redemption price per share):** | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $20.63 |

---

*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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mohr <br>Sector Nav ETF** | **Mohr Company Nav ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value <br>(Cost $24,305,789 and $36,203,495) | &nbsp;&nbsp;&nbsp; $24033072 | &nbsp;&nbsp;&nbsp; $31209644 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 567622 | &nbsp;&nbsp;&nbsp; 847822 |
| &nbsp;&nbsp;&nbsp; Deferred offering costs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6850 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 1736 | &nbsp;&nbsp;&nbsp; 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 24602861 | &nbsp;&nbsp;&nbsp; 32067070 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 14845 | &nbsp;&nbsp;&nbsp; 20779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 2545 | &nbsp;&nbsp;&nbsp; 3562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 5993 | &nbsp;&nbsp;&nbsp; 8531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp; 4835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1309 | &nbsp;&nbsp;&nbsp; 928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp; 3622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 30271 | &nbsp;&nbsp;&nbsp; 42257 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $24572590 | &nbsp;&nbsp;&nbsp; $32024813 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $23622575 | &nbsp;&nbsp;&nbsp; $34400993 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp; 950015 | &nbsp;&nbsp;&nbsp; (2376180) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $24572590 | &nbsp;&nbsp;&nbsp; $32024813 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $24572590 | &nbsp;&nbsp;&nbsp; $32024813 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized,** **no par** **value):** | &nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 1410000 |
| **Net Asset Value (offering and redemption price per share):** | &nbsp;&nbsp;&nbsp; $29.78 | &nbsp;&nbsp;&nbsp; $22.71 |

---

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

Semi-Annual Financial Statements and Other Information \| 11

Statements of OperationsFor the period ending March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Adaptive Core <br>ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $848496 | &nbsp;&nbsp;&nbsp; $177524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 848496 | &nbsp;&nbsp;&nbsp; 177524 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 149953 | &nbsp;&nbsp;&nbsp; 83651 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 25706 | &nbsp;&nbsp;&nbsp; 14340 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 4488 | &nbsp;&nbsp;&nbsp; 4488 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 983 | &nbsp;&nbsp;&nbsp; 1220 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 47606 | &nbsp;&nbsp;&nbsp; 45602 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 15076 | &nbsp;&nbsp;&nbsp; 14740 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 3894 | &nbsp;&nbsp;&nbsp; 4008 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 2079 | &nbsp;&nbsp;&nbsp; 2358 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 5377 | &nbsp;&nbsp;&nbsp; 5083 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp; 262837 | &nbsp;&nbsp;&nbsp; 183165 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 585659 | &nbsp;&nbsp;&nbsp; (5641) |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; (424028) | &nbsp;&nbsp;&nbsp; (1584491) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 1110343 | &nbsp;&nbsp;&nbsp; 2226469 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (1116554) | &nbsp;&nbsp;&nbsp; (1630541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; (430239) | &nbsp;&nbsp;&nbsp; (988563) |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $155420 | &nbsp;&nbsp;&nbsp; $(994204) |

---

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

Semi-Annual Financial Statements and Other Information \| 12

Statements of Operations (continued)For the period ending March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Mohr <br>Sector Nav ETF** | **Mohr Company Nav ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $221704 | &nbsp;&nbsp;&nbsp; $138630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 221704 | &nbsp;&nbsp;&nbsp; 138630 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 105198 | &nbsp;&nbsp;&nbsp; 155092 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 18034 | &nbsp;&nbsp;&nbsp; 26587 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 4488 | &nbsp;&nbsp;&nbsp; 4488 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 952 | &nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; Offering cost | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5727 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 39328 | &nbsp;&nbsp;&nbsp; 48812 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 14560 | &nbsp;&nbsp;&nbsp; 13673 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 4359 | &nbsp;&nbsp;&nbsp; 3749 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 3309 | &nbsp;&nbsp;&nbsp; 2128 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 6835 | &nbsp;&nbsp;&nbsp; 6011 |
| **Total Expenses** | &nbsp;&nbsp;&nbsp; 203738 | &nbsp;&nbsp;&nbsp; 274073 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 17966 | &nbsp;&nbsp;&nbsp; (135443) |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; (1083286) | &nbsp;&nbsp;&nbsp; (2548816) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 2293485 | &nbsp;&nbsp;&nbsp; 5301930 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (2091974) | &nbsp;&nbsp;&nbsp; (4993851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; (881775) | &nbsp;&nbsp;&nbsp; (2240737) |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $(863809) | &nbsp;&nbsp;&nbsp; $(2376180) |

---

*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<br>ended<br>March 31,<br>2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** | **Six months<br>ended<br>March 31,<br>2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $585659 | &nbsp;&nbsp;&nbsp; $1453507 | &nbsp;&nbsp;&nbsp; $(5641) | &nbsp;&nbsp;&nbsp; $(45904) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | &nbsp;&nbsp;&nbsp; 686315 | &nbsp;&nbsp;&nbsp; 1920846 | &nbsp;&nbsp;&nbsp; 641978 | &nbsp;&nbsp;&nbsp; 4735288 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (1116554) | &nbsp;&nbsp;&nbsp; 1802154 | &nbsp;&nbsp;&nbsp; (1630541) | &nbsp;&nbsp;&nbsp; 2260461 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 155420 | &nbsp;&nbsp;&nbsp; 5176507 | &nbsp;&nbsp;&nbsp; (994204) | &nbsp;&nbsp;&nbsp; 6949845 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (610830) | &nbsp;&nbsp;&nbsp; (3621537) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (819624) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (610830) | &nbsp;&nbsp;&nbsp; (3621537) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (819624) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 16902372 | &nbsp;&nbsp;&nbsp; 16486901 | &nbsp;&nbsp;&nbsp; 9508913 | &nbsp;&nbsp;&nbsp; 35614591 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (28861921) | &nbsp;&nbsp;&nbsp; (53378675) | &nbsp;&nbsp;&nbsp; (23021712) | &nbsp;&nbsp;&nbsp; (61230926) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (11959549) | &nbsp;&nbsp;&nbsp; (36891774) | &nbsp;&nbsp;&nbsp; (13512799) | &nbsp;&nbsp;&nbsp; (25616335) |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; (12414959) | &nbsp;&nbsp;&nbsp; (35336804) | &nbsp;&nbsp;&nbsp; (14507003) | &nbsp;&nbsp;&nbsp; (19486114) |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 46444927 | &nbsp;&nbsp;&nbsp; 81781731 | &nbsp;&nbsp;&nbsp; 27915713 | &nbsp;&nbsp;&nbsp; 47401827 |
| End of period | &nbsp;&nbsp;&nbsp; $34029968 | &nbsp;&nbsp;&nbsp; $46444927 | &nbsp;&nbsp;&nbsp; $13408710 | &nbsp;&nbsp;&nbsp; $27915713 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (1325000) | &nbsp;&nbsp;&nbsp; (2500000) | &nbsp;&nbsp;&nbsp; (1050000) | &nbsp;&nbsp;&nbsp; (2950000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; (550000) | &nbsp;&nbsp;&nbsp; (1725000) | &nbsp;&nbsp;&nbsp; (625000) | &nbsp;&nbsp;&nbsp; (1250000) |

---

*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** |
|  | **Six months<br>ended<br>March 31,<br>2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** | **For the period<br>September 30, 2024<sup>(a)</sup>** **<br>through<br>March 31, 2025 (Unaudited)** |
| **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $17966 | &nbsp;&nbsp;&nbsp; $153675 | &nbsp;&nbsp;&nbsp; $(135443) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment and in-kind transactions | &nbsp;&nbsp;&nbsp; 1210199 | &nbsp;&nbsp;&nbsp; 7971954 | &nbsp;&nbsp;&nbsp; 2753114 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (2091974) | &nbsp;&nbsp;&nbsp; 2425125 | &nbsp;&nbsp;&nbsp; (4993851) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (863809) | &nbsp;&nbsp;&nbsp; 10550754 | &nbsp;&nbsp;&nbsp; (2376180) |
| **Distributions to Shareholders From:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (292063) | &nbsp;&nbsp;&nbsp; (1783040) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (292063) | &nbsp;&nbsp;&nbsp; (1783040) | &nbsp;&nbsp;&nbsp; — |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 18891171 | &nbsp;&nbsp;&nbsp; 83766550 | &nbsp;&nbsp;&nbsp; 68102068 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (57424302) | &nbsp;&nbsp;&nbsp; (87096378) | &nbsp;&nbsp;&nbsp; (33701075) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (38533131) | &nbsp;&nbsp;&nbsp; (3329828) | &nbsp;&nbsp;&nbsp; 34400993 |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; (39689003) | &nbsp;&nbsp;&nbsp; 5437886 | &nbsp;&nbsp;&nbsp; 32024813 |
| **Net Assets:** |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 64261593 | &nbsp;&nbsp;&nbsp; 58823707 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $24572590 | &nbsp;&nbsp;&nbsp; $64261593 | &nbsp;&nbsp;&nbsp; $32024813 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp; 2670000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (1850000) | &nbsp;&nbsp;&nbsp; (3025000) | &nbsp;&nbsp;&nbsp; (1260000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; (1250000) | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp; 1410000 |

---

(a) Commencement of operations.

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

Semi-Annual Financial Statements and Other Information \| 15

Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mindful <br>Conservative ETF** | **Six months ended <br>March 31, 2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **November 2, 2021<sup>(a)</sup>** **<br>through <br>September 30, 2022** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp; $21.24 | &nbsp;&nbsp;&nbsp; $21.41 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp; (0.09) |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp; (3.50) |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; (3.59) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value, <br>End of Period | &nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp; $21.86 | &nbsp;&nbsp;&nbsp; $21.24 | &nbsp;&nbsp;&nbsp; $21.41 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $34030 | &nbsp;&nbsp;&nbsp; $46445 | &nbsp;&nbsp;&nbsp; $81782 | &nbsp;&nbsp;&nbsp; $95812 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;9.47% | &nbsp;&nbsp;&nbsp; (0.49)% | &nbsp;&nbsp;&nbsp; (14.36)% |
| Ratio of Operating Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.22% | &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;2.74% | &nbsp;&nbsp;&nbsp;&nbsp;2.51% | &nbsp;&nbsp;&nbsp;&nbsp;2.94% | &nbsp;&nbsp;&nbsp; (0.47)% |
| Portfolio Turnover<sup>(d)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp; 168% | &nbsp;&nbsp;&nbsp; 314% | &nbsp;&nbsp;&nbsp; 260<br> %<sup>(i)</sup>  | &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, 2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **November 2, 2021<sup>(a)</sup>** **<br>through <br>September 30, 2022** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $21.89 | &nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp; $19.43 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp; (0.04) |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (1.25) | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp; (5.53) |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; (5.57) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; —<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $20.63 | &nbsp;&nbsp;&nbsp; $21.89 | &nbsp;&nbsp;&nbsp; $18.77 | &nbsp;&nbsp;&nbsp; $19.43 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $13409 | &nbsp;&nbsp;&nbsp; $27916 | &nbsp;&nbsp;&nbsp; $47402 | &nbsp;&nbsp;&nbsp; $69463 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; (5.78)% | &nbsp;&nbsp;&nbsp;&nbsp;18.97% | &nbsp;&nbsp;&nbsp; (3.37)% | &nbsp;&nbsp;&nbsp; (22.28)% |
| Ratio of Operating Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.54% | &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; (0.05)% | &nbsp;&nbsp;&nbsp; (0.12)% | &nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp; (0.23)% |
| Portfolio Turnover<sup>(e)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp; 180% | &nbsp;&nbsp;&nbsp; 451% | &nbsp;&nbsp;&nbsp; 425<br> %<sup>(j)</sup>  | &nbsp;&nbsp;&nbsp; 1180% |

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Amount is 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) 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, 2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** | **January 10, 2023<sup>(a)</sup>** **<br>through <br>September 30, 2023** |
| Net Asset Value, <br>Beginning of Period | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $25.86 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &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; (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $29.78 | &nbsp;&nbsp;&nbsp; $30.97 | &nbsp;&nbsp;&nbsp; $25.86 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $24573 | &nbsp;&nbsp;&nbsp; $64262 | &nbsp;&nbsp;&nbsp; $58824 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; (2.94)% | &nbsp;&nbsp;&nbsp;&nbsp;23.70% | &nbsp;&nbsp;&nbsp;&nbsp;3.43% |
| Ratio of Operating Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &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>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Portfolio Turnover<sup>(e)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp; 165% | &nbsp;&nbsp;&nbsp; 523% | &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 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) 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.

*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** | **September** **30, 2024<sup>(a)</sup>** **<br>through <br>March 31, 2025** **(Unaudited)** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; (0.08) |
| Net Realized and Unrealized Gains (Losses) on Investments<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; (2.21) |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (2.29) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $22.71 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $32025 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; (9.15)% |
| Ratio of Operating Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp; (0.61)% |
| Portfolio Turnover<sup>(e)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp; 213% |

---

(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) 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 \| 19

Notes to Financial StatementsMarch 31, 2025 (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 (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. Mohr Company Nav ETF commenced operations on September 30, 2024.

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. The Funds are party to the expense agreement as disclosed in the notes to the financial statements and resources are not allocated to the Funds based on performance measurements. Due to the significance of oversight and their role, the investment adviser is deemed to be the Chief Operating Decision Maker for the Funds.

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). 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, currently 25,000 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 each

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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 DTC participant and, in each case, must have executed a Participant Agreement with Paralel 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"*. 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

Semi-Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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.

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, 2025.

The following table summarizes the Funds' investments, based on their valuation inputs, as of March 31, 2025, 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; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $33272219 | &nbsp;&nbsp;&nbsp; $33272219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **$33272219** | &nbsp;&nbsp;&nbsp; **$33272219** |
| **Adaptive Core ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $10631314 | &nbsp;&nbsp;&nbsp; $10631314 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 2508060 | &nbsp;&nbsp;&nbsp; 2508060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **$13139374** | &nbsp;&nbsp;&nbsp; **$13139374** |
| **Mohr Sector Nav ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $24033072 | &nbsp;&nbsp;&nbsp; $24033072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **$24033072** | &nbsp;&nbsp;&nbsp; **$24033072** |

---

Semi-Annual Financial Statements and Other Information \| 22

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Mohr Company Nav ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $31209644 | &nbsp;&nbsp;&nbsp; $31209644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **$31209644** | &nbsp;&nbsp;&nbsp; **$31209644** |

---

(a) Please 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. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which they invest.

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 if any, at least quarterly 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

Semi-Annual Financial Statements and Other Information \| 23

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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.

**(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 (the "Distributor") 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.

Semi-Annual Financial Statements and Other Information \| 24

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**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, 2025, the Funds paid a total of $2,700 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.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp; $70361013 | &nbsp;&nbsp;&nbsp; $69574005 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; 43484786 | &nbsp;&nbsp;&nbsp; 40986838 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp; 57573864 | &nbsp;&nbsp;&nbsp; 53360067 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp; 77500920 | &nbsp;&nbsp;&nbsp; 77066131 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp; $16517412 | &nbsp;&nbsp;&nbsp; $29611457 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; 9135435 | &nbsp;&nbsp;&nbsp; 24398079 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp; 18141385 | &nbsp;&nbsp;&nbsp; 55463830 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp; 66579413 | &nbsp;&nbsp;&nbsp; 33809852 |

---

There were no purchases or sales of U.S. government securities during the period ended March 31, 2025.

**(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

Semi-Annual Financial Statements and Other Information \| 25

Notes to Financial Statements (continued)March 31, 2025 (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 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.

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, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

It is the policy of each Fund 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.

For the tax year ended September 30, 2024, 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 Statement of Operations. During the tax year ended September 30, 2024, the Funds did not incur any interest or penalties.

Semi-Annual Financial Statements and Other Information \| 26

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

As of tax year ended September 30, 2024, 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; $44996923 | &nbsp;&nbsp;&nbsp; $1044907 | &nbsp;&nbsp;&nbsp; $(32335) | &nbsp;&nbsp;&nbsp; $1012572 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; 25399711 | &nbsp;&nbsp;&nbsp; 1680815 | &nbsp;&nbsp;&nbsp; (187892) | &nbsp;&nbsp;&nbsp; 1492923 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp; 56209671 | &nbsp;&nbsp;&nbsp; 1819257 | &nbsp;&nbsp;&nbsp; (5433) | &nbsp;&nbsp;&nbsp; 1813824 |

---

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 tax year ended September 30, 2023 and September 30, 2024 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 |  |  |  |  |
| 2023  | &nbsp;&nbsp;&nbsp; $284819 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $284819 | &nbsp;&nbsp;&nbsp; $284819 |
| 2024  | &nbsp;&nbsp;&nbsp; 3621537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3621537 | &nbsp;&nbsp;&nbsp; 3621537 |
| Adaptive Core ETF |  |  |  |  |
| 2023  | &nbsp;&nbsp;&nbsp; 5848 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5848 | &nbsp;&nbsp;&nbsp; 5848 |
| 2024  | &nbsp;&nbsp;&nbsp; 819624 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 819624 | &nbsp;&nbsp;&nbsp; 819624 |
| Mohr Sector Nav ETF |  |  |  |  |
| 2023  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| 2024  | &nbsp;&nbsp;&nbsp; 1783040 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1783040 | &nbsp;&nbsp;&nbsp; 1783040 |

---

As of tax year ended September 30, 2024, 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 (Loss)** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp; $69836 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $69836 | &nbsp;&nbsp;&nbsp; $(4759613) | &nbsp;&nbsp;&nbsp; $1012572 | &nbsp;&nbsp;&nbsp; $(3677205) |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12595395) | &nbsp;&nbsp;&nbsp; 1492923 | &nbsp;&nbsp;&nbsp; (11102472) |
| Mohr Sector <br>Nav ETF | &nbsp;&nbsp;&nbsp; 292063 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 292063 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1813824 | &nbsp;&nbsp;&nbsp; 2105887 |

---

Semi-Annual Financial Statements and Other Information \| 27

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

As of the tax year ended September 30, 2024, 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** |
| Mindful Conservative ETF  | &nbsp;&nbsp;&nbsp; $4738094 | &nbsp;&nbsp;&nbsp; $21519 | &nbsp;&nbsp;&nbsp; $4759613 |
| Adaptive Core ETF  | &nbsp;&nbsp;&nbsp; 12557123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12557123 |

---

During the tax year ended September 30, 2024, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
|  | **Capital Loss Carryforward Used** |
| Mindful Conservative ETF  | $199949 |

---

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 fiscal tax year ended September 30, 2024, the Funds deferred losses are as follows:

---

| | | |
|:---|:---|:---|
|  | **Late Year Ordinary Loss Deferred** | **Total** |
| Adaptive Core ETF  | $38272 | $38272 |

---

**Permanent Tax Differences:** 

As of tax year ended September 30, 2024, 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** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp; $(1125899) | &nbsp;&nbsp;&nbsp; $1125899 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; (7124428) | &nbsp;&nbsp;&nbsp; 7124428 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp; (6355170) | &nbsp;&nbsp;&nbsp; 6355170 |

---

**(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, 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

Semi-Annual Financial Statements and Other Information \| 28

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

(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 the Funds 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 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 the Funds.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, the Funds 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) Concentration of Investments**

As of March 31, 2025, the Mohr Sector Nav ETF's investment in the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF represented 43.70% of the Fund's net assets. The financial statements of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF can be found by accessing the fund's website at *<u>*<u>http://</u>*</u><u>*<u>am.gs.com</u>*</u>*.

**(9) 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, 2025.

Semi-Annual Financial Statements and Other Information \| 29

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(10) 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 1-866-464-6608; (ii) on the Funds' website at *<u>*<u>https://www.mohrfunds.com/</u>*</u>*; and (iii) by referring to the Securities and Exchange Commission's website at *<u>*<u>http://www.sec.gov</u>*</u>*.

Semi-Annual Financial Statements and Other Information \| 30

Approval of the Investment Advisory AgreementMarch 31, 2025 (Unaudited)

<u>Approval of the Investment Advisory Agreement with Retireful, LLC (Mohr Company Nav ETF)</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on August 30, 2023 (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 Retireful, LLC d/b/a Mohr Capital Management ("Retireful") and the Trust, with respect to the Mohr Company Nav 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 Retireful 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 or her conclusions with respect to the approval of the investment advisory agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the business experience of each of the key persons that would service Mohr Company Nav ETF and noted its familiarity with Retireful as the adviser to Mohr Growth ETF, Adaptive Core ETF, Mohr Sector NAV ETF and Mindful Conservative ETF, each a series of the Trust. The Board commented that Retireful managed over $271.6 million in assets under management as of June 30, 2023. The Board noted that Retireful, among other things, would be responsible for evaluating the investment signals received on behalf of the Fund, determining the placement of orders and trades, conducting investment oversight, and monitoring compliance with the Fund's prospectus and SAI. The Board acknowledged that, as practice for monitoring compliance, Retireful would input restrictions into the order management system that provides pre-trade warnings that alert Retireful if a potential trade would be out of compliance with the Fund's stated objective and it would access reports that allow it to monitor any issues that arise post trade. The Board noted that Retireful had no material compliance issues in the past 36 months. The Board reviewed Retireful's policies regarding the selection of broker-dealers for portfolio transactions, which included a brokerage committee conducting quarterly retrospective reviews of the trading performed in the prior quarter and selection of brokers with expertise in trading funds in adherence to its best execution policies and procedures. The Board confirmed that Retireful had not been the subject

Semi-Annual Financial Statements and Other Information \| 31

Approval of the Investment Advisory Agreement (continued)March 31, 2025 (Unaudited)

of any regulatory examinations, material litigation or administrative actions presenting significant issues. The Board noted that Retireful hired a third-party consulting organization that specialized in cybersecurity program management. The Board concluded that Retireful 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 for Mohr Company Nav ETF for the Board to evaluate. The Board recalled its experience with Retireful as adviser to the existing Mohr ETFs and recognized that Retireful had the ability to provide satisfactory returns.

*Fees and Expenses.* The Board discussed the proposed advisory fee of 0.70% and net expense ratio of 1.05%. The Board noted that the advisory fee was lower than and the net expense ratio was higher than the average of the Fund's peer group identified by Retireful. The Board considered the services to be provided by Retireful, as well as the costs of providing such services, and concluded that the proposed fees were not unreasonable.

*Profitability.* The Board discussed that Retireful anticipated to earn a reasonable profit from its relationship with each of Mohr Company Nav ETF during the first two years. The Board determined that excessive profitability was not an issue for the Funds at this time.

*Economies of Scale.* The Board considered whether Retireful would realize economies of scale during the initial period of the investment advisory agreement. The Board noted that the proposed fee schedule did not currently provide breakpoints, but that Retireful indicated it was amenable to the discussion of adding breakpoints as the Funds' assets experienced significant growth. The Board concluded that the absence of breakpoints was acceptable at this time.

*Conclusion.* Having requested and received such information from Retireful 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.

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, 2025

---

| | |
|:---|:---|
| [Portfolios of Investments](#rvw-ncsrs_033125a359) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Dynamic Fixed Income ETF](#rvw-ncsrs_033125a359) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Tax Advantaged Income ETF](#rvw-ncsrs_033125a360) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Systematic Equity ETF](#rvw-ncsrs_033125a361) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Total Return Bond ETF](#rvw-ncsrs_033125a362) | 8 |
| [Statements of Assets and Liabilities](#rvw-ncsrs_033125a363) | 15 |
| [Statements of Operations](#rvw-ncsrs_033125a364) | 17 |
| [Statements of Changes in Net Assets](#rvw-ncsrs_033125a365) | 19 |
| [Financial Highlights](#rvw-ncsrs_033125a366) | 21 |
| [Notes to Financial Statements](#rvw-ncsrs_033125a367) | 25 |
| [Renewal of Investment Advisory Agreement](#rvw-ncsrs_033125a368) | 42 |

---

**TABLE OF CONTENTS**

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

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Rareview Dynamic Fixed Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Closed-End Funds — 75.4%** | **Closed-End Funds — 75.4%** |  |
| &nbsp;&nbsp;&nbsp; 140299 | Aberdeen Asia-Pacific Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 2202694 |
| &nbsp;&nbsp;&nbsp; 345244 | Allspring Income Opportunities Fund | &nbsp;&nbsp;&nbsp; 2361469 |
| &nbsp;&nbsp;&nbsp; 168262 | Allspring Multi-Sector Income Fund | &nbsp;&nbsp;&nbsp; 1551376 |
| &nbsp;&nbsp;&nbsp; 152794 | BlackRock Credit Allocation Income Trust | &nbsp;&nbsp;&nbsp; 1637952 |
| &nbsp;&nbsp;&nbsp; 123171 | BlackRock Municipal Income Trust II | &nbsp;&nbsp;&nbsp; 1279747 |
| &nbsp;&nbsp;&nbsp; 78366 | BlackRock MuniHoldings Fund, Inc. | &nbsp;&nbsp;&nbsp; 920017 |
| &nbsp;&nbsp;&nbsp; 50500 | BlackRock MuniYield Fund, Inc. | &nbsp;&nbsp;&nbsp; 532775 |
| &nbsp;&nbsp;&nbsp; 155091 | Brookfield Real Assets Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 2040997 |
| &nbsp;&nbsp;&nbsp; 58578 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 1192648 |
| &nbsp;&nbsp;&nbsp; 107668 | First Trust Intermediate Duration Preferred & Income Fund | &nbsp;&nbsp;&nbsp; 1980014 |
| &nbsp;&nbsp;&nbsp; 184166 | Franklin Ltd Duration Income Trust | &nbsp;&nbsp;&nbsp; 1189712 |
| &nbsp;&nbsp;&nbsp; 126625 | Invesco Municipal Opportunity Trust | &nbsp;&nbsp;&nbsp; 1201671 |
| &nbsp;&nbsp;&nbsp; 83851 | Invesco Municipal Trust | &nbsp;&nbsp;&nbsp; 809162 |
| &nbsp;&nbsp;&nbsp; 103757 | Invesco Quality Municipal Income Trust | &nbsp;&nbsp;&nbsp; 1004368 |
| &nbsp;&nbsp;&nbsp; 13198 | Invesco Value Municipal Income Trust | &nbsp;&nbsp;&nbsp; 157980 |
| &nbsp;&nbsp;&nbsp; 678371 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 3188344 |
| &nbsp;&nbsp;&nbsp; 89806 | Nuveen AMT-Free Municipal Credit <br>Income Fund | &nbsp;&nbsp;&nbsp; 1111798 |
| &nbsp;&nbsp;&nbsp; 104783 | Nuveen AMT-Free Quality Municipal <br>Income Fund | &nbsp;&nbsp;&nbsp; 1173570 |
| &nbsp;&nbsp;&nbsp; 169127 | Nuveen Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp; 2068423 |
| &nbsp;&nbsp;&nbsp; 141857 | Nuveen Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp; 1634193 |
| &nbsp;&nbsp;&nbsp; 72295 | Nuveen Variable Rate Preferred & Income Fund | &nbsp;&nbsp;&nbsp; 1356977 |
| &nbsp;&nbsp;&nbsp; 116365 | PGIM Short Duration High Yield Opportunities Fund | &nbsp;&nbsp;&nbsp; 1917695 |
| &nbsp;&nbsp;&nbsp; 419573 | Templeton Emerging Markets Income Fund | &nbsp;&nbsp;&nbsp; 2257303 |
| &nbsp;&nbsp;&nbsp; 352761 | Western Asset Emerging Markets <br>Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 3488806 |
| &nbsp;&nbsp;&nbsp; 101923 | Western Asset Global High Income <br>Fund, Inc. | &nbsp;&nbsp;&nbsp; 673711 |
| &nbsp;&nbsp;&nbsp; 347331 | Western Asset High Income Fund II, Inc. | &nbsp;&nbsp;&nbsp; 1451844 |
| &nbsp;&nbsp;&nbsp; 110979 | Western Asset Managed Municipals <br>Fund, Inc. | &nbsp;&nbsp;&nbsp; 1141974 |
| **Total Closed-End Funds (Cost $41,569,312)** | **Total Closed-End Funds (Cost $41,569,312)** | &nbsp;&nbsp;&nbsp; **41527220** |

---

*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, 2025 (Unaudited)

**Rareview Dynamic Fixed Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Common Stock — 1.3%** | **Common Stock — 1.3%** |  |
| **Financials — 1.3%** | **Financials — 1.3%** |  |
| &nbsp;&nbsp;&nbsp; 73029 | AGNC Investment Corp. | &nbsp;&nbsp;&nbsp; 699618 |
| **Total Common Stock (Cost $412,727)** | **Total Common Stock (Cost $412,727)** | &nbsp;&nbsp;&nbsp; **699618** |
| **Exchange-Traded Funds — 20.6%** | **Exchange-Traded Funds — 20.6%** |  |
| &nbsp;&nbsp;&nbsp; 57840 | Angel Oak Income ETF | &nbsp;&nbsp;&nbsp; 1200758 |
| &nbsp;&nbsp;&nbsp; 110640 | SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 10149007 |
| **Total Exchange-Traded Funds (Cost $11,319,442)** | **Total Exchange-Traded Funds (Cost $11,319,442)** | &nbsp;&nbsp;&nbsp; **11349765** |
| **Purchased Options Contracts — 1.0%<sup>(a)</sup>**  | **Purchased Options Contracts — 1.0%<sup>(a)</sup>**  |  |
| **Total Purchased Options Contracts (Cost $372,080)** | **Total Purchased Options Contracts (Cost $372,080)** | &nbsp;&nbsp;&nbsp; **568269** |
| **Total Investments — 98.3% (Cost $53,673,561)** | **Total Investments — 98.3% (Cost $53,673,561)** | &nbsp;&nbsp;&nbsp; **54144872** |
| **Other Assets in Excess of Liabilities — 1.7%** | **Other Assets in Excess of Liabilities — 1.7%** | &nbsp;&nbsp;&nbsp; **964307** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **55109179** |

---

(a) See Purchased Options Contracts.

AMT — Alternative Minimum Tax

ETF — Exchange-Traded Fund

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, 2025 (Unaudited)

**Rareview Dynamic Fixed Income ETF**

**Futures Contracts**

At March 31, 2025, 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)($)<sup>(a)</sup>**  | **Value <br>($)** | **Unrealized<br>Appreciation<br>(Depreciation) ($)** |
| USD Cnh Ph Futures | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 6/13/25 | &nbsp;&nbsp;&nbsp; 8348 | &nbsp;&nbsp;&nbsp; 8357453 | &nbsp;&nbsp;&nbsp; 9337 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 9337 |

---

**Written Options Contacts**

Exchange-traded options on future contracts written as of March 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Notional <br>Amount<br>(000)($)<sup>(a)</sup>**  | **Premiums<br>Received ($)** | **Strike Price ($)** | **Expiration Date** | **Value<br>($)** |
| 3 Month SOFR Options<br> Call | &nbsp;&nbsp;&nbsp; 2933 | &nbsp;&nbsp;&nbsp; 705753 | &nbsp;&nbsp;&nbsp; 251182 | &nbsp;&nbsp;&nbsp;&nbsp;96.25 | 6/13/25 | &nbsp;&nbsp;&nbsp; (366625) |
| **(Total Premiums Received $251,182)** | **(Total Premiums Received $251,182)** | **(Total Premiums Received $251,182)** |  |  |  | &nbsp;&nbsp;&nbsp; (366625) |

---

**Purchased Options Contracts**

Exchange-traded options on futures contracts purchased as of March 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Notional <br>Amount<br>(000)($)<sup>(a)</sup>**  | **Cost<br>($)** | **Strike Price ($)** | **Expiration Date** | **Value<br>($)** |
| 3 Month SOFR Options<br> Call | &nbsp;&nbsp;&nbsp; 2933 | &nbsp;&nbsp;&nbsp; 704378 | &nbsp;&nbsp;&nbsp; 372080 | &nbsp;&nbsp;&nbsp;&nbsp;96.06 | 6/13/25 | &nbsp;&nbsp;&nbsp; 568269 |
| **(Total Cost $372,080)** | **(Total Cost $372,080)** | **(Total Cost $372,080)** |  |  |  | &nbsp;&nbsp;&nbsp; 568269 |

---

(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

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Rareview Tax Advantaged Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Closed-End Funds — 98.2%** | **Closed-End Funds — 98.2%** |  |
| &nbsp;&nbsp;&nbsp; 166149 | BlackRock Municipal Income Trust II | &nbsp;&nbsp;&nbsp; 1726288 |
| &nbsp;&nbsp;&nbsp; 44299 | BlackRock MuniHoldings Fund, Inc. | &nbsp;&nbsp;&nbsp; 520070 |
| &nbsp;&nbsp;&nbsp; 47542 | BlackRock MuniYield Fund, Inc. | &nbsp;&nbsp;&nbsp; 501568 |
| &nbsp;&nbsp;&nbsp; 147509 | Invesco Municipal Opportunity Trust | &nbsp;&nbsp;&nbsp; 1399860 |
| &nbsp;&nbsp;&nbsp; 163137 | Invesco Municipal Trust | &nbsp;&nbsp;&nbsp; 1574272 |
| &nbsp;&nbsp;&nbsp; 166209 | Invesco Quality Municipal Income Trust | &nbsp;&nbsp;&nbsp; 1608903 |
| &nbsp;&nbsp;&nbsp; 127128 | Invesco Value Municipal Income Trust | &nbsp;&nbsp;&nbsp; 1521722 |
| &nbsp;&nbsp;&nbsp; 106996 | Nuveen AMT-Free Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp; 1324611 |
| &nbsp;&nbsp;&nbsp; 115453 | Nuveen AMT-Free Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp; 1293074 |
| &nbsp;&nbsp;&nbsp; 218922 | Nuveen Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp; 2677416 |
| &nbsp;&nbsp;&nbsp; 211642 | Nuveen Quality Municipal Income Fund | &nbsp;&nbsp;&nbsp; 2438116 |
| &nbsp;&nbsp;&nbsp; 198344 | Western Asset Managed Municipals Fund, Inc. | &nbsp;&nbsp;&nbsp; 2040960 |
| **Total Closed-End Funds (Cost $19,216,228)** | **Total Closed-End Funds (Cost $19,216,228)** | &nbsp;&nbsp;&nbsp; **18626860** |
| **Total Investments — 98.2% (Cost $19,216,228)** | **Total Investments — 98.2% (Cost $19,216,228)** | &nbsp;&nbsp;&nbsp; **18626860** |
| **Other Assets in Excess of Liabilities — 1.8%** | **Other Assets in Excess of Liabilities — 1.8%** | &nbsp;&nbsp;&nbsp; **347014** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **18973874** |

---

AMT — Alternative Minimum Tax

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

Semi-Annual Financial Statements and Other Information \| 7

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Rareview Systematic Equity ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 141.3%** | **Exchange-Traded Funds — 141.3%** |  |
| &nbsp;&nbsp;&nbsp; 33028 | Invesco QQQ Trust Series 1<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 15487490 |
| &nbsp;&nbsp;&nbsp; 53821 | U.S. Treasury 3 Month Bill ETF | &nbsp;&nbsp;&nbsp; 2691588 |
| &nbsp;&nbsp;&nbsp; 374653 | Vanguard FTSE Developed Markets ETF<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; 19043612 |
| &nbsp;&nbsp;&nbsp; 170193 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 7702935 |
| &nbsp;&nbsp;&nbsp; 53312 | Vanguard S&P 500 ETF<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; 27397570 |
| &nbsp;&nbsp;&nbsp; 34867 | Vanguard Small-Cap ETF | &nbsp;&nbsp;&nbsp; 7731757 |
| **Total Exchange-Traded Funds (Cost $75,507,674)** | **Total Exchange-Traded Funds (Cost $75,507,674)** | &nbsp;&nbsp;&nbsp; **80054952** |
| **Total Investments — 141.3% (Cost $75,507,674)** | **Total Investments — 141.3% (Cost $75,507,674)** | &nbsp;&nbsp;&nbsp; **80054952** |
| **Other Assets in Excess of Liabilities — (41.3%)** | **Other Assets in Excess of Liabilities — (41.3%)** | &nbsp;&nbsp;&nbsp; **(23400535)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **56654417** |

---

(a) As of March 31, 2025, investment is 27.34% of the Fund's net assets. See Note 8 in the Notes to Financial Statements.

(b) As of March 31, 2025, investment is 33.61% of the Fund's net assets. See Note 8 in the Notes to Financial Statements.

(c) As of March 31, 2025, investment is 48.36% of the Fund's net assets. See Note 8 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

S&P — Standard and Poor's

**Futures Contracts**

At March 31, 2025, the Fund's open futures contracts were as follows:

**Futures Contracts Sold**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration Date** | **Notional <br>Amount ($)** | **Value ($)** | **Unrealized <br>Appreciation<br>(Depreciation) ($)** |
| Russell 2000 Mini Index Future | 94 | &nbsp;&nbsp;&nbsp; 6/20/25 | &nbsp;&nbsp;&nbsp; 9574 | &nbsp;&nbsp;&nbsp; 9527370 | &nbsp;&nbsp;&nbsp; 46422 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 46422 |

---

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

Semi-Annual Financial Statements and Other Information \| 8

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Asset-Backed Securities — 1.5%** | **Asset-Backed Securities — 1.5%** |  |
| &nbsp;&nbsp;&nbsp; 60000 | Carmax Auto Owner Trust, Series 2022-3 Class C 4.98%, 02/15/2028 | &nbsp;&nbsp;&nbsp; 60102 |
| &nbsp;&nbsp;&nbsp; 100000 | Dell Equipment Finance Trust, Series 2023-3 Class A3 5.93%, 04/23/2029 | &nbsp;&nbsp;&nbsp; 100984 |
| &nbsp;&nbsp;&nbsp; 100000 | Ford Credit Auto Owner Trust, Series 2024-A Class A3 5.09%, 12/15/2028 | &nbsp;&nbsp;&nbsp; 101056 |
| &nbsp;&nbsp;&nbsp; 75000 | MetroNet Infrastructure Issuer LLC, Series 2023-1A Class A2 6.56%, 04/20/2053 | &nbsp;&nbsp;&nbsp; 77036 |
| &nbsp;&nbsp;&nbsp; 215000 | Verizon Master Trust, Series 2024-3 Class A1A 5.34%, 04/22/2030 | &nbsp;&nbsp;&nbsp; 219345 |
| **Total Asset-Backed Securities (Cost $553,699)** | **Total Asset-Backed Securities (Cost $553,699)** | &nbsp;&nbsp;&nbsp; **558523** |
| **Collateralized Mortgage-Backed Securities — 6.6%** | **Collateralized Mortgage-Backed Securities — 6.6%** |  |
| &nbsp;&nbsp;&nbsp; 50000 | BANK Series 2024-BNK47, Class C 6.61%, 06/15/2057 | &nbsp;&nbsp;&nbsp; 51832 |
| &nbsp;&nbsp;&nbsp; 140000 | BANK Series 2019-BN22, Class B 3.41%, 11/15/2062 | &nbsp;&nbsp;&nbsp; 124908 |
| &nbsp;&nbsp;&nbsp; 100000 | BANK Series 2019-BN22, Class A4 2.98%, 11/15/2062 | &nbsp;&nbsp;&nbsp; 91933 |
| &nbsp;&nbsp;&nbsp; 260000 | BANK5 Series 2023-5YR1, Class D 4.00%, 04/15/2056 | &nbsp;&nbsp;&nbsp; 230255 |
| &nbsp;&nbsp;&nbsp; 218641 | BBCMS Mortgage Trust, Series 2024-C24 Class A1 5.23%, 02/15/2057 | &nbsp;&nbsp;&nbsp; 220188 |
| &nbsp;&nbsp;&nbsp; 200000 | BBCMS Mortgage Trust, Series 2024-5C29 Class A2 4.74%, 09/15/2057 | &nbsp;&nbsp;&nbsp; 199119 |
| &nbsp;&nbsp;&nbsp; 65000 | Benchmark Mortgage Trust, Series 2020-B20 Class B 2.53%, 10/15/2053 | &nbsp;&nbsp;&nbsp; 49548 |
| &nbsp;&nbsp;&nbsp; 100000 | Benchmark Mortgage Trust, Series 2024-V7 Class AS 6.53%, 05/15/2056 | &nbsp;&nbsp;&nbsp; 104424 |
| &nbsp;&nbsp;&nbsp; 127000 | Benchmark Mortgage Trust, Series 2024-V7 Class A3 6.23%, 05/15/2056 | &nbsp;&nbsp;&nbsp; 133099 |
| &nbsp;&nbsp;&nbsp; 240000 | Benchmark Mortgage Trust, Series 2024-V5 Class B 6.06%, 01/10/2057 | &nbsp;&nbsp;&nbsp; 244199 |
| &nbsp;&nbsp;&nbsp; 100000 | Benchmark Mortgage Trust, Series 2024-V6 Class AS 6.38%, 03/15/2057 | &nbsp;&nbsp;&nbsp; 103608 |
| &nbsp;&nbsp;&nbsp; 100000 | BMO Mortgage Trust, Series 2024-C9 Class A2 6.54%, 07/15/2057 | &nbsp;&nbsp;&nbsp; 104280 |
| &nbsp;&nbsp;&nbsp; 100000 | CCUBS Commercial Mortgage Trust, Series 2017-C1 Class A3 3.28%, 11/15/2050 | &nbsp;&nbsp;&nbsp; 95887 |
| &nbsp;&nbsp;&nbsp; 135000 | CSAIL Commercial Mortgage Trust, Series 2018-C14 Class A4 4.42%, 11/15/2051 | &nbsp;&nbsp;&nbsp; 131182 |

---

*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, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| &nbsp;&nbsp;&nbsp; 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series KG02 Class A2 2.41%, 08/25/2029 | &nbsp;&nbsp;&nbsp; 92609 |
| &nbsp;&nbsp;&nbsp; 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, Series K-158 Class A2 4.05%, 07/25/2033 | &nbsp;&nbsp;&nbsp; 96538 |
| &nbsp;&nbsp;&nbsp; 13097 | JPMBB Commercial Mortgage Securities Trust, Series 2014-C25 Class A5 3.67%, 11/15/2047 | &nbsp;&nbsp;&nbsp; 12770 |
| &nbsp;&nbsp;&nbsp; 145000 | MED Commercial Mortgage Trust, Series 2024-MOB Class A 5.91%, 05/15/2041 | &nbsp;&nbsp;&nbsp; 143187 |
| &nbsp;&nbsp;&nbsp; 100000 | Morgan Stanley Capital I Trust, Series 2019-L2 Class A4 4.07%, 03/15/2052 | &nbsp;&nbsp;&nbsp; 96661 |
| &nbsp;&nbsp;&nbsp; 110000 | Wells Fargo Commercial Mortgage Trust, Series 2016-C34 Class A4 3.10%, 06/15/2049 | &nbsp;&nbsp;&nbsp; 107343 |
| **Total Collateralized Mortgage-Backed Securities <br>(Cost $2,422,309)** | **Total Collateralized Mortgage-Backed Securities <br>(Cost $2,422,309)** | &nbsp;&nbsp;&nbsp; **2433570** |
| &nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — 6.8%** | &nbsp;&nbsp;&nbsp; **Collateralized Mortgage Obligations — 6.8%** |  |
| &nbsp;&nbsp;&nbsp; 171430 | Angel Oak Mortgage Trust, Series 2021-7 Class A1 1.98%, 10/25/2066 | &nbsp;&nbsp;&nbsp; 147695 |
| &nbsp;&nbsp;&nbsp; 139603 | BRAVO Residential Funding Trust, Series 2024-NQM4 Class A1A 4.35%, 01/25/2060 | &nbsp;&nbsp;&nbsp; 136668 |
| &nbsp;&nbsp;&nbsp; 19924 | COLT Mortgage Loan Trust, Series 2020-2R Class A1 1.33%, 10/26/2065 | &nbsp;&nbsp;&nbsp; 18232 |
| &nbsp;&nbsp;&nbsp; 96785 | COLT Mortgage Loan Trust, Series 2021-HX1 Class A1 1.11%, 10/25/2066 | &nbsp;&nbsp;&nbsp; 83161 |
| &nbsp;&nbsp;&nbsp; 72488 | Flagstar Mortgage Trust, Series 2021-4 Class A5 2.50%, 06/01/2051<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 64022 |
| &nbsp;&nbsp;&nbsp; 126672 | GCAT Trust, Series 2021-NQM5 Class A1 1.26%, 07/25/2066 | &nbsp;&nbsp;&nbsp; 105294 |
| &nbsp;&nbsp;&nbsp; 104320 | GS Mortgage-Backed Securities Trust, Series 2021-PJ8 Class A8 2.50%, 01/25/2052 | &nbsp;&nbsp;&nbsp; 92847 |
| &nbsp;&nbsp;&nbsp; 191705 | JPMorgan Mortgage Trust, Series 2021-4 Class A11 5.00%, 08/25/2051 | &nbsp;&nbsp;&nbsp; 177672 |
| &nbsp;&nbsp;&nbsp; 268802 | JPMorgan Mortgage Trust, Series 2021-10 Class A11 5.00%, 12/25/2051 | &nbsp;&nbsp;&nbsp; 252288 |
| &nbsp;&nbsp;&nbsp; 339233 | JPMorgan Mortgage Trust, Series 2024-INV1 Class A3 5.50%, 04/25/2055 | &nbsp;&nbsp;&nbsp; 336710 |
| &nbsp;&nbsp;&nbsp; 116046 | Mello Mortgage Capital Acceptance, Series 2021-INV2 Class A4 2.50%, 08/25/2051 | &nbsp;&nbsp;&nbsp; 102145 |

---

*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, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| &nbsp;&nbsp;&nbsp; 142561 | New Residential Mortgage Loan Trust, Series 2021-INV2 Class A11 5.00%, 09/25/2051 | &nbsp;&nbsp;&nbsp; 133374 |
| &nbsp;&nbsp;&nbsp; 270058 | PRKCM Trust, Series 2021-AFC2 Class A1 2.07%, 11/25/2056 | &nbsp;&nbsp;&nbsp; 235285 |
| &nbsp;&nbsp;&nbsp; 70835 | PRMI Securitization Trust, Series 2021-1 Class A3B 2.00%, 04/25/2051 | &nbsp;&nbsp;&nbsp; 61095 |
| &nbsp;&nbsp;&nbsp; 87437 | TRK Trust, Series 2021-INV2 Class A1 1.97%, 11/25/2056 | &nbsp;&nbsp;&nbsp; 76694 |
| &nbsp;&nbsp;&nbsp; 235652 | Wells Fargo Mortgage Backed Securities Trust, Series 2021-1 Class B2 2.70%, 12/25/2050 | &nbsp;&nbsp;&nbsp; 201735 |
| &nbsp;&nbsp;&nbsp; 122132 | Wells Fargo Mortgage Backed Securities Trust, Series 2021-2 Class A3 2.50%, 06/25/2051<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 107974 |
| &nbsp;&nbsp;&nbsp; 78735 | Wells Fargo Mortgage Backed Securities Trust, Series 2022-2 Class A2 2.50%, 12/25/2051 | &nbsp;&nbsp;&nbsp; 64280 |
| &nbsp;&nbsp;&nbsp; 137371 | Wells Fargo Mortgage Backed Securities Trust, Series 2022-INV1 Class A4 3.00%, 03/25/2052 | &nbsp;&nbsp;&nbsp; 123776 |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations <br>(Cost $2,504,892)** | &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations <br>(Cost $2,504,892)** | &nbsp;&nbsp;&nbsp; **2520947** |
| **Corporate Bonds — 19.9%** | **Corporate Bonds — 19.9%** |  |
| &nbsp;&nbsp;&nbsp; 291000 | Appalachian Power Co. 5.65%, 04/01/2034 | &nbsp;&nbsp;&nbsp; 295023 |
| &nbsp;&nbsp;&nbsp; 298000 | Bank of America Corp. 5.47%, 01/23/2035 | &nbsp;&nbsp;&nbsp; 302339 |
| &nbsp;&nbsp;&nbsp; 286000 | Boeing Co. (The) 6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp; 297180 |
| &nbsp;&nbsp;&nbsp; 300000 | Citigroup, Inc. 4.91%, 05/24/2033 | &nbsp;&nbsp;&nbsp; 294179 |
| &nbsp;&nbsp;&nbsp; 289000 | Dell International LLC/EMC Corp. 5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp; 291239 |
| &nbsp;&nbsp;&nbsp; 288000 | Eastman Chemical Co. 5.63%, 02/20/2034 | &nbsp;&nbsp;&nbsp; 291025 |
| &nbsp;&nbsp;&nbsp; 306000 | EQT Corp. 5.75%, 02/01/2034 | &nbsp;&nbsp;&nbsp; 311969 |
| &nbsp;&nbsp;&nbsp; 287000 | General Motors Financial Co., Inc. 6.10%, 01/07/2034 | &nbsp;&nbsp;&nbsp; 288165 |
| &nbsp;&nbsp;&nbsp; 336000 | Goldman Sachs Group, Inc. (The) 4.41%, 04/23/2039 | &nbsp;&nbsp;&nbsp; 298955 |
| &nbsp;&nbsp;&nbsp; 365000 | GXO Logistics, Inc. 2.65%, 07/15/2031 | &nbsp;&nbsp;&nbsp; 311557 |
| &nbsp;&nbsp;&nbsp; 289000 | HCA, Inc. 5.60%, 04/01/2034 | &nbsp;&nbsp;&nbsp; 290602 |
| &nbsp;&nbsp;&nbsp; 251000 | Intel Corp. 5.15%, 02/21/2034 | &nbsp;&nbsp;&nbsp; 246495 |

---

*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, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| &nbsp;&nbsp;&nbsp; 285000 | Interstate Power and Light Co. 5.70%, 10/15/2033 | &nbsp;&nbsp;&nbsp; 292879 |
| &nbsp;&nbsp;&nbsp; 424000 | JPMorgan Chase & Co. 3.11%, 04/22/2041 | &nbsp;&nbsp;&nbsp; 320185 |
| &nbsp;&nbsp;&nbsp; 300000 | Kinder Morgan, Inc. 5.30%, 12/01/2034 | &nbsp;&nbsp;&nbsp; 296083 |
| &nbsp;&nbsp;&nbsp; 296000 | Morgan Stanley 5.47%, 01/18/2035 | &nbsp;&nbsp;&nbsp; 299500 |
| &nbsp;&nbsp;&nbsp; 285000 | Ovintiv, Inc. 6.25%, 07/15/2033 | &nbsp;&nbsp;&nbsp; 294377 |
| &nbsp;&nbsp;&nbsp; 281000 | Patterson-UTI Energy, Inc. 7.15%, 10/01/2033 | &nbsp;&nbsp;&nbsp; 296103 |
| &nbsp;&nbsp;&nbsp; 290000 | Philip Morris International, Inc. 5.25%, 02/13/2034 | &nbsp;&nbsp;&nbsp; 292721 |
| &nbsp;&nbsp;&nbsp; 324000 | Pilgrim's Pride Corp. 4.25%, 04/15/2031 | &nbsp;&nbsp;&nbsp; 304288 |
| &nbsp;&nbsp;&nbsp; 289000 | Radian Group, Inc. 6.20%, 05/15/2029 | &nbsp;&nbsp;&nbsp; 298086 |
| &nbsp;&nbsp;&nbsp; 291000 | State Street Corp. 5.16%, 05/18/2034 | &nbsp;&nbsp;&nbsp; 292693 |
| &nbsp;&nbsp;&nbsp; 288000 | Tyson Foods, Inc. 5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp; 295106 |
| &nbsp;&nbsp;&nbsp; 289000 | U.S. Bancorp 5.68%, 01/23/2035 | &nbsp;&nbsp;&nbsp; 295445 |
| &nbsp;&nbsp;&nbsp; 302000 | Wells Fargo & Co. 5.61%, 01/15/2044 | &nbsp;&nbsp;&nbsp; 289101 |
| **Total Corporate Bonds (Cost $7,347,450)** | **Total Corporate Bonds (Cost $7,347,450)** | &nbsp;&nbsp;&nbsp; **7385295** |
| **Exchange-Traded Fund — 4.9%** | **Exchange-Traded Fund — 4.9%** |  |
| &nbsp;&nbsp;&nbsp; 76874 | Rareview Dynamic Fixed Income ETF<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; 1819223 |
| **Total Exchange-Traded Fund (Cost $1,789,034)** | **Total Exchange-Traded Fund (Cost $1,789,034)** | &nbsp;&nbsp;&nbsp; **1819223** |
| **Municipal Bonds — 0.9%** | **Municipal Bonds — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; 30000 | City of Dallas (GO) 5.61%, 02/15/2030 | &nbsp;&nbsp;&nbsp; 31122 |
| &nbsp;&nbsp;&nbsp; 70000 | County of Miami-Dade Transit System (RB) Series B 5.53%, 07/01/2032 | &nbsp;&nbsp;&nbsp; 71068 |
| &nbsp;&nbsp;&nbsp; 55000 | Metropolitan Transportation Authority (RB) 6.65%, 11/15/2039 | &nbsp;&nbsp;&nbsp; 59464 |
| &nbsp;&nbsp;&nbsp; 30000 | New York City Municipal Water Finance Authority (RB) 5.88%, 06/15/2044 | &nbsp;&nbsp;&nbsp; 31016 |
| &nbsp;&nbsp;&nbsp; 60000 | State of California (GO) 7.55%, 04/01/2039 | &nbsp;&nbsp;&nbsp; 72575 |
| &nbsp;&nbsp;&nbsp; 75294 | State of Illinois (GO) 5.10%, 06/01/2033 | &nbsp;&nbsp;&nbsp; 75149 |
| **Total Municipal Bonds (Cost $338,614)** | **Total Municipal Bonds (Cost $338,614)** | &nbsp;&nbsp;&nbsp; **340394** |
| **Preferred Stock — 0.2%** | **Preferred Stock — 0.2%** |  |
| **Financials — 0.2%** | **Financials — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; 3122 | Rithm Capital Corp. | &nbsp;&nbsp;&nbsp; 75396 |
| **Total Preferred Stock (Cost $74,329)** | **Total Preferred Stock (Cost $74,329)** | &nbsp;&nbsp;&nbsp; **75396** |

---

*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, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Treasury Bill — 7.6%** | **Treasury Bill — 7.6%** |  |
| &nbsp;&nbsp;&nbsp; 2851000 | United States Treasury Bill ,4.17%, 6/12/2025<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; 2827109 |
| **Total Treasury Bill (Cost $2,827,139)** | **Total Treasury Bill (Cost $2,827,139)** | &nbsp;&nbsp;&nbsp; **2827109** |
| **Treasury Notes — 17.0%** | **Treasury Notes — 17.0%** |  |
| &nbsp;&nbsp;&nbsp; 666000 | United States Treasury Note/Bond 4.25%, 12/31/2026 | &nbsp;&nbsp;&nbsp; 669434 |
| &nbsp;&nbsp;&nbsp; 282000 | United States Treasury Note/Bond 4.25%, 02/15/2028 | &nbsp;&nbsp;&nbsp; 284776 |
| &nbsp;&nbsp;&nbsp; 2027000 | United States Treasury Note/Bond 4.00%, 02/28/2030 | &nbsp;&nbsp;&nbsp; 2031592 |
| &nbsp;&nbsp;&nbsp; 1386000 | United States Treasury Note/Bond 4.13%, 02/29/2032 | &nbsp;&nbsp;&nbsp; 1389682 |
| &nbsp;&nbsp;&nbsp; 1443000 | United States Treasury Note/Bond 4.63%, 02/15/2035 | &nbsp;&nbsp;&nbsp; 1490799 |
| &nbsp;&nbsp;&nbsp; 462000 | United States Treasury Note/Bond 4.25%, 02/15/2054 | &nbsp;&nbsp;&nbsp; 435291 |
| **Total Treasury Notes (Cost $6,273,430)** | **Total Treasury Notes (Cost $6,273,430)** | &nbsp;&nbsp;&nbsp; **6301574** |
| **U.S. Government Agency Mortgages — 34.9%** | **U.S. Government Agency Mortgages — 34.9%** |  |
| &nbsp;&nbsp;&nbsp; 105000 | Federal Home Loan Banks 5.15%, 11/26/2027 | &nbsp;&nbsp;&nbsp; 105152 |
| &nbsp;&nbsp;&nbsp; 100000 | Federal Home Loan Banks 5.75%, 02/25/2037 | &nbsp;&nbsp;&nbsp; 99925 |
| &nbsp;&nbsp;&nbsp; 167639 | Federal Home Loan Mortgage Corporation 3.00%, 02/01/2050 | &nbsp;&nbsp;&nbsp; 149928 |
| &nbsp;&nbsp;&nbsp; 348730 | Federal Home Loan Mortgage Corporation 2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp; 290226 |
| &nbsp;&nbsp;&nbsp; 413510 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp; 344139 |
| &nbsp;&nbsp;&nbsp; 446404 | Federal Home Loan Mortgage Corporation 2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp; 355751 |
| &nbsp;&nbsp;&nbsp; 126159 | Federal Home Loan Mortgage Corporation 2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp; 105259 |
| &nbsp;&nbsp;&nbsp; 489993 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 408707 |
| &nbsp;&nbsp;&nbsp; 649443 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 540623 |
| &nbsp;&nbsp;&nbsp; 784551 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 680622 |

---

*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, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| &nbsp;&nbsp;&nbsp; 409101 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 355354 |
| &nbsp;&nbsp;&nbsp; 430087 | Federal Home Loan Mortgage Corporation 2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 362779 |
| &nbsp;&nbsp;&nbsp; 383610 | Federal Home Loan Mortgage Corporation 3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 332793 |
| &nbsp;&nbsp;&nbsp; 467959 | Federal Home Loan Mortgage Corporation 3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp; 422356 |
| &nbsp;&nbsp;&nbsp; 635119 | Federal Home Loan Mortgage Corporation 4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp; 592670 |
| &nbsp;&nbsp;&nbsp; 311509 | Federal Home Loan Mortgage Corporation 2.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp; 259538 |
| &nbsp;&nbsp;&nbsp; 671616 | Federal Home Loan Mortgage Corporation 3.00%, 09/01/2052 | &nbsp;&nbsp;&nbsp; 582439 |
| &nbsp;&nbsp;&nbsp; 384979 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp; 320469 |
| &nbsp;&nbsp;&nbsp; 467397 | Federal Home Loan Mortgage Corporation 3.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp; 421849 |
| &nbsp;&nbsp;&nbsp; 92563 | Federal National Mortgage Association 3.03%, 12/01/2025 | &nbsp;&nbsp;&nbsp; 91511 |
| &nbsp;&nbsp;&nbsp; 261016 | Federal National Mortgage Association 2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp; 217174 |
| &nbsp;&nbsp;&nbsp; 87035 | Federal National Mortgage Association 2.50%, 12/01/2051 | &nbsp;&nbsp;&nbsp; 72434 |
| &nbsp;&nbsp;&nbsp; 86524 | Federal National Mortgage Association 2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp; 71991 |
| &nbsp;&nbsp;&nbsp; 242186 | Federal National Mortgage Association 2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp; 192597 |
| &nbsp;&nbsp;&nbsp; 520222 | Federal National Mortgage Association 3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 451107 |
| &nbsp;&nbsp;&nbsp; 421087 | Federal National Mortgage Association 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 350792 |
| &nbsp;&nbsp;&nbsp; 480782 | Federal National Mortgage Association 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 400420 |
| &nbsp;&nbsp;&nbsp; 161446 | Federal National Mortgage Association 3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 141195 |
| &nbsp;&nbsp;&nbsp; 212077 | Federal National Mortgage Association 2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 176456 |
| &nbsp;&nbsp;&nbsp; 324548 | Federal National Mortgage Association 2.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 270036 |
| &nbsp;&nbsp;&nbsp; 455962 | Federal National Mortgage Association 4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 425624 |

---

*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, 2025 (Unaudited)

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| &nbsp;&nbsp;&nbsp; 630121 | Federal National Mortgage Association 3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 546405 |
| &nbsp;&nbsp;&nbsp; 44010 | Federal National Mortgage Association 3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 38163 |
| &nbsp;&nbsp;&nbsp; 454757 | Federal National Mortgage Association 2.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 380755 |
| &nbsp;&nbsp;&nbsp; 427674 | Federal National Mortgage Association 3.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp; 385998 |
| &nbsp;&nbsp;&nbsp; 396107 | Federal National Mortgage Association 3.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp; 357753 |
| &nbsp;&nbsp;&nbsp; 521589 | Federal National Mortgage Association 3.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp; 452292 |
| &nbsp;&nbsp;&nbsp; 363684 | Federal National Mortgage Association 3.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp; 328243 |
| &nbsp;&nbsp;&nbsp; 247000 | Federal National Mortgage Association 5.00%, 04/25/2055 | &nbsp;&nbsp;&nbsp; 242072 |
| &nbsp;&nbsp;&nbsp; 635000 | Federal National Mortgage Association 4.50%, 04/25/2055 | &nbsp;&nbsp;&nbsp; 607357 |
| **Total U.S. Government Agency Mortgages <br>(Cost $12,897,068)** | **Total U.S. Government Agency Mortgages <br>(Cost $12,897,068)** | &nbsp;&nbsp;&nbsp; **12930954** |
| **Yankee Dollar — 0.8%** | **Yankee Dollar — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; 275000 | ArcelorMittal SA , 6.80%, 11/29/2032 | &nbsp;&nbsp;&nbsp; 295993 |
| **Total Yankee Dollar (Cost $293,252)** | **Total Yankee Dollar (Cost $293,252)** | &nbsp;&nbsp;&nbsp; **295993** |
| **Total Investments — 101.1% (Cost $37,321,216)** | **Total Investments — 101.1% (Cost $37,321,216)** | &nbsp;&nbsp;&nbsp; **37488978** |
| **Other Assets in Excess of Liabilities — (1.1%)** | **Other Assets in Excess of Liabilities — (1.1%)** | &nbsp;&nbsp;&nbsp; **(448501)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **37040477** |

---

(a) 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, 2025 was $171,996 which represented 0.46% of the net assets of the Fund.

(b) Affiliated security. See Note 3.

(c) The rate represents the effective yield at March 31, 2025.

ETF — Exchange-Traded Fund

GO — General Obligation

RB — Revenue Bond

*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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Dynamic Fixed Income ETF** | **Rareview Tax Advantaged Income ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $53,673,561 and $19,216,228) | &nbsp;&nbsp;&nbsp; $54144872 | &nbsp;&nbsp;&nbsp; $18626860 |
| &nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp; 142751 | &nbsp;&nbsp;&nbsp; 220556 |
| &nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | &nbsp;&nbsp;&nbsp; 985610 | &nbsp;&nbsp;&nbsp; 73459 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 280421 | &nbsp;&nbsp;&nbsp; 76293 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 2391 | &nbsp;&nbsp;&nbsp; 2299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 55556045 | &nbsp;&nbsp;&nbsp; 18999467 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value (Cost $3,469 and —) | &nbsp;&nbsp;&nbsp; 3469 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Written options at value (Premiums received $251,182 and —) | &nbsp;&nbsp;&nbsp; 366625 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Payable due to Advisor | &nbsp;&nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 45827 | &nbsp;&nbsp;&nbsp; 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 7888 | &nbsp;&nbsp;&nbsp; 2796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 9305 | &nbsp;&nbsp;&nbsp; 7943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 11064 | &nbsp;&nbsp;&nbsp; 7068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1577 | &nbsp;&nbsp;&nbsp; 1589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 446866 | &nbsp;&nbsp;&nbsp; 25593 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $55109179 | &nbsp;&nbsp;&nbsp; $18973874 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $63643887 | &nbsp;&nbsp;&nbsp; $23790655 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp; (8534708) | &nbsp;&nbsp;&nbsp; (4816781) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $55109179 | &nbsp;&nbsp;&nbsp; $18973874 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $55109179 | &nbsp;&nbsp;&nbsp; $18973874 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, <br>no par value):** | &nbsp;&nbsp;&nbsp; 2330000 | &nbsp;&nbsp;&nbsp; 895000 |
| **Net Asset Value (offering and redemption <br>price per share):** | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp; $21.20 |

---

*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, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview <br>Total Return <br>Bond ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $75,507,674 and $35,532,182) | &nbsp;&nbsp;&nbsp; $80054952 | &nbsp;&nbsp;&nbsp; $35669755 |
| &nbsp;&nbsp;&nbsp; Affiliated Investments, at value (Cost $─ and $1,789,034) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1819223 |
| &nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp; 483978 | &nbsp;&nbsp;&nbsp; 194116 |
| &nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | &nbsp;&nbsp;&nbsp; 7911236 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 2061173 | &nbsp;&nbsp;&nbsp; 212922 |
| &nbsp;&nbsp;&nbsp; Receivable due from Advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2211 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 47074 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 3050 | &nbsp;&nbsp;&nbsp; 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 90561463 | &nbsp;&nbsp;&nbsp; 37901568 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 841010 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp; 33840550 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 43092 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 8329 | &nbsp;&nbsp;&nbsp; 5224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 8733 | &nbsp;&nbsp;&nbsp; 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp; 6767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 2395 | &nbsp;&nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp; 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 33907046 | &nbsp;&nbsp;&nbsp; 861091 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $56654417 | &nbsp;&nbsp;&nbsp; $37040477 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $53877066 | &nbsp;&nbsp;&nbsp; $36962787 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp; 2777351 | &nbsp;&nbsp;&nbsp; 77690 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $56654417 | &nbsp;&nbsp;&nbsp; $37040477 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $56654417 | &nbsp;&nbsp;&nbsp; $37040477 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized,<br> no par value):** | &nbsp;&nbsp;&nbsp; 2055000 | &nbsp;&nbsp;&nbsp; 1480000 |
| **Net Asset Value (offering and redemption <br>price per share):** | &nbsp;&nbsp;&nbsp; $27.57 | &nbsp;&nbsp;&nbsp; $25.03 |

---

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

Semi-Annual Financial Statements and Other Information \| 17

Statements of OperationsFor the period ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Dynamic Fixed Income ETF** | **Rareview Tax Advantaged Income ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income | &nbsp;&nbsp;&nbsp; $2390257 | &nbsp;&nbsp;&nbsp; $714824 |
| &nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp; 10865 | &nbsp;&nbsp;&nbsp; 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 2401122 | &nbsp;&nbsp;&nbsp; 715799 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 271293 | &nbsp;&nbsp;&nbsp; 74710 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 46635 | &nbsp;&nbsp;&nbsp; 16934 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 4488 | &nbsp;&nbsp;&nbsp; 4488 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 1700 | &nbsp;&nbsp;&nbsp; 474 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 50086 | &nbsp;&nbsp;&nbsp; 49465 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 14197 | &nbsp;&nbsp;&nbsp; 14772 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 7729 | &nbsp;&nbsp;&nbsp; 3282 |
| &nbsp;&nbsp;&nbsp; Previously waived fees recovered by Advisor<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 5038 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp; 600 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 4377 | &nbsp;&nbsp;&nbsp; 2389 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 6885 | &nbsp;&nbsp;&nbsp; 5101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 419553 | &nbsp;&nbsp;&nbsp; 179215 |
| Expenses contractually waived and/or reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (54772) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 419553 | &nbsp;&nbsp;&nbsp; 124443 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 1981569 | &nbsp;&nbsp;&nbsp; 591356 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; 356472 | &nbsp;&nbsp;&nbsp; 186008 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 106858 | &nbsp;&nbsp;&nbsp; 33040 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | &nbsp;&nbsp;&nbsp; 99164 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | &nbsp;&nbsp;&nbsp; (342547) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (3004846) | &nbsp;&nbsp;&nbsp; (1624352) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp; 53860 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on written options | &nbsp;&nbsp;&nbsp; (115443) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; (2846482) | &nbsp;&nbsp;&nbsp; (1405304) |
| **Change in Net Assets Resulting <br>From Operations** | &nbsp;&nbsp;&nbsp; $(864913) | &nbsp;&nbsp;&nbsp; $(813948) |

---

(a) See Note 3.

*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 period ended March 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview <br>Total Return <br>Bond ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income | &nbsp;&nbsp;&nbsp; $822087 | &nbsp;&nbsp;&nbsp; $31513 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58743 |
| &nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp; 82582 | &nbsp;&nbsp;&nbsp; 626636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 904669 | &nbsp;&nbsp;&nbsp; 716892 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 329331 | &nbsp;&nbsp;&nbsp; 96177 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 49394 | &nbsp;&nbsp;&nbsp; 24403 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 4488 | &nbsp;&nbsp;&nbsp; 4491 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; 2152 |
| &nbsp;&nbsp;&nbsp; Offering cost | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 50902 | &nbsp;&nbsp;&nbsp; 24181 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 14683 | &nbsp;&nbsp;&nbsp; 13706 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 3959 | &nbsp;&nbsp;&nbsp; 4012 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 4796 | &nbsp;&nbsp;&nbsp; 2433 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 6004 | &nbsp;&nbsp;&nbsp; 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 472769 | &nbsp;&nbsp;&nbsp; 183732 |
| Expenses contractually waived and/or reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; (68649) | &nbsp;&nbsp;&nbsp; (76701) |
| Expenses voluntarily waived by the Advisor<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (10620) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 404120 | &nbsp;&nbsp;&nbsp; 96411 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 500549 | &nbsp;&nbsp;&nbsp; 620481 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; 46279 | &nbsp;&nbsp;&nbsp; (164063) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 863164 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | &nbsp;&nbsp;&nbsp; (289234) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (3355093) | &nbsp;&nbsp;&nbsp; (450549) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on affiliated funds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (85167) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp; (870963) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; (3605847) | &nbsp;&nbsp;&nbsp; (699779) |
| **Change in Net Assets Resulting <br>From Operations** | &nbsp;&nbsp;&nbsp; $(3105298) | &nbsp;&nbsp;&nbsp; $(79298) |

---

(a) See Note 3.

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

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<br>ended<br>March 31, <br>2025 (Unaudited)** | **Year ended<br>September 30, 2024** | **Six months<br>ended<br>March 31, <br>2025 (Unaudited)** | **Year ended<br>September 30, 2024** |
| **From Investment Activities:** | **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $1981569 | &nbsp;&nbsp;&nbsp; $2030100 | &nbsp;&nbsp;&nbsp; $591356 | &nbsp;&nbsp;&nbsp; $859484 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, in-kind, futures, and written options transactions | &nbsp;&nbsp;&nbsp; 219947 | &nbsp;&nbsp;&nbsp; 228820 | &nbsp;&nbsp;&nbsp; 219048 | &nbsp;&nbsp;&nbsp; (467065) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, futures, and written options | &nbsp;&nbsp;&nbsp; (3066429) | &nbsp;&nbsp;&nbsp; 8188721 | &nbsp;&nbsp;&nbsp; (1624352) | &nbsp;&nbsp;&nbsp; 4846988 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (864913) | &nbsp;&nbsp;&nbsp; 10447641 | &nbsp;&nbsp;&nbsp; (813948) | &nbsp;&nbsp;&nbsp; 5239407 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (2293932) | &nbsp;&nbsp;&nbsp; (2881171) | &nbsp;&nbsp;&nbsp; (596551) | &nbsp;&nbsp;&nbsp; (868991) |
| &nbsp;&nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (367876) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (2293932) | &nbsp;&nbsp;&nbsp; (3249047) | &nbsp;&nbsp;&nbsp; (596551) | &nbsp;&nbsp;&nbsp; (868991) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6280790 | &nbsp;&nbsp;&nbsp; 16349958 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 226779 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2127761) | &nbsp;&nbsp;&nbsp; (5882324) | &nbsp;&nbsp;&nbsp; (641513) | &nbsp;&nbsp;&nbsp; (2495494) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 4153029 | &nbsp;&nbsp;&nbsp; 10467634 | &nbsp;&nbsp;&nbsp; (641513) | &nbsp;&nbsp;&nbsp; (2268715) |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; 994184 | &nbsp;&nbsp;&nbsp; 17666228 | &nbsp;&nbsp;&nbsp; (2052012) | &nbsp;&nbsp;&nbsp; 2101701 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 54114995 | &nbsp;&nbsp;&nbsp; 36448767 | &nbsp;&nbsp;&nbsp; 21025886 | &nbsp;&nbsp;&nbsp; 18924185 |
| End of period | &nbsp;&nbsp;&nbsp; $55109179 | &nbsp;&nbsp;&nbsp; $54114995 | &nbsp;&nbsp;&nbsp; $18973874 | &nbsp;&nbsp;&nbsp; $21025886 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (90000) | &nbsp;&nbsp;&nbsp; (260000) | &nbsp;&nbsp;&nbsp; (30000) | &nbsp;&nbsp;&nbsp; (130000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; (30000) | &nbsp;&nbsp;&nbsp; (120000) |

---

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

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 <br>Return Bond ETF** | **Rareview Total <br>Return Bond ETF** |
|  | **Six months<br>ended<br>March 31, <br>2025 (Unaudited)** | **Year ended<br>September 30, 2024** | **Six months<br>ended<br>March 31, <br>2025 (Unaudited)** | **For the period<br>May 31, 2024<sup>(a)</sup>** **<br>through<br>September 30, 2024** |
| **From Investment Activities:** | **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $500549 | &nbsp;&nbsp;&nbsp; $564069 | &nbsp;&nbsp;&nbsp; $620481 | &nbsp;&nbsp;&nbsp; $288405 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, in-kind, and futures transactions | &nbsp;&nbsp;&nbsp; 620209 | &nbsp;&nbsp;&nbsp; 3539197 | &nbsp;&nbsp;&nbsp; (164063) | &nbsp;&nbsp;&nbsp; 147265 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, affiliated funds, and futures | &nbsp;&nbsp;&nbsp; (4226056) | &nbsp;&nbsp;&nbsp; 7992594 | &nbsp;&nbsp;&nbsp; (535716) | &nbsp;&nbsp;&nbsp; 703478 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; (3105298) | &nbsp;&nbsp;&nbsp; 12095860 | &nbsp;&nbsp;&nbsp; (79298) | &nbsp;&nbsp;&nbsp; 1139148 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (4665506) | &nbsp;&nbsp;&nbsp; (536486) | &nbsp;&nbsp;&nbsp; (793181) | &nbsp;&nbsp;&nbsp; (188979) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (4665506) | &nbsp;&nbsp;&nbsp; (536486) | &nbsp;&nbsp;&nbsp; (793181) | &nbsp;&nbsp;&nbsp; (188979) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8873221 | &nbsp;&nbsp;&nbsp; 19080776 | &nbsp;&nbsp;&nbsp; 13644812 | &nbsp;&nbsp;&nbsp; 23306322 |
| &nbsp;&nbsp;&nbsp; Variable transaction fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11653 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4046974) | &nbsp;&nbsp;&nbsp; (5586112) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 4826247 | &nbsp;&nbsp;&nbsp; 13494664 | &nbsp;&nbsp;&nbsp; 13644812 | &nbsp;&nbsp;&nbsp; 23317975 |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; (2944557) | &nbsp;&nbsp;&nbsp; 25054038 | &nbsp;&nbsp;&nbsp; 12772333 | &nbsp;&nbsp;&nbsp; 24268144 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 59598974 | &nbsp;&nbsp;&nbsp; 34544936 | &nbsp;&nbsp;&nbsp; 24268144 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $56654417 | &nbsp;&nbsp;&nbsp; $59598974 | &nbsp;&nbsp;&nbsp; $37040477 | &nbsp;&nbsp;&nbsp; $24268144 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 930000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (140000) | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 930000 |

---

(a) Commencement of operations.

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

Semi-Annual Financial Statements and Other Information \| 21

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rareview Dynamic Fixed Income ETF** | **Six months ended<br>March 31,<br>2025 (** **U** **naudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **Year ended<br>September 30, 2022** | **October 20, 2020(a)<br>through<br>September 30, 2021** |
| Net Asset Value, <br>Beginning of Period | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $21.07 | &nbsp;&nbsp;&nbsp; $21.93 | &nbsp;&nbsp;&nbsp; $29.46 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.85<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.18<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.06<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.93<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.21 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (1.27) | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; (6.54) | &nbsp;&nbsp;&nbsp;&nbsp;4.32 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp; (5.61) | &nbsp;&nbsp;&nbsp;&nbsp;5.53 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (1.35) | &nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp;&nbsp; (1.07) |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; — |
| Return of Capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp; (1.92) | &nbsp;&nbsp;&nbsp; (1.07) |
| Net Asset Value, <br>End of Period | &nbsp;&nbsp;&nbsp; $23.65 | &nbsp;&nbsp;&nbsp; $25.05 | &nbsp;&nbsp;&nbsp; $21.07 | &nbsp;&nbsp;&nbsp; $21.93 | &nbsp;&nbsp;&nbsp; $29.46 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $55109 | &nbsp;&nbsp;&nbsp; $54115 | &nbsp;&nbsp;&nbsp; $36449 | &nbsp;&nbsp;&nbsp; $38934 | &nbsp;&nbsp;&nbsp; $67764 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; (1.67)% | &nbsp;&nbsp;&nbsp;&nbsp;29.33% | &nbsp;&nbsp;&nbsp;&nbsp;2.59% | &nbsp;&nbsp;&nbsp; (20.10)% | &nbsp;&nbsp;&nbsp;&nbsp;22.35% |
| Ratio of Net Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Ratio of Gross Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | &nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;7.08% | &nbsp;&nbsp;&nbsp;&nbsp;5.17% | &nbsp;&nbsp;&nbsp;&nbsp;4.75% | &nbsp;&nbsp;&nbsp;&nbsp;3.57% | &nbsp;&nbsp;&nbsp;&nbsp;5.11% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp; 78% | &nbsp;&nbsp;&nbsp; 151% | &nbsp;&nbsp;&nbsp; 128% | &nbsp;&nbsp;&nbsp; 132% | &nbsp;&nbsp;&nbsp; 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.

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

Semi-Annual Financial Statements and Other Information \| 22

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Rareview Tax Advantaged Income ETF** | **Six months ended<br>March 31,<br>2025 (** **U** **naudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **Year ended<br>September 30, 2022** | **October 20, 2020<sup>(a)</sup>** **<br>through<br>September 30, 2021** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $22.73 | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $19.66 | &nbsp;&nbsp;&nbsp; $27.93 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;0.64<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.91<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.65<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.78<br> <sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp; (1.54) | &nbsp;&nbsp;&nbsp; (7.72) | &nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;5.54 | &nbsp;&nbsp;&nbsp; (0.89) | &nbsp;&nbsp;&nbsp; (6.94) | &nbsp;&nbsp;&nbsp;&nbsp;3.60 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; (0.76) | &nbsp;&nbsp;&nbsp; (0.67) |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp; (0.67) |
| Capital Shares Transaction Fees<br> (See Note 5 in Notes to Financial Statements) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $21.20 | &nbsp;&nbsp;&nbsp; $22.73 | &nbsp;&nbsp;&nbsp; $18.11 | &nbsp;&nbsp;&nbsp; $19.66 | &nbsp;&nbsp;&nbsp; $27.93 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $18974 | &nbsp;&nbsp;&nbsp; $21026 | &nbsp;&nbsp;&nbsp; $18924 | &nbsp;&nbsp;&nbsp; $15731 | &nbsp;&nbsp;&nbsp; $19552 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; (3.94)% | &nbsp;&nbsp;&nbsp;&nbsp;31.20% | &nbsp;&nbsp;&nbsp; (4.84)% | &nbsp;&nbsp;&nbsp; (25.86)% | &nbsp;&nbsp;&nbsp;&nbsp;14.49% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| Ratio of Gross Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;5.94% | &nbsp;&nbsp;&nbsp;&nbsp;4.37% | &nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp;&nbsp;2.94% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup>  | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 37% | &nbsp;&nbsp;&nbsp; 31<br> %<sup>(k)</sup>  | &nbsp;&nbsp;&nbsp; 65% | &nbsp;&nbsp;&nbsp; 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.

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

Semi-Annual Financial Statements and Other Information \| 23

Financial Highlights (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Rareview Systematic Equity ETF** | **Six months ended<br>March 31, 2025 (Unaudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **January 20, 2022<sup>(a)</sup>** **<br>through<br>September 30, 2022** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $31.45 | &nbsp;&nbsp;&nbsp; $24.76 | &nbsp;&nbsp;&nbsp; $24.54 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (1.74) | &nbsp;&nbsp;&nbsp;&nbsp;6.68<br> <sup>(c)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.57)<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp; (0.46) |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp; (2.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (2.39) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $27.57 | &nbsp;&nbsp;&nbsp; $31.45 | &nbsp;&nbsp;&nbsp; $24.76 | &nbsp;&nbsp;&nbsp; $24.54 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $56654 | &nbsp;&nbsp;&nbsp; $59599 | &nbsp;&nbsp;&nbsp; $34545 | &nbsp;&nbsp;&nbsp; $25152 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp; (5.32)% | &nbsp;&nbsp;&nbsp;&nbsp;28.51% | &nbsp;&nbsp;&nbsp;&nbsp;3.20% | &nbsp;&nbsp;&nbsp; (1.85)% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp; 1.23%<br> <sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Ratio of Gross Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% | &nbsp;&nbsp;&nbsp;&nbsp;1.69<br> %<sup>(j)</sup>  |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(k)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| Portfolio Turnover<sup>(e)</sup><sup>(l)</sup>  | &nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp; 126% | &nbsp;&nbsp;&nbsp; 124% | &nbsp;&nbsp;&nbsp; 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, 2023.

(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, 2023.

(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.

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

Semi-Annual Financial Statements and Other Information \| 24

Financial Highlights (continued)

---

| | | |
|:---|:---|:---|
| **Rareview Total Return Bond ETF** | **Six months ended<br>March 31, 2025 (Unaudited)** | **May 31,<br>2024<sup>(a)</sup>** **<br>through<br>September 30, 2024** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $26.09 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Net Realized and Unrealized Gains (Losses) on Investments | &nbsp;&nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Total from Investment Activities | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;1.29 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (0.57) | &nbsp;&nbsp;&nbsp; (0.21) |
| Distributions from Net Realized Gains on Investments | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — |
| Total Distributions | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp; (0.21) |
| Capital Shares Transaction Fees<br> (See Note 5 in Notes to Financial Statements) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $25.03 | &nbsp;&nbsp;&nbsp; $26.09 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $37040 | &nbsp;&nbsp;&nbsp; $24268 |
| Total Return at NAV<sup>(c)</sup><sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; (1.24)% | &nbsp;&nbsp;&nbsp;&nbsp;5.23% |
| Ratio of Net Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Ratio of Gross Expenses to Average Net Assets<sup>(e)</sup><sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(e)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;4.31% | &nbsp;&nbsp;&nbsp;&nbsp;4.06% |
| Portfolio Turnover<sup>(d)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp; 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.

Semi-Annual Financial Statements and Other Information \| 25

Notes to Financial StatementsMarch 31, 2025 (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 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 statement 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. Due to the significance of oversight and their role, the investment Advisor is deemed to be the Chief Operating Decision Maker for the Funds.

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). 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, currently 10,000 Shares, called Creation Units ("Creation Units"). Creation Units are issued and redeemed principally in-kind

Semi-Annual Financial Statements and Other Information \| 26

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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 DTC 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*". 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.

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Notes to Financial Statements (continued)March 31, 2025 (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.

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Notes to Financial Statements (continued)March 31, 2025 (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, 2025.

The following table provides the fair value measurement as of March 31, 2025, 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; Common Stock<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $699618 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $699618 |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp; 41527220 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41527220 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 11349765 |  | &nbsp;&nbsp;&nbsp; 11349765 |
| &nbsp;&nbsp;&nbsp; Purchased Option Contracts | &nbsp;&nbsp;&nbsp; 568269 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 568269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$53576603** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$54144872** |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 9337 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9337 |
| &nbsp;&nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp; (366625) |  | &nbsp;&nbsp;&nbsp; (366625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Other Financial instruments** | &nbsp;&nbsp;&nbsp; **$357288** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$357288** |

---

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Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Tax Advantaged Income ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp; $18626860 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18626860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$18626860** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$18626860** |
| **Rareview Systematic Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $80054952 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $80054952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$80054952** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$80054952** |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 46422 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp; **$46422** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **$46422** |
| **Rareview Total Return Bond ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $558523 | &nbsp;&nbsp;&nbsp; $558523 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7385295 | &nbsp;&nbsp;&nbsp; 7385295 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2433570 | &nbsp;&nbsp;&nbsp; 2433570 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2520947 | &nbsp;&nbsp;&nbsp; 2520947 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 1819223 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1819223 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 340394 | &nbsp;&nbsp;&nbsp; 340394 |
| &nbsp;&nbsp;&nbsp; Preferred Stock | &nbsp;&nbsp;&nbsp; 75396 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 75396 |
| &nbsp;&nbsp;&nbsp; Treasury Bill | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2827109 | &nbsp;&nbsp;&nbsp; 2827109 |
| &nbsp;&nbsp;&nbsp; Treasury Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6301574 | &nbsp;&nbsp;&nbsp; 6301574 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Mortgages | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12930954 | &nbsp;&nbsp;&nbsp; 12930954 |
| &nbsp;&nbsp;&nbsp; Yankee Dollar | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 295993 | &nbsp;&nbsp;&nbsp; 295993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investments** | &nbsp;&nbsp;&nbsp; **$1894619** | &nbsp;&nbsp;&nbsp; **$35594359** | &nbsp;&nbsp;&nbsp; **$37488978** |

---

(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. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The

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Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which they invest.

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.

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Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**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. 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, 2025.

**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 contract. The gross notional amount of futures contracts outstanding as of

Semi-Annual Financial Statements and Other Information \| 32

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

March 31, 2025, and the monthly average notional amount for these contracts for the period ended March 31, 2025, 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 | &nbsp;&nbsp;&nbsp; $8348 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7062 | &nbsp;&nbsp;&nbsp; $— |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9574 | &nbsp;&nbsp;&nbsp; 31410 | &nbsp;&nbsp;&nbsp; 1596 |

---

**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, 2025, 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, 2025, and the monthly average notional amount for these contracts for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding<br>Notional Amount<br>(000)** | **Monthly Average<br>Notional Amount<br>(000)** |
| **Purchased Options:** |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $704378 | &nbsp;&nbsp;&nbsp; $686406 |
| **Written Options:** |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; 705753 | &nbsp;&nbsp;&nbsp; 687104 |

---

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Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

*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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
|  | **Investments,<br>at Value for<br>Purchased<br>Options** | **Unrealized<br>Appreciation<br>on Futures<br>Contracts<sup>(a)</sup>**  | **Written<br>Options, at<br>Value** | **Unrealized<br>Depreciation<br>on Futures<br>Contracts<sup>(a)</sup>**  |
| **Equity Risk Exposure:** |  |  |  |  |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $46422 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; 568269 | &nbsp;&nbsp;&nbsp; 9337 | &nbsp;&nbsp;&nbsp; 366625 | &nbsp;&nbsp;&nbsp; — |

---

(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.

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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Realized Gains (Losses) from** | **Net Realized Gains (Losses) from** | **Net Realized Gains (Losses) from** | **Net Change in Unrealized<br>Appreciation (Depreciation) on<br>Derivatives Recognized as a Result<br>from Operations** | **Net Change in Unrealized<br>Appreciation (Depreciation) on<br>Derivatives Recognized as a Result<br>from Operations** | **Net Change in Unrealized<br>Appreciation (Depreciation) on<br>Derivatives Recognized as a Result<br>from Operations** |
|  | **Futures<br>Contracts** | **Purchased<br>Options** | **Written<br>Options<sup>(a)</sup>**  | **Futures<br>Contracts** | **Purchased<br>Options**  | **Written<br>Options<sup>(b)</sup>**  |
| **Currency Risk <br>Exposure:** | **Currency Risk <br>Exposure:** |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $99164 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $53860 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Equity Risk Exposure:** |  |  |  |  |  |  |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; (289234) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (870963) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Interest Rate Risk <br>Exposure:** | **Interest Rate Risk <br>Exposure:** |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (633498) | &nbsp;&nbsp;&nbsp; (342547) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 234936 | &nbsp;&nbsp;&nbsp; (115443) |

---

(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.

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Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(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 subadvisor for Rareview Systematic Equity ETF and is paid for its services directly by the Advisor, not the Fund. GST is paid 50% of the net management fees.

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, 2026. 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" 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.

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Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

As of March 31, 2025, the Advisor may recoup amounts from the Funds as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Waived/<br>Reimbursed<br>FY 2022<br>Expires<br>09/30/2025** | **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** | **Total** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1656 | &nbsp;&nbsp;&nbsp; $18874 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $20530 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 51481 | &nbsp;&nbsp;&nbsp; 78585 | &nbsp;&nbsp;&nbsp; 82329 | &nbsp;&nbsp;&nbsp; 54772 | &nbsp;&nbsp;&nbsp; 267167 |
| Rareview Systematic <br>Equity ETF | &nbsp;&nbsp;&nbsp; 71992 | &nbsp;&nbsp;&nbsp; 102421 | &nbsp;&nbsp;&nbsp; 116244 | &nbsp;&nbsp;&nbsp; 68649 | &nbsp;&nbsp;&nbsp; 359306 |
| Rareview Total Return <br>Bond ETF <sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 63277 | &nbsp;&nbsp;&nbsp; 76701 | &nbsp;&nbsp;&nbsp; 139978 |

---

(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 Statement of Operations and cannot be recouped by the Advisor in future years.

**Affiliated Transactions:**

At March 31, 2025, the following investments are noted as Affiliated Securities in Rareview Total Return Bond ETF's Portfolio of Investments:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at** **September 30,** **<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) <br>on Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Balance at March 31, 2025** | **Shares <br>as of <br>March 31, <br>2025** | **Dividend Income** | **Capital <br>Gains Distributions** |
| **Rareview Total Return Bond ETF** | **Rareview Total Return Bond ETF** | **Rareview Total Return Bond ETF** |  |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $1283328 | &nbsp;&nbsp;&nbsp; $621062 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(85167) | &nbsp;&nbsp;&nbsp; $1819223 | &nbsp;&nbsp;&nbsp; $76874 | &nbsp;&nbsp;&nbsp; $58743 | &nbsp;&nbsp;&nbsp; $— |

---

**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 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 \| 36

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**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, 2025, the Funds paid a total of $3,525 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.

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $42596242 | &nbsp;&nbsp;&nbsp; $42523328 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 1578680 | &nbsp;&nbsp;&nbsp; 1714990 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 58364545 | &nbsp;&nbsp;&nbsp; 29783347 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 28884405 | &nbsp;&nbsp;&nbsp; 16979329 |

---

Purchases and sales of long-term U.S. government securities for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; $15034723 | &nbsp;&nbsp;&nbsp; $6857141 |

---

Purchases and sales of in-kind transactions for the period ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $6100845 | &nbsp;&nbsp;&nbsp; $2070435 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 632891 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 6563290 | &nbsp;&nbsp;&nbsp; 4328728 |

---

Semi-Annual Financial Statements and Other Information \| 37

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(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 <br>In-Kind and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>**  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $250 | 2.00% |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 250 | 2.00% |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 250 | 2.00% |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 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, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

It is the policy of each Fund 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.

Semi-Annual Financial Statements and Other Information \| 38

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

For the tax year ended September 30, 2024, 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, 2024, the Funds did not incur any interest or penalties.

As of tax year ended September 30, 2024, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $49017567 | &nbsp;&nbsp;&nbsp; $3625894 | &nbsp;&nbsp;&nbsp; $(253794) | &nbsp;&nbsp;&nbsp; $3372100 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 19764396 | &nbsp;&nbsp;&nbsp; 1234834 | &nbsp;&nbsp;&nbsp; (197865) | &nbsp;&nbsp;&nbsp; 1036969 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 43763311 | &nbsp;&nbsp;&nbsp; 7902371 | &nbsp;&nbsp;&nbsp; (9687) | &nbsp;&nbsp;&nbsp; 7892684 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 23609948 | &nbsp;&nbsp;&nbsp; 708532 | &nbsp;&nbsp;&nbsp; (5054) | &nbsp;&nbsp;&nbsp; 703478 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity and mark-to-market on derivative contracts.

The tax character of distributions paid during the tax year ended September 30, 2023, and September 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  |
|  | **Ordinary Income** | **Net Capital Gains** | **Total <br>Taxable Distributions** | **Tax-Exempt Distributions** | **Return <br>of Capital** | **Total Distributions Paid** |
| Rareview Dynamic <br>Fixed Income ETF | Rareview Dynamic <br>Fixed Income ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp; $2036011 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2036011 | &nbsp;&nbsp;&nbsp; $412551 | &nbsp;&nbsp;&nbsp; $233868 | &nbsp;&nbsp;&nbsp; $2682430 |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 2619511 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2619511 | &nbsp;&nbsp;&nbsp; 261660 | &nbsp;&nbsp;&nbsp; 367876 | &nbsp;&nbsp;&nbsp; 3249047 |
| Rareview Tax <br>Advantaged <br>Income ETF | Rareview Tax <br>Advantaged <br>Income ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 643292 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 643292 |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 45309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45309 | &nbsp;&nbsp;&nbsp; 823682 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 868991 |
| Rareview Systematic <br>Equity ETF | Rareview Systematic <br>Equity ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp; 166936 | &nbsp;&nbsp;&nbsp; 592768 | &nbsp;&nbsp;&nbsp; 759704 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 759704 |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 536486 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 536486 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 536486 |
| Rareview Total <br>Return Bond ETF | Rareview Total <br>Return Bond ETF |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 188979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188979 |

---

Semi-Annual Financial Statements and Other Information \| 39

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

For the tax year ended September 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long Term Capital Gains** | **Undistributed Tax Exempt Income** | **Distributable** <br> **Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Accumulated Losses)** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8746137) | &nbsp;&nbsp;&nbsp; $3370274 | &nbsp;&nbsp;&nbsp; $(5375863) |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4443251) | &nbsp;&nbsp;&nbsp; 1036969 | &nbsp;&nbsp;&nbsp; (3406282) |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 2477461 | &nbsp;&nbsp;&nbsp; 2188045 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4665506 | &nbsp;&nbsp;&nbsp; (2010035)<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 7892684 | &nbsp;&nbsp;&nbsp; 10548155 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 246691 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 246691 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 703478 | &nbsp;&nbsp;&nbsp; 950169 |

---

(a) related to straddle loss deferral

For the tax year ended September 30, 2024, the following Funds have net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Term<br>Amount** | **Long Term<br>Amount** | **Total** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $6181861 | &nbsp;&nbsp;&nbsp; $2564276 | &nbsp;&nbsp;&nbsp; $8746137 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 2231606 | &nbsp;&nbsp;&nbsp; 2211645 | &nbsp;&nbsp;&nbsp; 4443251 |

---

During the tax year ended September 30, 2024, the following Funds utilized capital loss carryforwards:

---

| | |
|:---|:---|
|  | **Capital Loss Carryforward Used** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $122082 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 856612 |

---

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 fiscal tax year ended September 30, 2024, the Funds had no deferred losses.

**Permanent Tax Differences:**

As of September 30, 2024, the following reclassifications were made on the Statements of Assets and Liabilities, relating primarily to taxable

Semi-Annual Financial Statements and Other Information \| 40

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

overdistributions, utilization or earnings and profits on redemption of shares, and redemptions in-kind:

---

| | | |
|:---|:---|:---|
|  | **Total<br>Distributable<br>Earnings (Losses)** | **Paid in Capital** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $782242 | &nbsp;&nbsp;&nbsp; $(782242) |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 59250 | &nbsp;&nbsp;&nbsp; (59250) |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; (808410) | &nbsp;&nbsp;&nbsp; 808410 |

---

**(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, 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 the Funds 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 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 the Funds. 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, the Funds 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

Semi-Annual Financial Statements and Other Information \| 41

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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) Concentration of Investments**

As of March 31, 2025, the Rareview Systematic Equity ETF's investments in Invesco QQQ Trust Series 1, Vanguard FTSE Developed Markets ETF, and Vanguard S&P 500 ETF represented 27.34%, 33.61%, and 48.36% of the Fund's net assets, respectively. The financial statements of Invesco QQQ Trust Series 1 can be found by accessing the fund's website at *<u>*<u>https://www.invesco.com/corporate/en/home.html</u>*</u>*. The financial statements of the Vanguard FTSE Developed Markets ETF and the Vanguard S&P 500 ETF can be found by accessing the funds' website at *<u>*<u>http://www.vanguard.com</u>*</u>*.

**(9) 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, 2025.

**(10) 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 *<u>*<u>https://rareviewcapital.com/etfs/</u>*</u>*; and (iii) by referring to the Securities and Exchange Commission's website at *<u>*<u>http://www.sec.gov</u>*</u>*.

A special meeting of shareholders was held on March 14, 2025 to (1) approve a new sub-advisory agreement by and between the Advisor and GST and (2) ratify certain sub-advisory fee payments made by the Advisor to GST between January 20, 2024 and the date of the meeting. The following was the tabulation for each of the proposals voted upon at the special shareholder meeting.

---

| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Votes For** | **Votes Against** | **Abstentions/<br>Votes Withheld** |
| 1 | 829,019,894 | 19,916,000 | 42,810,000 |
| 2 | 825,514,894 | 23,421,000 | 42,810,000 |

---

Semi-Annual Financial Statements and Other Information \| 42

Renewal of the Investment Advisory AgreementMarch 31, 2025 (Unaudited)

*<u>***<u>Renewal of the Investment Advisory Agreement between Rareview Capital LLC</u>***</u> ****<u>***<u>and the Trust (Rareview Systematic Equity ETF</u>***</u>***)****

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on November 8, 2024 (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 the 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 or her conclusions with respect to the renewal of the investment advisory agreement.

*Nature, Extent and Quality of Services.* The Board acknowledged that there were no changes to the key professionals servicing the Fund. The Board reviewed the investment advisory services provided by Rareview, noting that Rareview provided portfolio management services to the Fund. The Board noted that, to monitor compliance, Rareview provided monthly reports regarding compliance with the Fund's investment limitations, which included reconciliation of statements of custodian positions and items to monitor in the future. The Board reviewed the factors Rareview considered when selecting a broker-dealer to obtain best execution, noting that Rareview implemented an operational framework to monitor the selection of broker-dealers on an ongoing basis. The Board observed that Rareview reported no material compliance issues, material litigation or administrative action, nor any regulatory examinations since the 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 trailed its benchmark index, MSCI ACWI Index, for the 1-year period ended September 30, 2024, but outperformed the benchmark index since inception. The Board acknowledged that the 1-year underperformance could be attributed to the speed of which the global equity market corrected and recovered. The Board concluded that the performance was acceptable.

*Fees and Expenses.* The Board observed that the advisory fee with respect to the Fund of 1.10% was above the average of its peer group selected by Rareview,

Semi-Annual Financial Statements and Other Information \| 43

Renewal of the Investment Advisory Agreement (continued)March 31, 2025 (Unaudited)

but below the high of 1.70%. The Board noted that the advisory fee was below the average of the Morningstar category. The Board observed that the Fund's net expense ratio of 1.35% was slightly above the average of its peer group but below the high and below the average of the Morningstar category. 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 there was a reasonable profit for Rareview with regard to its management of the Fund. After discussion, 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 noted that there were no breakpoints at this time. The Board discussed Rareview'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 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.

*<u>***<u>Approval of the Sub-Advisory Agreement between Rareview Capital LLC and</u>***</u> ****<u>***<u>GST Management, LLC dba RegimePilot (Rareview Systematic Equity ETF</u>***</u>***)****

In connection with the special meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on November 14, 2024 (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 Rareview Capital LLC ("Rareview") and GST Management, LLC dba RegimePilot ("GST"), with respect to the Rareview Systematic Equity ETF ("Systematic Equity ETF"). 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 Rareview and GST. 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 Systematic Equity ETF 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 or her conclusions with respect to the approval of the sub-advisory agreement.

Semi-Annual Financial Statements and Other Information \| 44

*<u>*<u>Nature, Extent and Quality of Services</u>*</u>*. The Board reviewed the background of GST. The Board noted the business experience of the managing member of GST, who was solely responsible for managing the daily operations and providing sub-advisory services to Systematic Equity ETF. The Board observed the services provided by GST, which included the delivery of a complete investment program to the adviser based on its global directional long-short model portfolio. The Board reviewed GST's practices for monitoring compliance, which included monthly records, as well as daily and monthly monitoring. The Board observed that GST underwent an SEC examination in 2022, and it terminated with no deficiencies noted. The Board noted that GST did not report any compliance issues nor any material litigation or administrative action in the past 36 months. The Board concluded that it could expect GST to provide high quality services to Systematic Equity ETF and its shareholders.

*<u>*<u>Performance</u>*</u>*. The Board observed that Systematic Equity ETF trailed its benchmark index, MSCI ACWI Index, for the 1-year period ended September 30, 2024, but outperformed the benchmark index since inception. The Board acknowledged that the 1-year underperformance could be attributed to the speed of which the global equity market corrected and recovered. The Board concluded that the performance was acceptable.

*<u>*<u>Fees and Expenses</u>*</u>*. The Board observed that GST's sub-advisory fee for Systematic Equity ETF included a monthly payment of 50% of the net advisory fee, which was paid by the adviser. The Board noted that Systematic Equity ETF was the only account managed by GST. The Board concluded that the sub-advisory fee was not unreasonable.

*<u>*<u>Profitability</u>*</u>*. The Board reviewed the profitability analysis provided by GST for Systematic Equity ETF. The Board observed that GST earned a reasonable profit given the services provided. The Board determined that excessive profitability was not an issue for GST at this time.

*<u>*<u>Economies of Scale</u>*</u>*. The Board considered whether GST would expect realized economies of scale with respect to the sub-advisory services provided to Systematic Equity ETF. 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 GST was benefitting from any material economies of scale.

*<u>*<u>Conclusion</u>*</u>*. Having requested such information from GST as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, and with the advice of independent counsel, the Board determined that approval of the sub-advisory agreement between Rareview and GST was in the best interests of Systematic Equity ETF and its shareholders.

Renewal of the Investment Advisory Agreement (continued)March 31, 2025 (Unaudited)

Semi-Annual Financial Statements and Other Information

The SPAC and New Issue ETF (SPCX)

March 31, 2025

---

| | |
|:---|:---|
| [Portfolio of Investments](#spac-ncsrs_033125a394) | 3 |
| [Statement of Assets and Liabilities](#spac-ncsrs_033125a395) | 6 |
| [Statement of Operations](#spac-ncsrs_033125a396) | 7 |
| [Statements of Changes in Net Assets](#spac-ncsrs_033125a397) | 8 |
| [Financial Highlights](#spac-ncsrs_033125a398) | 9 |
| [Notes to Financial Statements](#spac-ncsrs_033125a399) | 11 |
| [Renewal of the Investment Advisory Agreement](#spac-ncsrs_033125a400) | 23 |

---

**TABLE OF CONTENTS**

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

Semi-Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsMarch 31, 2025 (Unaudited)

**The SPAC and New Issue ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares/Units**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 98.0%** | **Common Stocks — 98.0%** |  |
| **Financials — 81.9%** | **Financials — 81.9%** |  |
| 74315 | Acropolis Infrastructure Escrow<sup>(a)</sup>  |  |
| 40000 | Aldel Financial II, Inc.<sup>(a)</sup>  | 410000 |
| 40000 | Chenghe Acquisition II Co.<sup>(a)</sup>  | 409600 |
| 27500 | Cohen Circle Acquisition Corp. I<sup>(a)</sup>  | 330000 |
| 24031 | Colombier Acquisition Corp. II, Class A<sup>(a)</sup>  | 255930 |
| 40000 | EQV Ventures Acquisition Corp.<sup>(a)</sup>  | 404800 |
| 40000 | Future Vision II Acquisition Corp.<sup>(a)</sup>  | 402000 |
| 10000 | Gesher Acquisition Corp. II<sup>(a)</sup>  | 100300 |
| 40000 | HCM II Acquisition Corp.<sup>(a)</sup>  | 448800 |
| 35000 | HCM II Acquisition Corp., Class A<sup>(a)</sup>  | 370125 |
| 30000 | Hennessy Capital Investment Corp. VII<sup>(a)</sup>  | 302100 |
| 20000 | K&F Growth Acquisition Corp. II<sup>(a)</sup>  | 201000 |
| 5000 | Lionheart Holdings<sup>(a)</sup>  | 51300 |
| 20000 | M3-Brigade Acquisition V Corp.<sup>(a)</sup>  | 206600 |
| 35000 | Melar Acquisition Corp. I<sup>(a)</sup>  | 358050 |
| 40000 | Mountain Lake Acquisition Corp.<sup>(a)</sup>  | 413200 |
| 45000 | Newbury Street II Acquisition Corp.<sup>(a)</sup>  | 454950 |
| 10000 | NewHold Investment Corp. III<sup>(a)</sup>  | 100900 |
| 40000 | Plum Acquisition Corp. IV<sup>(a)</sup>  | 404000 |
| 10000 | Range Capital Acquisition Corp.<sup>(a)</sup>  | 102700 |
| 30000 | SIM Acquisition Corp I, Class A<sup>(a)</sup>  | 307500 |
| 40000 | Stellar V Capital Corp.<sup>(a)</sup>  | 404800 |
| 10000 | Tavia Acquisition Corp.<sup>(a)</sup>  | 101600 |
| 25000 | Translational Development Acquisition Corp.<sup>(a)</sup>  | 253500 |
| 15000 | Vine Hill Capital Investment Corp., Class U<sup>(a)</sup>  | 153000 |
| 30000 | Voyager Acquisition Corp.<sup>(a)</sup>  | 305400 |
| 10000 | Willow Lane Acquisition Corp.<sup>(a)</sup>  | 101200 |
|  |  | 7353355 |
| **Health Care — 13.6%** | **Health Care — 13.6%** |  |
| 4000 | DIH Holdings U.S., Inc.<sup>(a)</sup>  | 925 |
| 40000 | Drugs Made In America Acquisition Corp.<sup>(a)</sup>  | 404800 |
| 40000 | Launch One Acquisition Corp.<sup>(a)</sup>  | 408400 |
| 40000 | Launch Two Acquisition Corp.<sup>(a)</sup>  | 408800 |
|  |  | 1222925 |

---

*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, 2025 (Unaudited)

**The SPAC and New Issue ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares/Units**</u> |  | <u>**Fair Value ($)**</u>  |
| **Information Technology — 2.5%** | **Information Technology — 2.5%** |  |
| 20000 | Archimedes Tech SPAC Partners II Co.<sup>(a)</sup>  | 201600 |
| 1000 | SailPoint, Inc.<sup>(a)</sup>  | 18750 |
|  |  | 220350 |
| **Total Common Stocks (Cost $8,544,019)** | **Total Common Stocks (Cost $8,544,019)** | **8796630** |
| **Private Investments — 1.5%** | **Private Investments — 1.5%** |  |
| 59668 | Clean Energy Special Situations Corp. - <br>Founder Shares<sup>(a)</sup><sup>(b)</sup><sup>(c)</sup>  | 98452 |
| 19889 | Clean Energy Special Situations Corp. - Private Placement Units <br>01/13/2049<sup>(a)</sup><sup>(b)</sup><sup>(c)</sup><sup>(d)</sup>  | 32817 |
| 33750 | Silver Spike Sponsor II LLC<sup>(a)</sup><sup>(b)</sup><sup>(c)</sup>  |  |
| **Total Private Investments (Cost $198,894)** | **Total Private Investments (Cost $198,894)** | **131269** |
| **Right — 0.0%** | **Right — 0.0%** |  |
| 11386 | Clean Energy Special Situations Corp., <br>6/30/2025<sup>(a)</sup>  |  |
| **Total Right (Cost $–)** | **Total Right (Cost $–)** | **—** |
| **Warrants — 0.0%<sup>(e)</sup>**  | **Warrants — 0.0%<sup>(e)</sup>**  |  |
| 50000 | Aura FAT Projects Acquisition Corp. 06/02/2027<sup>(a)</sup>  | 1440 |
| 10402 | New Vista Acquisition Corp. 12/31/2027<sup>(a)</sup>  |  |
| 19770 | Newbury Street Acquisition Corp. 12/31/2027<sup>(a)</sup>  | 2 |
| **Total Warrants (Cost $1,218)** | **Total Warrants (Cost $1,218)** | **1442** |
| **Total Investments — 99.5% (Cost $8,744,131)** | **Total Investments — 99.5% (Cost $8,744,131)** | **8929341** |
| **Other Assets in Excess of Liabilities — 0.5%** | **Other Assets in Excess of Liabilities — 0.5%** | **50947** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **8980288** |

---

*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, 2025 (Unaudited)

**The SPAC and New Issue ETF**

The illiquid restricted securities held as of March 31, 2025, are identified below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date<sup>(f)</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 | 98452 | 1.1 |
| Clean Energy Special Situations Corp. - Private Placement Units | 8/12/2021 | 45000 | 19889 | 32817 | 0.4 |
| Silver Spike <br>Sponsor II LLC | 4/22/2024<br> <sup>(g)</sup>  | —<br> <sup>(g)</sup>  | 33750 |  |  |

---

Amounts designated as "—" are 0.0% or have been rounded to 0.0%.

(a) Non-income producing security.

(b) Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of March 31, 2025.

(c) 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, 2025 was $131,269 which represented 1.46% of the net assets of the Fund.

(d) Each unit represents one share and ½ warrant.

(e) Represents less than 0.05%.

(f) Acquisition date represents the initial purchase date of the security, if applicable.

(g) 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 its 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, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $8,744,131) | $8929341 |
| &nbsp;&nbsp;&nbsp; Cash  | 74889 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 9005072 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | 6342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 1528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | 9179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 1260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 24784 |
| **Net Assets** | $8980288 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $15229472 |
| &nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | (6249184) |
| **Net Assets** | $8980288 |
| **Net Assets:** | $8980288 |
| **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value):** | 375000 |
| **Net Asset Value (offering and redemption price per share):** | $23.95 |

---

*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, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Interest income | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 12 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Advisory | 40823 |
| &nbsp;&nbsp;&nbsp; Administration | 9837 |
| &nbsp;&nbsp;&nbsp; Compliance services | 4488 |
| &nbsp;&nbsp;&nbsp; Custodian | 602 |
| &nbsp;&nbsp;&nbsp; Fund accounting | 45892 |
| &nbsp;&nbsp;&nbsp; Legal and audit | 18440 |
| &nbsp;&nbsp;&nbsp; Listing fee | 4000 |
| &nbsp;&nbsp;&nbsp; Printing | 5296 |
| &nbsp;&nbsp;&nbsp; Treasurer | 900 |
| &nbsp;&nbsp;&nbsp; Trustee | 1596 |
| &nbsp;&nbsp;&nbsp; Other | 6847 |
| **Total Expenses** | 138721 |
| **Net Investment Income (Loss)** | (138709) |
| **Realized and Unrealized Gains (Losses):** |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | 285584 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | 63390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | 348974 |
| **Change in Net Assets Resulting From Operations** | $210265 |

---

*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<br>ended<br>March 31, 2025<br>(Unaudited)** | **Year ended<br>September 30, 2024** |
| **From Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(138709) | $(186173) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | 285584 | 709914 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | 63390 | (186338) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 210265 | 337403 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | (65123) | (340599) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | (65123) | (340599) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2386227) | (5307532) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | (2386227) | (5307532) |
| &nbsp;&nbsp;&nbsp; Change in net assets | (2241085) | (5310728) |
| **Net Assets:** |  |  |
| Beginning of period | 11221373 | 16532101 |
| End of period | $8980288 | $11221373 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (100000) | (225000) |
| &nbsp;&nbsp;&nbsp; Change in shares | (100000) | (225000) |

---

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

Semi-Annual Financial Statements and Other Information \| 9

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The SPAC and <br>New Issue ETF** | **Six months ended** <br> **March 31** **, 2025 (Unaudited)** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **Year ended<br>September 30, 2022** | **December 15, 2020<sup>(a)</sup>** **<br>through <br>September 30, 2021** |
| Net Asset Value, Beginning of Period | $23.62 | $23.62 | $26.24 | $28.72 | $25.00 |
| Net Investment <br>Income (Loss)<sup>(b)</sup>  | (0.33) | (0.33) | (0.23) | (0.25) | (0.26) |
| Net Realized and Unrealized Gains (Losses) on Investments | 0.82 | 0.85 | (2.50) | (1.89) | 3.98<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; Total from Investment <br>Activities | 0.49 | 0.52 | (2.73) | (2.14) | 3.72 |
| Distributions from Net Investment Income | (0.16) | (0.52) |  | (0.36) |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.16) | (0.52) |  | (0.36) |  |
| Impact of NAV error |  |  | 0.11 | 0.02 |  |
| Net Asset Value, End of Period | $23.95 | $23.62 | $23.62 | $26.24 | $28.72 |
| Net Assets at End of Period (000's) | $8980 | $11221 | $16532 | $30176 | $85444 |
| Total Return at <br>NAV<sup>(d)</sup><sup>(e)</sup>  | 2.07% | 2.87% | (9.99)%<sup>(f)</sup>  | (7.47)%<sup>(g)</sup>  | 14.88% |
| Ratio of Net Expenses to Average Net <br>Assets<sup>(h)</sup>  | 2.82% | 1.89% | 0.95% | 0.95% | 0.95% |
| Ratio of Gross Expenses to Average Net <br>Assets<sup>(h)</sup>  | 2.82% | 2.30<br> %<sup>(i)</sup>  | 1.89<br> %<sup>(i)</sup>  | 1.31<br> %<sup>(i)</sup>  | 1.13<br> %<sup>(i)</sup>  |
| Ratio of Net Investment Income (Loss) to Average <br>Net Assets<sup>(h)</sup>  | (2.82)% | (1.39)% | (0.95)% | (0.88)% | (0.90)% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup>  | 82% | 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.

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

Semi-Annual Financial Statements and Other Information \| 10

Financial Highlights (continued)

(f) As a result of the Adara Acquisition Corps business combination with Alliance Entertainment, the Adara Acquisition Corp founders 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 result in an overstated 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 \| 11

Notes to Financial StatementsMarch 31, 2025 (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. Due to the significance of oversight and their role, the investment advisor is deemed to be the Chief Operating Decision Maker of the Fund.

**(2) Significant Accounting Policies**

Shares of the Fund are listed and traded on the Nasdaq Stock Market, LLC ("Nasdaq"). 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, currently 25,000 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

Semi-Annual Financial Statements and Other Information \| 12

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC 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*". 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.

Semi-Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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

• 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, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total <br>Investments** |
| **The SPAC and New Issue ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | $8796630 | $— | $— | $8796630 |
| &nbsp;&nbsp;&nbsp; Private Investments |  |  | 131269 | 131269 |
| &nbsp;&nbsp;&nbsp; Right |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Warrants | 2 | 1440 |  | 1442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | $8796632  | $1440 | $131269 | $8929341  |

---

(a) Please see the Portfolio of Investments for industry classifications.

Semi-Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)March 31, 2025 (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, 2024 | $126004 |
| Purchases During the Period |  |
| Change in Unrealized Appreciation (Depreciation) | 5265 |
| Sales During the Period |  |
| Realized Gains (Losses) |  |
| Transfers In (Out) of Level 3 |  |
| Balance as of March 31, 2025 | $131269 |

---

The total change in unrealized appreciation (depreciation) attributable to Level 3 investments was $5,265 for the period ended March 31, 2025.

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, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Assets** | **Fair <br>Value at March 31, 2025** | **Valuation Techniques** | **Unobservable Input(s)<sup>(a)</sup>**  | **Value Range** | **Weighted Average** |
| SPAC Founder and Private Placement Units | $131269 | Discount to Public Share Price | Discount for lack of marketability | 85% discount to Public Share Price | 85% discount to Public Share Price |
| SPAC LLC Interest- Post liquidation | $— | Deemed Worthless | Final Residual Value | Worthless | Worthless |
| SPAC Rights and Warrants | $— | Last Available Price | Unlisted Transactions | $0.01 | N/A |
| Total | $131269 |  |  |  |  |

---

(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 \| 15

Notes to Financial Statements (continued)March 31, 2025 (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. Investment income from non-U.S. sources received by the Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Fund may be subject to foreign taxes on gains in investments or currency repatriation. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

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 Statements 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.

The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction.

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.

Semi-Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**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**

Tuttle Capital Management, 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 0.83% of its average daily net assets, calculated daily and paid monthly.

The Advisor contractually agreed to reduce its fees and to reimburse expenses, through January 31, 2025 to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) 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); 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)) would not exceed 0.95%. This expense limitation agreement was terminated on February 1, 2024. 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, 2025, the Advisor may recoup amounts from the Fund as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Waived/Reimbursed<br>FY 2022<br>Expires<br>09/30/2025** | **Waived/Reimbursed<br>FY 2023<br>Expires<br>09/30/2026** | **Waived/Reimbursed<br>FY 2024<br>Expires<br>09/30/2027** | **Total** |
| The SPAC and New Issue ETF | $182529 | $195405 | $54619 | $432553 |

---

**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.

Semi-Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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** 

Foreside Fund Services, LLC (the "Distributor") 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, 2025, the Fund paid a total of $900 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, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| The SPAC and New Issue ETF | $8025981  | $10476932  |

---

There were no purchases and sales of in-kind transactions for the period ended March 31, 2025. There were no purchases or sales of U.S. government securities during the period ended March 31, 2025.

**(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.

Semi-Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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 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 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, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

It is the policy of the Fund 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 tax year ended September 30, 2024, 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, 2024, the Fund did not incur any interest or penalties.

Semi-Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

As of tax year ended September 30, 2024, 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 (Depreciation)** |
| SPAC and New Issue ETF | $11041532 | $202843 | $(212763) | $(9920) |

---

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 tax year ended September 30, 2023, and September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions Paid from**  | **Distributions Paid from**  | **Distributions Paid from**  | **Distributions Paid from**  |
|  | **Ordinary Income** | **Net <br>Capital Gains** | **Total <br>Taxable Distributions** | **Total Distributions Paid** |
| SPAC and New Issue ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2023 | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; 2024 | 340599 |  | 340599 | 340599 |

---

As of tax year ended September 30, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long Term Capital Gains** | **Distributable<br>Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total <br>Distributable Earnings (Accumulated Losses)** |
| SPAC and New Issue ETF | $— | $— | $— | $(6384405) | $(9920) | $(6394325) |

---

As of tax year ended September 30, 2024, the Fund has net capital loss carryforwards not subject to expiration as summarized in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Term <br>Amount** | **Long Term <br>Amount** | **Total** |
| SPAC and New Issue ETF | $2228629 | $3994254 | $6222883 |

---

During the tax year ended September 30, 2024, the following Fund utilized capital loss carryforwards:

---

| | |
|:---|:---|
|  | **Capital Loss Carryforward Used** |
| SPAC and New Issue ETF | $91540 |

---

Semi-Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)March 31, 2025 (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 fiscal tax year ended September 30, 2024, the Fund's deferred losses are as follows:

---

| | | |
|:---|:---|:---|
|  | **Late Year Ordinary Loss Deferred** | **Total** |
| SPAC and New Issue ETF | $(161522) | $(161522) |

---

**Permanent Tax Differences:** 

As of tax year ended September 30, 2024, the following reclassifications were made on the Statement of Assets and Liabilities, relating primarily to prior year financial statement to tax return adjustments:

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings (Accumulated Loss)** | **Paid in <br>Capital** |
| SPAC and New Issue ETF | $(6589) | $6589 |

---

**(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 the 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 and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around

Semi-Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

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 the 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, the 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 thus 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 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.

Semi-Annual Financial Statements and Other Information \| 22

Notes to Financial Statements (continued)March 31, 2025 (Unaudited)

**(8) 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, 2025.

**(9) 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>*<u>www.spcxetf.com</u>*</u>*; and (iii) referring to the Securities and Exchange Commission's website at *<u>*<u>http://www.sec.gov</u>*</u>*.

Semi-Annual Financial Statements and Other Information \| 23

Renewal of the Investment Advisory AgreementMarch 31, 2025 (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 8, 2024 (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 ("TCM") 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 TCM 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 or her conclusions with respect to the renewal of the investment advisory agreement.

*Nature, Extent and Quality of Services.* The Board noted that there were no changes to the key personnel servicing the Fund since the last renewal of the advisory agreement. The Board reviewed the investment advisory services provided by TCM, including monitoring and evaluating the marketplace, placing trades and monitoring compliance. The Board reviewed TCM's practices for monitoring compliance, including the use of reports. The Board observed that TCM selected broker-dealers with the required expertise and in accordance with TCM's best execution policies and procedures. The Board discussed the completed SEC examination, noting the improvements TCM made as a result of the examination. The Board concluded that it expected TCM to continue to provide satisfactory services to the Fund and its shareholders.

*Performance.* The Board observed that the Fund underperformed its benchmark, the S&P 500 Index, for the 1-year period ended September 30, 2024 and since inception with net returns of 3.08% and 0.91%, respectively. The Board acknowledged TCM's assertion that the related market languished and there was general investor disinterest during the period. The Board concluded that the Fund's performance was acceptable and agreed to continue to monitor performance.

*Fees and Expenses.* The Board observed that the advisory fee with respect to the Fund of 0.83% was below the average of the peer group identified by TCM and the net expense ratio of 1.89% was above the average of the peer group. The Board concluded that the advisory fee was not unreasonable.

Semi-Annual Financial Statements and Other Information \| 24

Renewal of the Investment Advisory Agreement (continued)March 31, 2025

(Unaudited)

*Profitability.* The Board reviewed the profitability analysis provided by TCM and noted that there was a modest profit for TCM with regard to its management of the Fund. After discussion, the Board determined that excessive profitability was not an issue for TCM 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 TCM. The Board noted that the current fee schedule did not currently provide breakpoints. The Board discussed TCM'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 TCM 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.

&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.

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

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

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

A special meeting of shareholders was held on March 14, 2025 to (1) approve a new sub-advisory agreement by and between the Advisor and GST and (2) ratify certain sub-advisory fee payments made by the Advisor to GST between January 20, 2024 and the date of the meeting. The following was the tabulation for each of the proposals voted upon at the special shareholder meeting.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Proposal</u>** | **<u>Votes For</u>** | **Votes<br><u>Against</u>** | **Abstentions/Votes<br><u>Withheld</u>** |
| 1 | 829019.894 | 19916 | 42810 |
| 2 | 825514.894 | 23421 | 42810 |

---

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

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

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

Approval of Investment Advisory Contract is a part of the Financial Statements filed under Item 7(a) of this Form.

**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)

&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 Series Investment Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Gregory Skidmore |

---

Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust

Date <u>June 5, 2025</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) | /s/ Gregory Skidmore |

---

Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust

Date <u>June 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ William McCormick |

---

William McCormick, Treasurer and Principal Financial Officer of the Trust

Date <u>June 6, 2025</u>

## Ex-99.Cert

[Collaborative Series Investment N-CSRS](cist-ncsrs_033125.htm)

**Exhibit 99.CERT**

<u>Section 302 – CERTIFICATIONS</u>

I, Gregory Skidmore, certify that:

1. I
have reviewed this report on Form N-CSR of Collaborative Series Investment Trust (the "registrant");

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;

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;

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

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 6, 2025 | /s/ Gregory Skidmore |
| Date | Gregory Skidmore |
|  | President (Principal Executive Officer) |

---

<u>Section 302 – CERTIFICATIONS</u>

I, Bill McCormick, certify that:

1. I
have reviewed this report on Form N-CSR of Collaborative Series Investment Trust (the "registrant");

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;

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;

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

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 6, 2025 | /s/ William McCormick |
| Date | Bill McCormick |
|  | Treasurer (Principal Financial Officer) |

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## Exhibit 99.906

[Collaborative Series Investment N-CSRS](cist-ncsrs_033125.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-CSR for the period ended March 31, 2025 of Collaborative Series Investment Trust (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the
 Form N-CSR 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-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Registrant.

June 6, 2025

Date

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| |
|:---|
| /s/ Gregory Skidmore |
| Gregory Skidmore |
| Principal Executive Officer |
| /s/ William McCormick |
| Bill McCormick |
| Principal Financial Officer |

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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.