# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001004726-26-001035
**Filing Date:** 2026-2
**Character Count:** 96379
**Document Hash:** 51e624f4ee6ef2e4bea43e888c3fa14c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001004726-26-001035.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001004726-26-001035

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23306
- **FILM NUMBER:** 26683420

**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 Total Return Bond ETF (Series ID: S000085236)

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

## Nport-Ex

---

| | |
|:---|:---|
| Portfolio of Investments<br> **Rareview Dynamic Fixed Income ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** |  | ***Fair Value ($)*** |
| **Closed-End Funds — 89.3%** | **Closed-End Funds — 89.3%** | **Closed-End Funds — 89.3%** |
| 180097 | Aberdeen Asia-Pacific Income Fund, Inc. | 2762688 |
| 55900 | Allspring Income Opportunities Fund | 379002 |
| 151876 | Allspring Multi-Sector Income Fund | 1412447 |
| 167285 | BlackRock Core Bond Trust | 1604263 |
| 142441 | BlackRock Credit Allocation Income Trust | 1542636 |
| 132356 | BlackRock Income Trust, Inc. | 1461210 |
| 122325 | BlackRock Multi Sector Income Trust | 1597565 |
| 93293 | BlackRock Municipal Income Quality Trust | 1020626 |
| 152769 | BlackRock Municipal Income Trust | 1532273 |
| 171691 | BlackRock Municipal Income Trust II | 1792454 |
| 184781 | BlackRock MuniHoldings Fund, Inc. | 2169329 |
| 192566 | BlackRock MuniYield Fund, Inc. | 2020017 |
| 187125 | BlackRock MuniYield Quality Fund III, Inc. | 2034049 |
| 55876 | BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 467682 |
| 209077 | Brookfield Real Assets Income Fund, Inc. | 2709638 |
| 109848 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 2325482 |
| 54208 | Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund | 1046757 |
| 123911 | DoubleLine Yield Opportunities Fund | 1801666 |
| 113362 | DoubleLine, Income Solutions Fund | 1277590 |
| 76094 | First Trust Intermediate Duration Preferred & Income Fund | 1418392 |
| 208656 | Franklin Ltd Duration Income Trust | 1283234 |
| 143511 | Invesco Municipal Opportunity Trust | 1373400 |
| 129730 | Invesco Municipal Trust | 1251895 |
| 149809 | KKR Income Opportunities Fund | 1736286 |
| 716061 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 3888211 |
| 188850 | Neuberger Municipal Fund, Inc. | 1911162 |
| 53778 | Nuveen Variable Rate Preferred & Income Fund | 1023395 |
| 74510 | PIMCO Dynamic Income Strategy Fund | 1399298 |
| 503071 | Templeton Emerging Markets Income Fund | 3244808 |
| 292872 | Western Asset Emerging Markets Debt Fund, Inc. | 3113229 |
| 48390 | Western Asset Global High Income Fund, Inc. | 310180 |
| 572495 | Western Asset High Income Opportunity Fund, Inc. | 2123957 |
| 125735 | Western Asset Managed Municipals Fund, Inc. | 1312673 |
| **Total Closed-End Funds (Cost $55,776,009)** | **Total Closed-End Funds (Cost $55,776,009)** | **56347494** |
| **Exchange-Traded Funds — 7.3%** | **Exchange-Traded Funds — 7.3%** | **Exchange-Traded Funds — 7.3%** |
| 74150 | Angel Oak Income ETF | 1544211 |
| 22580 | First Trust Emerging Markets Local Currency Bond ETF | 672884 |
| 32757 | iShares J.P. Morgan EM High Yield Bond ETF | 1322400 |
| 10246 | Rareview Government Money Market ETF<sup>(a)</sup> | 1025214 |
| **Total Exchange-Traded Funds (Cost $4,534,478)** | **Total Exchange-Traded Funds (Cost $4,534,478)** | **4564709** |
| **Purchased Options Contracts — 0.0%<sup>(b)(c)</sup>** | **Purchased Options Contracts — 0.0%<sup>(b)(c)</sup>** | **Purchased Options Contracts — 0.0%<sup>(b)(c)</sup>** |
| **Total Purchased Options Contracts (Cost $298,200)** | **Total Purchased Options Contracts (Cost $298,200)** | **15625** |
| **<br> **Total Investments — 96.6% (Cost $60,608,687)** | **<br> **Total Investments — 96.6% (Cost $60,608,687)** | **60927828** |
| **Net other assets (liabilities)— 3.4%** | **Net other assets (liabilities)— 3.4%** | **2170235** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **63098063** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(c) See Purchased Options Contracts

ETF — Exchange-Traded Fund

PIMCO — Pacific Investment Management Company

---

| | |
|:---|:---|
| Portfolio of Investments (continued)<br> **Rareview Dynamic Fixed Income ETF** | December 31, 2025 (Unaudited) |

---

**Futures Contracts**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** | **Futures Contracts Purchased** |
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional<br> Amount<br> (000)($)** | <br>**Value ($)**  | **Unrealized Appreciation (Depreciation) ($)** |
| Brazil Real Futures | 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1/30/26 | 1265 | 1265600 | 997 |
|  |  |  |  |  | **997** |

---

**Written Options Contracts**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of Contracts** | **Notional<br> Amount<br> (000)($)<sup>(a)</sup>** | **Premiums Received ($)** | **Strike Price ($)** | **Expiration Date** | **Value ($)** |
| 3 Month SOFR Options | Call | 2500 | 606641 | 133050 | 97.06 | 1/16/26 | (15625) |
| **(Total Premiums Received $133,050)** |  |  |  |  |  |  | (15625) |
| **Purchased Options Contracts** |  |  |  |  |  |  |  |
| Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: |
| **Description** | <br>**Put/Call**  | **<br> **Number of Contracts** | **Notional<br> Amount<br> (000)($)<sup>(a)</sup>** | **<br> **Cost ($)** | **<br> **Strike Price ($)** | **Expiration Date** | **<br> **Value ($)** |
| 3 Month SOFR Options | Call | 2500 | 605078 | 298200 | 96.81 | 1/16/26 | 15625 |
| **(Total Cost $298,200)** |  |  |  |  |  |  | 15625 |

---

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

---

| | |
|:---|:---|
| Portfolio of Investments<br> **Rareview Tax Advantaged Income ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** |  | ***Fair Value ($)*** |
| **Closed-End Funds — 98.2%** | **Closed-End Funds — 98.2%** | **Closed-End Funds — 98.2%** |
| 51312 | BlackRock Municipal Income Quality Trust | 561353 |
| 196200 | BlackRock Municipal Income Trust | 1967886 |
| 156869 | BlackRock Municipal Income Trust II | 1637713 |
| 206401 | BlackRock MuniHoldings Fund, Inc. | 2423148 |
| 191844 | BlackRock MuniYield Fund, Inc. | 2012444 |
| 187339 | BlackRock MuniYield Quality Fund III, Inc. | 2036375 |
| 139269 | Invesco Municipal Opportunity Trust | 1332804 |
| 154022 | Invesco Municipal Trust | 1486312 |
| 222819 | Neuberger Municipal Fund, Inc. | 2254928 |
| 187264 | Western Asset Managed Municipals Fund, Inc. | 1955036 |
| **Total Closed-End Funds (Cost $17,488,130)** | **Total Closed-End Funds (Cost $17,488,130)** | **17667999** |
| **Purchased Options Contracts — 0.0%<sup>(a)(b)</sup>** | **Purchased Options Contracts — 0.0%<sup>(a)(b)</sup>** | **Purchased Options Contracts — 0.0%<sup>(a)(b)</sup>** |
| **Total Purchased Options Contracts (Cost $38,563)** | **Total Purchased Options Contracts (Cost $38,563)** | **2000** |
| **Total Investments — 98.2% (Cost $17,526,693)** | **Total Investments — 98.2% (Cost $17,526,693)** | **17669999** |
| **Net other assets (liabilities)— 1.8%** | **Net other assets (liabilities)— 1.8%** | **321145** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **17991144** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than 0.05%.

&nbsp;&nbsp;&nbsp;&nbsp;(b) See Purchased Options Contracts

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** |
| Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: | Exchange-traded options on future contracts written as of December 31, 2025 were as follows: |
| **Description** | **Put/Call** | **Number of Contracts** | **Notional<br> Amount<br> (000)($)<sup>(a)</sup>** | **Premiums Received ($)** | **Strike Price ($)** | **Expiration Date** | **Value ($)** | **Value ($)** |
| 3 Month SOFR Options | Call | 320 | 77650 | 17437 | 97.06 | 1/16/26 |  | (2000) |
| **(Total Premiums Received $17,437)** |  |  |  |  |  |  |  | (2000) |
| **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** |  |
| Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: | Exchange-traded options on futures contracts purchased as of December 31, 2025 were as follows: |
| **Description** | <br>**Put/Call**  | **<br> **Number of Contracts** | **Notional<br> Amount<br> (000)($)<sup>(a)</sup>** | **Cost ($)** | **Strike Price ($)** | **Expiration Date** | **Value ($)** | **Value ($)** |
| 3 Month SOFR Options | Call | 320 | 77450 | 38563 | 96.81 | 1/16/26 |  | 2000 |
| **(Total Cost $38,563)** |  |  |  |  |  |  |  | 2000 |

---

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

---

| | |
|:---|:---|
| Portfolio of Investments<br> **Rareview Systematic Equity ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Shares*** |  | ***Fair Value ($)*** |
| **Exchange-Traded Funds — 164.1%** | **Exchange-Traded Funds — 164.1%** | **Exchange-Traded Funds — 164.1%** |
| 25488 | Invesco QQQ Trust Series 1 ETF<sup>(a)</sup> | 15657533 |
| 189516 | Rareview Government Money Market ETF<sup>(b)(c)</sup> | 18962971 |
| 310463 | Vanguard FTSE Developed Markets ETF<sup>(d)</sup> | 19394624 |
| 144705 | Vanguard FTSE Emerging Markets ETF | 7779341 |
| 43599 | Vanguard S&P 500 ETF<sup>(e)</sup> | 27342241 |
| 29834 | Vanguard Small-Cap ETF | 7695680 |
| **Total Exchange-Traded Funds (Cost $80,872,188)** | **Total Exchange-Traded Funds (Cost $80,872,188)** | **96832390** |
| **Total Investments — 164.1% (Cost $80,872,188)** | **Total Investments — 164.1% (Cost $80,872,188)** | **96832390** |
| **Net other assets (liabilities)— (64.1%)** | **Net other assets (liabilities)— (64.1%)** | **(37836128)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **58996262** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of December 31, 2025, investment
is 26.5% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As of December 31, 2025, investment
is 32.1% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Affiliated security

&nbsp;&nbsp;&nbsp;&nbsp;(d) As of December 31, 2025, investment
is 32.9% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) As of December 31, 2025, investment
is 46.3% of the Fund's net assets.

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

S&P — Standard and Poor's

---

| | |
|:---|:---|
| Portfolio of Investments<br> **Rareview Total Return Bond ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Face Amount ($)*** |  | ***Fair Value ($)*** |
| **Asset-Backed Securities — 1.0%** | **Asset-Backed Securities — 1.0%** | **Asset-Backed Securities — 1.0%** |
| 100000 | Aligned Data Centers Issuer LLC Series 2021-1A Class A2 1.94%, 08/15/2046 | 98209 |
| 60000 | Carmax Auto Owner Trust Series 2022-3 Class C 4.98%, 02/15/2028 | 60283 |
| 43696 | Dell Equipment Finance Trust Series 2023-3 Class A3 5.93%, 04/23/2029 | 43926 |
| 94054 | Ford Credit Auto Owner Trust Series 2024-A Class A3 5.09%, 12/15/2028 | 94852 |
| 215000 | Verizon Master Trust Series 2024-3 Class A1A 5.34%, 04/22/2030 | 219192 |
| **Total Asset-Backed Securities (Cost $511,408)** | **Total Asset-Backed Securities (Cost $511,408)** | **516462** |
| **Collateralized Mortgage Obligations — 7.4%** | **Collateralized Mortgage Obligations — 7.4%** | **Collateralized Mortgage Obligations — 7.4%** |
| 155513 | Angel Oak Mortgage Trust Series 2021-7 Class A1 1.98%, 10/25/2066 | 135960 |
| 129790 | BRAVO Residential Funding Trust Series 2024-NQM4 Class A1A 4.35%, 01/25/2060 | 129513 |
| 225000 | Chase Home Lending Mortgage Trust Series 2024-7 Class A7 6.00%, 06/25/2055 | 233148 |
| 100000 | Chase Home Lending Mortgage Trust Series 2024-9 Class A7 5.50%, 09/25/2055 | 101295 |
| 215509 | CITIGROUP MORTGAGE LOAN TRUST 2021-J1 Series 2021-J1 Class B3W 2.61%, 04/25/2051 | 178124 |
| 13275 | COLT Mortgage Loan Trust Series 2020-2R Class A1 1.33%, 10/26/2065 | 12590 |
| 90981 | COLT Mortgage Loan Trust Series 2021-HX1 Class A1 1.11%, 10/25/2066 | 78940 |
| 67330 | Flagstar Mortgage Trust Series 2021-4 Class A5 2.50%, 06/01/2051 | 60530 |
| 115799 | GCAT Trust Series 2021-NQM5 Class A1 1.26%, 07/25/2066 | 98483 |
| 95064 | GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A8 2.50%, 01/25/2052 | 85579 |
| 242543 | JPMorgan Mortgage Trust Series 2017-2 Class B5 3.65%, 05/25/2047 | 219775 |
| 95800 | JPMorgan Mortgage Trust Series 2018-6 Class B2 3.90%, 12/25/2048 | 89184 |
| 83192 | JPMorgan Mortgage Trust Series 2019-INV1 Class B3 4.92%, 09/25/2049 | 81369 |
| 172605 | JPMorgan Mortgage Trust Series 2020-2 Class B5 3.82%, 07/25/2050 | 153681 |
| 181347 | JPMorgan Mortgage Trust Series 2021-4 Class A11 4.72%, 08/25/2051 | 167888 |
| 256775 | JPMorgan Mortgage Trust Series 2021-10 Class A11 4.87%, 12/25/2051 | 240963 |
| 275899 | JPMorgan Mortgage Trust Series 2024-INV1 Class A3 5.50%, 04/25/2055 | 278180 |
| 106304 | Mello Mortgage Capital Acceptance Series 2021-INV2 Class A4 2.50%, 08/25/2051 | 95551 |
| 135562 | New Residential Mortgage Loan Trust Series 2021-INV2 Class A11 5.00%, 09/25/2051 | 126881 |
| 190886 | New Residential Mortgage Loan Trust Series 2025-NQM1 Class A1 5.64%, 01/25/2065 | 193404 |
| 281658 | New Residential Mortgage Loan Trust Series 2025-NQM4 Class A2 5.60%, 07/25/2065 | 283129 |
| 251299 | PRKCM Trust Series 2021-AFC2 Class A1 2.07%, 11/25/2056 | 225139 |
| 66705 | PRMI Securitization Trust Series 2021-1 Class A3B 2.00%, 04/25/2051 | 58740 |
| 75612 | TRK Trust Series 2021-INV2 Class A1 1.97%, 11/25/2056 | 68870 |
| 229321 | Wells Fargo Mortgage Backed Securities Trust Series 2021-1 Class B2 2.70%, 12/25/2050 | 200857 |
| 114506 | Wells Fargo Mortgage Backed Securities Trust Series 2021-2 Class A3 2.50%, 06/25/2051 | 102871 |
| 75421 | Wells Fargo Mortgage Backed Securities Trust Series 2022-2 Class A2 2.50%, 12/25/2051 | 62980 |
| 125305 | Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A4 3.00%, 03/25/2052 | 114727 |
| 76037 | Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A2 3.00%, 03/25/2052 | 66447 |
| **Total Collateralized Mortgage Obligations (Cost $3,896,175)** | **Total Collateralized Mortgage Obligations (Cost $3,896,175)** | **3944798** |
| **Collateralized Mortgage-Backed Securities — 6.3%** | **Collateralized Mortgage-Backed Securities — 6.3%** | **Collateralized Mortgage-Backed Securities — 6.3%** |
| 100000 | BANK 2019-BNK22 Series 2019-BN22 Class A4 2.98%, 11/15/2062 | 94842 |
| 140000 | BANK 2019-BNK22 Series 2019-BN22 Class B 3.41%, 11/15/2062 | 128464 |
| 50000 | BANK 2024-BNK47 Series 2024-BNK47 Class C 6.61%, 06/15/2057 | 51093 |
| 260000 | BANK5 2023-5YR1 Series 2023-5YR1 Class D 4.00%, 04/15/2056 | 233956 |
| 75522 | BANK5 2023-5YR1 Series 2023-5YR1 Class A2 5.78%, 04/15/2056 | 77168 |
| 121000 | BANK5 2024-5YR10 Series 2024-5YR10 Class B 6.14%, 10/15/2057 | 124474 |
| 200000 | BANK5 Trust 2025-5YR13 Series 2025-5YR13 Class A2 5.03%, 01/15/2058 | 204339 |
| 154954 | BBCMS Mortgage Trust Series 2024-C24 Class A1 5.23%, 02/15/2057 | 156562 |
| 200000 | BBCMS Mortgage Trust Series 2024-5C29 Class A2 4.74%, 09/15/2057 | 202388 |
| 65000 | Benchmark Mortgage Trust Series 2020-B20 Class B 2.53%, 10/15/2053 | 52489 |
| 100000 | Benchmark Mortgage Trust Series 2024-V7 Class AS 6.53%, 05/15/2056 | 105247 |
| 127000 | Benchmark Mortgage Trust Series 2024-V7 Class A3 6.23%, 05/15/2056 | 134036 |
| 240000 | Benchmark Mortgage Trust Series 2024-V5 Class B 6.06%, 01/10/2057 | 245112 |
| 100000 | Benchmark Mortgage Trust Series 2024-V6 Class AS 6.38%, 03/15/2057 | 104516 |
| 100000 | BMO Mortgage Trust Series 2024-C9 Class A2 6.54%, 07/15/2057 | 105026 |
| 71082 | CCUBS Commercial Mortgage Trust Series 2017-C1 Class A3 3.28%, 11/15/2050 | 69845 |
| 135000 | CSAIL Commercial Mortgage Trust Series 2018-C14 Class A4 4.42%, 11/15/2051 | 134278 |
| 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series KG02 Class A2 2.41%, 08/25/2029 | 94948 |

---

---

| | |
|:---|:---|
| Portfolio of Investments (continued)<br> **Rareview Total Return Bond ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Face Amount ($)*** |  | ***Fair Value ($)*** |
| **Collateralized Mortgage-Backed Securities — 6.3% (continued)** | **Collateralized Mortgage-Backed Securities — 6.3% (continued)** | **Collateralized Mortgage-Backed Securities — 6.3% (continued)** |
| 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series K-158 Class A2 4.05%, 07/25/2033 | 98012 |
| 6219 | JPMBB Commercial Mortgage Securities Trust Series 2014-C25 Class A5 3.67%, 11/15/2047 | 6150 |
| 145000 | MED Commercial Mortgage Trust Series 2024-MOB Class A 5.34%, 05/15/2041 | 144460 |
| 100000 | Morgan Stanley Capital I Trust Series 2019-L2 Class A4 4.07%, 03/15/2052 | 98237 |
| 110000 | Wells Fargo Commercial Mortgage Trust Series 2016-C34 Class A4 3.10%, 06/15/2049 | 109438 |
| 220000 | Wells Fargo Commercial Mortgage Trust Series 2024-5C1 Class A2 5.45%, 07/15/2057 | 225952 |
| 320000 | Wells Fargo Commercial Mortgage Trust Series 2024-C63 Class A5 5.31%, 08/15/2057 | 330959 |
| **Total Collateralized Mortgage-Backed Securities (Cost $3,293,046)** | **Total Collateralized Mortgage-Backed Securities (Cost $3,293,046)** | **3331991** |
| **Corporate Bonds — 22.0%** | **Corporate Bonds — 22.0%** | **Corporate Bonds — 22.0%** |
| 412000 | Appalachian Power Co. 5.65%, 04/01/2034 | 430448 |
| 131000 | AthenaHealth Group, Inc. 6.50%, 02/15/2030 | 130606 |
| 419000 | Bank of America Corp. 5.47%, 01/23/2035 | 436480 |
| 130000 | Beazer Homes USA, Inc. 7.50%, 03/15/2031 | 131811 |
| 403000 | Boeing Co. (The) 6.13%, 02/15/2033 | 433906 |
| 423000 | Boston Properties, LP 5.75%, 01/15/2035 | 435015 |
| 424000 | Citigroup, Inc. 4.91%, 05/24/2033 | 429081 |
| 125000 | Comstock Resources, Inc. 6.75%, 03/01/2029 | 125278 |
| 131000 | CoreWeave, Inc. 9.25%, 06/01/2030 | 121800 |
| 411000 | Dell International LLC/EMC Corp. 5.40%, 04/15/2034 | 422066 |
| 100000 | Directv Financing LLC 8.88%, 02/01/2030 | 101344 |
| 427000 | EQT Corp. 5.75%, 02/01/2034 | 446064 |
| 404000 | General Motors Financial Co., Inc. 6.10%, 01/07/2034 | 428254 |
| 471000 | Goldman Sachs Group, Inc. (The) 4.41%, 04/23/2039 | 435148 |
| 508000 | GXO Logistics, Inc. 2.65%, 07/15/2031 | 456954 |
| 406000 | HCA, Inc. 5.60%, 04/01/2034 | 423425 |
| 372000 | Intel Corp. 5.15%, 02/21/2034 | 376678 |
| 403000 | Interstate Power and Light Co. 5.70%, 10/15/2033 | 422804 |
| 586000 | JPMorgan Chase & Co. 3.11%, 04/22/2041 | 460090 |
| 423000 | Kinder Morgan, Inc. 5.30%, 12/01/2034 | 431193 |
| 101000 | Kraken Oil & Gas Partners LLC 7.63%, 08/15/2029 | 99715 |
| 417000 | Morgan Stanley 5.47%, 01/18/2035 | 433461 |
| 429000 | Oracle Corp. 5.20%, 09/26/2035 | 411017 |
| 403000 | Ovintiv, Inc. 6.25%, 07/15/2033 | 427470 |
| 397000 | Patterson-UTI Energy, Inc. 7.15%, 10/01/2033 | 424885 |
| 411000 | Philip Morris International, Inc. 5.25%, 02/13/2034 | 424814 |
| 456000 | Pilgrim's Pride Corp. 4.25%, 04/15/2031 | 445179 |
| 130000 | Rithm Capital Corp. 8.00%, 04/01/2029 | 133471 |
| 413000 | State Street Corp. 5.16%, 05/18/2034 | 426976 |
| 405000 | Tyson Foods, Inc. 5.70%, 03/15/2034 | 426988 |
| 406000 | U.S. Bancorp 5.68%, 01/23/2035 | 428697 |
| 106000 | Univision Communications, Inc. 7.38%, 06/30/2030 | 107743 |
| 414000 | Wells Fargo & Co. 5.61%, 01/15/2044 | 410191 |
| **Total Corporate Bonds (Cost $11,440,256)** | **Total Corporate Bonds (Cost $11,440,256)** | **11679052** |
| **Exchange-Traded Funds — 15.5%** | **Exchange-Traded Funds — 15.5%** | **Exchange-Traded Funds — 15.5%** |
| 33360 | iShares J.P. Morgan EM High Yield Bond ETF | 1346743 |
| 177695 | Rareview Dynamic Fixed Income ETF<sup>(a)</sup> | 4248687 |
| 9242 | Rareview Government Money Market ETF<sup>(a)</sup> | 924755 |
| 25718 | Vanguard Extended Duration Treasury ETF | 1671927 |
| **Total Exchange-Traded Funds (Cost $8,279,065)** | **Total Exchange-Traded Funds (Cost $8,279,065)** | **8192112** |
| **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** | **Municipal Bonds — 0.7%** |
| 30000 | City of Dallas (GO) 5.61%, 02/15/2030 | 31222 |
| 65000 | County of Miami-Dade FL Transit System (RB) Series BABS 5.53%, 07/01/2032 | 66408 |
| 80000 | Metropolitan Transportation Authority (RB) 6.65%, 11/15/2039 | 86637 |
| 65000 | New York City Municipal Water Finance Authority (RB) 5.88%, 06/15/2044 | 66063 |
| 60000 | State of California (GO) 7.55%, 04/01/2039 | 72815 |

---

---

| | |
|:---|:---|
| Portfolio of Investments (continued)<br> **Rareview Total Return Bond ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Face Amount ($)*** |  | ***Fair Value ($)*** |
| **Municipal Bonds — 0.7% (continued)** | **Municipal Bonds — 0.7% (continued)** | **Municipal Bonds — 0.7% (continued)** |
| 69804 | State of Illinois (GO) 5.10%, 06/01/2033 | 71540 |
| **Total Municipal Bonds (Cost $390,680)** | **Total Municipal Bonds (Cost $390,680)** | **394685** |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **Financials — 0.2%** | **Financials — 0.2%** |  |
| 4293 | Rithm Capital Corp. | 105736 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| 6136 | Brookfield Infrastructure Partners, LP | 100508 |
| **Total Preferred Stocks (Cost $208,094)** | **Total Preferred Stocks (Cost $208,094)** | **206244** |
| **Treasury Notes/Bonds — 13.2%** | **Treasury Notes/Bonds — 13.2%** | **Treasury Notes/Bonds — 13.2%** |
| 803000 | United States Treasury Note/Bond 3.63%, 08/31/2027 | 804788 |
| 323000 | United States Treasury Note/Bond 3.38%, 09/15/2028 | 321675 |
| 2192000 | United States Treasury Note/Bond 3.63%, 08/31/2030 | 2184208 |
| 1558000 | United States Treasury Note/Bond 3.88%, 08/31/2032 | 1553922 |
| 1656000 | United States Treasury Note/Bond 4.25%, 08/15/2035 | 1667903 |
| 488000 | United States Treasury Note/Bond 4.25%, 02/15/2054 | 441183 |
| **Total Treasury Notes/Bonds (Cost $7,015,718)** | **Total Treasury Notes/Bonds (Cost $7,015,718)** | **6973679** |
| **U.S. Government Agency Mortgages — 30.8%** | **U.S. Government Agency Mortgages — 30.8%** | **U.S. Government Agency Mortgages — 30.8%** |
| 100000 | Federal Farm Credit Banks Funding Corp. 5.43%, 12/01/2045 | 99976 |
| 100000 | Federal Home Loan Banks 5.35%, 09/25/2040 | 100192 |
| 176103 | Federal Home Loan Mortgage Corporation 4.00%, 01/01/2040 | 173876 |
| 155607 | Federal Home Loan Mortgage Corporation 3.00%, 02/01/2050 | 143714 |
| 338086 | Federal Home Loan Mortgage Corporation 2.50%, 09/01/2051 | 285980 |
| 396018 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2051 | 334985 |
| 541240 | Federal Home Loan Mortgage Corporation 2.00%, 01/01/2052 | 438460 |
| 118802 | Federal Home Loan Mortgage Corporation 2.50%, 02/01/2052 | 101042 |
| 461926 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | 393160 |
| 611464 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | 519860 |
| 739695 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | 656547 |
| 490647 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | 434837 |
| 389652 | Federal Home Loan Mortgage Corporation 2.50%, 05/01/2052 | 336051 |
| 78080 | Federal Home Loan Mortgage Corporation 4.00%, 06/01/2052 | 74516 |
| 589412 | Federal Home Loan Mortgage Corporation 3.00%, 06/01/2052 | 522292 |
| 198261 | Federal Home Loan Mortgage Corporation 3.50%, 06/01/2052 | 183742 |
| 685651 | Federal Home Loan Mortgage Corporation 3.50%, 08/01/2052 | 635439 |
| 595169 | Federal Home Loan Mortgage Corporation 4.00%, 08/01/2052 | 568002 |
| 393361 | Federal Home Loan Mortgage Corporation 2.50%, 08/01/2052 | 334187 |
| 634895 | Federal Home Loan Mortgage Corporation 3.00%, 09/01/2052 | 562594 |
| 649159 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2052 | 550326 |
| 777675 | Federal Home Loan Mortgage Corporation 3.50%, 01/01/2055 | 720724 |
| 496894 | Federal National Mortgage Association 2.50%, 09/01/2051 | 420311 |
| 84385 | Federal National Mortgage Association 2.50%, 12/01/2051 | 71380 |
| 425698 | Federal National Mortgage Association 2.50%, 01/01/2052 | 360086 |
| 227898 | Federal National Mortgage Association 2.00%, 03/01/2052 | 184313 |
| 679976 | Federal National Mortgage Association 3.00%, 04/01/2052 | 601864 |
| 611048 | Federal National Mortgage Association 2.50%, 04/01/2052 | 519506 |
| 456904 | Federal National Mortgage Association 2.50%, 04/01/2052 | 386989 |
| 150984 | Federal National Mortgage Association 3.00%, 04/01/2052 | 135128 |
| 203399 | Federal National Mortgage Association 2.50%, 05/01/2052 | 172048 |
| 425866 | Federal National Mortgage Association 4.00%, 06/01/2052 | 406428 |
| 677694 | Federal National Mortgage Association 3.00%, 06/01/2052 | 600524 |
| 408279 | Federal National Mortgage Association 2.50%, 06/01/2052 | 347246 |
| 444862 | Federal National Mortgage Association 2.50%, 06/01/2052 | 378519 |
| 42083 | Federal National Mortgage Association 3.00%, 06/01/2052 | 37258 |
| 588477 | Federal National Mortgage Association 3.50%, 07/01/2052 | 545381 |
| 488878 | Federal National Mortgage Association 3.00%, 10/01/2052 | 433480 |
| 643377 | Federal National Mortgage Association 3.50%, 10/01/2052 | 596260 |

---

---

| | |
|:---|:---|
| Portfolio of Investments (continued)<br> **Rareview Total Return Bond ETF** | December 31, 2025 (Unaudited) |

---

---

| | | |
|:---|:---|:---|
| ***Face Amount ($)*** |  | ***Fair Value ($)*** |
| **U.S. Government Agency Mortgages — 30.8% (continued)** | **U.S. Government Agency Mortgages — 30.8% (continued)** |  |
| 697313 | Federal National Mortgage Association 3.50%, 04/01/2053 | 646247 |
| 684596 | Federal National Mortgage Association 3.50%, 11/01/2054 | 634461 |
| 256000 | Federal National Mortgage Association 5.00%, 02/25/2056, 30 YR TBA | 255050 |
| 426000 | Federal National Mortgage Association 4.50%, 02/25/2056, 30 YR TBA | 415504 |
| **Total U.S. Government Agency Mortgages (Cost $16,083,087)** | **Total U.S. Government Agency Mortgages (Cost $16,083,087)** | **16318485** |
| **Yankee Dollars — 1.3%** | **Yankee Dollars — 1.3%** |  |
| 391000 | ArcelorMittal SA 6.80%, 11/29/2032 | 437826 |
| 176000 | Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 5.00%, 06/15/2029 | 170247 |
| 77250 | Transocean International, Ltd. 8.75%, 02/15/2030 | 80719 |
| **Total Yankee Dollars (Cost $668,749)** | **Total Yankee Dollars (Cost $668,749)** | **688792** |
| **Total Investments — 98.6% (Cost $51,786,278)** | **Total Investments — 98.6% (Cost $51,786,278)** | **52246300** |
| **Net other assets (liabilities) — 1.4%** | **Net other assets (liabilities) — 1.4%** | **746274** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **52992574** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated security

ETF — Exchange-Traded Fund

GO — General Obligation

LP — Limited Partnership

RB — Revenue Bond

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Collaborative Investment Series Trust

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

- **c. CIK number of Registrant:** 0001719812

- **d. LEI of Registrant:** 549300H9U9P1LQU16S78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 500 Damonte Ranch Parkway

  - **City:** Reno

  - **State:** NV

  - **Foreign country:** US

  - **Zip / Postal Code:** 89521

  - **Telephone number:** 775-460-2204

**Item A.2. Information about the Series.**

- **a. Name of Series:** Rareview Total Return Bond ETF

- **b. EDGAR series identifier (if any):** S000085236

- **c. LEI of Series:** 254900ZL314XUHTGOZ39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $53738720.43

**Total Liabilities:** $746146.69

**Net Assets:** $52992573.74

**Cash Not Reported:** $1089554.98

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -77.53633262 | **1-Year:** -1438.78721113 | **5-Year:** -6430.95268098 | **10-Year:** -11216.62057707 | **30-Year:** -2561.79849497

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -4.27086449 | **1-Year:** -126.22078960 | **5-Year:** -193.04935881 | **10-Year:** -2.88301190 | **30-Year:** -0.80492564

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250203 | 0.65%                | 0.56%                | -0.25%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8528.87                 | $98648.66                                  |
| Month 2  | $7748.21                 | $80626.76                                  |
| Month 3  | $1801.58                 | $-314268.69                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                 | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2021 4                    | CUSIP: 46652VBD6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    181347 | PA      | $167888.43    | 0.32%             | 2051-08-25      | Floating      | 4.52%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U S TREASURY NOTE                                  | CUSIP: 91282CNX5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2192000 | PA      | $2184208.12   | 4.12%             | 2030-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3133KMYC3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    396018 | PA      | $334984.76    | 0.63%             | 2051-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021 INV2      | CUSIP: 64831GAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135562 | PA      | $126880.95    | 0.24%             | 2051-09-25      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST         | WELLS FARGO MORTGAGE BACKED SECURITIES 2021 2 TRUS | CUSIP: 949798AC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    114506 | PA      | $102871.31    | 0.19%             | 2051-06-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                          | BBCMS MORTGAGE TRUST 2024 C24                      | CUSIP: 07336VAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    154954 | PA      | $156562.18    | 0.30%             | 2057-02-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| CCUBS COMMERCIAL MORTGAGE TRUST                      | CCUBS COMMERCIAL MORTGAGE TRUST 2017 C1            | CUSIP: 12508GAT3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     71082 | PA      | $69844.63     | 0.13%             | 2050-11-15      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| DELL EQUIPMENT FINANCE TRUST                         | DELL EQUIPMENT FINANCE TRUST 2023 3                | CUSIP: 24702EAC4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     43696 | PA      | $43926.13     | 0.08%             | 2029-04-23      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XNRJ5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     42083 | PA      | $37257.91     | 0.07%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARMAX AUTO OWNER TRUST                              | CARMAX AUTO OWNER TRUST 2022 3                     | CUSIP: 14318MAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     60000 | PA      | $60282.66     | 0.11%             | 2028-02-15      | Fixed         | 4.98%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST INC                    | CITIGROUP MORTGAGE LOAN TRUST 2021 J1              | CUSIP: 17329EBW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215509 | PA      | $178124.19    | 0.34%             | 2051-04-25      | Variable      | 2.61%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                             | BENCHMARK 2024 V7 MORTGAGE TRUST                   | CUSIP: 08163YAD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $105246.71    | 0.20%             | 2056-05-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| U.S. BANCORP                                         | US BANCORP                                         | CUSIP: 91159HJR2<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    406000 | PA      | $428696.67    | 0.81%             | 2035-01-23      | Fixed         | 5.68%                 | No            |                  2 | On Loan: No      |
| INTEL CORPORATION                                    | INTEL CORP                                         | CUSIP: 458140CL2<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |    372000 | PA      | $376678.48    | 0.71%             | 2034-02-21      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.                     | PHILIP MORRIS INTERNATIONAL INC                    | CUSIP: 718172DJ5<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    411000 | PA      | $424814.40    | 0.80%             | 2034-02-13      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XFMT5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    425698 | PA      | $360085.88    | 0.68%             | 2052-01-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| THE BOEING COMPANY                                   | BOEING CO THE                                      | CUSIP: 097023AU9<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |    403000 | PA      | $433906.12    | 0.82%             | 2033-02-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST         | WELLS FARGO MORTGAGE BACKED SECURITIES 2021 1 TRUS | CUSIP: 95003ABH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    229321 | PA      | $200856.86    | 0.38%             | 2050-12-25      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA, INC.                               | BEAZER HOMES USA INC                               | CUSIP: 07556QBU8<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131810.64    | 0.25%             | 2031-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Vanguard Extended Duration Treasury Index Fd         | VANGUARD EXTENDED DURATION TREASURY ETF            | CUSIP: 921910709<br>LEI: N/A                  | Long             |  | RF                | US        |     25718 | NS      | $1671927.18   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVISION COMMUNICATIONS INC.                        | UNIVISION COMMUNICATIONS INC                       | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    106000 | PA      | $107743.28    | 0.20%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016 C34     | CUSIP: 95000DBD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    110000 | PA      | $109437.63    | 0.21%             | 2049-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| DALLAS TEX                                           | CITY OF DALLAS TX                                  | CUSIP: 235219MD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31222.31     | 0.06%             | 2030-02-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F050627<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    256000 | PA      | $255050.00    | 0.48%             | 2056-02-25      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132D6HY9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    176103 | PA      | $173876.33    | 0.33%             | 2040-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GCAT TRUST                                           | GCAT 2021 NQM5 TRUST                               | CUSIP: 36168KAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    115799 | PA      | $98482.89     | 0.19%             | 2066-07-25      | Variable      | 1.26%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST         | WELLS FARGO MORTGAGE BACKED SECURITIES 2022 INV1 T | CUSIP: 95003NAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    125305 | PA      | $114727.03    | 0.22%             | 2052-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024 5C1     | CUSIP: 95003VAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    220000 | PA      | $225952.23    | 0.43%             | 2057-07-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| BANK5                                                | BANK5 2024 5YR10                                   | CUSIP: 06604AAP9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    121000 | PA      | $124473.57    | 0.23%             | 2057-10-15      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| GXO LOGISTICS, INC.                                  | GXO LOGISTICS INC                                  | CUSIP: 36262GAD3<br>LEI: 5493007CNWMXN78JRN66 | Long             | DBT              | CORP              | US        |    508000 | PA      | $456953.74    | 0.86%             | 2031-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132E07J5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    155607 | PA      | $143713.70    | 0.27%             | 2050-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BMO MORTGAGE TRUST                                   | BMO 2024 C9 MORTGAGE TRUST                         | CUSIP: 05593MAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $105025.69    | 0.20%             | 2057-07-15      | Variable      | 6.54%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWDS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    739695 | PA      | $656546.68    | 1.24%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET CORPORATION                             | STATE STREET CORP                                  | CUSIP: 857477CC5<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    413000 | PA      | $426976.13    | 0.81%             | 2034-05-18      | Fixed         | 5.16%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA TRAN SYS SALES SURTAX REV        | COUNTY OF MIAMI DADE FL TRANSIT SYSTEM             | CUSIP: 59334PCZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66407.61     | 0.13%             | 2032-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV | NEW YORK CITY MUNICIPAL WATER FINANCE AUTHORITY    | CUSIP: 64972FY34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $66063.46     | 0.12%             | 2044-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| COLT MORTGAGE LOAN TRUST                             | COLT 2021 HX1 MORTGAGE LOAN TRUST                  | CUSIP: 19688KAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     90981 | PA      | $78939.63     | 0.15%             | 2066-10-25      | Variable      | 1.11%                 | No            |                  2 | On Loan: No      |
| PILGRIM'S PRIDE CORPORATION                          | PILGRIM S PRIDE CORP                               | CUSIP: 72147KAJ7<br>LEI: 549300ZSLGV64ZL3HD75 | Long             | DBT              | CORP              | US        |    456000 | PA      | $445178.10    | 0.84%             | 2031-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| PRMI SECURITIZATION TRUST                            | PRMI SECURITIZATION TRUST 2021 1                   | CUSIP: 69359DAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     66705 | PA      | $58739.87     | 0.11%             | 2051-04-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANKS FUNDING CORPORATION        | FEDERAL FARM CREDIT BANK                           | CUSIP: 3133ET2M8<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |    100000 | PA      | $99976.13     | 0.19%             | 2045-12-01      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWEH2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    685651 | PA      | $635439.26    | 1.20%             | 2052-08-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO.                                 | JPMORGAN CHASE CO                                  | CUSIP: 46647PBM7<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    586000 | PA      | $460089.52    | 0.87%             | 2041-04-22      | Fixed         | 3.11%                 | No            |                  2 | On Loan: No      |
| ANGEL OAK MORTGAGE TRUST                             | ANGEL OAK MORTGAGE TRUST 2021 7                    | CUSIP: 03464JAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    155513 | PA      | $135959.65    | 0.26%             | 2066-10-25      | Fixed         | 1.98%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWNR0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    777675 | PA      | $720723.59    | 1.36%             | 2055-01-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST           | JPMBB COMMERCIAL MORTGAGE SECURITIES TRUST 2014 C2 | CUSIP: 46643PBE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      6219 | PA      | $6149.84      | 0.01%             | 2047-11-15      | Fixed         | 3.67%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LIMITED PARTNERSHIP                | BOSTON PROPERTIES LP                               | CUSIP: 10112RBJ2<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |    423000 | PA      | $435015.47    | 0.82%             | 2035-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| COREWEAVE, INC.                                      | COREWEAVE INC                                      | CUSIP: 21873SAB4<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    131000 | PA      | $121800.21    | 0.23%             | 2030-06-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWD26<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    198261 | PA      | $183742.14    | 0.35%             | 2052-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWDZ3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    589412 | PA      | $522291.61    | 0.99%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U S TREASURY NOTE                                  | CUSIP: 91282CNT4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1656000 | PA      | $1667902.50   | 3.15%             | 2035-08-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418ECQ1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    611048 | PA      | $519506.21    | 0.98%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140LQH60<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    227898 | PA      | $184313.41    | 0.35%             | 2052-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| iShares JP Morgan EM High Yield Bond ETF             | ISHARES J P MORGAN EM HIGH YIELD BOND ETF          | CUSIP: 464286285<br>LEI: N/A                  | Long             |  | RF                | US        |     33360 | NS      | $1346743.20   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWC76<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    118802 | PA      | $101042.13    | 0.19%             | 2052-02-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| ALIGNED DATA CENTERS                                 | ALIGNED DATA CENTERS ISSUER LLC                    | CUSIP: 01627AAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $98208.62     | 0.19%             | 2046-08-15      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINANCIAL COMPANY, INC.               | GENERAL MOTORS FINANCIAL CO INC                    | CUSIP: 37045XEP7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    404000 | PA      | $428253.71    | 0.81%             | 2034-01-07      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST         | WELLS FARGO MORTGAGE BACKED SECURITIES 2022 INV1 T | CUSIP: 95003NAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     76037 | PA      | $66446.58     | 0.13%             | 2052-03-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                     | ARCELORMITTAL SA                                   | CUSIP: 03938LBF0<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | DBT              | CORP              | LU        |    391000 | PA      | $437825.37    | 0.83%             | 2032-11-29      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| BANK                                                 | BANK 2024 BNK47                                    | CUSIP: 06540GBA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     50000 | PA      | $51093.22     | 0.10%             | 2057-06-15      | Fixed         | 6.83%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 3137FPHR9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $94948.48     | 0.18%             | 2029-08-25      | Fixed         | 2.41%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                             | BENCHMARK 2024 V5 MORTGAGE TRUST                   | CUSIP: 08163XBB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    240000 | PA      | $245111.83    | 0.46%             | 2057-01-10      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| TYSON FOODS, INCORPORATED                            | TYSON FOODS INC                                    | CUSIP: 902494BM4<br>LEI: WD6L6041MNRW1JE49D58 | Long             | DBT              | CORP              | US        |    405000 | PA      | $426988.08    | 0.81%             | 2034-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                    | CHASE HOME LENDING MORTGAGE TRUST SERIES 2024 7    | CUSIP: 16159TAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    225000 | PA      | $233148.02    | 0.44%             | 2055-06-25      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Appalachian Power Company                            | APPALACHIAN POWER CO                               | CUSIP: 037735DB0<br>LEI: 3SCHO1ABYYIG382BEI70 | Long             | DBT              | CORP              | US        |    412000 | PA      | $430448.36    | 0.81%             | 2034-04-01      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U S TREASURY NOTE                                  | CUSIP: 91282CNY3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    323000 | PA      | $321675.20    | 0.61%             | 2028-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| State of California                                  | STATE OF CALIFORNIA                                | CUSIP: 13063A5G5<br>LEI: 9845007J7054602FF597 | Long             | DBT              |  | US        |     60000 | PA      | $72814.64     | 0.14%             | 2039-04-01      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| HCA INC.                                             | HCA INC                                            | CUSIP: 404119CU1<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    406000 | PA      | $423425.41    | 0.80%             | 2034-04-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MELLO MORTGAGE CAPITAL ACCEPTANCE                    | MELLO MORTGAGE CAPITAL ACCEPTANCE 2021 INV2        | CUSIP: 58549XAF0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    106304 | PA      | $95551.28     | 0.18%             | 2051-08-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWDJ9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    611464 | PA      | $519860.42    | 0.98%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140N0D51<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    444862 | PA      | $378519.39    | 0.71%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORPORATION                          | BANK OF AMERICA CORP                               | CUSIP: 06051GMA4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    419000 | PA      | $436480.42    | 0.82%             | 2035-01-23      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| CHASE HOME LENDING MORTGAGE TRUST                    | CHASE HOME LENDING MORTGAGE TRUST 2024 9           | CUSIP: 16160QAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $101295.48    | 0.19%             | 2055-09-25      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP.                                  | RITHM CAPITAL CORP                                 | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    130000 | PA      | $133471.12    | 0.25%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418EJ35<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    488878 | PA      | $433479.87    | 0.82%             | 2052-10-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U S TREASURY BOND                                  | CUSIP: 912810TX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    488000 | PA      | $441182.50    | 0.83%             | 2054-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BRAVO RESIDENTIAL FUNDING TRUST                      | BRAVO RESIDENTIAL FUNDING TRUST 2024 NQM4          | CUSIP: 10568NAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    129790 | PA      | $129513.34    | 0.24%             | 2060-01-25      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWD34<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |     78080 | PA      | $74516.21     | 0.14%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST                       | MORGAN STANLEY CAPITAL I TRUST 2019 L2             | CUSIP: 61768HAW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $98236.69     | 0.19%             | 2052-03-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| PRKCM TRUST                                          | PRKCM 2021 AFC2 TRUST                              | CUSIP: 69361JAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    251299 | PA      | $225139.26    | 0.42%             | 2056-11-25      | Variable      | 2.07%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP.                                  | RITHM CAPITAL CORP                                 | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |      4293 | NS      | $105736.59    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWEF6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    393361 | PA      | $334186.65    | 0.63%             | 2052-08-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XK2K5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    679976 | PA      | $601863.84    | 1.14%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                        | GOLDMAN SACHS GROUP INC THE                        | CUSIP: 38141GXA7<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    471000 | PA      | $435147.17    | 0.82%             | 2039-04-23      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418ED80<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    425866 | PA      | $406427.64    | 0.77%             | 2052-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ATHENAHEALTH GROUP INC.                              | ATHENAHEALTH GROUP INC                             | CUSIP: 60337JAA4<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | DBT              | CORP              | US        |    131000 | PA      | $130605.75    | 0.25%             | 2030-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2021 10                   | CUSIP: 46654ABE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    256775 | PA      | $240962.69    | 0.45%             | 2051-12-25      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| MED COMMERCIAL MORTGAGE TRUST                        | MED COMMERCIAL MORTGAGE TRUST 2024 MOB             | CUSIP: 55287BAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    145000 | PA      | $144460.09    | 0.27%             | 2041-05-15      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025 NQM4      | CUSIP: 64832FAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    281658 | PA      | $283129.02    | 0.53%             | 2065-07-25      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3133KMMG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    338086 | PA      | $285980.02    | 0.54%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN, INC.                                  | KINDER MORGAN INC                                  | CUSIP: 49456BAG6<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    423000 | PA      | $431192.74    | 0.81%             | 2034-12-01      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                             | BENCHMARK 2024 V6 MORTGAGE TRUST                   | CUSIP: 081927AE5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $104516.17    | 0.20%             | 2029-03-15      | Variable      | 6.38%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESIDENTIAL PROPERTIES ULC                | BROOKFIELD RESIDENTIAL PROPERTIES INC              | CUSIP: 11283YAG5<br>LEI: 549300C2SXDXVIUV3Q14 | Long             | DBT              | CORP              | CA        |    176000 | PA      | $170247.48    | 0.32%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| THE FEDERAL HOME LOAN BANKS                          | FEDERAL HOME LOAN BANK                             | CUSIP: 3130B7S70<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    100000 | PA      | $100191.42    | 0.19%             | 2040-09-25      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| CSAIL COMMERCIAL MORTGAGE TRUST                      | CSAIL 2018 C14 COMMERCIAL MORTGAGE TRUST           | CUSIP: 12596GAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $134278.17    | 0.25%             | 2051-11-15      | Variable      | 4.42%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO MORTGAGE BACKED SECURITIES TRUST         | WELLS FARGO MORTGAGE BACKED SECURITIES 2022 2 TRUS | CUSIP: 949930AB7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75421 | PA      | $62980.41     | 0.12%             | 2051-12-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2018 6                    | CUSIP: 46650JAT1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95800 | PA      | $89183.67     | 0.17%             | 2048-12-25      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U S TREASURY NOTE                                  | CUSIP: 91282CNV9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    803000 | PA      | $804787.93    | 1.52%             | 2027-08-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XGY45<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    496894 | PA      | $420311.23    | 0.79%             | 2051-09-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWFL2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    649159 | PA      | $550325.72    | 1.04%             | 2052-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140W0P41<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    684596 | PA      | $634461.39    | 1.20%             | 2054-11-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| VERIZON MASTER TRUST                                 | VERIZON MASTER TRUST                               | CUSIP: 92348KCQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    215000 | PA      | $219191.79    | 0.41%             | 2030-04-22      | Fixed         | 5.34%                 | No            |                  2 | On Loan: No      |
| TRK TRUST                                            | TRK 2021 INV2 TRUST                                | CUSIP: 87267TAA9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75612 | PA      | $68870.26     | 0.13%             | 2056-11-25      | Variable      | 1.97%                 | No            |                  2 | On Loan: No      |
| FORD CREDIT AUTO OWNER TRUST                         | FORD CREDIT AUTO OWNER TRUST 2024 A                | CUSIP: 34535EAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     94054 | PA      | $94852.34     | 0.18%             | 2028-12-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| OVINTIV INC.                                         | OVINTIV INC                                        | CUSIP: 69047QAC6<br>LEI: 2549003MEX7YMKLGI239 | Long             | DBT              | CORP              | US        |    403000 | PA      | $427469.96    | 0.81%             | 2033-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| EQT CORPORATION                                      | EQT CORP                                           | CUSIP: 26884LAR0<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    427000 | PA      | $446063.45    | 0.84%             | 2034-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y REV                     | METROPOLITAN TRANSPORTATION AUTHORITY              | CUSIP: 59259YBZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $86637.05     | 0.16%             | 2039-11-15      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140QNSY9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    150984 | PA      | $135128.21    | 0.25%             | 2052-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418EJ43<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    643377 | PA      | $596260.43    | 1.13%             | 2052-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Transocean International Limited                     | TRANSOCEAN INC                                     | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |     77250 | PA      | $80719.14     | 0.15%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Brookfield Infrastructure Partners L.P.              | BROOKFIELD INFRASTRUCTUR                           | CUSIP: G16252275<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |      6136 | NS      | $100507.68    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK                                                 | BANK 2019 BNK22                                    | CUSIP: 06540XBL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    140000 | PA      | $128464.38    | 0.24%             | 2062-11-15      | Variable      | 3.41%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES, INC.                             | COMSTOCK RESOURCES INC                             | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125277.63    | 0.24%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNERS LLC                        | KRAKEN OIL GAS PARTNERS LLC                        | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |    101000 | PA      | $99715.31     | 0.19%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST                  | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2025 NQM1      | CUSIP: 64832DAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190886 | PA      | $193404.06    | 0.36%             | 2065-01-25      | Variable      | 5.64%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWCZ4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    541240 | PA      | $438460.31    | 0.83%             | 2052-01-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| INTERSTATE POWER AND LIGHT COMPANY                   | INTERSTATE POWER AND LIGHT CO                      | CUSIP: 461070AU8<br>LEI: EF9UQIIO4KY2BWOK3P26 | Long             | DBT              | CORP              | US        |    403000 | PA      | $422804.11    | 0.80%             | 2033-10-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| Rareview Government Money Market ETF                 | RAREVIEW GOVERNMENT MONEY MARKET ETF               | CUSIP: 19423L391<br>LEI: N/A                  | Long             |  | RF                | US        |      9242 | NS      | $924754.52    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418EE48<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    588477 | PA      | $545381.18    | 1.03%             | 2052-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DQ2C9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    389652 | PA      | $336050.99    | 0.63%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST                | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024 C63     | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    320000 | PA      | $330960.03    | 0.62%             | 2057-08-15      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| ORACLE CORPORATION                                   | ORACLE CORP                                        | CUSIP: 68389XDM4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    429000 | PA      | $411016.64    | 0.78%             | 2035-09-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                          | STATE OF ILLINOIS                                  | CUSIP: 452151LF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     69804 | PA      | $71539.92     | 0.13%             | 2033-06-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                             | BENCHMARK 2024 V7 MORTGAGE TRUST                   | CUSIP: 08163YAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    127000 | PA      | $134035.70    | 0.25%             | 2029-06-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2017 2                    | CUSIP: 46648HBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    242543 | PA      | $219774.51    | 0.41%             | 2047-05-25      | Variable      | 3.65%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWEP4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    634895 | PA      | $562594.16    | 1.06%             | 2052-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2024 INV1                 | CUSIP: 46658PAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    275899 | PA      | $278179.72    | 0.52%             | 2055-04-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XDXX9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |     84385 | PA      | $71379.51     | 0.13%             | 2051-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING, LLC                               | DIRECTV FINANCING LLC                              | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101344.08    | 0.19%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| FLAGSTAR MORTGAGE TRUST                              | FLAGSTAR MORTGAGE TRUST 2021 4                     | CUSIP: 33852FAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     67330 | PA      | $60529.66     | 0.11%             | 2051-06-01      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BANK5                                                | BANK5 2023 5YR1                                    | CUSIP: 06644EBM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $233956.37    | 0.44%             | 2056-04-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| GS MORTGAGE-BACKED SECURITIES TRUST                  | GS MORTGAGE BACKED SECURITIES TRUST 2021 PJ8       | CUSIP: 36262WAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     95064 | PA      | $85578.75     | 0.16%             | 2052-01-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DNZX4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    461926 | PA      | $393159.66    | 0.74%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3132DWEJ8<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    595169 | PA      | $568002.26    | 1.07%             | 2052-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLT TRUST                                           | COLT 2020 2R MORTGAGE LOAN TRUST                   | CUSIP: 12656GAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     13275 | PA      | $12590.49     | 0.02%             | 2065-10-26      | Fixed         | 1.32%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY                                       | MORGAN STANLEY                                     | CUSIP: 61747YFL4<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    417000 | PA      | $433461.21    | 0.82%             | 2035-01-18      | Fixed         | 5.47%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY                                | WELLS FARGO CO                                     | CUSIP: 949746RF0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    414000 | PA      | $410191.43    | 0.77%             | 2044-01-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418ESQ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    697313 | PA      | $646247.21    | 1.22%             | 2053-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Rareview Dynamic Fixed Income ETF                    | RAREVIEW DYNAMIC FIXED INCOME ETF                  | CUSIP: 19423L722<br>LEI: N/A                  | Long             |  | RF                | US        |    177695 | NS      | $4248687.45   | 8.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK                                                 | BANK 2019 BNK22                                    | CUSIP: 06540XBG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $94841.85     | 0.18%             | 2062-11-15      | Fixed         | 2.98%                 | No            |                  2 | On Loan: No      |
| BBCMS TRUST                                          | BBCMS MORTGAGE TRUST 2024 5C29                     | CUSIP: 05555PAB8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $202387.84    | 0.38%             | 2057-09-15      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2019 INV1                 | CUSIP: 46591DAZ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     83192 | PA      | $81369.38     | 0.15%             | 2049-09-25      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| DELL INTERNATIONAL L.L.C.                            | DELL INTERNATIONAL LLC EMC CORP                    | CUSIP: 24703DBN0<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |    411000 | PA      | $422065.85    | 0.80%             | 2034-04-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140LQRN2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    456904 | PA      | $386989.32    | 0.73%             | 2052-04-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY, INC.                           | PATTERSON UTI ENERGY INC                           | CUSIP: 703481AD3<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    397000 | PA      | $424885.49    | 0.80%             | 2033-10-01      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORPORATION             | CUSIP: 3133BBF53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    490647 | PA      | $434836.89    | 0.82%             | 2052-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418ED64<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    677694 | PA      | $600523.62    | 1.13%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC.                                       | CITIGROUP INC                                      | CUSIP: 172967NU1<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    424000 | PA      | $429081.29    | 0.81%             | 2033-05-24      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 31418ED56<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    408279 | PA      | $347246.35    | 0.66%             | 2052-06-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 01F042624<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    426000 | PA      | $415503.75    | 0.78%             | 2056-02-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN MORTGAGE TRUST                           | JP MORGAN MORTGAGE TRUST 2020 2                    | CUSIP: 46591TBZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    172605 | PA      | $153680.88    | 0.29%             | 2050-07-25      | Variable      | 3.82%                 | No            |                  2 | On Loan: No      |
| BANK5                                                | BANK5 TRUST 2025 5YR13                             | CUSIP: 06650CAB9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    200000 | PA      | $204339.36    | 0.39%             | 2058-01-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Federal National Mortgage Association                | FEDERAL NATIONAL MORTGAGE ASSOCIATION              | CUSIP: 3140XL6Z6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203399 | PA      | $172047.55    | 0.32%             | 2052-05-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST                             | BENCHMARK 2020 B20 MORTGAGE TRUST                  | CUSIP: 08162XBM5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     65000 | PA      | $52488.52     | 0.10%             | 2053-10-15      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| United States of America                             | U S TREASURY NOTE                                  | CUSIP: 91282CNW7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1558000 | PA      | $1553922.42   | 2.93%             | 2032-08-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                          | FEDERAL HOME LOAN MORTGAGE CORP                    | CUSIP: 3137HAGS9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    100000 | PA      | $98012.13     | 0.18%             | 2033-07-25      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| BANK5                                                | BANK5 2023 5YR1                                    | CUSIP: 06644EAB4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     75522 | PA      | $77168.01     | 0.15%             | 2056-04-15      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Collaborative Investment Series Trust

**Signature:** Bill McCormick

**Name of Signer:** Bill McCormick

**Title:** Treasurer