# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001162044-23-000288
**Filing Date:** 2023-3
**Character Count:** 145478
**Document Hash:** 23dbf1867efc4faf7ab7ab090ddf6249
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000288.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001162044-23-000288

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Collaborative Investment Series Trust
- **CENTRAL INDEX KEY:** 0001719812
- **IRS NUMBER:** 826635713
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23306
- **FILM NUMBER:** 23702458

**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

### Mercator International Opportunity Fund (Series ID: S000060854)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000197671 | Institutional Class | MOPPX           |
| C000214268 | Class A             | MOOPX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>**FORM N-CSR<br>CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-23306</u>

<u>Collaborative Investment Series Trust</u>

(Exact Name of Registrant as Specified in Charter)

500 Damonte Ranch, Parkway

Building 700, Unit 700

<u>Reno, Nevada 89521</u>

(Address of Principal Executive Offices)

Northwest Registered Agent Service, Inc.

8 The Green, Suite B

Dover, Delaware 19901

(Name and address of agent for service)

With copy to :

JoAnn M. Strasser, Thompson Hine LLP

41 S. High Street, Suite 1700

Columbus, Ohio 43215

Registrant's telephone number, including area code: <u>(203) 622-6000</u>

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

## MERCATOR INTERNATIONAL

## OPPORTUNITY FUND

**Institutional Class Ticker: MOPPX**

**Class A Ticker: MOOPX**

**ANNUAL REPORT**

**DECEMBER 31, 2022**

**MERCATOR INVESTMENT MANAGEMENT, LLC**

**COLLABORATIVE INVESTMENT SERIES TRUST**

**1-800-869-1679**

**www.mercatormutualfunds.com** 

 

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SHAREHOLDER LETTER

DECEMBER 31, 2022 (UNAUDITED)

![[ncsr002.gif]](ncsr002.gif)

Mercator International Opportunity Fund

Fourth Quarter 2022 Report

**(Class I Shares: MOPPX & Class A Shares: MOOPX)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance Report**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance Report**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance Report**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance Report**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance Report**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Performance Report**  |
| <br>**Fund / Index** | <br>**Q4 2022** | <br>**YTD** | <br>**1 Year** | <br>**3 Year Annualized** | **Since Inception Annualized** |
| **MOPPX (CL I)**<br> **Inception Date: April 2, 2018** | **15.29%** | **-43.54%** | **-43.37%** | **0.23%** | **1.90%** |
| **MOOPX (CL A)**<br> **Inception Date: August 30, 2019** | **15.25%** | **-43.60%** | **-43.43%** | **0.10%** | **3.13%** |
| **MSCI EAFE INDEX** | **17.34%** | **-14.45%** | **-14.45%** | **0.86%** | **1.95%** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense Ratio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense Ratio** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense Ratio** |
| <br>**Fund** | **Annual Fund Expense Ratio (net)** | **Annual Fund Expense Ratio (gross)** |
| **MOPPX (CL I)**<br> **Inception Date: April 2, 2018** | **1.41%** | **2.17%** |
| **MOOPX (CL A)**<br> **Inception Date: August 30, 2019** | **1.55%** | **2.52%** |

---

*Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Fund's current performance may be lower or higher than the performance data quoted. For up-to-date performance data please contact the Fund's transfer agent at 1-800-869-1679.* 

*The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least through April 30, 2023, to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired (underlying) fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.40% and 1.55% of the average daily net assets attributable to the Institutional Class and Class A shares, respectively.*

 

Annual Report \| 1

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

**The Mercator International Opportunity Fund Report: Q4, 2022**

![[ncsr004.gif]](ncsr004.gif)The Mercator Fund rose 15.29% in the 4Q of 2022. Earlier in the year, stock movement had been driven primarily by macro-economic considerations, including the war in Ukraine and rising interest rates, but the fall brought renewed market focus on company fundamentals. Another positive factor for overseas assets in the 4Q was the beginning of a normalization of global currencies. This came about as foreign central banks belatedly followed the Federal Reserve in hiking interest rates.

**Compression of Valuation Multiples**

Equity markets in 2022 suffered a dramatic compression of valuations. While clearly justified in the case of hugely-overpriced tech stocks, the downswing was indiscriminate and brutal, mowing down virtually all growth stocks regardless of prospects or price.

To be sure, a company with 35% earnings growth does not need a decline in price for valuation compression to take place. Over time, the denominator (earnings) of the PE (Price/Earnings) ratio does it on its own. The value proposition becomes even more enticing when earnings go up AND the price goes down. In the past 12 months we saw multiple examples of this happening. No matter how well companies performed, investors did not believe the growth was sustainable. Too often, stock price bounces in response to strong quarterly numbers were soon overwhelmed by indiscriminate selling. When such selling pressure seemed unjustified, we took a decidedly contrarian approach. We kept buying on dips.

We added selectively to our highest conviction holdings, including Mercadolibre (MELI; 5.79%) https://mercatormutualfunds.com/elite-stock-sales-soar-but-shares-slide-for-latin-americas-amazon/, the British luxury retailer Watches of Switzerland (WOSG:LN; 5.66%) and the British media company Future PLC (FUTR; 3.65%). The latter, to take one example, is growing rapidly by transforming stodgy print magazines into updated online versions. One of their latest acquisitions, Marie Claire, a popular women's life-style magazine, offers great potential as a vehicle for online advertising as well as eCommerce revenues. Despite this, the stock is trading at an incredible single-digit earnings multiple.

We also added new positions in a couple of steady growth companies. We bought the leading French building material manufacturer Saint-Gobain (SGO:FP; 2.17%) and Europe's leading low-cost airline Ryanair (RYA:ID; 0.93%). The former is positioned to take full advantage of recent European laws requiring housing improvements that reduce energy consumption. The latter has an exceptionally strong balance sheet, which puts it in

Annual Report \| 2

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

a unique position to grow market share while many competitors are still healing from the COVID crisis. We also started to build a position in the British internet company Farfetch (FTCH; 1.24%). It operates leading luxury fashion platforms, including the recently acquired Yoox Net-A-Porter Group. Every one of these companies promises to be a great long-term investment at a very attractive price.

**Slowdown or Recession? Europe Will Hold Up Better In Our View**

Many economic indicators point to a global slowdown. Unprecedented tailwinds in the form of free money and fiscal profligacy have turned into major headwinds. The Federal Reserve's recent Quantitative Tightening is having an effect that mirrors and reverses Quantitative Easing's (QE) wealth effect. Since QE ended, asset prices across the board are down dramatically. Even more than higher interest rates, the contraction of money supply has caused last year's asset deflation.

Michael Cembalest, Chairman of Market and Investment Strategy of J.P. Morgan Asset Management, writes in his latest letter\* that the developed economies are exiting "the largest combined monetary and fiscal experiment in history" and that "a major growth slowdown is coming to the U.S. and Europe". We agree, but in our view Europe will be in better shape than North America.

Lower equity prices and higher cost of capital, combined with the end of unprecedented fiscal stimuli in the world all point to a slowdown of economic activity, if not a recession. However, a lot of this has been anticipated by the markets. Some markets, especially in Europe, have overreacted. It is time for investors to separate the wheat from the chaff. Not every company is equally vulnerable to a downturn.

**European Relative Fiscal Discipline**

This may come as a surprise but Europe has been a model of fiscal discipline, at least compared to the U.S. and Japan. The Euro-area's fiscal discipline rules kept its members from going too far, even during the COVID lockdowns.

As of 2021, the combined gross debts of euro-area governments stood at "only" 95% of gross domestic product. This is up from 86% in 2010 and well above the agreed target of 60%\*\*. However, the increase in Europe's public debt looks puny compared to our recent "drunken-sailor"-like deficit spending. In the United States, public debt has shot up to 137%\*\*\* of GDP, substantially surpassing Europe's despite the fact that governmental revenues have gone up 40% since 2017!\*\*\*\*The biggest debtor in the developed world remains Japan with a 225% ratio.

Abundance of cheap capital is a curse. It inevitably leads to excesses with negative long-term side effects. Japan is a case in point. Its economy is still trying to recover from the bursting of the late-1980's speculative bubble which left banks with unmanageable loan defaults.

Annual Report \| 3

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Another example is the Japanese chip industry, which also became the victim of monetary excesses. In his book on chip wars\*\*\*\*\*, Chris Miller describes how cheap and abundant capital led to over-investment in Japanese semiconductor production. An inevitable downturn in global demand followed and crushed factories' capacity utilization, productivity and profits. Korean and Taiwanese competitors have dominated the business ever since.

Closer to home, the Fed's policy of improbably cheap money has encouraged politicians to go on a spending spree the like of which has not been seen since World War II. With the cost of debt so low, borrowing became irresistible. Deficits ballooned and debt has reached tens of trillions of dollars.

Today, the Fed's aggressive hiking of interest rates is finally spooking some lawmakers. Even before the cost of borrowing money shot up, servicing the national debt already accounted for 15% of federal spending. Rolling over the existing debt alone will be very painful.

Like it or not, fiscal discipline is coming to America, be it through lower spending or higher taxes. We have no choice. Europe, on its part, continues to muddle through with already high tax burdens and reasonably high public deficits. Unlike the U.S., we believe Europe is not in for a fiscal shock.

**A Warm Winter in Europe, After All**

Europe is showing impressive resolve and efficiency in its reaction to the Russian invasion of Ukraine. Quick action has prevented an immediate energy crisis. Natural gas from Norway, the Netherlands, the U.S. and Qatar are replacing Russian supplies. Floating liquefied natural gas (LNG) terminals are being built at record pace. 20 coal-fired plants have been reactivated in Germany. Enormous wind farms are being erected in the North Sea. France is revamping its nuclear facilities. Helped by mild temperatures, it now seems as if Europe is getting through the winter without much disruption. Already gas prices are back to "pre-war" levels on the Old Continent.

**A More Assertive Europe**

Last summer's alarming headlines are making way to cautious optimism. The European economy is holding up. The German Chancellor even predicts that his country will avoid a recession in 2023. Investors are returning to the bourses.

The past year was not a good year for world peace. Nor was it a good year for dictators. Putin miscalculated and is now bogged down in a war of attrition. Xi Jinping was forced to make an embarrassing U-turn after years of extreme authoritarian Zero-COVID policies. The Ayatollahs' regime in Iran is rotten to the core and faces serious social unrest. Turkey's Erdogan is battling hyperinflation.

All in all, the European democracies have shown more resilience than they are given credit for. Putin's humiliation has stiffened Western democracies' backbones. Europe is

Annual Report \| 4

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

reasserting itself. Europeans themselves may be the most surprised by this outcome of the war in Ukraine. Notwithstanding the usual vilification of the conservative governments of the former communist countries of Eastern Europe and the name calling between president Macron and Prime Minister Meloni, Europeans have shown remarkable unity. They have rallied around the common enemy. NATO, an entity that lost its raison-d'être after the collapse of the Soviet Union, has similarly been revived by the new threat coming from the east.

**European Equities Are Cheap**

Starting from the time of the first QE in early 2009, U.S. equities have traded at a premium to the rest of the world. Ben Bernanke's "wealth effect" did not spill over to overseas assets. Every subsequent QE, up to and including the "mother of all monetary stimuli" caused by the pandemic response in 2020, has reinforced this price discrepancy between American equities and the rest of the world.

![[ncsr006.gif]](ncsr006.gif)

Investors like to use recent trends to project the future. But the premium valuation of U.S. equities seems long-lasting only if one looks back a decade or so. The chart above shows that overseas markets used to trade in line with the S&P before the Fed's massive and repetitive interventions triggered the valuation gap of recent years.

European central banks (ECB) ended up copying the Federal Reserve's stimulative policies, but with a time lag and less conviction. The ECB only started QE in March of 2015, a full six years after Bernanke's first move. Most of the speculative money was by then already chasing tech companies in North America. Even after last year's global correction in stock prices, the S&P average PER was still at 17.5 compared to EMU countries' average of only 11.9. The U.K. market trades at less than 10 times earnings.

Annual Report \| 5

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SHAREHOLDER LETTER (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

Japan, which used to trade at more than 60 times earnings in the late 1980's, ended the year at 12.5 times projected earnings.\*\*\*\*\*\*

There seem to be good reasons for these valuation differentials. American technological superiority looms large among them. But, as this technology bubble bursts, the world may soon realize that companies headquartered outside of North America are not necessarily worth less, especially if they are truly global players.

Nor does a good company necessarily become bad because of a slowdown of the economy. On the contrary, the intrinsic value of a great business may become more obvious in tougher times. An initial selloff due to a temporary industry slowdown sometimes creates unique buying opportunities.

Looking ahead at the new year, Europe seems better positioned than the U.S. from a macro-economic point of view. Cycles tend to be more extreme in the New World. At the same time, European stocks are cheap, already having priced in a major economic downturn that may not materialize. Because European stock markets have been less affected by FAANG-type excess and speculation on unicorns, the risk of an upside surprise may be much higher than that of further selloffs on the Old Continent.

Hervé van Caloen, CIO

\*https://assets.jpmprivatebank.com/content/dam/jpm-wm-aem/global/pb/en/insights/eye-on-the-market/2023-outlook.pdf

\*\*https://www.washingtonpost.com/business/energy/europes-sovereign-debt-cant-keep-going-up-forever/2022/11/15/918224b4-64ab-11ed-b08c-3ce222607059_story.html

\*\*\*https://www.dailyfx.com/forex/fundamental/article/guest_commentary/2022/07/08/Debt-to-GDP-Ratio-by-Country-State-of-Global-Debt-2022.html

\*\*\*\*The latest Congressional Budget Office report released earlier this month calculated that the federal government collected $4.9 trillion of federal revenue last year. This was up almost $1.5 trillion since 2017, the year before the tax cuts became law.

\*\*\*\*\* https://www.christophermiller.net/semiconductors-1

\*\*\*\*\*\*I.B.E.S. 12 month forward consensus by Refinitiv as of December 2022

***Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund. This and other important information about the Fund is contained in the prospectus, which can be obtained by calling 800-869-1679 or at*** ***<u>www.mercatormutualfunds.com</u>***. The prospectus should be read carefully before investing.

The Fund is distributed by Arbor Court Capital, LLC, member FINRA/SIPC. Arbor Court Capital is not affiliated with Mercator Investment Management, LLC.

Annual Report \| 6

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

**INSTITUTIONAL CLASS**

PERFORMANCE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **<u>FUND/INDEX</u>** | **<u>ONE</u>** <br> **<u>YEAR</u>** | **<u>SINCE INCEPTION\*</u>** | **<u>VALUE</u>** |
| Mercator International Opportunity Fund – Institutional Class | -43.37% | 1.97% | $10968  |
| MSCI EAFE Index | -13.92% | 2.54% | $11263 |

---

**Cumulative Performance Comparison of $10,000 Investment Since Inception** 

![[ncsr008.gif]](ncsr008.gif)

\* Inception April 2, 2018 for the Institutional Class

This chart assumes an initial investment of $10,000 made on the closing of April 2, 2018 (commencement of investment operations). Total return is based on the net change in Net Asset Value ("NAV") and assumes reinvestment of all dividends and other distributions. Performance figures represent past performance which is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Morgan Stanley EAFE (Morgan Stanley Capital International Europe Australia Far East) Index measures the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East. The index is commonly referred to as the EAFE. Securities from the United States and Canada are excluded from the Morgan Stanley EAFE benchmark index. The Morgan Stanley EAFE benchmark index is used for comparison purposes only, and is not meant to be indicative of the Fund's asset composition, performance, or volatility. The performance of the Morgan Stanley EAFE Index is compiled and presented with all dividends reinvested and does not reflect deductions for fees or expenses. Investors cannot invest directly in an index.

The Fund's total annual operating expenses per the prospectus dated April 30, 2022 before fee waivers are 1.68% for Institutional Class. After fee waivers, the Fund's total annual operating expenses are 1.41% for Institutional Class. For the year ended December 31, 2022, the Fund's annual operating expenses were waived and reimbursed so as not to exceed 1.40% for Institutional Class of the average daily net assets.

Semi-Annual Report \| 7

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

**CLASS A**

PERFORMANCE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

**TOTAL RETURNS FOR THE PERIOD ENDED DECEMBER 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| **<u>FUND/INDEX</u>** | **<u>ONE</u>** <br> **<u>YEAR</u>** | **<u>SINCE INCEPTION\*</u>** | **<u>VALUE</u>** |
| Mercator International Opportunity Fund – Class A | -43.43% | 3.46% | $11.205 |
| MSCI EAFE Index | -13.92% | 4.81% | $11698  |

---

**Cumulative Performance Comparison of $10,000 Investment Since Inception**![[ncsr010.gif]](ncsr010.gif)

\* Inception August 30, 2019 for Class A

This chart assumes an initial investment of $10,000 made on the closing of August 30, 2019 (commencement of investment operations). Total return is based on the net change in NAV and assumes reinvestment of all dividends and other distributions. Performance figures represent past performance which is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Morgan Stanley EAFE (Morgan Stanley Capital International Europe Australia Far East) Index measures the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East. The index is commonly referred to as the EAFE. Securities from the United States and Canada are excluded from the Morgan Stanley EAFE benchmark index. The Morgan Stanley EAFE benchmark index is used for comparison purposes only, and is not meant to be indicative of the Fund's asset composition, performance, or volatility. The performance of the Morgan Stanley EAFE Index is compiled and presented with all dividends reinvested and does not reflect deductions for fees or expenses. Investors cannot invest directly in an index.

The Fund's total annual operating expenses per the prospectus dated April 30, 2022 before fee waivers are 1.95% for Class A. After fee waivers, the Fund's total annual operating expenses are 1.56% for Class A. For the year ended December 31, 2022, the Fund's annual operating expenses were waived and reimbursed so as not to exceed 1.55% for Class A of the average daily net assets.

Semi-Annual Report \| 8

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

PORTFOLIO ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments.

![[ncsr012.gif]](ncsr012.gif)

Sectors are categorized using Yahoo Finance classifications.

Semi-Annual Report \| 9

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **COMMON STOCKS - 97.93%** | **COMMON STOCKS - 97.93%** |  |
| **Advertising Agencies - 2.37%** | **Advertising Agencies - 2.37%** |  |
| 30000 | CyberAgent, Inc. (Japan)  | $267005 |
| 5000 | Ströer SE & Co. KGaA (Germany) | 233113 |
|  |  | 500118 |
| **Agricultural Inputs - 2.42%** | **Agricultural Inputs - 2.42%** |  |
| 7000 | Nutrien Ltd. (Canada) | 511210 |
| **Airlines - 1.55%** | **Airlines - 1.55%** |  |
| 25000 | Ryanair Holdings PLC (Ireland) \* | 326750 |
| **Airport & Air Services - 2.21%** | **Airport & Air Services - 2.21%** |  |
| 2000 | Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465980 |
| **Apparel Manufacturing - 3.45%** | **Apparel Manufacturing - 3.45%** |  |
| 8000 | Hugo Boss AG (Germany) | 463744 |
| 5000 | Moncler SpA (Italy) | 264902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728646 |
| **Apparel Retail - 2.18%** | **Apparel Retail - 2.18%** |  |
| 40000 | Boozt AB (Sweden) \* | 460893 |
| **Auto Manufactures - 4.15%** | **Auto Manufactures - 4.15%** |  |
| 100000 | Aston Martin Lagonda Global Holdings PLC ADR (United Kingdom) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186356 |
| 30000 | Subaru Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463486 |
| 7000 | Suzuki Motor Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877657 |
| **Biotechnology - 2.04%** | **Biotechnology - 2.04%** |  |
| 21600 | ALK-Abello A/S Class B (Denmark) \* | 298567 |
| 20000 | Onward Medical N.V. (Netherlands) \* | 133200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431767 |
| **Building Products & Equipment - 2.31%** | **Building Products & Equipment - 2.31%** |  |
| 10000 | Compagnie de Saint-Gobain S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488957 |
| **Computer Hardware - 0.91%** | **Computer Hardware - 0.91%** |  |
| 120000 | Tobii AB (Sweden) \* | 192173 |
| **Conglomerates - 3.80%** | **Conglomerates - 3.80%** |  |
| 120000 | Cresud SACIF y A ADR (Argentina)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802800 |
| **Diagnostics & Research - 1.30%** | **Diagnostics & Research - 1.30%** |  |
| 15492 | Lumibird (France)  | 274585 |
| **Electronic Gaming & Multimedia - 1.87%** | **Electronic Gaming & Multimedia - 1.87%** |  |
| 34000 | Frontier Developments PLC (United Kingdom) \* | 395261 |
| **Gambling - 1.82%** | **Gambling - 1.82%** |  |
| 24000 | Entain PLC (United Kingdom)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383672 |
| **Grocery Stores - 1.41%** | **Grocery Stores - 1.41%** |  |
| 40000 | Ocado Group PLC (United Kingdom) \* | 298460 |

---

*The accompanying notes are an integral part of these financial statements.*

Semi-Annual Report \| 10

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **Health Information Services - 1.97%** | **Health Information Services - 1.97%** |  |
| 64000 | RaySearch Laboratories AB Class B (Sweden) \* | $416835 |
| **Information Technology Services - 1.73%** | **Information Technology Services - 1.73%** |  |
| 20000 | Comture Corp. (Japan) | 366217 |
| **Internet Content & Information - 2.47%** | **Internet Content & Information - 2.47%** |  |
| 40181 | Adevinta ASA Class B (Norway) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268569 |
| 40000 | Uuum, Inc. (Japan) \* | 252374 |
|  |  | 520943 |
| **Internet Retail - 13.39%** | **Internet Retail - 13.39%** |  |
| 55000 | Farfetch, Ltd. Class A (United Kingdom) \* | 260150 |
| 1440 | MercadoLibre, Inc. (Uruguay) \* | 1218586 |
| 26100 | MonotaRO Co. Ltd. (Japan) | 369324 |
| 59000 | Rakuten, Inc. (Japan)  | 267950 |
| 100000 | Z Holdings Corp. (Japan) | 252984 |
| 13000 | Zalando SE (Germany) \* | 460693 |
|  |  | 2829687 |
| **Luxury Goods - 5.64%** | **Luxury Goods - 5.64%** |  |
| 120000 | Watches of Switzerland Group PLC (United Kingdom) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191080 |
| **Medical Distribution - 1.69%** | **Medical Distribution - 1.69%** |  |
| 12000 | Amplifon SpA (Italy)  | 357312 |
| **Medical Instruments & Supplies - 0.93%** | **Medical Instruments & Supplies - 0.93%** |  |
| 11000 | Olympus Corp. (Japan) | 197145 |
| **Packaging & Containers - 1.66%** | **Packaging & Containers - 1.66%** |  |
| 90000 | DS Smith PLC (United Kingdom) | 350030 |
| **Publishing - 3.64%** | **Publishing - 3.64%** |  |
| 50120 | Future PLC (United Kingdom) | 768191 |
| **Scientific & Technical Instruments - 1.29%** | **Scientific & Technical Instruments - 1.29%** |  |
| 10000 | Jeol Ltd. (Japan) | 273558 |
| **Semiconductor Equipment & Materials - 2.35%** | **Semiconductor Equipment & Materials - 2.35%** |  |
| 3000 | Lasertec Corp. (Japan) | 497091 |
| **Semiconductors - 2.36%** | **Semiconductors - 2.36%** |  |
| 29900 | Nordic Semiconductor ASA (Norway) \* | 499323 |
| **Software-Application - 13.55%** | **Software-Application - 13.55%** |  |
| 40000 | Accesso Technology Group PLC (United Kingdom) \* | 400656 |
| 200000 | Kahoot! ASA (Norway) \* | 396046 |
| 240000 | Learning Technologies Group PLC. (United Kingdom)  | 335041 |
| 43000 | Materialise NV ADR (Belgium) \* | 378400 |
| 8000 | Nemetschek SE (Germany) | 408640 |
| 12000 | Vitec Software Group AB Class B (Sweden) | 480662 |
| 215000 | ZOO Digital Group PLC (United Kingdom) \* | 462956 |
|  |  | 2862401 |

---

*The accompanying notes are an integral part of these financial statements.*

Semi-Annual Report \| 11

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022

---

| | | |
|:---|:---|:---|
| **<u>Shares</u>** |  | **<u>Value</u>** |
| **Software Infrastructure - 4.70%** | **Software Infrastructure - 4.70%** |  |
| 220 | Adyen NV (Netherlands) \* | $303377 |
| 50000 | BlackBerry Ltd. (Canada) \* | 163000 |
| 312000 | Boku, Inc. \* | 526514 |
|  |  | 992891 |
| **Solar - 1.34%** | **Solar - 1.34%** |  |
| 1000 | SolarEdge Technologies, Inc. (Israel) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283270 |
| **Specialty Industrial Machinery - 0.80%** | **Specialty Industrial Machinery - 0.80%** |  |
| 3240 | Nidec Corp. (Japan) | 168847 |
| **Specialty Retail - 4.63%** | **Specialty Retail - 4.63%** |  |
| 70000 | Mister Spex SE (Germany) \* | 301560 |
| 20000 | Musti Group Oyj (Finland) | 334151 |
| 100000 | Pets at Home Group PLC (United Kingdom) | 343074 |
|  |  | 978785 |
| TOTAL COMMON STOCKS (Cost $25,350,767) - 97.93% | TOTAL COMMON STOCKS (Cost $25,350,767) - 97.93% | &nbsp;&nbsp;&nbsp;&nbsp;20692535 |
| **MONEY MARKET FUND - 2.59%** | **MONEY MARKET FUND - 2.59%** |  |
| 546118 | First American Government Obligations Fund Class X 4.10% \*\* | 546118 |
| **TOTAL MONEY MARKET FUND (Cost $546,118) - 2.59%** | **TOTAL MONEY MARKET FUND (Cost $546,118) - 2.59%** | 546118 |
| **TOTAL INVESTMENTS (Cost $25,896,885) - 100.52%** | **TOTAL INVESTMENTS (Cost $25,896,885) - 100.52%** | &nbsp;&nbsp;&nbsp;&nbsp;21238653 |
| **LIABILITIES LESS OTHER ASSETS - (0.52)%** | **LIABILITIES LESS OTHER ASSETS - (0.52)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109622) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $21129031 |

---

\* Non-income producing securities during the period.

\*\*Variable rate security; the rate shown represents the yield at December 31, 2022.

ADR - American Depositary Receipt.

PLC - Public Limited Company

SE - Societas Europaea, Latin term means European Company.

SA - Société Anonyme, a French term for a public limited company.

SACIF y A - Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria.

AB - Aktiebolag, the Swedish term for "limited company" or "corporation".

AG - Aktiengesellschaft, a German term for a public limited company.

SpA - Società per azioni, an Italian term for a public limited company.

KGaA - Kommanditgesellschaft auf Aktien, a German corporate designation standing for partnership limited by shares.

ASA - Allmennaksjeselskap, a Norwegian term for public limited company.

NV - Naamloze Vennootschap, a Dutch term for public limited company.

*The accompanying notes are an integral part of these financial statements.*

Semi-Annual Report \| 12

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

SCHEDULE OF INVESTMENTS (CONTINUED)

DECEMBER 31, 2022

As of December 31, 2022 the breakout of the Fund's portfolio by country of issuer was as follows:

---

| | |
|:---|:---|
| **Country** | **% of Net Assets** |
| United Kingdom | 25.44% |
| Japan | 17.06% |
| Germany | 8.84% |
| Sweden | 7.34% |
| Uruguay | 5.77% |
| Norway | 5.51% |
| United States | 5.08% |
| Argentina | 3.80% |
| France | 3.61% |
| Canada | 3.19% |
| Italy | 2.94% |
| Mexico | 2.20% |
| Netherlands | 2.07% |
| Belgium | 1.79% |
| Finland | 1.58% |
| Ireland | 1.55% |
| Denmark | 1.41% |
| Israel | 1.34% |
|  | 100.52% |

---

*The accompanying notes are an integral part of these financial statements.*

Semi-Annual Report \| 13

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2022

---

| | |
|:---|:---|
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Securities at Value (Cost $25,896,885) | $21238653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;21309558 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased | 134983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody Fees | 7519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser Fees | 5172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Fees | 5516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Plan (12b-1) Fees | 1171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Fees | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent and Accounting Fees | 2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer Fees | 758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | 20810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180527 |
| Net Assets | $21129031 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | $34139107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings/(Accumulated Deficit) | (13010076) |
| Net Assets, for 2,132,376 Shares Outstanding | $21129031 |
| **<u>Institutional Class Shares</u>** |  |
| Net Assets  | $14503497 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461402 |
| Net asset value per share | $9.92 |
| **<u>Class A Shares</u>** |  |
| Net Assets  | $6625534 |
| Shares of beneficial interest outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670974 |
| Net asset value per share | $9.87 |

---

*The accompanying notes are an integral part of these financial statements.*

Semi-Annual Report \| 14

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

STATEMENT OF OPERATIONS

For the year ended December 31, 2022

---

| | |
|:---|:---|
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends <sup>(a)</sup> | $194610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204173 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer Agent and Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing and Mailing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Plan (12b-1) fees - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived and expenses reimbursed by the Adviser  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395101 |
| Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190928) |
| Realized and Unrealized Gain/(Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized Loss on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8253897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Change in Unrealized Depreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(12935028) |
| Net Realized and Unrealized Loss on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(21188925) |
| Net Decrease in Net Assets Resulting from Operations | $(21379853) |

---

 

 

*The accompanying notes are an integral part of these financial statements.*

Semi-Annual Report \| 15

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | <u>12/31/2022</u> | <u>12/31/2021</u> |
| Increase/(Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | $(190928) | $(364076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain/(Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;(8253897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation on Investments | (12935028) | (1442789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in Net Assets Resulting from Operations | (21379853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990021 |
| Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3362) | (3046819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to Shareholders - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital - Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4884) | (3434843) |
| Capital Share Transactions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (18564605) | &nbsp;&nbsp;&nbsp;&nbsp;32038770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175888 |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | (15278193) | &nbsp;&nbsp;&nbsp;&nbsp;34214658 |
| Total Increase/(Decrease) in Net Assets | (36662930) | &nbsp;&nbsp;&nbsp;&nbsp;32769836 |
| Net Assets: |  |  |
| Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;57791961 | &nbsp;&nbsp;&nbsp;&nbsp;25022125 |
| End of Year | $21129031 | $57791961 |

---

*The accompanying notes are an integral part of these financial statements.* 

Semi-Annual Report \| 16

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

**INSTITUTIONAL CLASS**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the year/period.

![[ncsr014.gif]](ncsr014.gif)

\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.

\*\* Assumes reinvestment of dividends.

+ The ratio of expense after reimbursement has been voluntarily decreased by additional 0.46%.

^ Amount is less than $0.005

(a) Annualized.

(b) Not annualized.

(c) For the period April 2, 2018 (commencement of investment operation) through December 31, 2018.

(d) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements.

(e) Expenses includes 0.20% of administrative fees which were voluntarily waived by the administrator for the year ended December 31, 2020. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.

*The accompanying notes are an integral part of these financial statements.* 

Semi-Annual Report \| 17

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

**CLASS A**

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout the year/period.

![[ncsr016.gif]](ncsr016.gif)

\* Per share net investment loss has been determined on the basis of average shares outstanding during the period.

\*\* Assumes reinvestment of dividends.

^ Amount is less than $0.005

(a) Annualized.

(b) Not annualized.

(c) For the period August 30, 2019 (commencement of investment operation) through December 31, 2019.

(d) Expense waived or reimbursed reflect reductions to total expenses, as discussed in the notes to the financial statements.

(e) Expenses includes 0.20% of administrative fees which were voluntarily waived by the administrator for the year ended December 31, 2020. These amounts would increase the net investment loss ratio or decrease the net investment income ratio, as applicable, had such reductions not occurred.

*The accompanying notes are an integral part of these financial statements.*

 

Semi-Annual Report \| 18

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2022

**1. ORGANIZATION**

The Mercator International Opportunity Fund (the "Fund") is a diversified series of the Collaborative Investment Series Trust (the "Trust"). The Trust is a Delaware statutory trust and is registered as an open-end investment company, under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is authorized to issue an unlimited number of shares of beneficial interest of separate series without par value. The Fund, along with additional series are currently authorized by the Board of Trustees (the "Board" or "Trustees"). The Fund commenced investment operations on April 2, 2018. The Board has authorized two classes of shares: Institutional Class and Class A shares. Each class is subject to different expenses. Each class differs as to distribution fees, such that Institutional Class shares have no distribution fees but there is a higher minimum initial investment required. See Note 4 to the financial statements for further information regarding the fees for each Class of shares offered by the Fund.

The Fund's investment objective is long-term growth of capital.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of the Fund's significant accounting policies. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

As an investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, the Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**SECURITY VALUATIONS:** All investments in securities are recorded at their estimated fair value, as described in Note 3.

**SECURITY TRANSACTION TIMING:** For financial reporting purposes, investment transactions are accounted for on the trade date. Dividend income and distributions to shareholders are recognized on the ex-dividend date. Non-cash dividend income is recorded at fair market value of the securities received. Interest income is recognized on an accrual basis. The Fund uses the specific identification method in computing gain or loss on sale of investment securities. Discounts and premiums on securities purchased are accreted or amortized over the life of the respective securities using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the appropriate country's rules and tax rates.

**FEDERAL INCOME TAXES:** The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as a regulated investment company ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on

Semi-Annual Report \| 19

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2019-2021) or expected to be taken in the Fund's 2022 tax returns. The Fund identifies its major tax jurisdiction as U.S. federal, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended December 31, 2022, the Fund did not incur any interest or penalties.

**DISTRIBUTIONS TO SHAREHOLDERS:** The Fund typically distributes substantially all of its net investment income and realized gains in the form of dividends and taxable capital gains to its shareholders. The Fund intends to distribute dividends and capital gains at least annually. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income taxes purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or NAV per share of the Fund.

**FOREIGN CURRENCY:** Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Semi-Annual Report \| 20

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**FOREIGN TAXES:** The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

**USE OF ESTIMATES:** The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**SHARE VALUATION:** The Fund's NAV is calculated once daily, at the close of regular trading hours on the New York Stock Exchange (the "NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. The net assets are determined by totaling the value of all portfolio securities, cash and other assets held by the Fund, and subtracting from that total all liabilities, including accrued expenses. The total net assets are divided by the total number of shares outstanding to determine the NAV of each share.

**EXPENSES:** Expenses incurred by the Trust that do not relate to a specific fund of the Trust will be allocated to the individual funds based on each fund's relative net assets or another appropriate basis (as determined by the Trustees).

**SHARE CLASS ACCOUNTING:** Investment income, common expenses and realized/unrealized gains (losses) on investments are allocated to the two classes of shares of the Fund on the basis of the daily net assets of each class. Fees relating to a specific class are charged directly to that share class.

**3. SECURITY VALUATIONS**

***Processes and Structure***

The Board has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and has delegated to the Fund's adviser, Mercator Investment Management, LLC (the "Adviser"), the responsibility for determining fair value prices, subject to oversight by the Board.

***Fair Value Pricing Policy***

If market quotations are not readily available, the security will be valued at fair value (the amount which the owner might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Adviser ("Fair Value Pricing"), subject to review by the Board. The Adviser must use reasonable diligence in determining whether market quotations are readily available. If, for example, the Adviser determines that one source of market value is unreliable, the Adviser must diligently seek market quotations from other sources, such as other brokers or pricing services, before concluding that

Semi-Annual Report \| 21

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

market quotations are not available. Fair Value Pricing is not permitted when market quotations are readily available.

Fixed income securities generally are valued using market quotations provided by a pricing service. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, may be valued by using the amortized cost method of valuation, when the Board has determined that it will represent fair value.

***Fair Value Measurements***

The Fund values its investments at fair value. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date and also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. The three-tier hierarchy seeks to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the Fund's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

*Equity securities (domestic and foreign common stocks)*. Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

Semi-Annual Report \| 22

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

***Hierarchy of Fair Value Inputs***

The Fund utilizes various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

· Level 2. Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

· Level 3. Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

The following table presents information about the Fund's investments measured at fair value as of December 31, 2022, by major security type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** | **Financial Instruments—Assets** |
| ***Categories*** | ***Level 1*** | ***Level 2*** | ***Level 3*** | ***Fair Value*** |
| Common Stocks \* | $20692535 | $- | $- | $20692535 |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>546118</u> | <u>$-</u> | <u>$-</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>546118</u> |
| **Total** | <u>$21238653</u> | <u>$-</u> | <u>$-</u> | <u>$21238653</u> |

---

\* Industry classifications of these categories are detailed on the Fund's Schedule of Investments.

During the year ended December 31, 2022, there were no transfers between Level 3 in the Fund. The Fund did not hold any Level 3 securities during the period presented.

Semi-Annual Report \| 23

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**4. RELATED PARTY TRANSACTIONS**

**INVESTMENT ADVISER:** Under the terms of a management agreement between the Trust and the Adviser, with respect to the Fund (the "Agreement"), the Adviser, subject to the oversight of the Board, provides or arranges to be provided to the Fund such investment advice as its deems advisable and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. Under the advisory agreement, the Fund pays Adviser an annual advisory fee of 0.84% of the Fund's daily average net assets. The advisory agreement remained in effect for an initial two-year period and may be renewed by the Board annually thereafter. For the year ended December 31, 2022, the Adviser earned $231,994 in advisory fees from the Fund.

The Adviser contractually agreed to reduce its fees and to reimburse expenses, at least through April 30, 2023, to ensure that total annual Fund operating expenses after fee waiver and reimbursement (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired (underlying) fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.40% and 1.55% of the average daily net assets attributable to the Institutional Class and Class A shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years of the date on which the waiver or reimbursement occurs, if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment.

For the year ended December 31, 2022, the Adviser waived advisory fees of $145,147. As of December 31, 2022, the unreimbursed amounts paid or waived by the Adviser on behalf of the Fund is $362,069, subject to future recoupment as follows:

---

| | |
|:---|:---|
| <u>Recoverable Through</u> | <u>Amount Recoverable</u> |
| December 31, 2023 | $106046 |
| December 31, 2024 | $110876 |
| December 31, 2025 | $145147 |

---

As of December 31, 2022, the Fund owed the Adviser $5,172.

On April 18, 2019, the Adviser obtained a Line of Credit from Collaborative Fund Services, LLC ("CFS") in the amount of $200,000. The Line of Credit had a Maturity Date of the earlier of February 1, 2021 or the date the Adviser ceases to conduct business with CFS. On March 22, 2021, the Maturity Date on the Line of Credit was extended to the earlier of February 1, 2023 or the date the Adviser ceases to conduct business with CFS. On February 1, 2023, the Maturity Date on the Line of Credit was extended to the earlier of February 28, 2025 or the date the Adviser ceases to conduct business with CFS. Effective September 9, 2021, the Line of Credit was assigned to Belpointe Services, LLC., an affiliate of CFS. As of December 31, 2022, the unpaid balance owed by the Adviser to Belpointe is $52,891.

Semi-Annual Report \| 24

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**ADMINISTRATOR AND COMPLIANCE SERVICES:** Effective June 1, 2019, the Trust, on behalf of the Fund, entered into an Administration and Compliance Agreement with CFS. CFS serves as the Trust's Administrator and provides compliance services to the Fund. CFS is paid an annual fee of 0.35% of the Fund's average daily net assets. Greg Skidmore is the President of CFS, and is also an Interested Trustee. For the year ended December, 2022, CFS earned $86,634 for these services. As of December 31, 2022, the Fund owed CFS $5,516. CFS voluntarily waived certain administrative fees that would have been otherwise payable by the Adviser as a result of the operating expense limitation agreement.

**TRANSFER AGENT AND FUND ACCOUNTANT:** Mutual Shareholder Services, LLC ("MSS"), the Fund's transfer agent and fund accountant, receives an annual fee from the Fund of $11.50 per shareholder for transfer agency services. For its services as fund accountant, MSS receives an annual fee from the Fund based on the average net assets of the Fund.

**DISTRIBUTION (12B-1) PLAN AND SHAREHOLDER SERVICING FEES:** The Trust, with respect to the Fund, adopted a distribution plan in accordance with Rule 12b-1 ("Distribution Plan") under the 1940 Act for Class A shares with Arbor Court Capital, LLC ("Distributor"). Pursuant to the Distribution Plan, the Fund compensates the Distributor for services rendered and expenses borne in connection with activities primarily intended to result in the sale of the Fund's Class A shares. The Distribution Plan provides that the Fund may pay annually up to 0.25% of the average daily net assets of the Fund's Class A. The Distributor is an affiliated entity to the Trust's transfer agent and fund accountant. For the year ended December 31, 2022, the Fund accrued $5,704 for Class A. The Fund owes the Distributor $1,171 at December 31, 2022 for Distribution fees.

Shareholder servicing fees may be in addition to the Rule 12b-1 fees and any sales charges. These payments are generally made to financial intermediaries that provide shareholder or administrative services, or marketing support. Certain administrative fees, such as sub-transfer agency or sub-administrative fees, may be payable by the Fund. Marketing support may include access to sales meetings, sales representatives and financial intermediary management representatives, inclusion of the Fund on a sales list, including a preferred or select sales list, or other sales programs.

**5. INVESTMENT TRANSACTIONS**

Investment transactions, excluding short-term investments, for the year ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
| Purchases | $12276264 |
| Sales | $26895121 |

---

Semi-Annual Report \| 25

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

**6. CAPITAL SHARE TRANSACTIONS**

At December 31, 2022, there were unlimited shares authorized at no par value for the Fund. Transactions in capital for the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Institutional Class</u>** | **<u>January 1, 2022 <br> through December 31, 2022</u>** | **<u>January 1, 2022 <br> through December 31, 2022</u>** | **<u>January 1, 2021 <br> through December 31, 2021</u>** | **<u>January 1, 2021 <br> through December 31, 2021</u>** |
|  | <u>Shares</u> | <u>Amount</u> | <u>Shares</u> | <u>Amount</u> |
| Shares Sold | 556160 | $6642254 | 2438858 | $46986570 |
| Shares Reinvested | 335 | 3315 | 172188 | 3004677 |
| Shares Redeemed | (2032617) | (25210174) | (964070) | (17952477) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase/(Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1476122) | $(18564605) | &nbsp;&nbsp;&nbsp;&nbsp;1646976 | $32038770 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class A</u>** | **<u>January 1, 2022 <br> through December 31, 2022</u>** | **<u>January 1, 2022 <br> through December 31, 2022</u>** | **<u>January 1, 2021 <br> through December 31, 2021</u>** | **<u>January 1, 2021 <br> through December 31, 2021</u>** |
|  | <u>Shares</u> | <u>Amount</u> | <u>Shares</u> | <u>Amount</u> |
| Shares Sold | 381154 | $4157793 | 165686 | $3115529 |
| Shares Reinvested | 152 | 1505 | 21862 | 380181 |
| Shares Redeemed | (73559) | (872886) | (69924) | (1319822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Increase | 307747 | $3286412 | 117624 | $2175888 |

---

**7. COMMITMENTS AND CONTINGENCIES**

In the normal course of business, the Fund may enter into contracts that may contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

**8. TAX MATTERS**

For federal income tax purposes, the cost of investments owned at December 31, 2022 is $26,147,361. As of December 31, 2022, the gross unrealized appreciation on a tax basis totaled $2,323,726 and the gross unrealized depreciation totaled $7,232,434 for a net unrealized depreciation of $4,908,708.

The difference between the book cost and tax cost of investments of the Fund represents disallowed wash sales for tax purposes.

As of December 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Unrealized appreciation (depreciation) | $(4908708) |
| Capital Loss Carryforwards | (8101368) |
| Accumulated Deficit | $(13010076) |

---

Semi-Annual Report \| 26

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

As of December 31, 2022, the Fund recorded permanent book/tax differences of $183,345 from paid in capital to distributable earnings due to net operating losses.

As of December 31, 2022, the Fund has capital loss carryforwards available for federal income tax purposes as follows:

---

| | |
|:---|:---|
| Short-term non-expiring | $6755764 |
| Long-term non-expiring | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1345604</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $8101368 |

---

To the extent these loss carryforwards are used to offset future capital gains, it is probable that the amount offset will not be distributed to shareholders.

For the year ended December 31, 2022, the Fund paid an ordinary distribution of $3,252, and a long-term capital gain distribution of $1,632.

For the year ended December 31, 2021, the Fund paid an ordinary distribution of $403,664, and a long-term capital gain distribution of $3,031,179.

**9. BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, TD Ameritrade, Inc. held in omnibus accounts for the benefit of others approximately 81% of the voting securities of the Fund and may be deemed to control the Fund.

**10. MARKET RISK**

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, or other events could have a significant impact on the Fund and its investments and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy,

Semi-Annual Report \| 27

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

DECEMBER 31, 2022

individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

**11. SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Fund through the issuance of these financial statements and has noted no such events requiring disclosure or recognition.

Semi-Annual Report \| 28

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Mercator International Opportunity Fund and

Board of Trustees of Collaborative Investment Series Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Mercator International Opportunity Fund (the "Fund"), a series of Collaborative Investment Series Trust, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the three years in the period then ended (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years or periods ended December 31, 2019, and prior, were audited by other auditors whose report dated February 24, 2020, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2019.

![[ncsr018.gif]](ncsr018.gif)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

March 1, 2023

Semi-Annual Report \| 29

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

EXPENSE ILLUSTRATION

DECEMBER 31, 2022 (UNAUDITED)

**Expense Example**

As a shareholder of the Fund, you incur ongoing costs which typically consist of management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held during the entire six-month period, July 1, 2022 through December 31, 2022.

**Actual Expenses**

The actual line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The hypothetical line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Semi-Annual Report \| 30

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

EXPENSE ILLUSTRATION (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

---

| | | | |
|:---|:---|:---|:---|
| **Mercator International Opportunity Fund - Institutional Class** | **Mercator International Opportunity Fund - Institutional Class** | **Mercator International Opportunity Fund - Institutional Class** |  |
|  | **Beginning** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1029.28  | $7.16  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1018.15  | $7.12  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.40%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.40%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.40%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.40%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
| **Mercator International Opportunity Fund - Class A** | **Mercator International Opportunity Fund - Class A** |  |  |
|  | **Beginning** <br> **Account Value** | **Ending** <br> **Account Value** | **Expenses Paid During the Period\*** |
|  | <u>July 1, 2022</u> | <u>December 31, 2022</u> | <u>July 1, 2022 to December 31, 2022</u> |
| Actual | $1000.00  | $1028.36  | $7.92  |
| Hypothetical |  |  |  |
| (5% Annual Return before expenses) | $1000.00  | $1017.39  | $7.88  |
| \* Expenses are equal to the Fund's annualized expense ratio of 1.55%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.55%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.55%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). | \* Expenses are equal to the Fund's annualized expense ratio of 1.55%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |

---

Semi-Annual Report \| 31

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

ADDITIONAL INFORMATION

DECEMBER 31, 2022 (UNAUDITED)

**PORTFOLIO HOLDINGS** 

The Fund files its complete schedule of investments with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-PORT. The Form N-PORT filing must be made within 60 days of the end of the quarter. The Fund's Form N-PORT is available on the SEC's web site at <u>http://www.sec.gov</u>. You may also obtain copies by calling the Fund at 1-800-869-1679, free of charge.

**PROXY VOTING** 

The Fund's proxy voting policies, procedures and voting records relating to common stock securities in the Fund's investment portfolio, for the most recent twelve month period ended June 30, are available without charge, upon request, by calling the Fund's toll-free telephone number 1-800-869-1679. The Fund will send this information within three business days of receipt of the request, by first class mail or other means designed to ensure prompt delivery. The Fund's proxy information is also available on the SEC's website at http://www.sec.gov.

**LIQUIDITY RISK MANAGEMENT PROGRAM**

The Fund has adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The program is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration, among other factors, the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended December 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Fund's investments and determined that the Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Fund's liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Fund's liquidity risk management program has been effectively implemented.

Semi-Annual Report \| 32

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

TRUSTEES & OFFICERS

DECEMBER 31, 2022 (UNAUDITED)

The following tables provide information about the Board and the senior officers of the Trust. Information about each Trustee is provided below and includes each person's: name, address, age (as of the date of the Funds' most recent fiscal year end), present position(s) held with the Trust, and principal occupations for the past five years. Unless otherwise noted, the business address of each person listed below is 500 Damonte Ranch Parkway, Building 700, Unit 700, Reno, NV 89521. Unless otherwise noted, each officer is elected annually by the Board.

The following table provides information regarding each Trustee who is not an "interested person" of the Trust, as defined in the 1940 Act.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name Address<sup>2</sup> and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office/Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex<sup>1</sup> Overseen by Trustee** | **Other Directorships Held by Trustee During Past 5 Years** |
| Dean Drulias, Esq.<br> Birth Year: 1947 | Trustee | Indefinite/<br> November 2017 - present | Attorney (self-employed), since 2012 | 16 |  |
| Shawn Orser<br> Birth Year: 1975 | Trustee | Indefinite/<br> November 2017 - present | CEO, Seaside Advisory (6/2016-Present); Executive Vice President, Seaside Advisory (2009-6/2016). | 16 |  |
| Fredrick Stoleru<br> Birth Year: 1971 | Trustee | Indefinite/<br> November 2017 - present | Chief Executive Officer and President of Atlas Resources LLC (since February 2017), Senior Vice President, Atlas Energy, (2015-2017), Vice President of the General Partner of Atlas Growth Partners, L.P. (since 2013) | 16 |  |
| Ronald Young Jr.<br> Birth Year: 1974 | Trustee | Indefinite/<br> March 2020 - present | President – Young Consulting, Inc. (2008-Present); President – Tri State LED, Inc. (2010-Present). | 16 |  |

---

<sup>1</sup>The "Fund Complex" consists of the Collaborative Investment Series Trust.

<sup>2</sup> The address for each Trustee listed is 500 Damonte Ranch Parkway, Building 700, Unit 700, Reno, NV 89521.

The Independent trustees are paid fees based on the amount of a Fund's assets.

The Fund's SAI references additional information about the Trustees and is available free of charge, upon request, by calling toll free at 1-800-869-1679.

Semi-Annual Report \| 33

**MERCATOR INTERNATIONAL OPPORTUNITY FUND**

TRUSTEES & OFFICERS (CONTINUED)

DECEMBER 31, 2022 (UNAUDITED)

The following table provides information regarding each Trustee who is an "interested person" of the Trust, as defined in the 1940 Act, and each officer of the Trust.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>3</sup> and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office/ Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex <sup>2</sup> Overseen by Trustee** | **Other Directorships Held by Trustee During Past 5 Years** |
| Gregory Skidmore<sup>1</sup> Birth Year: 1976 | Trustee and President | Indefinite/ November 2017 - present | President, Belpointe Asset Management, LLC (since 2007). | 16 |  |
| Kyle R. Bubeck <br> Birth Year: 1955 | Chief Compliance Officer | Since October 2021 | President and Founder of Beacon Compliance Consulting, Inc. (since 2010); CFO and CCO of Trendstar Advisors, LLC (2003 to 2009). | N/A | N/A |
| William McCormick<br> Birth Year: 1964 | Treasurer | Since October 2021 | Senior Wealth Advisor – Belpointe Asset Management (since 2019); Wealth Advisor – Advisory Services Network (2016 to 2019).  | N/A | N/A |
| Brad Rundbaken <br> Birth Year: 1970 | Secretary | Since October 2021 | Manager – Collaborative Fund Services, LLC (since 2018); Wealth Advisor – Belpointe Asset Management (2015 to 2018). | N/A | N/A |

---

<sup>1</sup> Gregory Skidmore is considered an "Interested" Trustee as defined in the 1940 Act because of their ownership interest in Collaborative Fund Services, LLC.

<sup>2</sup>The "Fund Complex" consists of the Collaborative Investment Series Trust.

<sup>3</sup> The address for each Trustee and Officer listed is 500 Damonte Ranch Parkway, Building 700, Unit 700, Reno, NV 89521.

 

Semi-Annual Report \| 34

***PRIVACY NOTICE***

**COLLABORATIVE INVESTMENT SERIES TRUST**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FACTS** | **FACTS** | **WHAT DOES THE COLLABORATIVE INVESTMENT SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES THE COLLABORATIVE INVESTMENT SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DOES THE COLLABORATIVE INVESTMENT SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br> ●Social Security number and wire transfer instructions<br> ●account transactions and transaction history<br> ●investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br> ●Social Security number and wire transfer instructions<br> ●account transactions and transaction history<br> ●investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br> ●Social Security number and wire transfer instructions<br> ●account transactions and transaction history<br> ●investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. | The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br> ●Social Security number and wire transfer instructions<br> ●account transactions and transaction history<br> ●investment experience and purchase history<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing. |
| **Reasons we can share your personal information:** | **Reasons we can share your personal information:** | **Reasons we can share your personal information:** | **Do we share information?** | **Can you limit<br> sharing?** |
| **For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **YES** | **NO** |
| **For our marketing purposes -** to offer our products and services to you. | **For our marketing purposes -** to offer our products and services to you. | **For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| **For joint marketing with other financial companies.** | **For joint marketing with other financial companies.** | **For joint marketing with other financial companies.** | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -** information about your transactions and records. | **For our affiliates' everyday business purposes -** information about your transactions and records. | **For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -** information about your credit worthiness. | **For our affiliates' everyday business purposes -** information about your credit worthiness. | **For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| **For our affiliates to market to you** | **For our affiliates to market to you** | **For our affiliates to market to you** | **NO** | **We don't share** |
| **For non-affiliates to market to you** | **For non-affiliates to market to you** | **For non-affiliates to market to you** | **NO** | **We don't share** |
| **QUESTIONS?**  | **QUESTIONS?**  | **QUESTIONS?**  | **Call 1-800-595-4866** | **Call 1-800-595-4866** |

---

Semi-Annual Report \| 35

***PRIVACY NOTICE (Continued)***

---

| | | |
|:---|:---|:---|
| **What we do:** | **What we do:** | **What we do:** |
| <br>**How does the Collaborative Investment Series Trust protect my personal information?** | <br>**How does the Collaborative Investment Series Trust protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| <br>**How does the Collaborative Investment Series Trust collect my personal information?** | <br>**How does the Collaborative Investment Series Trust collect my personal information?** | We collect your personal information, for example, when you<br> ●open an account or deposit money<br> ●direct us to buy securities or direct us to sell your securities<br> ●seek advice about your investments<br> We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| <br>**Why can't I limit all sharing?** | <br>**Why can't I limit all sharing?** | Federal law gives you the right to limit only:<br> ●sharing for affiliates' everyday business purposes – information about your creditworthiness.<br> ●affiliates from using your information to market to you.<br> ●sharing for nonaffiliates to market to you. <br> State laws and individual companies may give you additional rights to limit sharing. |
| **Definitions** | **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and non-financial companies.<br> ●*The Collaborative Investment Series Trust does not share with affiliates.* | Companies related by common ownership or control. They can be financial and non-financial companies.<br> ●*The Collaborative Investment Series Trust does not share with affiliates.* |
| **Non-affiliates** | Companies not related by common ownership or control. They can be financial and non-financial companies.<br> ●*The Collaborative Investment Series Trust does not share with non-affiliates so they can market to you.* | Companies not related by common ownership or control. They can be financial and non-financial companies.<br> ●*The Collaborative Investment Series Trust does not share with non-affiliates so they can market to you.* |
| **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ●*The Collaborative Investment Series Trust doesn't jointly market*. | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br> ●*The Collaborative Investment Series Trust doesn't jointly market*. |

---

Semi-Annual Report \| 36

*This Page Was Left Blank Intentionally*

Semi-Annual Report \| 37

*This Page Was Left Blank Intentionally*

Semi-Annual Report \| 38

**Investment Adviser**

Mercator Investment Management, LLC

**Distributor** 

Arbor Court Capital, LLC

**Transfer and Dividend Disbursing Agent** 

Mutual Shareholder Services, LLC

**Custodian**

U.S. Bank N.A.

**Legal Counsel**

Thompson Hine LLP

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

This report is provided for the general information of the Fund's shareholders. It is not authorized for distribution unless preceded or accompanied by an effective prospectus, which contains more complete information about the Fund.

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) A copy of the registrant's Code of Ethics is filed herewith. Copies of the code of ethics would be made available free of charge, by writing or calling the Fund at 1-800-869-1679 or by mail to 8000 Town Centre Drive Suite 400 Broadview Heights, OH 44147.

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

(a) The Registrant's board of trustees has determined that Fred Stoleru is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Stoleru is independent for purposes of this Item 3.

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

(a) **<u>Audit Fees</u>**

FY 2022

$<u>13,000</u>

FY 2021

$<u>12,000</u>

(b) **<u>Audit-Related Fees</u>**

<u>Registrant</u>

FY 2022

$<u>0</u>

FY 2021

$<u>0</u>

Nature of the fees:

<u>N/A</u>

(c) **<u>Tax Fees</u>**

<u>Registrant</u>

FY 2022

$<u>3,000</u>

FY 2021

$<u>3,000</u>

Nature of the fees:

<u>Tax filing and preparation.</u>

(d) **<u>All Other Fees</u>**

<u>Registrant</u>

FY 2022

$<u>0</u>

FY 2021

$<u>0</u>

Nature of the fees:

(e) (1) The Registrant's audit committee has reviewed the scope and plan of the independent public accountants' annual and interim examinations, approve the services (other than the annual audit) to be performed for the Registrant by the independent public accountants and approve the fees and other compensation payable to the independent accountants.

(f) Not applicable

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Registrant

Adviser

FY

2022

&nbsp;&nbsp;&nbsp;&nbsp;N/A

&nbsp;&nbsp;&nbsp;&nbsp;N/A

FY

2021

&nbsp;&nbsp;&nbsp;&nbsp;N/A

&nbsp;&nbsp;&nbsp;&nbsp;N/A

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental 7 basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities.

A registrant must disclose: (1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; (2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; (3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; (4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and (5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 8. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of directors.

**Item 11. Controls and Procedures.**

(a) Disclosure Controls & Procedures. Principal executive and financial officers have concluded that Registrant's disclosure controls & procedures are effective based on their evaluation as of a date within 90 days of the filing date of this report.

(b) Internal Controls. There were no significant changes in Registrant's internal controls of in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 13. Exhibits**

(a)(1) EX-99.CODE ETH. Filed herewith.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) EX-99.906CERT. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Collaborative Investment Series Trust</u>

By <u>/s/ Gregory Skidmore</u>

\* Gregory Skidmore

Trustee and President/Chief Executive Officer of the Trust

Date: March 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Gregory Skidmore</u>

\* Gregory Skidmore

&nbsp;&nbsp;&nbsp;&nbsp;Trustee and President/Chief Executive Officer of the Trust

Date: March 3, 2023

By <u>/s/ Bill McCormick</u>

\* Bill McCormick

&nbsp;&nbsp;&nbsp;&nbsp;Treasurer/Chief Financial/Principal Accounting Officer of the Trust

Date: March 3, 2023

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

Gregory Skidmore, Trustee and President/Chief Executive Officer and Bill McCormick, Treasurer/Chief Financial Officer/Principal Accounting Officer of <u>Collaborative Investment Series Trust</u> (the "Registrant"), does certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Trustee and President/Chief Executive Officer

Treasure/Chief Financial Officer/Principal Accounting Officer

Collaborative Investment Series Trust

Collaborative Investment Series Trust

<u>/s/Gregory Skidmore</u>

<u>/s/Bill McCormick</u>

Gregory Skidmore

Bill McCormick

Date: <u>March 3, 2023</u>

Date: <u>March 3, 2023</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Collaborative Investment Series Trust</u> and will be retained by <u>Collaborative Investment Series Trust</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Gregory Skidmore, certify that:

1. I have reviewed this report on Form N-CSR of Collaborative Investment Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>March 3, 2023</u>

By <u>/s/Gregory Skidmore</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gregory Skidmore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee and President/Chief Executive Officer of the Trust

**<u>CERTIFICATION</u>**

I, Bill McCormick, certify that:

1. I have reviewed this report on Form N-CSR of Collaborative Investment Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>March 3, 2023</u>

By <u>/s/ Bill McCormick</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bill McCormick

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer/Chief Financial Officer/Principal Accounting Officer of the Trust

## Ex-99.Code

**4. PROTECTION OF NON-PUBLIC INFORMATION**

**4.1 INSIDER TRADING POLICY**

This Statement represents the policy of the Trust with respect to the receipt and use of material nonpublic information. As part of your work, you may have access to material nonpublic information. Court and SEC administrative decisions interpreting the anti-fraud provisions of the federal securities laws generally make it unlawful for any person to trade securities for themselves or their clients while in possession of material nonpublic information or selectively to disclose such information to others who may trade. Violation of these provisions may result in civil and criminal penalties, including fines and jail sentences, as well as dismissal by the Trust.

Nonpublic information constitutes any information that has not been disclosed generally to the marketplace. Information received about another company in circumstances indicating that it is not yet in general circulation should be considered nonpublic. As a general rule, one should be able to point to some fact to show that the information is widely available; for example, its publication in The Wall Street Journal or in other major news publications. Even if ABC Company has released information to the press, at least 24 hours must be allowed for the general marketplace to learn of and evaluate that information before you are allowed to trade in ABC securities.

Material information is any information about a company or the market for the company's securities that is likely to be considered important by reasonable investors, including reasonable speculative investors, in determining whether to trade. Information that affects the price of the company's securities is likely to be deemed material.

While it is not possible to identify in advance all information that will be deemed to be material, some illustrations of such information would include earnings, dividend actions, mergers and acquisitions, major discoveries, major new products, significant advances in research, major personnel changes, labor negotiations, price changes or major marketing changes, government investigations, or significant litigation. Material nonpublic information might be inadvertently disclosed to you by a company director, officer, or employee. It also might be disclosed to you by persons with business relationships with the company, such as its investment banker.

In addition, whenever you receive information about a company, you should refrain from trading while in possession of that information unless you first determine that the information is either public, non-material, or both. You should also refrain from disclosing the information to others, such as family, relatives, business or social acquaintances, who do not need to know it for legitimate business reasons. If you have any questions at all as to whether the information is material nonpublic information, you must resolve the question or questions before trading, recommending trading, or divulging the information. If there is any unresolved question in your mind as to the applicability or interpretation of these standards or the propriety of any trading or disclosure, the issue should be discussed with the Trust's Chief Compliance Officer, the Chief Legal Officer of the Fund or its Service Providers, or the compliance officer responsible for compliance with the Fund's Code of Ethics, prior to trading or disclosure of the information.

***Responsible Party/Compliance Process:*** Chief Compliance Officer/Investment Adviser

**Approved:** 

[date]

**Revised:** 

[date]

**4.2 CODE OF ETHICS**

**STATEMENT OF GENERAL PRINCIPLES** 

This Code of Ethics has been adopted by Collaborative Investment Series Trust (the "Trust") for the purpose of instructing all employees, officers, directors and trustees of the Trust and each adviser to the Trust (the "Adviser"), in their ethical obligations and to provide rules for their personal securities transactions. All such persons owe a fiduciary duty to the Trust and its shareholders. A fiduciary duty means a duty of loyalty, fairness and good faith towards the Trust and its shareholders, and the obligation to adhere not only to the specific provisions of this Code but to the general principles that guide the Code. These general principles are:

▪ The duty at all times to place the interests of the Trust and its shareholders first;

▪ The requirement that all personal securities transactions be conducted in a manner consistent with the Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of any individual's position of trust and responsibility; and

▪ The fundamental standard that such employees, officers, directors and trustees should not take inappropriate advantage of their positions, or of their relationship with the Trust or its shareholders.

It is imperative that the personal trading activities of the employees, officers, directors and trustees of the Trust and the Adviser, respectively, be conducted with the highest regard for these general principles in order to avoid any possible conflict of interest, any appearance of a conflict, or activities that could lead to disciplinary action. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

All personal securities transactions must also comply with the Securities & Exchange Commission's Rule 17j-1. Under this rule, no Employee may:

▪ employ any device, scheme or artifice to defraud the Trust or any of its shareholders; • make to the Trust or any of its shareholders any untrue statement of a material fact or omit to state to such client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; • engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Trust or any of its shareholders; or

▪ engage in any manipulative practice with respect to the Trust or any of its shareholders.

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Advisory Employees: Employees who, in connection with their regular functions or duties, make, participate in, or obtain information regarding the purchase or sale of securities by a Fund, or whose functions relate to the making of any recommendation with respect to purchases or sales. The Compliance Officer will maintain a current list of all Advisory Employees.

&nbsp;&nbsp;&nbsp;&nbsp;2. Beneficial Interest: ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a security.

&nbsp;&nbsp;&nbsp;&nbsp;3. Compliance Officer: the Compliance Officer for the Adviser is governed by each respective adviser, and the Trust CCO.

&nbsp;&nbsp;&nbsp;&nbsp;4. Disinterested Trustees: trustees of the Trust whose affiliation with the Trust is solely by reason of being a trustee of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;5. Employee Account: each account in which an Employee or a member of his or her family has any direct or indirect Beneficial Interest or over which such person exercises control or influence, other than through the exercise of investment discretion, including, but not limited to, any joint account, partnership, corporation, trust or estate. An Employee's family members include the Employee's spouse, minor children, any person living in the home of the Employee and any relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes.

&nbsp;&nbsp;&nbsp;&nbsp;6. Employees: the employees, officers, and trustees of the Trust and the employees, officers and directors of the Adviser, including Advisory Employees. The Compliance Officer will maintain a current list of all Employees.

&nbsp;&nbsp;&nbsp;&nbsp;7. Exempt Transactions: transactions which are 1) effected in an amount or in a manner over which the Employee has no direct or indirect influence or control, 2) pursuant to a systematic dividend reinvestment plan, systematic cash purchase plan or systematic withdrawal plan, 3) in connection with the exercise or sale of rights to purchase additional securities from an issuer and granted by such issuer pro-rata to all holders of a class of its securities, 4) in connection with the call by the issuer of a preferred stock or bond, 5) pursuant to the exercise by a second party of a put or call option, 6) closing transactions no more than five business days prior to the expiration of a related put or call option, 7) inconsequential to any Fund because the transaction is very unlikely to affect a highly liquid market or because the security is clearly not related economically to any securities that a Fund may purchase or sell, 8) involving shares of a security of a company with a market capitalization in excess of $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;8. Funds: any series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;9. Related Securities: securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;10. Securities: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, or, in general, any interest or instrument commonly known as a "security," or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing; except for the following: 1) securities issued by the government of the United States, 2) bankers' acceptances, 3) bank certificates of deposit, 4) commercial paper, and 5) shares of unaffiliated registered open-end investment companies (other than exchange traded funds).

&nbsp;&nbsp;&nbsp;&nbsp;11. Securities Transaction: the purchase or sale, or any action to accomplish the purchase or sale, of a Security for an Employee Account. The term Securities Transaction does not include transactions executed by the Adviser for the benefit of unaffiliated persons, such as investment advisory and brokerage clients.

**PERSONAL INVESTMENT GUIDELINES**

&nbsp;&nbsp;&nbsp;&nbsp;1. Personal Accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

The Personal Investment Guidelines in this Section III do not apply to Exempt Transactions unless the transaction involves a private placement or initial public offering. Employees must remember that regardless of the transaction's status as exempt or not exempt, the Employee's fiduciary obligations remain unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

While trustees of the Trust are subject at all times to the fiduciary obligations described in this Code, the Personal Investment Guidelines and Compliance Procedures in Sections III and IV of this Code apply to Disinterested Trustees only if such person knew, or in the ordinary course of fulfilling the duties of that position, should have known, that during the fifteen days immediately preceding or after the date of the such person's transaction that the same Security or a Related Security was or was to be purchased or sold for a Fund or that such purchase or sale for a Fund was being considered, in which case such Sections apply only to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

Employees may not execute a Securities Transaction on a day during which a purchase or sell order in that same Security or a Related Security is pending for a Fund unless the Securities Transaction is combined ("blocked") with the Fund's transaction. Securities Transactions executed in violation of this prohibition shall be unwound or, if not possible or practical, the Employee must disgorge to the Fund the value received by the Employee due to any favorable price differential received by the Employee. For example, if the Employee buys 100 shares at $10 per share, and the Fund buys 1000 shares at $11 per share, the Employee will pay $100 (100 shares x $1 differential) to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)

Any Securities Transactions in a private placement must be authorized by the Compliance Officer, in writing, prior to the transaction. In connection with a private placement acquisition, the Compliance Officer will take into account, among other factors, whether the investment opportunity should be reserved for a Fund, and whether the opportunity is being offered to the Employee by virtue of the Employee's position with the Trust or the Adviser. If the private placement acquisition is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization. Employees who have been authorized to acquire securities in a private placement will, in connection therewith, be required to disclose that investment if and when the Employee takes part in any subsequent investment in the same issuer. In such circumstances, the determination to purchase Securities of that issuer on behalf of a Fund will be subject to an independent review by personnel of the Adviser with no personal interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e)

Employees are prohibited from acquiring any Securities in an initial public offering without the prior written approval of the Compliance Officer. This restriction is imposed in order to preclude any possibility of an Employee profiting improperly from the Employee's position with the Trust or the Adviser. If the initial public offering is authorized, the Compliance Officer shall retain a record of the authorization and the rationale supporting the authorization.

&nbsp;&nbsp;&nbsp;&nbsp;1. Other Restrictions Employees are prohibited from serving on the boards of directors of publicly traded companies, absent prior authorization by the Compliance Officer. The consideration of prior authorization will be based upon a determination that the board service will be consistent with the interests of the Trust and the Funds' shareholders. In the event that board service is 32 authorized, Employees serving as directors will be isolated from other Employees making investment decisions with respect to the securities of the company in question.

**COMPLIANCE PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;1. Employee Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)

Within ten (10) days of commencement of employment with the Trust or the Adviser, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, and must disclose the following information, which information must be current as of a date no more than 45 days prior to the date the person became an Employee: a) the title, number of shares and principal amount of each Security in which the Employee has a Beneficial Interest when the person became an Employee, b) the name of any broker/dealer with whom the Employee maintained an account when the person became an Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)

Annually, each Employee must certify that he or she has read and understands this Code and recognizes that he or she is subject to it, that he or she has complied with the requirements of this Code and has disclosed or reported all personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. In addition, each Employee shall annually provide the following information (as of a date no more than 30 days before the report is submitted): a) the title, number of shares and principal amount of each Security in which the Employee had any Beneficial Interest, b) the name of any broker, dealer or bank with whom the Employee maintains an account in which any Securities are held for the direct or indirect benefit of the Employee, and c) the date the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)

Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i)

All Employees must provide copies of all periodic broker account statements to the Compliance Officer. Each Employee must report, no later than thirty (30) days after the close of each calendar quarter, on the Securities Transaction Report form provided by the Trust or the Adviser, all transactions in which the Employee acquired or sold any direct or indirect Beneficial Interest in a Security, including Exempt Transactions, and certify that he or she has reported all transactions required to be disclosed pursuant to the requirements of this Code. The report will also identify any trading account, in which the Employee has a direct or indirect Beneficial Interest, established during the quarter with a broker, dealer or bank. The Employee may exclude transactions effected pursuant to an automatic investment plan. An automatic investment plan is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

ii)

The Compliance Officer will, on a quarterly basis, check the trading account statements provided by brokers to verify that the Employee has not violated the Code. The Compliance Officer shall identify all Employees, inform those persons of their reporting obligations, and maintain a record of all current and former access persons.

iii)

If an Employee violates this Code, the Compliance Officer will report the violation to management personnel of the Trust and the Adviser for appropriate remedial action which, in addition to the actions specifically delineated in other sections of this Code, may include a reprimand of the Employee, or suspension or termination of the Employee's relationship with the Trust and/or the Adviser.

iv)

The management personnel of the Trust will prepare an annual report to the Trust's board of trustees that summarizes existing procedures and any changes in the procedures made during the past year and certify to the Trust's Board of Trustees that the Adviser and the Trust have each adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will describe any issues existing under this Code since the last report, including without limitation, information about any material violations of this Code, any significant remedial action during the past year and any recommended procedural or substantive changes to this Code based on management's experience under this Code, evolving industry practices or legal developments.

***Responsible Party/Compliance Process:*** Chief Compliance Officer/Investment Adviser

**Approved:** 

[date]

**Revised:** 

[date]

<br>