# EDGAR Filing Document

**Accession Number:** 0001719812
**File Stem:** 0001999371-25-019878
**Filing Date:** 2025-12
**Character Count:** 470750
**Document Hash:** 84d8da90cb472d53002d03ab12e5539f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-019878.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0001999371-25-019878

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**EFFECTIVENESS DATE**: 20251209

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23306
- **FILM NUMBER:** 251558194

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**811-23306**

------

Collaborative Investment Series Trust

------

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

------

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

------

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

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

Date of reporting period: <u>September 30, 2025</u>

**Item 1. Reports to Stockholders.**

#### Goose Hollow Tactical Allocation ETF

#### GHTA ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](i654f51889b2058a42fc71544.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Goose Hollow Tactical Allocation ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.gham.co. You can also request this information by contacting us at 1-866-898-6447. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Goose Hollow Tactical Allocation ETF | $146 | 1.41% |

---

# How did the Fund perform last year?
The Fund delivered its performance driven by several key themes. The Fund's emerging market exposure contributed positively, with Latin American positions like Argentina, Colombia and Brazil generating returns. Technology holdings also contributed led by Software and Technology ETFs. Currency positions were also profitable. However, renewable energy holdings created headwinds, with TAN and ENPH falling. Options strategies were mixed - hedges for a gold decline via derivatives provided gains while some rate hedges detracted. The Fund's primary benchmark, Bloomberg World Large & Mid Cap Index was up 17.64% for the fiscal year ended September 30, 2025, and the Fund underperformed its benchmark during the year. The Fund's tactical approach to emerging markets, particularly in reflationary environments, combined with selective technology exposure, drove performance despite challenging conditions in some of the other themes.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](ibd81a4e33df4da15e942165e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg World Large & Mid Cap Index** | **60% MSCI World Index and 40% Bloomberg U.S. Aggregate Bond Index** |
| **Nov 21** | $10000 | $10000 | $10000 |
| **Dec 21** | $9922 | $9951 | $10034 |
| **Mar 22** | $10174 | $9393 | $9497 |
| **Jun 22** | $9005 | $7956 | $8396 |
| **Sep 22** | $9070 | $7431 | $7935 |
| **Dec 22** | $10134 | $8136 | $8469 |
| **Mar 23** | $10533 | $8726 | $8969 |
| **Jun 23** | $10531 | $9268 | $9314 |
| **Sep 23** | $10345 | $8963 | $9007 |
| **Dec 23** | $11537 | $9945 | $9877 |
| **Mar 24** | $11463 | $10754 | $10372 |
| **Jun 24** | $11538 | $11077 | $10550 |
| **Sep 24** | $12421 | $11835 | $11178 |
| **Dec 24** | $12083 | $11730 | $11040 |
| **Mar 25** | $12481 | $11585 | $11054 |
| **Jun 25** | $13113 | $12912 | $11872 |
| **Sep 25** | $13313 | $13923 | $12490 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (11/16/2021)** |
| Goose Hollow Tactical Allocation ETF | 7.18% | 7.67% |
| Bloomberg World Large & Mid Cap Index | 17.64% | 8.93% |
| 60% MSCI World Index and 40% Bloomberg U.S. Aggregate Bond Index | 11.74% | 5.91% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $44214973 |
| Number of Portfolio Holdings | 36 |
| Net Investment Advisory Fees | $315156 |
| Portfolio Turnover Rate | 377% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 36.9 |
| Exchange-Traded Funds | 61.0 |
| Purchased Options Contracts | 0.0 |
| Warrants | 2.1 |
| Total | 100.0 |

---

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

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

#### Goose Hollow Tactical Allocation ETF
![Image](i41997698ee0cd73f4539a10c.jpg)

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

Annual Shareholder Report — September 30, 2025

GHTA-09/25-AR

#### Goose Hollow Multi-Strategy Income ETF

#### GHMS ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](i654f51889b2058a42fc71544.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Goose Hollow Multi-Strategy Income ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.gham.co. You can also request this information by contacting us at 1-866-898-6447. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Goose Hollow Multi-Strategy Income ETF | $102 | 1.00% |

---

# How did the Fund perform last year?
The Fund delivered its income-focused performance despite challenging fixed-income conditions. The Fund's largest contributor was emerging market debt, reflecting the view of an emerging market credit recovery in 2025. Inflation linked and international bonds provided duration and currency diversification. However, interest rate volatility hedges were detractors. The mortgage REIT sector showed mixed results. Derivative strategies on rates provided modest hedging benefits. The Fund's primary benchmark, Bloomberg U.S. Aggregate Bond Index was up 2.88% for the fiscal year ended September 30, 2025, and the Fund outperformed its benchmark during the year. The Fund' emphasis on emerging market debt, closed-end fund opportunities, and diversified fixed-income exposure successfully navigated the complex rate environment while maintaining yield characteristics throughout the period.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](ib655f1f18f901aee17530050.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **Nov 23** | $10000 | $10000 |
| **Dec 23** | $10353 | $10511 |
| **Mar 24** | $10370 | $10429 |
| **Jun 24** | $10419 | $10436 |
| **Sep 24** | $10917 | $10978 |
| **Dec 24** | $10605 | $10642 |
| **Mar 25** | $10868 | $10938 |
| **Jun 25** | $11154 | $11070 |
| **Sep 25** | $11328 | $11295 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (11/14/2023)** |
| Goose Hollow Multi-Strategy Income ETF | 3.77% | 6.86% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 6.69% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $16602632 |
| Number of Portfolio Holdings | 28 |
| Net Investment Advisory Fees | $- |
| Portfolio Turnover Rate | 122% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 21.0 |
| Common Stocks | 9.2 |
| Exchange-Traded Funds | 58.3 |
| Preferred Stocks | 11.5 |
| Total | 100.0 |

---

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

Effective July 24, 2025, the Fund updated its principal investment strategies to include investments of preferred stock and closed-end funds.

The Board has determined to liquidate the Goose Hollow Multi-Strategy Income ETF with the liquidation payment to shareholders expected to take place on or about November 28, 2025, following recommendation by the Fund's adviser.

#### Goose Hollow Multi-Strategy Income ETF
![Image](i41997698ee0cd73f4539a10c.jpg)

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

Annual Shareholder Report — September 30, 2025

GHMS-09/25-AR

#### Mindful Conservative ETF

#### MFUL ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](iab8af14449a5e310c32f25fb.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Mindful Conservative ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.mohrfunds.com/mful-mindful-conservative-etf. You can also request this information by contacting us at 1-866-464-6608.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mindful Conservative ETF | $134 | 1.31% |

---

# How did the Fund perform last year?
The Fund returned 3.92%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the Dow Jones U.S. Moderately Conservative Portfolio Index, which returned 7.97% for the year. Last year's volatile markets saw equities and bonds move in tandem as investors reacted to inflation, shifting Federal Reserve policy, and recession fears—challenging many conservative strategies. Amid this turbulence, the Fund upheld its disciplined, risk-aware approach, balancing income generation with capital preservation. The Fund's tactical flexibility kept the portfolio aligned with its mission: steady, mindful market participation without chasing short-term trends. The Fund demonstrated the value of diversification, adaptability, and maintaining a measured path through uncertainty. The Fund outpaced the targeted benchmark. Top Contributors: Vanguard Mega Cap Growth ETF, iShares Convertible Bond ETF, and SPDR Bloomberg Convertible Securities ETF. Bottom Performers: VanEck Morningstar Wide Moat ETF, First TR Morningstar Dividend ETF, and Vanguard Intermediate Term Corporate Bond ETF.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](ie9561f00da274494ac655f47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Dow Jones U.S. Moderately Conservative Portfolio Index** |
| **Nov 21** | $10000 | $10000 | $10000 |
| **Dec 21** | $9847 | $9997 | $10007 |
| **Mar 22** | $9242 | $9403 | $9510 |
| **Jun 22** | $8585 | $8962 | $8695 |
| **Sep 22** | $8564 | $8536 | $8350 |
| **Dec 22** | $8618 | $8696 | $8690 |
| **Mar 23** | $8654 | $8954 | $9018 |
| **Jun 23** | $8733 | $8878 | $9195 |
| **Sep 23** | $8522 | $8591 | $8866 |
| **Dec 23** | $8820 | $9177 | $9593 |
| **Mar 24** | $9008 | $9106 | $9882 |
| **Jun 24** | $9032 | $9112 | $9888 |
| **Sep 24** | $9329 | $9585 | $10434 |
| **Dec 24** | $9285 | $9292 | $10354 |
| **Mar 25** | $9355 | $9550 | $10399 |
| **Jun 25** | $9471 | $9665 | $10855 |
| **Sep 25** | $9695 | $9861 | $11265 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (11/2/2021)** |
| Mindful Conservative ETF | 3.92% | -0.79% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.36% |
| Dow Jones U.S. Moderately Conservative Portfolio Index | 7.97% | 3.09% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29312034 |
| Number of Portfolio Holdings | 17 |
| Net Investment Advisory Fees | $265472 |
| Portfolio Turnover Rate | 336% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

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

---

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

#### Mindful Conservative ETF
![Image](i9755ebaf0e5a6514a4175f05.jpg)

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

Annual Shareholder Report — September 30, 2025

MFUL-09/25-AR

#### Adaptive Core ETF

#### RULE ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](iab8af14449a5e310c32f25fb.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Adaptive Core ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.mohrfunds.com/rule-adaptive-core-etf. You can also request this information by contacting us at 1-866-464-6608.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Adaptive Core ETF | $185 | 1.81% |

---

# How did the Fund perform last year?
The Fund returned 4.25%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the S&P 500 Index, which returned 17.60% for the year.

With markets grappling with alternating waves of optimism and caution, the Fund's rules-based methodology provided clarity through the more volatile periods of the year. By systematically applying its process, the Fund was able to emphasize areas of strength while limiting exposure to segments showing weakness. The balanced value/growth basket of securities performed in line with similar risk profiles, yet underperformed relative to the broad market. Investors faced a year of shifting narratives around inflation, interest rates, and earnings, but the Fund stayed true to its philosophy of delivering transparent, disciplined exposure. Top Contributors: MICRON TECHNOLOGY INC, CONSTELLATION ENERGY CORP and NVIDIA CORP. Bottom Performers: MONOLITHIC POWER SYSTEMS INC, LULULEMON ATHLETICA INC and ATLASSIAN CORP.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](i3bcec5fb64509169f2663aee.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund @ NAV** | **S&P 500<sup>®</sup> Index** |
| **Nov 21** | $10000 | $10000 |
| **Dec 21** | $10116 | $10319 |
| **Mar 22** | $9104 | $9845 |
| **Jun 22** | $8122 | $8259 |
| **Sep 22** | $7772 | $7856 |
| **Dec 22** | $7820 | $8450 |
| **Mar 23** | $7777 | $9084 |
| **Jun 23** | $7971 | $9878 |
| **Sep 23** | $7510 | $9554 |
| **Dec 23** | $8319 | $10672 |
| **Mar 24** | $8976 | $11798 |
| **Jun 24** | $8855 | $12303 |
| **Sep 24** | $8934 | $13028 |
| **Dec 24** | $8958 | $13341 |
| **Mar 25** | $8418 | $12772 |
| **Jun 25** | $9215 | $14169 |
| **Sep 25** | $9314 | $15320 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (11/2/2021)** |
| Adaptive Core ETF | 4.25% | -1.80% |
| S&P 500<sup>®</sup> Index | 17.60% | 11.53% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11983084 |
| Number of Portfolio Holdings | 35 |
| Net Investment Advisory Fees | $128220 |
| Portfolio Turnover Rate | 348% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 81.0 |
| Exchange-Traded Funds | 19.0 |
| Total | 100.0 |

---

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

#### Adaptive Core ETF
![Image](i9755ebaf0e5a6514a4175f05.jpg)

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

Annual Shareholder Report — September 30, 2025

RULE-09/25-AR

#### Mohr Sector Nav ETF

#### SNAV ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](iab8af14449a5e310c32f25fb.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Mohr Sector Nav ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.mohrfunds.com/snav-mohr-sector-nav-etf. You can also request this information by contacting us at 1-866-464-6608.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mohr Sector Nav ETF | $158 | 1.49% |

---

# How did the Fund perform last year?
The Fund returned 12.73%, for the year ended September 30, 2025, underperforming its benchmark, the Morningstar US Large-Mid Cap Index, which returned 18.10% for the year.

Last year, the Fund delivered strong results amid sector rotation, macro uncertainty, and shifting market leadership. As U.S. equities swung between growth and value, the Fund's tactical sector allocation enabled it to capture momentum in leading areas while trimming weaker exposures. Many static sector funds lagged in a volatile environment shaped by rate changes, inflation surprises, and fluctuating sentiment. The Fund's flexibility and active navigation drove outperformance and managed drawdowns, validating its disciplined, selective approach. In a year of wide sector dispersion, the Fund proved the value of dynamic positioning. The Fund outpaced the targeted benchmark. Top Contributors: TECHNOLOGY SELECT SECTOR SPDR FUND and VANGUARD INDUSTRIALS INDEX FUND. Bottom Performers: VANGUARD ENERGY INDEX FUND and VANGUARD CONSUMER STAPLES INDEX FUND.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](ic517a72ab216f2557db4cd10.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund @ NAV** | **Morningstar U.S. Large-Mid Cap Index** |
| **Jan 23** | $10000 | $10000 |
| **Mar 23** | $10064 | $10533 |
| **Jun 23** | $10850 | $11449 |
| **Sep 23** | $10343 | $11096 |
| **Dec 23** | $11352 | $12421 |
| **Mar 24** | $12138 | $13735 |
| **Jun 24** | $12256 | $14281 |
| **Sep 24** | $12794 | $15123 |
| **Dec 24** | $12615 | $15535 |
| **Mar 25** | $12418 | $14830 |
| **Jun 25** | $13453 | $16522 |
| **Sep 25** | $14423 | $17861 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (1/10/2023)** |
| Mohr Sector Nav ETF | 12.73% | 14.41% |
| Morningstar U.S. Large-Mid Cap Index | 18.10% | 23.76% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $25080820 |
| Number of Portfolio Holdings | 7 |
| Net Investment Advisory Fees | $188681 |
| Portfolio Turnover Rate | 342% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

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

---

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

#### Mohr Sector Nav ETF
![Image](i9755ebaf0e5a6514a4175f05.jpg)

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

Annual Shareholder Report — September 30, 2025

SNAV-09/25-AR

#### Mohr Company Nav ETF

#### CNAV ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](iab8af14449a5e310c32f25fb.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Mohr Company Nav ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.mohrfunds.com/cnav-mohr-company-nav-etf.You can also request this information by contacting us at 1-866-464-6608. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Mohr Company Nav ETF | $145 | 1.31% |

---

# How did the Fund perform last year?
The Fund returned 21.03%, for the year ended September 30, 2025, outperforming its benchmark, the Morningstar US Large-Mid Cap Index, which returned 19.19% for the year. The Fund maintained a focus on growth throughout the year. The environment was particularly challenging, with interest-rate volatility and shifting earnings expectations, driving sharp rotations throughout the year. Against that backdrop, the Fund provided investors with a growth strategy that dynamically shifted. Whereas the Fund underperformed in the first quarter of 2025, the Fund delivered strong performance throughout the remainder of the year and outperformed the benchmarks. The consistent and disciplined approach allowed the Fund to stay aligned with its objective of delivering a growth driven solution, even amid heightened volatility. Top Contributors: APPLOVIN CORP, WESTERN DIGITAL CORP, CLOUDFLARE INC, UBIQUITI INC, and TAPESTRY INC. Bottom Performers: LULULEMON, ATHLETICA INC, MARVELL TECHNOLOGY INC, BUILDERS FIRSTSOURCE INC, and DECKERS OUTDOOR CORP.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](iab87378519a650e8be66fa77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ NAV** | **S&P 500<sup>®</sup> Index** | **Morningstar U.S. Large-Mid Cap Index** |
| **Oct 24** | $10000 | $10000 | $10000 |
| **Dec 24** | $10660 | $10337 | $10367 |
| **Mar 25** | $9149 | $9895 | $9897 |
| **Jun 25** | $10993 | $10978 | $11025 |
| **Sep 25** | $12188 | $11870 | $11919 |

---

# **Average Annual Total Returns** 

---

| | |
|:---|:---|
| | **1 Year** |
| Mohr Company Nav ETF | 21.03% |
| S&P 500<sup>®</sup> Index | 18.70% |
| Morningstar U.S. Large-Mid Cap Index | 19.19% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35703258 |
| Number of Portfolio Holdings | 40 |
| Net Investment Advisory Fees | $275409 |
| Portfolio Turnover Rate | 317% |

---

# What did the Fund invest in?
(a of 9/30/2025)

# **Portfolio Composition** 

---

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

---

# Material Fund Changes
This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026 at https://www.mohrfunds.com/cnav-mohr-company-nav-etf or upon request by contacting us at 1-866-898-6447.

Effective October 28, 2025, a Creation Unit in the Fund is 10,000 shares.

#### Mohr Company Nav ETF
![Image](i9755ebaf0e5a6514a4175f05.jpg)

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

Annual Shareholder Report — September 30, 2025

CNAV-09/25-AR

#### Rareview Dynamic Fixed Income ETF

#### RDFI ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](if804ec062ab8c018936ed160.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Rareview Dynamic Fixed Income ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://rareviewcapital.com/dynamic-fixed-income-etf/. You can also request this information by contacting us at 1-888-783-8637.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Rareview Dynamic Fixed Income ETF | $154 | 1.50% |

---

# How did the Fund perform last year?
The Fund returned 5.24%, for the fiscal year ended September 30, 2025, outperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the year.

- A shift from a tightening to easing cycle by the Federal Reserve contributed to performance.

- Overweight exposure to emerging market debt and securitized debt contributed to relative performance

- Security selection within each asset class contributed to positive relative performance.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](i511a54fff840d05239640297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg U.S. Aggregate Bond Index** | **50% ICE BofA 5-10Y & US Corp & 50% Markit iBoxx Liq HY Index** |
| **Oct 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $10869 | $10094 | $10321 |
| **Mar 21** | $11636 | $9753 | $10157 |
| **Jun 21** | $12281 | $9932 | $10426 |
| **Sep 21** | $12235 | $9937 | $10460 |
| **Dec 21** | $12241 | $9938 | $10477 |
| **Mar 22** | $11082 | $9348 | $9868 |
| **Jun 22** | $10390 | $8909 | $9078 |
| **Sep 22** | $9776 | $8486 | $8821 |
| **Dec 22** | $10146 | $8645 | $9182 |
| **Mar 23** | $10369 | $8901 | $9517 |
| **Jun 23** | $10483 | $8826 | $9557 |
| **Sep 23** | $10029 | $8541 | $9456 |
| **Dec 23** | $11028 | $9123 | $10178 |
| **Mar 24** | $11577 | $9052 | $10238 |
| **Jun 24** | $11743 | $9058 | $10323 |
| **Sep 24** | $12970 | $9529 | $10906 |
| **Dec 24** | $12480 | $9237 | $10770 |
| **Mar 25** | $12754 | $9494 | $10980 |
| **Jun 25** | $13116 | $9608 | $11321 |
| **Sep 25** | $13650 | $9803 | $11603 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (10/20/2020)** |
| Rareview Dynamic Fixed Income ETF | 5.24% | 6.49% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | -0.40% |
| 50% ICE BofA 5-10Y & US Corp & 50% Markit iBoxx Liq HY Index | 6.39% | 3.05% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58566415 |
| Number of Portfolio Holdings | 40 |
| Net Investment Advisory Fees | $523136 |
| Portfolio Turnover Rate | 153% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 80.2 |
| Exchange-Traded Funds | 19.1 |
| Purchased Options Contracts | 0.7 |
| Total | 100.0 |

---

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

#### Rareview Dynamic Fixed Income ETF
![Image](i737e7576acb4b8d0142033e3.jpg)

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

Annual Shareholder Report — September 30, 2025

RDFI-09/25-AR

#### Rareview Tax Advantaged Income ETF

#### RTAI ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](if804ec062ab8c018936ed160.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Rareview Tax Advantaged Income ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://rareviewcapital.com/tax-advantaged-income-etf/. You can also request this information by contacting us at 1-888-783-8637.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Rareview Tax Advantaged Income ETF | $125 | 1.25% |

---

# How did the Fund perform last year?
The Fund returned -0.12%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the Bloomberg Municipal Bond Index, which returned 1.39% for the year.

• The excessive forward pricing of future Federal Reserve interest rate cuts by the US fixed income market caused negative principal returns for the Fund, as the Federal Reserve did not deliver on those cuts.

• The rebound in US municipal bond markets was very slow, relative to other parts of US fixed income market, following the trade-related market disruptions in the spring.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](i7b722f72385753e1e7a87d1c.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg Municipal Bond Index** |
| **Oct 20** | $10000 | $10000 |
| **Dec 20** | $10501 | $10220 |
| **Mar 21** | $10966 | $10184 |
| **Jun 21** | $11512 | $10329 |
| **Sep 21** | $11449 | $10301 |
| **Dec 21** | $11636 | $10375 |
| **Mar 22** | $9988 | $9729 |
| **Jun 22** | $9453 | $9443 |
| **Sep 22** | $8488 | $9117 |
| **Dec 22** | $8999 | $9491 |
| **Mar 23** | $9230 | $9754 |
| **Jun 23** | $9052 | $9744 |
| **Sep 23** | $8078 | $9360 |
| **Dec 23** | $9397 | $10098 |
| **Mar 24** | $9654 | $10059 |
| **Jun 24** | $9932 | $10057 |
| **Sep 24** | $10598 | $10330 |
| **Dec 24** | $10071 | $10205 |
| **Mar 25** | $10180 | $10182 |
| **Jun 25** | $9999 | $10169 |
| **Sep 25** | $10585 | $10474 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (10/20/2020)** |
| Rareview Tax Advantaged Income ETF | -0.12% | 1.16% |
| Bloomberg Municipal Bond Index | 1.39% | 0.94% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18083949 |
| Number of Portfolio Holdings | 11 |
| Net Investment Advisory Fees | $18274 |
| Portfolio Turnover Rate | 51% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Closed-End Funds | 99.9 |
| Purchased Options Contracts | 0.1 |
| Total | 100.0 |

---

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

#### Rareview Tax Advantaged Income ETF
![Image](i737e7576acb4b8d0142033e3.jpg)

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

Annual Shareholder Report — September 30, 2025

RTAI-09/25-AR

#### Rareview Systematic Equity ETF

#### RSEE ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](if804ec062ab8c018936ed160.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Rareview Systematic Equity ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://rareviewcapital.com/systematic-equity-etf/. You can also request this information by contacting us at 1-888-783-8637**. This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Rareview Systematic Equity ETF | $285 | 2.66% |

---

# How did the Fund perform last year?
The Fund returned 13.99%, for the fiscal year ended September 30, 2025, underperforming its benchmark, the MSCI All Country World Index ("MSCI ACWI Index"), which returned 17.80% for the year.

• The Fund used long-term and short-term behavior models to take long and short positions. The Fund seeks to add value by owning regional markets when expected returns are positive and taking defensive positions when expected returns are negative.

• The Fund outperformed U.S. Small Cap. The Fund underperformed U.S. Large Cap, U.S. Large Cap Growth, MSCI EAFE, and MSCI Emerging Market Equities.

• The underperformance is the result of international equity outperformance and the benchmark composition of the MSCI ACWI Index. The MSCI ACWl Index top geographical exposure is ~65% U.S. and holds a small allocation to U.S. Small Cap.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](i4ef832a2bf66740935327262.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund @ NAV** | **MSCI All Country World Index** |
| **Jan 22** | $10000 | $10000 |
| **Mar 22** | $10058 | $9853 |
| **Jun 22** | $9525 | $8323 |
| **Sep 22** | $9815 | $7765 |
| **Dec 22** | $9718 | $8532 |
| **Mar 23** | $10199 | $9167 |
| **Jun 23** | $10856 | $9749 |
| **Sep 23** | $10130 | $9427 |
| **Dec 23** | $10742 | $10478 |
| **Mar 24** | $11424 | $11349 |
| **Jun 24** | $12095 | $11691 |
| **Sep 24** | $13018 | $12476 |
| **Dec 24** | $12739 | $12365 |
| **Mar 25** | $12325 | $12214 |
| **Jun 25** | $13563 | $13642 |
| **Sep 25** | $14839 | $14698 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (1/20/2022)** |
| Rareview Systematic Equity ETF | 13.99% | 11.28% |
| MSCI All Country World Index | 17.80% | 10.99% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57757667 |
| Number of Portfolio Holdings | 6 |
| Net Investment Advisory Fees | $476183 |
| Portfolio Turnover Rate | 126% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

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

---

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

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

#### Rareview Systematic Equity ETF
![Image](i737e7576acb4b8d0142033e3.jpg)

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

Annual Shareholder Report — September 30, 2025

RSEE-09/25-AR

#### Rareview Total Return Bond ETF

#### RTRE ︳ Cboe BZX Exchange, Inc.

#### Annual Shareholder Report — September 30, 2025
![Image](if804ec062ab8c018936ed160.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about Rareview Total Return Bond ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://rareviewcapital.com/total-return-bond-etf/. You can also request this information by contacting us at 1-888-783-8637.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Rareview Total Return Bond ETF | $65 | 0.64% |

---

# How did the Fund perform last year?
The Fund returned 2.18% for the fiscal year ended September 30, 2025, underperforming its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 2.88% for the year.

• In general, the Fund's underperformance was modest. The underperformance began to close at the end of the year, and was led by the following factors:

• Relatively higher exposure to high convexity parts of the government-backed market, which underperformed relative to the index's holdings.

• Relative exposure to higher yielding corporate and non-US government instruments, where the index holds none.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](ie02f2230e2bdd4832a4b9ba0.jpg)

---

| | | |
|:---|:---|:---|
| | **Fund @ NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **May 24** | $10000 | $10000 |
| **Jun 24** | $9986 | $10095 |
| **Sep 24** | $10523 | $10619 |
| **Dec 24** | $10175 | $10294 |
| **Mar 25** | $10393 | $10580 |
| **Jun 25** | $10517 | $10708 |
| **Sep 25** | $10753 | $10925 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (5/31/2024)** |
| Rareview Total Return Bond ETF | 2.18% | 5.59% |
| Bloomberg U.S. Aggregate Bond Index | 2.88% | 6.86% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $39891307 |
| Number of Portfolio Holdings | 145 |
| Net Investment Advisory Fees | $11391 |
| Portfolio Turnover Rate | 132% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Asset-Backed Securities | 1.4 |
| Collateralized Mortgage Obligations | 7.1 |
| Collateralized Mortgage-Backed Securities | 6.3 |
| Corporate Bonds | 21.8 |
| Exchange-Traded Funds | 12.4 |
| Municipal Bonds | 0.8 |
| Preferred Stocks | 0.4 |
| Treasury Bill | 2.1 |
| Treasury Notes | 13.2 |
| U.S. Government Agency Mortgages | 33.3 |
| Yankee Dollars | 1.2 |
| Total | 100.0 |

---

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

#### Rareview Total Return Bond ETF
![Image](i737e7576acb4b8d0142033e3.jpg)

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

Annual Shareholder Report — September 30, 2025

RTRE-09/25-AR

#### The SPAC and New Issue ETF

#### SPCX ︳ The Nasdaq Stock Market LLC

#### Annual Shareholder Report — September 30, 2025
![Image](ib71017a6ef0e0753ff0497d3.jpg)

# **Fund Overview** 
This annual shareholder report contains important information about The SPAC and New Issue ETF (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at http://www.spcxetf.com. You can also request this information by contacting us at 1-866-904-0406. **This report describes changes to the Fund that occurred during the reporting period.**

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| The SPAC and New Issue ETF | $240 | 2.32% |

---

# How did the Fund perform last year?
The Fund's average annual total return was 6.87% for the year ended September 30, 2025, this outperformed the IQ Merger Arbitrage Index (6.25%) and underperformed the S&P 500 Index (17.60%). The Fund benefited from a resurgence in interest around SPACs that began early in 2025. Many of the SPAC investments were related to some of the top performing market themes, including crypto treasury companies, AI, and SPACs tied to President Trump's inner circle. Many of these SPACs ran up well over their NAV floors and corrected somewhat in June and July, leading to the Fund's outperformance compared to IQ Merger Arbitrage Index.

# Fund performance based on $10,000 initial investment
![Growth of 10K Chart](i84e8c5d745cad3d7830d863a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Fund @ NAV** | **S&P 500<sup>®</sup> Index** | **IQ Merger Arbitrage Index** |
| **Dec 20** | $10000 | $10000 | $10000 |
| **Dec 20** | $10322 | $10172 | $10058 |
| **Mar 21** | $11419 | $10800 | $9958 |
| **Jun 21** | $11669 | $11723 | $10131 |
| **Sep 21** | $11488 | $11791 | $9988 |
| **Dec 21** | $11363 | $13092 | $9786 |
| **Mar 22** | $11272 | $12490 | $9719 |
| **Jun 22** | $11073 | $10479 | $9408 |
| **Sep 22** | $10630 | $9967 | $9504 |
| **Dec 22** | $9987 | $10721 | $9614 |
| **Mar 23** | $9650 | $11524 | $9584 |
| **Jun 23** | $9641 | $12532 | $9435 |
| **Sep 23** | $9514 | $12122 | $9542 |
| **Dec 23** | $9601 | $13539 | $9561 |
| **Mar 24** | $9713 | $14968 | $9559 |
| **Jun 24** | $9796 | $15609 | $9521 |
| **Sep 24** | $9787 | $16528 | $9896 |
| **Dec 24** | $9831 | $16926 | $9860 |
| **Mar 25** | $9989 | $16203 | $10085 |
| **Jun 25** | $10608 | $17976 | $10342 |
| **Sep 25** | $10459 | $19437 | $10514 |

---

# **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Fund Inception (12/15/2020)** |
| The SPAC and New Issue ETF | 6.87% | 0.94% |
| S&P 500<sup>®</sup> Index | 17.60% | 14.88% |
| IQ Merger Arbitrage Index | 6.25% | 1.05% |

---

**Past performance is not a good predictor of future performance.** The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $8775527 |
| Number of Portfolio Holdings | 38 |
| Net Investment Advisory Fees | $7528 |
| Portfolio Turnover Rate | 328% |

---

# What did the Fund invest in?
(as of 9/30/2025)

# **Portfolio Composition** 

---

| | |
|:---|:---|
| **Investments** | **Percentage of Total Investments (%)** |
| Common Stocks | 95.4 |
| Exchange-Traded Funds | 4.6 |
| Private Investments | 0.0 |
| Rights |  |
| Warrants | 0.0 |
| Total | 100.0 |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 28, 2026, at http://www.spcxetf.com, or upon request by contacting us at 1-866-904-0406.

Effective June 9, 2025, Tuttle Capital Management, LLC, the Fund's adviser, entered into an expense limitation agreement to ensure the Fund's net annual fund operating expenses would not exceed 0.95% at least through January 31, 2026.

#### The SPAC and New Issue ETF
![Image](i628a73b703db8652ab012f98.jpg)

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

Annual Shareholder Report — September 30, 2025

SPCX-09/25-AR

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

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, there were no amendments, nor did the Registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1) of this Form.

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

The Registrant's Board of Trustees has determined that the Registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Fred Stoleru is an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees.</u> Fees for audit services provided to the Registrant was $160,500, and $143,250 for the fiscal years ended September 30, 2025, and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees.</u> The aggregate fees billed in the fiscal year for audit-related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this item was $0, and $0 for the fiscal years ended September 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees.</u> Fees for tax services, which consisted of income and excise tax compliance services, was $41,000, and $33,000 for the fiscal years ended September 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees.</u> Fees for other services totaled $0, and $0, for the fiscal years ended September 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The Registrant's Audit Committee has adopted Pre-Approval Policies and Procedures. The Audit Committee must pre-approve all audit services and non-audit services that the principal accountant provides to the Registrant. The Audit Committee must also pre-approve any engagement of the principal accountant to provide non-audit services to the Registrant's investment adviser, or any affiliate of the adviser that provides ongoing services to the Registrant, if such non-audit services directly impact the Registrant's operations and financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No services described in items (b) were pre-approved by the Audit Committee pursuant to Rule 2 01(c)(7)(i)(c) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the work in connection with the audit of the Registrant during the year ended September 30, 2025 and 2024, was performed by full-time employees of the Registrant's principal accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate fees billed by the principal accountant for non-audit services to the Registrant, the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant were $0 for the year ended September 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the 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 auditor's independence.

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

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

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

Not applicable.

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

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

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

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

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

Goose Hollow Tactical Allocation ETF (GHTA)

Goose Hollow Multi-Strategy Income ETF (GHMS)

September 30, 2025

---

| | |
|:---|:---|
| Item 7 – Financial Statements and Additional Information  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolios of Investments](#goosehollow_093025-ara94) | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goose Hollow Tactical Allocation ETF](#goosehollow_093025-ara94) | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goose Hollow Multi-Strategy Income ETF](#goosehollow_093025-ara95) | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#goosehollow_093025-ara96) | &nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#goosehollow_093025-ara97) | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#goosehollow_093025-ara98) | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#goosehollow_093025-ara99) | &nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#goosehollow_093025-ara100) | &nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#goosehollow_093025-ara101) | &nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#goosehollow_093025-ara102) | &nbsp;&nbsp;&nbsp; 29 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#goosehollow_093025-ara103) | &nbsp;&nbsp;&nbsp; 30 |
| [Item 9 – Proxy Disclosures for Open-End Management Investment Companies](#goosehollow_093025-ara104) | &nbsp;&nbsp;&nbsp; 30 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#goosehollow_093025-ara105) | &nbsp;&nbsp;&nbsp; 30 |
| [Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract](#goosehollow_093025-ara106) | &nbsp;&nbsp;&nbsp; 31 |

---

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

Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsSeptember 30, 2025

**Goose Hollow Tactical Allocation ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 29.5%** | **Common Stocks — 29.5%** |  |
| **Communication Services — 2.7%** | **Communication Services — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; 3638 | Charter Communications, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1000832 |
| &nbsp;&nbsp;&nbsp; 34596 | Turkcell Iletisim Hizmetleri AS, ADR | &nbsp;&nbsp;&nbsp; 208268 |
|  |  | &nbsp;&nbsp;&nbsp; 1209100 |
| **Consumer Discretionary — 1.8%** | **Consumer Discretionary — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; 6198 | Lennar Corp., Class A | &nbsp;&nbsp;&nbsp; 781196 |
| **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** |  |
| &nbsp;&nbsp;&nbsp; 15691 | Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp; 937380 |
| &nbsp;&nbsp;&nbsp; 6918 | Bunge Global SA | &nbsp;&nbsp;&nbsp; 562088 |
| &nbsp;&nbsp;&nbsp; 49195 | Davide Campari Milano NV, ADR | &nbsp;&nbsp;&nbsp; 309437 |
| &nbsp;&nbsp;&nbsp; 6084 | Diageo PLC, ADR | &nbsp;&nbsp;&nbsp; 580596 |
| &nbsp;&nbsp;&nbsp; 1968 | Estee Lauder Cos., Inc. (The) | &nbsp;&nbsp;&nbsp; 173420 |
| &nbsp;&nbsp;&nbsp; 1929 | Nestle SA, ADR | &nbsp;&nbsp;&nbsp; 177024 |
|  |  | &nbsp;&nbsp;&nbsp; 2739945 |
| **Energy — 6.2%** | **Energy — 6.2%** |  |
| &nbsp;&nbsp;&nbsp; 10178 | Antero Resources Corp.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 341574 |
| &nbsp;&nbsp;&nbsp; 20098 | Comstock Resources, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 398543 |
| &nbsp;&nbsp;&nbsp; 10000 | Energy Transfer LP | &nbsp;&nbsp;&nbsp; 171600 |
| &nbsp;&nbsp;&nbsp; 8142 | EQT Corp. | &nbsp;&nbsp;&nbsp; 443169 |
| &nbsp;&nbsp;&nbsp; 35625 | Expro Group Holdings NV<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 423225 |
| &nbsp;&nbsp;&nbsp; 15267 | Schlumberger NV | &nbsp;&nbsp;&nbsp; 524727 |
| &nbsp;&nbsp;&nbsp; 6107 | Weatherford International PLC | &nbsp;&nbsp;&nbsp; 417902 |
|  |  | &nbsp;&nbsp;&nbsp; 2720740 |
| **Financials — 10.8%** | **Financials — 10.8%** |  |
| &nbsp;&nbsp;&nbsp; 50892 | Adyen NV, ADR<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 813763 |
| &nbsp;&nbsp;&nbsp; 255759 | AGNC Investment Corp. | &nbsp;&nbsp;&nbsp; 2503882 |
| &nbsp;&nbsp;&nbsp; 121199 | Akbank TAS, ADR | &nbsp;&nbsp;&nbsp; 379352 |
| &nbsp;&nbsp;&nbsp; 118469 | Itau Unibanco Holding SA, ADR | &nbsp;&nbsp;&nbsp; 869562 |
| &nbsp;&nbsp;&nbsp; 57661 | Turkiye Garanti Bankasi AS, ADR | &nbsp;&nbsp;&nbsp; 201814 |
|  |  | &nbsp;&nbsp;&nbsp; 4768373 |
| **Information Technology — 1.0%** | **Information Technology — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; 13098 | Enphase Energy, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 463538 |
| **Materials — 0.8%** | **Materials — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; 2865 | International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp; 176312 |
| &nbsp;&nbsp;&nbsp; 5200 | Mosaic Co. (The) | &nbsp;&nbsp;&nbsp; 180336 |
|  |  | &nbsp;&nbsp;&nbsp; 356648 |
| **Total Common Stocks (Cost $12,889,726)** | **Total Common Stocks (Cost $12,889,726)** | &nbsp;&nbsp;&nbsp; **13039540** |

---

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

Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)September 30, 2025

**Goose Hollow Tactical Allocation ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 48.7%** | **Exchange-Traded Funds — 48.7%** |  |
| &nbsp;&nbsp;&nbsp; 101785 | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | &nbsp;&nbsp;&nbsp; 5131999 |
| &nbsp;&nbsp;&nbsp; 10000 | Global X MSCI Argentina ETF | &nbsp;&nbsp;&nbsp; 697600 |
| &nbsp;&nbsp;&nbsp; 230218 | Goose Hollow Multi-Strategy Income ETF<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; 6118066 |
| &nbsp;&nbsp;&nbsp; 8069 | Health Care Select Sector SPDR Fund ETF | &nbsp;&nbsp;&nbsp; 1122963 |
| &nbsp;&nbsp;&nbsp; 11532 | Invesco Solar ETF | &nbsp;&nbsp;&nbsp; 503141 |
| &nbsp;&nbsp;&nbsp; 34258 | iShares MSCI Brazil ETF | &nbsp;&nbsp;&nbsp; 1061998 |
| &nbsp;&nbsp;&nbsp; 57323 | iShares Treasury Floating Rate Bond ETF | &nbsp;&nbsp;&nbsp; 2899971 |
| &nbsp;&nbsp;&nbsp; 55982 | Tradr 1X Short Innovation Daily ETF | &nbsp;&nbsp;&nbsp; 1606123 |
| &nbsp;&nbsp;&nbsp; 61071 | U.S. Natural Gas Fund, LP<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 798198 |
| &nbsp;&nbsp;&nbsp; 6071 | VanEck Oil Services ETF | &nbsp;&nbsp;&nbsp; 1577914 |
| **Total Exchange-Traded Funds (Cost $21,297,767)** | **Total Exchange-Traded Funds (Cost $21,297,767)** | &nbsp;&nbsp;&nbsp; **21517973** |
| **Warrants — 1.6%** | **Warrants — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; 21960 | Occidental Petroleum Corp., 08/03/2027<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 559980 |
| &nbsp;&nbsp;&nbsp; 60635 | Valaris, Ltd., 04/29/2028<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 169772 |
| **Total Warrants (Cost $827,842)** | **Total Warrants (Cost $827,842)** | &nbsp;&nbsp;&nbsp; **729752** |
| **Purchased Options Contracts — 0.0%<sup>(c)</sup>**<sup>**(d)**</sup>  | **Purchased Options Contracts — 0.0%<sup>(c)</sup>**<sup>**(d)**</sup>  |  |
| **Total Purchased Options Contracts (Cost $29,194)** | **Total Purchased Options Contracts (Cost $29,194)** | &nbsp;&nbsp;&nbsp; **8000** |
| **Total Investments — 79.8% (Cost $35,044,529)** | **Total Investments — 79.8% (Cost $35,044,529)** | &nbsp;&nbsp;&nbsp; **35295265** |
| **Other Assets in Excess of Liabilities — 20.2%** | **Other Assets in Excess of Liabilities — 20.2%** | &nbsp;&nbsp;&nbsp; **8919708** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **44214973** |

---

(a) Non-income producing security

(b) Affiliated security. See Note 3 in the Notes to Financial Statements.

(c) Represents less than 0.05%

(d) See Purchased Options Contracts.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

PLC — Public Limited Company

SPDR — Standard & Poor's Depositary Receipts

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

Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)September 30, 2025

**Goose Hollow Tactical Allocation ETF**

**Written Options Contacts**

Exchange-traded options on future contracts written as of September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>**  | **Premiums<br>Received ($)** | **Strike <br>Price ($)** | **Expiration Date** | **Value ($)** |
| iShares MSCI Europe Finance Put Option | Put | 500 | 1550 | 10815 | 31.00 | 10/17/25 | (16250) |
| **(Total Premiums Received $10,815)** | **(Total Premiums Received $10,815)** | **(Total Premiums Received $10,815)** |  |  |  |  | (16250) |

---

**Purchased Options Contracts**

Exchange-traded options on futures contracts purchased as of September 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Put/Call** | **Number of Contracts** | **Notional Amount (000)($)<sup>(a)</sup>**  | **Cost<br>($)** | **Strike <br>Price ($)** | **Expiration Date** | **Value ($)** |
| iShares MSCI Europe Finance Put Option | Put | 500 | 1650 | 29194 | 33.00 | 10/17/25 | 8000 |
| **(Total Cost $29,194)**  | **(Total Cost $29,194)**  |  |  |  |  |  | 8000 |

---

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

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

Annual Financial Statements and Other Information \| 6

Portfolio of InvestmentsSeptember 30, 2025

**Goose Hollow Multi-Strategy Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Closed-End Funds — 20.0%** | **Closed-End Funds — 20.0%** |  |
| &nbsp;&nbsp;&nbsp; 44797 | Aberdeen Asia-Pacific Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 729743 |
| &nbsp;&nbsp;&nbsp; 26039 | BrandywineGLOBAL Global Income Opportunities Fund, Inc. | &nbsp;&nbsp;&nbsp; 226019 |
| &nbsp;&nbsp;&nbsp; 215003 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 1156716 |
| &nbsp;&nbsp;&nbsp; 70472 | Templeton Emerging Markets Income Fund | &nbsp;&nbsp;&nbsp; 436926 |
| &nbsp;&nbsp;&nbsp; 93601 | Virtus Stone Harbor Emerging Markets Income Fund | &nbsp;&nbsp;&nbsp; 472522 |
| &nbsp;&nbsp;&nbsp; 28968 | Western Asset Emerging Markets Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 298950 |
| **Total Closed-End Funds (Cost $3,174,339)** | **Total Closed-End Funds (Cost $3,174,339)** | &nbsp;&nbsp;&nbsp; **3320876** |
| **Common Stocks — 8.8%** | **Common Stocks — 8.8%** |  |
| **Financials — 5.0%** | **Financials — 5.0%** |  |
| &nbsp;&nbsp;&nbsp; 32239 | AGNC Investment Corp. | &nbsp;&nbsp;&nbsp; 315620 |
| &nbsp;&nbsp;&nbsp; 35000 | ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp; 522900 |
|  |  | &nbsp;&nbsp;&nbsp; 838520 |
| **Real Estate — 3.8%** | **Real Estate — 3.8%** |  |
| &nbsp;&nbsp;&nbsp; 1000 | AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp; 193170 |
| &nbsp;&nbsp;&nbsp; 2000 | BXP, Inc. | &nbsp;&nbsp;&nbsp; 148680 |
| &nbsp;&nbsp;&nbsp; 10000 | Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp; 110800 |
| &nbsp;&nbsp;&nbsp; 15000 | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp; 170850 |
|  |  | &nbsp;&nbsp;&nbsp; 623500 |
| **Total Common Stocks (Cost $1,503,728)** | **Total Common Stocks (Cost $1,503,728)** | &nbsp;&nbsp;&nbsp; **1462020** |
| **Exchange-Traded Funds — 55.5%** | **Exchange-Traded Funds — 55.5%** |  |
| &nbsp;&nbsp;&nbsp; 6000 | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | &nbsp;&nbsp;&nbsp; 302520 |
| &nbsp;&nbsp;&nbsp; 9266 | BondBloxx JPMorgan USD Emerging Markets 1-10 Year Bond ETF | &nbsp;&nbsp;&nbsp; 405110 |
| &nbsp;&nbsp;&nbsp; 36875 | PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF | &nbsp;&nbsp;&nbsp; 2506024 |
| &nbsp;&nbsp;&nbsp; 58379 | SPDR FTSE International Government Inflation-Protected Bond ETF | &nbsp;&nbsp;&nbsp; 2289040 |
| &nbsp;&nbsp;&nbsp; 43158 | VanEck J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 1100961 |
| &nbsp;&nbsp;&nbsp; 25284 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 1187337 |
| &nbsp;&nbsp;&nbsp; 28926 | Vanguard Total International Bond ETF | &nbsp;&nbsp;&nbsp; 1430680 |
| **Total Exchange-Traded Funds (Cost $9,079,691)** | **Total Exchange-Traded Funds (Cost $9,079,691)** | &nbsp;&nbsp;&nbsp; **9221672** |

---

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

Annual Financial Statements and Other Information \| 7

Portfolio of InvestmentsSeptember 30, 2025

**Goose Hollow Multi-Strategy Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Preferred Stocks — 11.0%** | **Preferred Stocks — 11.0%** |  |
| **Financials — 8.3%** | **Financials — 8.3%** |  |
| &nbsp;&nbsp;&nbsp; 7443 | AGNC Investment Corp., Series C | &nbsp;&nbsp;&nbsp; 194039 |
| &nbsp;&nbsp;&nbsp; 8087 | AGNC Investment Corp., Series F | &nbsp;&nbsp;&nbsp; 205086 |
| &nbsp;&nbsp;&nbsp; 11075 | Annaly Capital Management, Inc., Series F | &nbsp;&nbsp;&nbsp; 280087 |
| &nbsp;&nbsp;&nbsp; 2505 | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp; 63527 |
| &nbsp;&nbsp;&nbsp; 4165 | PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp; 106166 |
| &nbsp;&nbsp;&nbsp; 8005 | Rithm Capital Corp., Series A | &nbsp;&nbsp;&nbsp; 203327 |
| &nbsp;&nbsp;&nbsp; 12585 | Rithm Capital Corp., Series B | &nbsp;&nbsp;&nbsp; 319911 |
|  |  | &nbsp;&nbsp;&nbsp; 1372143 |
| **Real Estate — 2.7%** | **Real Estate — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; 13395 | Public Storage, Series P | &nbsp;&nbsp;&nbsp; 231465 |
| &nbsp;&nbsp;&nbsp; 12667 | Public Storage, Series R | &nbsp;&nbsp;&nbsp; 216226 |
|  |  | &nbsp;&nbsp;&nbsp; 447691 |
| **Total Preferred Stocks (Cost $1,781,428)** | **Total Preferred Stocks (Cost $1,781,428)** | &nbsp;&nbsp;&nbsp; **1819834** |
| **Total Investments — 95.3% (Cost $15,539,186)** | **Total Investments — 95.3% (Cost $15,539,186)** | &nbsp;&nbsp;&nbsp; **15824402** |
| **Other Assets in Excess of Liabilities — 4.7%** | **Other Assets in Excess of Liabilities — 4.7%** | &nbsp;&nbsp;&nbsp; **778230** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **16602632** |

---

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

PIMCO — Pacific Investment Management Company

SPDR — Standard & Poor's Depositary Receipts

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

Annual Financial Statements and Other Information \| 8

Statements of Assets and LiabilitiesSeptember 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Multi-Strategy Income ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value <br>(Cost $28,997,917 and $15,539,186) | &nbsp;&nbsp;&nbsp; $29177199 | &nbsp;&nbsp;&nbsp; $15824402 |
| &nbsp;&nbsp;&nbsp; Affiliated investments, at value <br>(Cost $6,046,612 and $—) | &nbsp;&nbsp;&nbsp; 6118066 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 7518816 | &nbsp;&nbsp;&nbsp; 631547 |
| &nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | &nbsp;&nbsp;&nbsp; 1455585 | &nbsp;&nbsp;&nbsp; 116640 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 35328 | &nbsp;&nbsp;&nbsp; 51043 |
| &nbsp;&nbsp;&nbsp; Receivable due from Advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21878 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 44305585 | &nbsp;&nbsp;&nbsp; 16647022 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Written options at value <br>(Premiums received $10,815 and $—) | &nbsp;&nbsp;&nbsp; 16250 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Due to Broker | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7926 |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 27749 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 5470 | &nbsp;&nbsp;&nbsp; 2725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 16189 | &nbsp;&nbsp;&nbsp; 13534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 17613 | &nbsp;&nbsp;&nbsp; 16330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 2785 | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 3106 | &nbsp;&nbsp;&nbsp; 2910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 90612 | &nbsp;&nbsp;&nbsp; 44390 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $44214973 | &nbsp;&nbsp;&nbsp; $16602632 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $44434151 | &nbsp;&nbsp;&nbsp; $16327477 |
| &nbsp;&nbsp;&nbsp; Total Accumulated Earnings (Loss) | &nbsp;&nbsp;&nbsp; (219178) | &nbsp;&nbsp;&nbsp; 275155 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $44214973 | &nbsp;&nbsp;&nbsp; $16602632 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $44214973 | &nbsp;&nbsp;&nbsp; $16602632 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, <br>no par value):** | &nbsp;&nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp; 625000 |
| **Net Asset Value (offering and <br>redemption price per share):** | &nbsp;&nbsp;&nbsp; $31.03 | &nbsp;&nbsp;&nbsp; $26.56 |

---

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

Annual Financial Statements and Other Information \| 9

Statements of OperationsFor the year ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Multi-Strategy Income ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $1343016 | &nbsp;&nbsp;&nbsp; $927314 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income  | &nbsp;&nbsp;&nbsp; 195480 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp; 19157 | &nbsp;&nbsp;&nbsp; 6346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 1557653 | &nbsp;&nbsp;&nbsp; 933660 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 345104 | &nbsp;&nbsp;&nbsp; 109540 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 60901 | &nbsp;&nbsp;&nbsp; 33705 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 9286 | &nbsp;&nbsp;&nbsp; 1561 |
| &nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 101022 | &nbsp;&nbsp;&nbsp; 53362 |
| &nbsp;&nbsp;&nbsp; Index receipt agent fee | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10742 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 33553 | &nbsp;&nbsp;&nbsp; 46615 |
| &nbsp;&nbsp;&nbsp; Listing Fee | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 11766 | &nbsp;&nbsp;&nbsp; 12070 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp; 1800 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp; 3200 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 16570 | &nbsp;&nbsp;&nbsp; 6213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 601702 | &nbsp;&nbsp;&nbsp; 294837 |
| Expenses contractually waived and/or reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (126353) |
| Expenses voluntarily waived by the Advisor<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; (29948) | &nbsp;&nbsp;&nbsp; — |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 571754 | &nbsp;&nbsp;&nbsp; 168484 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 985899 | &nbsp;&nbsp;&nbsp; 765176 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; (299759) | &nbsp;&nbsp;&nbsp; (304728) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 3808968 | &nbsp;&nbsp;&nbsp; 25599 |
| &nbsp;&nbsp;&nbsp; Net realized gains(losses) from affiliated funds transactions | &nbsp;&nbsp;&nbsp; 29664 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | &nbsp;&nbsp;&nbsp; 87160 | &nbsp;&nbsp;&nbsp; 5233 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | &nbsp;&nbsp;&nbsp; (625499) | &nbsp;&nbsp;&nbsp; 105414 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on investments | &nbsp;&nbsp;&nbsp; (1383826) | &nbsp;&nbsp;&nbsp; (44543) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on affiliated funds | &nbsp;&nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on written options | &nbsp;&nbsp;&nbsp; (34782) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; 1582974 | &nbsp;&nbsp;&nbsp; (213025) |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $2568873 | &nbsp;&nbsp;&nbsp; $552151 |

---

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

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

Annual Financial Statements and Other Information \| 10

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Tactical Allocation ETF** | **Goose Hollow Multi-Strategy Income ETF** | **Goose Hollow Multi-Strategy Income ETF** |
|  | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2025** | **For the period<br>November 14, 2023<sup>(a)</sup>** **<br>through<br>September 30, 2024** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $985899 | &nbsp;&nbsp;&nbsp; $965141 | &nbsp;&nbsp;&nbsp; $765176 | &nbsp;&nbsp;&nbsp; $518029 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments, in-kind, affiliated funds, futures, and written options transactions | &nbsp;&nbsp;&nbsp; 3000534 | &nbsp;&nbsp;&nbsp; 3061534 | &nbsp;&nbsp;&nbsp; (168482) | &nbsp;&nbsp;&nbsp; 31937 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, affiliated funds, and <br>written options | &nbsp;&nbsp;&nbsp; (1417560) | &nbsp;&nbsp;&nbsp; 3125845 | &nbsp;&nbsp;&nbsp; (44543) | &nbsp;&nbsp;&nbsp; 329731 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting <br>from operations | &nbsp;&nbsp;&nbsp; 2568873 | &nbsp;&nbsp;&nbsp; 7152520 | &nbsp;&nbsp;&nbsp; 552151 | &nbsp;&nbsp;&nbsp; 879697 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (955873) | &nbsp;&nbsp;&nbsp; (981366) | &nbsp;&nbsp;&nbsp; (750719) | &nbsp;&nbsp;&nbsp; (300623) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (955873) | &nbsp;&nbsp;&nbsp; (981366) | &nbsp;&nbsp;&nbsp; (750719) | &nbsp;&nbsp;&nbsp; (300623) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 32005122 | &nbsp;&nbsp;&nbsp; 31900662 | &nbsp;&nbsp;&nbsp; 4536545 | &nbsp;&nbsp;&nbsp; 21345999 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (29440302) | &nbsp;&nbsp;&nbsp; (39114945) | &nbsp;&nbsp;&nbsp; (5768491) | &nbsp;&nbsp;&nbsp; (3891927) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 2564820 | &nbsp;&nbsp;&nbsp; (7214283) | &nbsp;&nbsp;&nbsp; (1231946) | &nbsp;&nbsp;&nbsp; 17454072 |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; 4177820 | &nbsp;&nbsp;&nbsp; (1043129) | &nbsp;&nbsp;&nbsp; (1430514) | &nbsp;&nbsp;&nbsp; 18033146 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 40037153 | &nbsp;&nbsp;&nbsp; 41080282 | &nbsp;&nbsp;&nbsp; 18033146 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $44214973 | &nbsp;&nbsp;&nbsp; $40037153 | &nbsp;&nbsp;&nbsp; $16602632 | &nbsp;&nbsp;&nbsp; $18033146 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 1075000 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 825000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (1000000) | &nbsp;&nbsp;&nbsp; (1425000) | &nbsp;&nbsp;&nbsp; (225000) | &nbsp;&nbsp;&nbsp; (150000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; (275000) | &nbsp;&nbsp;&nbsp; (50000) | &nbsp;&nbsp;&nbsp; 675000 |

---

(a) Commencement of operations.

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

Annual Financial Statements and Other Information \| 11

Financial Highlights

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

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

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

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

(j) Excludes the impact of in-kind transactions.

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

Annual Financial Statements and Other Information \| 12

Financial Highlights (continued)

---

| | | |
|:---|:---|:---|
| **Goose Hollow Multi-Strategy Income ETF** | **Year ended<br>September 30, 2025** | **November 14, 2023<sup>(a)</sup>** **<br>through <br>September 30, 2024** |
| Net Asset Value, Beginning of Period | &nbsp;&nbsp;&nbsp; $26.72 | &nbsp;&nbsp;&nbsp; $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| Net Realized and Unrealized Gains (Losses) on Investments<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.25 |
| Distributions from Net Investment Income | &nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp; (0.53) |
| &nbsp;&nbsp;&nbsp; Total Distributions | &nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp; (0.53) |
| Net Asset Value, End of Period | &nbsp;&nbsp;&nbsp; $26.56 | &nbsp;&nbsp;&nbsp; $26.72 |
| Net Assets at End of Period (000's) | &nbsp;&nbsp;&nbsp; $16603 | &nbsp;&nbsp;&nbsp; $18033 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;3.77% | &nbsp;&nbsp;&nbsp;&nbsp;9.09% |
| Ratio of Net Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| Ratio of Gross Expenses to Average Net Assets<sup>(f)</sup><sup>(g)</sup><sup>(h)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(f)</sup><sup>(i)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;4.54% | &nbsp;&nbsp;&nbsp;&nbsp;4.72% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup>  | &nbsp;&nbsp;&nbsp; 122% | &nbsp;&nbsp;&nbsp; 35% |

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

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

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

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

(j) Excludes the impact of in-kind transactions.

Annual Financial Statements and Other Information \| 13

Notes to Financial StatementsSeptember 30, 2025

**(1) Organization**

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

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

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

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (''Cboe''). Market prices for the Shares may be different from their net asset value (''NAV''). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, currently 25,000 Shares, called Creation Units (''Creation Units''). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of each Fund may only be purchased or redeemed by certain financial institutions

Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)September 30, 2025

("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Paralel Distributors LLC (the ''Distributor''). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds.

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

**A. Investment Valuations**

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

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

Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)September 30, 2025

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

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

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

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

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

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

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

The Funds did not hold any Level 3 investments as of September 30, 2025.

Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)September 30, 2025

The following table summarizes the Funds' investments, based on their valuation inputs, as of September 30, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Funds:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Goose Hollow Tactical Allocation ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $13039540 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $13039540 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 21517973 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21517973 |
| &nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp; 729752 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 729752 |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | &nbsp;&nbsp;&nbsp; 35295265 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35295265 |
| &nbsp;&nbsp;&nbsp; Written Options Contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16250) | &nbsp;&nbsp;&nbsp; (16250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; $35295265 | &nbsp;&nbsp;&nbsp; $(16250) | &nbsp;&nbsp;&nbsp; $35279015 |
| **Goose Hollow Multi-Strategy Income ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp; $3320876 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3320876 |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1462020 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1462020 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 9221672 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9221672 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp; 1819834 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1819834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; $15824402 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $15824402 |

---

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

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which they invest.

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

Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)September 30, 2025

**C. Cash**

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

**D. Dividends and Distributions to Shareholders**

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

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

**E. Allocation of Expenses**

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

**F. Derivative Instruments:**

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

***Futures Contracts:***

The Funds may enter into futures contracts for the purpose of hedging existing portfolio securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing market interest conditions. Upon entering into futures contracts, the Funds are required to pledge to the broker

Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)September 30, 2025

an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin", are made or received each day, depending on the daily fluctuations in the fair value of the underlying security. The Funds recognize an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures and foreign currency risk related to currency futures) and exposure to loss in excess of the amounts reflected on the Statements of Assets and Liabilities as variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. The monthly average notional amount for these contracts for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Monthly Average <br>Notional Amount (000)** | **Monthly Average <br>Notional Amount (000)** |
|  | **Long** | **Short** |
| **Futures Contracts:** |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $503 | &nbsp;&nbsp;&nbsp; $— |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 311 |

---

***Options Contracts:***

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

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

Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)September 30, 2025

The gross notional amount of purchased and written options outstanding as of September 30, 2025, and the monthly average notional amount for these contracts for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding Notional Amount (000)**  | **Monthly Average Notional Amount (000)** |
| **Purchased Options:**  |  |  |
| Goose Hollow Tactical Allocation ETF  | &nbsp;&nbsp;&nbsp; $1650 | &nbsp;&nbsp;&nbsp; $162349 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7860 |
| **Written Options Contracts:** |  |  |
| Goose Hollow Tactical Allocation ETF  | &nbsp;&nbsp;&nbsp; $1550 | &nbsp;&nbsp;&nbsp; $161933 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7931 |

---

***Summary of Derivative Instruments:***

The following is a summary of the fair value of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Assets**  | **Liabilities**  |
|  | **Investments, at <br>Value for<br>Purchased Options** | **Written Options, <br>at Value** |
| **Equity Risk Exposure**  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $8000 | &nbsp;&nbsp;&nbsp; $16250 |

---

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the year ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Realized <br>Gains (Losses) from** | **Net Realized <br>Gains (Losses) from** | **Net Realized <br>Gains (Losses) from** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
|  | **Futures Contracts** | **Purchased Options<sup>(a)</sup>**  | **Written Options** | **Purchased Options<sup>(b)</sup>**  | **Written Options**  |
| **Commodity Risk Exposure:** |  |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(90945) | $(119280) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Currency Risk Exposure:** |  |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; 87160 | &nbsp;&nbsp;&nbsp; 1214623 | (1144627) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Equity Risk Exposure:** |  |  |  |  |  |
| Goose Hollow Tactical Allocation ETF  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (133047) | &nbsp;&nbsp;&nbsp; 80342 | &nbsp;&nbsp;&nbsp; 12344 | &nbsp;&nbsp;&nbsp; (34782) |

---

Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net Realized <br>Gains (Losses) from** | **Net Realized <br>Gains (Losses) from** | **Net Realized <br>Gains (Losses) from** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
|  | **Futures Contracts** | **Purchased Options<sup>(a)</sup>**  | **Written Options** | **Purchased Options<sup>(b)</sup>**  | **Written Options**  |
| **Interest rate Risk Exposure:** |  |  |  |  |  |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1001003) | &nbsp;&nbsp;&nbsp; 558066 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 5233 | &nbsp;&nbsp;&nbsp; (215529) | &nbsp;&nbsp;&nbsp; 105414 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

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

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

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

**A. Investment Advisory Fees**

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

---

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

---

The Advisor has contractually agreed to reduce its fees and to reimburse expenses, at least through January 31, 2026, to ensure that Net Annual Fund Operating Expenses (exclusive of any (i) front-end or contingent deferred loads, (ii) portfolio transaction and other investment-related costs (including brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with instruments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); (v) borrowing costs (such as interest and dividend expenses on securities sold short), (vi) taxes, (vii) other fees related to

Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)September 30, 2025

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

---

| | |
|:---|:---|
|  | **Expense Cap** |
| Goose Hollow Tactical Allocation ETF | 1.85% |
| Goose Hollow Multi-Strategy Income ETF | 1.00% |

---

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

As of September 30, 2025, the Advisor may recoup amounts from the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Waived/<br> Reimbursed FY<br> 2023 Expires<br> 09/30/2026** | **Waived/<br> Reimbursed FY<br> 2024 Expires<br> 09/30/2027** | **Waived/<br> Reimbursed FY<br> 2025 Expires<br> 09/30/2028** | **Total** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; $162149 | &nbsp;&nbsp;&nbsp; $91708 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $253857 |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 77799 | &nbsp;&nbsp;&nbsp; 126353 | &nbsp;&nbsp;&nbsp; 204152 |

---

**Affiliated Transactions:**

At September 30, 2025, the following investments are noted as Affiliated Securities in Goose Hollow Tactical Allocation ETF's Portfolio of Investments:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at September 30, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) on Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Balance at September 30, 2025** | **Shares as of September 30, 2025** | **Dividend Income** | **Capital Gains Distributions** |
| Goose Hollow Multi-Strategy Income ETF | $3542509 | $3558912 | $1014067 | $29664 | $1048 | $6118066 | 230218 | $195480 | $— |

---

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

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

Annual Financial Statements and Other Information \| 22

Notes to Financial Statements (continued)September 30, 2025

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

**C. Distribution and Shareholder Services Fees**

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

**D. Compliance Services**

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

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using each Fund's net assets at month-end and is paid by the Funds on a quarterly basis as previously approved by the Board. During the year ended September 30, 2025, the Funds paid a total of $4,500 to the Treasurer.

**F. General**

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

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Goose Hollow Tactical Allocation ETF | $143163542 | $150220615 |
| Goose Hollow Multi-Strategy Income ETF | 20553091 | 19950618 |

---

Purchases and sales of in-kind transactions for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Goose Hollow Tactical Allocation ETF | $30433410 | $28330007 |
| Goose Hollow Multi-Strategy Income ETF | 3154098 | 5584136 |

---

There were no purchases or sales of U.S. government securities during the year ended September 30, 2025.

Annual Financial Statements and Other Information \| 23

Notes to Financial Statements (continued)September 30, 2025

**(5) Capital Share Transactions**

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

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

---

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

---

(a) As a percentage of the amount invested.

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

As of September 30, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

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

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

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

Annual Financial Statements and Other Information \| 24

Notes to Financial Statements (continued)September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of<br>Securities** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| Goose Hollow Tactical Allocation ETF | $35036831 | $1048023 | $(805839) | $242184 |
| Goose Hollow Multi-Strategy Income ETF | 15549393 | 463201 | (188192) | 275009 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  |
|  | **Ordinary Income** | **Net <br>Capital <br>Gains** | **Total <br>Taxable<br>Distributions** | **Total Distributions Paid** |
| Goose Hollow Tactical Allocation ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024  | $981366 | $— | $981366 | $981366 |
| &nbsp;&nbsp;&nbsp; 2025  | 955873 |  | 955873 | 955873 |
| Goose Hollow Multi-Strategy Income ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024  | 300623 |  | 300623 | 300623 |
| &nbsp;&nbsp;&nbsp; 2025 | 750719 |  | 750719 | 750719 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Accumulated Loss)** |
| Goose Hollow Tactical Allocation ETF | $912726 | $— | $912726 | $(1371609) | $239705 | $(219178) |
| Goose Hollow Multi-Strategy Income ETF | 234155 |  | 234155 | (234009) | 275009 | 275155 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br>Amount** | **Long-Term<br>Amount** | **Total** |
| Goose Hollow Tactical Allocation ETF | $594837 | $776772 | $1371609 |
| Goose Hollow Multi-Strategy Income ETF | 178899 | 55110 | 234009 |

---

Annual Financial Statements and Other Information \| 25

Notes to Financial Statements (continued)September 30, 2025

**Permanent Tax Differences:**

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

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings / (Loss)** | **Paid in Capital** |
| Goose Hollow Tactical Allocation ETF | $(3749369) | $3749369 |
| Goose Hollow Multi-Strategy Income ETF | (42817) | 42817 |

---

**(7) Investment Risks**

**ETF Risk**

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

**Market and Geopolitical Risk**

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

Annual Financial Statements and Other Information \| 26

Notes to Financial Statements (continued)September 30, 2025

prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions you could lose your entire investment.

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

**(9) Segment Reporting**

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

**(10) New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**(11) Subsequent Events**

The Board has determined to liquidate the Goose Hollow Multi-Strategy Income ETF with the liquidation payment to shareholders expected to take place on or about November 28, 2025, following a recommendation by the Advisor.

Annual Financial Statements and Other Information \| 27

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of Goose Hollow ETFs

and Board of Trustees of Collaborative Investment Series Trust

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Goose Hollow Tactical Allocation ETF and Goose Hollow Multi-Strategy Income ETF (the "Funds"), each a series of Collaborative Investment Series Trust, as of September 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statements of<br>Changes in<br>Net Assets** | **Financial<br>Highlights** |
| Goose Hollow<br>Tactical<br>Allocation ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024 and 2023, and for the period November 16, 2021 (commencement of operations) through September 30, 2022 |
| Goose Hollow<br>Multi-Strategy<br>Income ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period November 14, 2023 (commencement of operations) through September 30, 2024 | For the year ended September 30, 2025, and for the period November 14, 2023 (commencement of operations) through September 30, 2024 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Annual Financial Statements and Other Information \| 28

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 September 30, 2025, by correspondence with the custodian and brokers. 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 Funds' auditor since 2022.

![](goosehollow_093025-arimg001.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

Annual Financial Statements and Other Information \| 29

Additional InformationSeptember 30, 2025 (Unaudited)

**Other Federal Income Tax Information:**

During the fiscal year ended September 30, 2025, the following percentage of the total ordinary income distributions paid by the Funds qualifies for the distributions received deduction available to corporate shareholders:

---

| | |
|:---|:---|
|  | **Distributions Received Deduction** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; 2.78% |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 5.20% |

---

During the fiscal year ended September 30, 2025, the percentage of Qualified Dividend Income is as follows:

---

| | |
|:---|:---|
|  | **Qualified Dividend Income** |
| Goose Hollow Tactical Allocation ETF | &nbsp;&nbsp;&nbsp; 20.58% |
| Goose Hollow Multi-Strategy Income ETF | &nbsp;&nbsp;&nbsp; 5.24% |

---

**Proxy Voting:**

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

Annual Financial Statements and Other Information \| 30

**Items 8-11** (Unaudited)

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

Not Applicable.

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

Not Applicable.

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

Refer to the financial statements included herein.

Annual Financial Statements and Other Information \| 31

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

**Goose Hollow Tactical Allocation ETF**

<u>Renewal of the Investment Advisory Agreement with Goose Hollow Capital Management, LLC</u>

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

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

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel servicing the Fund, noting no material personnel changes. The Board further reviewed the services provided by Goose Hollow to the Fund, which included portfolio management. The Board acknowledged that Goose Hollow used an independent risk management software to monitor compliance with the Fund's investment limitations, as well as internal investment checklists. The Board noted Goose Hollow's policies regarding the selection of broker-dealers for portfolio transactions. The Board observed that Goose Hollow did not report any material compliance issues, material litigation or administrative action, nor any regulatory examinations since the last approval of the advisory agreement. The Board concluded that it expected Goose Hollow to continue to provide satisfactory services to the Fund and its shareholders.

*Performance*. The Board observed that the Fund underperformed its benchmark index and broad-based benchmark, Bloomberg World Large & Mid Cap Index, for the 1-year and since inception periods ended June 30, 2025. The Board acknowledged Goose Hollow's assertion that the Fund changed its benchmark, so the 1-year performance was attributed to the short duration with the respective benchmark. The Board concluded that the Fund's performance was acceptable and agreed to continue to monitor performance.

Annual Financial Statements and Other Information \| 32

*Fees and Expenses.* The Board observed that the Fund's advisory fee of 0.85% and net expense ratio of 1.80% were above the averages of its peer group selected by Goose Hollow. The Board acknowledged Goose Hollow's assertion that the advisory fee was reasonable given the Fund's actively managed nature and its use of a proprietary model. The Board noted Goose Hollow's intention to renew the expense limitation agreement for an additional year and concluded that the advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Goose Hollow and noted that Goose Hollow was earning a modest profit with respect to its management of the Fund. The Board determined that excessive profitability was not an issue for Goose Hollow at this time.

*Economies of Scale*. The Board considered whether economies of scale would be realized in connection with the services provided to the Fund by Goose Hollow. The Board discussed Goose Hollow's position on breakpoints and noted Goose Hollow would continue to monitor the Fund's asset levels as the Fund continued to grow.

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

**Goose Hollow Multi-Strategy Income ETF**

<u>Renewal of the Investment Advisory Agreement with Goose Hollow Capital Management, LLC</u>

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

The Board reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the investment advisory agreement between Goose Hollow and the Trust. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the investment advisory agreement on behalf of the Fund and the weight to be given to each

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

Annual Financial Statements and Other Information \| 33

factor considered. The conclusions reached by the Board were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the renewal of the investment advisory agreement.

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel servicing the Fund and the investment advisory services provided by Goose Hollow to the Fund, noting no material changes from the last approval of the investment advisory agreement. The Board acknowledged that Goose Hollow used an independent risk management software to monitor compliance with the Fund's investment limitations, as well as internal investment checklists. The Board observed that Goose Hollow did not report any material compliance issues, material litigation or administrative action, nor any regulatory examinations since the last approval of the advisory agreement. The Board concluded that it expected Goose Hollow to continue to provide satisfactory services to the Fund and its shareholders.

*Performance*. The Board observed that the Fund trailed its benchmark index and broad-based benchmark, Bloomberg U.S. Aggregate Bond Index, for the 1-year period ended March 31, 2025 with 4.80% returns and underperformed the benchmark index since inception. The Board acknowledged Goose Hollow's assertion that it continued to work on adjustments to the Fund's portfolio. The Board concluded that the Fund's performance was acceptable and agreed to continue to monitor performance.

*Fees and Expenses.* The Board observed that the Fund's advisory fee of 0.65% was below the average of its peer group selected by Goose Hollow, and the net expense ratio of 1.20% was above the average of its peer group. The Board acknowledged Goose Hollow's assertion that assets under management of the peer group funds were greater than that of the Fund's. The Board noted Goose Hollow's intention to renew the expense limitation agreement for an additional year and concluded that the advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Goose Hollow and noted that Goose Hollow was operating the Fund at a loss. The Board determined that excessive profitability was not an issue for Goose Hollow at this time.

*Economies of Scale*. The Board considered whether economies of scale would be realized in connection with the services provided to the Fund by Goose Hollow. The Board discussed Goose Hollow's position on breakpoints and noted Goose Hollow would continue to monitor the Fund's asset levels as the Fund continued to grow.

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

Annual Financial Statements and Other Information \| 34

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

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

Annual Financial Statements

and Other Information

Mindful Conservative ETF (MFUL)

Adaptive Core ETF (RULE)

Mohr Sector Nav ETF (SNAV)

Mohr Company Nav ETF (CNAV)

September 30, 2025

---

| | |
|:---|:---|
| Item 7 –Financial Statements and Additional Information  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolios of Investments](#cistncsrb001)  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mindful Conservative ETF](#cistncsrb002)  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Adaptive Core ETF](#cistncsrb003)  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mohr Sector Nav ETF](#cistncsrb004)  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mohr Company Nav ETF](#cistncsrb005)  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#cistncsrb006)  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#cistncsrb007)  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#cistncsrb008)  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#cistncsrb009)  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#cistncsrb010)  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#cistncsrb011)  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#cistncsrb012)  | 32 |
| [Item 8 –Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#cistncsrb013) | 33 |
| [Item 9 –Proxy Disclosures for Open End Management Investment Companies](#cistncsrb014) | 33 |
| [Item 10 –Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#cistncsrb015) | 33 |
| [Item 11 –Statement Regarding Basis for Approval of Investment Advisory Contract](#cistncsrb016) | 34 |

---

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

Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsSeptember 30, 2025

**Mindful Conservative ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Exchange-Traded Funds — 98.2%** | **Exchange-Traded Funds — 98.2%** |  |
| &nbsp;&nbsp;&nbsp; 18277 | First Trust Rising Dividend Achievers ETF | &nbsp;&nbsp;&nbsp; 1229311 |
| &nbsp;&nbsp;&nbsp; 39106 | Goldman Sachs Access Treasury 0-1 Year ETF | &nbsp;&nbsp;&nbsp; 3919594 |
| &nbsp;&nbsp;&nbsp; 12644 | iShares 0-3 Month Treasury Bond ETF | &nbsp;&nbsp;&nbsp; 1273251 |
| &nbsp;&nbsp;&nbsp; 19558 | iShares 0-5 Year TIPS Bond ETF | &nbsp;&nbsp;&nbsp; 2021515 |
| &nbsp;&nbsp;&nbsp; 29513 | iShares Core Total USD Bond Market ETF | &nbsp;&nbsp;&nbsp; 1378552 |
| &nbsp;&nbsp;&nbsp; 14282 | iShares Core U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 1431770 |
| &nbsp;&nbsp;&nbsp; 13250 | iShares MSCI USA Min Vol Factor ETF | &nbsp;&nbsp;&nbsp; 1260605 |
| &nbsp;&nbsp;&nbsp; 56188 | JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp; 2850417 |
| &nbsp;&nbsp;&nbsp; 15746 | PIMCO Active Bond ETF | &nbsp;&nbsp;&nbsp; 1469889 |
| &nbsp;&nbsp;&nbsp; 30206 | SPDR Bloomberg 1-10 Year TIPS ETF | &nbsp;&nbsp;&nbsp; 582674 |
| &nbsp;&nbsp;&nbsp; 33345 | SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 3059404 |
| &nbsp;&nbsp;&nbsp; 16626 | SPDR Bloomberg Convertible Securities ETF | &nbsp;&nbsp;&nbsp; 1504653 |
| &nbsp;&nbsp;&nbsp; 21151 | SPDR SSgA Global Allocation ETF | &nbsp;&nbsp;&nbsp; 1038901 |
| &nbsp;&nbsp;&nbsp; 10125 | VanEck Morningstar Wide Moat ETF<sup>(a</sup><sup>)</sup>  | &nbsp;&nbsp;&nbsp; 1003489 |
| &nbsp;&nbsp;&nbsp; 15878 | Vanguard Intermediate-Term Bond ETF | &nbsp;&nbsp;&nbsp; 1239913 |
| &nbsp;&nbsp;&nbsp; 13024 | Vanguard Short-Term Bond ETF | &nbsp;&nbsp;&nbsp; 1027724 |
| &nbsp;&nbsp;&nbsp; 49558 | WisdomTree Floating Rate Treasury Fund ETF | &nbsp;&nbsp;&nbsp; 2491281 |
| **Total Exchange-Traded Funds (Cost $28,373,090)** | **Total Exchange-Traded Funds (Cost $28,373,090)** | &nbsp;&nbsp;&nbsp; **28782943** |
| **Total Investments — 98.2% (Cost $28,373,090)** | **Total Investments — 98.2% (Cost $28,373,090)** | &nbsp;&nbsp;&nbsp; **28782943** |
| **Other Assets in Excess of Liabilities — 1.8%** | **Other Assets in Excess of Liabilities — 1.8%** | &nbsp;&nbsp;&nbsp; **529091** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **29312034** |

---

(a) Non-income producing security

ETF — Exchange-Traded Fund

MSCI — Morgan Stanley Capital International

PIMCO — Pacific Investment Management Company

SPDR — Standard & Poor's Depositary Receipts

SSgA — State Street Global Advisors

TIPS — Treasury Inflation-Protected Security

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

Annual Financial Statements and Other Information \| 4

Portfolio of InvestmentsSeptember 30, 2025

**Adaptive Core ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 80.0%** | **Common Stocks — 80.0%** |  |
| **Communication Services — 7.5%** | **Communication Services — 7.5%** |  |
| &nbsp;&nbsp;&nbsp; 1352 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 328671 |
| &nbsp;&nbsp;&nbsp; 1153 | Reddit, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 265179 |
| &nbsp;&nbsp;&nbsp; 1499 | TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp; 302738 |
|  |  | &nbsp;&nbsp;&nbsp; 896588 |
| **Consumer Discretionary — 17.9%** | **Consumer Discretionary — 17.9%** |  |
| &nbsp;&nbsp;&nbsp; 1050 | Amazon.com, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 230549 |
| &nbsp;&nbsp;&nbsp; 1264 | DoorDash, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 343795 |
| &nbsp;&nbsp;&nbsp; 1789 | DR Horton, Inc. | &nbsp;&nbsp;&nbsp; 303182 |
| &nbsp;&nbsp;&nbsp; 1360 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 290700 |
| &nbsp;&nbsp;&nbsp; 1442 | Garmin, Ltd. | &nbsp;&nbsp;&nbsp; 355049 |
| &nbsp;&nbsp;&nbsp; 722 | Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp; 292547 |
| &nbsp;&nbsp;&nbsp; 2488 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 328739 |
|  |  | &nbsp;&nbsp;&nbsp; 2144561 |
| **Energy — 2.7%** | **Energy — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; 6494 | Baker Hughes Co.  | &nbsp;&nbsp;&nbsp; 316388 |
| **Financials — 2.5%** | **Financials — 2.5%** |  |
| &nbsp;&nbsp;&nbsp; 6698 | Fifth Third Bancorp  | &nbsp;&nbsp;&nbsp; 298396 |
| **Health Care — 13.6%** | **Health Care — 13.6%** |  |
| &nbsp;&nbsp;&nbsp; 662 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 301872 |
| &nbsp;&nbsp;&nbsp; 941 | BeOne Medicines, Ltd., ADR<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 320599 |
| &nbsp;&nbsp;&nbsp; 491 | IDEXX Laboratories, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 313695 |
| &nbsp;&nbsp;&nbsp; 1662 | IQVIA Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 315680 |
| &nbsp;&nbsp;&nbsp; 787 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp; 381711 |
|  |  | &nbsp;&nbsp;&nbsp; 1633557 |
| **Industrials — 10.7%** | **Industrials — 10.7%** |  |
| &nbsp;&nbsp;&nbsp; 739 | Cummins, Inc. | &nbsp;&nbsp;&nbsp; 312131 |
| &nbsp;&nbsp;&nbsp; 806 | Hubbell, Inc. | &nbsp;&nbsp;&nbsp; 346830 |
| &nbsp;&nbsp;&nbsp; 437 | Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp; 331312 |
| &nbsp;&nbsp;&nbsp; 2977 | United Airlines Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 287280 |
|  |  | &nbsp;&nbsp;&nbsp; 1277553 |
| **Information Technology — 22.4%** | **Information Technology — 22.4%** |  |
| &nbsp;&nbsp;&nbsp; 517 | AppLovin Corp., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 371485 |
| &nbsp;&nbsp;&nbsp; 2152 | Arista Networks, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 313568 |
| &nbsp;&nbsp;&nbsp; 3665 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 300640 |
| &nbsp;&nbsp;&nbsp; 1259 | Guidewire Software, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 289394 |
| &nbsp;&nbsp;&nbsp; 2994 | Micron Technology, Inc. | &nbsp;&nbsp;&nbsp; 500956 |

---

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

Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)September 30, 2025

**Adaptive Core ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 80.0% (continued)** | **Common Stocks — 80.0% (continued)** |  |
| **Information Technology — 22.4% (continued)** | **Information Technology — 22.4% (continued)** |  |
| &nbsp;&nbsp;&nbsp; 638 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 291751 |
| &nbsp;&nbsp;&nbsp; 1738 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp; 324276 |
| &nbsp;&nbsp;&nbsp; 3588 | Zoom Communications, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 296010 |
|  |  | &nbsp;&nbsp;&nbsp; 2688080 |
| **Materials — 2.7%** | **Materials — 2.7%** |  |
| &nbsp;&nbsp;&nbsp; 3862 | Newmont Corp.  | &nbsp;&nbsp;&nbsp; 325605 |
| **Total Common Stocks (Cost $8,991,284)** | **Total Common Stocks (Cost $8,991,284)** | &nbsp;&nbsp;&nbsp; 9580728 |
| **Exchange-Traded Funds — 18.7%** | **Exchange-Traded Funds — 18.7%** |  |
| &nbsp;&nbsp;&nbsp; 5336 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Quality ETF | &nbsp;&nbsp;&nbsp; 391076 |
| &nbsp;&nbsp;&nbsp; 7377 | Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Top 50 ETF | &nbsp;&nbsp;&nbsp; 424325 |
| &nbsp;&nbsp;&nbsp; 888 | iShares Russell 1000 Growth ETF | &nbsp;&nbsp;&nbsp; 415948 |
| &nbsp;&nbsp;&nbsp; 9986 | JPMorgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp; 506590 |
| &nbsp;&nbsp;&nbsp; 5523 | SPDR Bloomberg 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; 506735 |
| **Total Exchange-Traded Funds (Cost $1,928,905)** | **Total Exchange-Traded Funds (Cost $1,928,905)** | &nbsp;&nbsp;&nbsp; **2244674** |
| **Total Investments — 98.7% (Cost $10,920,189)** | **Total Investments — 98.7% (Cost $10,920,189)** | &nbsp;&nbsp;&nbsp; **11825402** |
| **Other Assets in Excess of Liabilities — 1.3%** | **Other Assets in Excess of Liabilities — 1.3%** | &nbsp;&nbsp;&nbsp; **157682** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **11983084** |

---

(a) Non-income producing security

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

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

Annual Financial Statements and Other Information \| 6

Portfolio of InvestmentsSeptember 30, 2025

**Mohr Sector Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 97.6%** | **Exchange-Traded Funds — 97.6%** |  |
| &nbsp;&nbsp;&nbsp; 18124 | Communication Services Select Sector SPDR Fund ETF | &nbsp;&nbsp;&nbsp; 2145338 |
| &nbsp;&nbsp;&nbsp; 83388 | Schwab U.S. Large-Cap ETF | &nbsp;&nbsp;&nbsp; 2196440 |
| &nbsp;&nbsp;&nbsp; 16936 | SPDR S&P 500 ETF Trust<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 11282424 |
| &nbsp;&nbsp;&nbsp; 5666 | Vanguard Consumer Discretionary ETF | &nbsp;&nbsp;&nbsp; 2244586 |
| &nbsp;&nbsp;&nbsp; 16551 | Vanguard Financials ETF | &nbsp;&nbsp;&nbsp; 2172153 |
| &nbsp;&nbsp;&nbsp; 2941 | Vanguard Information Technology ETF | &nbsp;&nbsp;&nbsp; 2195839 |
| &nbsp;&nbsp;&nbsp; 7284 | Vanguard Large-Cap ETF | &nbsp;&nbsp;&nbsp; 2242452 |
| **Total Exchange-Traded Funds (Cost $22,332,076)** | **Total Exchange-Traded Funds (Cost $22,332,076)** | &nbsp;&nbsp;&nbsp; **24479232** |
| **Total Investments — 97.6% (Cost $22,332,076)** | **Total Investments — 97.6% (Cost $22,332,076)** | &nbsp;&nbsp;&nbsp; **24479232** |
| **Other Assets in Excess of Liabilities — 2.4%** | **Other Assets in Excess of Liabilities — 2.4%** | &nbsp;&nbsp;&nbsp; **601588** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **25080820** |

---

(a) As of September 30, 2025, investment is 45.0% of the Fund's net assets. See Note 8 to the financial statements.

ETF — Exchange-Traded Fund

S&P — Standard and Poor's

SPDR — Standard & Poor's Depositary Receipts

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

Annual Financial Statements and Other Information \| 7

Portfolio of InvestmentsSeptember 30, 2025

**Mohr Company Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 98.1%** | **Common Stocks — 98.1%** |  |
| **Communication Services — 8.2%** | **Communication Services — 8.2%** |  |
| &nbsp;&nbsp;&nbsp; 4554 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; 1107078 |
| &nbsp;&nbsp;&nbsp; 1227 | Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp; 901084 |
| &nbsp;&nbsp;&nbsp; 4666 | TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp; 942345 |
|  |  | &nbsp;&nbsp;&nbsp; 2950507 |
| **Consumer Discretionary — 14.1%** | **Consumer Discretionary — 14.1%** |  |
| &nbsp;&nbsp;&nbsp; 19288 | Carnival Corp.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 557616 |
| &nbsp;&nbsp;&nbsp; 4330 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 925538 |
| &nbsp;&nbsp;&nbsp; 4994 | PulteGroup, Inc. | &nbsp;&nbsp;&nbsp; 659857 |
| &nbsp;&nbsp;&nbsp; 10005 | Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 1132766 |
| &nbsp;&nbsp;&nbsp; 5993 | Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp; 827873 |
| &nbsp;&nbsp;&nbsp; 4493 | Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp; 878157 |
|  |  | &nbsp;&nbsp;&nbsp; 4981807 |
| **Energy — 4.0%** | **Energy — 4.0%** |  |
| &nbsp;&nbsp;&nbsp; 15925 | Baker Hughes Co. | &nbsp;&nbsp;&nbsp; 775866 |
| &nbsp;&nbsp;&nbsp; 38263 | Energy Transfer LP | &nbsp;&nbsp;&nbsp; 656593 |
|  |  | &nbsp;&nbsp;&nbsp; 1432459 |
| **Financials — 11.7%** | **Financials — 11.7%** |  |
| &nbsp;&nbsp;&nbsp; 4159 | Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 710565 |
| &nbsp;&nbsp;&nbsp; 9089 | Block, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 656862 |
| &nbsp;&nbsp;&nbsp; 11703 | Carlyle Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 733778 |
| &nbsp;&nbsp;&nbsp; 7733 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 784900 |
| &nbsp;&nbsp;&nbsp; 4318 | Northern Trust Corp. | &nbsp;&nbsp;&nbsp; 581203 |
| &nbsp;&nbsp;&nbsp; 6957 | T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp; 714066 |
|  |  | &nbsp;&nbsp;&nbsp; 4181374 |
| **Industrials — 22.9%** | **Industrials — 22.9%** |  |
| &nbsp;&nbsp;&nbsp; 5224 | CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp; 691658 |
| &nbsp;&nbsp;&nbsp; 961 | Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp; 792998 |
| &nbsp;&nbsp;&nbsp; 1369 | Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp; 743285 |
| &nbsp;&nbsp;&nbsp; 9673 | Dayforce, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 666373 |
| &nbsp;&nbsp;&nbsp; 10890 | Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp; 618008 |
| &nbsp;&nbsp;&nbsp; 15675 | Fastenal Co. | &nbsp;&nbsp;&nbsp; 768702 |
| &nbsp;&nbsp;&nbsp; 2285 | GE Vernova, Inc. | &nbsp;&nbsp;&nbsp; 1405047 |
| &nbsp;&nbsp;&nbsp; 1303 | Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp; 793944 |
| &nbsp;&nbsp;&nbsp; 10643 | United Airlines Holdings, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1027049 |
| &nbsp;&nbsp;&nbsp; 712 | United Rentals, Inc. | &nbsp;&nbsp;&nbsp; 679718 |
|  |  | &nbsp;&nbsp;&nbsp; 8186782 |

---

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

Annual Financial Statements and Other Information \| 8

Portfolio of Investments (continued)September 30, 2025

**Mohr Company Nav ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 98.1% (continued)** | **Common Stocks — 98.1% (continued)** |  |
| **Information Technology — 37.2%** | **Information Technology — 37.2%** |  |
| &nbsp;&nbsp;&nbsp; 4010 | Advanced Micro Devices, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 648778 |
| &nbsp;&nbsp;&nbsp; 1374 | AppLovin Corp., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 987274 |
| &nbsp;&nbsp;&nbsp; 9203 | Arista Networks, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1340969 |
| &nbsp;&nbsp;&nbsp; 4300 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 1418613 |
| &nbsp;&nbsp;&nbsp; 6277 | Cloudflare, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1346981 |
| &nbsp;&nbsp;&nbsp; 9723 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 797578 |
| &nbsp;&nbsp;&nbsp; 2664 | F5, Inc.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 860978 |
| &nbsp;&nbsp;&nbsp; 11298 | Flex, Ltd.<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 654945 |
| &nbsp;&nbsp;&nbsp; 3576 | NVIDIA Corp. | &nbsp;&nbsp;&nbsp; 667210 |
| &nbsp;&nbsp;&nbsp; 2502 | Oracle Corp. | &nbsp;&nbsp;&nbsp; 703662 |
| &nbsp;&nbsp;&nbsp; 15832 | Pure Storage, Inc., Class A<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 1326880 |
| &nbsp;&nbsp;&nbsp; 2274 | Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp; 1502158 |
| &nbsp;&nbsp;&nbsp; 8577 | Western Digital Corp. | &nbsp;&nbsp;&nbsp; 1029755 |
|  |  | &nbsp;&nbsp;&nbsp; 13285781 |
| **Total Common Stocks (Cost $29,181,492)** | **Total Common Stocks (Cost $29,181,492)** | &nbsp;&nbsp;&nbsp; **35018710** |
| **Total Investments — 98.1% (Cost $29,181,492)** | **Total Investments — 98.1% (Cost $29,181,492)** | &nbsp;&nbsp;&nbsp; **35018710** |
| **Other Assets in Excess of Liabilities — 1.9%** | **Other Assets in Excess of Liabilities — 1.9%** | &nbsp;&nbsp;&nbsp; **684548** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **35703258** |

---

(a) Non-income producing security

LP — Limited Partnership

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

Annual Financial Statements and Other Information \| 9

Statements of Assets and LiabilitiesSeptember 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Adaptive <br>Core <br>ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $28,373,090 and $10,920,189) | &nbsp;&nbsp;&nbsp; $28782943 | &nbsp;&nbsp;&nbsp; $11825402 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 581715 | &nbsp;&nbsp;&nbsp; 201087 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 11131 | &nbsp;&nbsp;&nbsp; 3582 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 29376439 | &nbsp;&nbsp;&nbsp; 12030442 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 18432 | &nbsp;&nbsp;&nbsp; 7011 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; 1202 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 16857 | &nbsp;&nbsp;&nbsp; 13198 |
| &nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 17401 | &nbsp;&nbsp;&nbsp; 17762 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 4149 | &nbsp;&nbsp;&nbsp; 4024 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 3106 | &nbsp;&nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 64405 | &nbsp;&nbsp;&nbsp; 47358 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $29312034 | &nbsp;&nbsp;&nbsp; $11983084 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $34171882 | &nbsp;&nbsp;&nbsp; $25284505 |
| &nbsp;&nbsp;&nbsp; Total Accumulated Earnings (Loss) | &nbsp;&nbsp;&nbsp; (4859848) | &nbsp;&nbsp;&nbsp; (13301421) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $29312034 | &nbsp;&nbsp;&nbsp; $11983084 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $29312034 | &nbsp;&nbsp;&nbsp; $11983084 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, <br>no par value):** | &nbsp;&nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp; 525000 |
| **Net Asset Value (offering and redemption <br>price per share):** | &nbsp;&nbsp;&nbsp; $22.12 | &nbsp;&nbsp;&nbsp; $22.82 |

---

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

Annual Financial Statements and Other Information \| 10

Statements of Assets and Liabilities (continued)September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Mohr <br>Sector Nav <br>ETF** | **Mohr Company Nav ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $22,332,076 and $29,181,492) | &nbsp;&nbsp;&nbsp; $24479232 | &nbsp;&nbsp;&nbsp; $35018710 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 622166 | &nbsp;&nbsp;&nbsp; 737708 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 36969 | &nbsp;&nbsp;&nbsp; 8223 |
| &nbsp;&nbsp;&nbsp; Reclaims receivable | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2572 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 25138778 | &nbsp;&nbsp;&nbsp; 35767990 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 14235 | &nbsp;&nbsp;&nbsp; 20492 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 2440 | &nbsp;&nbsp;&nbsp; 3513 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp; Filling fees | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 16071 | &nbsp;&nbsp;&nbsp; 16901 |
| &nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 17162 | &nbsp;&nbsp;&nbsp; 15910 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 3594 | &nbsp;&nbsp;&nbsp; 3140 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 3107 | &nbsp;&nbsp;&nbsp; 3106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 57958 | &nbsp;&nbsp;&nbsp; 64732 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $25080820 | &nbsp;&nbsp;&nbsp; $35703258 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $24276870 | &nbsp;&nbsp;&nbsp; $34804652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Accumulated Earnings (Loss) | &nbsp;&nbsp;&nbsp; 803950 | &nbsp;&nbsp;&nbsp; 898606 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $25080820 | &nbsp;&nbsp;&nbsp; $35703258 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $25080820 | &nbsp;&nbsp;&nbsp; $35703258 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 1180000 |
| **Net Asset Value (offering and redemption price per share):** | &nbsp;&nbsp;&nbsp; $34.59 | &nbsp;&nbsp;&nbsp; $30.26 |

---

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

Annual Financial Statements and Other Information \| 11

Statements of OperationsFor the year ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Adaptive <br>Core <br>ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $1431036 | &nbsp;&nbsp;&nbsp; $244716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 1431036 | &nbsp;&nbsp;&nbsp; 244716 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 265472 | &nbsp;&nbsp;&nbsp; 128220 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 45509 | &nbsp;&nbsp;&nbsp; 21981 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 1856 | &nbsp;&nbsp;&nbsp; 2319 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 99541 | &nbsp;&nbsp;&nbsp; 96477 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 33314 | &nbsp;&nbsp;&nbsp; 33580 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 9051 | &nbsp;&nbsp;&nbsp; 9419 |
| &nbsp;&nbsp;&nbsp; Shareholder service | &nbsp;&nbsp;&nbsp; 10742 | &nbsp;&nbsp;&nbsp; 10742 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp; 2400 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 4193 | &nbsp;&nbsp;&nbsp; 3600 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 7195 | &nbsp;&nbsp;&nbsp; 6361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; 495723 | &nbsp;&nbsp;&nbsp; 331099 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 935313 | &nbsp;&nbsp;&nbsp; (86383) |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from <br>investment transactions | &nbsp;&nbsp;&nbsp; (532483) | &nbsp;&nbsp;&nbsp; (1561816) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from <br>in-kind transactions | &nbsp;&nbsp;&nbsp; 1554277 | &nbsp;&nbsp;&nbsp; 2482551 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (626874) | &nbsp;&nbsp;&nbsp; (588352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; 394920 | &nbsp;&nbsp;&nbsp; 332383 |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $1330233 | &nbsp;&nbsp;&nbsp; $246000 |

---

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

Annual Financial Statements and Other Information \| 12

---

| | | |
|:---|:---|:---|
|  | **Mohr <br>Sector Nav <br>ETF** | **Mohr Company Nav ETF<sup>(a</sup>**<sup>**)**</sup>  |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $371013 | &nbsp;&nbsp;&nbsp; $270530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 371013 | &nbsp;&nbsp;&nbsp; 270530 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 188681 | &nbsp;&nbsp;&nbsp; 275409 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 32345 | &nbsp;&nbsp;&nbsp; 47213 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 1418 | &nbsp;&nbsp;&nbsp; 3289 |
| &nbsp;&nbsp;&nbsp; Offering cost | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12576 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 91094 | &nbsp;&nbsp;&nbsp; 99028 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 35094 | &nbsp;&nbsp;&nbsp; 30940 |
| &nbsp;&nbsp;&nbsp; Listing fee | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 10337 | &nbsp;&nbsp;&nbsp; 7585 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp; 2025 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp; 4800 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 17718 | &nbsp;&nbsp;&nbsp; 17907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp; 400137 | &nbsp;&nbsp;&nbsp; 515772 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; (29124) | &nbsp;&nbsp;&nbsp; (245242) |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from <br>investment transactions | &nbsp;&nbsp;&nbsp; (1326437) | &nbsp;&nbsp;&nbsp; (4752079) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 3653856 | &nbsp;&nbsp;&nbsp; 6571748 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 327899 | &nbsp;&nbsp;&nbsp; 5837308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; 2655318 | &nbsp;&nbsp;&nbsp; 7656977 |
| **Change in Net Assets Resulting From Operations** | &nbsp;&nbsp;&nbsp; $2626194 | &nbsp;&nbsp;&nbsp; $7411735 |

---

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

Statements of Operations (continued)For the year ended September 30, 2025

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

Annual Financial Statements and Other Information \| 13

Statements of Changes in Net AssetsSeptember 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mindful Conservative ETF** | **Mindful Conservative ETF** | **Adaptive Core ETF** | **Adaptive Core ETF** |
|  | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** |
| **From Investment Activities:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $935313 | &nbsp;&nbsp;&nbsp; $1453507 | &nbsp;&nbsp;&nbsp; $(86383) | &nbsp;&nbsp;&nbsp; $(45904) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments and in-kind transactions | &nbsp;&nbsp;&nbsp; 1021794 | &nbsp;&nbsp;&nbsp; 1920846 | &nbsp;&nbsp;&nbsp; 920735 | &nbsp;&nbsp;&nbsp; 4735288 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) <br>on investments | &nbsp;&nbsp;&nbsp; (626874) | &nbsp;&nbsp;&nbsp; 1802154 | &nbsp;&nbsp;&nbsp; (588352) | &nbsp;&nbsp;&nbsp; 2260461 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 1330233 | &nbsp;&nbsp;&nbsp; 5176507 | &nbsp;&nbsp;&nbsp; 246000 | &nbsp;&nbsp;&nbsp; 6949845 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (989660) | &nbsp;&nbsp;&nbsp; (3621537) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (819624) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (989660) | &nbsp;&nbsp;&nbsp; (3621537) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (819624) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 20686998 | &nbsp;&nbsp;&nbsp; 16486901 | &nbsp;&nbsp;&nbsp; 10602284 | &nbsp;&nbsp;&nbsp; 35614591 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (38160464) | &nbsp;&nbsp;&nbsp; (53378675) | &nbsp;&nbsp;&nbsp; (26780913) | &nbsp;&nbsp;&nbsp; (61230926) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (17473466) | &nbsp;&nbsp;&nbsp; (36891774) | &nbsp;&nbsp;&nbsp; (16178629) | &nbsp;&nbsp;&nbsp; (25616335) |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; (17132893) | &nbsp;&nbsp;&nbsp; (35336804) | &nbsp;&nbsp;&nbsp; (15932629) | &nbsp;&nbsp;&nbsp; (19486114) |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 46444927 | &nbsp;&nbsp;&nbsp; 81781731 | &nbsp;&nbsp;&nbsp; 27915713 | &nbsp;&nbsp;&nbsp; 47401827 |
| End of period | &nbsp;&nbsp;&nbsp; $29312034 | &nbsp;&nbsp;&nbsp; $46444927 | &nbsp;&nbsp;&nbsp; $11983084 | &nbsp;&nbsp;&nbsp; $27915713 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 1700000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (1750000) | &nbsp;&nbsp;&nbsp; (2500000) | &nbsp;&nbsp;&nbsp; (1225000) | &nbsp;&nbsp;&nbsp; (2950000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; (800000) | &nbsp;&nbsp;&nbsp; (1725000) | &nbsp;&nbsp;&nbsp; (750000) | &nbsp;&nbsp;&nbsp; (1250000) |

---

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

Annual Financial Statements and Other Information \| 14

Statements of Changes in Net Assets (continued)September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Mohr Sector <br>Nav ETF** | **Mohr Sector <br>Nav ETF** | **Mohr Company Nav ETF** |
|  | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2025<sup>(a)</sup>**  |
| **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $(29124) | &nbsp;&nbsp;&nbsp; $153675 | &nbsp;&nbsp;&nbsp; $(245242) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments and <br>in-kind transactions | &nbsp;&nbsp;&nbsp; 2327419 | &nbsp;&nbsp;&nbsp; 7971954 | &nbsp;&nbsp;&nbsp; 1819669 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 327899 | &nbsp;&nbsp;&nbsp; 2425125 | &nbsp;&nbsp;&nbsp; 5837308 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 2626194 | &nbsp;&nbsp;&nbsp; 10550754 | &nbsp;&nbsp;&nbsp; 7411735 |
| **Distributions to Shareholders From:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (292063) | &nbsp;&nbsp;&nbsp; (1783040) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in net assets <br>from distributions | &nbsp;&nbsp;&nbsp; (292063) | &nbsp;&nbsp;&nbsp; (1783040) | &nbsp;&nbsp;&nbsp; — |
| **Capital Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 30028672 | &nbsp;&nbsp;&nbsp; 83766550 | &nbsp;&nbsp;&nbsp; 74072797 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (71543576) | &nbsp;&nbsp;&nbsp; (87096378) | &nbsp;&nbsp;&nbsp; (45781274) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (41514904) | &nbsp;&nbsp;&nbsp; (3329828) | &nbsp;&nbsp;&nbsp; 28291523 |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; (39180773) | &nbsp;&nbsp;&nbsp; 5437886 | &nbsp;&nbsp;&nbsp; 35703258 |
| **Net Assets:** |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 64261593 | &nbsp;&nbsp;&nbsp; 58823707 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $25080820 | &nbsp;&nbsp;&nbsp; $64261593 | &nbsp;&nbsp;&nbsp; $35703258 |
| **Share Transactions:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 2825000 | &nbsp;&nbsp;&nbsp; 2890000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (2300000) | &nbsp;&nbsp;&nbsp; (3025000) | &nbsp;&nbsp;&nbsp; (1710000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; (1350000) | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp; 1180000 |

---

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

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

Annual Financial Statements and Other Information \| 15

Financial Highlights

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

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

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

(h) Excludes the impact of in-kind transactions.

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

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

Annual Financial Statements and Other Information \| 16

Financial Highlights (continued)

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Amount is less than $0.005.

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

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

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

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

(i) Excludes the impact of in-kind transactions.

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

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

Annual Financial Statements and Other Information \| 17

Financial Highlights (continued)

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

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

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

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

(j) Excludes the impact of in-kind transactions.

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

Annual Financial Statements and Other Information \| 18

Financial Highlights (continued)

---

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

---

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

(b) Calculated based on average shares method.

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

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

(e) Annualized for periods less than one year.

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

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

(h) Excludes the impact of in-kind transactions.

Annual Financial Statements and Other Information \| 19

Notes to Financial StatementsSeptember 30, 2025

**(1) Organization**

Collaborative Investment Series Trust (the "Trust") was organized on July 26, 2017, as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest ("Shares") in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of Mindful Conservative ETF, Adaptive Core ETF, Mohr Sector Nav ETF, and Mohr Company Nav ETF (each a "Fund" and collectively, the "Funds"). The Funds are diversified actively-managed exchange-traded funds. The Funds' prospectus provides a description of the Funds' investment objectives, policies, and strategies. The assets of the Funds are segregated and a shareholder's interest is limited to the Fund in which shares are held. Mohr Company Nav ETF commenced operations on October 1, 2024.

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

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

**(2) Significant Accounting Policies**

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

Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)September 30, 2025

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

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

**A. Investment Valuations**

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

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

Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)September 30, 2025

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

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

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

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

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

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

The Funds did not hold any Level 2 or Level 3 investments as of September 30, 2025.

The following table summarizes the Funds' investments, based on their valuation inputs, as of September 30, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Funds:

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Mindful Conservative ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $28782943 | &nbsp;&nbsp;&nbsp; $28782943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **28782943** | &nbsp;&nbsp;&nbsp; **28782943** |
| **Adaptive Core ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $9580728 | &nbsp;&nbsp;&nbsp; $9580728 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 2244674 | &nbsp;&nbsp;&nbsp; 2244674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **11825402** | &nbsp;&nbsp;&nbsp; **11825402** |

---

Annual Financial Statements and Other Information \| 22

Notes to Financial Statements (continued)September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Level 1** | **Total Investments** |
| **Mohr Sector Nav ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $24479232 | &nbsp;&nbsp;&nbsp; $24479232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **24479232** | &nbsp;&nbsp;&nbsp; **24479232** |
| **Mohr Company Nav ETF** |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; $35018710 | &nbsp;&nbsp;&nbsp; $35018710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; **35018710** | &nbsp;&nbsp;&nbsp; **35018710** |

---

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

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Funds may be subject to foreign taxes on gains in investments or currency repatriation. The Funds accrue such taxes, as applicable, based on their current interpretation of tax rules in the foreign markets in which they invest.

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

**C. Cash**

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

**D. Dividends and Distributions to Shareholders**

Distributions are recorded on the ex-dividend date. The Funds intend to distribute to their shareholders net investment income, if any, at least quarterly and net realized capital gains, if any, at least annually. The amount of dividends from net investment income and net realized gains is determined in

Annual Financial Statements and Other Information \| 23

Notes to Financial Statements (continued)September 30, 2025

accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., distributions and income received from pass-through investments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification.

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

**E. Allocation of Expenses**

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

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

**A. Investment Advisory Fees**

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

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

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

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

**C. Distribution and Shareholder Services Fees**

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

Annual Financial Statements and Other Information \| 24

Notes to Financial Statements (continued)September 30, 2025

**D. Compliance Services**

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

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using each Funds' net assets at month-end and is paid by the Funds on a quarterly basis as previously approved by the Board. During the year ended September 30, 2025, the Funds paid a total of $10,125 to the Treasurer.

**F. General**

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

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp; $125626782 | &nbsp;&nbsp;&nbsp; $124158155 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; 65118373 | &nbsp;&nbsp;&nbsp; 62592820 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp; 100582839 | &nbsp;&nbsp;&nbsp; 96120156 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp; 112998226 | &nbsp;&nbsp;&nbsp; 112356373 |

---

Purchases and sales of in-kind transactions for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Mindful Conservative ETF | &nbsp;&nbsp;&nbsp; $20201105 | &nbsp;&nbsp;&nbsp; $39279345 |
| Adaptive Core ETF | &nbsp;&nbsp;&nbsp; 10199196 | &nbsp;&nbsp;&nbsp; 28115609 |
| Mohr Sector Nav ETF | &nbsp;&nbsp;&nbsp; 28851966 | &nbsp;&nbsp;&nbsp; 69508130 |
| Mohr Company Nav ETF | &nbsp;&nbsp;&nbsp; 72427204 | &nbsp;&nbsp;&nbsp; 45934698 |

---

There were no purchases or sales of U.S. government securities during the year ended September 30, 2025.

**(5) Capital Share Transactions**

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

Annual Financial Statements and Other Information \| 25

Notes to Financial Statements (continued)September 30, 2025

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

---

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

---

(a) As a percentage of the amount invested.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable on the Statements of Assets and Liabilities. As of September 30, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

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

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

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

Annual Financial Statements and Other Information \| 26

Notes to Financial Statements (continued)September 30, 2025

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

---

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

---

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

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

---

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

---

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

---

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

---

Annual Financial Statements and Other Information \| 27

Notes to Financial Statements (continued)September 30, 2025

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

---

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

---

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

---

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

---

**Permanent Tax Differences:**

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

---

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

---

**(7) Investment Risks**

**ETF Risk**

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

Annual Financial Statements and Other Information \| 28

Notes to Financial Statements (continued)September 30, 2025

or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

**Market and Geopolitical Risk**

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

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

**(8) Concentration of Investments**

As of September 30, 2025, the Mohr Sector Nav ETF's investment in the SPDR S&P 500 ETF Trust represented 45% of the Fund's net assets. The financial statements of the SPDR S&P 500 ETF Trust can be found by accessing the fund's website at *https://www.ssga.com*.

**(9) Segment Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. Subject to the oversight and, when applicable, approval of the Board, the Advisor acts as the Funds' chief operating decision maker ("CODM") and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating

Annual Financial Statements and Other Information \| 29

Notes to Financial Statements (continued)September 30, 2025

results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(10) New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**(11) Subsequent Events**

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of September 30, 2025.

Annual Financial Statements and Other Information \| 30

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Mohr Funds and

Board of Trustees of Collaborative Investment Series Trust

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Mindful Conservative ETF, Adaptive Core ETF, Mohr Sector Nav ETF, and Mohr Company Nav ETF (the "Funds"), each a series of Collaborative Investment Series Trust, as of September 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of Operations** | **Statements of Changes in Net Assets**  | **Financial <br>Highlights**  |
| Mindful Conservative ETF and Adaptive Core ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, and 2023, and for the period November 2, 2021 (commencement of operations) through September 30, 2022 |
| Mohr Sector Nav ETF  | For the year ended September 30, 2025 | For the year ended September 30, 2025 and 2024 | For the year ended September 30, 2025 and 2024, and for the period January 10, 2023 (commencement of operations) through September 30, 2023 |
| Mohr Company <br>Nav ETF | For the period from October 1, 2024 (commencement of operations) through September 30, 2025 | For the period from October 1, 2024 (commencement of operations) through September 30, 2025 | For the period from October 1, 2024 (commencement of operations) through September 30, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Annual Financial Statements and Other Information \| 31

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 September 30, 2025, 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 Funds' auditor since 2022.

![](mohr-ncsr093025img001.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

Annual Financial Statements and Other Information \| 32

Additional InformationSeptember 30, 2025 (Unaudited)

**Other Federal Income Tax Information:**

During the fiscal year ended September 30, 2025, the Funds declared short-term realized gain distributions in the following amount:

---

| | |
|:---|:---|
|  | **Short-Term Capital Gains** |
| Mohr Sector Nav ETF | $138388 |

---

During the fiscal year ended September 30, 2025, the following percentage of the total ordinary income distributions paid by the Funds qualifies for the distributions received deduction available to corporate shareholders:

---

| | |
|:---|:---|
|  | **Distributions Received Deduction** |
| Mindful Conservative ETF | 11.16% |
| Mohr Sector Nav ETF | 83.10% |

---

During the fiscal year ended September 30, 2025, the percentage of Qualified Dividend Income is as follows:

---

| | |
|:---|:---|
|  | **Qualified Dividend Income** |
| Mindful Conservative ETF | 12.43% |
| Mohr Sector Nav ETF | 84.60% |

---

During the fiscal year ended September 30, 2025, the following Funds designated the maximum amount allowable as interest-related dividends for certain non-U.S.resident investors:

---

| | |
|:---|:---|
|  | **Qualified Interest Income** |
| Mindful Conservative ETF | 1.24% |

---

**Proxy Voting:**

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

Annual Financial Statements and Other Information \| 33

**Items 8-11 (Unaudited)**

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

Not Applicable.

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

Not Applicable.

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

Refer to the financial statements included herein.

Annual Financial Statements and Other Information \| 34

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

<u>Renewal of the Investment Advisory Agreements with Retireful LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on August 21, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of the investment advisory agreements between Retireful LLC ("Retireful") and the Trust, with respect to Adaptive Core ETF, Mindful Conservative ETF, Mohr Sector ETF and Mohr Company Nav ETF (each a "Fund," and collectively, the "Funds"). In considering the renewal of the investment advisory agreements, the Board received materials specifically relating to the investment advisory agreements.

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

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel servicing the Funds. The Board observed the investment advisory services provided by Retireful, including the selection of investments, placing orders and trades, monitoring best execution, overseeing fair valuations of securities and monitoring compliance with the Funds' prospectuses. The Board reviewed Retireful's practices for monitoring compliance with the Funds' investment limitations. The Board acknowledged that Retireful selected broker-dealers based on best execution among various factors. The Board noted that Retireful did not report any material compliance issues, material litigation or administrative action, nor any regulatory examinations since the last renewal of the advisory agreement. The Board concluded that it expected Retireful to continue to provide satisfactory service to the Funds and their shareholders.

*Performance.*

*Adaptive Core ETF.* The Board observed that the Adaptive Core ETF underperformed its benchmark index, S&P 500 Index, for the 1-year and since inception periods ended June 30, 2025 with net returns of 4.07% and -2.21%, respectively. The Board acknowledged Retireful's explanation that the underperformance was attributed to the Fund being value-tilted and its

Annual Financial Statements and Other Information \| 35

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

fixed income holdings. The Board further acknowledged Retireful's plans for adjustments of the Fund's investment process. The Board concluded that the Fund's performance was acceptable.

*Mindful Conservative ETF.* The Board observed that the Mindful Conservative ETF underperformed its benchmark index, the Dow Jones U.S. Moderately Conservative Portfolio Index, and its broad-based index, the Bloomberg U.S. Aggregate Bond Index, for the 1-year period ended June 30, 2025. The Board further observed that the Fund underperformed its benchmark index but outperformed its broad-based index since inception. The Board acknowledged Retireful's explanation that the underperformance compared to the benchmark index could be attributed to the difference in the allocation compared to the benchmark index. The Board further acknowledged Retireful's explanation that the underperformance compared to the broad-based index for the 1-year period could be attributed to the volatility bond market due to duration risk. The Board concluded that the Fund's performance was acceptable.

*Mohr Company Nav ETF.* The Board observed that the Fund outperformed its benchmark, the S&P 500 Index, with a 9.16% return for the since inception period ended June 30, 2025. The Board concluded that the Fund's performance was satisfactory.

*Mohr Sector Nav ETF.* The Board observed that the Mohr Sector Nav underperformed its broad-based benchmark index, the Morningstar U.S. Large-Mid Cap Index, over the 1-year and since inception periods ended June 30, 2025. The Board further observed that the Fund outperformed its benchmark index, Invesco S&P 500 Equal Weight RSP Index, over the same periods. The Board acknowledged Retireful's assertion that the underperformance compared to the benchmark index was due to the index's concentration and the market favoring concentration in the past year. The Board concluded that the Fund's performance was acceptable.

*Fees and Expenses.* 

*Adaptive Core ETF.* The Board noted that the advisory fee with respect to the Adaptive Core ETF of 0.70% was below the average of its peer group selected by Retireful. The Board observed that the net expense ratio of 1.70% was above the average of its peer group. The Board acknowledged Retireful's explanation that the work and resources Retireful provided to the Fund justified the advisory fee and expenses. The Board concluded that the advisory fee was not unreasonable.

*Mindful Conservative ETF.* The Board noted that the advisory fee of 0.70% and net expense ratio of 1.28% with respect to Mindful Conservative ETF were below the averages of its peer group selected by Retireful. The Board concluded that the advisory fee was not unreasonable.

Annual Financial Statements and Other Information \| 36

*Mohr Company Nav ETF.* The Board noted that the advisory fee of 0.70% with respect to Mohr Company Nav ETF was below the average of its peer group selected by Retireful. The Board observed that the net expense ratio of 1.28% was in line with the average of its peer group. The Board concluded that the advisory fee was not unreasonable.

*Mohr Sector Nav ETF.* The Board noted that the advisory fee of 0.70% with respect to Mohr Sector Nav ETF was slightly above the average of its peer group selected by Retireful. The Board further observed that the net expense ratio was above the average of its peer group. The Board acknowledged Retireful's explanation that the Fund's asset class has a limited number of peers and the peer group included funds with larger assets under management than the Fund. The Bord further acknowledged Retireful's comment that the peer funds with similar assets had similar expense ratios. The Board observed that the net expense ratio of 1.28% was in line with the average of its peer group. The Board concluded that the advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis for each Fund provided by Retireful and noted that Retireful earned a modest profit with regard to its management of the Funds. After discussion, the Board determined that excessive profitability was not an issue for Retireful at this time.

*Economies of Scale.* The Board considered whether economies of scale would be realized in connection with the services provided to the Funds by Retireful. The Board noted that there were no breakpoints at this time. The Board discussed Retireful's position on breakpoints and agreed to continue to monitor each Fund's asset levels and revisit the matter as the Funds continued to grow.

*Conclusion.* Having requested and received such information from Retireful as the Board believed to be reasonably necessary to evaluate the terms of the investment advisory agreements, and as assisted by the advice of independent counsel, the Board determined that approval of the renewal of the investment advisory agreements was in the best interests of the Funds and their shareholders.

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

Annual Financial Statements and Other Information

Rareview Dynamic Fixed Income ETF (RDFI)

Rareview Tax Advantaged Income ETF (RTAI)

Rareview Systematic Equity ETF (RSEE)

Rareview Total Return Bond ETF (RTRE)

September 30, 2025

---

| | |
|:---|:---|
| Item 7 – Financial Statements and Additional Information  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolios of Investments](#cistncsrc001)  | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Dynamic Fixed Income ETF](#cistncsrc002)  | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Tax Advantage Income ETF](#cistncsrc003) | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Systematic Equity ETF](#cistncsrc004) | &nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Rareview Total Return Bond ETF](#cistncsrc005) | &nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#cistncsrc006) | &nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#cistncsrc007) | &nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#cistncsrc008) | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#cistncsrc009) | &nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#cistncsrc010) | &nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#cistncsrc011) | &nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#cistncsrc012) | &nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#cistncsrc013) | &nbsp;&nbsp;&nbsp; 48 |
| [Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#cistncsrc014) | &nbsp;&nbsp;&nbsp; 50 |
| [Item 9 – Proxy Disclosures for Open End Management Investment Companies](#cistncsrc015) | &nbsp;&nbsp;&nbsp; 50 |
| [Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#cistncsrc016) | &nbsp;&nbsp;&nbsp; 50 |
| [Item 11 – Statement Regarding Basis for Approval of Investment <br>Advisory Contract](#cistncsrc017) | &nbsp;&nbsp;&nbsp; 51 |

---

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

Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsSeptember 30, 2025

**Rareview Dynamic Fixed Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Closed-End Funds — 78.1%** | **Closed-End Funds — 78.1%** |  |
| &nbsp;&nbsp;&nbsp; 2660 | Aberdeen Asia-Pacific Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 43331 |
| &nbsp;&nbsp;&nbsp; 374952 | Allspring Income Opportunities Fund | &nbsp;&nbsp;&nbsp; 2628413 |
| &nbsp;&nbsp;&nbsp; 138651 | Allspring Multi-Sector Income Fund | &nbsp;&nbsp;&nbsp; 1328277 |
| &nbsp;&nbsp;&nbsp; 91664 | BlackRock Core Bond Trust | &nbsp;&nbsp;&nbsp; 911140 |
| &nbsp;&nbsp;&nbsp; 180294 | BlackRock Credit Allocation Income Trust | &nbsp;&nbsp;&nbsp; 1992249 |
| &nbsp;&nbsp;&nbsp; 26762 | BlackRock Income Trust, Inc. | &nbsp;&nbsp;&nbsp; 300805 |
| &nbsp;&nbsp;&nbsp; 78877 | BlackRock Multi Sector Income Trust | &nbsp;&nbsp;&nbsp; 1056163 |
| &nbsp;&nbsp;&nbsp; 139452 | BlackRock Municipal Income Trust | &nbsp;&nbsp;&nbsp; 1401493 |
| &nbsp;&nbsp;&nbsp; 156741 | BlackRock Municipal Income Trust II | &nbsp;&nbsp;&nbsp; 1637943 |
| &nbsp;&nbsp;&nbsp; 144065 | BlackRock MuniHoldings Fund, Inc. | &nbsp;&nbsp;&nbsp; 1692764 |
| &nbsp;&nbsp;&nbsp; 175799 | BlackRock MuniYield Fund, Inc. | &nbsp;&nbsp;&nbsp; 1856437 |
| &nbsp;&nbsp;&nbsp; 170450 | BlackRock MuniYield Quality Fund III, Inc. | &nbsp;&nbsp;&nbsp; 1888586 |
| &nbsp;&nbsp;&nbsp; 30205 | BrandywineGLOBAL Global Income Opportunities Fund, Inc. | &nbsp;&nbsp;&nbsp; 262179 |
| &nbsp;&nbsp;&nbsp; 190901 | Brookfield Real Assets Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 2550437 |
| &nbsp;&nbsp;&nbsp; 100280 | Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | &nbsp;&nbsp;&nbsp; 2173068 |
| &nbsp;&nbsp;&nbsp; 8440 | Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund | &nbsp;&nbsp;&nbsp; 172260 |
| &nbsp;&nbsp;&nbsp; 22859 | Doubleline Yield Opportunities Fund | &nbsp;&nbsp;&nbsp; 344714 |
| &nbsp;&nbsp;&nbsp; 55128 | First Trust Intermediate Duration Preferred & Income Fund | &nbsp;&nbsp;&nbsp; 1055701 |
| &nbsp;&nbsp;&nbsp; 190486 | Franklin Ltd Duration Income Trust | &nbsp;&nbsp;&nbsp; 1213396 |
| &nbsp;&nbsp;&nbsp; 130999 | Invesco Municipal Opportunity Trust | &nbsp;&nbsp;&nbsp; 1266760 |
| &nbsp;&nbsp;&nbsp; 118437 | Invesco Municipal Trust | &nbsp;&nbsp;&nbsp; 1142917 |
| &nbsp;&nbsp;&nbsp; 101214 | Invesco Quality Municipal Income Trust | &nbsp;&nbsp;&nbsp; 996958 |
| &nbsp;&nbsp;&nbsp; 50500 | KKR Income Opportunities Fund | &nbsp;&nbsp;&nbsp; 636300 |
| &nbsp;&nbsp;&nbsp; 647433 | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 3483190 |
| &nbsp;&nbsp;&nbsp; 143222 | Neuberger Berman Municipal Fund, Inc. | &nbsp;&nbsp;&nbsp; 1478051 |
| &nbsp;&nbsp;&nbsp; 50474 | Nuveen AMT-Free Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp; 620325 |
| &nbsp;&nbsp;&nbsp; 49086 | Nuveen Variable Rate Preferred & Income Fund | &nbsp;&nbsp;&nbsp; 979757 |
| &nbsp;&nbsp;&nbsp; 51876 | PGIM Short Duration High Yield Opportunities Fund | &nbsp;&nbsp;&nbsp; 867367 |
| &nbsp;&nbsp;&nbsp; 61864 | PIMCO Dynamic Income Strategy Fund | &nbsp;&nbsp;&nbsp; 1542270 |
| &nbsp;&nbsp;&nbsp; 458981 | Templeton Emerging Markets Income Fund | &nbsp;&nbsp;&nbsp; 2845682 |

---

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

Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)September 30, 2025

**Rareview Dynamic Fixed Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u> |
| **Closed-End Funds — 78.1% (continued)** | **Closed-End Funds — 78.1% (continued)** |  |
| &nbsp;&nbsp;&nbsp; 379417 | Western Asset Emerging Markets Debt Fund, Inc. | &nbsp;&nbsp;&nbsp; 3915583 |
| &nbsp;&nbsp;&nbsp; 44181 | Western Asset Global High Income <br>Fund, Inc. | &nbsp;&nbsp;&nbsp; 291595 |
| &nbsp;&nbsp;&nbsp; 114787 | Western Asset Managed Municipals <br>Fund, Inc. | &nbsp;&nbsp;&nbsp; 1186898 |
| **Total Closed-End Funds (Cost $43,524,414)** | **Total Closed-End Funds (Cost $43,524,414)** | &nbsp;&nbsp;&nbsp; **45763009** |
| **Exchange-Traded Funds — 18.6%** | **Exchange-Traded Funds — 18.6%** |  |
| &nbsp;&nbsp;&nbsp; 67687 | Angel Oak Income ETF | &nbsp;&nbsp;&nbsp; 1415335 |
| &nbsp;&nbsp;&nbsp; 76349 | First Trust Emerging Markets Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 2240080 |
| &nbsp;&nbsp;&nbsp; 6841 | iShares 5-10 Year Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 370030 |
| &nbsp;&nbsp;&nbsp; 45961 | iShares Broad USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1736407 |
| &nbsp;&nbsp;&nbsp; 1815 | iShares iBoxx $ Investment Grade Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 202318 |
| &nbsp;&nbsp;&nbsp; 46423 | F/m US Treasury 3 Month Bill ETF | &nbsp;&nbsp;&nbsp; 2321150 |
| &nbsp;&nbsp;&nbsp; 129930 | VanEck Emerging Markets High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 2605096 |
| **Total Exchange-Traded Funds (Cost $10,852,214)** | **Total Exchange-Traded Funds (Cost $10,852,214)** | &nbsp;&nbsp;&nbsp; **10890416** |
| **Purchased Options Contracts — 0.7%<sup>(a)</sup>**  | **Purchased Options Contracts — 0.7%<sup>(a)</sup>**  |  |
| **Total Purchased Options Contracts (Cost $337,105)** | **Total Purchased Options Contracts (Cost $337,105)** | &nbsp;&nbsp;&nbsp; **399506** |
| **Total Investments — 97.4% (Cost $54,713,733)** | **Total Investments — 97.4% (Cost $54,713,733)** | &nbsp;&nbsp;&nbsp; **57052931** |
| **Other Assets in Excess of Liabilities — 2.6%** | **Other Assets in Excess of Liabilities — 2.6%** | &nbsp;&nbsp;&nbsp; **1513484** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **58566415** |

---

(a) See Purchased Options Contracts

AMT — Alternative Minimum Tax

ETF — Exchange-Traded Fund

PIMCO — Pacific Investment Management Company

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

Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)September 30, 2025

**Rareview Dynamic Fixed Income ETF**

**Futures Contracts**

At September 30, 2025, the Fund's open futures contracts were as follows:

**Futures Contracts Purchased**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br>of<br>Contracts** | **Expiration Date** | **Notional <br>Amount <br>(000)($)** | **Value <br>($)** | **Unrealized <br>Appreciation<br>(Depreciation) ($)** |
| Brazil Real Futures | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 10/31/25 | &nbsp;&nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 1175265 | &nbsp;&nbsp;&nbsp; 4569 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp; 4569 |

---

**Written Options Contacts**

Exchange-traded options on future contracts written as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of<br> Contracts** | **Notional<br>Amount<br>(000)($)<sup>(a)</sup>**  | **Premiums<br>Received ($)** | **Strike<br> Price<br> ($)** | **Expiration<br> Date** | **Value ($)** |
| 3 Month SOFR Options<br> &nbsp;&nbsp;&nbsp; Call | &nbsp;&nbsp;&nbsp; 5811 | &nbsp;&nbsp;&nbsp; 1405536 | &nbsp;&nbsp;&nbsp; 132299 | &nbsp;&nbsp;&nbsp;&nbsp;96.75 | &nbsp;&nbsp;&nbsp; 12/12/25 | &nbsp;&nbsp;&nbsp; (181594) |
| **(Total Premiums Received $132,299)** | **(Total Premiums Received $132,299)** | **(Total Premiums Received $132,299)** |  |  |  | &nbsp;&nbsp;&nbsp; (181594) |

---

**Purchased Options Contracts**

Exchange-traded options on futures contracts purchased as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of<br> Contracts** | **Notional<br>Amount<br>(000)($)<sup>(a)</sup>**  | **Cost<br>($)** | **Strike<br> Price ($)** | **Expiration<br> Date** | **Value<br> ($)** |
| 3 Month SOFR Options<br> Call | 5811 | 1401904 | 337105 | 96.50 | 12/12/25 | 399506 |
| **(Total Cost $337,105)**  | **(Total Cost $337,105)**  |  |  |  |  | 399506 |

---

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

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

Annual Financial Statements and Other Information \| 6

Portfolio of InvestmentsSeptember 30, 2025

**Rareview Tax Advantaged Income ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Closed-End Funds — 98.1%** | **Closed-End Funds — 98.1%** |  |
| &nbsp;&nbsp;&nbsp; 196200 | BlackRock Municipal Income Trust | &nbsp;&nbsp;&nbsp; 1971810 |
| &nbsp;&nbsp;&nbsp; 156869 | BlackRock Municipal Income Trust II | &nbsp;&nbsp;&nbsp; 1639281 |
| &nbsp;&nbsp;&nbsp; 172989 | BlackRock MuniHoldings Fund, Inc. | &nbsp;&nbsp;&nbsp; 2032621 |
| &nbsp;&nbsp;&nbsp; 191844 | BlackRock MuniYield Fund, Inc. | &nbsp;&nbsp;&nbsp; 2025873 |
| &nbsp;&nbsp;&nbsp; 115056 | BlackRock MuniYield Quality Fund III, Inc. | &nbsp;&nbsp;&nbsp; 1274820 |
| &nbsp;&nbsp;&nbsp; 139269 | Invesco Municipal Opportunity Trust | &nbsp;&nbsp;&nbsp; 1346731 |
| &nbsp;&nbsp;&nbsp; 154022 | Invesco Municipal Trust | &nbsp;&nbsp;&nbsp; 1486312 |
| &nbsp;&nbsp;&nbsp; 147998 | Invesco Quality Municipal Income Trust | &nbsp;&nbsp;&nbsp; 1457780 |
| &nbsp;&nbsp;&nbsp; 182819 | Neuberger Berman Municipal Fund, Inc. | &nbsp;&nbsp;&nbsp; 1886692 |
| &nbsp;&nbsp;&nbsp; 54734 | Nuveen AMT-Free Municipal Credit Income Fund | &nbsp;&nbsp;&nbsp; 672681 |
| &nbsp;&nbsp;&nbsp; 187264 | Western Asset Managed Municipals Fund, Inc. | &nbsp;&nbsp;&nbsp; 1936311 |
| **Total Closed-End Funds (Cost $17,327,683)** | **Total Closed-End Funds (Cost $17,327,683)** | &nbsp;&nbsp;&nbsp; **17730912** |
| **Purchased Options Contracts — 0.1%<sup>(a)</sup>**  | **Purchased Options Contracts — 0.1%<sup>(a)</sup>**  |  |
| **Total Purchased Options Contracts (Cost $58,500)** | **Total Purchased Options Contracts (Cost $58,500)** | &nbsp;&nbsp;&nbsp; **22750** |
| **Total Investments — 98.2% (Cost $17,386,183)** | **Total Investments — 98.2% (Cost $17,386,183)** | &nbsp;&nbsp;&nbsp; **17753662** |
| **Other Assets in Excess of Liabilities — 1.8%** | **Other Assets in Excess of Liabilities — 1.8%** | &nbsp;&nbsp;&nbsp; **330287** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **18083949** |

---

AMT — Alternative Minimum Tax

**Written Options Contacts**

Exchange-traded options on future contracts written as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of<br> Contracts** | **Notional<br>Amount<br>(000)($)<sup>(a)</sup>**  | **Premiums<br>Received ($)** | **Strike<br> Price ($)** | **Expiration<br> Date** | **Value<br> ($)** |
| 3 Month SOFR Options<br> Call | 520 | 125775 | 26000 | 96.75 | 11/14/25 | (9750) |
| **(Total Premiums Received $26,000)** | **(Total Premiums Received $26,000)** | **(Total Premiums Received $26,000)** |  |  |  | (9750) |

---

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

Annual Financial Statements and Other Information \| 7

Portfolio of Investments (continued)September 30, 2025

**Rareview Tax Advantaged Income ETF**

**Purchased Options Contracts**

Exchange-traded options on futures contracts purchased as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Number<br> of<br> Contracts** | **Notional<br>Amount<br>(000)($)<sup>(a)</sup>**  | **Cost<br>($)** | **Strike<br> Price ($)** | **Expiration<br> Date** | **Value<br> ($)** |
| 3 Month SOFR Options<br> Call | 520 | 125450 | 58500 | 96.50 | 11/14/25 | &nbsp;&nbsp;&nbsp; 22750 |
| **(Total Cost $58,500)**  | **(Total Cost $58,500)**  | **(Total Cost $58,500)**  |  |  |  | &nbsp;&nbsp;&nbsp; 22750 |

---

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

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

Annual Financial Statements and Other Information \| 8

Portfolio of InvestmentsSeptember 30, 2025

**Rareview Systematic Equity ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Funds — 156.4%** | **Exchange-Traded Funds — 156.4%** |  |
| &nbsp;&nbsp;&nbsp; 25336 | Invesco QQQ Trust Series 1<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 15210974 |
| &nbsp;&nbsp;&nbsp; 303010 | F/m US Treasury 3 Month Bill ETF<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; 15150500 |
| &nbsp;&nbsp;&nbsp; 310904 | Vanguard FTSE Developed Markets ETF<sup>(c)</sup>  | &nbsp;&nbsp;&nbsp; 18629368 |
| &nbsp;&nbsp;&nbsp; 139012 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 7531670 |
| &nbsp;&nbsp;&nbsp; 43091 | Vanguard S&P 500 ETF<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; 26388067 |
| &nbsp;&nbsp;&nbsp; 29167 | Vanguard Small-Cap ETF | &nbsp;&nbsp;&nbsp; 7416585 |
| **Total Exchange-Traded Funds (Cost $75,430,746)** | **Total Exchange-Traded Funds (Cost $75,430,746)** | &nbsp;&nbsp;&nbsp; **90327164** |
| **Total Investments — 156.4% (Cost $75,430,746)** | **Total Investments — 156.4% (Cost $75,430,746)** | &nbsp;&nbsp;&nbsp; **90327164** |
| **Liabilities Less Other Assets — (56.4%)** | **Liabilities Less Other Assets — (56.4%)** | &nbsp;&nbsp;&nbsp; **(32569497)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **57757667** |

---

(a) As of September 30, 2025, investment is 26.3% of the Fund's net assets. See Note 8 in the Notes to the Financial Statements.

(b) As of September 30, 2025, investment is 26.2% of the Fund's net assets. See Note 8 in the Notes to the Financial Statements.

(c) As of September 30, 2025, investment is 32.3% of the Fund's net assets. See Note 8 in the Notes to the Financial Statements.

(d) As of September 30, 2025, investment is 45.7% of the Fund's net assets. See Note 8 in the Notes to the Financial Statements.

ETF — Exchange-Traded Fund

FTSE — Financial Times Stock Exchange

S&P — Standard and Poor's

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

Annual Financial Statements and Other Information \| 9

Portfolio of InvestmentsSeptember 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Asset-Backed Securities — 1.4%** | **Asset-Backed Securities — 1.4%** |  |
| &nbsp;&nbsp;&nbsp; 100000 | Aligned Data Centers Issuer LLC Series 2021-1A Class A2 1.94%, 08/15/2046 | &nbsp;&nbsp;&nbsp; 97608 |
| &nbsp;&nbsp;&nbsp; 60000 | Carmax Auto Owner Trust Series 2022-3 Class C 4.98%, 02/15/2028 | &nbsp;&nbsp;&nbsp; 60315 |
| &nbsp;&nbsp;&nbsp; 66492 | Dell Equipment Finance Trust Series 2023-3 Class A3 5.93%, 04/23/2029 | &nbsp;&nbsp;&nbsp; 66931 |
| &nbsp;&nbsp;&nbsp; 100000 | Ford Credit Auto Owner Trust Series 2024-A Class A3 5.09%, 12/15/2028 | &nbsp;&nbsp;&nbsp; 101099 |
| &nbsp;&nbsp;&nbsp; 215000 | Verizon Master Trust Series 2024-3 Class A1A 5.34%, 04/22/2030 | &nbsp;&nbsp;&nbsp; 219710 |
| **Total Asset-Backed Securities (Cost $540,285)** | **Total Asset-Backed Securities (Cost $540,285)** | &nbsp;&nbsp;&nbsp; **545663** |
| **Collateralized Mortgage Obligations — 7.2%** | **Collateralized Mortgage Obligations — 7.2%** |  |
| &nbsp;&nbsp;&nbsp; 159333 | Angel Oak Mortgage Trust Series 2021-7 Class A1 1.98%, 10/25/2066 | &nbsp;&nbsp;&nbsp; 139016 |
| &nbsp;&nbsp;&nbsp; 132479 | BRAVO Residential Funding Trust Series 2024-NQM4 Class A1A 4.35%, 01/25/2060 | &nbsp;&nbsp;&nbsp; 130640 |
| &nbsp;&nbsp;&nbsp; 16223 | COLT Mortgage Loan Trust Series 2020-2R Class A1 1.33%, 10/26/2065 | &nbsp;&nbsp;&nbsp; 15247 |
| &nbsp;&nbsp;&nbsp; 93578 | COLT Mortgage Loan Trust Series 2021-HX1 Class A1 1.11%, 10/25/2066 | &nbsp;&nbsp;&nbsp; 81051 |
| &nbsp;&nbsp;&nbsp; 69234 | Flagstar Mortgage Trust Series 2021-4 Class A5 2.50%, 06/01/2051 | &nbsp;&nbsp;&nbsp; 61896 |
| &nbsp;&nbsp;&nbsp; 119564 | GCAT Trust Series 2021-NQM5 Class A1 1.26%, 07/25/2066 | &nbsp;&nbsp;&nbsp; 101362 |
| &nbsp;&nbsp;&nbsp; 96746 | GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A8 2.50%, 01/25/2052 | &nbsp;&nbsp;&nbsp; 86608 |
| &nbsp;&nbsp;&nbsp; 250836 | JPMorgan Mortgage Trust Series 2017-2 Class B5 3.64%, 05/25/2047 | &nbsp;&nbsp;&nbsp; 226231 |
| &nbsp;&nbsp;&nbsp; 97233 | JPMorgan Mortgage Trust Series 2018-6 Class B2 3.90%, 12/25/2048 | &nbsp;&nbsp;&nbsp; 90119 |
| &nbsp;&nbsp;&nbsp; 83627 | JPMorgan Mortgage Trust Series 2019-INV1 Class B3 4.93%, 09/25/2049 | &nbsp;&nbsp;&nbsp; 81545 |
| &nbsp;&nbsp;&nbsp; 183969 | JPMorgan Mortgage Trust Series 2021-4 Class A11 5.00%, 08/25/2051 | &nbsp;&nbsp;&nbsp; 170362 |
| &nbsp;&nbsp;&nbsp; 259628 | JPMorgan Mortgage Trust Series 2021-10 Class A11 5.00%, 12/25/2051 | &nbsp;&nbsp;&nbsp; 243581 |
| &nbsp;&nbsp;&nbsp; 297993 | JPMorgan Mortgage Trust Series 2024-INV1 Class A3 5.50%, 04/25/2055 | &nbsp;&nbsp;&nbsp; 299401 |
| &nbsp;&nbsp;&nbsp; 108982 | Mello Mortgage Capital Acceptance Series 2021-INV2 Class A4 2.50%, 08/25/2051 | &nbsp;&nbsp;&nbsp; 97398 |

---

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

Annual Financial Statements and Other Information \| 10

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Collateralized Mortgage Obligations — 7.2% (continued)** | **Collateralized Mortgage Obligations — 7.2% (continued)** |  |
| &nbsp;&nbsp;&nbsp; 137668 | New Residential Mortgage Loan Trust Series 2021-INV2 Class A11 5.00%, 09/25/2051 | &nbsp;&nbsp;&nbsp; 128822 |
| &nbsp;&nbsp;&nbsp; 255062 | PRKCM Trust Series 2021-AFC2 Class A1 2.07%, 11/25/2056 | &nbsp;&nbsp;&nbsp; 227227 |
| &nbsp;&nbsp;&nbsp; 68215 | PRMI Securitization Trust Series 2021-1 Class A3B 2.00%, 04/25/2051 | &nbsp;&nbsp;&nbsp; 59441 |
| &nbsp;&nbsp;&nbsp; 78942 | TRK Trust Series 2021-INV2 Class A1 1.97%, 11/25/2056 | &nbsp;&nbsp;&nbsp; 71189 |
| &nbsp;&nbsp;&nbsp; 231455 | Wells Fargo Mortgage Backed Securities Trust Series 2021-1 Class B2 2.70%, 12/25/2050 | &nbsp;&nbsp;&nbsp; 201076 |
| &nbsp;&nbsp;&nbsp; 116932 | Wells Fargo Mortgage Backed Securities Trust Series 2021-2 Class A3 2.50%, 06/25/2051 | &nbsp;&nbsp;&nbsp; 104496 |
| &nbsp;&nbsp;&nbsp; 76337 | Wells Fargo Mortgage Backed Securities Trust Series 2022-2 Class A2 2.50%, 12/25/2051 | &nbsp;&nbsp;&nbsp; 63457 |
| &nbsp;&nbsp;&nbsp; 129050 | Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A4 3.00%, 03/25/2052 | &nbsp;&nbsp;&nbsp; 117731 |
| &nbsp;&nbsp;&nbsp; 77563 | Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A2 3.00%, 03/25/2052 | &nbsp;&nbsp;&nbsp; 67165 |
| **Total Collateralized Mortgage Obligations <br>(Cost $2,821,226)** | **Total Collateralized Mortgage Obligations <br>(Cost $2,821,226)** | &nbsp;&nbsp;&nbsp; **2865061** |
| **Collateralized Mortgage-Backed Securities — 6.4%** | **Collateralized Mortgage-Backed Securities — 6.4%** |  |
| &nbsp;&nbsp;&nbsp; 100000 | BANK 2019-BNK22 Series 2019-BN22 Class A4 2.98%, 11/15/2062 | &nbsp;&nbsp;&nbsp; 94355 |
| &nbsp;&nbsp;&nbsp; 140000 | BANK 2019-BNK22 Series 2019-BN22 Class B 3.41%, 11/15/2062 | &nbsp;&nbsp;&nbsp; 128216 |
| &nbsp;&nbsp;&nbsp; 50000 | BANK 2024-BNK47 Series 2024-BNK47 Class C 6.83%, 06/15/2057 | &nbsp;&nbsp;&nbsp; 51219 |
| &nbsp;&nbsp;&nbsp; 140000 | BANK5 2023-5YR1 Series 2023-5YR1 Class A2 5.78%, 04/15/2056 | &nbsp;&nbsp;&nbsp; 143331 |
| &nbsp;&nbsp;&nbsp; 260000 | BANK5 2023-5YR1 Series 2023-5YR1 Class D 4.00%, 04/15/2056 | &nbsp;&nbsp;&nbsp; 230954 |
| &nbsp;&nbsp;&nbsp; 168716 | BBCMS Mortgage Trust Series 2024-C24 Class A1 5.23%, 02/15/2057 | &nbsp;&nbsp;&nbsp; 170386 |
| &nbsp;&nbsp;&nbsp; 200000 | BBCMS Mortgage Trust Series 2024-5C29 Class A2 4.74%, 09/15/2057 | &nbsp;&nbsp;&nbsp; 202091 |
| &nbsp;&nbsp;&nbsp; 65000 | Benchmark Mortgage Trust Series 2020-B20 Class B 2.53%, 10/15/2053 | &nbsp;&nbsp;&nbsp; 51930 |

---

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

Annual Financial Statements and Other Information \| 11

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Collateralized Mortgage-Backed Securities — 6.4% (continued)** | **Collateralized Mortgage-Backed Securities — 6.4% (continued)** | **Collateralized Mortgage-Backed Securities — 6.4% (continued)** |
| &nbsp;&nbsp;&nbsp; 100000 | Benchmark Mortgage Trust Series 2024-V7 Class AS 6.53%, 05/15/2056 | &nbsp;&nbsp;&nbsp; 105408 |
| &nbsp;&nbsp;&nbsp; 127000 | Benchmark Mortgage Trust Series 2024-V7 Class A3 6.23%, 05/15/2056 | &nbsp;&nbsp;&nbsp; 134271 |
| &nbsp;&nbsp;&nbsp; 240000 | Benchmark Mortgage Trust Series 2024-V5 Class B 6.06%, 01/10/2057 | &nbsp;&nbsp;&nbsp; 244561 |
| &nbsp;&nbsp;&nbsp; 100000 | Benchmark Mortgage Trust Series 2024-V6 Class AS 6.38%, 03/15/2057 | &nbsp;&nbsp;&nbsp; 104717 |
| &nbsp;&nbsp;&nbsp; 100000 | BMO Mortgage Trust Series 2024-C9 Class A2 6.76%, 07/15/2057 | &nbsp;&nbsp;&nbsp; 105201 |
| &nbsp;&nbsp;&nbsp; 76489 | CCUBS Commercial Mortgage Trust Series 2017-C1 Class A3 3.28%, 11/15/2050 | &nbsp;&nbsp;&nbsp; 74869 |
| &nbsp;&nbsp;&nbsp; 135000 | CSAIL Commercial Mortgage Trust Series 2018-C14 Class A4 4.42%, 11/15/2051 | &nbsp;&nbsp;&nbsp; 133977 |
| &nbsp;&nbsp;&nbsp; 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series KG02 Class A2 2.41%, 08/25/2029 | &nbsp;&nbsp;&nbsp; 94369 |
| &nbsp;&nbsp;&nbsp; 100000 | Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series K-158 Class A2 4.05%, 07/25/2033 | &nbsp;&nbsp;&nbsp; 98111 |
| &nbsp;&nbsp;&nbsp; 11611 | JPMBB Commercial Mortgage Securities Trust Series 2014-C25 Class A5 3.67%, 11/15/2047 | &nbsp;&nbsp;&nbsp; 11480 |
| &nbsp;&nbsp;&nbsp; 145000 | MED Commercial Mortgage Trust Series 2024-MOB Class A 5.74%, 05/15/2041 | &nbsp;&nbsp;&nbsp; 144642 |
| &nbsp;&nbsp;&nbsp; 100000 | Morgan Stanley Capital I Trust Series 2019-L2 Class A4 4.07%, 03/15/2052 | &nbsp;&nbsp;&nbsp; 97892 |
| &nbsp;&nbsp;&nbsp; 110000 | Wells Fargo Commercial Mortgage Trust Series 2016-C34 Class A4 3.10%, 06/15/2049 | &nbsp;&nbsp;&nbsp; 108761 |
| **Total Collateralized Mortgage-Backed Securities <br>(Cost $2,493,252)** | **Total Collateralized Mortgage-Backed Securities <br>(Cost $2,493,252)** | &nbsp;&nbsp;&nbsp; 2530741 |
| **Corporate Bonds — 22.0%** | **Corporate Bonds — 22.0%** |  |
| &nbsp;&nbsp;&nbsp; 309000 | Appalachian Power Co. 5.65%, 04/01/2034 | &nbsp;&nbsp;&nbsp; 322633 |
| &nbsp;&nbsp;&nbsp; 99000 | AthenaHealth Group, Inc. 6.50%, 02/15/2030 | &nbsp;&nbsp;&nbsp; 98190 |
| &nbsp;&nbsp;&nbsp; 316000 | Bank of America Corp. 5.47%, 01/23/2035 | &nbsp;&nbsp;&nbsp; 329977 |
| &nbsp;&nbsp;&nbsp; 78000 | Beazer Homes USA, Inc. 7.50%, 03/15/2031 | &nbsp;&nbsp;&nbsp; 79039 |
| &nbsp;&nbsp;&nbsp; 304000 | Boeing Co. (The) 6.13%, 02/15/2033 | &nbsp;&nbsp;&nbsp; 327056 |
| &nbsp;&nbsp;&nbsp; 317000 | Boston Properties, LP 5.75%, 01/15/2035 | &nbsp;&nbsp;&nbsp; 324032 |
| &nbsp;&nbsp;&nbsp; 318000 | Citigroup, Inc. 4.91%, 05/24/2033 | &nbsp;&nbsp;&nbsp; 321843 |

---

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

Annual Financial Statements and Other Information \| 12

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Corporate Bonds — 22.0% (continued)** | **Corporate Bonds — 22.0% (continued)** | **Corporate Bonds — 22.0% (continued)** |
| &nbsp;&nbsp;&nbsp; 97000 | Comstock Resources, Inc. 6.75%, 03/01/2029 | &nbsp;&nbsp;&nbsp; 96842 |
| &nbsp;&nbsp;&nbsp; 88000 | CoreWeave, Inc. 9.25%, 06/01/2030 | &nbsp;&nbsp;&nbsp; 90886 |
| &nbsp;&nbsp;&nbsp; 307000 | Dell International LLC/EMC Corp. 5.40%, 04/15/2034 | &nbsp;&nbsp;&nbsp; 316983 |
| &nbsp;&nbsp;&nbsp; 79000 | DIRECTV Financing LLC 8.88%, 02/01/2030 | &nbsp;&nbsp;&nbsp; 78345 |
| &nbsp;&nbsp;&nbsp; 306000 | Eastman Chemical Co. 5.63%, 02/20/2034 | &nbsp;&nbsp;&nbsp; 315125 |
| &nbsp;&nbsp;&nbsp; 324000 | EQT Corp. 5.75%, 02/01/2034 | &nbsp;&nbsp;&nbsp; 339085 |
| &nbsp;&nbsp;&nbsp; 305000 | General Motors Financial Co., Inc. 6.10%, 01/07/2034 | &nbsp;&nbsp;&nbsp; 320645 |
| &nbsp;&nbsp;&nbsp; 356000 | Goldman Sachs Group, Inc. (The) 4.41%, 04/23/2039 | &nbsp;&nbsp;&nbsp; 329245 |
| &nbsp;&nbsp;&nbsp; 386000 | GXO Logistics, Inc. 2.65%, 07/15/2031 | &nbsp;&nbsp;&nbsp; 344021 |
| &nbsp;&nbsp;&nbsp; 307000 | HCA, Inc. 5.60%, 04/01/2034 | &nbsp;&nbsp;&nbsp; 318692 |
| &nbsp;&nbsp;&nbsp; 269000 | Intel Corp. 5.15%, 02/21/2034 | &nbsp;&nbsp;&nbsp; 272736 |
| &nbsp;&nbsp;&nbsp; 303000 | Interstate Power and Light Co. 5.70%, 10/15/2033 | &nbsp;&nbsp;&nbsp; 317723 |
| &nbsp;&nbsp;&nbsp; 448000 | JPMorgan Chase & Co. 3.11%, 04/22/2041 | &nbsp;&nbsp;&nbsp; 352067 |
| &nbsp;&nbsp;&nbsp; 318000 | Kinder Morgan, Inc. 5.30%, 12/01/2034 | &nbsp;&nbsp;&nbsp; 324446 |
| &nbsp;&nbsp;&nbsp; 77000 | Kraken Oil & Gas Partners LLC 7.63%, 08/15/2029 | &nbsp;&nbsp;&nbsp; 76321 |
| &nbsp;&nbsp;&nbsp; 314000 | Morgan Stanley 5.47%, 01/18/2035 | &nbsp;&nbsp;&nbsp; 327045 |
| &nbsp;&nbsp;&nbsp; 303000 | Ovintiv, Inc. 6.25%, 07/15/2033 | &nbsp;&nbsp;&nbsp; 319610 |
| &nbsp;&nbsp;&nbsp; 299000 | Patterson-UTI Energy, Inc. 7.15%, 10/01/2033 | &nbsp;&nbsp;&nbsp; 316757 |
| &nbsp;&nbsp;&nbsp; 308000 | Philip Morris International, Inc. 5.25%, 02/13/2034 | &nbsp;&nbsp;&nbsp; 318038 |
| &nbsp;&nbsp;&nbsp; 342000 | Pilgrim's Pride Corp. 4.25%, 04/15/2031 | &nbsp;&nbsp;&nbsp; 330557 |
| &nbsp;&nbsp;&nbsp; 96000 | Rithm Capital Corp. 8.00%, 04/01/2029 | &nbsp;&nbsp;&nbsp; 98262 |
| &nbsp;&nbsp;&nbsp; 309000 | State Street Corp. 5.16%, 05/18/2034 | &nbsp;&nbsp;&nbsp; 320112 |
| &nbsp;&nbsp;&nbsp; 306000 | Tyson Foods, Inc. 5.70%, 03/15/2034 | &nbsp;&nbsp;&nbsp; 322443 |
| &nbsp;&nbsp;&nbsp; 307000 | U.S. Bancorp 5.68%, 01/23/2035 | &nbsp;&nbsp;&nbsp; 323238 |
| &nbsp;&nbsp;&nbsp; 78000 | Univision Communications, Inc. 7.38%, 06/30/2030 | &nbsp;&nbsp;&nbsp; 78373 |
| &nbsp;&nbsp;&nbsp; 321000 | Wells Fargo & Co. 5.61%, 01/15/2044 | &nbsp;&nbsp;&nbsp; 321344 |
| **Total Corporate Bonds (Cost $8,500,861)** | **Total Corporate Bonds (Cost $8,500,861)** | &nbsp;&nbsp;&nbsp; **8771711** |
| **Exchange-Traded Funds — 12.5%** | **Exchange-Traded Funds — 12.5%** |  |
| &nbsp;&nbsp;&nbsp; 131806 | Rareview Dynamic Fixed Income ETF<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; 3200896 |
| &nbsp;&nbsp;&nbsp; 49113 | VanEck Emerging Markets High Yield Bond ETF | &nbsp;&nbsp;&nbsp; 984715 |
| &nbsp;&nbsp;&nbsp; 11622 | Vanguard Extended Duration Treasury ETF | &nbsp;&nbsp;&nbsp; 795526 |
| **Total Exchange-Traded Funds (Cost $4,928,226)** | **Total Exchange-Traded Funds (Cost $4,928,226)** | &nbsp;&nbsp;&nbsp; **4981137** |

---

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

Annual Financial Statements and Other Information \| 13

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** |  |
| &nbsp;&nbsp;&nbsp; 30000 | City of Dallas (GO) 5.61%, 02/15/2030 | &nbsp;&nbsp;&nbsp; 31407 |
| &nbsp;&nbsp;&nbsp; 65000 | County of Miami-Dade Transit System (RB) Series B 5.53%, 07/01/2032 | &nbsp;&nbsp;&nbsp; 66807 |
| &nbsp;&nbsp;&nbsp; 55000 | Metropolitan Transportation Authority (RB) 6.65%, 11/15/2039 | &nbsp;&nbsp;&nbsp; 59372 |
| &nbsp;&nbsp;&nbsp; 30000 | New York City Municipal Water Finance Authority (RB) 5.88%, 06/15/2044 | &nbsp;&nbsp;&nbsp; 31121 |
| &nbsp;&nbsp;&nbsp; 60000 | State of California (GO) 7.55%, 04/01/2039 | &nbsp;&nbsp;&nbsp; 73206 |
| &nbsp;&nbsp;&nbsp; 69804 | State of Illinois (GO) 5.10%, 06/01/2033 | &nbsp;&nbsp;&nbsp; 71010 |
| **Total Municipal Bonds (Cost $327,393)** | **Total Municipal Bonds (Cost $327,393)** | &nbsp;&nbsp;&nbsp; **332923** |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |  |
| **Financials — 0.2%** | **Financials — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; 3204 | Rithm Capital Corp. | &nbsp;&nbsp;&nbsp; 78690 |
| **Utilities — 0.2%** | **Utilities — 0.2%** |  |
| &nbsp;&nbsp;&nbsp; 4695 | Brookfield Infrastructure Partners, LP  | &nbsp;&nbsp;&nbsp; 81693 |
| **Total Preferred Stocks (Cost $157,158)** | **Total Preferred Stocks (Cost $157,158)** | &nbsp;&nbsp;&nbsp; **160383** |
| **Treasury Bill — 2.1%** | **Treasury Bill — 2.1%** |  |
| &nbsp;&nbsp;&nbsp; 850000 | United States Treasury Bill, 3.95%, 12/11/2025<sup>(b</sup><sup>)</sup>  | &nbsp;&nbsp;&nbsp; 843546 |
| **Total Treasury Bill (Cost $843,429)** | **Total Treasury Bill (Cost $843,429)** | &nbsp;&nbsp;&nbsp; **843546** |
| **Treasury Notes — 13.4%** | **Treasury Notes — 13.4%** |  |
| &nbsp;&nbsp;&nbsp; 612000 | United States Treasury Note/Bond 3.63%, 08/31/2027 | &nbsp;&nbsp;&nbsp; 611976 |
| &nbsp;&nbsp;&nbsp; 246000 | United States Treasury Note/Bond 3.38%, 09/15/2028 | &nbsp;&nbsp;&nbsp; 244328 |
| &nbsp;&nbsp;&nbsp; 1678000 | United States Treasury Note/Bond 3.63%, 08/31/2030 | &nbsp;&nbsp;&nbsp; 1669348 |
| &nbsp;&nbsp;&nbsp; 1190000 | United States Treasury Note/Bond 3.88%, 08/31/2032 | &nbsp;&nbsp;&nbsp; 1186467 |
| &nbsp;&nbsp;&nbsp; 1263000 | United States Treasury Note/Bond 4.25%, 08/15/2035 | &nbsp;&nbsp;&nbsp; 1273262 |
| &nbsp;&nbsp;&nbsp; 372000 | United States Treasury Note/Bond 4.25%, 02/15/2054 | &nbsp;&nbsp;&nbsp; 343373 |
| **Total Treasury Notes (Cost $5,361,675)** | **Total Treasury Notes (Cost $5,361,675)** | &nbsp;&nbsp;&nbsp; **5328754** |

---

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

Annual Financial Statements and Other Information \| 14

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **U.S. Government Agency Mortgages — 33.5%** | **U.S. Government Agency Mortgages — 33.5%** |  |
| &nbsp;&nbsp;&nbsp; 105000 | Federal Home Loan Banks 5.15%, 11/26/2027 | &nbsp;&nbsp;&nbsp; 104995 |
| &nbsp;&nbsp;&nbsp; 100000 | Federal Home Loan Banks 5.35%, 09/25/2040 | &nbsp;&nbsp;&nbsp; 99546 |
| &nbsp;&nbsp;&nbsp; 183448 | Federal Home Loan Mortgage Corporation 4.00%, 01/01/2040 | &nbsp;&nbsp;&nbsp; 180467 |
| &nbsp;&nbsp;&nbsp; 159681 | Federal Home Loan Mortgage Corporation 3.00%, 02/01/2050 | &nbsp;&nbsp;&nbsp; 146694 |
| &nbsp;&nbsp;&nbsp; 341461 | Federal Home Loan Mortgage Corporation 2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp; 287832 |
| &nbsp;&nbsp;&nbsp; 403444 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2051 | &nbsp;&nbsp;&nbsp; 340080 |
| &nbsp;&nbsp;&nbsp; 430401 | Federal Home Loan Mortgage Corporation 2.00%, 01/01/2052 | &nbsp;&nbsp;&nbsp; 348698 |
| &nbsp;&nbsp;&nbsp; 121195 | Federal Home Loan Mortgage Corporation 2.50%, 02/01/2052 | &nbsp;&nbsp;&nbsp; 102479 |
| &nbsp;&nbsp;&nbsp; 623711 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 528052 |
| &nbsp;&nbsp;&nbsp; 470827 | Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 398031 |
| &nbsp;&nbsp;&nbsp; 753191 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 663066 |
| &nbsp;&nbsp;&nbsp; 493987 | Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 434968 |
| &nbsp;&nbsp;&nbsp; 400678 | Federal Home Loan Mortgage Corporation 2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 343601 |
| &nbsp;&nbsp;&nbsp; 79596 | Federal Home Loan Mortgage Corporation 4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 75228 |
| &nbsp;&nbsp;&nbsp; 368817 | Federal Home Loan Mortgage Corporation 3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 324332 |
| &nbsp;&nbsp;&nbsp; 449751 | Federal Home Loan Mortgage Corporation 3.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp; 411480 |
| &nbsp;&nbsp;&nbsp; 299271 | Federal Home Loan Mortgage Corporation 2.50%, 08/01/2052 | &nbsp;&nbsp;&nbsp; 252592 |
| &nbsp;&nbsp;&nbsp; 605879 | Federal Home Loan Mortgage Corporation 4.00%, 08/01/2052 | &nbsp;&nbsp;&nbsp; 572626 |
| &nbsp;&nbsp;&nbsp; 646264 | Federal Home Loan Mortgage Corporation 3.00%, 09/01/2052 | &nbsp;&nbsp;&nbsp; 568313 |
| &nbsp;&nbsp;&nbsp; 372924 | Federal Home Loan Mortgage Corporation 2.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp; 315263 |

---

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

Annual Financial Statements and Other Information \| 15

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **U.S. Government Agency Mortgages — 33.5% (continued)** | **U.S. Government Agency Mortgages — 33.5% (continued)** | **U.S. Government Agency Mortgages — 33.5% (continued)** |
| &nbsp;&nbsp;&nbsp; 462315 | Federal Home Loan Mortgage Corporation 3.50%, 01/01/2055 | &nbsp;&nbsp;&nbsp; 422529 |
| &nbsp;&nbsp;&nbsp; 91613 | Federal National Mortgage Association 3.03%, 12/01/2025 | &nbsp;&nbsp;&nbsp; 91205 |
| &nbsp;&nbsp;&nbsp; 253260 | Federal National Mortgage Association 2.50%, 09/01/2051 | &nbsp;&nbsp;&nbsp; 213482 |
| &nbsp;&nbsp;&nbsp; 84996 | Federal National Mortgage Association 2.50%, 12/01/2051 | &nbsp;&nbsp;&nbsp; 71646 |
| &nbsp;&nbsp;&nbsp; 83129 | Federal National Mortgage Association 2.50%, 01/01/2052 | &nbsp;&nbsp;&nbsp; 70072 |
| &nbsp;&nbsp;&nbsp; 231830 | Federal National Mortgage Association 2.00%, 03/01/2052 | &nbsp;&nbsp;&nbsp; 186924 |
| &nbsp;&nbsp;&nbsp; 461623 | Federal National Mortgage Association 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 389284 |
| &nbsp;&nbsp;&nbsp; 153339 | Federal National Mortgage Association 3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 136223 |
| &nbsp;&nbsp;&nbsp; 501059 | Federal National Mortgage Association 2.50%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 423515 |
| &nbsp;&nbsp;&nbsp; 503022 | Federal National Mortgage Association 3.00%, 04/01/2052 | &nbsp;&nbsp;&nbsp; 442043 |
| &nbsp;&nbsp;&nbsp; 206153 | Federal National Mortgage Association 2.50%, 05/01/2052 | &nbsp;&nbsp;&nbsp; 173772 |
| &nbsp;&nbsp;&nbsp; 314244 | Federal National Mortgage Association 2.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 266052 |
| &nbsp;&nbsp;&nbsp; 447855 | Federal National Mortgage Association 2.50%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 379564 |
| &nbsp;&nbsp;&nbsp; 607993 | Federal National Mortgage Association 3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 534663 |
| &nbsp;&nbsp;&nbsp; 42699 | Federal National Mortgage Association 3.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 37554 |
| &nbsp;&nbsp;&nbsp; 435020 | Federal National Mortgage Association 4.00%, 06/01/2052 | &nbsp;&nbsp;&nbsp; 412066 |
| &nbsp;&nbsp;&nbsp; 410640 | Federal National Mortgage Association 3.50%, 07/01/2052 | &nbsp;&nbsp;&nbsp; 375842 |
| &nbsp;&nbsp;&nbsp; 498359 | Federal National Mortgage Association 3.00%, 10/01/2052 | &nbsp;&nbsp;&nbsp; 438865 |
| &nbsp;&nbsp;&nbsp; 379856 | Federal National Mortgage Association 3.50%, 10/01/2052 | &nbsp;&nbsp;&nbsp; 347627 |
| &nbsp;&nbsp;&nbsp; 534584 | Federal National Mortgage Association 3.50%, 04/01/2053 | &nbsp;&nbsp;&nbsp; 488590 |
| &nbsp;&nbsp;&nbsp; 257000 | Federal National Mortgage Association 5.00%, 10/25/2055 | &nbsp;&nbsp;&nbsp; 254856 |

---

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

Annual Financial Statements and Other Information \| 16

Portfolio of Investments (continued)September 30, 2025

**Rareview Total Return Bond ETF**

---

| | | |
|:---|:---|:---|
| <u>**Face Amount ($)**</u> | <u>**Face Amount ($)**</u> | <u>**Fair Value ($)**</u>  |
| **U.S. Government Agency Mortgages — 33.5% (continued)** | **U.S. Government Agency Mortgages — 33.5% (continued)** | **U.S. Government Agency Mortgages — 33.5% (continued)** |
| &nbsp;&nbsp;&nbsp; 747000 | Federal National Mortgage Association 4.50%, 10/25/2055 | &nbsp;&nbsp;&nbsp; 724483 |
| **Total U.S. Government Agency Mortgages <br>(Cost $13,187,401)** | **Total U.S. Government Agency Mortgages <br>(Cost $13,187,401)** | &nbsp;&nbsp;&nbsp; **13379200** |
| **Yankee Dollars — 1.2%** | **Yankee Dollars — 1.2%** |  |
| &nbsp;&nbsp;&nbsp; 292000 | ArcelorMittal SA 6.80%, 11/29/2032 | &nbsp;&nbsp;&nbsp; 324830 |
| &nbsp;&nbsp;&nbsp; 110000 | Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 5.00%, 06/15/2029 | &nbsp;&nbsp;&nbsp; 104827 |
| &nbsp;&nbsp;&nbsp; 61500 | Transocean International, Ltd. 8.75%, 02/15/2030 | &nbsp;&nbsp;&nbsp; 64709 |
| **Total Yankee Dollars (Cost $477,563)** | **Total Yankee Dollars (Cost $477,563)** | &nbsp;&nbsp;&nbsp; **494366** |
| **Total Investments — 100.9% (Cost $39,638,469)** | **Total Investments — 100.9% (Cost $39,638,469)** | &nbsp;&nbsp;&nbsp; **40233485** |
| **Liabilities Less Other Assets — (0.9%)** | **Liabilities Less Other Assets — (0.9%)** | &nbsp;&nbsp;&nbsp; **(342178)** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp;&nbsp; **39891307** |

---

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

(b) The rate represents the effective yield at September 30, 2025.

ETF — Exchange-Traded Fund

GO — General Obligation

LP — Limited Partnership

RB — Revenue Bond

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

Annual Financial Statements and Other Information \| 17

Statements of Assets and LiabilitiesSeptember 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Rareview Dynamic Fixed Income ETF** | **Rareview Tax Advantaged Income ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $54,713,733 and $17,386,183) | &nbsp;&nbsp;&nbsp; $57052931 | &nbsp;&nbsp;&nbsp; $17753662 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 786982 | &nbsp;&nbsp;&nbsp; 267574 |
| &nbsp;&nbsp;&nbsp; Deposits at brokers for derivative contracts | &nbsp;&nbsp;&nbsp; 881081 | &nbsp;&nbsp;&nbsp; 35465 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 233680 | &nbsp;&nbsp;&nbsp; 69530 |
| &nbsp;&nbsp;&nbsp; Receivable due from Advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold | &nbsp;&nbsp;&nbsp; 72535 | &nbsp;&nbsp;&nbsp; 50438 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 59028367 | &nbsp;&nbsp;&nbsp; 18177262 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp; 184993 | &nbsp;&nbsp;&nbsp; 35847 |
| &nbsp;&nbsp;&nbsp; Written options at value (Premiums received $132,299 and $26,000) | &nbsp;&nbsp;&nbsp; 181594 | &nbsp;&nbsp;&nbsp; 9750 |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 44299 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 7950 | &nbsp;&nbsp;&nbsp; 2491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 17753 | &nbsp;&nbsp;&nbsp; 17711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 19837 | &nbsp;&nbsp;&nbsp; 21837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 1995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 2785 | &nbsp;&nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;461.952 | &nbsp;&nbsp;&nbsp; 93313 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $58566415 | &nbsp;&nbsp;&nbsp; $18083949 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $64585509 | &nbsp;&nbsp;&nbsp; $22542968 |
| &nbsp;&nbsp;&nbsp; Total Accumulated Earnings (Loss) | &nbsp;&nbsp;&nbsp; (6019094) | &nbsp;&nbsp;&nbsp; (4459019) |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $58566415 | &nbsp;&nbsp;&nbsp; $18083949 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $58566415 | &nbsp;&nbsp;&nbsp; $18083949 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, <br>no par value):** | &nbsp;&nbsp;&nbsp; 2410000 | &nbsp;&nbsp;&nbsp; 845000 |
| **Net Asset Value (offering and redemption <br>price per share):** | &nbsp;&nbsp;&nbsp; $24.30 | &nbsp;&nbsp;&nbsp; $21.40 |

---

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

Annual Financial Statements and Other Information \| 18

Statements of Assets and Liabilities (continued)September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview <br>Total Return <br>Bond ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $75,430,746 and $36,480,582) | &nbsp;&nbsp;&nbsp; $90327164 | &nbsp;&nbsp;&nbsp; $37032589 |
| &nbsp;&nbsp;&nbsp; Affiliated investments, at value (Cost $— and $3,157,887) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3200896 |
| &nbsp;&nbsp;&nbsp; Cash  | &nbsp;&nbsp;&nbsp; 499778 | &nbsp;&nbsp;&nbsp; 439695 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable | &nbsp;&nbsp;&nbsp; 116045 | &nbsp;&nbsp;&nbsp; 221871 |
| &nbsp;&nbsp;&nbsp; Receivable due from Advisor | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6488 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp; 1407 | &nbsp;&nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp; 90944394 | &nbsp;&nbsp;&nbsp; 40902012 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 966365 |
| &nbsp;&nbsp;&nbsp; Due to broker | &nbsp;&nbsp;&nbsp; 32970428 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 37906 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 7799 | &nbsp;&nbsp;&nbsp; 5569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 1376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 17698 | &nbsp;&nbsp;&nbsp; 12813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | &nbsp;&nbsp;&nbsp; 17837 | &nbsp;&nbsp;&nbsp; 17886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 2400 | &nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp; 126896 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 1981 | &nbsp;&nbsp;&nbsp; 2356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 3557 | &nbsp;&nbsp;&nbsp; 3140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp; 33186727 | &nbsp;&nbsp;&nbsp; 1010705 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $57757667 | &nbsp;&nbsp;&nbsp; $39891307 |
| **Net Assets consist of:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | &nbsp;&nbsp;&nbsp; $48845271 | &nbsp;&nbsp;&nbsp; $39182323 |
| &nbsp;&nbsp;&nbsp; Total Accumulated Earnings (Loss) | &nbsp;&nbsp;&nbsp; 8912396 | &nbsp;&nbsp;&nbsp; 708984 |
| **Net Assets** | &nbsp;&nbsp;&nbsp; $57757667 | &nbsp;&nbsp;&nbsp; $39891307 |
| **Net Assets:** | &nbsp;&nbsp;&nbsp; $57757667 | &nbsp;&nbsp;&nbsp; $39891307 |
| **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):** | &nbsp;&nbsp;&nbsp; 1745000 | &nbsp;&nbsp;&nbsp; 1570000 |
| **Net Asset Value (offering and redemption price per share):** | &nbsp;&nbsp;&nbsp; $33.10 | &nbsp;&nbsp;&nbsp; $25.41 |

---

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

Annual Financial Statements and Other Information \| 19

Statements of OperationsFor the year ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Rareview Dynamic Fixed Income ETF** | **Rareview Tax Advantaged Income ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $3782122 | &nbsp;&nbsp;&nbsp; $1050359 |
| &nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp; 25126 | &nbsp;&nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 3807248 | &nbsp;&nbsp;&nbsp; 1051988 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 525453 | &nbsp;&nbsp;&nbsp; 140373 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 90803 | &nbsp;&nbsp;&nbsp; 31818 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp;&nbsp; 1062 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 102516 | &nbsp;&nbsp;&nbsp; 103114 |
| &nbsp;&nbsp;&nbsp; Index receipt agent fee | &nbsp;&nbsp;&nbsp; 10742 | &nbsp;&nbsp;&nbsp; 10742 |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 28777 | &nbsp;&nbsp;&nbsp; 35570 |
| &nbsp;&nbsp;&nbsp; Listing Fee | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 19202 | &nbsp;&nbsp;&nbsp; 6415 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp;&nbsp; 2175 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 8800 | &nbsp;&nbsp;&nbsp; 3200 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 6407 | &nbsp;&nbsp;&nbsp; 5482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 815050 | &nbsp;&nbsp;&nbsp; 355951 |
| Expenses contractually waived and/or reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; (2317) | &nbsp;&nbsp;&nbsp; (122099) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 812733 | &nbsp;&nbsp;&nbsp; 233852 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 2994515 | &nbsp;&nbsp;&nbsp; 818136 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; 165374 | &nbsp;&nbsp;&nbsp; (361389) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 192877 | &nbsp;&nbsp;&nbsp; 32798 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | &nbsp;&nbsp;&nbsp; 161325 | &nbsp;&nbsp;&nbsp; 11105 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from written options transactions | &nbsp;&nbsp;&nbsp; 388021 | &nbsp;&nbsp;&nbsp; 19665 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; (1184034) | &nbsp;&nbsp;&nbsp; (706090) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp; 4569 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on written options | &nbsp;&nbsp;&nbsp; (100310) | &nbsp;&nbsp;&nbsp; 16250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; (372178) | &nbsp;&nbsp;&nbsp; (987661) |
| **Change in Net Assets Resulting <br>From Operations** | &nbsp;&nbsp;&nbsp; $2622337 | &nbsp;&nbsp;&nbsp; $(169525) |

---

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

Annual Financial Statements and Other Information \| 20

Statements of Operations (continued)For the year ended September 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview <br>Total Return <br>Bond ETF** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | &nbsp;&nbsp;&nbsp; $1566133 | &nbsp;&nbsp;&nbsp; $51819 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91974 |
| &nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1517515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp; 1566133 | &nbsp;&nbsp;&nbsp; 1661308 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp; 627481 | &nbsp;&nbsp;&nbsp; 225025 |
| &nbsp;&nbsp;&nbsp; Administration | &nbsp;&nbsp;&nbsp; 94858 | &nbsp;&nbsp;&nbsp; 57096 |
| &nbsp;&nbsp;&nbsp; Compliance services | &nbsp;&nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp; 1984 | &nbsp;&nbsp;&nbsp; 4015 |
| &nbsp;&nbsp;&nbsp; Offering costs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Fund accounting | &nbsp;&nbsp;&nbsp; 103720 | &nbsp;&nbsp;&nbsp; 61434 |
| &nbsp;&nbsp;&nbsp; Index receipt agent fee | &nbsp;&nbsp;&nbsp; 10742 | &nbsp;&nbsp;&nbsp; 10742 |
| &nbsp;&nbsp;&nbsp; Interest | &nbsp;&nbsp;&nbsp; 745211 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Legal and audit | &nbsp;&nbsp;&nbsp; 35540 | &nbsp;&nbsp;&nbsp; 29964 |
| &nbsp;&nbsp;&nbsp; Listing Fee | &nbsp;&nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp; 7000 |
| &nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp; 9635 | &nbsp;&nbsp;&nbsp; 9039 |
| &nbsp;&nbsp;&nbsp; Treasurer | &nbsp;&nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 2700 |
| &nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp; 9600 | &nbsp;&nbsp;&nbsp; 4800 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp; 7252 | &nbsp;&nbsp;&nbsp; 6363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | &nbsp;&nbsp;&nbsp; 1666523 | &nbsp;&nbsp;&nbsp; 427211 |
| Expenses contractually waived and/or <br>reimbursed by the Advisor | &nbsp;&nbsp;&nbsp; (151298) | &nbsp;&nbsp;&nbsp; (201899) |
| Expenses voluntarily waived by the Advisor<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11735) |
| **Total Net Expenses** | &nbsp;&nbsp;&nbsp; 1515225 | &nbsp;&nbsp;&nbsp; 213577 |
| **Net Investment Income (Loss)** | &nbsp;&nbsp;&nbsp; 50908 | &nbsp;&nbsp;&nbsp; 1447731 |
| **Realized and Unrealized Gains (Losses):** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | &nbsp;&nbsp;&nbsp; (54450) | &nbsp;&nbsp;&nbsp; (33475) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from affiliated funds transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31692) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from in-kind transactions | &nbsp;&nbsp;&nbsp; 3497107 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from futures transactions | &nbsp;&nbsp;&nbsp; (2896634) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp; 6994047 | &nbsp;&nbsp;&nbsp; (36115) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on affiliated funds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (72347) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on futures | &nbsp;&nbsp;&nbsp; (917385) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses): | &nbsp;&nbsp;&nbsp; 6622685 | &nbsp;&nbsp;&nbsp; (173629) |
| **Change in Net Assets Resulting <br>From Operations** | &nbsp;&nbsp;&nbsp; $6673593 | &nbsp;&nbsp;&nbsp; $1274102 |

---

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

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

Annual Financial Statements and Other Information \| 21

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rareview Dynamic Fixed <br>Income ETF** | **Rareview Dynamic Fixed <br>Income ETF** | **Rareview Tax Advantaged <br>Income ETF** | **Rareview Tax Advantaged <br>Income ETF** |
|  | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** |
| **From Investment Activities:** | **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $2994515 | &nbsp;&nbsp;&nbsp; $2030100 | &nbsp;&nbsp;&nbsp; $818136 | &nbsp;&nbsp;&nbsp; $859484 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, in-kind, futures, and written options transactions | &nbsp;&nbsp;&nbsp; 907597 | &nbsp;&nbsp;&nbsp; 228820 | &nbsp;&nbsp;&nbsp; (297821) | &nbsp;&nbsp;&nbsp; (467065) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, futures, and written options | &nbsp;&nbsp;&nbsp; (1279775) | &nbsp;&nbsp;&nbsp; 8188721 | &nbsp;&nbsp;&nbsp; (689840) | &nbsp;&nbsp;&nbsp; 4846988 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 2622337 | &nbsp;&nbsp;&nbsp; 10447641 | &nbsp;&nbsp;&nbsp; (169525) | &nbsp;&nbsp;&nbsp; 5239407 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (3880973) | &nbsp;&nbsp;&nbsp; (2881171) | &nbsp;&nbsp;&nbsp; (1113252) | &nbsp;&nbsp;&nbsp; (868991) |
| &nbsp;&nbsp;&nbsp; Return of Capital | &nbsp;&nbsp;&nbsp; (560469) | &nbsp;&nbsp;&nbsp; (367876) | &nbsp;&nbsp;&nbsp; (3604) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (4441442) | &nbsp;&nbsp;&nbsp; (3249047) | &nbsp;&nbsp;&nbsp; (1116856) | &nbsp;&nbsp;&nbsp; (868991) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 13892211 | &nbsp;&nbsp;&nbsp; 16349958 | &nbsp;&nbsp;&nbsp; 806893 | &nbsp;&nbsp;&nbsp; 226779 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7621686) | &nbsp;&nbsp;&nbsp; (5882324) | &nbsp;&nbsp;&nbsp; (2462449) | &nbsp;&nbsp;&nbsp; (2495494) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; 6270525 | &nbsp;&nbsp;&nbsp; 10467634 | &nbsp;&nbsp;&nbsp; (1655556) | &nbsp;&nbsp;&nbsp; (2268715) |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; 4451420 | &nbsp;&nbsp;&nbsp; 17666228 | &nbsp;&nbsp;&nbsp; (2941937) | &nbsp;&nbsp;&nbsp; 2101701 |
| **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp; 54114995 | &nbsp;&nbsp;&nbsp; 36448767 | &nbsp;&nbsp;&nbsp; 21025886 | &nbsp;&nbsp;&nbsp; 18924185 |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp; $58566415 | &nbsp;&nbsp;&nbsp; $54114995 | &nbsp;&nbsp;&nbsp; $18083949 | &nbsp;&nbsp;&nbsp; $21025886 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (330000) | &nbsp;&nbsp;&nbsp; (260000) | &nbsp;&nbsp;&nbsp; (120000) | &nbsp;&nbsp;&nbsp; (130000) |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp; (80000) | &nbsp;&nbsp;&nbsp; (120000) |

---

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

Annual Financial Statements and Other Information \| 22

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** | **Rareview Systematic <br>Equity ETF** | **Rareview Total Return <br>Bond ETF** | **Rareview Total Return <br>Bond ETF** |
|  | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2025** | **For the period<br>May 31, 2024<sup>(a)</sup>** **<br>through<br>September 30, 2024** |
| **From Investment Activities:** | **From Investment Activities:** |  |  |  |
| **Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $50908 | &nbsp;&nbsp;&nbsp; $564069 | &nbsp;&nbsp;&nbsp; $1447731 | &nbsp;&nbsp;&nbsp; $288405 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment, affiliated funds in-kind, and futures transactions | &nbsp;&nbsp;&nbsp; 546023 | &nbsp;&nbsp;&nbsp; 3539197 | &nbsp;&nbsp;&nbsp; (65167) | &nbsp;&nbsp;&nbsp; 147265 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, affiliated funds, and futures | &nbsp;&nbsp;&nbsp; 6076662 | &nbsp;&nbsp;&nbsp; 7992594 | &nbsp;&nbsp;&nbsp; (108462) | &nbsp;&nbsp;&nbsp; 703478 |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; 6673593 | &nbsp;&nbsp;&nbsp; 12095860 | &nbsp;&nbsp;&nbsp; 1274102 | &nbsp;&nbsp;&nbsp; 1139148 |
| **Distributions to Shareholders From:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | &nbsp;&nbsp;&nbsp; (4812249) | &nbsp;&nbsp;&nbsp; (536486) | &nbsp;&nbsp;&nbsp; (1515287) | &nbsp;&nbsp;&nbsp; (188979) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | &nbsp;&nbsp;&nbsp; (4812249) | &nbsp;&nbsp;&nbsp; (536486) | &nbsp;&nbsp;&nbsp; (1515287) | &nbsp;&nbsp;&nbsp; (188979) |
| **Capital Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8873220 | &nbsp;&nbsp;&nbsp; 19080776 | &nbsp;&nbsp;&nbsp; 15864348 | &nbsp;&nbsp;&nbsp; 23306322 |
| &nbsp;&nbsp;&nbsp; Variable transaction fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11653 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12575871) | &nbsp;&nbsp;&nbsp; (5586112) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | &nbsp;&nbsp;&nbsp; (3702651) | &nbsp;&nbsp;&nbsp; 13494664 | &nbsp;&nbsp;&nbsp; 15864348 | &nbsp;&nbsp;&nbsp; 23317975 |
| &nbsp;&nbsp;&nbsp; Change in net assets | &nbsp;&nbsp;&nbsp; (1841307) | &nbsp;&nbsp;&nbsp; 25054038 | &nbsp;&nbsp;&nbsp; 15623163 | &nbsp;&nbsp;&nbsp; 24268144 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 59598974 | &nbsp;&nbsp;&nbsp; 34544936 | &nbsp;&nbsp;&nbsp; 24268144 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp;&nbsp; $57757667 | &nbsp;&nbsp;&nbsp; $59598974 | &nbsp;&nbsp;&nbsp; $39891307 | &nbsp;&nbsp;&nbsp; $24268144 |
| **Share Transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 930000 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp; (450000) | &nbsp;&nbsp;&nbsp; (200000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in shares | &nbsp;&nbsp;&nbsp; (150000) | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 930000 |

---

(a) Commencement of operations.

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

Annual Financial Statements and Other Information \| 23

Statement of Cash FlowsFor the year ended September 30, 2025

---

| | |
|:---|:---|
|  | **Rareview Systematic <br>Equity ETF** |
| **Cash Flows from Operating Activities:** |  |
| Net increase in net assets from operations | &nbsp;&nbsp;&nbsp; $6673593 |
| Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp; Purchases of investments | &nbsp;&nbsp;&nbsp; (126919214) |
| &nbsp;&nbsp;&nbsp; Proceeds from disposition of investments | &nbsp;&nbsp;&nbsp; 87930809 |
| Net realized losses from investment transactions | &nbsp;&nbsp;&nbsp; 54450 |
| Net realized gains from in-kind transactions | &nbsp;&nbsp;&nbsp; (3497107) |
| Net realized losses from futures collateral | &nbsp;&nbsp;&nbsp; (28536) |
| Change in unrealized (appreciation) on investments | &nbsp;&nbsp;&nbsp; (6994047) |
| (Increase) decrease in assets: |  |
| Interest & Dividend Receivable | &nbsp;&nbsp;&nbsp; (47474) |
| Prepaid expenses | &nbsp;&nbsp;&nbsp; (949) |
| Increase (decrease) in assets and liabilities: |  |
| Change in deposits at broker/due to broker | &nbsp;&nbsp;&nbsp; 40395829 |
| Payments for futures contracts transactions | &nbsp;&nbsp;&nbsp; (30535) |
| Accounts payable and accrued expenses | &nbsp;&nbsp;&nbsp; 143691 |
| &nbsp;&nbsp;&nbsp; Net cash used in operating activities | &nbsp;&nbsp;&nbsp; (2319490) |
| **Cash Flows from Financing Activities:** |  |
| Proceeds from shares issued - cash component | &nbsp;&nbsp;&nbsp; 2309930 |
| Cost of shares redeemed - cash component | &nbsp;&nbsp;&nbsp; 4769895 |
| Cash dividends paid | &nbsp;&nbsp;&nbsp; (4812249) |
| &nbsp;&nbsp;&nbsp; Net cash provided by financing activities | &nbsp;&nbsp;&nbsp; 2267576 |
| Net change in cash | &nbsp;&nbsp;&nbsp; (51914) |
| Cash at beginning of period | &nbsp;&nbsp;&nbsp; 551692 |
| Cash at end of period | &nbsp;&nbsp;&nbsp; $499778 |
| **Supplemental Disclosure for Non-Cash Operating Activities:** |  |
| Purchases of investment securities in-kind | &nbsp;&nbsp;&nbsp; $(6563290) |
| Sales of investment securities in-kind | &nbsp;&nbsp;&nbsp; 17345766 |
| **Supplemental Disclosure for Non-Cash Financing Activities:** |  |
| Proceeds from shares sold in-kind | &nbsp;&nbsp;&nbsp; $6563290 |
| Payment on shares redeemed in-kind | &nbsp;&nbsp;&nbsp; (17345766) |

---

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

Annual Financial Statements and Other Information \| 24

Financial Highlights

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

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

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

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

(i) Excludes the impact of in-kind transactions.

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

Annual Financial Statements and Other Information \| 25

Financial Highlights (continued)

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

(c) Less than $0.005.

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

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

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

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

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

(j) Excludes the impact of in-kind transactions.

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

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

Annual Financial Statements and Other Information \| 26

Financial Highlights (continued)

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(e) Not annualized for periods less than one year.

(f) Annualized for periods less than one year.

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

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

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

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

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

(l) Excludes the impact of in-kind transactions.

(m) The ratio of net expenses to average net assets and ratio of gross expenses to average net assets include 1.31% of interest expense related to collateral activity.

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

Annual Financial Statements and Other Information \| 27

Financial Highlights (continued)

---

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

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

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

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

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

(i) Excludes the impact of in-kind transactions.

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

Annual Financial Statements and Other Information \| 28

Notes to Financial StatementsSeptember 30, 2025

**(1) Organization**

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

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

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

**(2) Significant Accounting Policies**

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the Shares may be different from their net asset value ("NAV"). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, currently 10,000 Shares, called Creation Units ("Creation Units"). Creation Units are issued and redeemed principally in-kind

Annual Financial Statements and Other Information \| 29

Notes to Financial Statements (continued)September 30, 2025

for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of each Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Foreside Fund Services, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds.

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

**A. Investment Valuations**

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

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

Annual Financial Statements and Other Information \| 30

Notes to Financial Statements (continued)September 30, 2025

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

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

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

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

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

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

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

Annual Financial Statements and Other Information \| 31

Notes to Financial Statements (continued)September 30, 2025

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

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

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

The Funds did not hold any Level 3 investments as of September 30, 2025.

The following table provides the fair value measurement as of September 30, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for each Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Dynamic Fixed Income ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp; $45763009 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $45763009 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 10890416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10890416 |
| &nbsp;&nbsp;&nbsp; Purchased Option Contracts | &nbsp;&nbsp;&nbsp; 399506 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 399506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | &nbsp;&nbsp;&nbsp; $57052931 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $57052931 |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp; 4569 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4569 |
| &nbsp;&nbsp;&nbsp; Written Option Contracts | &nbsp;&nbsp;&nbsp; (181594) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (181594) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; $56875906 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $56875906 |

---

Annual Financial Statements and Other Information \| 32

Notes to Financial Statements (continued)September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Total Investments** |
| **Rareview Tax Advantaged Income ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp; $17730912 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17730912 |
| &nbsp;&nbsp;&nbsp; Purchased Option Contracts | &nbsp;&nbsp;&nbsp; 22750 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Securities | &nbsp;&nbsp;&nbsp; 17753662 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17753662 |
| &nbsp;&nbsp;&nbsp; Other Financial Instruments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Option Contracts | &nbsp;&nbsp;&nbsp; (9750) |  | &nbsp;&nbsp;&nbsp; (9750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; $17743912 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $17743912 |
| **Rareview Systematic Equity ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; $90327164 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $90327164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; $90327164 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $90327164 |
| **Rareview Total Return Bond ETF** |  |  |  |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $545663 | &nbsp;&nbsp;&nbsp; $545663 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2865061 | &nbsp;&nbsp;&nbsp; 2865061 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2530741 | &nbsp;&nbsp;&nbsp; 2530741 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8771711 | &nbsp;&nbsp;&nbsp; 8771711 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | &nbsp;&nbsp;&nbsp; 4981137 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4981137 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 332923 | &nbsp;&nbsp;&nbsp; 332923 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp; 160383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 160383 |
| &nbsp;&nbsp;&nbsp; Treasury Bill | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 843546 | &nbsp;&nbsp;&nbsp; 843546 |
| &nbsp;&nbsp;&nbsp; Treasury Notes | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5328754 | &nbsp;&nbsp;&nbsp; 5328754 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Mortgages | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13379200 | &nbsp;&nbsp;&nbsp; 13379200 |
| &nbsp;&nbsp;&nbsp; Yankee Dollars | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 494366 | &nbsp;&nbsp;&nbsp; 494366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp;&nbsp; $5141520 | &nbsp;&nbsp;&nbsp; $35091965 | &nbsp;&nbsp;&nbsp; $40233485 |

---

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

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Funds is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced

Annual Financial Statements and Other Information \| 33

Notes to Financial Statements (continued)September 30, 2025

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

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

**C. Cash**

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

**D. Dividends and Distributions to Shareholders**

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

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

**E. Allocation of Expenses**

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

Annual Financial Statements and Other Information \| 34

Notes to Financial Statements (continued)September 30, 2025

**F. Short Sales**

The Funds may engage in short sales against the box (i.e., where the Funds own or have an unconditional right to acquire at no additional cost a security substantially similar to the security sold short) for hedging purposes to limit exposure to a possible market decline in the value of their portfolio securities. In a short sale, the Funds sell a borrowed security and have a corresponding obligation to the lender to return the identical security. The Funds may also incur dividend and interest expense on securities sold short. When the Funds engage in a short sale, the Funds record a liability for securities sold short and record an asset equal to the proceeds received. The amount of the liability is subsequently marked to market to reflect the market value of the securities sold short. To borrow the security, the Funds also may be required to pay a premium, which would increase the cost of the security sold. There were no open short positions as of September 30, 2025.

**F. Derivative Instruments:**

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

***Futures Contracts:***

The Funds may enter into futures contracts for the purpose of hedging existing portfolio securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing market interest conditions. Upon entering into futures contracts, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin", are made or received each day, depending on the daily fluctuations in the fair value of the underlying security. The Funds recognize an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the amounts reflected on the Statements of Assets and Liabilities as variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Funds and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the

Annual Financial Statements and Other Information \| 35

Notes to Financial Statements (continued)September 30, 2025

contract. The gross notional amount of futures contracts outstanding as of September 30, 2025, and the monthly average notional amount for these contracts for the period ended September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Outstanding <br>Notional Amount <br>(000)** | **Outstanding <br>Notional Amount <br>(000)** | **Monthly Average <br>Notional Amount <br>(000)**  | **Monthly Average <br>Notional Amount <br>(000)**  |
| **Futures Contracts:** | **Long** | **Short** | **Long** | **Short** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $1175 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16357 | &nbsp;&nbsp;&nbsp; $— |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1656 | &nbsp;&nbsp;&nbsp; — |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15573 | &nbsp;&nbsp;&nbsp; 2301 |

---

***Options Contracts:***

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

Written Options – The Funds receive a premium which is recorded as a liability and is subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset and are required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current value. As of September 30, 2025, the Funds hold deposits at brokers for written options collateral, which is reported on the Statements of Assets and Liabilities.

Annual Financial Statements and Other Information \| 36

Notes to Financial Statements (continued)September 30, 2025

The gross notional amount of purchased and written options outstanding as of September 30, 2025, and the monthly average notional amount for these contracts for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Outstanding<br>Notional Amount<br>(000)** | **Monthly Average<br>Notional Amount<br>(000)** |
| **Purchased Options:** |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $1401904 | &nbsp;&nbsp;&nbsp; $513261 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 125450 | &nbsp;&nbsp;&nbsp; 25865 |
| **Written Options:** |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $1405536 | &nbsp;&nbsp;&nbsp; $514069 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 125775  | &nbsp;&nbsp;&nbsp; 25939 |

---

***Summary of Derivative Instruments:***

The following is a summary of the fair value of derivative instruments on the Statements of Assets and Liabilities, categorized by risk exposure, as of September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
|  | **Investments, at Value for Purchased Options** | **Investments, at Value for Purchased Options** | **Unrealized Appreciation on Futures Contracts<sup>(a)</sup>**  | **Written Options, at Value** | **Unrealized Depreciation on Futures Contracts<sup>(a)</sup>**  |
| **Currency Risk Exposure:** |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF |  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4569 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |  |  |  |  |
| Rareview Dynamic Fixed Income ETF  |  | &nbsp;&nbsp;&nbsp; 399506 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 181594 | &nbsp;&nbsp;&nbsp; — |
| Rareview Tax Advantaged Income ETF  |  | &nbsp;&nbsp;&nbsp; 22750 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9750 | &nbsp;&nbsp;&nbsp; — |

---

(a) For futures contracts, the amounts represent their cumulative appreciation (depreciation) as reported on the Portfolios of Investments. Only the current day's variation margin, if any, is reported within the Statements of Assets and Liabilities as variation margin on futures contracts.

Annual Financial Statements and Other Information \| 37

Notes to Financial Statements (continued)September 30, 2025

The following is a summary of the effect of derivative instruments on the Statements of Operations, categorized by risk exposure, for the year ended September 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Realized Gains (Losses) from** | **Net Realized Gains (Losses) from** | **Net Realized Gains (Losses) from** | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives**  | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives**  | **Net Change in Unrealized Appreciation (Depreciation) <br>on Derivatives**  |
|  | **Futures Contracts** | **Purchased Options<sup>(a)</sup>**  | **Written Options** | **Futures Contracts** | **Purchased Options<sup>(b)</sup>**  | **Written Options** |
| **Currency Risk Exposure:** |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $233406 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4569 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| **Equity Risk Exposure:** |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; (154369) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (100310) |
| Rareview Systematic Equity ETF | (2896634) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (917385) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** |  |  |  |  |  |  |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; 82288 | &nbsp;&nbsp;&nbsp; (823176) | &nbsp;&nbsp;&nbsp; 388021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 101150 | &nbsp;&nbsp;&nbsp; — |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 11105 | &nbsp;&nbsp;&nbsp; (36910) | &nbsp;&nbsp;&nbsp; 19665 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35750) | &nbsp;&nbsp;&nbsp; 16250 |

---

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

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

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

**A. Investment Advisory Fees**

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

---

| | |
|:---|:---|
| **Fund** | **Management Fee Rate** |
| Rareview Dynamic Fixed Income ETF | 0.97% |
| Rareview Tax Advantaged Income ETF | 0.75% |
| Rareview Systematic Equity ETF | 1.10%  |
| Rareview Total Return Bond ETF | 0.67% |

---

GST Management, LLC dba RegimePilot ("GST") serves as the subadvisor for Rareview Systematic Equity ETF and is paid for its services directly by the Advisor, not the Fund. GST is paid 50% of the net management fees.

Annual Financial Statements and Other Information \| 38

Notes to Financial Statements (continued)September 30, 2025

In addition, the Advisor has contractually agreed to waive a portion or all of its management fees and/or reimburse each Fund's expenses (excluding front-end or contingent deferred loads, Rule 12b-1 fees, shareholder servicing fees, acquired fund fees and expenses, taxes, leverage/borrowing interest, interest expense, dividends on securities sold short, brokerage or other transactional expenses and extraordinary expenses) in order to limit the Total Annual Operating Expenses after fee waivers and/or expense reimbursements to a specific percentage of each Fund's average daily net assets (the "Expense Cap") as identified below.

---

| | |
|:---|:---|
| **Fund** | **Expense Cap** |
| Rareview Dynamic Fixed Income ETF | 1.50% |
| Rareview Tax Advantaged Income ETF | 1.25% |
| Rareview Systematic Equity ETF  | 1.35%  |
| Rareview Total Return Bond ETF | 0.67% |

---

The Expense Cap for the Funds will remain in effect through at least January 31, 2026. Each Expense Cap may be terminated earlier only upon approval by the Board, on 60 days' written notice to the Advisor. More information about each Fund's fee waiver and Expense Cap is available in the "Management of the Fund" section of the Funds' prospectus.

The Advisor may request recoupment of previously waived fees and reimbursed Fund expenses from the applicable Fund for three years from the date they were waived or reimbursed, provided that after payment of the recoupment, the Total Annual Fund Operating Expenses do not exceed the lesser of the Expense Cap: (i) in effect at the time of the waiver or reimbursement; or (ii) in effect at the time of recoupment.

As of September 30, 2025, the Advisor may recoup amounts from the Funds as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Waived/ Reimbursed FY 2023 Expires 09/30/2026** | **Waived/ Reimbursed FY 2024 Expires 09/30/2027** | **Waived/ Reimbursed FY 2025 Expires 09/30/2028** | **Total** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $1140 | &nbsp;&nbsp;&nbsp; $18874 | &nbsp;&nbsp;&nbsp; $2317 | &nbsp;&nbsp;&nbsp; $22331 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 78585 | &nbsp;&nbsp;&nbsp; 82329 | &nbsp;&nbsp;&nbsp; 122099 | &nbsp;&nbsp;&nbsp; 283013 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 102421 | &nbsp;&nbsp;&nbsp; 116244 | &nbsp;&nbsp;&nbsp; 151298 | &nbsp;&nbsp;&nbsp; 369963 |
| Rareview Total Return Bond ETF<sup>(a)</sup>  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66785 | &nbsp;&nbsp;&nbsp; 201899 | &nbsp;&nbsp;&nbsp; 268684 |

---

(a) The Advisor has voluntarily agreed to waive the amount of the management fee associated with Rareview Total Return Bond ETF's affiliated investment in Rareview Dynamic Fixed Income ETF. This amount is shown as "Expenses voluntarily waived by the Advisor" on the Statements of Operations and cannot be recouped by the Advisor in future years.

Annual Financial Statements and Other Information \| 39

Notes to Financial Statements (continued)September 30, 2025

**Affiliated Transactions:**

At September 30, 2025, the following investments are noted as Affiliated Securities in Rareview Total Return Bond ETF's Portfolio of Investments:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance at September 30, 2024** | **Purchases at Cost** | **Proceeds from Sales** | **Net Realized Gain (Loss) on Sales** | **Change in Unrealized Appreciation (Depreciation)** | **Balance at September 30, 2025** | **Shares as of September 30, 2025** | **Dividend Income** | **Capital Gains Distributions** |
| Rareview Dynamic Fixed Income ETF | $1283328 | $3783028 | $1761421 | $(31692) | $(72347) | $3200896 | 131806 | $91974 | $— |

---

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

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

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

**C. Distribution and Shareholder Services Fees**

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

**D. Compliance Services**

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

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using each Fund's net assets at month-end and is paid by the Funds on a quarterly basis as previously approved by the Board. During the year ended September 30, 2025, the Funds paid a total of $9,803 to the Treasurer.

**F. General**

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

Annual Financial Statements and Other Information \| 40

Notes to Financial Statements (continued)September 30, 2025

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $80978186 | &nbsp;&nbsp;&nbsp; $81646337 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 9472326 | &nbsp;&nbsp;&nbsp; 9663946 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 126919214 | &nbsp;&nbsp;&nbsp; 87930809 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 57731679 | &nbsp;&nbsp;&nbsp; 41842033 |

---

Purchases and sales of in-kind transactions for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $13354903 | &nbsp;&nbsp;&nbsp; $7410159 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 786269 | &nbsp;&nbsp;&nbsp; 2417108 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 6563290 | &nbsp;&nbsp;&nbsp; 17345766 |

---

Purchases and sales of long-term U.S. government securities for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; $29384794 | &nbsp;&nbsp;&nbsp; $22072951 |

---

**(5) Capital Share Transactions**

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

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

---

| | | |
|:---|:---|:---|
|  | **Fee for <br>In-Kind and <br>Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>**  |
| Rareview Dynamic Fixed Income ETF | $250 | 2.00% |
| Rareview Tax Advantaged Income ETF | 250 | 2.00% |
| Rareview Systematic Equity ETF | 250 | 2.00% |
| Rareview Total Return Bond ETF | 250 | 2.00% |

---

(a) As a percentage of the amount invested.

Annual Financial Statements and Other Information \| 41

Notes to Financial Statements (continued)September 30, 2025

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

As of September 30, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of<br>Securities** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation/<br>(Depreciation)** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $54834483 | &nbsp;&nbsp;&nbsp; $2504000 | &nbsp;&nbsp;&nbsp; $(285552) | &nbsp;&nbsp;&nbsp; $2218448 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 17350433 | &nbsp;&nbsp;&nbsp; 619121 | &nbsp;&nbsp;&nbsp; (215892) | &nbsp;&nbsp;&nbsp; 403229 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 75661880 | &nbsp;&nbsp;&nbsp; 14665284 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14665284 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 39638469 | &nbsp;&nbsp;&nbsp; 647769 | &nbsp;&nbsp;&nbsp; (52753) | &nbsp;&nbsp;&nbsp; 595016 |

---

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

Annual Financial Statements and Other Information \| 42

Notes to Financial Statements (continued)September 30, 2025

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  |
|  | **Ordinary Income** | **Net <br>Capital Gains** | **Total Taxable Distributions** | **Tax-Exempt Distributions** | **Return <br>of Capital** | **Total Distributions Paid** |
| Rareview Dynamic Fixed Income ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; $2619511 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2619511 | &nbsp;&nbsp;&nbsp; $261660 | &nbsp;&nbsp;&nbsp; $367876  | &nbsp;&nbsp;&nbsp; $3249047 |
| &nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 3497013 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3497013 | &nbsp;&nbsp;&nbsp; 383960 | &nbsp;&nbsp;&nbsp; 560469  | &nbsp;&nbsp;&nbsp; 4441442 |
| Rareview Tax Advantaged Income ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 45309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45309 | &nbsp;&nbsp;&nbsp; 823682 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 868991 |
| &nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 485062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 485062 | &nbsp;&nbsp;&nbsp; 628190 | &nbsp;&nbsp;&nbsp; 3604 | &nbsp;&nbsp;&nbsp; 1116856 |
| Rareview Systematic Equity ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 536486 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 536486 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 536486 |
| &nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 2624204 | &nbsp;&nbsp;&nbsp; 2188045 | &nbsp;&nbsp;&nbsp; 4812249 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4812249 |
| Rareview Total Return Bond ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp; 188979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188979 |
| &nbsp;&nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp; 1515287 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1515287 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1515287 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total <br>Distributable Earnings (Accumulated Loss)** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(8239688) | &nbsp;&nbsp;&nbsp; $2220594 | &nbsp;&nbsp;&nbsp; $(6019094) |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4862248) | &nbsp;&nbsp;&nbsp; 403229 | &nbsp;&nbsp;&nbsp; (4459019) |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5752888) | &nbsp;&nbsp;&nbsp; 14665284 | &nbsp;&nbsp;&nbsp; 8912396 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 179309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179309 | &nbsp;&nbsp;&nbsp; (65341) | &nbsp;&nbsp;&nbsp; 595016 | &nbsp;&nbsp;&nbsp; 708984 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $6385905 | &nbsp;&nbsp;&nbsp; $1853783 | &nbsp;&nbsp;&nbsp; $8239688 |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 2244516 | &nbsp;&nbsp;&nbsp; 2617732 | &nbsp;&nbsp;&nbsp; 4862248 |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; 594542 | &nbsp;&nbsp;&nbsp; 1142316 | &nbsp;&nbsp;&nbsp; 1736858 |
| Rareview Total Return Bond ETF | &nbsp;&nbsp;&nbsp; 55815 | &nbsp;&nbsp;&nbsp; 9526 | &nbsp;&nbsp;&nbsp; 65341 |

---

Annual Financial Statements and Other Information \| 43

Notes to Financial Statements (continued)September 30, 2025

During the tax year ended September 30, 2025, the following Funds utilized capital loss carryforwards:

---

| | |
|:---|:---|
|  | **Capital Loss Carryforward Used** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $361674 |

---

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

As of the tax year ended September 30, 2025, the Funds deferred losses are as follows:

---

| | |
|:---|:---|
|  | **Late Year Ordinary Loss Deferred** |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; $95835 |

---

**Permanent Tax Differences:**

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

---

| | | |
|:---|:---|:---|
|  | **Total Distributable Earnings / (Loss)** | **Paid in Capital** |
| Rareview Dynamic Fixed Income ETF | &nbsp;&nbsp;&nbsp; $615405 | &nbsp;&nbsp;&nbsp; $(615405) |
| Rareview Tax Advantaged Income ETF | &nbsp;&nbsp;&nbsp; 230040 | &nbsp;&nbsp;&nbsp; (230040) |
| Rareview Systematic Equity ETF | &nbsp;&nbsp;&nbsp; (3497103) | &nbsp;&nbsp;&nbsp; 3497103 |

---

**(7) Investment Risks**

**ETF Risk**

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

Annual Financial Statements and Other Information \| 44

Notes to Financial Statements (continued)September 30, 2025

**Market and Geopolitical Risk**

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

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

**(8) Concentration of Investments**

As of September 30, 2025, the Rareview Systematic Equity ETF's investments in Invesco QQQ Trust Series 1, F/m US Treasury 3 Month Bill ETF, Vanguard FTSE Developed Markets ETF, and Vanguard S&P 500 ETF represented 26.3%, 26.2%, 32.3%, and 45.7% of the Fund's net assets, respectively. The financial statements of Invesco QQQ Trust Series 1 can be found by accessing the fund's website at https://www.invesco.com/corporate/en/home.html. The financial of U.S. Treasury 3 Month Bill ETF can be found by accessing the fund's website at https://www.fminvest.com. The financial statements of the Vanguard FTSE Developed Markets ETF and the Vanguard S&P 500 ETF can be found by accessing the funds' website at *http://www.vanguard.com*.

**(9) Segment Reporting**

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures during the period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or their results

Annual Financial Statements and Other Information \| 45

Notes to Financial Statements (continued)September 30, 2025

of operations. Subject to the oversight and, when applicable, approval of the Board, the Advisor acts as the Funds' CODM and is responsible for assessing performance and making decisions about resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation are determined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**(10) New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**(11) Subsequent Events**

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of September 30, 2025.

Annual Financial Statements and Other Information \| 46

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of Rareview ETFs and

Board of Trustees of Collaborative Investment Series Trust

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

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Rareview Dynamic Fixed Income ETF, Rareview Tax Advantaged Income ETF, Rareview Systematic Equity ETF and Rareview Total Return Bond ETF (the "Funds"), each a series of Collaborative Investment Series Trust, as of September 30, 2025, the related statements of operations, cash flows\*, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, cash flows and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations and Cash Flows\*** | **Statements of<br>Changes in<br>Net Assets** | **Financial<br>Highlights** |
| Rareview Dynamic<br> Fixed Income ETF<br> and Rareview<br> Tax Advantaged<br> Income ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023 and 2022, and for the period October 20, 2020 (commencement of operations) through September 30, 2021 |
| Rareview Systematic Equity ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024 and 2023, and for the period January 20, 2022 (commencement of operations) through September 30, 2022 |
| Rareview Total Return Bond ETF | For the year ended September 30, 2025 | For the year ended September 30, 2025, and for the period May 31, 2024 (commencement of operations) through September 30, 2024 | For the year ended September 30, 2025, and for the period May 31, 2024 (commencement of operations) through September 30, 2024 |

---

\* Rareview Systematic Equity ETF only Basis for Opinion

Annual Financial Statements and Other Information \| 47

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' 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 Funds 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 September 30, 2025, 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 auditor of one or more investment companies advised by Rareview Capital, LLC since 2016.

![](rareview-ncsr093025img001.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

Annual Financial Statements and Other Information \| 48

Additional InformationSeptember 30, 2025 (Unaudited)

**Other Federal Income Tax Information:**

During the fiscal year ended September 30, 2025, the Funds declared short-term realized gain distributions in the following amount:

---

| | |
|:---|:---|
|  | **Short-Term Capital Gains** |
| Rareview Systematic Equity ETF | $2242517 |
| Rareview Total Return Bond ETF | 145933 |

---

During the fiscal year ended September 30, 2025, the Funds declared long-term realized gain distributions in the following amount:

---

| | |
|:---|:---|
|  | **Long-Term Capital Gains** |
| Rareview Systematic Equity ETF | $2188045 |

---

During the fiscal year ended September 30, 2025, the following percentage of the total ordinary income distributions paid by the Funds qualifies for the distributions received deduction available to corporate shareholders:

---

| | |
|:---|:---|
|  | **Distributions Received Deduction** |
| Rareview Dynamic Fixed Income ETF | 11.95% |
| Rareview Tax Advantaged Income ETF | 52.89% |
| Rareview Systematic Equity ETF | 10.37% |

---

During the fiscal year ended September 30, 2025, the percentage of Qualified Dividend Income is as follows:

---

| | |
|:---|:---|
|  | **Qualified Dividend Income** |
| Rareview Dynamic Fixed Income ETF | 10.09% |
| Rareview Tax Advantaged Income ETF | 0.75% |
| Rareview Systematic Equity ETF | 20.28% |

---

During the fiscal year ended September 30, 2025, the following Funds designated the maximum amount allowable as interest-related dividends for certain non-U.S. resident investors:

---

| | |
|:---|:---|
|  | **Qualified Interest Income** |
| Rareview Systematic Equity ETF | 0.41% |
| Rareview Total Return Bond ETF | 18.07% |

---

Annual Financial Statements and Other Information \| 49

Additional Information (continued)September 30, 2025 (Unaudited)

**Proxy Voting:**

Information regarding how the Funds voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Funds use to determine how to vote proxies is available without charge, upon request, (i) by calling 1-888-783-8637; (ii) on the Funds' website at https://rareviewcapital.com/etfs/; and (iii) by referring to the Securities and Exchange Commission's website at http://www.sec.gov

Annual Financial Statements and Other Information \| 50

**Items 8-11** (Unaudited)

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

Not Applicable.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Proposal** | **Votes For** | **Votes Against** | **Abstentions/<br>Votes Withheld** |
| 1 | 829,019.894 | 19,916 | 42,810 |
| 2 | 825,514.894 | 23,421 | 42,810 |

---

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

Refer to the financial statements included herein.

Annual Financial Statements and Other Information \| 51

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

**Rareview Dynamic Fixed Income ETF and Rareview Tax Advantaged ETF**

<u>Renewal of the Investment Advisory Agreement with Rareview Capital LLC</u>

In connection with the meeting of the Board of Trustees (the "Board") of Collaborative Investment Series Trust (the "Trust") held on May 16, 2025 (the "Meeting"), the Board, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement between Rareview Capital LLC ("Rareview") and the Trust, with respect to Rareview Dynamic Fixed Income ETF ("Fixed Income ETF") and Rareview Tax Advantaged ETF ("Tax Advantaged ETF") (collectively, the "Funds"). In considering the renewal of the investment advisory agreement, the Board received materials specifically relating to the investment advisory agreement.

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

*Nature, Extent and Quality of Services.* The Board reviewed the key personnel servicing the Funds, noting their extensive experience. The Board observed the investment advisory services provided by Rareview, including portfolio management, asset allocation and risk management. The Board reviewed Rareview's practices for monitoring compliance with the Funds' investment limitations, which included the use of monthly reports. The Board acknowledged that Rareview selected broker-dealers based on best execution among various factors. The Board noted that Rareview did not report any material compliance issues, material litigation or administrative action, nor any regulatory examinations since the last renewal of the advisory agreement. The Board concluded that it expected Rareview to continue to provide satisfactory service to the Funds and their shareholders.

*Performance.* 

*Fixed Income ETF.* The Board observed that the Fixed Income ETF outperformed its benchmark index, 50% ICE BofA 5-10Y US Corp TR USD and 50% Markit iBoxx Liquid High Yield TR USD, and broad-based benchmark, Bloomberg U.S. Aggregate Bond Index, with a 10.16% return for the 1-year period ended March 31, 2025 and 5.63% return since inception. The Board concluded that the Fund's performance was satisfactory.

Annual Financial Statements and Other Information \| 52

*Tax Advantaged ETF.** The Board observed that the Tax Advantaged ETF outperformed its benchmark index and broad-based benchmark, the Bloomberg Municipal Bond Index, for the one-year period ended March 31, 2025 with returns of 5.46%. The Board further observed that the Fund underperformed its benchmark index since inception. The Board acknowledged Rareview's assertion that the underperformance since inception was due to the portfolio make-up of the underlying closed-end funds and increased interest rates. The Board concluded that the Fund's performance was acceptable.

*Fees and Expenses.* 

*Fixed Income ETF.* The Board noted that the advisory fee with respect to the Fixed Income ETF of 0.97% was above the average of its peer group selected by Rareview, but within the rangse of advisory fees of its peer group. The Board acknowledged Rareview's assertion that the advisory fee was lower or in line with actively managed funds. The Board observed that the net expense ratio of 4.46% was above the average of its peer group. The Board acknowledged Rareview's explanation that the net expense ratio included the acquired fund fees and expenses of underlying funds. The Board noted Rareview's intention to renew the expense limitation agreement for an additional year and concluded that the advisory fee was not unreasonable.

*Tax Advantaged ETF.** The Board noted that the advisory fee with respect to the Tax Advantaged ETF of 0.75% was below the average of its peer group selected by Rareview. The Board further noted that the average expense ratio of 4.72% was higher than the peer group average. The Board noted Rareview's intention to renew the expense limitation agreement for an additional year and concluded that the advisory fee was not unreasonable.

*Profitability.* The Board reviewed the profitability analysis provided by Rareview and noted that there was a modest profit for Rareview with regard to its management of the Fixed Income ETF. The Board further noted that Rareview was operating the Tax Advantage ETF at a loss. After discussion, the Board determined that excessive profitability was not an issue for Rareview at this time.

*Economies of Scale.* The Board considered whether economies of scale would be realized in connection with the services provided to the Funds by Rareview. The Board noted that there were no breakpoints at this time. The Board discussed Rareview's position on breakpoints and agreed to continue to monitor each Fund's asset levels and revisit the matter as the Funds continued to grow.

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

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

Annual Financial Statements and Other Information

The SPAC and New Issue ETF (SPCX)

September 30, 2025

---

| | |
|:---|:---|
| Page | Page |
| Item 7 –Financial Statements and Additional Information  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TABLE OF CONTENTS**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio of Investments](#cistncsrd001)  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#cistncsrd002) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#cistncsrd003) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#cistncsrd004) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#cistncsrd005) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#cistncsrd006) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#cistncsrd007) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#cistncsrd008) | 25 |
| [Item 8 –Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#cistncsrd009) | 26 |
| [Item 9 –Proxy Disclosures for Open End Management Investment Companies](#cistncsrd010) | 26 |
| [Item 10 –Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#cistncsrd011) | 26 |
| [Item 11 –Statement Regarding Basis for Approval of Investment Advisory Contract](#cistncsrd012) | 26 |

---

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

Annual Financial Statements and Other Information \| 3

Portfolio of InvestmentsSeptember 30, 2025

**The SPAC and New Issue ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares/Units**</u> |  | <u>**Fair Value ($)**</u>  |
| **Common Stocks — 93.8%** | **Common Stocks — 93.8%** |  |
| **Financials — 87.4%** | **Financials — 87.4%** |  |
| 40000 | 1RT Acquisition Corp.<sup>(a)</sup>  | 419600 |
| 74315 | Acropolis Infrastructure Escrow<sup>(a)</sup>  |  |
| 40000 | Aldel Financial II, Inc.<sup>(a)</sup>  | 418000 |
| 40000 | Berto Acquisition Corp.<sup>(a)</sup>  | 416400 |
| 40065 | Cantor Equity Partners I, Inc.<sup>(a)</sup>  | 419080 |
| 40000 | Cantor Equity Partners II, Inc., Class A<sup>(a)</sup>  | 422000 |
| 30000 | Cantor Equity Partners III, Inc., Class A<sup>(a)</sup>  | 309600 |
| 50000 | Cantor Equity Partners, Inc., Class A<sup>(a)</sup>  | 509499 |
| 25010 | Churchill Capital Corp. IX<sup>(a)</sup>  | 262105 |
| 25000 | Cohen Circle Acquisition Corp. II<sup>(a)</sup>  | 257250 |
| 34990 | Digital Asset Acquisition Corp., Class A<sup>(a)</sup>  | 357598 |
| 10000 | Digital Asset Acquisition Corp.<sup>(a)</sup>  | 104800 |
| 25000 | FutureCrest Acquisition Corp.<sup>(a)</sup>  | 265000 |
| 40000 | GSR Acquisition Corp.<sup>(a)</sup>  | 405400 |
| 17500 | HCM II Acquisition Corp., Class A<sup>(a)</sup>  | 287175 |
| 5000 | Hennessy Capital Investment Corp. VII<sup>(a)</sup>  | 52100 |
| 30000 | Inflection Point Acquisition Corp. III<sup>(a)</sup>  | 303000 |
| 20000 | M3-Brigade Acquisition V Corp., Class A<sup>(a)</sup>  | 211000 |
| 20000 | M3-Brigade Acquisition VI Corp.<sup>(a)</sup>  | 202400 |
| 15000 | Melar Acquisition Corp. I<sup>(a)</sup>  | 157650 |
| 10000 | Oyster Enterprises II Acquisition Corp.<sup>(a)</sup>  | 100000 |
| 30000 | Real Asset Acquisition Corp.<sup>(a)</sup>  | 300900 |
| 23586 | Renatus Tactical Acquisition Corp. I<sup>(a)</sup>  | 257323 |
| 30000 | Rithm Acquisition Corp., Class A<sup>(a)</sup>  | 307500 |
| 25000 | Siddhi Acquisition Corp.<sup>(a)</sup>  | 256750 |
| 20000 | Silverbox Corp. IV, Class A<sup>(a)</sup>  | 209400 |
| 45000 | Trailblazer Acquisition Corp.<sup>(a)</sup>  | 461250 |
|  |  | 7672780 |
| **Health Care — 6.4%** | **Health Care — 6.4%** |  |
| 4000 | DIH Holdings U.S., Inc.<sup>(a)</sup>  | 748 |
| 20000 | Drugs Made In America Acquisition Corp.<sup>(a)</sup>  | 209000 |
| 25000 | Drugs Made In America Acquisition II Corp.<sup>(a)</sup>  | 248625 |
| 10000 | Launch Two Acquisition Corp.<sup>(a)</sup>  | 104400 |
|  |  | 562773 |
| **Total Common Stocks (Cost $8,142,667)** | **Total Common Stocks (Cost $8,142,667)** | **8235553** |

---

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

Annual Financial Statements and Other Information \| 4

Portfolio of Investments (continued)September 30, 2025

**The SPAC and New Issue ETF**

---

| | | |
|:---|:---|:---|
| <u>**Shares/Units**</u> |  | <u>**Fair Value ($)**</u>  |
| **Exchange-Traded Fund — 4.6%** | **Exchange-Traded Fund — 4.6%** |  |
| 8000 | F/m US Treasury 3 Month Bill ETF | 400000 |
| **Total Exchange-Traded Fund (Cost $400,005)** | **Total Exchange-Traded Fund (Cost $400,005)** | **400000** |
| **Private Investments — 0.0%<sup>(b)</sup>**  | **Private Investments — 0.0%<sup>(b)</sup>**  |  |
| 59668 | Clean Energy Special Situations Corp. - Founder Shares<sup>(c)</sup><sup>(d)</sup>  |  |
| 33750 | Silver Spike Sponsor II LLC<sup>(c)</sup><sup>(d)</sup>  | 34<br> <sup>(e)</sup>  |
| **Total Private Investments (Cost $153,894)** | **Total Private Investments (Cost $153,894)** | **34** |
| **Right — 0.0%** | **Right — 0.0%** |  |
| 11386 | Clean Energy Special Situations Corp., 12/31/2025<sup>(a)</sup>  |  |
| **Total Right (Cost $–)** | **Total Right (Cost $–)** | **—** |
| **Warrants — 0.0%<sup>(b)</sup>**  | **Warrants — 0.0%<sup>(b)</sup>**  |  |
| 50000 | Aura FAT Projects Acquisition Corp., 06/02/2027<sup>(a)</sup>  |  |
| 19889 | Clean Energy Special Situations Corp. - Private Placement Units, 01/13/2049<sup>(c)</sup><sup>(d)</sup><sup>(f)</sup>  | 20 |
| 19770 | Newbury Street Acquisition Corp., 12/31/2027<sup>(a)</sup>  |  |
| **Total Warrants (Cost $45,666)** | **Total Warrants (Cost $45,666)** | **20** |
| **Total Investments — 98.4% (Cost $8,742,232)** | **Total Investments — 98.4% (Cost $8,742,232)** | **8635607** |
| **Other Assets in Excess of Liabilities — 1.6%** | **Other Assets in Excess of Liabilities — 1.6%** | **139920** |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **8775527** |

---

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

Annual Financial Statements and Other Information \| 5

Portfolio of Investments (continued)September 30, 2025

**The SPAC and New Issue ETF**

The illiquid restricted securities held as of September 30, 2025, are identified below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Acquisition<br>Date<sup>(</sup>**<sup>**f**</sup><sup>**)**</sup>  | **Acquisition<br>Cost<br>($)** | **Shares<br>or Units** | **Fair<br>Value<br>($)** | **Percentage<br>of Net<br>Assets (%)** |
| Clean Energy Special Situations Corp. - Founder Shares  | 8/12/2021 | 153894 | 59668 |  |  |
| Clean Energy Special Situations Corp. - <br>Private Placement Units  | 8/12/2021 | 45000 | 19889 | 20 | 0.0 |
| Silver Spike Sponsor II LLC  | 4/22/2024<sup>(</sup><sup>g</sup><sup>)</sup>  | &nbsp;&nbsp;&nbsp; —<sup>(</sup><sup>g)</sup>  | 33750 | 34 | 0.0 |

---

Amounts shown as "—" are either $0 or round to less than $1

(a) Non-income producing security.

(b) Represents less than 0.05%.

(c) Security was valued using unobservable inputs in good faith pursuant to procedures approved by the Board of Trustees as of September 30, 2025

(d) Security which is restricted to resale. The fund's advisor has deemed this security to be illiquid based upon procedures approved by the Board of trustees. The aggregate value of these securities at September 30, 2025 was $54 which represented 0.00% of the net assets of the Fund.

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

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

(g) Silver Spike Sponsor II LLC was removed from the portfolio when the SPAC liquidated and then added back onto accounting records on date above in anticipation of final distribution of Trust assets.

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

Annual Financial Statements and Other Information \| 6

Statement of Assets and LiabilitiesSeptember 30, 2025

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (Cost $8,742,232) | $8635607 |
| &nbsp;&nbsp;&nbsp; Cash  | 174572 |
| &nbsp;&nbsp;&nbsp; Receivable due from Advisor | 14808 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 8825837 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration | 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting | 16890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and audit  | 24619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | 2948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 50310 |
| **Net Assets** | $8775527 |
| **Net Assets consist of:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in Capital | $14594152  |
| &nbsp;&nbsp;&nbsp; Total Accumulated Earnings (Loss) | (5818625) |
| **Net Assets** | $8775527 |
| **Net Assets:** | $8775527 |
| **Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, no par value):** | 350000 |
| **Net Asset Value (offering and redemption price per share):** | $25.07 |

---

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

Annual Financial Statements and Other Information \| 7

Statement of OperationsFor the year ended September 30, 2025

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $1736 |
| &nbsp;&nbsp;&nbsp; Interest income | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | 2376 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp; Advisory | 79064 |
| &nbsp;&nbsp;&nbsp; Administration | 19051 |
| &nbsp;&nbsp;&nbsp; Compliance services | 9000 |
| &nbsp;&nbsp;&nbsp; Custodian | 1094 |
| &nbsp;&nbsp;&nbsp; Fund accounting | 99639 |
| &nbsp;&nbsp;&nbsp; Index receipt agent fee | 10742 |
| &nbsp;&nbsp;&nbsp; Legal and audit | 42391 |
| &nbsp;&nbsp;&nbsp; Listing Fee | 4000 |
| &nbsp;&nbsp;&nbsp; Printing | 14736 |
| &nbsp;&nbsp;&nbsp; Treasurer | 3600 |
| &nbsp;&nbsp;&nbsp; Trustee | 3200 |
| &nbsp;&nbsp;&nbsp; Other | 6110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses before fee reductions | 292627 |
| Expenses contractually waived and/or reimbursed by the Advisor | (71536) |
| **Total Net Expenses** | 221091 |
| **Net Investment Income (Loss)** | (218715) |
| **Realized and Unrealized Gains (Losses) from Investments:** |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investment transactions | 1087984 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (228445) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) from Investments: | 859539 |
| **Change in Net Assets Resulting From Operations** | $640824 |

---

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

Annual Financial Statements and Other Information \| 8

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **The SPAC and New Issue ETF** | **The SPAC and New Issue ETF** |
|  | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** |
| **From Investment Activities:** |  |  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(218715) | $(186173) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments | 1087984 | 709914 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments | (228445) | (186338) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | 640824 | 337403 |
| **Distributions to Shareholders From:** |  |  |
| &nbsp;&nbsp;&nbsp; Earnings | (65123) | (340599) |
| &nbsp;&nbsp;&nbsp; Change in net assets from distributions | (65123) | (340599) |
| **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | 1262703 |  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (4284250) | (5307532) |
| &nbsp;&nbsp;&nbsp; Change in net assets from capital transactions | (3021547) | (5307532) |
| &nbsp;&nbsp;&nbsp; Change in net assets | (2445846) | (5310728) |
| **Net Assets:** |  |  |
| Beginning of period | 11221373 | 16532101 |
| End of period | $8775527 | $11221373 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | 50000 |  |
| &nbsp;&nbsp;&nbsp; Redeemed | (175000) | (225000) |
| &nbsp;&nbsp;&nbsp; Change in shares | (125000) | (225000) |

---

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

Annual Financial Statements and Other Information \| 9

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **The SPAC and <br>New Issue ETF** | **Year ended<br>September 30, 2025** | **Year ended<br>September 30, 2024** | **Year ended<br>September 30, 2023** | **Year ended<br>September 30, 2022** | **December 15, 2020<sup>(a)</sup>** **<br>through <br>September 30, 2021** |
| Net Asset Value, Beginning of Period | $23.62 | $23.62 | $26.24 | $28.72 | $25.00 |
| Net Investment Income (Loss)<sup>(b)</sup>  | (0.56) | (0.33) | (0.23) | (0.25) | (0.26) |
| Net Realized and Unrealized Gains (Losses) on Investments | 2.17 | 0.85 | (2.50) | (1.89) | 3.98<br> <sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; Total from Investment Activities | 1.61 | 0.52 | (2.73) | (2.14) | 3.72 |
| Distributions from Net Investment Income | (0.16) | (0.52) |  | (0.36) |  |
| Distributions from <br>Net Realized Gains <br>on Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Distributions | (0.16) | (0.52) |  | (0.36) |  |
| Impact of NAV error |  |  | 0.11 | 0.02 |  |
| Net Asset Value, End of Period | $25.07 | $23.62 | $23.62 | $26.24 | $28.72 |
| Net Assets at End of Period (000's) | $8776 | $11221 | $16532 | $30176 | $85444 |
| Total Return at NAV<sup>(d)</sup><sup>(e)</sup>  | 6.87% | 2.87% | (9.99)%<sup>(f)</sup>  | (7.47)%<sup>(g)</sup>  | 14.88% |
| Ratio of Net Expenses to Average Net Assets<sup>(h)</sup>  | 2.32% | 1.89% | 0.95% | 0.95% | 0.95% |
| Ratio of Gross Expenses to Average Net Assets<sup>(h)</sup><sup>(i)</sup>  | 3.07% | 2.30% | 1.89% | 1.31% | 1.13% |
| Ratio of Net Investment Income (Loss) to Average Net Assets<sup>(h)</sup>  | (2.30)% | (1.39)% | (0.95)% | (0.88)% | (0.90)% |
| Portfolio Turnover<sup>(e)</sup><sup>(j)</sup>  | 328% | 274% | 62% | 51% | 124% |

---

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(e) Not annualized for periods less than one year.

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

Annual Financial Statements and Other Information \| 10

Financial Highlights (continued)

(f) As a result of the Adara Acquisition Corps business combination with Alliance Entertainment, the Adara Acquisition Corp founders shares held by the fund were subject to an involuntary haircut to its number of shares backdated to the Business Combination closing on February 10, 2023. The share haircut result in an overstated NAV error from February 10, 2023 to September 8, 2023. The impact of the NAV error on Total Return at NAV was (0.51)%.

(g) A reduction in position of a private placement security resulted in an overstated NAV error from September 14, 2021 through February 7, 2022. The impact of the NAV error on Total Return at NAV was (0.07)%.

(h) Annualized for periods less than one year.

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

(j) Excludes the impact of in-kind transactions.

Annual Financial Statements and Other Information \| 11

Notes to Financial StatementsSeptember 30, 2025

**(1) Organization**

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

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

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

**(2) Significant Accounting Policies**

Shares of the Fund are listed and traded on the Nasdaq Stock Market, LLC ("Nasdaq"). Market prices for the Shares may be different from their net asset value ("NAV"). The Fund issues and redeems Shares on a continuous basis at NAV only in large blocks of Shares, or multiples thereof, called "Creation Units". Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Shares of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other

Annual Financial Statements and Other Information \| 12

Notes to Financial Statements (continued)September 30, 2025

participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Foreside Fund Services, LLC (the "Distributor"). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund.

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

**A. Investment Valuations**

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

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

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

Annual Financial Statements and Other Information \| 13

Notes to Financial Statements (continued)September 30, 2025

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

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

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

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

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

The following table summarizes the Fund's investments, based on their valuation inputs, as of September 30, 2025, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total Investments** |
| **The SPAC and New Issue ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks<sup>(a)</sup>  | $8235553 | $— | $— | $8235553 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Fund | 400000 |  |  | 400000 |
| &nbsp;&nbsp;&nbsp; Private Investments |  |  | 34 | 34 |
| &nbsp;&nbsp;&nbsp; Rights/Warrants |  |  | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | 8635553 |  | 54 | 8635607 |

---

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

Annual Financial Statements and Other Information \| 14

Notes to Financial Statements (continued)September 30, 2025

The following table is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value.

---

| | |
|:---|:---|
|  | **The SPAC and New Issue ETF** |
| Balance as of September 30, 2024 | $126004 |
| Purchases During the Period |  |
| Change in Unrealized Appreciation (Depreciation) | (125248) |
| Sales During the Period | (702) |
| Realized Gains (Losses) |  |
| Transfers In (Out) of Level 3 |  |
| Balance as of September 30, 2025 | $54 |

---

The following is a summary of quantitative information about significant unobservable valuation inputs approved by the valuation designee in accordance with procedures adopted by the Board for Level 3 Fair Value Measurements for investments held at September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Assets** | **Fair Value at September 30, 2025** | **Valuation Techniques** | **Unobservable Input(s)<sup>(a)</sup>**  | **Value Range** | **Weighted Average** |
| Clean Energy Special Situations Corp.- Private Placement Units | $20 | Discount to Public Share Price | Discount for lack of marketability | 100% discount to Public Share Price | 100% discount to Public Share Price |
| Clean Energy Special Situations Corp.- Founder Shares | $— | Discounted Based on the Probability of Completing a Business Combination | Final Residual Value | Worthless | Worthless |
| Silver Spike Sponsor II LLC Warrants | $34 | Last Available Price | Unlisted Transactions | $0.01 | N/A |
| &nbsp;&nbsp;&nbsp; Total | $54 |  |  |  |  |

---

(a) A change to the unobservable input may result in a significant change to the value of the investment as follows:

---

| | | |
|:---|:---|:---|
| **Unobservable Input** | **Impact to Value <br>if Input Increases** | **Impact to value <br>if Input Decreases** |
| Discount for lack of marketability | Decrease | Increase |
| Final Residual Value | Increase | Decrease |
| Unlisted Transactions | Increase | Decrease |

---

Annual Financial Statements and Other Information \| 15

Notes to Financial Statements (continued)September 30, 2025

**B. Security Transactions and Related Income**

Investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Securities' gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends and dividend expense, less foreign tax withholding, if any, are recorded on the ex-dividend date. Investment income from non-U.S. sources received by the Fund is generally subject to non-U.S. withholding taxes at rates ranging up to 30%. Such withholding taxes may be reduced or eliminated under the terms of applicable U.S. income tax treaties. The Fund may be subject to foreign taxes on gains in investments or currency repatriation. The Fund accrues such taxes, as applicable, based on its current interpretation of tax rules in the foreign markets in which it invests.

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

**C. Cash**

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

**D. Dividends and Distributions to Shareholders**

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

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

Annual Financial Statements and Other Information \| 16

Notes to Financial Statements (continued)September 30, 2025

**E. Allocation of Expenses**

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

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

**A. Investment Advisory Fees**

Tuttle Capital Management, LLC serves as the Fund's investment advisor pursuant to an investment advisory agreement. Subject at all times to the oversight and approval of the Board, the Advisor is responsible for the overall management of the Fund. The Fund pays the Advisor a management fee of 0.83% of its average daily net assets, calculated daily and paid monthly.

The Advisor contractually agreed to reduce its fees and to reimburse expenses, through January 31, 2026, to ensure that Net Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired (underlying) fund fees and expenses or extraordinary expenses such as litigation would not exceed 0.95%. The original expense limitation was in place through January 31, 2024 at 0.95%. That expense limitation lapsed through June 8, 2025. The expense limitation was then re-implemented on June 9, 2025. The Advisor retains its right to receive reimbursement of any excess expense payments paid by it pursuant to this expense limitation agreement for three years from the date on which the waiver or reimbursement occurs, if such reimbursement can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment.

As of September 30, 2025, the Advisor may recoup amounts from the Fund as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Waived/Reimbursed FY 2023 Expires 09/30/2026**  | **Waived/Reimbursed FY 2024 Expires 09/30/2027**  | **Waived/Reimbursed FY 2025 Expires 09/30/2028**  | **Total** |
| The SPAC and New Issue ETF | $195405  | $54619  | $71536 | $321560 |

---

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

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

Annual Financial Statements and Other Information \| 17

Notes to Financial Statements (continued)September 30, 2025

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

**C. Distribution and Shareholder Services Fees**

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

**D. Compliance Services**

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

**E. Treasurer Fees**

The Treasurer of the Trust receives a fee that is calculated monthly using the Fund's net assets at month-end and is paid by the Fund on a quarterly basis as previously approved by the Board. During the period ended September 30, 2025, the Fund paid a total of $3,600 to the Treasurer.

**F. General**

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

**(4) Investment Transactions**

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| The SPAC and New Issue ETF | $30780378 | $34043582 |

---

There were no purchases and sales of in-kind transactions for the year ended September 30, 2025.

There were no purchases or sales of U.S. government securities during the year ended September 30, 2025.

**(5) Capital Share Transactions**

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

Annual Financial Statements and Other Information \| 18

Notes to Financial Statements (continued)September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **Fee for In-Kind and Cash Purchases** | **Maximum Additional Variable Charge for Cash Purchases<sup>(a)</sup>**  |
| The SPAC and New Issue ETF | $250 | 2.00% |

---

(a) As a percentage of the amount invested.

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

As of September 30, 2025, there were no unsettled in-kind capital transactions.

**(6) Federal Income Taxes**

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

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

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

Annual Financial Statements and Other Information \| 19

Notes to Financial Statements (continued)September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax Cost of Securities** | **Unrealized Appreciation** | **Unrealized Depreciation** | **Net<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| The SPAC and <br>New Issue ETF | $9011545 | $— | $(375938) | $(375938) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to wash sale activity, partnership investments, and passive foreign investment companies mark to market.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  | **Distributions paid from**  |
|  | **Ordinary <br>Income** | **Net <br>Capital <br>Gains** | **Total <br>Taxable Distributions** | **Total Distributions Paid** |
| The SPAC and New Issue ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024  | $340599 | $— | $340599 | $340599 |
| &nbsp;&nbsp;&nbsp; 2025 | 65123 |  | 65123 | 65123 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed Ordinary Income** | **Undistributed Long-Term Capital Gains** | **Distributable Earnings** | **Accumulated Capital and Other Losses** | **Unrealized Appreciation (Depreciation)** | **Total Distributable Earnings (Accumulated Losses)** |
| The SPAC and New Issue ETF | $783074 | $— | $783074 | $(6225760) | $(375938) | $(5818624) |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term Amount** | **Long-Term Amount** | **Total** |
| The SPAC and New Issue ETF | $2254036 | $3971724 | $6225760 |

---

Annual Financial Statements and Other Information \| 20

Notes to Financial Statements (continued)September 30, 2025

**(7) Investment Risks**

**ETF Risk**

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

**Market and Geopolitical Risk**

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

**SPAC Risk** 

The Fund invests in SPACs and companies that have completed an IPO. SPACs are companies that may be unseasoned and lack a trading or operational history, a track record of reporting to investors, and widely available research coverage. The Fund may purchase SPACs through an IPO. IPOs are thus

Annual Financial Statements and Other Information \| 21

Notes to Financial Statements (continued)September 30, 2025

often subject to extreme price volatility and speculative trading. These stocks may have above-average price appreciation in connection with the IPO. In addition, IPOs may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. The Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have less liquidity than SPAC shares issued in an IPO. The Fund may experience material losses as a result of forfeited founder shares or founder shares that expire worthless.

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

**(8) Segment Reporting**

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

**(9) New Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial.

Annual Financial Statements and Other Information \| 22

Notes to Financial Statements (continued)September 30, 2025

ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**(10) Subsequent Events**

Management of the Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, no additional disclosures or adjustments were required to the financial statements as of September 30, 2025.

Annual Financial Statements and Other Information \| 23

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of The SPAC and New Issue ETF 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 portfolio of investments, of The SPAC and New Issue ETF (the "Fund"), a series of Collaborative Investment Series Trust, as of September 30, 2025, 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 financial highlights for the years ended September 30, 2025, 2024, 2023, and 2022, and for the period December 15, 2020 (commencement of operations) through September 30, 2021, and the related notes (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 September 30, 2025, 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 periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

<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 September 30, 2025, by correspondence with the custodian, brokers and private investments. 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.

Annual Financial Statements and Other Information \| 24

We have served as auditor of one or more investment companies advised by Tuttle Capital Management, LLC since 2018.

![](spac-ncsr093025img001.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 26, 2025

Annual Financial Statements and Other Information \| 25

Additional InformationSeptember 30, 2025 (Unaudited)

**Proxy Voting**

Information regarding how the Fund voted proxies related to portfolio securities for the most recent twelve-month period ended June 30, as well as a description of the policies and procedures that the Fund use to determine how to vote proxies is available without charge, upon request, (i) by calling 1-866-904-0406; (ii) on the Fund's website at www.spcxetf.com; and (iii) referring to the Securities and Exchange Commission's website at http://www.sec.gov.

Annual Financial Statements and Other Information \| 26

**Items 8-11** (Unaudited)

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

Not Applicable.

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

Not Applicable.

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

Refer to the financial statements included herein.

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

Not Applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.** *[Add hyperlinks for the applicable exhibits during the N-CSR production process.]* 

[(a)(1) The Code of Ethics is attached hereto](ex99-coe.htm).

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ex99-906cert.htm)

**SIGNATURES**

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

(Registrant) Collaborative Investment Series Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Gregory Skidmore |
|  | Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust |

---

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

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Gregory Skidmore |
|  | Gregory Skidmore, Trustee, President and Principal Executive Officer of the Trust |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Bill McCormick |
|  | Bill McCormick, Treasurer and Principal Financial Officer of the Trust |

---

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

## Ex-99.Code

**[Collaborative Investment Series Trust N-CSR](cist-ncsr_093025.htm)**

**Exhibit 99.COE**

**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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 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

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

**Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;3. **Chief Compliance Officer:** means the Chief
Compliance Officer of the Trust as may be appointed by the Board of Trustees from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compliance Officer:** means, for Advisory
 Personnel, the person designated as the Chief Compliance Officer of the Advisor with which the Advisory Person is affiliated; for
 Trust Personnel, the Trust's
Chief Compliance Officer.

![](coe_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **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;&nbsp;&nbsp;&nbsp;&nbsp;6. **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;&nbsp;&nbsp;&nbsp;&nbsp;7. **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;&nbsp;&nbsp;&nbsp;&nbsp;8. **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;&nbsp;&nbsp;&nbsp;&nbsp;9. **Fund(s):** means each series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Personal Securities Transactions:** means transactions
in Securities for the account(s) in the names of Trust Personnel, or for the accounts in which Trust Personnel have Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **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.

![](coe_001.jpg)

**Personal Investment Guidelines**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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.

![](coe_001.jpg)

**Compliance Procedures**

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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.

![](coe_001.jpg)

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]

## Ex-99.Cert

**[Collaborative Investment Series Trust N-CSR](cist-ncsr_093025.htm)**

**Exhibit 99.CERT**

<u>Section 302 – CERTIFICATIONS</u>

I, Gregory Skidmore, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| December 5, 2025 | /s/ Gregory Skidmore |
| Date | Gregory Skidmore<br> Principal Executive Officer |

---

<u>Section 302 – CERTIFICATIONS</u>

I, Bill McCormick, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| December 5, 2025 | /s/ Bill McCormick |
| Date | Bill McCormick |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**[Collaborative Investment Series Trust N-CSR](cist-ncsr_093025.htm)**

**Exhibit 99.906CERT**

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2025, of Collaborative Investment Series Trust (the "Registrant").

The undersigned, being the Principal Executive Officer of the Registrant, hereby certifies that, to the officer's knowledge:

1. the
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

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

---

| | |
|:---|:---|
| December 5, 2025 |  |
| Date |  |
|  | /s/ Gregory Skidmore |
|  | Gregory Skidmore |
|  | Principal Executive Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2025, of Collaborative Investment Series Trust (the "Registrant").

The undersigned, being the Principal Financial Officer of the Registrant, hereby certifies that, to the officer's knowledge:

1. the
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

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

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| | |
|:---|:---|
| December 5, 2025 |  |
| Date |  |
|  | /s/ Bill McCormick |
|  | Bill McCormick |
|  | Principal Financial Officer |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.