mohr_ar

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

Annual Shareholder Report | 5

Fund PerformanceSeptember 30, 2023 (Unaudited)

Mohr Growth ETF

INVESTMENT OBJECTIVE

Mohr Growth ETF seeks to provide capital appreciation.


FUND PERFORMANCE (AS OF SEPTEMBER 30, 2023)	Average Annual Total Returns		Expense Ratio^(a)
	1 Year	Inception (11/2/21)	Total
Mohr Growth ETF (MOHR) - Total Return (at Net Asset Value)^(b)	-6.01%	-14.83%	1.06%
Mohr Growth ETF (MOHR) - Total Return (at Market Value)^(c)	-6.13%	-14.88%	N/A
S&P 500 Index^(d)	21.62%	-2.36%	N/A

Hypothetical Growth of a $10,000 Investment (*)

Past performance does not guarantee future results. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The performance data quoted represent past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. The performance above reflects any fee reductions during the applicable periods. If such fee reductions had not occurred, the quoted performance would be lower. To obtain performance information current to the most recent month-end, please call 1-866-464-6608 or visit http://www.mohrfunds.com.

*The chart represents historical performance of a hypothetical investment of $10,000 in Mohr Growth ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated February 1, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) 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 distributions, including dividends and return of capital, 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.

(c) Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all distributions, including dividends and return of capital, at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(d) The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility and transportation companies. Since mid 1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

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

Annual Shareholder Report | 6

Fund PerformanceSeptember 30, 2023 (Unaudited)

Mindful Conservative ETF

INVESTMENT OBJECTIVE

Mindful Conservative ETF seeks current income.


FUND PERFORMANCE (AS OF SEPTEMBER 30, 2023)	Average Annual Total Returns		Expense Ratio^(a)
	1 Year	Inception (11/2/21)	Total
Mindful Conservative ETF (MFUL) - Total Return (at Net Asset Value)^(b)	-0.49%	-8.03%	1.12%
Mindful Conservative ETF (MFUL) - Total Return (at Market Value)^(c)	-0.64%	-8.08%	N/A
Dow Jones U.S. Moderately Conservative Portfolio Index^(d)	6.32%	-6.05%	N/A

Hypothetical Growth of a $10,000 Investment (*)

*The chart represents historical performance of a hypothetical investment of $10,000 in Mindful Conservative ETF and represents the reinvestment of dividends and capital gains in the Fund.

(d) Dow Jones U.S. Moderately Conservative Portfolio Index is designed to measure a portfolio of equities, bonds, and cash, representative of an investor’s risk profile. The equities position represents 40%, which is a mix of Dow Jones U.S. Indexes. Bonds and cash represent the remaining 60% of the portfolio. Index returns, unlike the Fund’s returns, do not reflect any fees or expenses. Investors cannot invest directly in an index.

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

Annual Shareholder Report | 7

Fund PerformanceSeptember 30, 2023 (Unaudited)

Adaptive Core ETF

INVESTMENT OBJECTIVE

Adaptive Core ETF seeks current income.


FUND PERFORMANCE (AS OF SEPTEMBER 30, 2023)	Average Annual Total Returns		Expense Ratio^(a)
	1 Year	Inception (11/2/21)	Total
Adaptive Core ETF (RULE) - Total Return (at Net Asset Value)^(b)	-3.37%	-13.93%	1.13%
Adaptive Core ETF (RULE) - Total Return (at Market Value)^(c)	-3.34%	-13.91%	N/A
S&P 500 Index^(d)	21.62%	-2.36%	N/A

Hypothetical Growth of a $10,000 Investment (*)

*The chart represents historical performance of a hypothetical investment of $10,000 in Adaptive Core ETF and represents the reinvestment of dividends and capital gains in the Fund.

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

Annual Shareholder Report | 8

Fund PerformanceSeptember 30, 2023 (Unaudited)

Mohr Sector Nav ETF

INVESTMENT OBJECTIVE

Mohr Sector Nav ETF seeks to provide capital appreciation.


*FUND PERFORMANCE (AS OF SEPTEMBER 30, 2023)*	Average Annual Total Returns	Expense Ratio^(a)
	Inception (1/10/23)	Total
Mohr Sector Nav ETF (SNAV) - Total Return (at Net Asset Value)^(b)	3.43%	0.98%
Mohr Sector Nav ETF (SNAV) - Total Return (at Market Value)^(c)	3.32%	N/A
S&P 500 Index^(d)	10.72%	N/A

Hypothetical Growth of a $10,000 Investment (*)

*The chart represents historical performance of a hypothetical investment of $10,000 in Mohr Sector Nav ETF and represents the reinvestment of dividends and capital gains in the Fund.

(a) The total expense ratio reflects the gross expense ratio as reported in the Fund’s Prospectus dated January 2, 2023. Please see the Fund’s most recent prospectus for details. Additional information pertaining to the Fund’s expense ratio as of September 30, 2023 can be found in the Financial Highlights.

(b) 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.

(c) Market value total return is calculated assuming an initial investment made at the market 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 market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

Annual Shareholder Report | 9

Expense ExamplesSeptember 30, 2023 (Unaudited)

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including commissions on trading, as applicable; and (2) ongoing costs, including advisory fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The expense examples below are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended September 30, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Further, the expenses do not include any brokerage commissions on investors’ purchases or redemptions of Fund shares as described in each Fund’s prospectus. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Annual Shareholder Report | 10

Expense Examples (continued)September 30, 2023 (Unaudited)


		Beginning Account Value 4/1/2023	Ending Account Value 9/30/2023	Expenses Paid During Period^(a)	Annualized Expense Ratio
Mohr Growth ETF	Actual	$1,000.00	$945.70	$4.73	0.97%
	Hypothetical	1,000.00	1,020.21	4.91	0.97
Mindful Conservative ETF	Actual	1,000.00	984.80	4.93	0.99
	Hypothetical	1,000.00	1,020.10	5.01	0.99
Adaptive Core ETF	Actual	1,000.00	965.70	5.27	1.07
	Hypothetical	1,000.00	1,019.70	5.42	1.07
Mohr Sector Nav ETF	Actual	1,000.00	1,027.70	6.05	1.19
	Hypothetical	1,000.00	1,019.10	6.02	1.19

(a) Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/365 (the number of days in the most recent fiscal half year divided by the number of days in the fiscal year).

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

Annual Shareholder Report | 11

Portfolio of InvestmentsSeptember 30, 2023

Mohr Growth ETF


Portfolio of Investments Summary Table	Percentage of Total Investments (%)
Consumer Discretionary	14.2
Consumer Staples	2.8
Energy	14.4
Exchange-Traded Funds	23.7
Financials	18.6
Health Care	2.9
Industrials	2.7
Information Technology	15.8
Utilities	4.9
Total	100.0

Portfolio holdings and allocations are subject to change. As of September 30, 2023, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments


Shares		Fair Value ($)
Common Stocks — 72.1%
Consumer Discretionary — 13.4%
16,412	Amazon.com, Inc.^(a)	2,086,293
752	Booking Holdings, Inc.^(a)	2,319,130
9,989	Lowe’s Cos., Inc.	2,076,114
1,795	MercadoLibre, Inc.^(a)	2,275,845
9,954	Tesla, Inc.^(a)	2,490,690
		11,248,072
Consumer Staples — 2.6%
3,869	Costco Wholesale Corp.	2,185,830
		2,185,830
Energy — 13.6%
14,624	Hess Corp.	2,237,472
16,489	Marathon Petroleum Corp.	2,495,445
35,445	Occidental Petroleum Corp.	2,299,672
33,583	ONEOK, Inc.	2,130,170
38,525	Schlumberger NV	2,246,007
		11,408,766

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

Annual Shareholder Report | 12

Portfolio of InvestmentsSeptember 30, 2023

Mohr Growth ETF


Shares		Fair Value ($)
Financials — 17.6%
16,486	Allstate Corp. (The)	1,836,705
5,583	Aon PLC, Class A	1,810,120
27,728	Apollo Global Management, Inc.	2,488,865
22,132	Blackstone, Inc.	2,371,223
34,572	KKR & Co., Inc.	2,129,635
40,752	Nasdaq, Inc.	1,980,140
17,378	PNC Financial Services Group (The)	2,133,497
		14,750,185
Health Care — 2.7%
5,186	McKesson Corp.	2,255,132
		2,255,132
Industrials — 2.6%
4,779	United Rentals, Inc.	2,124,600
		2,124,600
Information Technology — 15.0%
11,432	Arista Networks, Inc.^(a)	2,102,688
2,516	Broadcom, Inc.	2,089,739
11,004	CDW Corp.	2,220,167
31,260	Cognizant Technology Solutions Corp., Class A	2,117,552
10,398	Crowdstrike Holdings, Inc., Class A^(a)	1,740,417
4,036	ServiceNow, Inc.^(a)	2,255,963
		12,526,526
Utilities — 4.6%
46,283	Dominion Energy, Inc.	2,067,462
28,413	Edison International	1,798,259
		3,865,721
Total Common Stocks (Cost $61,039,134)		60,364,832

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

Annual Shareholder Report | 13

Portfolio of InvestmentsSeptember 30, 2023

Mohr Growth ETF


Shares		Fair Value ($)
Exchange-Traded Funds — 22.5%
47,514	iShares MSCI USA Quality Factor ETF	6,261,870
127,578	Pacer US Cash Cows 100 ETF	6,306,181
82,182	VanEck Morningstar Wide Moat ETF	6,232,683
		18,800,734
Total Exchange-Traded Funds (Cost $19,426,787)		18,800,734

Total Investments — 94.6% (Cost $80,465,921)		79,165,566
Other Assets in Excess of Liabilities — 5.4%		4,545,726
Net Assets — 100.0%		83,711,292

(a) Non-income producing security.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

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

Annual Shareholder Report | 14

Portfolio of InvestmentsSeptember 30, 2023

Mindful Conservative ETF


Portfolio of Investments Summary Table	Percentage of Total Investments (%)
Exchange-Traded Funds	100.0
Total	100.0

Portfolio of Investments


Shares		Fair Value ($)
Exchange-Traded Funds — 55.9%
110,034	Fidelity Corporate Bond ETF	4,809,586
82,804	Goldman Sachs Access Treasury 0-1 Year ETF	8,289,508
12,878	Invesco Exchange-Traded Fund Trust-Invesco S&P 500 Top 50 ETF	437,337
82,348	iShares 0-3 Month Treasury Bond ETF	8,289,973
6,019	iShares Convertible Bond ETF	446,670
3,305	iShares MSCI USA Quality Factor ETF	435,566
53,070	PIMCO Active Bond Exchange-Traded Fund	4,664,853
90,263	SPDR Bloomberg 1-3 Month T-Bill ETF	8,287,949
6,453	SPDR Bloomberg Convertible Securities ETF	437,513
165,985	SPDR Portfolio Long Term Treasury ETF	4,340,508
125,944	SPDR SSgA Global Allocation ETF	4,812,093
6,272	Vanguard Intermediate-Term Corporate Bond ETF	476,547
		45,728,103
Total Exchange-Traded Funds (Cost $46,493,530)		45,728,103

Total Investments — 55.9% (Cost $46,493,530)		45,728,103
Other Assets in Excess of Liabilities — 44.1%		36,053,628
Net Assets — 100.0%		81,781,731

ETF — Exchange-Traded Fund

S&P — Standard and Poor’s

SPDR — Standard & Poor’s Depositary Receipts

SSgA — State Street Global Advisors

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

Annual Shareholder Report | 15

Portfolio of InvestmentsSeptember 30, 2023

Adaptive Core ETF


Portfolio of Investments Summary Table	Percentage of Total Investments (%)
Energy	3.8
Exchange-Traded Funds	7.2
Financials	17.8
Health Care	20.9
Industrials	30.4
Information Technology	16.6
Materials	3.3
Total	100.0

Portfolio of Investments


Shares		Fair Value ($)
Common Stocks — 88.3%
Energy — 3.6%
14,297	Phillips 66	1,717,784
		1,717,784
Financials — 17.0%
16,034	Blackstone, Inc.	1,717,883
27,390	Charles Schwab Corp. (The)	1,503,711
7,956	CME Group, Inc.	1,592,950
28,902	Fidelity National Information Services, Inc.	1,597,414
26,464	KKR & Co., Inc.	1,630,182
		8,042,140
Health Care — 19.9%
5,746	Cigna Group (The)	1,643,758
6,196	Danaher Corp.	1,537,228
3,850	Elevance Health, Inc.	1,676,367
2,881	Eli Lilly & Co.	1,547,472
4,414	Vertex Pharmaceuticals, Inc.^(a)	1,534,924
8,574	Zoetis, Inc.	1,491,704
		9,431,453

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

Annual Shareholder Report | 16

Portfolio of InvestmentsSeptember 30, 2023

Adaptive Core ETF


Shares		Fair Value ($)
Industrials — 28.9%
7,400	AMETEK, Inc.	1,093,424
6,144	Automatic Data Processing, Inc.	1,478,124
3,332	Cintas Corp.	1,602,725
36,216	Copart, Inc.^(a)	1,560,547
7,150	Eaton Corp. PLC	1,524,952
16,484	Emerson Electric Co.	1,591,860
3,885	Old Dominion Freight Line, Inc.	1,589,509
36,304	Uber Technologies, Inc.^(a)	1,669,621
3,538	United Rentals, Inc.	1,572,889
		13,683,651
Information Technology — 15.8%
11,122	Applied Materials, Inc.	1,539,841
8,888	Arista Networks, Inc.^(a)	1,634,770
7,820	CDW Corp.	1,577,763
27,176	Dell Technologies, Inc., Class C	1,872,427
1,962	NVIDIA Corp.	853,450
		7,478,251
Materials — 3.1%
9,457	Nucor Corp.	1,478,602
		1,478,602
Total Common Stocks (Cost $42,595,043)		41,831,881

Exchange-Traded Funds — 6.8%
17,621	SPDR Bloomberg 1-3 Month T-Bill ETF	1,617,960
32,161	WisdomTree Floating Rate Treasury Fund ETF	1,618,342
		3,236,302
Total Exchange-Traded Funds (Cost $3,240,036)		3,236,302

Total Investments — 95.1% (Cost $45,835,079)		45,068,183
Other Assets in Excess of Liabilities — 4.9%		2,333,644
Net Assets — 100.0%		47,401,827

(a) Non-income producing security.

ETF — Exchange-Traded Fund

PLC — Public Limited Company

SPDR — Standard & Poor’s Depositary Receipts

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

Annual Shareholder Report | 17

Portfolio of InvestmentsSeptember 30, 2023

Mohr Sector Nav ETF


Portfolio of Investments Summary Table	Percentage of Total Investments (%)
Exchange-Traded Funds	100.0
Total	100.0

Portfolio of Investments


Shares		Fair Value ($)
Exchange-Traded Funds — 63.3%
63,902	SPDR S&P 500 ETF Trust^(a)	27,316,827
38,608	Vanguard Energy ETF	4,893,178
21,283	Vanguard Health Care ETF	5,003,633
		37,213,638
Total Exchange-Traded Funds (Cost $37,819,506)		37,213,638

Total Investments — 63.3% (Cost $37,819,506)		37,213,638
Other Assets in Excess of Liabilities — 36.7%		21,610,069
Net Assets — 100.0%		58,823,707

(a) As of September 30, 2023, investment is 46.44% of the Fund’s net assets. See Note 8 in the Notes to Financial Statements.

ETF — Exchange-Traded Fund

S&P — Standard and Poor’s

SPDR — Standard & Poor’s Depositary Receipts

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

Annual Shareholder Report | 18

Statements of Assets and LiabilitiesSeptember 30, 2023


	Mohr Growth ETF		Mindful Conservative ETF		Adaptive Core ETF
Assets:
Investments, at value (Cost $80,465,921, $46,493,530 and $45,835,079)	$79,165,566		$45,728,103		$45,068,183
Cash	667,314		15,245,809		852,050
Dividends and interest receivable	64,327		17,422		15,779
Receivable for investments sold	3,882,855		20,857,187		1,508,845
Prepaid expenses	1,597		1,377		911
Total Assets	83,781,659		81,849,898		47,445,768
Liabilities:
Accrued expenses:
Advisory	49,806		47,788		28,168
Administration	8,024		8,192		4,589
Custodian	539		217		389
Fund accounting	4,336		4,308		4,470
Printing	2,820		2,820		2,811
Trustee	3,000		3,000		2,123
Other	1,842		1,842		1,391
Total Liabilities	70,367		68,167		43,941
Net Assets	$83,711,292		$81,781,731		$47,401,827
Net Assets consist of:
Paid-in Capital	$104,773,897		$85,888,007		$57,510,092
Total Distributable Earnings (Loss)	(21,062,605	)	(4,106,276	)	(10,108,265	)
Net Assets	$83,711,292		$81,781,731		$47,401,827

Net Assets:	$83,711,292		$81,781,731		$47,401,827
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):	4,550,000		3,850,000		2,525,000
Net Asset Value (offering and redemption price per share):	$18.40		$21.24		$18.77

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

Annual Shareholder Report | 19

Statements of Assets and Liabilities (continued)September 30, 2023


	Mohr Sector Nav ETF
Assets:
Investments, at value (Cost $37,819,506)	$37,213,638
Cash	11,051,350
Dividends and interest receivable	222,115
Receivable for investments sold	15,391,560
Prepaid expenses	242
Total Assets	63,878,905
Liabilities:
Payable for investments purchased	5,000,385
Accrued expenses:
Advisory	35,015
Administration	6,002
Custodian	238
Fund accounting	4,687
Printing	1,908
Trustee	2,400
Other	4,563
Total Liabilities	5,055,198
Net Assets	$58,823,707
Net Assets consist of:
Paid-in Capital	$59,130,364
Total Distributable Earnings (Loss)	(306,657	)
Net Assets	$58,823,707

Net Assets:	$58,823,707
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value):	2,275,000
Net Asset Value (offering and redemption price per share):	$25.86

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

Annual Shareholder Report | 20

Statements of OperationsSeptember 30, 2023


	Mohr Growth ETF		Mindful Conservative ETF		Adaptive Core ETF
Investment Income:
Dividend income	$2,456,913		$3,563,861		$1,526,412
Total Investment Income	2,456,913		3,563,861		1,526,412
Expenses:
Advisory	763,281		640,134		441,038
Administration	130,849		109,738		75,607
Compliance services	9,000		9,000		9,000
Custodian	3,826		2,492		2,727
Fund accounting	54,647		51,542		51,099
Legal and audit	27,124		22,034		22,003
Printing	6,224		5,958		5,943
Treasurer	5,625		4,750		4,350
Trustee	12,800		12,400		9,923
Other	21,008		22,682		18,405
Total Net Expenses	1,034,384		880,730		640,095
Net Investment Income (Loss)	1,422,529		2,683,131		886,317
Realized and Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions	(7,233,795	)	(2,208,433	)	(2,426,020	)
Net realized gains (losses) from in-kind transactions	50,128		(15,362	)	(14,069	)
Change in unrealized appreciation (depreciation) on investments	(236,605	)	(727,127	)	(128,165	)
Net Realized and Unrealized Gains (Losses) from Investments:	(7,420,272	)	(2,950,922	)	(2,568,254	)
Change in Net Assets Resulting From Operations	$(5,997,743	)	$(267,791	)	$(1,681,937	)

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

Annual Shareholder Report | 21

Statements of Operations (continued)September 30, 2023


	Mohr Sector Nav ETF^(a)
Investment Income:
Dividend income	$492,900
Total Investment Income	492,900
Expenses:
Advisory	177,810
Administration	30,482
Compliance services	6,000
Custodian	1,161
Fund accounting	28,877
Legal and audit	32,917
Printing	7,925
Treasurer	2,327
Trustee	5,440
Other	15,925
Total Net Expenses	308,864
Net Investment Income (Loss)	184,036
Realized and Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions	91,377
Net realized gains (losses) from in-kind transactions	281,327
Change in unrealized appreciation (depreciation) on investments	(605,868	)
Net Realized and Unrealized Gains (Losses) from Investments:	(233,164	)
Change in Net Assets Resulting From Operations	$(49,128	)

(a) For the period from the commencement of operations on January 10, 2023 through September 30, 2023.

Annual Shareholder Report | 22

Statements of Changes in Net Assets


	Mohr Growth ETF				Mindful Conservative ETF
	Year Ended September 30, 2023		For the period November 2, 2021^(a) through September 30, 2022		Year Ended September 30, 2023		For the period November 2, 2021^(a) through September 30, 2022
From Investment Activities:
Operations:
Net investment income (loss)	$1,422,529		$(208,708	)	$2,683,131		$(180,410	)
Net realized gains (losses) from investment and in-kind transactions	(7,183,667	)	(13,790,847	)	(2,223,795	)	(3,393,924	)
Change in unrealized appreciation (depreciation) on investments	(236,605	)	(1,063,750	)	(727,127	)	(38,300	)
Change in net assets resulting from operations	(5,997,743	)	(15,063,305	)	(267,791	)	(3,612,634	)
Distributions to Shareholders From:
Earnings	—		—		(284,819	)	—
Change in net assets from distributions	—		—		(284,819	)	—
Capital Transactions:
Proceeds from shares issued	30,409,626		138,969,589		31,180,168		108,012,107
Cost of shares redeemed	(59,620,630	)	(4,986,245	)	(44,657,428	)	(8,587,872	)
Change in net assets from capital transactions	(29,211,004	)	133,983,344		(13,477,260	)	99,424,235
Change in net assets	(35,208,747	)	118,920,039		(14,029,870	)	95,811,601
Net Assets:
Beginning of period	118,920,039		—		95,811,601		—
End of period	$83,711,292		$118,920,039		$81,781,731		$95,811,601
Share Transactions:
Issued	1,550,000		6,325,000		1,450,000		4,875,000
Redeemed	(3,075,000	)	(250,000	)	(2,075,000	)	(400,000	)
Change in shares	(1,525,000	)	6,075,000		(625,000	)	4,475,000

(a) Commencement of operations.

Annual Shareholder Report | 23

Statements of Changes in Net Assets (continued)


	Adaptive Core ETF				Mohr Sector Nav ETF
	Year Ended September 30, 2023		For the period November 2, 2021^(a) through September 30, 2022		For the period January 10, 2023^(a) through September 30, 2023
From Investment Activities:
Operations:
Net investment income (loss)	$886,317		$(72,570	)	$184,036
Net realized gains (losses) from investment and in-kind transactions	(2,440,089	)	(7,746,415	)	372,704
Change in unrealized appreciation (depreciation) on investments	(128,165	)	(638,731	)	(605,868	)
Change in net assets resulting from operations	(1,681,937	)	(8,457,716	)	(49,128	)
Distributions to Shareholders From:
Earnings	(5,848	)	—		—
Change in net assets from distributions	(5,848	)	—		—
Capital Transactions:
Proceeds from shares issued	21,063,902		84,467,679		65,916,006
Cost of shares redeemed	(41,437,604	)	(6,546,649	)	(7,043,171	)
Change in net assets from capital transactions	(20,373,702	)	77,921,030		58,872,835
Change in net assets	(22,061,487	)	69,463,314		58,823,707
Net Assets:
Beginning of period	69,463,314		—		—
End of period	$47,401,827		$69,463,314		$58,823,707
Share Transactions:
Issued	1,075,000		3,900,000		2,550,000
Redeemed	(2,125,000	)	(325,000	)	(275,000	)
Change in shares	(1,050,000	)	3,575,000		2,275,000

(a) Commencement of operations.

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

Annual Shareholder Report | 24

Financial Highlights


Mohr Growth ETF	Year Ended September 30, 2023		November 2, 2021^(a) through September 30, 2022
Net Asset Value, Beginning of Period	$19.58		$25.00

Net Investment Income (Loss)^(b)	0.25		(0.08	)
Net Realized and Unrealized Gains (Losses) on Investments	(1.43	)	(5.34	)
Total from Investment Activities	(1.18	)	(5.42	)

Net Asset Value, End of Period	$18.40		$19.58
Net Assets at End of Period (000’s)	$83,711		$118,920

Total Return at NAV^(c)^(d)	(6.01	)%	(21.70	)%
Total Return at Market^(d)^(e)	(6.13	)%	(21.68	)%

Ratio of Operating Expenses to Average Net Assets^(f)^(g)	0.95	%	1.02	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(f)^(h)	1.31	%	(0.40	)%
Portfolio Turnover^(d)⁽ⁱ⁾	442	%^(j)	1,223	%

(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) Market value total return is calculated assuming an initial investment made at the market 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 market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(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 Shareholder Report | 25

Financial Highlights (continued)


Mindful Conservative ETF	Year Ended September 30, 2023		November 2, 2021^(a) through September 30, 2022
Net Asset Value, Beginning of Period	$21.41		$25.00

Net Investment Income (Loss)^(b)	0.63		(0.09	)
Net Realized and Unrealized Gains (Losses) on Investments	(0.74	)	(3.50	)
Total from Investment Activities	(0.11	)	(3.59	)

Distributions from Net Investment Income	(0.06	)	—
Distributions from Net Realized Gains on Investments	—		—
Total Distributions	(0.06	)	—

Net Asset Value, End of Period	$21.24		$21.41
Net Assets at End of Period (000’s)	$81,782		$95,812

Total Return at NAV^(c)^(d)	(0.49	)%	(14.36	)%
Total Return at Market^(d)^(e)	(0.64	)%	(14.32	)%

Ratio of Operating Expenses to Average Net Assets^(f)^(g)	0.96	%	1.05	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(f)^(h)	2.94	%	(0.47	)%
Portfolio Turnover^(d)⁽ⁱ⁾	260	%^(j)	665	%

(a) Commencement of operations.

(b) Calculated based on average shares method.

(d) 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.

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

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

Annual Shareholder Report | 26

Financial Highlights (continued)


Adaptive Core ETF	Year Ended September 30, 2023		November 2, 2021^(a) through September 30, 2022
Net Asset Value, Beginning of Period	$19.43		$25.00

Net Investment Income (Loss)^(b)	0.28		(0.04	)
Net Realized and Unrealized Gains (Losses) on Investments	(0.94	)	(5.53	)
Total from Investment Activities	(0.66	)	(5.57	)

Distributions from Net Investment Income	—	^(c)	—
Distributions from Net Realized Gains on Investments	—		—
Total Distributions	—	^(c)	—

Net Asset Value, End of Period	$18.77		$19.43
Net Assets at End of Period (000’s)	$47,402		$69,463

Total Return at NAV^(d)^(e)	(3.37	)%	(22.28	)%
Total Return at Market^(e)^(f)	(3.34	)%	(22.28	)%

Ratio of Operating Expenses to Average Net Assets^(g)^(h)	1 .02	%	1 .09	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(g)⁽ⁱ⁾	1 .41	%	(0 .23	)%
Portfolio Turnover^(e)^(j)	425	%^(k)	1,180	%

(a) Commencement of operations.

(b) Calculated based on average shares method.

(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) Market value total return is calculated assuming an initial investment made at the market 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 market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., Cboe BZX) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market.

(g) Annualized for periods less than one year.

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

(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 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 Shareholder Report | 27

Financial Highlights (continued)


Mohr Sector Nav ETF	January 10, 2023^(a) through September 30, 2023
Net Asset Value, Beginning of Period	$25.00

Net Investment Income (Loss)^(b)	0.14
Net Realized and Unrealized Gains (Losses) on Investments^(c)	0.72
Total from Investment Activities	0.86

Net Asset Value, End of Period	$25.86
Net Assets at End of Period (000’s)	$58,824

Total Return at NAV^(d)^(e)	3.43	%
Total Return at Market^(e)^(f)	3.32	%

Ratio of Operating Expenses to Average Net Assets^(g)^(h)	1.21	%
Ratio of Net Investment Income (Loss) to Average Net Assets^(g)⁽ⁱ⁾	0.72	%
Portfolio Turnover^(e)^(j)	537	%

(a) Commencement of operations.

(b) Calculated based on average shares method.

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

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

(g) Annualized for periods less than one year.

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

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

Annual Shareholder Report | 28

Notes to Financial StatementsSeptember 30, 2023

(1) Organization

Collaborative Investment Series Trust (the “Trust”) was organized on July 26, 2017 as a Delaware statutory trust. The Trust is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company and thus is determined to be an investment company for accounting purposes. The Trust is comprised of several funds and is authorized to issue an unlimited number of shares of beneficial interest (“Shares”) in one or more series representing interests in separate portfolios of securities. The accompanying financial statements are those of Mohr Growth ETF, Mindful Conservative ETF, Adaptive Core ETF, and Mohr Sector 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 Sector Nav ETF commenced operations on January 10, 2023.

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.

(2) Significant Accounting Policies

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

Annual Shareholder Report | 29

Notes to Financial Statements (continued)September 30, 2023

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies” including, Accounting 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 income and expenses 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.

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).

Annual Shareholder Report | 30

Notes to Financial Statements (continued)September 30, 2023

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, 2023.

The following table summarizes the Funds’ investments, based on their valuation inputs, as of September 30, 2023, while the breakdown, by category, of investments is disclosed in the Portfolio of Investments for the Funds:


	Level 1		Total Investments
Mohr Growth ETF
Common Stocks^(a)		$60,364,832		$60,364,832
Exchange-Traded Funds		18,800,734		18,800,734
Total Investments		$79,165,566		$79,165,566
Mindful Conservative ETF
Exchange-Traded Funds		$45,728,103		$45,728,103
Total Investments		$45,728,103		$45,728,103
Adaptive Core ETF
Common Stocks^(a)		$41,831,881		$41,831,881
Exchange-Traded Funds		3,236,302		3,236,302
Total Investments		$45,068,183		$45,068,183
Mohr Sector Nav ETF
Exchange-Traded Funds		$37,213,638		$37,213,638
Total Investments		$37,213,638		$37,213,638

(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

Annual Shareholder Report | 31

Notes to Financial Statements (continued)September 30, 2023

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 ETF.

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

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

E. Allocation of Expenses

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

Annual Shareholder Report | 32

Notes to Financial Statements (continued)September 30, 2023

(3) Investment Advisory and Other Contractual Services

A. Investment Advisory Fees

Retireful, LLC (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. The Funds pay the Advisor a management fee of 0.70% of each Fund’s average daily net assets, calculated daily and paid monthly.

Tuttle Capital Management, LLC (“Tuttle”) serves as subadvisor for the Funds and is paid for its services directly by the Advisor, not the Funds. Tuttle’s contractual fee is 0.10% of each Fund’s average daily net assets.

B. Administration, Custodian, Transfer Agent and Accounting Fees

Citi Fund Services Ohio, Inc. (‘’Citi’’) serves as the 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’’) provides the Funds with various management and legal administrative services. For these services, the Funds pay CFS an administrative fee that is computed daily and paid monthly, based on the aggregate daily net assets of each Fund and is subject to a minimum monthly fee.

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 a Distribution Services 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. During the year or period ended September 30, 2023, the Funds paid a total of $17,052 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 Shareholder Report | 33

Notes to Financial Statements (continued)September 30, 2023

(4) Investment Transactions

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the year or period ended September 30, 2023 were as follows:


	Purchases		Sales
Mohr Growth ETF		$402,195,049		$356,829,099
Mindful Conservative ETF		222,047,421		257,359,239
Adaptive Core ETF		218,937,046		193,764,697
Mohr Sector Nav ETF		173,870,783		189,769,721

Purchases and sales of in-kind transactions for the year or period ended September 30, 2023 were as follows:


	Purchases		Sales
Mohr Growth ETF		$17,501,105		$44,388,762
Mindful Conservative ETF		28,957,307		39,347,930
Adaptive Core ETF		11,765,173		27,305,930
Mohr Sector Nav ETF		60,340,422		6,994,681

There were no purchases or sales of U.S. government securities during the year or period ended September 30, 2023.

(5) Capital Share Transactions

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

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


	Fee for In-Kind and Cash Purchases		Maximum Additional Variable Charge for Cash Purchases^(a)
Mohr Growth ETF		$250		2.00%
Mindful Conservative ETF		250		2.00%
Adaptive Core ETF		250		2.00%
Mohr Sector NAV ETF		250		2.00%

(a) As a percentage of the amount invested.

Annual Shareholder Report | 34

Notes to Financial Statements (continued)September 30, 2023

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, 2023, there were no unsettled in-kind capital transactions.

(6) Federal Income Taxes

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

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

As of and during the year or period ended September 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year, the Funds did not incur any interest or penalties.

As of September 30, 2023, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund were as follows:


	Tax Cost of Securities	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Mohr Growth ETF	$80,644,926	$981,065	$(2,460,425)	$(1,479,360)
Mindful Conservative ETF	47,088,414	38,816	(1,399,127)	(1,360,311)
Adaptive Core ETF	45,887,176	610,462	(1,429,455)	(818,993)
Mohr Sector Nav ETF	39,303,334	—	(2,089,696)	(2,089,696)

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

Annual Shareholder Report | 35

Notes to Financial Statements (continued)September 30, 2023

The tax character of distributions paid during the fiscal period or year ended September 30, 2022 and September 30, 2023 were as follows:


	Distributions paid from
	Ordinary Income		Net Capital Gains		Total Taxable Distributions		Total Distributions Paid
Mohr Growth ETF
2022		$—		$—		$—		$—
2023		—		—		—		—
Mindful Conservative ETF
2022		—		—		—		—
2023	284,819			—		284,819		284,819
Adaptive Core ETF
2022		—		—		—		—
2023		5,848		—		5,848		5,848
Mohr Sector Nav ETF
2023		—		—		—		—

As of September 30, 2023, the components of distributable earnings (accumulated losses) on a tax basis were as follows:


	Undistributed Ordinary Income	Undistributed Capital Gains	Distributable Earnings	Accumulated Capital and Other Losses	Unrealized Appreciation (Depreciation)	Total Distributable Earnings (Accumulated Losses)
Mohr Growth ETF	$1,231,798	$—	$1,231,798	$(20,815,043)	$(1,479,360)	$(21,062,605)
Mindful Conservative ETF	2,237,866	—	2,237,866	(4,983,831)	(1,360,311)	(4,106,276)
Adaptive Core ETF	819,623	—	819,623	(10,108,895)	(818,993)	(10,108,265)
Mohr Sector Nav ETF	1,783,039	—	1,783,039	—	(2,089,696)	(306,657)

As of September 30, 2023, the Funds have net capital loss carryforwards (“CLCFs”) not subject to expiration as summarized in the table below.


	Short Term Amount	Long Term Amount	Total
Mohr Growth ETF	$20,815,043	$—	$20,815,043
Mindful Conservative ETF	4,983,831	—	4,983,831
Adaptive Core ETF	10,108,895	—	10,108,895
Mohr Sector Nav ETF	—	—	—

Annual Shareholder Report | 36

Notes to Financial Statements (continued)September 30, 2023

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, 2023, the Funds had no deferred losses.

Permanent Tax Differences:

As of September 30, 2023, the following reclassifications were made on the Statements of Assets and Liabilities, relating primarily to redemptions in-kind:


	Total Distributable Earnings (Loss)		Paid-in Capital
Mohr Growth ETF		$(29,560)		$29,560
Mindful Conservative ETF		49,870		(49,870)
Adaptive Core ETF		23,562		(23,562)
Mohr Sector Nav ETF		(257,529)		257,529

(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, 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

Annual Shareholder Report | 38

Report of Independent Registered Public Accounting Firm

To the Shareholders of Mohr Funds and
Board of Trustees of Collaborative Investment Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Mohr Growth ETF, Mindful Conservative ETF, Adaptive Core ETF, and Mohr Sector Nav ETF (the “Funds”), each a series of Collaborative Investment Series Trust, as of September 30, 2023, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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, 2023, 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 Highlights
Mohr Growth ETF, Mindful Conservative ETF, and Adaptive Core ETF	For the year ended September 30, 2023	For the year ended September 30, 2023, and for the period November 2, 2021 (commencement of operations) through September 30, 2022
Mohr Sector Nav ETF	For the period January 10, 2023 (commencement of operations) through September 30, 2023

Basis for Opinion

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.

Annual Shareholder Report | 40

Additional InformationSeptember 30, 2023 (Unaudited)

OTHER FEDERAL INCOME TAX INFORMATION

During the fiscal year or period ended September 30, 2023, the following percentage of the total ordinary income distributions paid by the Fund qualifies for the distributions received deduction available to corporate shareholders:


	Distributions Received Deduction
Mindful Conservative ETF	5.39%
Adaptive Core ETF	12.05%

For the fiscal year or period ended September 30, 2023, distributions paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2023 Form 1099-DIV.

During the fiscal year or period ended September 30, 2023, the percentage of Qualified Dividend Income is as follows:


	Qualified Dividend Income
Mindful Conservative ETF	4.90%
Adaptive Core ETF	10.40%

PORTFOLIO HOLDINGS

The Funds file a complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT. The Form N-PORT filing must be made within 60 days of the end of the quarter. These filings are available on the SEC’s web site at http://www.sec.gov. You may also obtain copies by calling the Funds at 1-866-464-6608, free of charge.

PREMIUM/DISCOUNT INFORMATION

The Funds’ website at http://www.mohrfunds.com shows the previous day’s closing NAV and closing market price for the Fund’s ETF Shares. The website also discloses, in the Premium/Discount section, how frequently the Funds’ ETF Shares traded at a premium or discount to NAV (based on closing NAVs and market prices) and the magnitudes of such premiums and discounts.

PROXY VOTING

The Funds’ proxy voting policies, procedures and voting records relating to common stock securities in each Fund’s investment portfolio are available without charge, upon request, by calling the Funds’ toll-free telephone number 1-866-464-6608. The Funds will send this information within three business days of receipt of the request, by first class mail or other means designed to ensure prompt delivery.

Annual Shareholder Report | 41

Additional Information (continued)September 30, 2023 (Unaudited)

The Funds’ proxy information is also available on the SEC’s website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 is available without charge, upon request by calling 1-866-464-6608 or referring to the SEC’s web site at http://www.sec.gov.

LIQUIDITY RISK MANAGEMENT PROGRAM

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

The Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Funds’ investments and determined that the Funds held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds’ liquidity risk management program has been effectively implemented.

TAILORED SHAREHOLDER REPORTS FOR MUTUAL FUNDS AND ETFS

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Annual Shareholder Report | 42

Board of Trustees and Trust Officers (Unaudited)


Name Address^* and Year of Birth	Position(s) Held with the Funds	Term of Office/Length of Time Served^**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex^*** Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Dean Drulias, Esq. Birth Year: 1947	Trustee	Indefinite/ November 2017 - present	Attorney (self-employed), since 2012	12	Trustee for Belpointe PREP Manager, LLC.
Shawn Orser Birth Year: 1975	Trustee	Indefinite/ November 2017 - present	CEO, Seaside Advisory (6/2016-Present)	12	Trustee for Belpointe PREP Manager, LLC. 2021- Present
Fredrick Stoleru Birth Year: 1971	Trustee	Indefinite/ November 2017 - present	COO of Belpointe Prep, LLC since September 2022, Chief Executive Officer and President of Atlas Resources LLC since February 2017, Vice President and General Partner of Atlas Growth Partners, L.P. since 2013, Principal at Hepco Capital Management (2018-2022)	12	None
Ronald Young Jr. Birth Year: 1974	Trustee	Indefinite/ March 2020 - present	President – Young Consulting, Inc. (2008-Present); President – Tri State LED, Inc. (2010-Present)	12	Trustee for Belpointe PREP Manager, LLC. 2021- Present

Annual Shareholder Report | 43

Board of Trustees and Trust Officers (Unaudited) (continued)

Interested Trustees and Officers


Name, Address^* and Year of Birth	Position(s) Held with the Funds	Term of Office/Length of Time Served^**	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex^*** Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Gregory Skidmore^**** Year of Birth: 1976	Trustee and President	Indefinite/ November 2017 - present	President, Belpointe Asset Management, LLC since 2007.	12	None
Kyle R Bubeck Year of Birth: 1955	Chief Compliance Officer	Since October 2021	President and Founder of Beacon Compliance Consulting Inc. (since 2010)	N/A	N/A
William McCormick Year of Birth: 1964	Treasurer	Since October 2021	Senior Wealth Advisor – Belpointe Asset Management (since 2019); Wealth Advisor – Advisory Services Network (2016 to 2019)	N/A	N/A
Brad Rundbaken Year of Birth: 1970	Secretary	Since October 2021	Manager – Collaborative Fund Services, LLC (since 2018); Wealth Advisor – Belpointe Asset Management (2015 to 2018)	N/A	N/A

* The address for each Trustee and Officer listed is 500 Damonte Ranch Parkway Building 700, Unit 700, Reno, NV 89521.

** The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

*** The term “Fund Complex” applies only to the Collaborative Investment Series Trust as of September 30, 2023.

**** Gregory Skidmore is considered an Interested Trustee as defined in the 1940 Act because of his ownership in Collaborative Fund Services, LLC.

The Funds’ SAI references additional information about the Trustees and is available free of charge, upon request, by calling toll free 1-866-904-0406.

Annual Shareholder Report | 44

PRIVACY NOTICE
COLLABORATIVE INVESTMENT SERIES TRUST


FACTS	WHAT DOES THE COLLABORATIVE INVESTMENT SERIES TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?	The types of personal information we collect and share depends on the product or service that you have with us. This information can include: •Social Security number and wire transfer instructions •account transactions and transaction history •investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Collaborative Investment Series Trust chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information:	Do we share information?	Can you limit sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share

Annual Shareholder Report | 45


Reasons we can share your personal information:	Do we share information?	Can you limit sharing?
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For our affiliates to market to you	NO	We don’t share
For non-affiliates to market to you	NO	We don’t share
QUESTIONS?	Call 1-866-464-6608


What we do:
How does the Collaborative Investment Series Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does the Collaborative Investment Series Trust collect my personal information?	We collect your personal information, for example, when you •open an account or deposit money •direct us to buy securities or direct us to sell your securities •seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: •sharing for affiliates’ everyday business purposes – information about your creditworthiness. •affiliates from using your information to market to you. •sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.


Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. •The Collaborative Investment Series Trust does not share with affiliates.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. •The Collaborative Investment Series Trust does not share with non-affiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. •The Collaborative Investment Series Trust doesn’t jointly market.


Management’s Discussion of Fund Performance	1
Fund Performance	5
Expense Examples	9
Portfolios of Investments
Mohr Growth ETF	11
Mindful Conservative ETF	14
Adaptive Core ETF	15
Mohr Sector Nav ETF	17
Statements of Assets and Liabilities	18
Statements of Operations	20
Statements of Changes in Net Assets	22
Financial Highlights	24
Notes to Financial Statements	28
Report of Independent Registered Public Accounting Firm	38
Additional Information	40
Board of Trustees and Trust Officers	42
Privacy Policy	44