Belpointe Tactical Income ETF (TBND)

Fund Objective

The Fund seeks to provide total return.

Principal Investment Strategy

In pursuing the Fund’s investment objective, the Fund will invest in exchange-traded funds (“ETFs”) that primarily invest in fixed income securities, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), dividend paying equity stocks including utility stocks, and exchange-traded notes (“ETNs”). Fixed Income ETFs will include those that invest in domestic and foreign fixed income securities of any credit rating maturity and duration. Such fixed income securities will include high yield bonds (commonly known as “junk bonds”). The Fund considers high yield bonds to be those that are rated lower than Baa3 by Moody’s Investors Service or lower than BBB- by Standard & Poor’s rating group. High yield bonds have a higher expected rate of default than investment grade bonds.

Downloads

Prospectus

SAI

XBRL Files: ATT00001.htm | ATT00002.htm | tbnd-20190607.zip

Tactical Income ETF Annual Report

Tactical Income ETF Semi-Annual Report

Fund Management

Investment Advisor: Belpointe Asset Management, LLC
Sub Advisor: Tuttle Tactical Management, LLC

Shareholder Fees

Maximum Sales Charge (Load) Imposed on Purchases	None
Maximum Deferred Sales Charge (Load)	None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	None
Redemption Fee	None

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Management Fee	.84%
Distribution and/or Service (12b-1) Fees	0.00%
Other Expenses	.53%
Acquired Fund Fees and Expenses	.79%
Total Annual Fund Operating Expenses	2.16%
Fee Waiver and/or Expense Reimbursement	.07%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	2.23%

The fund advisor has contractually ageed to reduce its fees and/or absorb expenses of the fund, through at least June 30, 2020, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement will not exceed 1.59%.

Tactical Income ETF - Holdings

EffectiveDate	FundCusip	EntityName	HoldingName	Ticker	MarketValue%	MarketValue	SharesQuantity	SecurityID	SecuritySedol	SecurityISIN	AssetGroup	CouponRate	Principal
09/18/2020	19423L854	TACTICAL INCOME ETF	CASH AND CASH EQUIVALENTS		3.048260%	901404.83	901404.83
09/18/2020	19423L854	TACTICAL INCOME ETF	ALERIAN MLP ETF	AMLP	1.000509%	295861.80	13710.0000	00162Q452	BMDWPG7	US00162Q4525	Mutual Fund	0.000000000	13710.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	AT&T INC.	T	0.389977%	115320.69	3967.0000	00206R102	2831811	US00206R1023	Common Stock	0.000000000	3967.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ARCHER-DANIELS-MIDLAND CO	ADM	0.589308%	174264.96	3648.0000	039483102	2047317	US0394831020	Common Stock	0.000000000	3648.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ATMOS ENERGY CORP	ATO	0.389841%	115280.28	1234.0000	049560105	2315359	US0495601058	Common Stock	0.000000000	1234.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	CAMBRIA TAIL RISK ETF	TAIL US	0.726074%	214708.18	9883.0000	132061862	BDG0Z65	US1320618622	Mutual Fund	0.000000000	9883.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	CATERPILLAR INC.	CAT	0.578617%	171103.44	1112.0000	149123101	2180201	US1491231015	Common Stock	0.000000000	1112.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	COLGATE-PALMOLIVE CO	CL	0.388594%	114911.58	1498.0000	194162103	2209106	US1941621039	Common Stock	0.000000000	1498.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	GENUINE PARTS CO	GPC	0.585750%	173212.83	1701.0000	372460105		US3724601055	Common Stock	0.000000000	1701.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	INVESCO DB US DOLLAR INDE	UUP	9.011919%	2664925.56	106257.0000	46141D203	BZ03TN9	US46141D2036	Mutual Fund	0.000000000	106257.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES GOLD TRUST	IAU US	7.329349%	2167370.92	116588.0000	464285105	B05ND15	US4642851053	Mutual Fund	0.000000000	116588.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES TIPS BOND ETF	TIP	11.917416%	3524113.78	27841.0000	464287176	2215352	US4642871762	Mutual Fund	0.000000000	27841.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES CORE U.S. AGGREGA	AGG	13.601877%	4022227.88	33983.0000	464287226	2897404	US4642872265	Mutual Fund	0.000000000	33983.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES 20+ YEAR TREASURY	TLT	3.632150%	1074067.68	6546.0000	464287432	2971546	US4642874329	Mutual Fund	0.000000000	6546.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES 7-10YEAR	IEF	6.958315%	2057651.87	16893.0000	464287440	2971494	US4642874402	Mutual Fund	0.000000000	16893.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES MSCI EAFE ETF	EFA	0.080823%	23900.24	364.0000	464287465	2801290	US4642874659	Mutual Fund	0.000000000	364.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES 3-7 YEAR TREASURY	IEI	10.450888%	3090444.84	23139.0000	464288661	B1MYR72	US4642886612	Mutual Fund	0.000000000	23139.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES MSCI USA MIN VOL	USMV	0.161500%	47757.45	741.0000	46429B697	B74T2B6	US46429B6974	Mutual Fund	0.000000000	741.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ISHARES EDGE MSCI USA VAL	VLUE	0.081375%	24063.47	317.0000	46432F388	B8PLRM4	US46432F3881	Mutual Fund	0.000000000	317.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	JOHNSON & JOHNSON	JNJ	0.387196%	114498.26	778.0000	478160104	2475833	US4781601046	Common Stock	0.000000000	778.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	QUADRATIC INTEREST RATE V	IVOL US	1.928861%	570385.80	20817.0000	500767736	BK6NJS3	US5007677363	Mutual Fund	0.000000000	20817.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	LEGGETT & PLATT INC	LEG	0.583293%	172486.27	3839.0000	524660107	2510682	US5246601075	Common Stock	0.000000000	3839.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	MCDONALD'S CORP.	MCD	0.590112%	174502.72	784.0000	580135101		US5801351017	Common Stock	0.000000000	784.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	PEPSICO INC.	PEP	0.381522%	112820.40	847.0000	713448108		US7134481081	Common Stock	0.000000000	847.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	PROSHARES RUSSELL 2000 DI	SMDV US	2.940377%	869502.60	17891.0000	74347B698	BVVT6P9	US74347B6983	Mutual Fund	0.000000000	17891.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	PROSHARES ULTRA GOLD	UGL US	0.973418%	287850.55	3919.0000	74347W601	B3K8TN0	US74347W6012	Mutual Fund	0.000000000	3919.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	HEALTH CARE SELECT SECTOR	XLV	0.161564%	47776.40	452.0000	81369Y209	2371823	US81369Y2090	Mutual Fund	0.000000000	452.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	ENERGY SELECT SECTOR SPDR	XLE	0.166208%	49149.54	1446.0000	81369Y506	2402466	US81369Y5069	Mutual Fund	0.000000000	1446.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	UTILITIES SELECT ETF	XLU	0.252412%	74641.21	1253.0000	81369Y886	2371812	US81369Y8865	Mutual Fund	0.000000000	1253.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	VANECK VECTORS FALLEN ANG	ANGL	7.183055%	2124109.95	70545.0000	92189F437	BZ6C532	US92189F4375	Mutual Fund	0.000000000	70545.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	VANECK VECTORS AGRIBUSINE	MOO	1.494200%	441851.76	6426.0000	92189F700	BZ6C4L3	US92189F7006	Mutual Fund	0.000000000	6426.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	VANGUARD INTERNATIONAL DI	VIGI US	11.780649%	3483670.26	47217.0000	921946810	BD97XF8	US9219468108	Mutual Fund	0.000000000	47217.0000
09/18/2020	19423L854	TACTICAL INCOME ETF	VANGUARD REAL ESTATE ETF	VNQ	0.254590%	75285.18	918.0000	922908553	B031NY4	US9229085538	Mutual Fund	0.000000000	918.0000

Tactical Income ETF - NAV

Group	Fund	Basis	Class	Class Name	Fund Name	TA #	Net Assets	Net Shares	Current NAV	Prior NAV	NAV Change	NAV Change %	CUSIP
NAV Change %	CUSIP	Collaborative	2200	N/A	01	ETF	Tactical Income ETF	22000	29,568,596.260	1,225,000.00	24.1376	24.1571	0.0195

Tactical Income ETF

Ticker	Fund Name	RateDate	NAV	Close Price	Mean Price	Premium Discount %	Volume
TBND	Tactical Income ETF	9/17/2020	24.1376	24.1509	24.1500	0.0551	2010

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. For more complete information on download and view a prospectus or summary prospectus now or call (855) 510-1763 for a free prospectus or summary prospectus. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus or summary prospectus, which you should read carefully before investing. Investing involves risk, including loss of principal. There is no guarantee that this, or any investment strategy will succeed. Shares of these ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns. The prospectus should be read carefully before investing.

PRINCIPAL RISKS: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.

Credit Risk: There is a risk that issuers will not make payments on fixed income securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer’s financial condition changes. The issuer of a fixed income security may also default on its obligations.

Fixed Income Risk: When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities.

Foreign Securities Risk: Because the Fund’s investments may include foreign securities, the Fund is subject to risks beyond those associated with investing in domestic securities. In addition, foreign accounting, auditing and financial reporting standards generally differ from those applicable to U.S. companies.

High Yield Risk: Lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default.

Master Limited Partnership Risk: Investments in MLPs and MLP-related securities involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP or MLP-related security, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, cash flow risks, dilution risks (which could occur if the MLP raises capital and then invests it in projects whose return fails to exceed the cost of capital raised) and risks related to the general partner’s limited call right. MLPs and MLP-related securities are generally considered interest-rate sensitive investments.

REIT Risk: The Fund will have investment exposure to REITs. The value of the Fund’s investments in REITs may change in response to changes in the real estate market such as declines in the value of real estate, lack of available capital or financing opportunities, and increases in property taxes or operating costs.

Distributed by Foreside Fund Services, LLC. Three Canal Plaza, Suite 100, Portland, ME 04101.