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
08/07/2020	19423L854	TACTICAL INCOME ETF	CASH AND CASH EQUIVALENTS		7.073459%	2109344.26	2109344.26
08/07/2020	19423L854	TACTICAL INCOME ETF	DRX DLY 20+	TMF	5.800643%	1729783.50	37425.0000	25459W540	B3W6M88	US25459W5408	Mutual Fund	0.000000000	37425.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	FIRST TRUST VALUE LINE DI	FVD	0.990240%	295295.14	9254.0000	33734H106	B1L8WH0	US33734H1068	Mutual Fund	0.000000000	9254.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	INVESCO S&P 500 LOW VOLAT	SPLV	15.474965%	4614719.68	86192.0000	46138E354	BZ033X7	US46138E3541	Mutual Fund	0.000000000	86192.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	INVESCO DB US DOLLAR INDE	UUP	2.352279%	701462.52	27969.0000	46141D203	BZ03TN9	US46141D2036	Mutual Fund	0.000000000	27969.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES GOLD TRUST	IAU US	5.213470%	1554685.38	78878.0000	464285105	B05ND15	US4642851053	Mutual Fund	0.000000000	78878.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES TIPS BOND ETF	TIP	7.953608%	2371809.48	18748.0000	464287176	2215352	US4642871762	Mutual Fund	0.000000000	18748.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES 20+ YEAR TREASURY	TLT	3.529301%	1052457.08	6154.0000	464287432	2971546	US4642874329	Mutual Fund	0.000000000	6154.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES 7-10YEAR	IEF	1.983051%	591356.64	4816.0000	464287440	2971494	US4642874402	Mutual Fund	0.000000000	4816.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES 10-20 YEAR TREASU	TLH	0.497559%	148374.72	864.0000	464288653	B1MYR61	US4642886539	Mutual Fund	0.000000000	864.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES 3-7 YEAR TREASURY	IEI	1.979117%	590183.70	4406.0000	464288661	B1MYR72	US4642886612	Mutual Fund	0.000000000	4406.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES EDGE MSCI MIN ETF	USMV	3.880818%	1157281.25	18125.0000	46429B697	B74T2B6	US46429B6974	Mutual Fund	0.000000000	18125.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	ISHARES CORE DIVIDEND GRO	DGRO US	0.969953%	289245.46	7262.0000	46434V621	BN90WP0	US46434V6213	Mutual Fund	0.000000000	7262.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	PROSHARES ULTRAPRO SHORT	SDOW US	0.460181%	137228.64	6973.0000	74347G309	BKDLHG4	US74347G3092	Mutual Fund	0.000000000	6973.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	PROSHARES ULTRAPRO SHORT	SQQQ	0.464489%	138513.12	25842.0000	74347G408	BJX9R83	US74347G4082	Mutual Fund	0.000000000	25842.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	PROSHARES ULTRAPRO DOW30	UDOW	2.283592%	680979.78	9087.0000	74347X823	B62LJ83	US74347X8231	Mutual Fund	0.000000000	9087.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	PROSHARES ULTRAPRO QQQ	TQQQ	3.786007%	1129008.00	8600.0000	74347X831	B6493J4	US74347X8314	Mutual Fund	0.000000000	8600.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	PROSHARES ULTRAPRO S&P500	UPRO	1.897017%	565701.00	10100.0000	74347X864	B61DFQ0	US74347X8645	Mutual Fund	0.000000000	10100.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	SPDR S&P 500 ETF TRUST	SPY	1.145805%	341685.26	1022.0000	78462F103	2840215	US78462F1030	Mutual Fund	0.000000000	1022.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	SPDR GOLD SHARES	GLD	2.985669%	890342.88	4592.0000	78463V107	B046RT1	US78463V1070	Mutual Fund	0.000000000	4592.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	SPDR S&P INTERNATIONAL DI	DWX US	1.136254%	338837.10	9870.0000	78463X772	B2PPXH1	US78463X7729	Mutual Fund	0.000000000	9870.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	SPDR BLOOMBERG BARCLAYS C	CWB	2.035568%	607017.53	9157.0000	78464A359	B3Z44V6	US78464A3591	Mutual Fund	0.000000000	9157.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	MATERIALS SELECT SECTOR S	XLB	0.594365%	177243.00	2882.0000	81369Y100	2436841	US81369Y1001	Mutual Fund	0.000000000	2882.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	HEALTH CARE SELECT SECTOR	XLV	1.485379%	442948.32	4176.0000	81369Y209	2371823	US81369Y2090	Mutual Fund	0.000000000	4176.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	CONSUMER STAPLES ETF	XLP	7.029916%	2096359.62	33186.0000	81369Y308	2369389	US81369Y3080	Mutual Fund	0.000000000	33186.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	CONSUMER DISCRETION ETF	XLY	6.100714%	1819266.43	12979.0000	81369Y407	2424341	US81369Y4070	Mutual Fund	0.000000000	12979.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	TECHNOLOGY SELECT SECTOR	XLK	0.576515%	171919.94	1489.0000	81369Y803	2369709	US81369Y8030	Mutual Fund	0.000000000	1489.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	UTILITIES SELECT ETF	XLU	3.673962%	1095595.60	18139.0000	81369Y886	2371812	US81369Y8865	Mutual Fund	0.000000000	18139.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	VANECK VECTORS GOLD MINER	GDX US	0.445852%	132955.38	3006.0000	92189F106	BZ6C4J1	US92189F1066	Mutual Fund	0.000000000	3006.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	VANECK VECTORS FALLEN ANG	ANGL	2.848189%	849345.75	27675.0000	92189F437	BZ6C532	US92189F4375	Mutual Fund	0.000000000	27675.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	VANGUARD DIVID ETF	VIG	1.190314%	354958.12	2827.0000	921908844	B13V1N6	US9219088443	Mutual Fund	0.000000000	2827.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	VANGUARD INTERNATIONAL DI	VIGI US	1.146323%	341839.68	4816.0000	921946810	BD97XF8	US9219468108	Mutual Fund	0.000000000	4816.0000
08/07/2020	19423L854	TACTICAL INCOME ETF	WISDOMTREE EMERGING MARKE	DEM US	1.015425%	302805.36	7956.0000	97717W315	B23C0J5	US97717W3152	Mutual Fund	0.000000000	7956.0000

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	29,820,011.370	1,225,000.00	24.3429	24.2293	0.1136

Tactical Income ETF

Ticker	Fund Name	RateDate	NAV	Close Price	Mean Price	Premium Discount %	Volume
TBND	Tactical Income ETF	8/6/2020	24.3429	24.3000	24.3400	-0.1762	2

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.