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
10/19/2020	19423L854	TACTICAL INCOME ETF	CASH AND CASH EQUIVALENTS		2.465773%	709426.35	709426.35
10/19/2020	19423L854	TACTICAL INCOME ETF	AT&T INC.	T	0.850175%	244603.50	8950.0000	00206R102	2831811	US00206R1023	Common Stock	0.000000000	8950.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	ABBVIE INC.	ABBV	0.866570%	249320.30	2890.0000	00287Y109	B92SR70	US00287Y1091	Common Stock	0.000000000	2890.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	ATMOS ENERGY CORP	ATO	0.862435%	248130.74	2626.0000	049560105	2315359	US0495601058	Common Stock	0.000000000	2626.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	AUTOMATIC DATA PROCESSING	ADP	0.099047%	28496.64	192.0000	053015103	2065308	US0530151036	Common Stock	0.000000000	192.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	CAMBRIA TAIL RISK ETF	TAIL US	4.919518%	1415392.16	66388.0000	132061862	BDG0Z65	US1320618622	Mutual Fund	0.000000000	66388.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	CONSOLIDATED EDISON INC.	ED	0.098821%	28431.60	348.0000	209115104	2216850	US2091151041	Common Stock	0.000000000	348.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	FIRST TRUST NASDAQ TECHNO	TDIV	2.439646%	701909.32	15386.0000	33738R118	B84FTH6	US33738R1187	Mutual Fund	0.000000000	15386.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	GRAINGER W.W. INC.	GWW	0.098648%	28381.96	74.0000	384802104	2380863	US3848021040	Common Stock	0.000000000	74.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	HORMEL FOODS CORP	HRL	0.891415%	256468.58	5177.0000	440452100	2437264	US4404521001	Common Stock	0.000000000	5177.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	ISHARES 1-3 YEAR ETF	SHY	68.214138%	19625856.24	227046.0000	464287457	2971524	US4642874576	Mutual Fund	0.000000000	227046.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	JOHNSON & JOHNSON	JNJ	0.864274%	248659.90	1679.0000	478160104	2475833	US4781601046	Common Stock	0.000000000	1679.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	T. ROWE PRICE GROUP INC.	TROW	0.103229%	29700.06	202.0000	74144T108	2702337	US74144T1088	Common Stock	0.000000000	202.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	PROSHARES S&P MIDCAP 400	REGL US	2.712829%	780506.70	13785.0000	74347B680	BVVT7L2	US74347B6801	Mutual Fund	0.000000000	13785.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	PROSHARES RUSSELL 2000 DI	SMDV US	2.321399%	667888.56	13236.0000	74347B698	BVVT6P9	US74347B6983	Mutual Fund	0.000000000	13236.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	PROSHARES S&P 500 DIVIDEN	NOBL	2.652147%	763048.00	10120.0000	74348A467	BFN8PY4	US74348A4673	Mutual Fund	0.000000000	10120.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	VANGUARD DIVID ETF	VIG	3.001578%	863582.48	6436.0000	921908844	B13V1N6	US9219088443	Mutual Fund	0.000000000	6436.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	VANGUARD INTERNATIONAL DI	VIGI US	3.202821%	921482.19	12471.0000	921946810	BD97XF8	US9219468108	Mutual Fund	0.000000000	12471.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	WISDOMTREE EMERGING MARKE	DEM US	3.241973%	932746.60	26164.0000	97717W315	B23C0J5	US97717W3152	Mutual Fund	0.000000000	26164.0000
10/19/2020	19423L854	TACTICAL INCOME ETF	BROOKFIELD PROPERTY PARTN	BPY	0.093564%	26919.20	2090.0000	G16249107	B9MSZT8	BMG162491077	Other Security	0.000000000	2090.0000

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	28,771,252.500	1,200,000.00	23.9760	23.9659	0.0101

Tactical Income ETF

Ticker	Fund Name	RateDate	NAV	Close Price	Mean Price	Premium Discount %	Volume
TBND	Tactical Income ETF	10/16/2020	23.9760	23.9823	23.9750	0.0263	9

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.