NPORT-EX 2 rv-063025_soi.htm

 

Portfolio of Investments June 30, 2025 (Unaudited)
Rareview Dynamic Fixed Income ETF  

 

Shares      Fair Value ($) 
      
Closed-End Funds — 83.7%     
 133,755   Aberdeen Asia-Pacific Income Fund, Inc.   2,129,380 
 328,272   Allspring Income Opportunities Fund   2,317,600 
 120,256   Allspring Multi-Sector Income Fund   1,136,419 
 55,308   BlackRock Core Bond Trust   537,594 
 157,854   BlackRock Credit Allocation Income Trust   1,723,766 
 122,082   BlackRock Municipal Income Trust   1,170,766 
 111,533   BlackRock Municipal Income Trust II   1,119,791 
 126,125   BlackRock MuniHoldings Fund, Inc.   1,412,600 
 97,080   BlackRock MuniYield Fund, Inc.   974,683 
 25,965   BrandywineGLOBAL Global Income Opportunities Fund, Inc.   215,769 
 154,482   Brookfield Real Assets Income Fund, Inc.   2,065,424 
 87,800   Cohen & Steers Limited Duration Preferred and Income Fund, Inc.   1,842,044 
 97,504   First Trust Intermediate Duration Preferred & Income Fund   1,835,025 
 166,786   Franklin Ltd Duration Income Trust   1,070,766 
 114,679   Invesco Municipal Opportunity Trust   1,052,753 
 75,931   Invesco Municipal Trust   694,769 
 93,967   Invesco Quality Municipal Income Trust   881,411 
 169,975   KKR Income Opportunities Fund   2,134,886 
 614,324   Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.   3,145,339 
 67,315   Neuberger Berman Municipal Fund, Inc.   661,706 
 44,204   Nuveen AMT-Free Municipal Credit Income Fund   527,354 
 94,883   Nuveen AMT-Free Quality Municipal Income Fund   1,036,122 
 101,642   Nuveen Quality Municipal Income Fund   1,147,538 
 42,966   Nuveen Variable Rate Preferred & Income Fund   828,385 
 45,426   PGIM Short Duration High Yield Opportunities Fund   764,974 
 45,130   PIMCO Dynamic Income Strategy Fund   1,112,455 
 379,951   Templeton Emerging Markets Income Fund   2,279,706 
 332,197   Western Asset Emerging Markets Debt Fund, Inc.   3,338,580 
 42,545   Western Asset Global High Income Fund, Inc.   278,244 
 377,581   Western Asset High Income Fund II, Inc.   1,619,823 
 100,507   Western Asset Managed Municipals Fund, Inc.   995,019 
Total Closed-End Funds (Cost $41,513,298)   42,050,691 
           
Common Stock — 1.2%     
Financials — 1.2%     
 66,143   AGNC Investment Corp.   607,854 
Total Common Stock (Cost $629,503)   607,854 
           
Exchange-Traded Funds — 11.3%     
 59,257   Angel Oak Income ETF   1,232,545 
 44,841   SPDR Bloomberg 3-12 Month T-Bill ETF   4,458,541 
Total Exchange-Traded Funds (Cost $5,668,291)   5,691,086 
           
Purchased Options Contracts — 0.5%(a)     
Total Purchased Options Contracts (Cost $185,665)   250,250 
           
Total Investments — 96.7% (Cost $47,996,757)   48,599,881 
Other Assets in Excess of Liabilities — 3.3%   1,666,931 
Net Assets — 100.0%   50,266,812 

 

(a)See Purchased Options Contracts

 

AMT — Alternative Minimum Tax 

ETF — Exchange-Traded Fund 

PIMCO — Pacific Investment Management Company 

SPDR — Standard & Poor’s Depositary Receipts

 

 

 

 

Portfolio of Investments (continued) June 30, 2025 (Unaudited)
Rareview Dynamic Fixed Income ETF  

 

Written Options Contacts

 

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

 

Description  Put/Call   Number of Contracts   Notional
Amount
(000)($)(a)		   Premiums
Received ($)		   Strike
Price ($)		   Expiration Date  Value ($) 
3 Month SOFR Options   Call    715    171,488    84,698    96.31   9/12/25   (75,969)
(Total Premiums Received $84,698)                          (75,969)

 

Purchased Options Contracts

 

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

 

Description  Put/Call   Number of Contracts   Notional
Amount
(000)($)(a)		   Cost ($)   Strike
Price ($)		   Expiration Date  Value ($) 
3 Month SOFR Options   Call    715    172,159    185,665    95.94   9/12/25   250,250 
(Total Cost $185,665)                               250,250 

 

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

 

 

 

Portfolio of Investments June 30, 2025 (Unaudited)
Rareview Tax Advantaged Income ETF  

 

Shares      Fair Value ($) 
      
Closed-End Funds — 97.7%     
 196,200   BlackRock Municipal Income Trust   1,881,558 
 156,869   BlackRock Municipal Income Trust II   1,574,965 
 172,989   BlackRock MuniHoldings Fund, Inc.   1,937,477 
 99,336   BlackRock MuniYield Fund, Inc.   997,333 
 139,269   Invesco Municipal Opportunity Trust   1,278,489 
 154,022   Invesco Municipal Trust   1,409,301 
 156,924   Invesco Quality Municipal Income Trust   1,471,947 
 89,909   Neuberger Berman Municipal Fund, Inc.   883,805 
 54,734   Nuveen AMT-Free Municipal Credit Income Fund   652,977 
 109,003   Nuveen AMT-Free Quality Municipal Income Fund   1,190,313 
 158,483   Nuveen Quality Municipal Income Fund   1,789,273 
 187,264   Western Asset Managed Municipals Fund, Inc.   1,853,914 
Total Closed-End Funds (Cost $17,709,739)   16,921,352 
           
Purchased Options Contracts — 0.5%(a)     
Total Purchased Options Contracts (Cost $64,374)   86,800 
           
Total Investments — 98.2% (Cost $17,774,113)   17,008,152 
Other Assets in Excess of Liabilities — 1.8%   313,778 
Net Assets — 100.0%   17,321,930 

 

(a)See Purchased Options Contracts

 

AMT — Alternative Minimum Tax

 

Written Options Contacts

 

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

 

Description  Put/Call   Number of Contracts   Notional
Amount
(000)($)(a)		   Premiums
Received ($)		   Strike
Price ($)		   Expiration Date  Value ($) 
3 Month SOFR Options   Call    248    59,714    29,401    96.31   9/12/25   (26,350)
(Total Premiums Received $29,401) – 0.2%                    (26,350)

 

Purchased Options Contracts

 

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

 

Description  Put/Call  Number of Contracts   Notional
Amount
(000)($)(a)		   Cost ($)   Strike
Price ($)		   Expiration Date  Value ($) 
3 Month SOFR Options  Call   248    59,481    64,374    95.94   9/12/25   86,800 
(Total Cost $64,374) – 0.5%                       86,800 

 

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

 

 

 

 

Portfolio of Investments June 30, 2025 (Unaudited)
Rareview Systematic Equity ETF  

 

Shares      Fair Value ($) 
         
Exchange-Traded Funds — 156.1%     
 26,320   Invesco QQQ Trust Series 1(a)   14,519,165 
 142,193   SPDR Bloomberg 1-3 Month T-Bill ETF   13,043,364 
 310,735   Vanguard FTSE Developed Markets ETF(b)   17,715,002 
 143,735   Vanguard FTSE Emerging Markets ETF   7,109,133 
 44,416   Vanguard S&P 500 ETF(c)   25,229,621 
 30,233   Vanguard Small-Cap ETF   7,164,616 
Total Exchange-Traded Funds (Cost $74,463,438)   84,780,901 
           
Total Investments — 156.1% (Cost $74,463,438)   84,780,901 
Other Assets in Excess of Liabilities — (56.1%)   (30,477,122)
Net Assets — 100.0%   54,303,779 
           
(a)As of June 30, 2025, investment is 26.7% of the Fund’s net assets.
(b)As of June 30, 2025, investment is 32.6% of the Fund’s net assets.
(c)As of June 30, 2025, investment is 46.5% of the Fund’s net assets.

 

ETF — Exchange-Traded Fund 

FTSE — Financial Times Stock Exchange 

S&P — Standard and Poor’s 

SPDR — Standard & Poor’s Depositary Receipts

 

 

 

 

Portfolio of Investments June 30, 2025 (Unaudited)
Rareview Total Return Bond ETF  

 

Face Amount ($)      Fair Value ($) 
      
Asset-Backed Securities — 1.4%     
 60,000   Carmax Auto Owner Trust Series 2022-3 Class C 4.98%, 02/15/2028   60,148 
 91,596   Dell Equipment Finance Trust Series 2023-3 Class A3 5.93%, 04/23/2029   92,097 
 100,000   Ford Credit Auto Owner Trust Series 2024-A Class A3 5.09%, 12/15/2028   100,976 
 75,000   MetroNet Infrastructure Issuer LLC Series 2023-1A Class A2 6.56%, 04/20/2053   76,779 
 215,000   Verizon Master Trust Series 2024-3 Class A1A 5.34%, 04/22/2030   219,531 
Total Asset-Backed Securities (Cost $545,166)   549,531 
           
Collateralized Mortgage Obligations — 7.0%     
 164,892   Angel Oak Mortgage Trust Series 2021-7 Class A1 1.98%, 10/25/2066   142,068 
 136,719   BRAVO Residential Funding Trust Series 2024-NQM4 Class A1A 4.35%, 01/25/2060   134,486 
 16,742   COLT Mortgage Loan Trust Series 2020-2R Class A1 1.33%, 10/26/2065   15,645 
 95,849   COLT Mortgage Loan Trust Series 2021-HX1 Class A1 1.11%, 10/25/2066   82,258 
 71,211   Flagstar Mortgage Trust Series 2021-4 Class A5 2.50%, 06/01/2051   63,155 
 123,382   GCAT Trust Series 2021-NQM5 Class A1 1.26%, 07/25/2066   104,017 
 100,957   GS Mortgage-Backed Securities Trust Series 2021-PJ8 Class A8 2.50%, 01/25/2052   89,568 
 258,131   JPMorgan Mortgage Trust Series 2017-2 Class B5 3.64%, 05/25/2047   231,535 
 187,828   JPMorgan Mortgage Trust Series 2021-4 Class A11 4.97%, 08/25/2051   173,942 
 264,305   JPMorgan Mortgage Trust Series 2021-10 Class A11 5.00%, 12/25/2051   247,917 
 312,127   JPMorgan Mortgage Trust Series 2024-INV1 Class A3 5.50%, 04/25/2055   310,186 
 112,583   Mello Mortgage Capital Acceptance Series 2021-INV2 Class A4 2.50%, 08/25/2051   99,776 
 139,951   New Residential Mortgage Loan Trust Series 2021-INV2 Class A11 5.00%, 09/25/2051   130,919 
 261,989   PRKCM Trust Series 2021-AFC2 Class A1 2.07%, 11/25/2056   231,985 
 69,496   PRMI Securitization Trust Series 2021-1 Class A3B 2.00%, 04/25/2051   60,159 
 83,153   TRK Trust Series 2021-INV2 Class A1 1.97%, 11/25/2056   73,650 
 233,569   Wells Fargo Mortgage Backed Securities Trust Series 2021-1 Class B2 2.70%, 12/25/2050   201,188 
 119,912   Wells Fargo Mortgage Backed Securities Trust Series 2021-2 Class A3 2.50%, 06/25/2051   106,239 
 77,507   Wells Fargo Mortgage Backed Securities Trust Series 2022-2 Class A2 2.50%, 12/25/2051   63,107 
 132,985   Wells Fargo Mortgage Backed Securities Trust Series 2022-INV1 Class A4 3.00%, 03/25/2052   120,607 
Total Collateralized Mortgage Obligations (Cost $2,657,735)   2,682,407 
           
Collateralized Mortgage-Backed Securities — 6.3%     
 50,000   BANK Series 2024-BNK47 Class C 6.83%, 06/15/2057   51,051 
 140,000   BANK Series 2019-BN22 Class B 3.41%, 11/15/2062   127,377 
 100,000   BANK Series 2019-BN22 Class A4 2.98%, 11/15/2062   93,301 
 260,000   BANK5 Series 2023-5YR1 Class D 4.00%, 04/15/2056   227,580 
 181,673   BBCMS Mortgage Trust Series 2024-C24 Class A1 5.23%, 02/15/2057   183,087 
 200,000   BBCMS Mortgage Trust Series 2024-5C29 Class A2 4.74%, 09/15/2057   200,612 
 65,000   Benchmark Mortgage Trust Series 2020-B20 Class B 2.53%, 10/15/2053   50,887 
 100,000   Benchmark Mortgage Trust Series 2024-V7 Class AS 6.53%, 05/15/2056   104,967 
 127,000   Benchmark Mortgage Trust Series 2024-V7 Class A3 6.23%, 05/15/2056   133,753 
 240,000   Benchmark Mortgage Trust Series 2024-V5 Class B 6.06%, 01/10/2057   244,706 
 100,000   Benchmark Mortgage Trust Series 2024-V6 Class AS 6.38%, 03/15/2057   104,466 
 100,000   BMO Mortgage Trust Series 2024-C9 Class A2 6.76%, 07/15/2057   104,835 
 96,643   CCUBS Commercial Mortgage Trust Series 2017-C1 Class A3 3.28%, 11/15/2050   94,298 
 135,000   CSAIL Commercial Mortgage Trust Series 2018-C14 Class A4 4.42%, 11/15/2051   134,208 
 100,000   Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series KG02 Class A2 2.41%, 08/25/2029   93,702 
 100,000   Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series
K-158 Class A2 4.05%, 07/25/2033		   97,202 
 12,361   JPMBB Commercial Mortgage Securities Trust Series 2014-C25 Class A5 3.67%, 11/15/2047   12,070 
 145,000   MED Commercial Mortgage Trust Series 2024-MOB Class A 5.90%, 05/15/2041   144,421 
 100,000   Morgan Stanley Capital I Trust Series 2019-L2 Class A4 4.07%, 03/15/2052   97,469 
 110,000   Wells Fargo Commercial Mortgage Trust Series 2016-C34 Class A4 3.10%, 06/15/2049   107,833 
Total Collateralized Mortgage-Backed Securities (Cost $2,382,183)   2,407,825 

 

 

 

 

Portfolio of Investments (continued) June 30, 2025 (Unaudited)
Rareview Total Return Bond ETF  

 

Face Amount ($)      Fair Value ($) 
         
Corporate Bonds — 22.3%     
 299,000   Appalachian Power Co. 5.65%, 04/01/2034   307,612 
 96,000   AthenaHealth Group, Inc. 6.50%, 02/15/2030   94,489 
 306,000   Bank of America Corp. 5.47%, 01/23/2035   314,366 
 75,000   Beazer Homes USA, Inc. 7.50%, 03/15/2031   76,034 
 294,000   Boeing Co. (The) 6.13%, 02/15/2033   310,118 
 308,000   Citigroup, Inc. 4.91%, 05/24/2033   307,310 
 94,000   Comstock Resources, Inc. 6.75%, 03/01/2029   94,210 
 82,000   Coreweave, Inc. 9.25%, 06/01/2030   83,831 
 297,000   Dell International LLC/EMC Corp. 5.40%, 04/15/2034   302,470 
 76,000   Directv Financing LLC 8.88%, 02/01/2030   74,525 
 296,000   Eastman Chemical Co. 5.63%, 02/20/2034   301,682 
 314,000   EQT Corp. 5.75%, 02/01/2034   324,667 
 295,000   General Motors Financial Co., Inc. 6.10%, 01/07/2034   303,623 
 345,000   Goldman Sachs Group, Inc. (The) 4.41%, 04/23/2039   311,018 
 374,000   GXO Logistics, Inc. 2.65%, 07/15/2031   325,430 
 297,000   HCA, Inc. 5.60%, 04/01/2034   303,875 
 259,000   Intel Corp. 5.15%, 02/21/2034   258,470 
 293,000   Interstate Power and Light Co. 5.70%, 10/15/2033   304,226 
 435,000   JPMorgan Chase & Co. 3.11%, 04/22/2041   333,401 
 308,000   Kinder Morgan, Inc. 5.30%, 12/01/2034   307,275 
 77,000   Kraken Oil Gas Partners LLC 7.63%, 08/15/2029   75,647 
 304,000   Morgan Stanley 5.47%, 01/18/2035   311,007 
 293,000   Ovintiv, Inc. 6.25%, 07/15/2033   302,505 
 289,000   Patterson-UTI Energy, Inc. 7.15%, 10/01/2033   295,929 
 298,000   Philip Morris International, Inc. 5.25%, 02/13/2034   303,942 
 332,000   Pilgrim’s Pride Corp. 4.25%, 04/15/2031   320,088 
 297,000   Radian Group, Inc. 6.20%, 05/15/2029   308,590 
 93,000   Rithm Capital Corp. 8.00%, 04/01/2029   93,959 
 299,000   State Street Corp. 5.16%, 05/18/2034   305,436 
 98,000   TEGNA, Inc. 5.00%, 09/15/2029   93,608 
 296,000   Tyson Foods, Inc. 5.70%, 03/15/2034   306,432 
 297,000   U.S. Bancorp 5.68%, 01/23/2035   308,338 
 93,000   Univision Communications, Inc. 6.63%, 06/01/2027   92,746 
 64,000   Vital Energy, Inc. 7.88%, 04/15/2032   54,721 
 311,000   Wells Fargo & Co. 5.61%, 01/15/2044   301,433 
Total Corporate Bonds (Cost $8,380,777)   8,513,013 
           
Exchange-Traded Fund — 2.5%     
 47,777   VanEck Emerging Markets High Yield Bond ETF   946,940 
Total Exchange-Traded Fund (Cost $936,960)   946,940 
           
Municipal Bonds — 0.9%     
 30,000   City of Dallas (GO) 5.61%, 02/15/2030   31,364 
 70,000   County of Miami-Dade Transit System (RB) Series B 5.53%, 07/01/2032   71,406 
 55,000   Metropolitan Transportation Authority (RB) 6.65%, 11/15/2039   59,036 
 30,000   New York City Municipal Water Finance Authority (RB) 5.88%, 06/15/2044   30,410 
 60,000   State of California (GO) 7.55%, 04/01/2039   71,909 
 69,804   State of Illinois (GO) 5.10%, 06/01/2033   70,012 
Total Municipal Bonds (Cost $332,849)   334,137 
           
Treasury Bill — 3.6%     
 1,385,000   United States Treasury Bill ,4.12%, 7/31/2025(a)   1,380,191 
Total Treasury Bill (Cost $1,380,139)   1,380,191 
      
Treasury Notes — 20.3%     
 951,000   United States Treasury Note/Bond 4.25%, 12/31/2026   956,535 
 373,000   United States Treasury Note/Bond 4.25%, 02/15/2028   378,041 
 2,579,000   United States Treasury Note/Bond 4.00%, 05/31/2030   2,603,984 
 1,831,000   United States Treasury Note/Bond 4.13%, 05/31/2032   1,846,449 
 1,964,000   United States Treasury Note/Bond 4.25%, 05/15/2035   1,967,069 
Total Treasury Notes (Cost $7,696,278)   7,752,078 

 

 

 

 

Portfolio of Investments (continued) June 30, 2025 (Unaudited)
Rareview Total Return Bond ETF  

 

Face Amount ($)   Fair Value ($) 
      
U.S. Government Agency Mortgages — 34.3%     
 105,000   Federal Home Loan Banks 5.15%, 11/26/2027   105,186 
 100,000   Federal Home Loan Banks 5.75%, 02/25/2037   99,852 
 163,823   Federal Home Loan Mortgage Corporation 3.00%, 02/01/2050   146,970 
 345,485   Federal Home Loan Mortgage Corporation 2.50%, 09/01/2051   286,623 
 407,880   Federal Home Loan Mortgage Corporation 2.50%, 10/01/2051   338,389 
 438,687   Federal Home Loan Mortgage Corporation 2.00%, 01/01/2052   348,309 
 123,739   Federal Home Loan Mortgage Corporation 2.50%, 02/01/2052   102,886 
 480,130   Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052   398,521 
 636,837   Federal Home Loan Mortgage Corporation 2.50%, 04/01/2052   529,341 
 768,962   Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052   666,535 
 506,579   Federal Home Loan Mortgage Corporation 3.00%, 05/01/2052   439,154 
 409,967   Federal Home Loan Mortgage Corporation 2.50%, 05/01/2052   344,995 
 375,970   Federal Home Loan Mortgage Corporation 3.00%, 06/01/2052   325,502 
 458,894   Federal Home Loan Mortgage Corporation 3.50%, 08/01/2052   413,352 
 621,124   Federal Home Loan Mortgage Corporation 4.00%, 08/01/2052   578,742 
 304,289   Federal Home Loan Mortgage Corporation 2.50%, 08/01/2052   252,391 
 659,810   Federal Home Loan Mortgage Corporation 3.00%, 09/01/2052   571,853 
 378,167   Federal Home Loan Mortgage Corporation 2.50%, 10/01/2052   313,721 
 464,661   Federal Home Loan Mortgage Corporation 3.50%, 01/01/2055   418,510 
 92,091   Federal National Mortgage Association 3.03%, 12/01/2025   91,327 
 257,634   Federal National Mortgage Association 2.50%, 09/01/2051   213,738 
 86,305   Federal National Mortgage Association 2.50%, 12/01/2051   71,600 
 84,689   Federal National Mortgage Association 2.50%, 01/01/2052   70,259 
 240,274   Federal National Mortgage Association 2.00%, 03/01/2052   190,290 
 512,629   Federal National Mortgage Association 3.00%, 04/01/2052   444,153 
 512,109   Federal National Mortgage Association 2.50%, 04/01/2052   425,718 
 477,922   Federal National Mortgage Association 2.50%, 04/01/2052   396,478 
 158,753   Federal National Mortgage Association 3.00%, 04/01/2052   138,663 
 209,600   Federal National Mortgage Association 2.50%, 05/01/2052   173,886 
 319,882   Federal National Mortgage Association 2.50%, 06/01/2052   265,923 
 444,613   Federal National Mortgage Association 4.00%, 06/01/2052   414,300 
 618,927   Federal National Mortgage Association 3.00%, 06/01/2052   536,060 
 43,494   Federal National Mortgage Association 3.00%, 06/01/2052   37,656 
 450,795   Federal National Mortgage Association 2.50%, 06/01/2052   375,587 
 419,644   Federal National Mortgage Association 3.50%, 07/01/2052   378,520 
 387,862   Federal National Mortgage Association 3.50%, 10/01/2052   349,790 
 511,996   Federal National Mortgage Association 3.00%, 10/01/2052   443,642 
 463,254   Federal National Mortgage Association 3.50%, 04/01/2053   417,430 
 247,000   Federal National Mortgage Association 5.00%, 08/25/2055   241,920 
 722,000   Federal National Mortgage Association 4.50%, 08/25/2055   690,310 
Total U.S. Government Agency Mortgages (Cost $13,043,651)   13,048,082 
           
Yankee Dollars — 1.0%     
 283,000   ArcelorMittal SA 6.80%, 11/29/2032   311,065 
 63,200   Transocean, Inc. 8.75%, 02/15/2030   64,991 
Total Yankee Dollars (Cost $366,795)   376,056 
           
Treasury Bond — 1.4%     
 590,000   United States Treasury Note/Bond  4.25%, 2/15/2054   538,191 
Total Treasury Bond (Cost $551,823)   538,191 
           
Total Investments — 101.0% (Cost $38,274,356)   38,528,451 
Other Assets in Excess of Liabilities — (1.0%)   (385,983)
Net Assets — 100.0%   38,142,468 
           
(a)The rate represents the effective yield at June 30, 2025.

 

ETF — Exchange-Traded Fund 

GO — General Obligation 

RB — Revenue Bond