Rareview Capital LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ABRDN ASIA PACIFIC INCOME FU	180,097	$2,867	1.9%	$15.92	—	COM NEW	003009867
EMHY	ISHARES INC	66,117	$2,577	1.7%	$38.97	—	JP MRGN EM HI BD	464286285
—	WESTERN ASSET HIGH INCOME OP	572,495	$2,279	1.5%	$3.98	—	COM	95766K109
—	DOUBLELINE YIELD OPPORTUNITI	123,911	$1,932	1.3%	$15.59	—	COM	25862D105
—	BLACKROCK MUN INCOME QUALITY	144,605	$1,527	1.0%	$10.56	—	COM	092479104
—	DOUBLELINE INCOME SOLUTIONS	113,362	$1,388	0.9%	$12.24	—	COM	258622109
—	COHEN & STEERS TAX ADVAN PFD	54,208	$1,073	0.7%	$19.80	—	COM	19249X108

Increased Positions (28)

— KKR INCOME OPPORTUNITIES FD 1.2%

Value ($000) $1,882 (+196.7%) Shares 149,809 (+196.7%) Est. Cost $12.56 Unrealized —

— BLACKROCK INCOME TR INC 1.0%

Value ($000) $1,555 (+394.6%) Shares 132,356 (+394.6%) Est. Cost $11.75 Unrealized —

EDV VANGUARD WORLD FD 1.1%

Value ($000) $1,731 (+121.3%) Shares 25,718 (+121.3%) Est. Cost $67.30 Unrealized —

— BLACKROCK MUNIYIELD QUALITY 2.6%

Value ($000) $3,960 (+31.1%) Shares 377,478 (+31.1%) Est. Cost $10.49 Unrealized —

— BLACKROCK MUNIHOLDINGS FD IN 2.9%

Value ($000) $4,465 (+23.8%) Shares 398,623 (+23.8%) Est. Cost $11.47 Unrealized —

— NEUBERGER MUN FD INC 2.7%

Value ($000) $4,106 (+26.1%) Shares 417,737 (+26.1%) Est. Cost $9.83 Unrealized —

— BLACKROCK MULTI SECTOR INC T 1.2%

Value ($000) $1,786 (+55.1%) Shares 122,325 (+55.1%) Est. Cost $14.60 Unrealized —

— FIRST TR INTER DURATN PFD & 0.9%

Value ($000) $1,432 (+38.0%) Shares 76,094 (+38.0%) Est. Cost $17.00 Unrealized —

— MORGAN STANLEY EMERGING MKTS 2.4%

Value ($000) $3,666 (+10.6%) Shares 716,061 (+10.6%) Est. Cost $4.84 Unrealized —

— PIMCO DYNAMIC INCOME STRATEG 1.2%

Value ($000) $1,837 (+20.4%) Shares 74,510 (+20.4%) Est. Cost $24.65 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 4.6%

Value ($000) $7,157 (+4.0%) Shares 144,705 (+4.0%) Est. Cost $43.60 Unrealized —

— TEMPLETON EMERGING MKTS INCO 2.0%

Value ($000) $3,018 (+9.6%) Shares 503,071 (+9.6%) Est. Cost $5.50 Unrealized —

— BROOKFIELD REAL ASSETS INCOM 1.8%

Value ($000) $2,795 (+9.5%) Shares 209,077 (+9.5%) Est. Cost $13.52 Unrealized —

— BRANDYWINEGBL GBL INCM OPP F 0.3%

Value ($000) $464 (+85.0%) Shares 55,876 (+85.0%) Est. Cost $8.31 Unrealized —

— COHEN & STEERS LTD DURATION 1.5%

Value ($000) $2,305 (+9.5%) Shares 109,848 (+9.5%) Est. Cost $20.65 Unrealized —

QQQ INVESCO QQQ TR 9.1%

Value ($000) $14,060 (+1.4%) Shares 25,488 (+1.4%) Est. Cost $471.56 Unrealized —

— BLACKROCK MUNIYIELD FD INC 2.5%

Value ($000) $3,927 (+4.6%) Shares 391,116 (+4.6%) Est. Cost $10.40 Unrealized —

— BLACKROCK MUNI INCOME TR II 2.2%

Value ($000) $3,355 (+4.9%) Shares 334,161 (+4.9%) Est. Cost $10.74 Unrealized —

— BLACKROCK MUN INCOME TR 2.2%

Value ($000) $3,422 (+3.9%) Shares 356,821 (+3.9%) Est. Cost $9.59 Unrealized —

CARY ANGEL OAK FUNDS TRUST 1.1%

Value ($000) $1,722 (+8.1%) Shares 82,798 (+8.1%) Est. Cost $21.12 Unrealized —

— ALLSPRING MULTI SECTOR INCOM 0.9%

Value ($000) $1,435 (+9.5%) Shares 151,876 (+9.5%) Est. Cost $9.54 Unrealized —

— FRANKLIN LTD DURATION INCOME 0.9%

Value ($000) $1,340 (+9.5%) Shares 208,656 (+9.5%) Est. Cost $6.38 Unrealized —

— INVESCO MUN OPPORTUNITY TR 1.7%

Value ($000) $2,634 (+4.6%) Shares 286,911 (+4.6%) Est. Cost $9.88 Unrealized —

— WESTERN ASSET MANAGED MUNS F 2.0%

Value ($000) $3,156 (+3.6%) Shares 318,812 (+3.6%) Est. Cost $10.24 Unrealized —

— INVESCO MUNICIPAL TRUST 1.7%

Value ($000) $2,642 (+4.1%) Shares 288,744 (+4.1%) Est. Cost $9.58 Unrealized —

— NUVEEN VRIABL RAT PFD & INM 0.7%

Value ($000) $1,037 (+9.6%) Shares 53,778 (+9.6%) Est. Cost $18.54 Unrealized —

VB VANGUARD INDEX FDS 4.6%

Value ($000) $7,090 (+1.1%) Shares 29,918 (+1.1%) Est. Cost $219.12 Unrealized —

— WESTERN ASSET GBL HIGH INC F 0.2%

Value ($000) $316 (+9.5%) Shares 48,390 (+9.5%) Est. Cost $6.89 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	KKR INCOME OPPORTUNITIES FD	149,809 (+196.7%)	$1,882 (+196.7%)	1.2%	$12.56	—	COM	48249T106
—	BLACKROCK INCOME TR INC	132,356 (+394.6%)	$1,555 (+394.6%)	1.0%	$11.75	—	COM NEW	09247F209
EDV	VANGUARD WORLD FD	25,718 (+121.3%)	$1,731 (+121.3%)	1.1%	$67.30	—	EXTENDED DUR	921910709
—	BLACKROCK MUNIYIELD QUALITY	377,478 (+31.1%)	$3,960 (+31.1%)	2.6%	$10.49	—	COM	09254E103
—	BLACKROCK MUNIHOLDINGS FD IN	398,623 (+23.8%)	$4,465 (+23.8%)	2.9%	$11.47	—	COM	09253N104
—	NEUBERGER MUN FD INC	417,737 (+26.1%)	$4,106 (+26.1%)	2.7%	$9.83	—	COM	64124P101
—	BLACKROCK MULTI SECTOR INC T	122,325 (+55.1%)	$1,786 (+55.1%)	1.2%	$14.60	—	COM	09258A107
—	FIRST TR INTER DURATN PFD &	76,094 (+38.0%)	$1,432 (+38.0%)	0.9%	$17.00	—	COM	33718W103
—	MORGAN STANLEY EMERGING MKTS	716,061 (+10.6%)	$3,666 (+10.6%)	2.4%	$4.84	—	COM	617477104
—	PIMCO DYNAMIC INCOME STRATEG	74,510 (+20.4%)	$1,837 (+20.4%)	1.2%	$24.65	—	COM SHS BEN INT	69346N107
VWO	VANGUARD INTL EQUITY INDEX F	144,705 (+4.0%)	$7,157 (+4.0%)	4.6%	$43.60	—	FTSE EMR MKT ETF	922042858
—	TEMPLETON EMERGING MKTS INCO	503,071 (+9.6%)	$3,018 (+9.6%)	2.0%	$5.50	—	COM	880192109
—	BROOKFIELD REAL ASSETS INCOM	209,077 (+9.5%)	$2,795 (+9.5%)	1.8%	$13.52	—	SHS BEN INT	112830104
—	BRANDYWINEGBL GBL INCM OPP F	55,876 (+85.0%)	$464 (+85.0%)	0.3%	$8.31	—	COM	10537L104
—	COHEN & STEERS LTD DURATION	109,848 (+9.5%)	$2,305 (+9.5%)	1.5%	$20.65	—	COM	19248C105
QQQ	INVESCO QQQ TR	25,488 (+1.4%)	$14,060 (+1.4%)	9.1%	$471.56	—	UNIT SER 1	46090E103
—	BLACKROCK MUNIYIELD FD INC	391,116 (+4.6%)	$3,927 (+4.6%)	2.5%	$10.40	—	COM	09253W104
—	BLACKROCK MUNI INCOME TR II	334,161 (+4.9%)	$3,355 (+4.9%)	2.2%	$10.74	—	COM	09249N101
—	BLACKROCK MUN INCOME TR	356,821 (+3.9%)	$3,422 (+3.9%)	2.2%	$9.59	—	SH BEN INT	09248F109
CARY	ANGEL OAK FUNDS TRUST	82,798 (+8.1%)	$1,722 (+8.1%)	1.1%	$21.12	—	INCOME ETF	03463K760
—	ALLSPRING MULTI SECTOR INCOM	151,876 (+9.5%)	$1,435 (+9.5%)	0.9%	$9.54	—	COM	94987D101
—	FRANKLIN LTD DURATION INCOME	208,656 (+9.5%)	$1,340 (+9.5%)	0.9%	$6.38	—	COM	35472T101
—	INVESCO MUN OPPORTUNITY TR	286,911 (+4.6%)	$2,634 (+4.6%)	1.7%	$9.88	—	COM	46132C107
—	WESTERN ASSET MANAGED MUNS F	318,812 (+3.6%)	$3,156 (+3.6%)	2.0%	$10.24	—	COM	95766M105
—	INVESCO MUNICIPAL TRUST	288,744 (+4.1%)	$2,642 (+4.1%)	1.7%	$9.58	—	COM	46131J103
—	NUVEEN VRIABL RAT PFD & INM	53,778 (+9.6%)	$1,037 (+9.6%)	0.7%	$18.54	—	COM	67080R102
VB	VANGUARD INDEX FDS	29,918 (+1.1%)	$7,090 (+1.1%)	4.6%	$219.12	—	SMALL CP ETF	922908751
—	WESTERN ASSET GBL HIGH INC F	48,390 (+9.5%)	$316 (+9.5%)	0.2%	$6.89	—	COM	95766B109

Exited Positions (7)

BIL SPDR SERIES TRUST 10.3%

Value ($000) $15,953 Shares 173,918 Est. Cost $91.74 Unrealized —

— INVESCO QUALITY MUN INCOME T 1.5%

Value ($000) $2,383 Shares 254,038 Est. Cost $9.67 Unrealized —

TBIL RBB FD INC 1.5%

Value ($000) $2,321 Shares 46,423 Est. Cost $50.04 Unrealized —

USHY ISHARES TR 1.2%

Value ($000) $1,917 Shares 51,101 Est. Cost $37.51 Unrealized —

— NUVEEN AMT FREE MUN CR INC F 0.8%

Value ($000) $1,280 Shares 107,312 Est. Cost $12.06 Unrealized —

— PGIM SHORT DUR HIG YLD OPP F 0.6%

Value ($000) $874 Shares 51,876 Est. Cost $16.19 Unrealized —

IGIB ISHARES TR 0.2%

Value ($000) $365 Shares 6,841 Est. Cost $53.29 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIL	SPDR SERIES TRUST	173,918	$15,953	10.3%	$91.74	—	—	78468R663
—	INVESCO QUALITY MUN INCOME T	254,038	$2,383	1.5%	$9.67	—	—	46133G107
TBIL	RBB FD INC	46,423	$2,321	1.5%	$50.04	—	—	74933W452
USHY	ISHARES TR	51,101	$1,917	1.2%	$37.51	—	—	46435U853
—	NUVEEN AMT FREE MUN CR INC F	107,312	$1,280	0.8%	$12.06	—	—	67071L106
—	PGIM SHORT DUR HIG YLD OPP F	51,876	$874	0.6%	$16.19	—	—	69355J104
IGIB	ISHARES TR	6,841	$365	0.2%	$53.29	—	—	464288638

Decreased Positions (6)

HYEM VANECK ETF TRUST 0.2%

Value ($000) $371 (-90.6%) Shares 18,696 (-90.6%) Est. Cost $19.83 Unrealized —

— ALLSPRING INCOME OPPORTUNIT 0.3%

Value ($000) $395 (-85.1%) Shares 55,900 (-85.1%) Est. Cost $6.81 Unrealized —

FEMB FIRST TR EXCH TRADED FD III 0.4%

Value ($000) $652 (-70.4%) Shares 22,580 (-70.4%) Est. Cost $28.88 Unrealized —

— WESTERN ASSET EMERGING MKTS 1.9%

Value ($000) $2,943 (-22.8%) Shares 292,872 (-22.8%) Est. Cost $9.46 Unrealized —

— BLACKROCK CR ALLOCATION INCO 1.0%

Value ($000) $1,555 (-21.0%) Shares 142,441 (-21.0%) Est. Cost $11.23 Unrealized —

DCRE DOUBLELINE ETF TRUST 0.1%

Value ($000) $200 (-11.4%) Shares 3,848 (-11.4%) Est. Cost $51.31 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HYEM	VANECK ETF TRUST	18,696 (-90.6%)	$371 (-90.6%)	0.2%	$19.83	—	EMERGING MRKT HI	92189F353
—	ALLSPRING INCOME OPPORTUNIT	55,900 (-85.1%)	$395 (-85.1%)	0.3%	$6.81	—	INC OPPTY FD	94987B105
FEMB	FIRST TR EXCH TRADED FD III	22,580 (-70.4%)	$652 (-70.4%)	0.4%	$28.88	—	EME MRK BD ETF	33739P202
—	WESTERN ASSET EMERGING MKTS	292,872 (-22.8%)	$2,943 (-22.8%)	1.9%	$9.46	—	COM	95766A101
—	BLACKROCK CR ALLOCATION INCO	142,441 (-21.0%)	$1,555 (-21.0%)	1.0%	$11.23	—	COM	092508100
DCRE	DOUBLELINE ETF TRUST	3,848 (-11.4%)	$200 (-11.4%)	0.1%	$51.31	—	COMMERCIAL REAL	25861R303

Unchanged Positions (10)

VEA VANGUARD TAX-MANAGED FDS 11.5%

Value ($000) $17,699 Shares 310,463 Est. Cost $49.76 Unrealized —

VOO VANGUARD INDEX FDS 16.1%

Value ($000) $24,766 Shares 43,599 Est. Cost $482.40 Unrealized —

— NUVEEN CALIFORNIA AMT QLT MU 0.4%

Value ($000) $692 Shares 58,788 Est. Cost $11.54 Unrealized —

— NUVEEN CA QUALTY MUN INCOME 0.5%

Value ($000) $740 Shares 66,243 Est. Cost $11.09 Unrealized —

— BLACKROCK MUNIHLDNGS CALI QL 0.2%

Value ($000) $261 Shares 25,207 Est. Cost $11.13 Unrealized —

AVGO BROADCOM INC 0.3%

Value ($000) $448 Shares 1,627 Est. Cost $182.87 Unrealized +95.2%

MSFT MICROSOFT CORP 0.2%

Value ($000) $234 Shares 471 Est. Cost $432.38 Unrealized +15.8%

— BLACKROCK CORE BD TR 0.3%

Value ($000) $538 Shares 55,308 Est. Cost $9.72 Unrealized —

AFRM AFFIRM HLDGS INC 0.2%

Value ($000) $245 Shares 3,541 Est. Cost $51.85 Unrealized +38.8%

— PIMCO CALIF MUN INCOME FD 0.3%

Value ($000) $478 Shares 55,616 Est. Cost $8.59 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEA	VANGUARD TAX-MANAGED FDS	310,463	$17,699	11.5%	$49.76	—	VAN FTSE DEV MKT	921943858
VOO	VANGUARD INDEX FDS	43,599	$24,766	16.1%	$482.40	—	S&P 500 ETF SHS	922908363
—	NUVEEN CALIFORNIA AMT QLT MU	58,788	$692	0.4%	$11.54	—	COM	670651108
—	NUVEEN CA QUALTY MUN INCOME	66,243	$740	0.5%	$11.09	—	COM	67066Y105
—	BLACKROCK MUNIHLDNGS CALI QL	25,207	$261	0.2%	$11.13	—	COM	09254L107
AVGO	BROADCOM INC	1,627	$448	0.3%	$182.87	+95.2%	COM	11135F101
MSFT	MICROSOFT CORP	471	$234	0.2%	$432.38	+15.8%	COM	594918104
—	BLACKROCK CORE BD TR	55,308	$538	0.3%	$9.72	—	SHS BEN INT	09249E101
AFRM	AFFIRM HLDGS INC	3,541	$245	0.2%	$51.85	+38.8%	COM CL A	00827B106
—	PIMCO CALIF MUN INCOME FD	55,616	$478	0.3%	$8.59	—	COM	72200N106