# EDGAR Filing Document

**Accession Number:** 0001724826
**File Stem:** 0001003715-26-001969
**Filing Date:** 2026-5
**Character Count:** 3106752
**Document Hash:** 9fb30fe7668cde06694caccac3e7966f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001003715-26-001969.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0001003715-26-001969

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Six Circles Trust
- **CENTRAL INDEX KEY:** 0001724826

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23325
- **FILM NUMBER:** 261034162

**BUSINESS ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** 212-270-6000

**MAIL ADDRESS:**
- **STREET 1:** C/O J.P. MORGAN PRIVATE INVESTMENTS INC.
- **STREET 2:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 23Wall Trust
- **DATE OF NAME CHANGE:** 20171208

## Series and Classes Contracts Data

### Six Circles Ultra Short Duration Fund (Series ID: S000061650)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000199642 | Six Circles Ultra Short Duration Fund | CUSDX           |

## Nport-Ex

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — 11.1%** |  |  |  |
|  **Automobile ABS — 7.5%** |  |  |  |
| Auto ABS Spanish Loans FT, (Spain), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.85%), 2.76%, 09/28/2038 (aa) | EUR | 607 | 703 |
| AutoFlorence Srl, (Italy), |  |  |  |
| Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.62%, 12/24/2044 (aa) | EUR | 104 | 120 |
| Series 2, Class B, Reg. S, (EURIBOR 1 Month + 0.75%), 2.67%, 12/24/2044 (aa) | EUR | 21 | 25 |
| Series 3, Class A, Reg. S, (EURIBOR 1 Month + 0.95%), 2.89%, 12/25/2046 (aa) | EUR | 409 | 474 |
| Series 3, Class B, Reg. S, (EURIBOR 1 Month + 2.35%), 4.29%, 12/25/2046 (aa) | EUR | 41 | 48 |
| Autonoria Spain 2022 FT, (Spain), |  |  |  |
| Series 2022-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.84%), 2.78%, 01/25/2040 (aa) | EUR | 265 | 307 |
| Series 2022-SP, Class B, Reg. S, (EURIBOR 1 Month + 2.00%), 3.94%, 01/26/2040 (aa) | EUR | 33 | 39 |
| Autonoria Spain 2023 FT, (Spain), |  |  |  |
| Series 2023-SP, Class A, Reg. S, (EURIBOR 1 Month + 0.70%), 2.64%, 09/30/2041 (aa) | EUR | 362 | 419 |
| Series 2023-SP, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.09%, 09/30/2041 (aa) | EUR | 52 | 60 |
| Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%,<br>06/20/2030 (e) |  | 1500 | 1533 |
|  BofA Auto Trust, Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) |  | 384 | 384 |
| Capital One Prime Auto Receivables Trust, Series 2023-2, Class A3, 5.82%, 06/15/2028 |  | 550 | 555 |
| Cardiff Auto Receivables Securitisation plc, (United Kingdom), Series 2024-1, Class B, Reg. S, (SONIA Interest Rate Benchmark + 1.40%), 5.13%, 08/20/2031 (aa) | GBP | 264 | 351 |
| CarMax Auto Owner Trust, |  |  |  |
| Series 2023-3, Class A3, 5.28%, 05/15/2028 |  | 473 | 475 |
| Series 2023-4, Class A3, 6.00%, 07/17/2028 |  | 932 | 942 |
| Series 2024-1, Class A3, 4.92%, 10/16/2028 |  | 713 | 717 |
| Series 2024-2, Class A3, 5.50%, 01/16/2029 |  | 423 | 427 |
| Series 2025-1, Class A3, 4.84%, 01/15/2030 |  | 500 | 503 |
| Series 2025-2, Class A2A, 4.59%, 07/17/2028 |  | 1297 | 1299 |
| Cars Alliance Auto Leases France, (France), |  |  |  |
| Series 2023-1FRV, Class A, Reg. S, (EURIBOR 1 Month + 0.65%), 2.57%, 10/21/2038 (aa) | EUR | 245 | 283 |
| Series 2023-1FRV, Class B, Reg. S, (EURIBOR 1 Month + 1.30%), 3.22%, 10/21/2038 (aa) | EUR | 400 | 464 |
| Carvana Auto Receivables Trust, |  |  |  |
| Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) |  | 1456 | 1472 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) |  | 601 | 603 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 |  | 400 | 401 |
| Series 2025-P4, Class A2, 4.19%, 03/12/2029 |  | 2000 | 1999 |
| Series 2026-P1, Class A2, 4.10%, 06/11/2029 |  | 500 | 499 |
| Citizen Irish Auto Receivables Trust 2023 DAC, (Ireland), |  |  |  |
| Series 2023-1, Class A, Reg. S, (EURIBOR 1 Month + 0.77%), 2.71%, 12/15/2032 (aa) | EUR | 61 | 71 |
| Series 2023-1, Class B, Reg. S, (EURIBOR 1 Month + 1.40%), 3.34%, 12/15/2032 (aa) | EUR | 121 | 140 |
|  Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) |  | 437 | 438 |
| E-Carat DE, (Luxembourg), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.45%), 2.39%, 11/25/2035 (aa) | EUR | 591 | 683 |
| FCT Autonoria DE 2023, (France), Series 2023-DE, Class B, Reg. S, (EURIBOR 1 Month + 1.15%), 3.09%, 01/26/2043 (aa) | EUR | 93 | 107 |
| Finance Ireland Auto Receivables No. 2 DAC, (Ireland), Series 2, Class A, Reg. S, (EURIBOR 1 Month + 0.68%), 2.62%, 11/14/2034 (aa) | EUR | 688 | 796 |
| Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e) | CAD | 1550 | 1119 |
| Ford Credit Auto Owner Trust, |  |  |  |
| Series 2022-D, Class A3, 5.27%, 05/17/2027 |  | 8 | 8 |
| Series 2024-1, Class A, SUB, 4.87%, 08/15/2036 (e) |  | 789 | 801 |
| Series 2024-C, Class A2A, 4.32%, 08/15/2027 |  | 310 | 310 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
|  **Automobile ABS — continued** |  |  |  |
| Series 2024-C, Class A3, 4.07%, 07/15/2029 |  | 829 | 829 |
| Series 2025-B, Class A2A, 3.88%, 06/15/2028 |  | 1500 | 1499 |
| Ford Credit Auto Owner Trust / Ford Credit, Series 2025-1, Class A, SUB, 4.86%, 08/15/2037 (e) |  | 960 | 977 |
| Ford Credit Floorplan Master Owner Trust A, Series 2023-1, Class A2, (United States 30 Day Average SOFR + 1.25%), 4.92%, 05/15/2028 (e) (aa) |  | 1290 | 1291 |
| GM Financial Automobile Leasing Trust, |  |  |  |
| Series 2025-1, Class A2A, 4.54%, 05/20/2027 |  | 1001 | 1002 |
| Series 2025-2, Class A2A, 4.55%, 07/20/2027 |  | 561 | 562 |
| GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| Series 2023-2, Class A3, 4.47%, 02/16/2028 |  | 117 | 117 |
| Series 2023-4, Class A3, 5.78%, 08/16/2028 |  | 548 | 553 |
| Series 2024-1, Class A3, 4.85%, 12/18/2028 |  | 619 | 621 |
| Series 2024-2, Class A3, 5.10%, 03/16/2029 |  | 406 | 408 |
| Series 2024-3, Class A3, 5.13%, 04/16/2029 |  | 527 | 530 |
| Series 2024-4, Class A2A, 4.53%, 10/18/2027 |  | 122 | 122 |
| Series 2024-4, Class A3, 4.40%, 08/16/2029 |  | 2554 | 2560 |
| GMF Floorplan Owner Revolving Trust, |  |  |  |
| Series 2023-1, Class A1, 5.34%, 06/15/2028 (e) |  | 1500 | 1504 |
| Series 2024-4A, Class A1, 4.73%, 11/15/2029 (e) |  | 945 | 952 |
| Golden Bar Securitisation Srl, (Italy), Series 2023-2, Class B, Reg. S, (EURIBOR 3 Month + 2.90%), 5.01%, 09/22/2043 (aa) | EUR | 174 | 206 |
| Harley-Davidson Motorcycle Trust, Series 2025-A, Class A2A, 4.71%, 07/17/2028 |  | 294 | 294 |
| Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) |  | 850 | 852 |
| Hill FL 2024-1BV, (Netherlands), Series 2024-1FL, Class B, Reg. S, (EURIBOR 1 Month + 1.10%), 3.06%, 02/18/2032 (aa) | EUR | 119 | 138 |
| Hill FL 2024-2 BV, (Netherlands), Series 2024-2FL, Class A, Reg. S, (EURIBOR 1 Month + 0.72%), 2.68%, 10/18/2032 (aa) | EUR | 429 | 495 |
| Honda Auto Receivables Owner Trust, Series 2025-3, Class A3, 4.04%, 02/21/2030 |  | 1895 | 1890 |
| Hyundai Auto Lease Securitization Trust, |  |  |  |
| Series 2025-B, Class A2A, 4.58%, 09/15/2027 (e) |  | 842 | 843 |
| Series 2025-C, Class A2A, 4.37%, 01/18/2028 (e) |  | 902 | 904 |
| Hyundai Auto Receivables Trust, |  |  |  |
| Series 2023-A, Class A3, 4.58%, 04/15/2027 |  | 11 | 11 |
| Series 2024-A, Class A3, 4.99%, 02/15/2029 |  | 2617 | 2633 |
| Series 2024-B, Class A3, 4.84%, 03/15/2029 |  | 1787 | 1797 |
| Series 2024-C, Class A3, 4.41%, 05/15/2029 |  | 1921 | 1928 |
| LAD Auto Receivables Trust, Series 2026-1A, Class A2, 3.75%, 05/15/2029 (e) |  | 200 | 199 |
| LT Autorahoitus V DAC, (Ireland), Series 5, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.86%, 05/18/2035 (aa) | EUR | 400 | 462 |
| LT Rahoitus 2025-1 DAC, (Ireland), Series 6, Class A, Reg. S, (EURIBOR 1 Month + 0.54%), 2.49%, 07/18/2036 (aa) | EUR | 369 | 427 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027 |  | 152 | 152 |
| Metro Finance Trust, (Australia), Series 2024-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 1.25%), 5.20%, 09/17/2030 (aa) | AUD | 270 | 187 |
| Nissan Auto Lease Trust, |  |  |  |
| Series 2024-B, Class A3, 4.92%, 11/15/2027 |  | 500 | 503 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
|  **Automobile ABS — continued** |  |  |  |
| Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.12%, 11/15/2027 (aa) |  | 662 | 662 |
| Series 2025-B, Class A2A, 4.44%, 03/15/2028 |  | 2057 | 2062 |
| Series 2026-A, Class A2A, 3.90%, 05/15/2028 |  | 600 | 598 |
| OneMain Direct Auto Receivables Trust, Series 2022-1A, Class A2, (United States 30 Day Average SOFR + 1.60%), 5.27%, 03/14/2029 (e) (aa) |  | 39 | 39 |
| Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) |  | 342 | 342 |
| Panorama Auto Trust, (Australia), Series 2025-1, Class A, Reg. S, (BBSW ASX Australian 1 Month + 0.97%), 4.92%, 03/15/2033 (aa) | AUD | 375 | 259 |
| Pony SA, (Luxembourg), |  |  |  |
| Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.52%), 2.46%, 01/14/2033 (aa) | EUR | 545 | 630 |
| Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.85%), 2.79%, 01/14/2033 (aa) | EUR | 82 | 95 |
| Porsche Financial Auto Securitization Trust, Series 2024-1A, Class A3, 4.44%, 01/22/2030 (e) |  | 1790 | 1793 |
| Red & Black Auto Germany UG, (Germany), Series 10, Class B, Reg. S, (EURIBOR 1 Month + 1.20%), 3.14%, 09/15/2032 (aa) | EUR | 55 | 64 |
| Red & Black Auto Italy Srl, (Italy), |  |  |  |
| Series 2, Class A1, Reg. S, (EURIBOR 1 Month + 1.00%), 2.91%, 07/28/2034 (aa) | EUR | 261 | 303 |
| Series 2, Class B, Reg. S, (EURIBOR 1 Month + 1.80%), 3.71%, 07/28/2034 (aa) | EUR | 54 | 63 |
| RevoCar UG, (Germany), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.56%), 2.48%, 02/21/2037 (aa) | EUR | 334 | 387 |
| SBNA Auto Lease Trust, |  |  |  |
| Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) |  | 593 | 595 |
| Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) |  | 606 | 607 |
| SFS Auto Receivables Securitization Trust, |  |  |  |
| Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) |  | 779 | 786 |
| Series 2025-2A, Class A3, 4.44%, 12/20/2030 (e) |  | 885 | 888 |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 06/20/2028 (e) |  | 940 | 940 |
| Toyota Auto Loan Extended Note Trust, Series 2025-1A, Class A, 4.65%, 05/25/2038 (e) |  | 1596 | 1607 |
| Toyota Auto Receivables Owner Trust, |  |  |  |
| Series 2022-C, Class A3, 3.76%, 04/15/2027 |  | 32 | 32 |
| Series 2023-A, Class A3, 4.63%, 09/15/2027 |  | 44 | 44 |
| Series 2024-A, Class A3, 4.83%, 10/16/2028 |  | 2790 | 2801 |
| Toyota Lease Owner Trust, |  |  |  |
| Series 2025-A, Class A2A, 4.58%, 07/20/2027 (e) |  | 655 | 657 |
| Series 2026-A, Class A2B, (United States 30 Day Average SOFR + 0.33%), 4.00%, 02/22/2028 (e) (aa) |  | 500 | 499 |
|  Upgrade Auto Receivables Trust, Series 2025-1A, Class A2, 4.54%, 05/15/2029 (e) |  | 563 | 564 |
|  Total Automobile ABS |  |  | 64340 |
|  **Credit Card ABS — 1.3%** |  |  |  |
| American Express Credit Account Master Trust, |  |  |  |
| Series 2023-2, Class A, 4.80%, 05/15/2030 |  | 900 | 914 |
| Series 2024-2, Class A, 5.24%, 04/15/2031 |  | 1990 | 2051 |
| Series 2025-1, Class A, 4.56%, 12/17/2029 |  | 2210 | 2228 |
| Compartment BL Consumer Credit 2024, (Luxembourg), |  |  |  |
| Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.63%), 2.57%, 09/25/2041 (aa) | EUR | 321 | 371 |
| Series 2024-1, Class B, Reg. S, (EURIBOR 1 Month + 0.90%), 2.84%, 09/25/2041 (aa) | EUR | 292 | 337 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
|  **Credit Card ABS — continued** |  |  |  |
| Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) |  | 1500 | 1483 |
| Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) |  | 1000 | 983 |
| Newday Funding Master Issuer plc, (United Kingdom), Series 2025-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 4.58%, 04/15/2033 (aa) | GBP | 599 | 793 |
| NewDay Funding, (United Kingdom), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.18%), 4.91%, 03/15/2032 (aa) | GBP | 534 | 709 |
| Trillium Credit Card Trust II, Series 2025-1A, Class A, (United States SOFR + 0.59%), 4.22%, 09/26/2030 (e) (aa) |  | 1000 | 1004 |
| Total Credit Card ABS |  |  | 10873 |
|  **Other ABS — 1.1%** |  |  |  |
| Brignole Co., (Italy), Series 2024, Class A, Reg. S, (EURIBOR 1 Month + 0.78%), 2.70%, 02/24/2042 (aa) | EUR | 287 | 333 |
| CNH Equipment Trust, |  |  |  |
| Series 2024-A, Class A3, 4.77%, 06/15/2029 |  | 318 | 320 |
| Series 2024-C, Class A3, 4.03%, 01/15/2030 |  | 275 | 274 |
| Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) |  | 407 | 408 |
| DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) |  | 552 | 553 |
| Dryden 49 Senior Loan Fund, (Cayman Islands), Series 2017-49A, Class AR, (CME Term SOFR 3 Month + 1.21%), 4.88%, 07/18/2030 (e) (aa) |  | 55 | 55 |
| Foundation Finance Trust, Series 2025-3A, Class A, 4.56%, 08/15/2052 (e) |  | 296 | 294 |
| GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) |  | 104 | 104 |
| Kubota Credit Owner Trust, |  |  |  |
| Series 2025-1A, Class A2, 4.61%, 12/15/2027 (e) |  | 209 | 209 |
| Series 2025-1A, Class A3, 4.67%, 06/15/2029 (e) |  | 599 | 604 |
| Madison Park Funding XXXIII Ltd., (Cayman Islands), Series 2019-33A, Class AR, (CME Term SOFR 3 Month + 1.29%), 4.96%, 10/15/2032 (e) (aa) |  | 219 | 219 |
| OneMain Financial Issuance Trust, Series 2023-2A, Class A2, (United States 30 Day Average SOFR + 1.50%), 5.17%, 09/15/2036 (e) (aa) |  | 1452 | 1461 |
| Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A1, 4.25%, 09/15/2026 (e) |  | 652 | 651 |
| PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) |  | 817 | 821 |
| Rockford Tower CLO 2017-3 Ltd., (Cayman Islands), Series 2017-3A, Class A, (CME Term SOFR 3 Month + 1.45%), 5.12%, 10/20/2030 (e) (aa) |  | — (h) | — (h) |
| SC Germany SA Compartment Consumer, (Germany), Series 2025-1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.89%, 12/14/2038 (aa) | EUR | 200 | 230 |
| SC Germany SA Compartment Consumer, (Luxembourg), Series 2020-1, Class C, Reg. S, (EURIBOR 1 Month + 1.75%), 3.69%, 11/14/2034 (aa) | EUR | 42 | 48 |
| TAGUS - Sociedade de Titularizacao de Creditos SA / Viriato Finance No.1, (Portugal), Series 1, Class B, Reg. S, (EURIBOR 1 Month + 0.95%), 2.86%, 10/28/2040 (aa) | EUR | 113 | 130 |
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) |  | 361 | 361 |
| Verizon Master Trust, |  |  |  |
| Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 4.34%, 08/20/2030 (aa) |  | 1000 | 1004 |
| Series 2025-1, Class A, 4.71%, 01/21/2031 |  | 1500 | 1515 |
| Youni Italy Srl, (Italy), Series 2024-1, Class A, Reg. S, (EURIBOR 1 Month + 0.88%), 2.82%, 04/25/2034 (aa) | EUR | 261 | 302 |
| Total Other ABS |  |  | 9896 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |
|  **Student Loan ABS — 1.2%** |  |  |
| ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 474 | 429 |
| Navient Private Education Loan Trust, |  |  |
| Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 4.51%, 12/15/2059 (aa) | 5 | 5 |
| Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 4.69%, 11/15/2068 (e) (aa) | 778 | 777 |
| Navient Private Education Refi Loan Trust, |  |  |
| Series 2019-D, Class A2B, (CME Term SOFR 1 Month + 1.16%), 4.84%, 12/15/2059 (e) (aa) | 150 | 150 |
| Series 2019-GA, Class A, 2.40%, 10/15/2068 (e) | 62 | 60 |
| Series 2020-IA, Class A1B, (CME Term SOFR 1 Month + 1.11%), 4.79%, 04/15/2069 (e) (aa) | 96 | 96 |
| Series 2021-DA, Class A, (Prime Rate + -1.99%), 4.76%, 04/15/2060 (e) (aa) | 230 | 224 |
| Navient Student Loan Trust, Series 2019-BA, Class A2B, (CME Term SOFR 1 Month + 1.09%), 4.77%, 12/15/2059 (e) (aa) | 86 | 86 |
| Nelnet Student Loan Trust, |  |  |
| Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 4.68%, 06/27/2067 (e) (aa) | 406 | 405 |
| Series 2021-CA, Class AFL, (CME Term SOFR 1 Month + 0.85%), 4.53%, 04/20/2062 (e) (aa) | 441 | 439 |
| Series 2025-BA, Class A1A, 4.84%, 05/17/2055 (e) | 441 | 438 |
| Series 2025-CA, Class A1B, (United States 30 Day Average SOFR + 1.35%), 5.02%, 06/22/2065 (e) (aa) | 807 | 813 |
| Series 2025-DA, Class A1A, 4.65%, 08/20/2054 (e) | 469 | 463 |
| Series 2026-A, Class A1A, 4.61%, 02/21/2061 (e) | 480 | 473 |
| Series 2026-A, Class A1B, (United States 30 Day Average SOFR + 1.30%), 4.97%, 02/21/2061 (e) (aa) | 192 | 192 |
| Prodigy Finance DAC, (Ireland), Series 2021-1A, Class A, (CME Term SOFR 1 Month + 1.36%), 5.04%, 07/25/2051 (e) (aa) | 26 | 26 |
| SMB Private Education Loan Trust, |  |  |
| Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 0.94%), 4.62%, 09/15/2037 (e) (aa) | 206 | 206 |
| Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 189 | 179 |
| Series 2021-A, Class A2A1, (CME Term SOFR 1 Month + 0.84%), 4.52%, 01/15/2053 (e) (aa) | 1110 | 1099 |
| Series 2021-A, Class APL, 4.50%, 01/15/2053 (e) (z) | 122 | 120 |
| Series 2021-D, Class A1B, (CME Term SOFR 1 Month + 0.71%), 4.39%, 03/17/2053 (e) (aa) | 93 | 92 |
| Series 2022-B, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.12%, 02/16/2055 (e) (aa) | 974 | 982 |
| Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 5.52%, 05/16/2050 (e) (aa) | 142 | 144 |
| Series 2022-D, Class A1B, (United States 30 Day Average SOFR + 1.80%), 5.47%, 10/15/2058 (e) (aa) | 1517 | 1544 |
| Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) | 111 | 112 |
| Series 2023-D, Class A1B, (United States 30 Day Average SOFR + 1.65%), 5.32%, 09/15/2053 (e) (aa) | 655 | 666 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.12%, 03/15/2056 (e) (aa) | 148 | 150 |
| Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 4.49%, 11/20/2061 (e) (aa) | 43 | 43 |
| Total Student Loan ABS |  | 10413 |
| Total Asset-Backed Securities<br>(Cost $94,461) |  | 95522 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Certificates of Deposit — 0.1%** |  |  |  |
| **Financial — 0.1%** |  |  |  |
|  **Banks — 0.1%** |  |  |  |
|  Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 5.02%, 09/14/2026 (aa) | AUD | 500 | 345 |
|  MUFG Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.73%), 5.02%, 09/20/2027 (aa) | AUD | 800 | 554 |
| Total Financial |  |  | 899 |
| Total Certificates of Deposit<br>(Cost $890) |  |  | 899 |
| **Collateralized Mortgage Obligations — 6.5%** |  |  |  |
|  **Agency Collateral CMO — 4.9%** |  |  |  |
| FHLMC REMICS, |  |  |  |
| Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 4.58%, 04/15/2049 (aa) |  | 333 | 334 |
| Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 4.81%, 12/25/2054 (aa) |  | 486 | 489 |
| Series 5493, Class FK, (United States 30 Day Average SOFR + 1.15%), 4.81%, 01/25/2055 (aa) |  | 490 | 493 |
| Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 4.86%, 02/25/2055 (aa) |  | 236 | 238 |
| Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 4.66%, 02/25/2055 (aa) |  | 644 | 650 |
| Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 4.66%, 02/25/2055 (aa) |  | 617 | 622 |
| Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 4.61%, 03/25/2055 (aa) |  | 1490 | 1502 |
| Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 4.61%, 03/25/2055 (aa) |  | 485 | 488 |
| Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 4.53%, 04/25/2055 (aa) |  | 1191 | 1195 |
| Series 5532, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.61%, 04/25/2055 (aa) |  | 1156 | 1163 |
| Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 4.59%, 05/25/2055 (aa) |  | 994 | 1000 |
| Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 06/25/2055 (aa) |  | 1025 | 1034 |
| Series 5548, Class AF, (United States 30 Day Average SOFR + 1.00%), 4.66%, 06/25/2055 (aa) |  | 1188 | 1198 |
| Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 4.66%, 10/25/2052 (aa) |  | 886 | 896 |
| Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 06/25/2055 (aa) |  | 1203 | 1215 |
| Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 06/25/2055 (aa) |  | 478 | 482 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 4.86%, 08/25/2055 (aa) |  | 1122 | 1133 |
| Series 5565, Class FA, (United States 30 Day Average SOFR + 1.15%), 4.81%, 08/25/2055 (aa) |  | 697 | 702 |
| Series 5565, Class FB, (United States 30 Day Average SOFR + 0.95%), 4.61%, 08/25/2055 (aa) |  | 488 | 487 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** | | |
| Series 5567, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 08/25/2055 (aa) | 969 | 978 |
| Series 5601, Class F, (United States 30 Day Average SOFR + 0.90%), 4.56%, 11/25/2055 (aa) | 481 | 483 |
| FNMA REMICS, |  |  |
| Series 2016-3, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.13%, 02/25/2046 (aa) | 493 | 491 |
| Series 2018-82, Class W, 6.06%, 11/25/2058 (z) | 152 | 156 |
| Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 4.60%, 05/25/2050 (aa) | 903 | 900 |
| Series 2022-8, Class D, 2.00%, 08/25/2038 | 782 | 735 |
| Series 2023-46, Class FA, (United States 30 Day Average SOFR + 1.30%), 4.96%, 10/25/2053 (aa) | 813 | 822 |
| Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.48%, 01/25/2051 (aa) | 658 | 660 |
| Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 4.76%, 12/25/2054 (aa) | 295 | 297 |
| Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.76%, 06/25/2054 (aa) | 469 | 472 |
| Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 4.76%, 01/25/2055 (aa) | 663 | 667 |
| Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 4.81%, 01/25/2055 (aa) | 737 | 743 |
| Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 4.71%, 01/25/2055 (aa) | 745 | 748 |
| Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 4.86%, 02/25/2055 (aa) | 240 | 242 |
| Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 02/25/2055 (aa) | 314 | 317 |
| Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.61%, 11/25/2053 (aa) | 592 | 595 |
| Series 2025-18, Class FM, (United States 30 Day Average SOFR + 0.90%), 4.56%, 09/25/2054 (aa) | 2854 | 2864 |
| Series 2025-95, Class FG, (United States 30 Day Average SOFR + 1.10%), 4.76%, 07/25/2055 (aa) | 1863 | 1868 |
| Series 2026-19, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.77%, 04/25/2056 (aa) | 1900 | 1898 |
| GNMA, |  |  |
| Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 4.43%, 12/20/2064 (aa) | 357 | 357 |
| Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 4.74%, 01/20/2067 (aa) | 363 | 367 |
| Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.13%, 08/20/2065 (aa) | 106 | 105 |
| Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.20%, 05/20/2044 (aa) | 217 | 213 |
| Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.17%, 06/20/2071 (aa) | 1310 | 1344 |
| Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 712 | 639 |
| Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.02%, 01/20/2072 (aa) | 689 | 681 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2073 (aa) | 482 | 488 |
| Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 4.67%, 05/20/2073 (aa) | 1533 | 1559 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |  |
| **Agency Collateral CMO — continued** | | | |
| Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 3.97%, 09/20/2073 (aa) |  | 437 | 435 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 4.77%, 11/20/2073 (aa) |  | 430 | 440 |
| Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.62%, 01/20/2054 (aa) |  | 110 | 111 |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2074 (aa) |  | 926 | 938 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 4.60%, 01/20/2074 (aa) |  | 889 | 902 |
| Series 2025-204, Class FH, (United States 30 Day Average SOFR + 0.95%), 4.62%, 12/20/2055 (aa) |  | 987 | 989 |
| Series 2025-H18, Class FL, (United States 30 Day Average SOFR + 0.70%), 4.37%, 08/20/2075 (aa) |  | 881 | 880 |
| Series 2025-H20, Class FA, (United States 30 Day Average SOFR + 0.77%), 4.44%, 09/20/2075 (aa) |  | 248 | 250 |
| Series 2025-H22, Class F, (United States 30 Day Average SOFR + 0.78%), 4.45%, 10/20/2075 (aa) |  | 248 | 250 |
| Total Agency Collateral CMO |  |  | 42205 |
|  **Agency Collateral PAC CMO — 0.1%** |  |  |  |
| FHLMC REMICS, Series 5584, Class DF, (United States 30 Day Average SOFR + 0.90%), 4.56%, 10/25/2055 (aa) |  | 453 | 455 |
| GNMA, |  |  |  |
| Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 62 | 61 |
| Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 4.62%, 05/20/2055 (aa) |  | 234 | 236 |
| Total Agency Collateral PAC CMO |  |  | 752 |
|  **WL Collateral CMO — 1.5%** |  |  |  |
| Atlas Funding plc, (United Kingdom), |  |  |  |
| Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.85%), 4.58%, 09/20/2061 (aa) | GBP | 376 | 498 |
| Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.53%, 07/20/2062 (aa) | GBP | 396 | 522 |
| Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.65%, 12/28/2049 (e) (aa) | GBP | 476 | 631 |
| Braccan Mortgage Funding plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.84%), 4.59%, 02/15/2067 (aa) | GBP | 695 | 920 |
| Cheshire plc, (United Kingdom), Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.53%, 06/28/2048 (aa) | GBP | 1341 | 1771 |
| Citadel plc, (United Kingdom), Series 2024-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.02%), 4.75%, 04/28/2060 (aa) | GBP | 565 | 748 |
| CSMC Trust, Series 2021-RPL4, Class A1, 4.15%, 12/27/2060 (e) (z) |  | 221 | 220 |
| Dutch Property Finance BV, (Netherlands), Series 2022-1, Class A, Reg. S, (EURIBOR 3 Month + 0.75%), 2.79%, 10/28/2059 (aa) | EUR | 530 | 613 |
| Economic Master Issuer plc, (United Kingdom), Series 2023-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.56%), 4.29%, 06/25/2074 (aa) | GBP | 188 | 249 |
| Firstmac Mortgage Funding Trust No. 4, (Australia), |  |  |  |
| Series 2021-2, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 0.73%), 4.78%, 09/24/2052 (aa) | AUD | 208 | 143 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |  |
| **WL Collateral CMO — continued** | | | |
| Series 2024-4, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 1.08%), 5.14%, 02/18/2056 (aa) | AUD | 263 | 182 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 182 | 171 |
| Holmes Master Issuer plc, (United Kingdom), Series 2023-1X, Class A1, Reg. S, (SONIA Interest Rate Benchmark + 0.58%), 4.32%, 10/15/2072 (aa) | GBP | 666 | 882 |
| Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 872 | 872 |
| MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 210 | 192 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A1, 4.96%, 09/25/2070 (e) (z) |  | 179 | 179 |
| New Residential Mortgage Loan Trust, |  |  |  |
| Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 70 | 68 |
| Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 180 | 172 |
| Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 212 | 203 |
| OBX Trust, Series 2024-NQM16, Class A1, SUB, 5.53%, 10/25/2064 (e) |  | 242 | 243 |
| Sapphire XXII Series Trust, (Australia), Series 2025-1, Class A1L, Reg. S, (BBSW ASX Australian 1 Month + 1.10%), 5.05%, 06/14/2066 (aa) | AUD | 827 | 570 |
| Silverstone Master Issuer plc, (United Kingdom), Series 2023-1, Class 2A, Reg. S, (SONIA Interest Rate Benchmark + 0.50%), 4.24%, 01/21/2070 (aa) | GBP | 635 | 840 |
| Starwood Mortgage Residential Trust, |  |  |  |
| Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 53 | 53 |
| Series 2020-INV1, Class A1, 1.03%, 11/25/2055 (e) (z) |  | 36 | 35 |
| Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 92 | 87 |
| Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 4.67%, 07/20/2053 (e) (aa) | GBP | 624 | 827 |
| Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 4.79%, 05/25/2058 (e) (aa) |  | 117 | 119 |
| Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.56%, 02/09/2053 (aa) | AUD | 160 | 111 |
| Verus Securitization Trust, |  |  |  |
| Series 2024-7, Class A1, 5.10%, 09/25/2069 (e) (z) |  | 337 | 337 |
| Series 2025-R1, Class A1A, SUB, 5.40%, 05/25/2065 (e) |  | 882 | 884 |
|  Total WL Collateral CMO |  |  | 13342 |
| Total Collateralized Mortgage Obligations<br>(Cost $55,975) |  |  | 56299 |
| **Commercial Mortgage-Backed Securities — 2.0%** |  |  |  |
|  **Commercial MBS — 2.0%** |  |  |  |
| ARES Trust, Series 2025-IND3, Class A, (CME Term SOFR 1 Month + 1.50%), 5.17%, 04/15/2042 (e) (aa) |  | 405 | 405 |
| BAY Mortgage Trust, Series 2025-LIVN, Class A, (CME Term SOFR 1 Month + 1.80%), 5.47%, 05/15/2035 (e) (aa) |  | 514 | 511 |
| BBCMS Mortgage Trust, Series 2024-5C31, Class A3, 5.61%, 12/15/2057 |  | 500 | 516 |
| BMO Mortgage Trust, Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) |  | 500 | 514 |
| BMP, Series 2024-MF23, Class A, (CME Term SOFR 1 Month + 1.37%), 5.04%, 06/15/2041 (e) (aa) |  | 690 | 690 |
| BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.04%, 09/15/2036 (e) (aa) |  | 500 | 492 |
| BX Commercial Mortgage Trust, |  |  |  |
| Series 2024-BRBK, Class A, (CME Term SOFR 1 Month + 2.88%), 6.56%, 10/15/2041 (e) (aa) |  | 241 | 241 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |  |
| **Commercial MBS — continued** | | | |
| Series 2024-MF, Class A, (CME Term SOFR 1 Month + 1.44%), 5.11%, 02/15/2039 (e) (aa) |  | 947 | 947 |
| Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.11%, 02/15/2039 (e) (aa) |  | 732 | 733 |
| Series 2024-XL5, Class A, (CME Term SOFR 1 Month + 1.39%), 5.06%, 03/15/2041 (e) (aa) |  | 269 | 269 |
| BX Trust, |  |  |  |
| Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.11%, 04/15/2041 (e) (aa) |  | 110 | 110 |
| Series 2024-VLT4, Class A, (CME Term SOFR 1 Month + 1.49%), 5.16%, 06/15/2041 (e) (aa) |  | 400 | 397 |
| CEDR Commercial Mortgage Trust, Series 2022-SNAI, Class A, (CME Term SOFR 1 Month + 0.99%), 4.66%, 02/15/2039 (e) (aa) |  | 530 | 524 |
| COMM Mortgage Trust, Series 2024-WCL1, Class A, (CME Term SOFR 1 Month + 1.84%), 5.51%, 06/15/2041 (e) (aa) |  | 420 | 419 |
| CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.31%, 08/15/2041 (e) (aa) |  | 220 | 218 |
| CSMC, Series 2021-BHAR, Class A, (CME Term SOFR 1 Month + 1.26%), 4.94%, 11/15/2038 (e) (aa) |  | 699 | 689 |
| ELM Trust, |  |  |  |
| Series 2024-ELM, Class A10, 5.41%, 06/10/2039 (e) (z) |  | 800 | 802 |
| Series 2024-ELM, Class A15, 5.41%, 06/10/2039 (e) (z) |  | 800 | 801 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class A, (CME Term SOFR 1 Month + 1.35%), 5.02%, 03/15/2042 (e) (aa) |  | 624 | 622 |
| INV Mortgage Trust, Series 2024-IND, Class A, (CME Term SOFR 1 Month + 1.74%), 5.41%, 11/15/2041 (e) (aa) |  | 190 | 187 |
| KSL Commercial Mortgage Trust, Series 2024-HT2, Class A, (CME Term SOFR 1 Month + 1.54%), 5.21%, 12/15/2039 (e) (aa) |  | 107 | 107 |
| LUX, Series 2023-LION, Class A, (CME Term SOFR 1 Month + 2.69%), 6.36%, 08/15/2040 (e) (aa) |  | 185 | 186 |
| Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13%, 09/10/2039 (e) |  | 255 | 246 |
| MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 4.74%, 12/15/2034 (e) (aa) |  | 1130 | 1125 |
| Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 4.79%, 05/15/2036 (e) (aa) |  | 700 | 210 |
| MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.08%, 03/15/2039 (e) (aa) |  | 1100 | 1099 |
| NRTH Commercial Mortgage Trust, Series 2025-PARK, Class A, (CME Term SOFR 1 Month + 1.39%), 5.07%, 10/15/2040 (e) (aa) |  | 455 | 455 |
| PRM5 Trust, Series 2025-PRM5, Class A, 4.17%, 03/10/2033 (e) (z) |  | 504 | 501 |
| SCG Commercial Mortgage Trust, Series 2025-DLFN, Class A, (CME Term SOFR 1 Month + 1.20%), 4.87%, 03/15/2035 (e) (aa) |  | 285 | 284 |
| SMRT, Series 2022-MINI, Class A, (CME Term SOFR 1 Month + 1.00%), 4.67%, 01/15/2039 (e) (aa) |  | 350 | 350 |
| Taurus 2025-2 UK DAC, (Ireland), Series 2025-UK2X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.50%), 5.25%, 02/18/2035 (aa) | GBP | 269 | 356 |
| Thunder Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.50%), 3.50%, 11/17/2036 (aa) | EUR | 265 | 306 |
| UK Logistics DAC, (Ireland), Series 2024-1X, Class A, Reg. S, (SONIA Interest Rate Benchmark + 1.65%), 5.40%, 05/17/2034 (aa) | GBP | 123 | 163 |
| Vita Scientia DAC, (Ireland), Series 2022-1X, Class A, Reg. S, (EURIBOR 3 Month + 1.30%), 3.31%, 02/27/2033 (aa) | EUR | 1000 | 1157 |
| WEST Trust, Series 2025-ROSE, Class A, 5.28%, 04/10/2035 (e) (z) |  | 438 | 440 |
| Total Commercial MBS |  |  | 17072 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $17,458) |  |  | 17072 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — 52.7%** |  |  |
| **Basic Materials — 1.4%** |  |  |
|  **Iron/Steel — 0.3%** |  |  |
| Steel Dynamics, Inc., |  |  |
| 1.65%, 10/15/2027 | 1310 | 1257 |
| 4.00%, 12/15/2028 | 1160 | 1147 |
|  |  | 2404 |
|  **Mining — 1.1%** |  |  |
| Glencore Funding LLC, |  |  |
| 1.63%, 04/27/2026 (e) | 2900 | 2894 |
| 3.88%, 10/27/2027 (e) | 3727 | 3689 |
| 5.37%, 04/04/2029 (e) | 805 | 821 |
| 6.13%, 10/06/2028 (e) | 1935 | 2002 |
|  |  | 9406 |
| Total Basic Materials |  | 11810 |
|  **Communications — 3.8%** |  |  |
|  **Internet — 0.5%** |  |  |
| Amazon.com, Inc., 3.90%, 11/20/2028 | 980 | 976 |
| Netflix, Inc., 5.88%, 11/15/2028 | 945 | 983 |
| Uber Technologies, Inc., 4.50%, 08/15/2029 (e) | 2200 | 2182 |
|  |  | 4141 |
|  **Media — 0.4%** |  |  |
| Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |
| 2.25%, 01/15/2029 | 830 | 775 |
| 4.20%, 03/15/2028 | 1285 | 1274 |
| Cox Communications, Inc., 3.35%, 09/15/2026 (e) | 900 | 896 |
| Fox Corp., 4.71%, 01/25/2029 | 300 | 301 |
|  |  | 3246 |
|  **Telecommunications — 2.9%** |  |  |
| AT&T, Inc., | 3045 | 2976 |
| 2.30%, 06/01/2027 |  |  |
| 2.95%, 07/15/2026 | 1410 | 1405 |
| KT Corp., (South Korea), 4.38%, 01/03/2029 (e) | 1500 | 1501 |
| NTT Finance Corp., (Japan), |  |  |
| 1.16%, 04/03/2026 (e) | 4585 | 4584 |
| 5.10%, 07/02/2027 (e) | 1100 | 1110 |
| Orange SA, (France), 4.00%, 01/13/2029 (e) | 1400 | 1386 |
| Rogers Communications, Inc., (Canada), 3.20%, 03/15/2027 | 4710 | 4652 |
| Telefonica Emisiones SA, (Spain), 4.10%, 03/08/2027 | 2000 | 1992 |
| T-Mobile USA, Inc., | 1000 | 999 |
| 2.63%, 04/15/2026 |  |  |
| 3.75%, 04/15/2027 | 3415 | 3394 |
| 4.80%, 07/15/2028 | 1535 | 1549 |
|  |  | 25548 |
| Total Communications |  | 32935 |
|  **Consumer Cyclical — 3.0%** |  |  |
|  **Airlines — 0.1%** |  |  |
|  American Airlines 2014-1 Class A Pass Through Trust, Series A, 3.70%, 10/01/2026 | 263 | 263 |
|  Southwest Airlines Co., 3.00%, 11/15/2026 | 600 | 594 |
|  |  | 857 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Auto Manufacturers — 2.6%** | | |
| American Honda Finance Corp., |  |  |
| (United States SOFR + 0.73%), 4.38%, 03/08/2027 (aa) | 1100 | 1100 |
| (United States SOFR + 0.73%), 4.39%, 08/13/2027 (aa) | 2000 | 1998 |
| BMW US Capital LLC, |  |  |
| (SOFR Compounded Index + 0.78%), 4.43%, 03/19/2027 (e) (aa) | 200 | 200 |
| (SOFR Compounded Index + 0.80%), 4.46%, 08/13/2026 (e) (aa) | 1900 | 1902 |
| (SOFR Compounded Index + 0.92%), 4.57%, 03/21/2028 (e) (aa) | 400 | 401 |
| Daimler Truck Finance North America LLC, |  |  |
| (United States SOFR + 0.84%), 4.51%, 01/13/2028 (e) (aa) | 300 | 300 |
| 4.65%, 10/12/2030 (e) | 2100 | 2087 |
| Ford Motor Credit Co. LLC, |  |  |
| 2.70%, 08/10/2026 | 1150 | 1142 |
| 4.27%, 01/09/2027 | 800 | 796 |
| 4.95%, 05/28/2027 | 200 | 200 |
| 5.80%, 03/05/2027 | 2100 | 2111 |
| General Motors Financial Co., Inc., |  |  |
| 5.00%, 07/15/2027 | 400 | 402 |
| 5.40%, 04/06/2026 | 700 | 700 |
| Hyundai Capital America, |  |  |
| Reg. S, 3.50%, 11/02/2026 | 200 | 199 |
| (United States SOFR + 0.99%), 4.64%, 03/25/2027 (e) (aa) | 1000 | 1002 |
| Reg. S, (United States SOFR + 1.04%), 4.69%, 06/24/2027 (aa) | 300 | 301 |
| Reg. S, (United States SOFR + 1.50%), 5.17%, 01/08/2027 (aa) | 900 | 906 |
| 5.30%, 03/19/2027 (e) | 300 | 302 |
| Mercedes-Benz Finance North America LLC, |  |  |
| (United States SOFR + 0.63%), 4.30%, 07/31/2026 (e) (aa) | 1400 | 1401 |
| Reg. S, (United States SOFR + 0.78%), 4.43%, 04/01/2027 (aa) | 1000 | 1002 |
| 4.88%, 07/31/2026 (e) | 1120 | 1121 |
| Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 900 | 885 |
| Volkswagen Group of America Finance LLC, |  |  |
| (United States SOFR + 1.06%), 4.72%, 08/14/2026 (e) (aa) | 680 | 682 |
| 4.90%, 08/14/2026 (e) | 600 | 601 |
| 4.95%, 03/25/2027 (e) | 600 | 602 |
|  |  | 22343 |
|  **Home Builders — 0.3%** |  |  |
| Toll Brothers Finance Corp., 4.88%, 03/15/2027 | 2400 | 2404 |
|  **Lodging** — **0.0%** (g) |  |  |
| Las Vegas Sands Corp., 5.90%, 06/01/2027 | 650 | 658 |
| Total Consumer Cyclical |  | 26262 |
|  **Consumer Non-cyclical — 6.5%** |  |  |
|  **Agriculture — 3.4%** |  |  |
| Altria Group, Inc., 4.88%, 02/04/2028 | 4540 | 4577 |
| BAT Capital Corp., |  |  |
| 2.26%, 03/25/2028 | 1380 | 1324 |
| 3.22%, 09/06/2026 | 3525 | 3507 |
| 3.56%, 08/15/2027 | 5475 | 5415 |
| 4.70%, 04/02/2027 | 2750 | 2756 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Agriculture — continued** | | |
| BAT International Finance plc, (United Kingdom), 4.45%, 03/16/2028 | 1140 | 1140 |
| Imperial Brands Finance plc, (United Kingdom), |  |  |
| 3.50%, 07/26/2026 (e) | 200 | 200 |
| 4.50%, 06/30/2028 (e) | 200 | 200 |
| Japan Tobacco, Inc., (Japan), 4.85%, 05/15/2028 (e) | 1850 | 1867 |
| Philip Morris International, Inc., |  |  |
| 3.88%, 10/27/2028 | 1210 | 1200 |
| 4.13%, 04/28/2028 | 975 | 973 |
| 4.38%, 11/01/2027 | 3815 | 3824 |
| 5.13%, 11/17/2027 | 1985 | 2011 |
|  |  | 28994 |
|  **Beverages — 0.1%** |  |  |
| Keurig Dr Pepper, Inc., |  |  |
| (United States SOFR + 0.58%), 4.24%, 11/15/2026 (aa) | 600 | 599 |
| 5.10%, 03/15/2027 | 600 | 602 |
|  |  | 1201 |
|  **Biotechnology — 0.2%** |  |  |
| Amgen, Inc., 2.20%, 02/21/2027 | 1640 | 1610 |
|  **Commercial Services — 0.3%** |  |  |
| Global Payments, Inc., |  |  |
| 2.15%, 01/15/2027 | 1400 | 1375 |
| 4.50%, 11/15/2028 | 1665 | 1648 |
|  |  | 3023 |
|  **Food — 0.4%** |  |  |
| Campbell's Company (The), 5.20%, 03/19/2027 | 600 | 603 |
| Conagra Brands, Inc., 4.85%, 11/01/2028 | 1000 | 1001 |
| Mars, Inc., 4.45%, 03/01/2027 (e) | 2040 | 2046 |
|  |  | 3650 |
|  **Healthcare—Products — 0.1%** |  |  |
| Alcon Finance Corp., 2.75%, 09/23/2026 (e) | 500 | 496 |
|  **Healthcare—Services — 2.0%** |  |  |
| HCA, Inc., |  |  |
| 3.13%, 03/15/2027 | 8470 | 8357 |
| (United States SOFR + 0.87%), 4.52%, 03/01/2028 (aa) | 700 | 701 |
| 5.00%, 03/01/2028 | 2065 | 2085 |
| 5.38%, 09/01/2026 | 2000 | 2002 |
| Humana, Inc., |  |  |
| 1.35%, 02/03/2027 | 900 | 877 |
| 5.75%, 03/01/2028 | 1530 | 1559 |
| Roche Holdings, Inc., 2.63%, 05/15/2026 (e) | 1866 | 1862 |
|  |  | 17443 |
| Total Consumer Non-cyclical |  | 56417 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
|  **Energy — 4.4%** |  |  |
|  **Energy - Alternate Sources — 0.1%** |  |  |
| Contemporary Ruiding Development Ltd., (British Virgin Islands), Reg. S, 1.50%, 09/09/2026 | 1000 | 987 |
|  **Oil & Gas — 1.8%** |  |  |
| BP Capital Markets America, Inc., 3.02%, 01/16/2027 | 955 | 946 |
| Canadian Natural Resources Ltd., (Canada), 3.85%, 06/01/2027 | 1300 | 1293 |
| Diamondback Energy, Inc., |  |  |
| 3.25%, 12/01/2026 | 2400 | 2385 |
| 5.20%, 04/18/2027 | 7765 | 7823 |
| EQT Corp., |  |  |
| 3.90%, 10/01/2027 | 992 | 983 |
| 4.50%, 01/15/2029 | 353 | 352 |
| 5.70%, 04/01/2028 | 1325 | 1355 |
| Marathon Petroleum Corp., 5.13%, 12/15/2026 | 800 | 803 |
|  |  | 15940 |
|  **Pipelines — 2.5%** |  |  |
| Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | 4390 | 4413 |
| Enbridge, Inc., (Canada), 5.25%, 04/05/2027 | 1295 | 1306 |
| ONEOK, Inc., 5.55%, 11/01/2026 | 3220 | 3239 |
| Sabine Pass Liquefaction LLC, |  |  |
| 4.20%, 03/15/2028 | 2455 | 2445 |
| 5.00%, 03/15/2027 | 7810 | 7824 |
| Targa Resources Corp., 5.20%, 07/01/2027 | 1990 | 2005 |
|  |  | 21232 |
|  Total Energy |  | 38159 |
|  **Financial — 21.9%** |  |  |
| **Banks — 17.6%** |  |  |
| ABN AMRO Bank NV, (Netherlands), |  |  |
| (SOFR Compounded Index + 1.00%), 4.65%, 12/03/2028 (e) (aa) | 300 | 301 |
| Reg. S, (SOFR Compounded Index + 1.78%), 5.43%, 09/18/2027 (aa) | 2100 | 2111 |
| Banco Santander SA, (Spain), (United States SOFR + 1.12%), 4.79%, 07/15/2028 (aa) | 1200 | 1205 |
| Bank of America Corp., |  |  |
| (CME Term SOFR 3 Month + 1.32%), 3.56%, 04/23/2027 (aa) | 2700 | 2699 |
| (CME Term SOFR 3 Month + 1.77%), 3.71%, 04/24/2028 (aa) | 1105 | 1097 |
| (CME Term SOFR 3 Month + 1.47%), 3.97%, 02/07/2030 (aa) | 875 | 863 |
| (United States SOFR + 1.11%), 4.62%, 05/09/2029 (aa) | 1755 | 1762 |
| (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) | 2815 | 2833 |
| (United States SOFR + 1.34%), 5.93%, 09/15/2027 (aa) | 4360 | 4390 |
| (United States SOFR + 1.99%), 6.20%, 11/10/2028 (aa) | 1290 | 1325 |
| Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 4.53%, 09/10/2027 (aa) | 300 | 300 |
| Banque Federative du Credit Mutuel SA, (France), 5.90%, 07/13/2026 (e) | 1300 | 1306 |
| Barclays plc, (United Kingdom), |  |  |
| (United States SOFR + 1.49%), 5.14%, 03/12/2028 (aa) | 450 | 453 |
| (United States SOFR + 1.88%), 5.53%, 09/13/2027 (aa) | 500 | 502 |
| (United States SOFR + 2.21%), 5.83%, 05/09/2027 (aa) | 500 | 500 |
| (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) | 700 | 706 |
| BNP Paribas SA, (France), (United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa) | 400 | 394 |
| BPCE SA, (France), (SOFR Compounded Index + 1.98%), 5.65%, 10/19/2027 (e) (aa) | 800 | 805 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Banks — continued** | | |
| Canadian Imperial Bank of Commerce, (Canada), |  |  |
| (SOFR Compounded Index + 0.79%), 4.28%, 01/29/2030 (aa) | 1730 | 1718 |
| (United States SOFR + 0.72%), 4.39%, 01/13/2028 (aa) | 1000 | 1000 |
| (United States SOFR + 0.80%), 4.45%, 09/08/2028 (aa) | 200 | 200 |
| 4.88%, 01/14/2030 (e) | 1000 | 1025 |
|  Citibank NA, |  |  |
| 4.58%, 05/29/2027 | 4300 | 4318 |
| (SOFR Compounded Index + 1.06%), 4.71%, 12/04/2026 (aa) | 800 | 804 |
| 4.93%, 08/06/2026 | 625 | 626 |
| Citigroup, Inc., |  |  |
| (United States SOFR + 0.77%), 1.46%, 06/09/2027 (f) (aa) | 1600 | 1591 |
| (CME Term SOFR 3 Month + 1.41%), 3.52%, 10/27/2028 (aa) | 1670 | 1645 |
| (CME Term SOFR 3 Month + 1.65%), 3.67%, 07/24/2028 (aa) | 4265 | 4220 |
| (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) | 7570 | 7582 |
| (United States SOFR + 0.87%), 4.79%, 03/04/2029 (aa) | 850 | 854 |
| (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) | 835 | 848 |
| Cooperatieve Rabobank UA, (Netherlands), (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) | 2100 | 2066 |
| Credit Agricole SA, (France), |  |  |
| (United States SOFR + 0.87%), 4.52%, 03/11/2027 (e) (aa) | 1400 | 1403 |
| Reg. S, (United States SOFR + 0.87%), 4.52%, 03/11/2027 (aa) | 500 | 501 |
| Deutsche Bank AG, (Germany), |  |  |
| (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) | 700 | 690 |
| (United States SOFR + 1.22%), 4.88%, 11/16/2027 (aa) | 500 | 501 |
| (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) | 3800 | 3826 |
| Goldman Sachs Bank USA, |  |  |
| (United States SOFR + 0.75%), 4.41%, 05/21/2027 (aa) | 2000 | 2001 |
| (United States SOFR + 0.75%), 5.41%, 05/21/2027 (aa) | 1030 | 1031 |
| Goldman Sachs Group, Inc. (The), |  |  |
| (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) | 2325 | 2293 |
| (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) | 2885 | 2839 |
| (United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) | 2040 | 2024 |
| (United States SOFR + 0.71%), 4.15%, 01/21/2029 (aa) | 1440 | 1431 |
| (United States SOFR + 0.90%), 4.15%, 10/21/2029 (aa) | 930 | 921 |
| (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) | 1020 | 1014 |
| (United States SOFR + 0.71%), 4.38%, 01/21/2029 (aa) | 500 | 499 |
| (United States SOFR + 1.32%), 4.94%, 04/23/2028 (aa) | 9945 | 9994 |
| (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) | 1465 | 1533 |
| HSBC Holdings plc, (United Kingdom), |  |  |
| (CME Term SOFR 3 Month + 1.81%), 4.04%, 03/13/2028 (aa) | 900 | 896 |
| (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) | 2990 | 3004 |
| ING Groep NV, (Netherlands), (SOFR Compounded Index + 1.01%), 4.70%, 04/01/2027 (aa) | 500 | 500 |
| Lloyds Banking Group plc, (United Kingdom), |  |  |
| (CMT Index 1 Year + 0.85%), 1.63%, 05/11/2027 (aa) | 900 | 897 |
| (SOFR Compounded Index + 1.56%), 5.22%, 08/07/2027 (aa) | 800 | 802 |
| (SOFR Compounded Index + 1.58%), 5.26%, 01/05/2028 (aa) | 200 | 202 |
| (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) | 300 | 301 |
| Morgan Stanley, |  |  |
| (United States SOFR + 0.80%), 4.24%, 01/09/2030 (aa) | 640 | 633 |
| (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) | 2280 | 2301 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Banks — continued** | | |
| (United States SOFR + 1.01%), 5.65%, 04/13/2028 (aa) | 2165 | 2192 |
| (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) | 1265 | 1298 |
| Series I, (United States SOFR + 0.91%), 4.13%, 10/18/2029 (aa) | 310 | 306 |
| Morgan Stanley Bank NA, |  |  |
| (United States SOFR + 0.69%), 4.35%, 10/15/2027 (aa) | 2500 | 2498 |
| (United States SOFR + 1.08%), 4.95%, 01/14/2028 (aa) | 4825 | 4844 |
| (United States SOFR + 0.93%), 4.97%, 07/14/2028 (aa) | 1095 | 1102 |
| (United States SOFR + 0.87%), 5.50%, 05/26/2028 (aa) | 1090 | 1102 |
| 5.88%, 10/30/2026 | 1465 | 1478 |
| Morgan Stanley Private Bank NA, |  |  |
| (United States SOFR + 0.78%), 4.20%, 11/17/2028 (aa) | 1370 | 1365 |
| (United States SOFR + 0.76%), 4.21%, 02/08/2030 (aa) | 1160 | 1148 |
| (United States SOFR + 0.77%), 4.47%, 07/06/2028 (aa) | 5105 | 5105 |
| National Bank of Canada, (Canada), |  |  |
| (SOFR Compounded Index + 1.03%), 4.71%, 07/02/2027 (aa) | 900 | 901 |
| (United States SOFR + 0.80%), 4.95%, 02/01/2028 (aa) | 600 | 603 |
| NatWest Markets plc, (United Kingdom), |  |  |
| (United States SOFR + 0.90%), 4.56%, 05/17/2027 (e) (aa) | 1000 | 1003 |
| 5.42%, 05/17/2027 (e) | 700 | 709 |
| Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 4.39%, 03/19/2027 (e) (aa) | 1200 | 1203 |
| PNC Bank NA, (United States SOFR + 0.73%), 4.40%, 07/21/2028 (aa) | 300 | 301 |
| Royal Bank of Canada, (Canada), |  |  |
| (SOFR Compounded Index + 0.72%), 4.39%, 10/18/2027 (aa) | 200 | 200 |
| (SOFR Compounded Index + 0.82%), 4.47%, 03/27/2028 (aa) | 2300 | 2302 |
| (SOFR Compounded Index + 1.08%), 4.75%, 07/20/2026 (aa) | 2000 | 2005 |
| (United States SOFR + 0.79%), 5.07%, 07/23/2027 (aa) | 400 | 401 |
| Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) | 965 | 967 |
| Santander UK Group Holdings plc, (United Kingdom), (United States SOFR + 1.22%), 2.47%, 01/11/2028 (aa) | 600 | 590 |
| Societe Generale SA, (France), |  |  |
| Reg. S, (CMT Index 1 Year + 1.30%), 2.80%, 01/19/2028 (aa) | 200 | 197 |
| 5.25%, 02/19/2027 (e) | 600 | 604 |
| Standard Chartered plc, (United Kingdom), |  |  |
| Reg. S, (United States SOFR + 1.93%), 5.60%, 07/06/2027 (aa) | 600 | 602 |
| (United States SOFR + 2.03%), 5.69%, 02/08/2028 (e) (aa) | 300 | 304 |
| Sumitomo Mitsui Financial Group, Inc., (Japan), (United States SOFR + 1.30%), 4.97%, 07/13/2026 (aa) | 400 | 401 |
| Sumitomo Mitsui Trust Bank Ltd., (Japan), |  |  |
| (United States SOFR + 1.15%), 4.80%, 09/14/2026 (e) (aa) | 300 | 301 |
| Reg. S, (United States SOFR + 1.15%), 4.80%, 09/14/2026 (aa) | 1300 | 1303 |
| Synchrony Bank, 5.63%, 08/23/2027 | 1460 | 1476 |
| UBS Group AG, (Switzerland), |  |  |
| (United States SOFR + 0.84%), 4.15%, 12/23/2029 (e) (aa) | 2350 | 2323 |
| (United States SOFR + 0.84%), 4.21%, 04/10/2030 (e) (aa) | 840 | 829 |
| (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa) | 400 | 400 |
| Reg. S, (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (aa) | 200 | 200 |
| (CMT Index 1 Year + 1.60%), 6.33%, 12/22/2027 (e) (aa) | 1435 | 1454 |
| Reg. S, (CMT Index 1 Year + 1.60%)6.33%, 12/22/2027 (aa) | 400 | 406 |
| US Bancorp, (United States SOFR + 1.66%), 4.55%, 07/22/2028 (aa) | 1400 | 1401 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Banks — continued** | | |
| Wells Fargo & Co., |  |  |
| (United States SOFR + 0.88%), 4.08%, 09/15/2029 (aa) | 790 | 781 |
| (United States SOFR + 0.74%), 4.18%, 01/23/2030 (aa) | 510 | 506 |
| (United States SOFR + 0.78%), 4.45%, 01/24/2028 (aa) | 1400 | 1399 |
| (United States SOFR + 1.07%), 4.74%, 04/22/2028 (aa) | 900 | 903 |
| (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) | 3180 | 3221 |
| Series W, (United States SOFR + 0.78%), 4.90%, 01/24/2028 (aa) | 5025 | 5043 |
|  |  | 151763 |
|  **Diversified Financial Services — 2.6%** |  |  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), |  |  |
| 2.45%, 10/29/2026 | 1000 | 989 |
| 6.10%, 01/15/2027 | 1300 | 1314 |
|  Air Lease Corp., |  |  |
| 2.20%, 01/15/2027 | 500 | 490 |
| 5.30%, 06/25/2026 | 1000 | 1002 |
| Aircastle Ltd., (Bermuda), 4.25%, 06/15/2026 | 1600 | 1598 |
| American Express Co., |  |  |
| (United States SOFR + 0.58%), 4.01%, 02/09/2029 (aa) | 1600 | 1590 |
| (United States SOFR + 0.59%), 4.25%, 02/09/2029 (aa) | 700 | 698 |
| (United States SOFR + 0.93%), 5.04%, 07/26/2028 (aa) | 2140 | 2158 |
| Aviation Capital Group LLC, 1.95%, 09/20/2026 (e) | 2400 | 2371 |
| Capital One Financial Corp., (United States SOFR + 0.86%), 1.88%, 11/02/2027 (aa) | 2115 | 2080 |
| DLR Kredit A/S, (Denmark), 1.00%, 01/01/2027 DKK | 4400 | 674 |
| Korea Investment & Securities Co. Ltd., (South Korea), |  |  |
| Reg. S, 2.13%, 07/19/2026 | 1300 | 1291 |
| Reg. S, 6.88%, 11/06/2026 | 400 | 405 |
| Mirae Asset Securities Co. Ltd., (South Korea), Reg. S, 6.88%, 07/26/2026 | 250 | 252 |
|  Nomura Holdings, Inc., (Japan), |  |  |
| 1.65%, 07/14/2026 | 200 | 198 |
| 2.33%, 01/22/2027 | 900 | 885 |
| Realkredit Danmark A/S, (Denmark), Series 10F, Reg. S, 1.00%, 01/01/2027 DKK | 10300 | 1575 |
| Synchrony Financial, (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) | 2515 | 2512 |
|  |  | 22082 |
|  **Insurance — 1.5%** |  |  |
| Arthur J Gallagher & Co., 4.60%, 12/15/2027 | 885 | 888 |
| Athene Global Funding, (SOFR Compounded Index + 1.00%), 4.65%, 09/18/2028 (e) (aa) | 2200 | 2189 |
| F&G Global Funding, 1.75%, 06/30/2026 (e) | 1900 | 1886 |
| Jackson National Life Global Funding, |  |  |
| (United States SOFR + 0.95%), 4.60%, 09/12/2028 (e) (aa) | 400 | 400 |
| 4.90%, 01/13/2027 (e) | 500 | 502 |
| 5.60%, 04/10/2026 (e) | 700 | 700 |
| MassMutual Global Funding II, 5.10%, 04/09/2027 (e) | 835 | 842 |
| New York Life Global Funding, 5.45%, 09/18/2026 (e) | 3790 | 3812 |
| Protective Life Global Funding, 4.34%, 09/13/2027 (e) | 1320 | 1319 |
| Sammons Financial Group Global Funding, (United States SOFR + 0.85%), 4.50%, 09/02/2027 (e) (aa) | 300 | 301 |
|  |  | 12839 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Investment Companies — 0.2%** |  |  |  |
| Sofina SA, (Belgium), Reg. S, 1.00%, 09/23/2028 | EUR | 1500 | 1620 |
|  **Savings & Loans — 0.0%** (g) |  |  |  |
| Nationwide Building Society, (United Kingdom), Reg. S, (United States SOFR + 1.29%), 2.97%, 02/16/2028 (aa) |  | 455 | 449 |
| Total Financial |  |  | 188753 |
|  **Industrial — 2.6%** |  |  |  |
|  **Aerospace/Defense — 1.6%** |  |  |  |
| BAE Systems plc, (United Kingdom), 5.00%, 03/26/2027 (e) |  | 4020 | 4043 |
| Boeing Co. (The), 2.70%, 02/01/2027 |  | 200 | 197 |
|  L3Harris Technologies, Inc., |  |  |  |
| 4.40%, 06/15/2028 |  | 425 | 425 |
| 5.40%, 01/15/2027 |  | 3890 | 3921 |
| Northrop Grumman Corp., 3.25%, 01/15/2028 |  | 745 | 731 |
|  RTX Corp., |  |  |  |
| 2.65%, 11/01/2026 |  | 2000 | 1984 |
| 3.13%, 05/04/2027 |  | 1055 | 1041 |
| 5.75%, 11/08/2026 |  | 1580 | 1593 |
|  |  |  | 13935 |
|  **Electronics — 0.1%** |  |  |  |
| Foxconn Far East Ltd., (Cayman Islands), Reg. S, 1.88%, 08/25/2028 |  | 1200 | 1103 |
|  **Engineering & Construction — 0.2%** |  |  |  |
| Sydney Airport Finance Co. Pty Ltd, (Australia), Reg. S, 3.63%, 04/28/2026 |  | 1700 | 1698 |
|  **Machinery - Construction & Mining — 0.2%** |  |  |  |
| Caterpillar Financial Services Corp., 3.60%, 08/12/2027 |  | 1475 | 1467 |
|  **Packaging & Containers — 0.1%** |  |  |  |
| Berry Global, Inc., 4.88%, 07/15/2026 (e) |  | 838 | 838 |
|  **Transportation — 0.4%** |  |  |  |
| CSX Corp., 2.60%, 11/01/2026 |  | 680 | 674 |
| Norfolk Southern Corp., 2.90%, 06/15/2026 |  | 1255 | 1252 |
| United Parcel Service, Inc., 3.05%, 11/15/2027 |  | 1180 | 1161 |
|  |  |  | 3087 |
| Total Industrial |  |  | 22128 |
|  **Technology — 3.6%** |  |  |  |
|  **Computers — 0.9%** |  |  |  |
| Dell International LLC / EMC Corp., 4.90%, 10/01/2026 |  | 1600 | 1602 |
|  Hewlett Packard Enterprise Co., |  |  |  |
| 4.15%, 09/15/2028 |  | 2495 | 2473 |
| 4.40%, 09/25/2027 |  | 2940 | 2936 |
| 4.60%, 03/23/2029 |  | 1030 | 1029 |
|  |  |  | 8040 |
|  **Semiconductors — 1.1%** |  |  |  |
|  Broadcom, Inc., |  |  |  |
| 3.46%, 09/15/2026 |  | 1740 | 1736 |
| 4.00%, 04/15/2029 (e) |  | 895 | 886 |
| 5.05%, 07/12/2027 |  | 3399 | 3434 |
| 5.05%, 07/12/2029 |  | 900 | 918 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
|  **Semiconductors — continued** |  |  |
| NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), 4.40%, 06/01/2027 | 1060 | 1060 |
| SK Hynix, Inc., (South Korea), Reg. S, 4.25%, 09/11/2028 | 1000 | 994 |
|  |  | 9028 |
|  **Software — 1.6%** |  |  |
| Fiserv, Inc., 5.15%, 03/15/2027 | 800 | 804 |
|  Oracle Corp., |  |  |
| 2.65%, 07/15/2026 | 3490 | 3471 |
| 2.80%, 04/01/2027 | 2380 | 2339 |
| 3.25%, 11/15/2027 | 1100 | 1073 |
| Synopsys, Inc., 4.55%, 04/01/2027 | 2965 | 2967 |
|  VMware LLC, |  |  |
| 1.40%, 08/15/2026 | 1990 | 1969 |
| 1.80%, 08/15/2028 | 1105 | 1040 |
|  |  | 13663 |
|  Total Technology |  | 30731 |
|  **Utilities — 5.5%** |  |  |
|  **Electric — 5.5%** |  |  |
| Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 | 900 | 900 |
| Black Hills Corp., 3.15%, 01/15/2027 | 300 | 297 |
|  Constellation Energy Generation LLC, |  |  |
| 3.90%, 01/08/2028 | 4360 | 4324 |
| 5.60%, 03/01/2028 | 1405 | 1436 |
| DTE Electric Co., 4.25%, 05/14/2027 | 130 | 130 |
|  Duke Energy Corp., |  |  |
| 2.65%, 09/01/2026 | 2489 | 2471 |
| 5.00%, 12/08/2027 | 2885 | 2916 |
| Edison International, 4.13%, 03/15/2028 | 1280 | 1258 |
|  ENEL Finance International NV, (Netherlands), |  |  |
| 1.63%, 07/12/2026 (e) | 500 | 496 |
| Reg. S, 1.63%, 07/12/2026 | 400 | 397 |
| 4.13%, 09/30/2028 (e) | 1060 | 1052 |
| Evergy, Inc., 4.25%, 03/15/2029 | 1270 | 1260 |
|  Eversource Energy, |  |  |
| 2.90%, 03/01/2027 | 1400 | 1382 |
| 5.45%, 03/01/2028 | 1100 | 1118 |
| Fells Point Funding Trust, 3.05%, 01/31/2027 (e) | 300 | 297 |
| FirstEnergy Corp., Series B, 3.90%, 07/15/2027 | 3655 | 3625 |
| FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (e) | 1146 | 1162 |
| FirstEnergy Transmission LLC, 2.87%, 09/15/2028 (e) | 715 | 687 |
| Fortis, Inc., (Canada), 3.06%, 10/04/2026 | 300 | 298 |
| Israel Electric Corp. Ltd., (Israel), Reg. S, 4.25%, 08/14/2028 (e) | 1400 | 1372 |
| Jersey Central Power & Light Co., 4.15%, 01/15/2029 (e) | 1525 | 1515 |
| Monongahela Power Co., 3.55%, 05/15/2027 (e) | 800 | 792 |
| National Rural Utilities Cooperative Finance Corp., 4.75%, 02/07/2028 | 1195 | 1204 |
|  NextEra Energy Capital Holdings, Inc., |  |  |
| 3.55%, 05/01/2027 | 1545 | 1532 |
| 4.85%, 02/04/2028 | 865 | 873 |
| 4.90%, 03/15/2029 | 990 | 1004 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Electric — continued** | | |
|  Pacific Gas and Electric Co., |  |  |
| 3.00%, 06/15/2028 | 1770 | 1712 |
| 3.75%, 07/01/2028 | 1200 | 1179 |
| 5.00%, 06/04/2028 | 990 | 998 |
| 6.10%, 01/15/2029 | 920 | 952 |
|  Southern California Edison Co., |  |  |
| 4.40%, 09/06/2026 | 1195 | 1195 |
| 4.90%, 06/01/2026 | 800 | 799 |
| Southern Co. (The), 5.11%, 08/01/2027 | 1105 | 1114 |
| Southwestern Electric Power Co., Series K, 2.75%, 10/01/2026 | 1000 | 991 |
|  Vistra Operations Co. LLC, |  |  |
| 3.70%, 01/30/2027 (e) | 200 | 198 |
| 4.30%, 10/15/2028 (e) | 3610 | 3566 |
| 5.05%, 12/30/2026 (e) | 600 | 602 |
|  |  | 47104 |
|  **Gas** — **0.0%** (g) |  |  |
| National Fuel Gas Co., 5.50%, 10/01/2026 | 400 | 402 |
| Total Utilities |  | 47506 |
| Total Corporate Bonds<br>(Cost $454,705) |  | 454701 |
| **Foreign Government Securities — 0.5%** |  |  |
|  **Sovereign — 0.5%** |  |  |
| Chile Government International Bond, (Chile), 2.75%, 01/31/2027 | 700 | 690 |
| Eagle Funding Luxco Sarl, (Luxembourg), 5.50%, 08/17/2030 (e) | 1400 | 1403 |
| KSA Sukuk Ltd., (Cayman Islands), Reg. S, 5.25%, 06/04/2027 | 600 | 605 |
| Panama Government International Bond, (Panama), 3.88%, 03/17/2028 | 200 | 196 |
| Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e) | 1800 | 1817 |
| Total Sovereign |  | 4711 |
| Total Foreign Government Securities<br>(Cost $4,616) |  | 4711 |
|  **Mortgage-Backed Securities — 1.4%**  |  |  |
|  **UMBS Collateral — 1.4%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 5.50%, 05/01/2056 (w) | 7700 | 7725 |
| TBA, 5.50%, 06/01/2056 (w) | 4400 | 4409 |
| Total UMBS Collateral |  | 12134 |
| Total Mortgage-Backed Securities<br>(Cost $12,161) |  | 12134 |
|  **U.S. Government Agency Security — 0.1%**  |  |  |
|  **Sovereign — 0.1%** |  |  |
| FHLMC, 4.05%, 11/14/2028 |  |  |
| (Cost $1,000) | 1000 | 997 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **U.S. Treasury Obligations — 2.1%**  |  |  |  |
|  **Sovereign — 2.1%** |  |  |  |
| U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029 |  | 1325 | 1360 |
|  U.S. Treasury Notes, |  |  |  |
| 3.38%, 02/29/2028 |  | 11100 | 11012 |
| 3.88%, 03/31/2028 |  | 5500 | 5508 |
| Total Sovereign |  |  | 17880 |
| Total U.S. Treasury Obligations<br>(Cost $17,800) |  |  | 17880 |
|  **Short-Term Investments — 24.7%**  |  |  |  |
|  **Certificates of Deposit — 6.0%** |  |  |  |
|  Banco Santander SA, (Spain) |  |  |  |
| 3.81%, 11/10/2026 (n) |  | 5000 | 4991 |
| 4.11%, 03/17/2027 (n) |  | 7000 | 6994 |
| Bank of Montreal, (Canada), 4.06%, 03/11/2027 (n) |  | 2750 | 2746 |
| Canadian Imperial Bank of Commerce, (Canada), 4.06%, 03/15/2027 (n) |  | 2750 | 2747 |
| Deutsche Bank AG, 3.87%, 12/17/2026 (n) |  | 2000 | 1997 |
| Goldman Sachs Bank USA, 4.18%, 03/31/2027 (n)(bb) |  | 6000 | 6000 |
| Mizuho Bank Ltd., (Japan), 3.79%, 12/11/2026 (n) |  | 1750 | 1747 |
| Royal Bank of Canada, 4.06%, 03/12/2027 (n) |  | 2750 | 2747 |
|  Toronto-Dominion Bank (The), (Canada) |  |  |  |
| 4.06%, 03/12/2027 (n) |  | 2750 | 2746 |
| 4.09%, 03/17/2027 (n) |  | 7000 | 6996 |
|  Westpac Banking Corp., (Australia) |  |  |  |
| 4.06%, 03/16/2027 (n) |  | 6000 | 5994 |
| 4.19%, 03/18/2027 (n) |  | 6000 | 5993 |
| Total Certificates of Deposit |  |  | 51698 |
|  **Commercial Papers — 1.3%** |  |  |  |
| AES Corp. (The), 4.17%, 04/13/2026 (e) (n) |  | 1000 | 999 |
| HCA, Inc., 4.29%, 05/01/2026 (e) (n) |  | 700 | 697 |
|  Keurig Dr Pepper, Inc., |  |  |  |
| 4.31%, 04/08/2026 (e) (n) |  | 400 | 400 |
| 4.31%, 04/13/2026 (e) (n) |  | 600 | 599 |
| Lloyds Bank plc, 4.06%, 03/18/2027 (e) (n) |  | 4000 | 3845 |
| Macquarie Bank Ltd., 4.09%, 03/18/2027 (e) (n) |  | 4000 | 3845 |
| Phillips 66, 4.17%, 04/20/2026 (e) (n) |  | 400 | 399 |
| Total Commercial Papers |  |  | 10784 |
| **Foreign Government Securities — 3.3%** |  |  |  |
| Japan Treasury Discount Bills, (Japan) |  |  |  |
| Series 1358, 0.73%, 04/27/2026 (n) | JPY | 2850000 | 17949 |
| Series 1361, 0.82%, 08/10/2026 (n) | JPY | 1400000 | 8793 |
|  South Africa Treasury Bills, (South Africa) |  |  |  |
| 7.25%, 05/20/2026 (n) | ZAR | 13400 | 785 |
| 7.30%, 08/19/2026 (n) | ZAR | 13300 | 765 |
| Total Foreign Government Securities |  |  | 28292 |
| **Time Deposits — 2.0%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., 2.71%, 04/01/2026 | AUD | 172 | 119 |
| Brown Brothers Harriman & Co., 1.40%, 04/01/2026 | NZD | — (h) | — (h) |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |  |
| **Time Deposits — continued** | | | |
|  Citibank NA, |  |  |  |
| 0.85%, 04/01/2026 | EUR | 384 | 444 |
| 2.67%, 04/01/2026 | GBP | 199 | 264 |
| Royal Bank of Canada, 1.08%, 04/01/2026 | CAD | 93 | 67 |
| Skandinaviska Enskilda Banken AB, |  |  |  |
| 0.96%, 04/01/2026 | DKK | 170 | 26 |
| 2.98%, 04/01/2026 |  | 16603 | 16603 |
| Sumitomo Mitsui Banking Corp., 0.20%, 04/01/2026 | JPY | 77 | 1 |
| Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 |  | 34 | 34 |
| Total Time Deposits |  |  | 17558 |
|  **U.S. Treasury Obligations — 12.1%** |  |  |  |
|  U.S. Treasury Bills, |  |  |  |
| 3.47%, 01/21/2027 |  | 46300 | 44965 |
| 3.59%, 12/24/2026 |  | 14000 | 13635 |
| 3.60%, 07/02/2026 |  | 15000 | 14862 |
| 3.60%, 02/18/2027 |  | 14000 | 13556 |
| 3.60%, 03/18/2027 |  | 8000 | 7725 |
| 3.81%, 05/14/2026 |  | 10000 | 9957 |
|  Total U.S. Treasury Obligations |  |  | 104700 |
| Total Short-Term Investments<br>(Cost $213,620) |  |  | 213032 |
|  **Total Investments — 101.2%**<br>**(Cost - $872,686)** |  |  | **873247** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  |  | **(10613)** |
| **NET ASSETS — 100.0%** |  |  | $**862634** |

---

Percentages indicated are based on net assets.

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  3MO Euro EURIBOR | 89 | 12/2026 | EUR | 25044 | (51) |
|  Australian 3 Year Bond | 150 | 06/2026 | AUD | 10770 | (42) |
|  Australian 10 Year Bond | 36 | 06/2026 | AUD | 2692 | (16) |
|  ICE 3 Month SONIA | 77 | 03/2027 | GBP | 24492 | (124) |
|  Long Gilt | 18 | 06/2026 | GBP | 2214 | (122) |
|  SOFR 3 Month | 46 | 03/2028 | USD | 11122 | (14) |
|  U.S. Treasury 2 Year Note | 514 | 06/2026 | USD | 106582 | 45 |
|  U.S. Treasury 5 Year Note | 197 | 06/2026 | USD | 21604 | (293) |
|  |  |  |  |  | (617) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro Schatz | (16) | 06/2026 | EUR | (1972) | 17 |
|  U.S. Treasury 2 Year Note | (336) | 06/2026 | USD | (70019) | 318 |
|  U.S. Treasury 5 Year Note | (197) | 06/2026 | USD | (21580) | 269 |
|  U.S. Treasury 10 Year Note | (88) | 06/2026 | USD | (9964) | 192 |
|  U.S. Treasury Ultra Bond | (36) | 06/2026 | USD | (4324) | 128 |
|  U.S. Ultra Treasury 10 Year Note | (119) | 06/2026 | USD | (13669) | 160 |
|  |  |  |  |  | 1084 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | 467 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>PURCHASED** | **CURRENCY<br>PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 127 | AUD | 184 | Barclays Bank plc | 04/02/2026 | — (h) |
|  USD | 100 | AUD | 142 | Barclays Bank plc | 04/02/2026 | 2 |
|  USD | 1237 | AUD | 1746 | Barclays Bank plc | 04/02/2026 | 32 |
|  AUD | 2072 | USD | 1421 | Deutsche Bank AG | 04/02/2026 | 8 |
|  USD | 1206 | CAD | 1649 | Bank of America, NA | 04/02/2026 | 21 |
|  EUR | 1506 | USD | 1731 | Bank of America, NA | 04/02/2026 | 10 |
|  USD | 1697 | EUR | 1436 | Morgan Stanley & Co. | 04/02/2026 | 38 |
|  USD | 64 | GBP | 48 | Bank of America, NA | 04/02/2026 | 1 |
|  USD | 4042 | GBP | 2988 | Barclays Bank plc | 04/02/2026 | 86 |
|  USD | 258 | GBP | 193 | Morgan Stanley & Co. | 04/02/2026 | 3 |
|  USD | 8870 | JPY | 1347619 | BNP Paribas | 04/27/2026 | 358 |
|  USD | 9628 | JPY | 1500000 | UBS AG London | 04/27/2026 | 153 |
|  USD | 1191 | CAD | 1649 | Barclays Bank plc | 05/04/2026 | 4 |
|  USD | 1256 | AUD | 1780 | UBS AG London | 06/17/2026 | 30 |
|  USD | 6458 | GBP | 4862 | BNP Paribas | 06/17/2026 | 24 |
|  USD | 8962 | JPY | 1395297 | BNP Paribas | 08/10/2026 | 74 |
|  USD | 30 | JPY | 4703 | Goldman Sachs International | 08/10/2026 | — (h) |
|  USD | 2330 | DKK | 14700 | Bank of America, NA | 01/04/2027 | 26 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 870 |
|  CAD | 1651 | USD | 1191 | Barclays Bank plc | 04/02/2026 | (4) |
|  USD | 80 | EUR | 70 | Barclays Bank plc | 04/02/2026 | — (h) |
|  USD | 1421 | AUD | 2072 | Deutsche Bank AG | 05/04/2026 | (8) |
|  USD | 1734 | EUR | 1506 | Bank of America, NA | 05/04/2026 | (10) |
|  USD | 758 | ZAR | 13100 | Bank of America, NA | 05/20/2026 | (14) |
|  USD | 12033 | EUR | 10430 | BNP Paribas | 06/17/2026 | (65) |
|  USD | 739 | ZAR | 12872 | Bank of America, NA | 08/19/2026 | (13) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (114) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | 756 |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE<br>INDEX (a)** | **FIXED RATE** | **PAY/<br>RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  SONIA Interest Rate Benchmark | 3.50% annually | Pay | 03/18/2031 | GBP | 1770 | (8) | (65) | (73) |
|  United States SOFR | 3.33% annually | Receive | 08/31/2030 | USD | 3030 | (15) | 45 | 30 |
|  United States SOFR | 3.34% annually | Receive | 08/31/2030 | USD | 600 |  | 5 | 5 |
|  United States SOFR | 3.37% annually | Receive | 08/31/2030 | USD | 500 |  | 4 | 4 |
|  United States SOFR | 3.38% annually | Receive | 08/31/2030 | USD | 1300 |  | 10 | 10 |
|  United States SOFR | 3.41% annually | Receive | 08/31/2030 | USD | 100 |  | 1 | 1 |
|  United States SOFR | 3.33% annually | Receive | 08/31/2030 | USD | 28830 | 119 | 164 | 283 |
|  United States SOFR | 3.42% annually | Receive | 08/31/2030 | USD | 200 |  | 1 | 1 |
|  Total | Total | Total | Total | Total |  | 96 | 165 | 261 |

---

(a) Value of floating rate index as of March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  SONIA Interest Rate Benchmark | 3.73% |
|  United States SOFR | 3.68% |

---

------

**Six Circles Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| ASX | Australian Stock Exchange |
| BBSW | Bank Bill Swap Rate |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SUB | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2026. |
| TBA | To Be Announced |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (f) | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is effective yield as of March 31, 2026. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2026. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2026. |
| (bb) | Security has been valued using significant unobservable inputs. |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| NZD | New Zealand Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — 4.3%** |  |  |
| **Automobile ABS — 2.4%** |  |  |
| Avis Budget Rental Car Funding AESOP LLC, Series 2024-1A, Class A, 5.36%, 06/20/2030 (e) | 2000 | 2044 |
| BofA Auto Trust, Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (e) | 461 | 461 |
| CarMax Auto Owner Trust, Series 2023-3, Class A3, 5.28%, 05/15/2028 | 473 | 475 |
| Carvana Auto Receivables Trust, |  |  |
| Series 2023-P1, Class A4, 5.94%, 01/10/2029 (e) | 1942 | 1963 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 667 | 670 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 499 | 501 |
| Series 2025-P4, Class A2, 4.19%, 03/12/2029 | 2500 | 2499 |
| Citizens Auto Receivables Trust, Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 483 | 484 |
| Enterprise Fleet Financing LLC, Series 2024-4, Class A2, 4.69%, 07/20/2027 (e) | 169 | 170 |
| Ford Auto Securitization Trust II, (Canada), Series 2024-BA, Class A2, 3.72%, 11/15/2028 (e) CAD | 1782 | 1286 |
| Ford Credit Auto Owner Trust, Series 2024-C, Class A2A, 4.32%, 08/15/2027 | 413 | 413 |
| GM Financial Automobile Leasing Trust, Series 2025-2, Class A2A, 4.55%, 07/20/2027 | 701 | 702 |
| GM Financial Consumer Automobile Receivables Trust, Series 2024-4, Class A2A, 4.53%, 10/18/2027 | 122 | 122 |
| Harley-Davidson Motorcycle Trust, Series 2025-A, Class A2A, 4.71%, 07/17/2028 | 352 | 353 |
| Hertz Vehicle Financing III LLC, Series 2023-1A, Class A, 5.49%, 06/25/2027 (e) | 1000 | 1002 |
| Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48%, 04/17/2028 | 494 | 497 |
| Mercedes-Benz Auto Receivables Trust, Series 2023-1, Class A3, 4.51%, 11/15/2027 | 182 | 183 |
| Nissan Auto Lease Trust, |  |  |
| Series 2024-B, Class A3, 4.92%, 11/15/2027 | 600 | 603 |
| Series 2025-A, Class A2B, (United States 30 Day Average SOFR + 0.45%), 4.12%, 11/15/2027 (aa) | 794 | 794 |
| Oscar US Funding XV LLC, (Japan), Series 2023-1A, Class A3, 5.81%, 12/10/2027 (e) | 419 | 420 |
| Oscar US Funding XVII LLC, Series 2024-2A, Class A2, 4.63%, 12/10/2027 (e) | 342 | 342 |
| SBNA Auto Lease Trust, |  |  |
| Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) | 593 | 595 |
| Series 2024-C, Class A3, 4.56%, 02/22/2028 (e) | 606 | 607 |
| SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A3, 5.33%, 11/20/2029 (e) | 935 | 944 |
| Tesla Lease Electric Vehicle Securitization LLC, Series 2025-A, Class A2, 4.14%, 06/20/2028 (e) | 1197 | 1196 |
| Toyota Auto Receivables Owner Trust, |  |  |
| Series 2022-C, Class A3, 3.76%, 04/15/2027 | 40 | 40 |
| Series 2023-A, Class A3, 4.63%, 09/15/2027 | 44 | 44 |
| Upgrade Auto Receivables Trust, Series 2025-1A, Class A2, 4.54%, 05/15/2029 (e) | 657 | 657 |
| Total Automobile ABS |  | 20067 |
| **Commercial MBS — 0.1%** |  |  |
| AREIT Trust, (Cayman Islands), Series 2022-CRE6, Class A, (United States 30 Day Average SOFR + 1.25%), 4.92%, 01/20/2037 (e) (aa) | 349 | 349 |
| **Credit Card ABS — 0.7%** |  |  |
| Citibank Credit Card Issuance Trust, Series 2017-A6, Class A6, (CME Term SOFR 1 Month + 0.88%), 4.56%, 05/14/2029 (aa) | 2000 | 2013 |
| Golden Credit Card Trust, Series 2021-1A, Class A, 1.14%, 08/15/2028 (e) | 1600 | 1583 |
| Golden Credit Card Trust, (Canada), Series 2022-1A, Class A, 1.97%, 01/15/2029 (e) | 1000 | 983 |
| Trillium Credit Card Trust II, Series 2025-1A, Class A, (United States SOFR + 0.59%), 4.22%, 09/26/2030 (e) (aa) | 1300 | 1305 |
| Total Credit Card ABS |  | 5884 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |
| **Other ABS — 0.5%** | | |
| Dell Equipment Finance Trust, Series 2024-2, Class A2, 4.69%, 08/22/2030 (e) | 543 | 544 |
| DLLAA LLC, Series 2025-1A, Class A2, 4.70%, 10/20/2027 (e) | 662 | 663 |
| GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class A2, 5.12%, 03/25/2060 (e) | 104 | 104 |
|  Pagaya Ai Debt Grantor Trust, Series 2025-6, Class A1, 4.25%, 09/15/2026 (e) | 838 | 838 |
|  PEAC Solutions Receivables LLC, Series 2025-1A, Class A2, 4.94%, 10/20/2028 (e) | 817 | 821 |
| Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, 06/21/2050 (e) | 433 | 433 |
| Verizon Master Trust, Series 2024-6, Class A1B, (United States 30 Day Average SOFR + 0.67%), 4.34%, 08/20/2030 (aa) | 1100 | 1105 |
| Total Other ABS |  | 4508 |
| **Student Loan ABS — 0.6%** |  |  |
| ELFI Graduate Loan Program LLC, Series 2021-A, Class A, 1.53%, 12/26/2046 (e) | 517 | 467 |
| Navient Private Education Loan Trust, |  |  |
| Series 2018-BX, Class A2B, Reg. S, (CME Term SOFR 1 Month + 0.83%), 4.51%, 12/15/2059 (aa) | 8 | 8 |
| Series 2020-A, Class A2B, (CME Term SOFR 1 Month + 1.01%), 4.69%, 11/15/2068 (e) (aa) | 445 | 444 |
| Nelnet Student Loan Trust, |  |  |
| Series 2019-2A, Class A, (United States 30 Day Average SOFR + 1.01%), 4.68%, 06/27/2067 (e) (aa) | 460 | 459 |
| Series 2025-BA, Class A1A, 4.84%, 05/17/2055 (e) | 617 | 614 |
| Series 2025-CA, Class A1B, (United States 30 Day Average SOFR + 1.35%), 5.02%, 06/22/2065 (e) (aa) | 1076 | 1084 |
| Series 2025-DA, Class A1A, 4.65%, 08/20/2054 (e) | 562 | 555 |
| SMB Private Education Loan Trust, |  |  |
| Series 2020-PTA, Class A2A, 1.60%, 09/15/2054 (e) | 216 | 204 |
| Series 2022-C, Class A1B, (United States 30 Day Average SOFR + 1.85%), 5.52%, 05/16/2050 (e) (aa) | 189 | 192 |
| Series 2023-A, Class A1A, 5.38%, 01/15/2053 (e) | 111 | 112 |
| Series 2023-D, Class A1B, (United States 30 Day Average SOFR + 1.65%), 5.32%, 09/15/2053 (e) (aa) | 721 | 732 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.12%, 03/15/2056 (e) (aa) | 148 | 150 |
| Towd Point Asset Trust, Series 2021-SL1, Class A2, (CME Term SOFR 1 Month + 0.81%), 4.49%, 11/20/2061 (e) (aa) | 43 | 43 |
| Total Student Loan ABS |  | 5064 |
| Total Asset-Backed Securities<br> (Cost $35,829) |  | 35872 |
|  **Certificate of Deposit — 0.0%** (g) |  |  |
|  **Financial — 0.0%** (g) |  |  |
|  **Banks — 0.0%** (g) |  |  |
| Mizuho Bank Ltd., (Japan), (BBSW ASX Australian 3 Month + 0.85%), 5.02%, 09/14/2026 (aa)<br>(Cost $398) | AUD 600 | 415 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — 5.7%** |  |  |
| **Agency Collateral CMO — 4.5%** | | |
| FHLMC REMICS, |  |  |
| Series 5426, Class BF, (United States 30 Day Average SOFR + 0.90%), 4.58%, 04/15/2049 (aa) | 333 | 334 |
| Series 5480, Class FG, (United States 30 Day Average SOFR + 1.15%), 4.81%, 12/25/2054 (aa) | 546 | 550 |
| Series 5499, Class FH, (United States 30 Day Average SOFR + 1.20%), 4.86%, 02/25/2055 (aa) | 296 | 298 |
| Series 5508, Class DF, (United States 30 Day Average SOFR + 1.00%), 4.66%, 02/25/2055 (aa) | 725 | 731 |
| Series 5508, Class FC, (United States 30 Day Average SOFR + 1.00%), 4.66%, 02/25/2055 (aa) | 694 | 699 |
| Series 5517, Class FE, (United States 30 Day Average SOFR + 0.95%), 4.61%, 03/25/2055 (aa) | 1714 | 1728 |
| Series 5517, Class MF, (United States 30 Day Average SOFR + 0.95%), 4.61%, 03/25/2055 (aa) | 545 | 549 |
| Series 5528, Class FA, (United States 30 Day Average SOFR + 0.87%), 4.53%, 04/25/2055 (aa) | 1509 | 1514 |
| Series 5534, Class FM, (United States 30 Day Average SOFR + 0.93%), 4.59%, 05/25/2055 (aa) | 1349 | 1357 |
| Series 5546, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 06/25/2055 (aa) | 1392 | 1403 |
| Series 5549, Class CF, (United States 30 Day Average SOFR + 1.00%), 4.66%, 10/25/2052 (aa) | 1241 | 1254 |
| Series 5549, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 06/25/2055 (aa) | 1633 | 1649 |
| Series 5560, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 06/25/2055 (aa) | 797 | 804 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 4.86%, 08/25/2055 (aa) | 1496 | 1511 |
| Series 5565, Class FA, (United States 30 Day Average SOFR + 1.15%), 4.81%, 08/25/2055 (aa) | 1045 | 1053 |
| Series 5565, Class FB, (United States 30 Day Average SOFR + 0.95%), 4.61%, 08/25/2055 (aa) | 488 | 487 |
| Series 5567, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 08/25/2055 (aa) | 1211 | 1222 |
| Series 5601, Class F, (United States 30 Day Average SOFR + 0.90%), 4.56%, 11/25/2055 (aa) | 481 | 483 |
| FNMA REMICS, |  |  |
| Series 2018-82, Class W, 6.06%, 11/25/2058 (z) | 152 | 156 |
| Series 2020-29, Class FC, (United States 30 Day Average SOFR + 0.91%), 4.60%, 05/25/2050 (aa) | 1006 | 1003 |
| Series 2022-8, Class D, 2.00%, 08/25/2038 | 825 | 776 |
| Series 2023-46, Class FA, (United States 30 Day Average SOFR + 1.30%), 4.96%, 10/25/2053 (aa) | 975 | 986 |
| Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.48%, 01/25/2051 (aa) | 658 | 660 |
| Series 2024-95, Class KF, (United States 30 Day Average SOFR + 1.10%), 4.76%, 12/25/2054 (aa) | 369 | 371 |
| Series 2024-100, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.76%, 06/25/2054 (aa) | 528 | 531 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** | | |
| Series 2024-101, Class FB, (United States 30 Day Average SOFR + 1.10%), 4.76%, 01/25/2055 (aa) | 746 | 751 |
| Series 2024-103, Class FC, (United States 30 Day Average SOFR + 1.15%), 4.81%, 01/25/2055 (aa) | 811 | 817 |
| Series 2024-104, Class FA, (United States 30 Day Average SOFR + 1.05%), 4.71%, 01/25/2055 (aa) | 819 | 822 |
| Series 2025-1, Class FD, (United States 30 Day Average SOFR + 1.20%), 4.86%, 02/25/2055 (aa) | 240 | 242 |
| Series 2025-6, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 02/25/2055 (aa) | 377 | 380 |
| Series 2025-18, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.61%, 11/25/2053 (aa) | 665 | 669 |
| Series 2025-35, Class FM, (United States 30 Day Average SOFR + 1.05%), 4.71%, 05/25/2055 (aa) | 273 | 276 |
| GNMA, |  |  |
| Series 2015-H04, Class FA, (CME Term SOFR 1 Month + 0.76%), 4.43%, 12/20/2064 (aa) | 357 | 357 |
| Series 2017-H02, Class FH, (CME Term SOFR 1 Year + 1.22%), 4.74%, 01/20/2067 (aa) | 363 | 367 |
| Series 2018-H18, Class FC, (CME Term SOFR 1 Month + 0.46%), 4.13%, 08/20/2065 (aa) | 106 | 105 |
| Series 2019-54, Class KF, (CME Term SOFR 1 Month + 0.53%), 4.20%, 05/20/2044 (aa) | 255 | 250 |
| Series 2021-H09, Class FG, (United States 30 Day Average SOFR + 1.50%), 5.17%, 06/20/2071 (aa) | 1392 | 1428 |
| Series 2022-5, Class FA, (United States 30 Day Average SOFR + 0.30%), 3.50%, 01/20/2052 (aa) | 712 | 639 |
| Series 2022-H01, Class FA, (United States 30 Day Average SOFR + 0.35%), 4.02%, 01/20/2072 (aa) | 788 | 779 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2073 (aa) | 385 | 390 |
| Series 2023-H12, Class FA, (United States 30 Day Average SOFR + 1.00%), 4.67%, 05/20/2073 (aa) | 1803 | 1834 |
| Series 2023-H26, Class DF, (United States 30 Day Average SOFR + 0.30%), 3.97%, 09/20/2073 (aa) | 617 | 615 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 4.77%, 11/20/2073 (aa) | 430 | 440 |
| Series 2024-13, Class FA, (United States 30 Day Average SOFR + 0.95%), 4.62%, 01/20/2054 (aa) | 165 | 166 |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2074 (aa) | 926 | 939 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 4.60%, 01/20/2074 (aa) | 1066 | 1082 |
| Series 2025-204, Class FH, (United States 30 Day Average SOFR + 0.95%), 4.62%, 12/20/2055 (aa) | 1184 | 1187 |
| Series 2025-H18, Class FL, (United States 30 Day Average SOFR + 0.70%), 4.37%, 08/20/2075 (aa) | 979 | 977 |
| Total Agency Collateral CMO |  | 37621 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |  |
| **Agency Collateral PAC CMO — 0.1%** | | | |
| FHLMC REMICS, Series 5584, Class DF, (United States 30 Day Average SOFR + 0.90%), 4.56%, 10/25/2055 (aa) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | 455 |
| GNMA, |  |  |  |
| Series 2017-121, Class PE, 3.00%, 07/20/2046 |  | 74 | 73 |
| Series 2025-89, Class PF, (United States 30 Day Average SOFR + 0.95%), 4.62%, 05/20/2055 (aa) |  | 391 | 393 |
| Total Agency Collateral PAC CMO |  |  | 921 |
| **WL Collateral CMO — 1.1%** |  |  |  |
| Atlas Funding plc, (United Kingdom), Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.53%, 07/20/2062 (aa) | GBP | 593 | 783 |
| Avon Finance, (United Kingdom), Series 4A, Class A, (SONIA Interest Rate Benchmark + 0.90%), 4.65%, 12/28/2049 (e) (aa) | GBP | 714 | 946 |
| Cheshire plc, (United Kingdom), Series 2025-1, Class A, Reg. S, (SONIA Interest Rate Benchmark + 0.80%), 4.53%, 06/28/2048 (aa) | GBP | 1590 | 2100 |
| CSMC Trust, Series 2021-RPL4, Class A1, 4.15%, 12/27/2060 (e) (z) |  | 221 | 220 |
| Firstmac Mortgage Funding Trust No. 4 Series, (Australia), Series 2021-2, Class A1, Reg. S, (BBSW ASX Australian 1 Month + 0.73%), 4.78%, 09/24/2052 (aa) | AUD | 289 | 198 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (e) (z) |  | 146 | 137 |
| Legacy Mortgage Asset Trust, Series 2021-GS3, Class A1, SUB, 5.75%, 07/25/2061 (e) |  | 930 | 930 |
| MFA Trust, Series 2021-RPL1, Class A1, 1.13%, 07/25/2060 (e) (z) |  | 245 | 225 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM8, Class A1, 4.96%, 09/25/2070 (e) (z) |  | 179 | 179 |
| New Residential Mortgage Loan Trust, |  |  |  |
| Series 2018-3A, Class A1, 4.50%, 05/25/2058 (e) (z) |  | 70 | 68 |
| Series 2019-NQM5, Class A1, 2.71%, 11/25/2059 (e) (z) |  | 161 | 154 |
| Series 2021-NQ2R, Class A1, 0.94%, 10/25/2058 (e) (z) |  | 225 | 216 |
| OBX Trust, Series 2024-NQM16, Class A1, SUB, 5.53%, 10/25/2064 (e) |  | 303 | 304 |
| Starwood Mortgage Residential Trust, |  |  |  |
| Series 2020-3, Class A1, 1.49%, 04/25/2065 (e) (z) |  | 64 | 63 |
| Series 2021-2, Class A1, 0.94%, 05/25/2065 (e) (z) |  | 103 | 98 |
| Towd Point Mortgage Funding 2024 - Granite 6 plc, (United Kingdom), Series 2024-GR6A, Class A1, (SONIA Interest Rate Benchmark + 0.93%), 4.67%, 07/20/2053 (e) (aa) | GBP | 687 | 910 |
| Towd Point Mortgage Trust, Series 2019-HY2, Class A1, (CME Term SOFR 1 Month + 1.11%), 4.79%, 05/25/2058 (e) (aa) |  | 117 | 119 |
| Triton Bond Trust in respect of Series 1, (Australia), Series 2021-2, Class A1AU, (BBSW ASX Australian 1 Month + 0.70%), 4.56%, 02/09/2053 (aa) | AUD | 192 | 133 |
| Verus Securitization Trust, |  |  |  |
| Series 2024-7, Class A1, 5.10%, 09/25/2069 (e) (z) |  | 337 | 337 |
| Series 2025-R1, Class A1A, SUB, 5.40%, 05/25/2065 (e) |  | 1058 | 1061 |
| Total WL Collateral CMO |  |  | 9181 |
| Total Collateralized Mortgage Obligations<br>(Cost $47,639) |  |  | 47723 |
| **Commercial Mortgage-Backed Securities — 0.2%** |  |  |  |
| **Commercial MBS — 0.2%** |  |  |  |
| BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.04%, 09/15/2036 (e) (aa) |  | 500 | 492 |
| MF1X, Series 2021-W10, Class A, (CME Term SOFR 1 Month + 1.07%), 4.74%, 12/15/2034 (e) (aa) |  | 900 | 896 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |
| **Commercial MBS — continued** | | |
| Morgan Stanley Capital I Trust, Series 2019-PLND, Class A, (CME Term SOFR 1 Month + 1.11%), 4.79%, 05/15/2036 (e) (aa) | 700 | 210 |
| Total Commercial MBS |  | 1598 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $2,100) |  | 1598 |
| **Corporate Bonds — 13.5%** |  |  |
| **Communications — 0.8%** |  |  |
| **Internet — 0.3%** |  |  |
|  Uber Technologies, Inc., 4.50%, 08/15/2029 (e) | 2900 | 2876 |
| **Media — 0.2%** |  |  |
| Cox Communications, Inc., 3.35%, 09/15/2026 (e) | 1100 | 1095 |
| Fox Corp., 4.71%, 01/25/2029 | 400 | 401 |
|  |  | 1496 |
| **Telecommunications — 0.3%** |  |  |
| KT Corp., (South Korea), 4.38%, 01/03/2029 (e) | 1300 | 1301 |
| NTT Finance Corp., (Japan), 1.16%, 04/03/2026 (e) | 900 | 900 |
|  |  | 2201 |
| Total Communications |  | 6573 |
| **Consumer Cyclical — 1.6%** |  |  |
| **Airlines — 0.1%** |  |  |
| American Airlines 2014-1 Class A Pass Through Trust, Series A, 3.70%, 10/01/2026 | 307 | 306 |
| Southwest Airlines Co., 3.00%, 11/15/2026 | 740 | 733 |
|  |  | 1039 |
| **Auto Manufacturers — 1.5%** |  |  |
| BMW US Capital LLC, |  |  |
| (SOFR Compounded Index + 0.78%), 4.43%, 03/19/2027 (e) (aa) | 200 | 201 |
| (SOFR Compounded Index + 0.92%), 4.57%, 03/21/2028 (e) (aa) | 800 | 802 |
| Daimler Truck Finance North America LLC, 4.65%, 10/12/2030 (e) | 2800 | 2782 |
| Ford Motor Credit Co. LLC, 5.80%, 03/05/2027 | 1200 | 1206 |
| General Motors Financial Co., Inc., 5.40%, 04/06/2026 | 700 | 700 |
| Hyundai Capital America, |  |  |
| (United States SOFR + 1.04%), 4.69%, 06/24/2027 (e) (aa) | 300 | 301 |
| Reg. S, (United States SOFR + 1.04%), 4.69%, 06/24/2027 (aa) | 400 | 401 |
| Reg. S, (United States SOFR + 1.50%), 5.17%, 01/08/2027 (aa) | 2235 | 2250 |
| Mercedes-Benz Finance North America LLC, Reg. S, (United States SOFR + 0.78%), 4.43%, 04/01/2027 (aa) | 1200 | 1202 |
| Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (e) | 1000 | 983 |
| Volkswagen Group of America Finance LLC, |  |  |
| (United States SOFR + 1.06%), 4.72%, 08/14/2026 (e) (aa) | 700 | 702 |
| 4.90%, 08/14/2026 (e) | 1000 | 1001 |
| 6.00%, 11/16/2026 (e) | 300 | 303 |
|  |  | 12834 |
| Total Consumer Cyclical |  | 13873 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Consumer Non-cyclical — 0.4%** | | |
| **Agriculture — 0.0%** (g) |  |  |
| Imperial Brands Finance plc, (United Kingdom), 4.50%, 06/30/2028 (e) | 200 | 200 |
| **Beverages — 0.1%** |  |  |
| Keurig Dr Pepper, Inc., 2.55%, 09/15/2026 | 400 | 396 |
| (United States SOFR + 0.58%), 4.24%, 11/15/2026 (aa) | 800 | 799 |
|  |  | 1195 |
| **Food — 0.2%** |  |  |
| Conagra Brands, Inc., 4.85%, 11/01/2028 | 1200 | 1201 |
| **Healthcare—Products — 0.1%** |  |  |
| Alcon Finance Corp., 2.75%, 09/23/2026 (e) | 700 | 695 |
| Total Consumer Non-cyclical |  | 3291 |
| **Energy — 0.5%** |  |  |
|  **Oil & Gas** — **0.5%** |  |  |
| Diamondback Energy, Inc., 3.25%, 12/01/2026 | 3000 | 2981 |
| Marathon Petroleum Corp., 5.13%, 12/15/2026 | 1000 | 1003 |
|  |  | 3984 |
|  **Pipelines — 0.0%** (g) |  |  |
| ONEOK, Inc., 5.55%, 11/01/2026 | 500 | 503 |
| Total Energy |  | 4487 |
| **Financial — 8.6%** |  |  |
| **Banks — 5.7%** |  |  |
| ABN AMRO Bank NV, (Netherlands), |  |  |
| (SOFR Compounded Index + 1.00%), 4.65%, 12/03/2028 (e) (aa) | 300 | 301 |
| (SOFR Compounded Index + 1.78%), 5.43%, 09/18/2027 (e) (aa) | 100 | 100 |
| Reg. S, (SOFR Compounded Index + 1.78%), 5.43%, 09/18/2027 (aa) | 2400 | 2413 |
| Banco Santander SA, (Spain), (United States SOFR + 1.12%), 4.79%, 07/15/2028 (aa) | 400 | 402 |
| Bank of America Corp., (CME Term SOFR 3 Month + 1.32%), 3.56%, 04/23/2027 (aa) | 3000 | 2999 |
| Bank of Montreal, (Canada), (SOFR Compounded Index + 0.88%), 4.53%, 09/10/2027 (aa) | 400 | 400 |
| Banque Federative du Credit Mutuel SA, (France), (SOFR Compounded Index + 1.07%), 4.73%, 02/16/2028 (e) (aa) | 1000 | 1004 |
| Barclays plc, (United Kingdom), |  |  |
| (United States SOFR + 1.49%), 5.14%, 03/12/2028 (aa) | 450 | 453 |
| (United States SOFR + 1.88%), 5.53%, 09/13/2027 (aa) | 300 | 301 |
| (United States SOFR + 2.21%), 5.83%, 05/09/2027 (aa) | 400 | 401 |
| (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) | 900 | 907 |
| Canadian Imperial Bank of Commerce, (Canada), |  |  |
| (United States SOFR + 0.72%), 4.39%, 01/13/2028 (aa) | 1600 | 1600 |
| (United States SOFR + 0.80%), 4.45%, 09/08/2028 (aa) | 200 | 200 |
| 4.88%, 01/14/2030 (e) | 1100 | 1128 |
| Citigroup, Inc., (United States SOFR + 0.77%), 1.46%, 06/09/2027 (f) (aa) | 1979 | 1968 |
| Cooperatieve Rabobank UA, (Netherlands), |  |  |
| (CMT Index 1 Year + 0.73%), 1.98%, 12/15/2027 (e) (aa) | 2400 | 2361 |
| (SOFR Compounded Index + 0.90%), 4.58%, 10/05/2026 (aa) | 250 | 250 |
| Credit Agricole SA, (France), |  |  |
| (United States SOFR + 0.87%), 4.52%, 03/11/2027 (e) (aa) | 1900 | 1905 |
| Reg. S, (United States SOFR + 0.87%), 4.52%, 03/11/2027 (aa) | 500 | 501 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| Deutsche Bank AG, (Germany), |  |  |  |
| (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) |  | 1100 | 1085 |
| (United States SOFR + 1.22%), 4.88%, 11/16/2027 (aa) |  | 700 | 702 |
| (United States SOFR + 2.52%), 7.15%, 07/13/2027 (aa) |  | 1200 | 1208 |
| Goldman Sachs Bank USA, (United States SOFR + 0.75%), 4.41%, 05/21/2027 (aa) |  | 702 | 702 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| (United States SOFR + 0.82%), 1.54%, 09/10/2027 (aa) |  | 1700 | 1678 |
| (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 200 | 197 |
| (United States SOFR + 0.71%), 4.38%, 01/21/2029 (aa) |  | 800 | 799 |
| HSBC Holdings plc, (United Kingdom), (United States SOFR + 1.57%), 5.89%, 08/14/2027 (aa) |  | 1000 | 1005 |
| ING Groep NV, (Netherlands), (SOFR Compounded Index + 1.01%), 4.70%, 04/01/2027 (aa) |  | 500 | 500 |
| Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 0.85%), 1.63%, 05/11/2027 (aa) |  | 1050 | 1046 |
| (SOFR Compounded Index + 1.56%), 5.22%, 08/07/2027 (aa) |  | 1100 | 1104 |
| (CMT Index 1 Year + 1.48%), 5.99%, 08/07/2027 (aa) |  | 400 | 402 |
| Morgan Stanley, (United States SOFR + 0.88%), 1.59%, 05/04/2027 (aa) |  | 300 | 299 |
| Morgan Stanley Bank NA, (United States SOFR + 0.69%), 4.35%, 10/15/2027 (aa) |  | 2800 | 2798 |
| National Bank of Canada, (Canada), |  |  |  |
| (SOFR Compounded Index + 1.03%), 4.71%, 07/02/2027 (aa) |  | 1100 | 1101 |
| (United States SOFR + 0.80%), 4.95%, 02/01/2028 (aa) |  | 700 | 703 |
| NatWest Markets plc, (United Kingdom), (United States SOFR + 0.90%), 4.56%, 05/17/2027 (e) (aa) |  | 1300 | 1304 |
| Nordea Bank Abp, (Finland), (United States SOFR + 0.74%), 4.39%, 03/19/2027 (e) (aa) |  | 1200 | 1203 |
| Oversea-Chinese Banking Corp. Ltd., (Singapore), (BBSW ASX Australian 3 Month + 0.78%), 4.75%, 05/18/2026 (aa) | AUD | 1000 | 690 |
| PNC Bank NA, (United States SOFR + 0.73%), 4.40%, 07/21/2028 (aa) |  | 700 | 701 |
| Royal Bank of Canada, (Canada), |  |  |  |
| (SOFR Compounded Index + 0.72%), 4.39%, 10/18/2027 (aa) |  | 200 | 200 |
| (SOFR Compounded Index + 0.79%), 4.46%, 07/23/2027 (aa) |  | 300 | 301 |
| (SOFR Compounded Index + 0.82%), 4.47%, 03/27/2028 (aa) |  | 2900 | 2903 |
| Santander Holdings USA, Inc., (United States SOFR + 1.23%), 6.12%, 05/31/2027 (aa) |  | 1600 | 1603 |
| Standard Chartered plc, (United Kingdom), |  |  |  |
| Reg. S, (United States SOFR + 1.93%), 5.60%, 07/06/2027 (aa) |  | 1300 | 1305 |
| (United States SOFR + 2.03%), 5.69%, 02/08/2028 (e) (aa) |  | 400 | 404 |
| Wells Fargo & Co., |  |  |  |
| (United States SOFR + 0.78%), 4.45%, 01/24/2028 (aa) |  | 500 | 500 |
| (United States SOFR + 1.07%), 4.74%, 04/22/2028 (aa) |  | 2000 | 2007 |
|  |  |  | 48044 |
| **Diversified Financial Services — 1.8%** |  |  |  |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), |  |  |  |
| 2.45%, 10/29/2026 |  | 1300 | 1285 |
| 6.10%, 01/15/2027 |  | 1000 | 1011 |
| Air Lease Corp., 5.30%, 06/25/2026 |  | 400 | 401 |
| Aircastle Ltd., (Bermuda), 4.25%, 06/15/2026 |  | 2065 | 2062 |
| Aviation Capital Group LLC, 1.95%, 09/20/2026 (e) |  | 3000 | 2964 |
| DLR Kredit A/S, (Denmark), Class CCb, 1.00%, 01/01/2027 | DKK | 5700 | 873 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Diversified Financial Services — continued** | | | |
| Korea Investment & Securities Co. Ltd., (South Korea), |  |  |  |
| Reg. S, 2.13%, 07/19/2026 |  | 1700 | 1688 |
| Reg. S, 6.88%, 11/06/2026 |  | 600 | 608 |
| Nomura Holdings, Inc., (Japan), |  |  |  |
| 1.65%, 07/14/2026 |  | 1400 | 1390 |
| (United States SOFR + 1.25%), 4.94%, 07/02/2027 (aa) |  | 500 | 503 |
| Realkredit Danmark A/S, (Denmark), Series 10F, Reg. S, 1.00%, 01/01/2027 | DKK | 13500 | 2064 |
|  |  |  | 14849 |
|  **Insurance** — **0.9%** |  |  |  |
| Athene Global Funding, (SOFR Compounded Index + 1.00%), 4.65%, 09/18/2028 (e) (aa) |  | 2900 | 2885 |
| F&G Global Funding, 1.75%, 06/30/2026 (e) |  | 2500 | 2482 |
| Jackson National Life Global Funding, |  |  |  |
| (United States SOFR + 0.95%), 4.60%, 09/12/2028 (e) (aa) |  | 1500 | 1499 |
| 4.90%, 01/13/2027 (e) |  | 600 | 602 |
| Sammons Financial Group Global Funding, (United States SOFR + 0.85%), 4.50%, 09/02/2027 (e) (aa) |  | 400 | 402 |
|  |  |  | 7870 |
| **Investment Companies** — **0.2%** |  |  |  |
| Sofina SA, (Belgium), Reg. S, 1.00%, 09/23/2028 | EUR | 1600 | 1728 |
| Total Financial |  |  | 72491 |
| **Industrial** — **0.5%** |  |  |  |
| **Aerospace/Defense — 0.0%** (g) |  |  |  |
| Boeing Co. (The), 2.70%, 02/01/2027 |  | 200 | 197 |
| **Electronics** — **0.2%** |  |  |  |
| Foxconn Far East Ltd., (Cayman Islands), Reg. S 1.88%, 08/25/2028 |  | 1400 | 1287 |
| **Engineering & Construction** — **0.2%** |  |  |  |
| Sydney Airport Finance Co. Pty Ltd., (Australia), Reg. S, 3.63%, 04/28/2026 |  | 2100 | 2098 |
| **Packaging & Containers** — **0.1%** |  |  |  |
| Berry Global, Inc., 4.88%, 07/15/2026 (e) |  | 977 | 977 |
|  Total Industrial |  |  | 4559 |
| **Utilities — 1.1%** |  |  |  |
| **Electric — 1.0%** |  |  |  |
| Algonquin Power & Utilities Corp., (Canada), SUB, 5.37%, 06/15/2026 |  | 1000 | 1000 |
| ENEL Finance International NV, (Netherlands), |  |  |  |
| 1.63%, 07/12/2026 (e) |  | 700 | 695 |
| Reg. S, 1.63%, 07/12/2026 |  | 400 | 397 |
| Evergy Kansas Central, Inc., 4.70%, 03/13/2028 |  | 600 | 603 |
| Eversource Energy, 2.90%, 03/01/2027 |  | 1300 | 1283 |
| Fells Point Funding Trust, 3.05%, 01/31/2027 (e) |  | 400 | 395 |
| Fortis, Inc., (Canada), 3.06%, 10/04/2026 |  | 400 | 397 |
| Monongahela Power Co., 3.55%, 05/15/2027 (e) |  | 800 | 792 |
| Southern California Edison Co., 4.90%, 06/01/2026 |  | 1100 | 1099 |
| Southwestern Electric Power Co., Series K, 2.75%, 10/01/2026 |  | 1300 | 1289 |
| Vistra Operations Co. LLC, 5.05%, 12/30/2026 (e) |  | 500 | 501 |
|  |  |  | 8451 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Gas** — **0.1%** |  |  |
| National Fuel Gas Co., 5.50%, 10/01/2026 | 600 | 603 |
| Total Utilities |  | 9054 |
| Total Corporate Bonds<br>(Cost $114,358) |  | 114328 |
| **Foreign Government Securities** — **0.6%** |  |  |
| **Sovereign — 0.6%** |  |  |
| Eagle Funding Luxco Sarl, (Luxembourg), 5.50%, 08/17/2030 (e) | 1800 | 1804 |
| KSA Sukuk Ltd., (Cayman Islands), Reg. S, 5.25%, 06/04/2027 | 800 | 806 |
| Saudi Government International Bond, (Saudi Arabia), 5.13%, 01/13/2028 (e) | 2300 | 2321 |
| Total Sovereign |  | 4931 |
| Total Foreign Government Securities<br>(Cost $4,804) |  | 4931 |
| **Mortgage-Backed Security** — **1.4%** |  |  |
| **UMBS Collateral — 1.4%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 05/01/2056 (w)<br>(Cost $12,016) | 11900 | 11938 |
| **Municipal Bonds** — **65.0%** (t) |  |  |
| **Alabama** — **1.8%** |  |  |
| Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 9500 | 9557 |
| County of Jefferson Sewer Revenue, Warrants, Rev., 5.00%, 10/01/2026 | 1250 | 1264 |
| Southeast Energy Authority A Cooperative District, Series B1, Rev., 5.00%, 08/01/2027 | 4070 | 4153 |
|  |  | 14974 |
| **Alaska** — **0.2%** |  |  |
| State of Alaska |  |  |
| Series B, GO, 5.00%, 08/01/2026 | 690 | 696 |
| Series B, GO, 5.00%, 08/01/2027 | 750 | 774 |
|  |  | 1470 |
| **Arizona** — **1.3%** |  |  |
| Arizona Board of Regents, Series A, Rev., VRDO, 2.40%, 04/07/2026 (z) | 10715 | 10715 |
| **California** — **1.7%** |  |  |
| Los Angeles Department of Water & Power, Series A, Rev., 5.00%, 07/01/2027 | 8415 | 8654 |
| State of California, GO, 5.00%, 08/01/2028 | 5000 | 5282 |
|  |  | 13936 |
| **Colorado — 0.2%** |  |  |
| City & County of Denver Airport System Revenue, Series D, Rev., AMT, 5.25%, 11/15/2027 | 1500 | 1558 |
| **Connecticut — 2.8%** |  |  |
| Connecticut Housing Finance Authority, Series B3, Rev., VRDO, 2.41%, 04/07/2026 (z) | 5585 | 5585 |
| Connecticut State Health & Educational Facilities Authority |  |  |
| Rev., 5.00%, 07/01/2027 | 1500 | 1542 |
| Rev., 5.00%, 07/01/2028 | 1700 | 1784 |
| State of Connecticut, Series D, GO, 5.00%, 08/15/2028 | 14000 | 14805 |
|  |  | 23716 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **District of Columbia — 1.1%** | | |
| District of Columbia, Series A, GO, 5.00%, 08/01/2027 | 5000 | 5167 |
| Metropolitan Washington Airports Authority Aviation Revenue, Series A, Rev., AMT, 5.00%, 10/01/2026 | 2805 | 2838 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2026 | 1250 | 1259 |
|  |  | 9264 |
| **Florida — 4.4%** |  |  |
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., VRDO, 2.42%, 04/07/2026 (z) | 2800 | 2800 |
| Mid-Bay Bridge Authority, Rev., 5.00%, 10/01/2027 | 3000 | 3093 |
| Orlando Utilities Commission, Series 1, Rev., VRDO, 2.67%, 04/07/2026 (z) | 25060 | 25060 |
| Sarasota County School Board, Master Lease Program, COP, 5.00%, 07/01/2026 | 1250 | 1257 |
| State of Florida Lottery Revenue, Series A, Rev., 5.00%, 07/01/2027 | 4895 | 5047 |
|  |  | 37257 |
| **Georgia — 0.9%** |  |  |
| Municipal Electric Authority of Georgia, Project One Subordinated, Rev., 5.00%, 01/01/2027 | 1000 | 1018 |
| State of Georgia, Series E, GO, 5.00%, 12/01/2027 | 6050 | 6151 |
|  |  | 7169 |
| **Guam — 0.2%** |  |  |
| Guam Government Waterworks Authority, Series A, Rev., 5.00%, 07/01/2026 | 350 | 352 |
| Territory of Guam, Series G, Rev., 5.00%, 01/01/2028 | 1335 | 1374 |
|  |  | 1726 |
| **Idaho — 0.2%** |  |  |
| Idaho Health Facilities Authority, St. Luke's Health System Project, Series C, Rev., VRDO, LOC: U.S. Bank NA, 2.80%, 04/01/2026 (z) | 1795 | 1795 |
| **Illinois — 3.7%** |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund, Series A, Rev., 5.00%, 12/01/2027 | 2250 | 2332 |
| Illinois Finance Authority, Rev., VRDO, LOC: Northern Trust Co., 2.50%, 04/07/2026 (z) | 1770 | 1770 |
| Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2028 | 5000 | 5202 |
| Metropolitan Water Reclamation District of Greater Chicago |  |  |
| Series C, GO, 5.00%, 12/01/2027 | 12940 | 13442 |
| Series D, GO, 5.00%, 12/01/2027 | 8310 | 8633 |
|  |  | 31379 |
| **Indiana — 3.0%** |  |  |
| Indiana Finance Authority |  |  |
| Series A, Rev., 5.00%, 02/01/2027 | 7400 | 7546 |
| Series A, Rev., 5.00%, 02/01/2028 | 2350 | 2442 |
| Indiana Finance Authority, Health Systems, Sisters of St. Francis, Series I, Rev., VRDO, LOC: Barclays Bank plc, 2.85%, 04/01/2026 (z) | 7400 | 7400 |
| Indianapolis Local Public Improvement Bond Bank |  |  |
| Rev., AMT, 5.00%, 01/01/2028 | 6230 | 6447 |
| Series A, Rev., 5.00%, 06/01/2026 | 1800 | 1807 |
|  |  | 25642 |
| **Kentucky — 0.3%** |  |  |
| Louisville/Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2028 | 2600 | 2736 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Louisiana — 0.2%** | | |
| State of Louisiana, Series C, GO, 5.00%, 12/01/2026 | 1340 | 1362 |
| **Maine — 0.3%** |  |  |
| Maine Municipal Bond Bank, TransCap Program, Series A, Rev., 5.00%, 09/01/2027 | 2500 | 2586 |
| **Maryland — 0.2%** |  |  |
| County of Baltimore, Consolidated Public Improvement, Series A, GO, 5.00%, 07/01/2027 | 2000 | 2061 |
| **Massachusetts — 0.8%** |  |  |
| Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 5.00%, 07/01/2026 | 4000 | 4018 |
| Massachusetts Water Resources Authority, Multi-Modal Subordinated, Rev., VRDO, 2.60%, 04/01/2026 (z) | 3000 | 3000 |
|  |  | 7018 |
| **Michigan — 0.4%** |  |  |
| Michigan Finance Authority, Beaumont Health Spectrum Health System Consolidation, Rev., 5.00%, 04/15/2027 | 1140 | 1166 |
| Wayne County Airport Authority, Series B, Rev., AMT, 5.00%, 12/01/2027 | 1810 | 1868 |
|  |  | 3034 |
| **Minnesota — 0.7%** |  |  |
| City of Rochester, Mayo Clinic, Series D, Rev., VRDO, LOC: Barclays Bank plc, 2.30%, 04/01/2026 (z) | 5500 | 5500 |
| **Mississippi — 0.7%** |  |  |
| Mississippi Business Finance Corp., Series G, Rev., VRDO, 2.80%, 04/01/2026 (z) | 3765 | 3765 |
| Mississippi Business Finance Corp., Chevron USA, Inc., Series A, Rev., VRDO, 2.65%, 04/01/2026 (z) | 1000 | 1000 |
| Mississippi Development Bank, Desoto County Highway Project, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1018 |
|  |  | 5783 |
| **Missouri — 3.5%** |  |  |
| Curators of the University of Missouri (The), Rev., 5.00%, 11/01/2026 | 7000 | 7102 |
| Health & Educational Facilities Authority of the State of Missouri, Series F, Rev., VRDO, 2.85%, 04/01/2026 (z) | 16600 | 16600 |
| Missouri Development Finance Board, Nelson Gallery Foundation (The), Series A, Rev., VRDO, 2.75%, 04/01/2026 (z) | 4000 | 4000 |
| Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Rev., 5.00%, 01/01/2027 | 1530 | 1556 |
|  |  | 29258 |
| **Nebraska — 0.2%** |  |  |
| Public Power Generation Agency, Whelan Energy Center Unit, Rev., 5.00%, 01/01/2027 | 2000 | 2035 |
| **New Hampshire — 0.2%** |  |  |
| New Hampshire Health and Education Facilities Authority Act, Rev., VRDO, LOC: TD Bank NA, 2.45%, 04/07/2026 (z) | 1410 | 1410 |
| **New Jersey — 2.0%** |  |  |
| Casino Reinvestment Development Authority, Inc. |  |  |
| Series A, Rev., 5.00%, 11/01/2026 | 1000 | 1012 |
| Series A, Rev., 5.00%, 11/01/2027 | 1400 | 1446 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **New Jersey — continued** | | |
| Series B, Rev., 5.00%, 11/01/2026 | 500 | 506 |
| Series B, Rev., 5.00%, 11/01/2027 | 520 | 537 |
| New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 08/01/2027 | 2000 | 2062 |
| New Jersey Educational Facilities Authority, Montclair State University, Rev., 5.00%, 07/01/2026 | 1000 | 1006 |
| State of New Jersey, GO, 5.00%, 06/01/2027 | 9950 | 10240 |
|  |  | 16809 |
| **New Mexico — 0.2%** |  |  |
| University of New Mexico (The), Rev., VRDO, 2.45%, 04/07/2026 (z) | 1835 | 1835 |
| **New York — 11.6%** |  |  |
| Battery Park City Authority, Series D1, Rev., VRDO, 2.79%, 04/01/2026 (z) | 4000 | 4000 |
| City of New York NY, Series B, GO, VRDO, 2.85%, 04/01/2026 (z) | 10900 | 10900 |
| City of New York, Fiscal Year 2018, Series B5, GO, VRDO, 2.85%, 04/01/2026 (z) | 13000 | 13000 |
| Metropolitan Transportation Authority, Rev., 5.00%, 11/15/2027 | 3600 | 3739 |
| New York City Municipal Water Finance Authority, Second General Resolution, Rev., VRDO, 2.75%, 04/01/2026 (z) | 4325 | 4325 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| Rev., VRDO, 2.85%, 04/01/2026 (z) | 2645 | 2645 |
| Rev., 5.00%, 11/01/2027 | 20850 | 21652 |
| New York State Housing Finance Agency, Rev., VRDO, LOC: TD Bank NA, 2.45%, 04/07/2026 (z) | 11620 | 11620 |
| Triborough Bridge & Tunnel Authority, Rev., BAN, 5.00%, 03/15/2027 | 10000 | 10227 |
| Triborough Bridge & Tunnel Authority, Subordinated Bond, Series A, Rev., BAN, 5.00%, 02/01/2028 | 14820 | 15451 |
|  |  | 97559 |
| **North Carolina — 1.4%** |  |  |
| City of Raleigh NC, Rev., 5.00%, 10/01/2026 | 7250 | 7344 |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority, Rev., AMT, 3.13%, 12/01/2027 (z) | 4550 | 4551 |
|  |  | 11895 |
| **Ohio — 4.8%** |  |  |
| County of Franklin, Facilities, OhioHealth Corp., Series D, Rev., VRDO, LOC: Northern Trust Co., 2.45%, 04/07/2026 (z) | 1100 | 1100 |
| Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Obligated Group, Series B3, Rev., VRDO, 2.75%, 04/01/2026 (z) | 4500 | 4500 |
| Ohio State University (The), Multiyear Debt Issuance |  |  |
| Rev., VRDO, 2.40%, 04/07/2026 (z) | 6000 | 6000 |
| Rev., VRDO, 2.45%, 04/07/2026 (z) | 11600 | 11600 |
| State of Ohio |  |  |
| Rev., VRDO, 2.40%, 04/07/2026 (z) | 14000 | 14000 |
| Rev., 5.00%, 10/01/2027 | 3250 | 3369 |
|  |  | 40569 |
| **Oregon — 0.5%** |  |  |
| Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2028 | 3750 | 3934 |
| **Pennsylvania — 6.0%** |  |  |
| City of Philadelphia, Series C, GO, 5.00%, 08/01/2027 | 3250 | 3350 |
| City of Philadelphia Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2026 | 2500 | 2513 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
| **Pennsylvania — continued** | | |
| City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 5.00%, 07/01/2026 | 9755 | 9805 |
| City of Philadelphia PA Airport Revenue |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 1000 | 1025 |
| Series B, Rev., AMT, 5.00%, 07/01/2028 | 860 | 898 |
| City of Philadelphia Water & Wastewater Revenue, Series B, Rev., 5.00%, 09/01/2026 | 2550 | 2575 |
| Commonwealth of Pennsylvania |  |  |
| GO, 5.00%, 09/15/2026 | 2000 | 2023 |
| GO, 5.00%, 04/01/2028 | 6000 | 6283 |
| Series A, GO, 5.00%, 08/15/2027 | 10000 | 10337 |
| Northampton County General Purpose Authority, St. Luke's University Health Network, Rev., 5.00%, 08/15/2026 | 5000 | 5038 |
| Pennsylvania Economic Development Financing Authority, Rev., AMT, 3.25%, 04/01/2034 (z) | 2000 | 2000 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Rev., AMT, 2.88%, 06/01/2049 (z) | 1000 | 999 |
| Philadelphia Authority for Industrial Development |  |  |
| Rev., 5.00%, 12/01/2027 | 2075 | 2155 |
| Series A, Rev., 5.00%, 12/01/2027 | 1750 | 1817 |
|  |  | 50818 |
| **Texas — 1.7%** |  |  |
| City of Austin Airport System Revenue, Rev., AMT, 5.00%, 11/15/2027 | 1425 | 1471 |
| Clifton Higher Education Finance Corp., Rev., PSF-GTD, 5.00%, 02/15/2028 | 1150 | 1196 |
| Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1008 |
| Dallas Fort Worth International Airport, Series A1, Rev., AMT, 5.00%, 11/01/2027 | 7000 | 7220 |
| Harris County Hospital District, GO, 5.00%, 02/15/2028 | 1700 | 1766 |
| Lower Colorado River Authority, LCRA Transmission Services, Rev., 5.00%, 05/15/2026 | 1000 | 1003 |
| North Texas Tollway Authority, First Tier Bonds, Series A, Rev., 5.00%, 01/01/2027 | 1000 | 1018 |
|  |  | 14682 |
| **Virginia — 1.8%** |  |  |
| Albemarle County Economic Development Authority, Series B, Rev., VRDO, 2.70%, 04/01/2026 (z) | 1500 | 1500 |
| Norfolk Economic Development Authority, Sentara Healthcare Obligated Group |  |  |
| Series A, Rev., VRDO, 2.40%, 04/07/2026 (z) | 5300 | 5300 |
| Series B, Rev., VRDO, 2.35%, 04/07/2026 (z) | 7435 | 7435 |
| Winchester Economic Development Authority, Valley Health System, Series A, Rev., 5.00%, 01/01/2027 | 800 | 814 |
|  |  | 15049 |
| **Washington — 5.1%** |  |  |
| Chelan County Public Utility District No. 1, Series B, Rev., VRDO, 2.45%, 04/07/2026 (z) | 20125 | 20125 |
| Port of Seattle WA, GO, 5.00%, 06/01/2027 | 7300 | 7513 |
| Port of Seattle, Intermediate Lien, Series B, Rev., AMT, 5.00%, 07/01/2027 | 7000 | 7183 |
| State of Washington, Series R-2023B, GO, 5.00%, 07/01/2027 | 8000 | 8247 |
|  |  | 43068 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |  |
| **Wisconsin — 0.9%** | | | |
| Public Finance Authority |  |  |  |
| Rev., 5.00%, 11/15/2026 |  | 275 | 278 |
| Rev., 5.00%, 06/01/2027 |  | 1000 | 1025 |
| Rev., 5.00%, 11/15/2027 |  | 285 | 293 |
| Rev., 5.00%, 06/01/2028 |  | 1000 | 1042 |
| State of Wisconsin, Series 2024-2, GO, 5.00%, 05/01/2027 |  | 5000 | 5136 |
|  |  |  | 7774 |
| Total Municipal Bonds<br>(Cost $546,777) |  |  | 547376 |
| **U.S. Government Agency Security — 0.3%** |  |  |  |
| **Sovereign — 0.3%** |  |  |  |
| FHLMC, 4.13%, 09/26/2028<br>(Cost $2,900) |  | 2900 | 2896 |
| **U.S. Treasury Obligation — 0.2%** |  |  |  |
| **Sovereign — 0.2%** |  |  |  |
| U.S. Treasury Inflation Indexed Note, 2.13%, 04/15/2029<br>(Cost $1,431) |  | 1430 | 1468 |
| **Short-Term Investments — 5.3%** |  |  |  |
| **Commercial Paper — 0.1%** |  |  |  |
| HCA, Inc., 4.29%, 05/01/2026 (e) (n) |  | 500 | 498 |
| **Foreign Government Securities — 0.2%** |  |  |  |
|  South Africa Treasury Bills, (South Africa) |  |  |  |
| 7.25%, 05/20/2026 (n) | ZAR | 16600 | 972 |
| 7.30%, 08/19/2026 (n) | ZAR | 16700 | 962 |
| Total Foreign Government Securities |  |  | 1934 |
| **Municipal Bonds — 0.4% (t)** |  |  |  |
| City of Austin Airport System Revenue, Rev., AMT, 5.00%, 11/15/2026 |  | 900 | 912 |
| County of Miami-Dade, Water & Sewer System Revenue, Series B, Rev., 5.00%, 10/01/2026 |  | 2500 | 2530 |
| Total Municipal Bonds |  |  | 3442 |
| **Repurchase Agreements — 4.5%** |  |  |  |
| BNP Paribas SA., 3.72%, dated 03/31/2026, due 04/01/2026, repurchase price $27,700 collateralized by U.S. Treasury Inflation Indexed Note, 1.87%, due 07/15/2025, with a value of $28,484 |  | 27700 | 27700 |
| BofA Securities, Inc., 3.69%, due 04/01/2026, repurchase price $10,000 collateralized by U.S. Treasury Inflation Indexed Note, 2.87%, due 05/15/2018, with a value of $10,394 |  | 10000 | 10000 |
| Total Repurchase Agreements |  |  | 37700 |
| **Time Deposits — 0.1%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., 2.71%, 04/01/2026 | AUD | 76 | 53 |
|  Citibank NA, |  |  |  |
| 0.85%, 04/01/2026 | EUR | 31 | 35 |
| 2.67%, 04/01/2026 | GBP | 246 | 326 |
|  Royal Bank of Canada, |  |  |  |
| 1.08%, 04/01/2026 | CAD | 106 | 76 |
| 2.98%, 04/01/2026 |  | 104 | 104 |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |  |
| **Time Deposits — continued** | | | |
| Skandinaviska Enskilda Banken AB, 0.96%, 04/01/2026 | DKK | 210 | 32 |
|  Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.20%, 04/01/2026 | JPY | 1007 | 7 |
| 2.98%, 04/01/2026 |  | 12 | 12 |
| Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 |  | 76 | 76 |
| Total Time Deposits |  |  | 721 |
| Total Short-Term Investments<br> (Cost $44,271) |  |  | 44295 |
| **Total Investments — 96.5%<br>(Cost - $812,523)** |  |  | **812840** |
| **Other Assets in Excess of Liabilities — 3.5%** |  |  | **29116** |
| **NET ASSETS — 100.0%** |  |  | $**841956** |

---

Percentages indicated are based on net assets.

**Futures contracts outstanding as of March 31, 2026:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  3MO Euro EURIBOR | 88 | 12/2026 | EUR | 24762 | (51) |
|  Australian Government 3 Year Bond | 140 | 06/2026 | AUD | 10049 | (37) |
|  Australian Government 10 Year Bond | 31 | 06/2026 | AUD | 2319 | (14) |
|  ICE 3 Month SONIA | 76 | 03/2027 | GBP | 24174 | (122) |
|  Long Gilt | 17 | 06/2026 | GBP | 2091 | (115) |
|  SOFR 3 Month | 42 | 03/2028 | USD | 10155 | (13) |
|  U.S. Treasury 2 Year Note | 524 | 06/2026 | USD | 109018 | (316) |
|  U.S. Treasury 5 Year Note | 190 | 06/2026 | USD | 20836 | (282) |
|  |  |  |  |  | (950) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro Schatz | (21) | 06/2026 | EUR | (2589) | 22 |
|  U.S. Treasury 10 Year Note | (101) | 06/2026 | USD | (11436) | 220 |
|  U.S. Treasury Ultra Bond | (33) | 06/2026 | USD | (3971) | 125 |
|  U.S. Ultra Treasury 10 Year Note | (69) | 06/2026 | USD | (8006) | 173 |
|  |  |  |  |  | 540 |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (410) |

---

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 1939 | AUD | 2737 | Barclays Bank plc | 04/02/2026 | 50 |
|  USD | 83 | AUD | 119 | Barclays Bank plc | 04/02/2026 | 1 |
|  USD | 116 | AUD | 168 | Barclays Bank plc | 04/02/2026 | — (h) |
|  USD | 1387 | CAD | 1896 | Bank of America, NA | 04/02/2026 | 24 |
|  USD | 1870 | EUR | 1582 | Morgan Stanley & Co. | 04/02/2026 | 42 |
|  USD | 5143 | GBP | 3803 | Barclays Bank plc | 04/02/2026 | 110 |
|  USD | 86 | GBP | 65 | Barclays Bank plc | 04/02/2026 | — (h) |
|  USD | 115 | GBP | 87 | Barclays Bank plc | 04/02/2026 | — (h) |
|  USD | 159 | GBP | 119 | Morgan Stanley & Co. | 04/02/2026 | 2 |
|  USD | 3044 | DKK | 19200 | Bank of America, NA | 01/04/2027 | 35 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 264 |
|  AUD | 609 | USD | 428 | Barclays Bank plc | 04/02/2026 | (8) |
|  USD | 40 | EUR | 35 | Barclays Bank plc | 04/02/2026 | — (h) |
|  USD | 939 | ZAR | 16228 | Bank of America, NA | 05/20/2026 | (17) |
|  USD | 928 | ZAR | 16163 | Bank of America, NA | 08/19/2026 | (17) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (42) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | 222 |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/<br>RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  SONIA Interest Rate Benchmark | 3.50%<br>annually | Pay | 03/18/2031 | GBP | 2140 | (9) | (79) | (88) |
|  United States SOFR | 3.33%<br>annually | Receive | 08/31/2030 | USD | 3818 | (20) | 57 | 37 |
|  United States SOFR | 3.34%<br>annually | Receive | 08/31/2030 | USD | 600 |  | 6 | 6 |
|  United States SOFR | 3.37%<br>annually | Receive | 08/31/2030 | USD | 500 |  | 4 | 4 |
|  United States SOFR | 3.38%<br>annually | Receive | 08/31/2030 | USD | 1300 |  | 10 | 10 |
|  United States SOFR | 3.41%<br>annually | Receive | 08/31/2030 | USD | 100 |  | 1 | 1 |
|  United States SOFR | 3.33%<br>annually | Receive | 08/31/2030 | USD | 27850 | 119 | 154 | 273 |
|  United States SOFR | 3.42%<br>annually | Receive | 08/31/2030 | USD | 200 |  | 1 | 1 |
| Total |  |  |  |  |  | 90 | 154 | 244 |

---

(a) Value of floating rate index as of March 31, 2026 was as follows:

------

**Six Circles Tax Aware Ultra Short Duration Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  SONIA Interest Rate Benchmark | 3.73% |
|  United States SOFR | 3.68% |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026

---

| | |
|:---|:---|
|  ASX | Australian Stock Exchange |
|  AMT | Alternative Minimum Tax |
|  BAN | Bond Anticipation Note |
|  BBSW | Bank Bill Swap Rate |
|  CMT | Constant Maturity Treasury |
|  COP | Certificate of Participation |
|  FHLMC | Federal Home Loan Mortgage Corp. |
|  FNMA | Federal National Mortgage Association |
|  GNMA | Government National Mortgage Association |
|  GO | General Obligation |
|  GTD | Guaranteed |
|  LOC | Letter of Credit |
|  PSF | Permanent School Fund |
|  Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
|  REMICS | Real Estate Mortgage Investment Conduit |
|  Rev. | Revenue |
|  SOFR | Secured Overnight Financing Rate |
|  SONIA | Sterling Overnight Interbank Average Rate |
|  SUB | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2026. |
|  TBA | To Be Announced |
|  VRDO | Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2026. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (f) | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (n) | The rate shown is the effective yield as of March 31, 2026. |
| (t) | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2026. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2026. |
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
|  DKK | Danish Krone |
|  EUR | Euro |
|  GBP | British Pound |
|  JPY | Japanese Yen |
|  USD | United States Dollar |
|  ZAR | South African Rand |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 99.6%** |  |  |
|  **Basic Materials — 0.5%** |  |  |
|  **Chemicals — 0.3%** |  |  |
|  Air Products & Chemicals, Inc. | 37 | 10771 |
|  CF Industries Holdings, Inc. | 25 | 3251 |
|  Dow, Inc. | 115 | 4783 |
|  Ecolab, Inc. | 41 | 10794 |
|  International Flavors & Fragrances, Inc. | 22 | 1618 |
|  Linde plc | 84 | 41516 |
|  LyondellBasell Industries NV, Class A | 42 | 3375 |
|  PPG Industries, Inc. | 19 | 2024 |
|  Qnity Electronics, Inc. | 97 | 11168 |
|  RPM International, Inc. | 2 | 241 |
|  Sherwin-Williams Co. (The) | 35 | 11302 |
|  |  | 100843 |
|  **Forest Products & Paper — 0.0%** (g) |  |  |
|  International Paper Co. | 79 | 2810 |
|  **Iron/Steel — 0.1%** |  |  |
|  Nucor Corp. | 42 | 7063 |
|  Reliance, Inc. | 3 | 761 |
|  Steel Dynamics, Inc. | 20 | 3610 |
|  |  | 11434 |
|  **Mining — 0.1%** |  |  |
|  Coeur Mining, Inc. (a) | 145 | 2721 |
|  Freeport-McMoRan, Inc. | 241 | 14148 |
|  Newmont Corp. | 175 | 18910 |
|  |  | 35779 |
|  Total Basic Materials |  | 150866 |
|  **Communications — 17.2%** |  |  |
|  **Advertising — 0.0%** (g) |  |  |
|  Omnicom Group, Inc. | 12 | 934 |
|  Trade Desk, Inc. (The), Class A (a) | 12 | 278 |
|  |  | 1212 |
| **Internet — 15.0%** |  |  |
|  Airbnb, Inc., Class A (a) | 231 | 29201 |
|  Alphabet, Inc., Class A | 2709 | 779129 |
|  Alphabet, Inc., Class C | 2310 | 662518 |
|  Amazon.com, Inc. (a) | 6087 | 1267841 |
|  AppLovin Corp., Class A (a) | 134 | 53257 |
|  Booking Holdings, Inc. | 80 | 336628 |
|  CDW Corp. | 57 | 6885 |
|  DoorDash, Inc., Class A (a) | 22 | 3352 |
|  eBay, Inc. | 12 | 1075 |
|  Expedia Group, Inc. | 62 | 14424 |
|  F5, Inc. (a) | 22 | 6509 |
|  Gen Digital, Inc. | 145 | 2731 |
|  GoDaddy, Inc., Class A (a) | 34 | 2823 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Internet — continued** |  |  |
|  MercadoLibre, Inc., (Uruguay) (a) | 2 | 4046 |
|  Meta Platforms, Inc., Class A | 1113 | 636580 |
|  Netflix, Inc. (a) | 7067 | 679510 |
|  Palo Alto Networks, Inc. (a) | 468 | 75042 |
|  Pinterest, Inc., Class A (a) | 229 | 4205 |
|  Reddit, Inc., Class A (a) | 42 | 5676 |
|  Robinhood Markets, Inc., Class A (a) | 241 | 16687 |
|  Snap, Inc., Class A (a) | 587 | 2699 |
|  Uber Technologies, Inc. (a) | 326 | 23431 |
|  VeriSign, Inc. | 29 | 7177 |
|  Zillow Group, Inc., Class C (a) | 24 | 988 |
|  |  | 4622414 |
|  **Media — 0.0%** (g) |  |  |
|  Charter Communications, Inc., Class A (a) | 2 | 510 |
|  Comcast Corp., Class A | 132 | 3797 |
|  Fox Corp., Class B | 13 | 677 |
|  News Corp., Class A | 25 | 623 |
|  Walt Disney Co. (The) | 99 | 9541 |
|  Warner Bros Discovery, Inc. (a) | 119 | 3272 |
|  |  | 18420 |
|  **Telecommunications — 2.2%** |  |  |
|  Arista Networks, Inc. (a) | 479 | 58778 |
|  AT&T, Inc. | 373 | 10813 |
|  Ciena Corp. (a) | 63 | 24610 |
|  Cisco Systems, Inc. | 6127 | 475365 |
|  Corning, Inc. | 367 | 49909 |
|  Credo Technology Group Holding Ltd. (a) | 78 | 7302 |
|  EchoStar Corp., Class A (a) | 4 | 416 |
|  Motorola Solutions, Inc. | 77 | 33270 |
|  T-Mobile US, Inc. | 29 | 6014 |
|  Verizon Communications, Inc. | 248 | 12470 |
|  |  | 678947 |
|  Total Communications |  | 5320993 |
|  **Consumer Cyclical — 7.0%** |  |  |
|  **Airlines — 0.0%** (g) |  |  |
|  Delta Air Lines, Inc. | 13 | 840 |
|  United Airlines Holdings, Inc. (a) | 7 | 674 |
|  |  | 1514 |
|  **Apparel — 0.0%** (g) |  |  |
|  Deckers Outdoor Corp. (a) | 3 | 269 |
|  NIKE, Inc., Class B | 61 | 3230 |
|  Tapestry, Inc. | 5 | 751 |
|  |  | 4250 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Auto Manufacturers — 1.1%** |  |  |
|  Cummins, Inc. | 23 | 12152 |
|  Ford Motor Co. | 696 | 8034 |
|  General Motors Co. | 174 | 12936 |
|  PACCAR, Inc. | 94 | 10853 |
|  Rivian Automotive, Inc., Class A (a) | 153 | 2299 |
|  Tesla, Inc. (a) | 815 | 303129 |
|  |  | 349403 |
|  **Auto Parts & Equipment — 0.0%** (g) |  |  |
|  Aptiv plc, (Ireland) (a) | 5 | 376 |
|  **Distribution/Wholesale — 0.1%** |  |  |
|  Copart, Inc. (a) | 108 | 3588 |
|  Fastenal Co. | 178 | 8263 |
|  Watsco, Inc. | 3 | 926 |
|  WW Grainger, Inc. | 7 | 7423 |
|  |  | 20200 |
|  **Entertainment — 0.0%** (g) |  |  |
|  DraftKings, Inc., Class A (a) | 9 | 200 |
|  Flutter Entertainment plc (a) | 4 | 418 |
|  Liberty Media Corp-Liberty Formula One, Class C (a) | 9 | 743 |
|  Live Nation Entertainment, Inc. (a) | 16 | 2473 |
|  |  | 3834 |
|  **Home Builders — 0.0%** (g) |  |  |
|  DR Horton, Inc. | 7 | 990 |
|  Lennar Corp., Class A | 8 | 660 |
|  NVR, Inc. (a) | — (h) | 251 |
|  PulteGroup, Inc. | 4 | 465 |
|  |  | 2366 |
|  **Leisure Time — 0.2%** |  |  |
|  Carnival Corp. | 624 | 16160 |
|  Norwegian Cruise Line Holdings Ltd. (a) | 217 | 4057 |
|  Royal Caribbean Cruises Ltd. | 138 | 37883 |
|  |  | 58100 |
|  **Lodging — 0.3%** |  |  |
|  Hilton Worldwide Holdings, Inc. | 144 | 43729 |
|  Hyatt Hotels Corp., Class A | 3 | 487 |
|  Las Vegas Sands Corp. | 8 | 405 |
|  Marriott International, Inc., Class A | 128 | 42013 |
|  |  | 86634 |
|  **Retail — 5.3%** |  |  |
|  AutoZone, Inc. (a) | 1 | 2314 |
|  Best Buy Co., Inc. | 6 | 398 |
|  Burlington Stores, Inc. (a) | 2 | 540 |
|  Carvana Co., Class A (a) | 4 | 1170 |
|  Chipotle Mexican Grill, Inc., Class A (a) | 35 | 1110 |
|  Costco Wholesale Corp. | 26 | 25603 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Retail — continued** |  |  |
|  Darden Restaurants, Inc. | 3 | 568 |
|  Dick's Sporting Goods, Inc. | 2 | 360 |
|  Dollar General Corp. | 6 | 712 |
|  Dollar Tree, Inc. (a) | 5 | 570 |
|  Domino's Pizza, Inc. | — (h) | 72 |
|  Ferguson Enterprises, Inc. | 27 | 6384 |
|  Genuine Parts Co. | 3 | 350 |
|  Home Depot, Inc. (The) | 528 | 173591 |
|  Lowe's Cos., Inc. | 26 | 6057 |
|  Lululemon Athletica, Inc., (Canada) (a) | 3 | 415 |
|  McDonald's Corp. | 414 | 128564 |
|  O'Reilly Automotive, Inc. (a) | 38 | 3548 |
|  Ross Stores, Inc. | 18 | 3828 |
|  Starbucks Corp. | 62 | 5512 |
|  Target Corp. | 20 | 2471 |
|  TJX Cos., Inc. (The) | 525 | 83857 |
|  Tractor Supply Co. | 13 | 603 |
|  Ulta Beauty, Inc. (a) | 1 | 518 |
|  Walmart, Inc. | 9492 | 1179646 |
|  Williams-Sonoma, Inc. | 3 | 571 |
|  Yum! Brands, Inc. | 16 | 2482 |
|  |  | 1631814 |
|  Total Consumer Cyclical |  | 2158491 |
|  **Consumer Non-cyclical — 14.3%** |  |  |
|  **Agriculture — 0.4%** |  |  |
|  Altria Group, Inc. | 51 | 3396 |
|  Archer-Daniels-Midland Co. | 38 | 2758 |
|  Bunge Global SA | 5 | 655 |
|  Philip Morris International, Inc. | 759 | 125565 |
|  |  | 132374 |
|  **Beverages — 1.4%** |  |  |
|  Coca-Cola Co. (The) | 4489 | 341399 |
|  Constellation Brands, Inc., Class A | 35 | 5202 |
|  Keurig Dr Pepper, Inc. | 246 | 6477 |
|  Monster Beverage Corp. (a) | 151 | 10965 |
|  PepsiCo., Inc. | 357 | 55478 |
|  |  | 419521 |
| **Biotechnology — 1.0%** |  |  |
|  Alnylam Pharmaceuticals, Inc. (a) | 52 | 17108 |
|  Amgen, Inc. | 214 | 75178 |
|  Biogen, Inc. (a) | 53 | 9675 |
|  Corteva, Inc. | 115 | 9608 |
|  Gilead Sciences, Inc. | 471 | 65656 |
|  Illumina, Inc. (a) | 74 | 9089 |
|  Incyte Corp. (a) | 61 | 5701 |
|  Insmed, Inc. (a) | 76 | 12371 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Biotechnology — continued** |  |  |
|  Regeneron Pharmaceuticals, Inc. | 40 | 30638 |
|  Revolution Medicines, Inc. (a) | 51 | 4978 |
|  Royalty Pharma plc, Class A | 9 | 428 |
|  United Therapeutics Corp. (a) | 15 | 8927 |
|  Vertex Pharmaceuticals, Inc. (a) | 96 | 42960 |
|  |  | 292317 |
|  **Commercial Services — 0.6%** |  |  |
|  Affirm Holdings, Inc., Class A (a) | 97 | 4450 |
|  Automatic Data Processing, Inc. | 65 | 13196 |
|  Block, Inc., Class A (a) | 185 | 11130 |
|  Cintas Corp. | 60 | 10087 |
|  Corpay, Inc. (a) | 20 | 5905 |
|  Equifax, Inc. | 18 | 3213 |
|  Global Payments, Inc. | 81 | 5429 |
|  Moody's Corp. | 56 | 24409 |
|  PayPal Holdings, Inc. | 296 | 13394 |
|  Quanta Services, Inc. | 27 | 14804 |
|  Rollins, Inc. | 24 | 1298 |
|  S&P Global, Inc. | 105 | 44825 |
|  Toast, Inc., Class A (a) | 110 | 2911 |
|  TransUnion | 16 | 1096 |
|  United Rentals, Inc. | 9 | 6742 |
|  Verisk Analytics, Inc., Class A | 28 | 5248 |
|  |  | 168137 |
|  **Cosmetics/Personal Care — 0.5%** |  |  |
|  Colgate-Palmolive Co. | 50 | 4262 |
|  Estee Lauder Cos., Inc. (The), Class A | 6 | 434 |
|  Kenvue, Inc. | 53 | 913 |
|  Procter & Gamble Co. (The) | 1108 | 160050 |
|  |  | 165659 |
|  **Food — 0.0%** (g) |  |  |
|  General Mills, Inc. | 17 | 637 |
|  Hershey Co. (The) | 11 | 2221 |
|  Kraft Heinz Co. (The) | 39 | 874 |
|  Kroger Co. (The) | 22 | 1577 |
|  McCormick & Co., Inc. | 4 | 210 |
|  Mondelez International, Inc., Class A | 71 | 4094 |
|  Sysco Corp. | 16 | 1119 |
|  Tyson Foods, Inc., Class A | 10 | 666 |
|  |  | 11398 |
|  **Healthcare - Products — 4.0%** |  |  |
|  Abbott Laboratories | 102 | 10504 |
|  Agilent Technologies, Inc. | 137 | 15567 |
|  Boston Scientific Corp. (a) | 93 | 5859 |
|  Cooper Cos., Inc. (The) (a) | 4 | 251 |
|  Danaher Corp. | 2621 | 497024 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Healthcare - Products — continued** |  |  |
|  Edwards Lifesciences Corp. (a) | 40 | 3204 |
|  GE HealthCare Technologies, Inc. | 11 | 811 |
|  Hologic, Inc. (a) | 5 | 410 |
|  IDEXX Laboratories, Inc. (a) | 2 | 1219 |
|  Insulet Corp. (a) | 2 | 382 |
|  Intuitive Surgical, Inc. (a) | 130 | 60143 |
|  Medtronic plc, (Ireland) | 61 | 5322 |
|  Natera, Inc. (a) | 46 | 9268 |
|  ResMed, Inc. | 3 | 779 |
|  Solventum Corp. (a) | 3 | 179 |
|  STERIS plc | 3 | 564 |
|  Stryker Corp. | 205 | 67502 |
|  Thermo Fisher Scientific, Inc. | 1093 | 537149 |
|  Waters Corp. (a) | 46 | 13644 |
|  West Pharmaceutical Services, Inc. | 28 | 6974 |
|  Zimmer Biomet Holdings, Inc. | 5 | 470 |
|  |  | 1237225 |
|  **Healthcare - Services — 0.5%** |  |  |
|  Centene Corp. (a) | 14 | 447 |
|  Cigna Group (The) | 6 | 1547 |
|  Elevance Health, Inc. | 7 | 2088 |
|  HCA Healthcare, Inc. | 10 | 4926 |
|  Humana, Inc. | 3 | 579 |
|  IQVIA Holdings, Inc. (a) | 90 | 15355 |
|  Labcorp Holdings, Inc. | 2 | 556 |
|  Quest Diagnostics, Inc. | 3 | 538 |
|  UnitedHealth Group, Inc. | 486 | 131638 |
|  Universal Health Services, Inc., Class B | 2 | 288 |
|  |  | 157962 |
|  **Household Products/Wares — 0.0%** (g) |  |  |
|  Avery Dennison Corp. | 2 | 306 |
|  Church & Dwight Co., Inc. | 4 | 412 |
|  Clorox Co. (The) | 1 | 149 |
|  Kimberly-Clark Corp. | 8 | 796 |
|  |  | 1663 |
| **Pharmaceuticals — 5.9%** |  |  |
|  AbbVie, Inc. | 681 | 148148 |
|  Becton Dickinson & Co. | 8 | 1228 |
|  Bristol-Myers Squibb Co. | 817 | 49523 |
|  Cardinal Health, Inc. | 7 | 1454 |
|  Cencora, Inc. | 11 | 3460 |
|  CVS Health Corp. | 8147 | 585097 |
|  Dexcom, Inc. (a) | 9 | 584 |
|  Eli Lilly & Co. | 632 | 581728 |
|  Johnson & Johnson | 978 | 239093 |
|  McKesson Corp. | 8 | 7038 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Pharmaceuticals — continued** |  |  |
|  Merck & Co., Inc. | 999 | 120178 |
|  Neurocrine Biosciences, Inc. (a) | 36 | 4725 |
|  Pfizer, Inc. | 2272 | 63794 |
|  Viatris, Inc. | 331 | 4468 |
|  Zoetis, Inc., Class A | 172 | 20391 |
|  |  | 1830909 |
|  Total Consumer Non-cyclical |  | 4417165 |
|  **Energy — 4.9%** |  |  |
|  **Energy - Alternate Sources — 0.0%** (g) |  |  |
|  First Solar, Inc. (a) | 46 | 8977 |
|  **Oil & Gas — 3.8%** |  |  |
|  Chevron Corp. | 1257 | 259989 |
|  ConocoPhillips | 819 | 108145 |
|  Coterra Energy, Inc. | 442 | 15522 |
|  Devon Energy Corp. | 353 | 17779 |
|  Diamondback Energy, Inc. | 126 | 24824 |
|  EOG Resources, Inc. | 355 | 51348 |
|  EQT Corp. | 402 | 25598 |
|  Expand Energy Corp. | 133 | 14608 |
|  Exxon Mobil Corp. | 2772 | 470347 |
|  Marathon Petroleum Corp. | 196 | 47776 |
|  Occidental Petroleum Corp. | 506 | 32894 |
|  Phillips 66 | 255 | 46436 |
|  Texas Pacific Land Corp. | 38 | 18059 |
|  Valero Energy Corp. | 197 | 48604 |
|  |  | 1181929 |
|  **Oil & Gas Services — 0.4%** |  |  |
|  Baker Hughes Co., Class A | 650 | 39661 |
|  Halliburton Co. | 552 | 21518 |
|  SLB Ltd. | 970 | 49823 |
|  |  | 111002 |
|  **Pipelines — 0.7%** |  |  |
|  Cheniere Energy, Inc. | 141 | 39943 |
|  Kinder Morgan, Inc. | 1208 | 40503 |
|  ONEOK, Inc. | 394 | 35656 |
|  Targa Resources Corp. | 137 | 34244 |
|  Williams Cos., Inc. (The) | 771 | 56105 |
|  |  | 206451 |
|  Total Energy |  | 1508359 |
|  **Financial — 13.1%** |  |  |
|  **Banks — 4.4%** |  |  |
|  Bank of America Corp. | 3815 | 185979 |
|  Bank of New York Mellon Corp. (The) | 258 | 30641 |
|  Citigroup, Inc. | 624 | 70732 |
|  Citizens Financial Group, Inc. | 433 | 25946 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Banks — continued** |  |  |
|  Fifth Third Bancorp | 570 | 26482 |
|  First Citizens BancShares, Inc., Class A | 8 | 14442 |
|  Goldman Sachs Group, Inc. (The) | 102 | 86392 |
|  Huntington Bancshares, Inc. | 1950 | 30525 |
|  KeyCorp. | 1109 | 22239 |
|  M&T Bank Corp. | 155 | 31945 |
|  Morgan Stanley | 435 | 71557 |
|  Northern Trust Corp. | 55 | 7738 |
|  Pinnacle Financial Partners, Inc. | 90 | 7724 |
|  PNC Financial Services Group, Inc. (The) | 235 | 49001 |
|  Regions Financial Corp. | 822 | 21470 |
|  State Street Corp. | 93 | 11749 |
|  Truist Financial Corp. | 899 | 41331 |
|  US Bancorp | 1028 | 53480 |
|  Wells Fargo & Co. | 7254 | 577464 |
|  |  | 1366837 |
|  **Diversified Financial Services — 4.5%** |  |  |
|  American Express Co. | 186 | 56320 |
|  Ameriprise Financial, Inc. | 31 | 13975 |
|  Apollo Global Management, Inc. | 2732 | 304442 |
|  Ares Management Corp., Class A | 62 | 6724 |
|  Blackrock, Inc. | 49 | 47567 |
|  Capital One Financial Corp. | 2383 | 434704 |
|  Cboe Global Markets, Inc. | 37 | 10416 |
|  Charles Schwab Corp. (The) | 586 | 55115 |
|  CME Group, Inc., Class A | 124 | 36671 |
|  Coinbase Global, Inc., Class A (a) | 71 | 12473 |
|  Interactive Brokers Group, Inc., Class A | 154 | 10312 |
|  Intercontinental Exchange, Inc. | 201 | 31545 |
|  LPL Financial Holdings, Inc. | 27 | 8056 |
|  Mastercard, Inc., Class A | 281 | 140609 |
|  Nasdaq, Inc. | 168 | 14286 |
|  Raymond James Financial, Inc. | 54 | 7855 |
|  Rocket Cos., Inc., Class A (a) | 226 | 3227 |
|  SoFi Technologies, Inc. (a) | 390 | 6188 |
|  Synchrony Financial | 86 | 5819 |
|  T Rowe Price Group, Inc. | 34 | 3043 |
|  Tradeweb Markets, Inc., Class A | 37 | 4318 |
|  Visa, Inc., Class A | 560 | 169147 |
|  |  | 1382812 |
|  **Insurance — 3.2%** |  |  |
|  Aflac, Inc. | 231 | 25397 |
|  Allstate Corp. (The) | 107 | 22242 |
|  American International Group, Inc. | 210 | 15788 |
|  Aon plc, (United Kingdom), Class A | 94 | 30205 |
|  Arch Capital Group Ltd., (Bermuda) (a) | 146 | 13990 |
|  Arthur J Gallagher & Co. | 110 | 23859 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Insurance — continued** |  |  |
|  Berkshire Hathaway, Inc., Class B (a) | 464 | 222556 |
|  Brown & Brown, Inc. | 135 | 8785 |
|  Chubb Ltd., (Switzerland) | 172 | 56105 |
|  Cincinnati Financial Corp. | 48 | 7521 |
|  Equitable Holdings, Inc. | 85 | 3137 |
|  Erie Indemnity Co., Class A | 4 | 1061 |
|  Everest Group Ltd., (Bermuda) | 10 | 3125 |
|  Fidelity National Financial, Inc. | 88 | 4088 |
|  Hartford Insurance Group, Inc. (The) | 131 | 17771 |
|  Loews Corp. | 59 | 6319 |
|  Markel Group, Inc. (a) | 5 | 8962 |
|  Marsh & McLennan Cos., Inc. | 2154 | 373577 |
|  MetLife, Inc. | 257 | 18149 |
|  Principal Financial Group, Inc. | 85 | 7681 |
|  Progressive Corp. (The) | 242 | 47892 |
|  Prudential Financial, Inc. | 135 | 13235 |
|  Travelers Cos., Inc. (The) | 100 | 29149 |
|  Willis Towers Watson plc, (United Kingdom) | 38 | 11079 |
|  WR Berkley Corp. | 99 | 6540 |
|  |  | 978213 |
|  **Investment Companies — 0.0%** (g) |  |  |
|  IREN Ltd., (Australia) (a) | 171 | 5874 |
|  **Private Equity — 0.2%** |  |  |
|  Blackstone, Inc. | 239 | 27494 |
|  Carlyle Group, Inc. (The) | 42 | 2025 |
|  KKR & Co., Inc. | 212 | 19624 |
|  |  | 49143 |
|  **Real Estate — 0.0%** (g) |  |  |
|  CBRE Group, Inc., Class A (a) | 58 | 7898 |
|  CoStar Group, Inc. (a) | 59 | 2384 |
|  |  | 10282 |
| **REITS — 0.8%** |  |  |
|  American Tower Corp. | 529 | 91344 |
|  Annaly Capital Management, Inc. | 194 | 4112 |
|  Crown Castle, Inc. | 74 | 6024 |
|  Digital Realty Trust, Inc. | 56 | 10128 |
|  Equinix, Inc. | 17 | 16377 |
|  Equity Residential | 18 | 1077 |
|  Extra Space Storage, Inc. | 29 | 3810 |
|  Healthpeak Properties, Inc. | 109 | 1784 |
|  Iron Mountain, Inc. | 55 | 5647 |
|  Prologis, Inc. | 173 | 22831 |
|  Public Storage | 27 | 7232 |
|  Realty Income Corp. | 177 | 10850 |
|  SBA Communications Corp., Class A | 14 | 2455 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **REITS — continued** |  |  |
|  Simon Property Group, Inc. | 61 | 11407 |
|  Sun Communities, Inc. | 4 | 566 |
|  UDR, Inc. | 37 | 1264 |
|  Ventas, Inc. | 84 | 6874 |
|  VICI Properties, Inc., Class A | 156 | 4256 |
|  Welltower, Inc. | 128 | 25254 |
|  Weyerhaeuser Co. | 102 | 2491 |
|  |  | 235783 |
|  Total Financial |  | 4028944 |
|  **Industrial — 7.7%** |  |  |
|  **Aerospace/Defense — 1.1%** |  |  |
|  Boeing Co. (The) (a) | 204 | 40571 |
|  Curtiss-Wright Corp. | 2 | 1644 |
|  FTAI Aviation Ltd. | 13 | 3180 |
|  General Dynamics Corp. | 64 | 22032 |
|  General Electric Co. | 272 | 77283 |
|  HEICO Corp. | 4 | 1046 |
|  HEICO Corp., Class A | 11 | 2295 |
|  Howmet Aerospace, Inc. | 98 | 22568 |
|  L3Harris Technologies, Inc. | 50 | 17133 |
|  Lockheed Martin Corp. | 55 | 32952 |
|  Northrop Grumman Corp. | 36 | 24635 |
|  Rocket Lab Corp. (a) | 80 | 5150 |
|  RTX Corp. | 362 | 69881 |
|  TransDigm Group, Inc. | 15 | 16886 |
|  |  | 337256 |
|  **Building Materials — 0.2%** |  |  |
|  Amrize Ltd., (Switzerland) (a) | 98 | 5509 |
|  Builders FirstSource, Inc. (a) | 9 | 733 |
|  Carlisle Cos., Inc. | 3 | 1036 |
|  Carrier Global Corp. | 125 | 7035 |
|  CRH plc, (Ireland) | 117 | 12283 |
|  Johnson Controls International plc | 101 | 13224 |
|  Lennox International, Inc. | 2 | 996 |
|  Martin Marietta Materials, Inc. | 8 | 4909 |
|  Masco Corp. | 14 | 873 |
|  Trane Technologies plc, (Ireland) | 37 | 15380 |
|  Vulcan Materials Co. | 16 | 4446 |
|  |  | 66424 |
|  **Electrical Components & Equipment — 0.1%** |  |  |
|  AMETEK, Inc. | 40 | 8626 |
|  Eaton Corp. plc, (Ireland) | 65 | 23271 |
|  Emerson Electric Co. | 90 | 11765 |
|  |  | 43662 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Electronics — 2.7%** |  |  |
|  Allegion plc, (Ireland) | 7 | 976 |
|  Amphenol Corp., Class A | 558 | 70446 |
|  Coherent Corp. (a) | 72 | 17072 |
|  Flex Ltd. (a) | 156 | 10209 |
|  Fortive Corp. | 52 | 2887 |
|  Garmin Ltd., (Switzerland) | 11 | 2467 |
|  Honeywell International, Inc. | 1667 | 376761 |
|  Hubbell, Inc., Class B | 4 | 2183 |
|  Jabil, Inc. | 48 | 12847 |
|  Keysight Technologies, Inc. (a) | 79 | 22362 |
|  Mettler-Toledo International, Inc. (a) | 10 | 12293 |
|  TE Connectivity plc, (Ireland) | 1409 | 294593 |
|  Trimble, Inc. (a) | 136 | 8902 |
|  |  | 833998 |
|  **Engineering & Construction — 0.1%** |  |  |
|  AECOM | 28 | 2383 |
|  Comfort Systems USA, Inc. | 5 | 6615 |
|  EMCOR Group, Inc. | 6 | 4646 |
|  Jacobs Solutions, Inc. | 11 | 1342 |
|  |  | 14986 |
|  **Environmental Control — 0.1%** |  |  |
|  Pentair plc, (United Kingdom) | 13 | 1142 |
|  Republic Services, Inc., Class A | 47 | 10293 |
|  Veralto Corp. | 36 | 3146 |
|  Waste Connections, Inc., (Canada) | 54 | 8841 |
|  Waste Management, Inc. | 86 | 19728 |
|  |  | 43150 |
|  **Hand/Machine Tools — 0.0%** (g) |  |  |
|  Snap-on, Inc. | 4 | 1432 |
|  **Machinery - Construction & Mining — 0.9%** |  |  |
|  Bloom Energy Corp., Class A (a) | 29 | 3976 |
|  Caterpillar, Inc. | 288 | 204047 |
|  GE Vernova, Inc. | 44 | 38228 |
|  Vertiv Holdings Co., Class A | 59 | 14832 |
|  |  | 261083 |
|  **Machinery - Diversified — 1.1%** |  |  |
|  Alamo Group, Inc. | 8 | 1332 |
|  CNH Industrial NV, (United Kingdom) | 197 | 2172 |
|  Deere & Co. | 92 | 51923 |
|  Dover Corp. | 19 | 3996 |
|  Graco, Inc. | 9 | 775 |
|  IDEX Corp. | 5 | 955 |
|  Ingersoll Rand, Inc. | 63 | 5010 |
|  Lindsay Corp. | 10 | 1140 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Machinery - Diversified — continued** |  |  |
|  Nordson Corp. | 4 | 979 |
|  Otis Worldwide Corp. | 50 | 3816 |
|  Rockwell Automation, Inc. | 712 | 255604 |
|  Toro Co. (The) | 20 | 1845 |
|  Westinghouse Air Brake Technologies Corp. | 25 | 6307 |
|  Xylem, Inc. | 41 | 4932 |
|  |  | 340786 |
|  **Miscellaneous Manufacturers — 0.2%**  |  |  |
|  3M Co. | 77 | 11127 |
|  Axon Enterprise, Inc. (a) | 22 | 9198 |
|  Entegris, Inc. | 73 | 8561 |
|  Illinois Tool Works, Inc. | 46 | 12024 |
|  Parker-Hannifin Corp. | 22 | 19292 |
|  Teledyne Technologies, Inc. (a) | 17 | 10508 |
|  Textron, Inc. | 17 | 1504 |
|  |  | 72214 |
|  **Packaging & Containers — 0.0%** (g) |  |  |
|  Amcor plc, (Switzerland) | 63 | 2517 |
|  Ball Corp. | 33 | 1935 |
|  Packaging Corp. of America | 13 | 2814 |
|  Smurfit WestRock plc, (Ireland) | 81 | 3240 |
|  |  | 10506 |
|  **Transportation — 1.2%** |  |  |
|  CH Robinson Worldwide, Inc. | 18 | 2996 |
|  CSX Corp. | 6938 | 284812 |
|  Expeditors International of Washington, Inc. | 19 | 2784 |
|  FedEx Corp. | 41 | 14649 |
|  JB Hunt Transport Services, Inc. | 6 | 1338 |
|  Norfolk Southern Corp. | 40 | 11547 |
|  Old Dominion Freight Line, Inc. | 20 | 3939 |
|  Union Pacific Corp. | 111 | 26993 |
|  United Parcel Service, Inc., Class B | 99 | 9752 |
|  |  | 358810 |
|  Total Industrial |  | 2384307 |
|  **Technology — 30.6%** |  |  |
| **Computers — 7.3%** |  |  |
|  Accenture plc, (Ireland), Class A | 245 | 48485 |
|  Apple, Inc. | 7158 | 1816619 |
|  Cognizant Technology Solutions Corp., Class A | 181 | 11100 |
|  Crowdstrike Holdings, Inc., Class A (a) | 147 | 57368 |
|  Dell Technologies, Inc., Class C | 150 | 24548 |
|  EPAM Systems, Inc. (a) | 1 | 182 |
|  Everpure, Inc., Class A (a) | 127 | 7496 |
|  Fortinet, Inc. (a) | 359 | 29335 |
|  Gartner, Inc. (a) | 28 | 4499 |
|  Hewlett Packard Enterprise Co. | 583 | 13877 |
|  HP, Inc. | 392 | 7539 |
|  International Business Machines Corp. | 378 | 91589 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Computers — continued** |  |  |
|  Leidos Holdings, Inc. | 10 | 1535 |
|  Lumentum Holdings, Inc. (a) | 32 | 22464 |
|  NetApp, Inc. | 85 | 8686 |
|  Okta, Inc., Class A (a) | 40 | 3176 |
|  Sandisk Corp. (a) | 3 | 2163 |
|  Seagate Technology Holdings plc | 97 | 38135 |
|  Super Micro Computer, Inc. (a) | 230 | 5241 |
|  Western Digital Corp. | 153 | 41412 |
|  Zscaler, Inc. (a) | 57 | 7988 |
|  |  | 2243437 |
|  **Office/Business Equipment — 0.0%** (g) |  |  |
|  Zebra Technologies Corp., Class A (a) | 14 | 2961 |
|  **Semiconductors — 14.0%** |  |  |
|  Advanced Micro Devices, Inc. (a) | 810 | 164850 |
|  Analog Devices, Inc. | 243 | 77158 |
|  Applied Materials, Inc. | 395 | 134865 |
|  Astera Labs, Inc. (a) | 66 | 7279 |
|  Broadcom, Inc. | 2945 | 911541 |
|  Intel Corp. (a) | 2255 | 99528 |
|  KLA Corp. | 65 | 96210 |
|  Lam Research Corp. | 622 | 132849 |
|  Marvell Technology, Inc. | 1334 | 132145 |
|  Microchip Technology, Inc. | 253 | 16331 |
|  Micron Technology, Inc. | 560 | 189319 |
|  Monolithic Power Systems, Inc. | 23 | 25249 |
|  NVIDIA Corp. | 12104 | 2110884 |
|  NXP Semiconductors NV, (Netherlands) | 119 | 23397 |
|  ON Semiconductor Corp. (a) | 190 | 11764 |
|  QUALCOMM, Inc. | 530 | 68261 |
|  Skyworks Solutions, Inc. | 4 | 196 |
|  Teradyne, Inc. | 76 | 22596 |
|  Texas Instruments, Inc. | 450 | 87307 |
|  |  | 4311729 |
|  **Software — 9.3%** |  |  |
|  Adobe, Inc. (a) | 238 | 57891 |
|  Akamai Technologies, Inc. (a) | 4 | 406 |
|  Atlassian Corp., (Australia), Class A (a) | 91 | 6216 |
|  Autodesk, Inc. (a) | 125 | 29899 |
|  Broadridge Financial Solutions, Inc. | 19 | 3110 |
|  Cadence Design Systems, Inc. (a) | 152 | 42164 |
|  Cloudflare, Inc., Class A (a) | 121 | 24903 |
|  CoreWeave, Inc., Class A (a) | 82 | 6333 |
|  Datadog, Inc., Class A (a) | 179 | 21095 |
|  Electronic Arts, Inc. | 7 | 1376 |
|  Fair Isaac Corp. (a) | 13 | 13514 |
|  Fidelity National Information Services, Inc. | 158 | 7397 |
|  Fiserv, Inc. (a) | 175 | 9742 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Software — continued** |  |  |
|  HubSpot, Inc. (a) | 28 | 6732 |
|  Intuit, Inc. | 161 | 69809 |
|  IonQ, Inc. (a) | 120 | 3446 |
|  Jack Henry & Associates, Inc. | 16 | 2551 |
|  Microsoft Corp. | 5044 | 1867071 |
|  MongoDB, Inc., Class A (a) | 29 | 7050 |
|  MSCI, Inc., Class A | 26 | 13824 |
|  Oracle Corp. | 996 | 146547 |
|  Palantir Technologies, Inc., Class A (a) | 1318 | 192759 |
|  Paychex, Inc. | 34 | 3154 |
|  PTC, Inc. (a) | 62 | 8806 |
|  ROBLOX Corp., Class A (a) | 17 | 971 |
|  Roper Technologies, Inc. | 64 | 22654 |
|  Salesforce, Inc. | 546 | 101900 |
|  Samsara, Inc., Class A (a) | 191 | 6066 |
|  ServiceNow, Inc. (a) | 608 | 63524 |
|  Snowflake, Inc., Class A (a) | 114 | 17215 |
|  SS&C Technologies Holdings, Inc. | 18 | 1201 |
|  Strategy, Inc., Class A (a) | 144 | 17924 |
|  Synopsys, Inc. (a) | 111 | 43875 |
|  Take-Two Interactive Software, Inc. (a) | 14 | 2706 |
|  Twilio, Inc., Class A (a) | 54 | 6847 |
|  Tyler Technologies, Inc. (a) | 25 | 8541 |
|  Veeva Systems, Inc., Class A (a) | 4 | 740 |
|  Workday, Inc., Class A (a) | 122 | 15820 |
|  Zoom Communications, Inc., Class A (a) | 126 | 10147 |
|  |  | 2865926 |
|  Total Technology |  | 9424053 |
|  **Utilities — 4.3%** |  |  |
| **Electric — 4.1%** |  |  |
|  Alliant Energy Corp. | 72 | 5198 |
|  Ameren Corp. | 611 | 67140 |
|  American Electric Power Co., Inc. | 250 | 32805 |
|  CenterPoint Energy, Inc. | 1563 | 67443 |
|  CMS Energy Corp. | 698 | 54167 |
|  Consolidated Edison, Inc. | 839 | 94968 |
|  Constellation Energy Corp. | 138 | 38409 |
|  Dominion Energy, Inc. | 1967 | 121627 |
|  DTE Energy Co. | 493 | 72146 |
|  Duke Energy Corp. | 396 | 51790 |
|  Edison International | 162 | 11883 |
|  Entergy Corp. | 201 | 22636 |
|  Evergy, Inc. | 39 | 3205 |
|  Eversource Energy | 159 | 11000 |
|  Exelon Corp. | 472 | 23136 |
|  FirstEnergy Corp. | 244 | 12380 |
|  NextEra Energy, Inc. | 928 | 86213 |
|  NRG Energy, Inc. | 90 | 13118 |
|  Oklo, Inc., Class A (a) | 41 | 2008 |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Electric — continued** |  |  |
|  PG&E Corp. | 1013 | 17797 |
|  PPL Corp. | 316 | 12088 |
|  Public Service Enterprise Group, Inc. | 1156 | 93562 |
|  Sempra | 1525 | 148169 |
|  Southern Co. (The) | 539 | 52064 |
|  Vistra Corp. | 187 | 28086 |
|  WEC Energy Group, Inc. | 749 | 86655 |
|  Xcel Energy, Inc. | 264 | 20992 |
|  |  | 1250685 |
|  **Gas — 0.2%** |  |  |
|  Atmos Energy Corp. | 66 | 12208 |
|  NiSource, Inc. | 1077 | 50240 |
|  |  | 62448 |
|  **Water — 0.0%** (g) |  |  |
|  American Water Works Co., Inc. | 88 | 11956 |
|  Total Utilities |  | 1325089 |
|  Total Common Stocks<br> (Cost $21,415,215) |  | 30718267 |
|  | **PRINCIPAL<br>AMOUNT ($)** |  |
|  **Short-Term Investments — 0.3%**  |  |  |
|  **Time Deposits — 0.3%** |  |  |
|  Australia & New Zealand Banking Group Ltd., 2.98%, 04/01/2026 | 2 | 2 |
|  Brown Brothers Harriman & Co., 2.98%, 04/01/2026 | — (h) | — (h) |
|  Citibank NA, 2.98%, 04/01/2026 | 3866 | 3866 |
|  Royal Bank of Canada, 2.98%, 04/01/2026 | 16 | 16 |
|  Skandinaviska Enskilda Banken AB, 2.98%, 04/01/2026 | 1 | 1 |
|  Sumitomo Mitsui Banking Corp., 2.98%, 04/01/2026 | 89623 | 89623 |
|  Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 | 8825 | 8825 |
|  Total Short-Term Investments<br> (Cost $102,333) |  | 102333 |
|  **Total Investments — 99.9%**<br> **(Cost - $21,517,548)** |  | **30820600** |
|  **Other Assets in Excess of Liabilities — 0.1%** |  | **23597** |
|  **NET ASSETS — 100.0%** |  | $**30844197** |

---

Percentages indicated are based on net assets.

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION**<br>**DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  S&P 500 E-mini Index | 322 | 06/2026 | USD | 106543 | (754) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (754) |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF MARCH 31, 2026 |
| REIT – Real Estate Investment Trust |
| (a) – Non-income producing security. |
| (g) – Amount rounds to less than 0.05%. |
| (h) – Amount rounds to less than 500 shares/principal or $500. |
| USD – United States Dollar |

---

------

**Six Circles U.S. Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Summary of Investments by Industry, March 31, 2026** 

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Internet | 15.0% |
|  Semiconductors | 14.0% |
|  Software | 9.3% |
|  Computers | 7.3% |
|  Pharmaceuticals | 5.9% |
|  Retail | 5.3% |
|  Diversified Financial Services | 4.5% |
|  Banks | 4.4% |
|  Electric | 4.1% |
|  Healthcare - Products | 4.0% |
|  Oil & Gas | 3.8% |
|  Insurance | 3.2% |
|  Electronics | 2.7% |
|  Telecommunications | 2.2% |
|  Beverages | 1.4% |
|  Transportation | 1.2% |
|  Auto Manufacturers | 1.1% |
|  Machinery - Diversified | 1.1% |
|  Aerospace/Defense | 1.1% |
|  Others (Each less than 1.0%) | 8.1% |
|  Short-Term Investments | 0.3% |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — 98.8%** |  |  |
|  **Austria — 0.5%** |  |  |
|  BAWAG Group AG (a) (e) | 116 | 17651 |
|  Erste Group Bank AG | 460 | 49711 |
|  OMV AG | 181 | 13215 |
|  Raiffeisen Bank International AG (a) | 185 | 7926 |
|  Verbund AG | 66 | 5029 |
|  |  | 93532 |
|  **Belgium — 1.2%** |  |  |
|  Ageas SA | 225 | 16580 |
|  Anheuser-Busch InBev SA | 1393 | 96363 |
|  D'ieteren Group | 4 | 827 |
|  Elia Group SA, Class B (a) | 48 | 7433 |
|  Financiere de Tubize SA | 25 | 6313 |
|  Groupe Bruxelles Lambert NV | 124 | 11238 |
|  KBC Group NV | 343 | 42023 |
|  Lotus Bakeries NV | — (h) | 5047 |
|  Sofina SA | 24 | 5766 |
|  Syensqo SA | 53 | 3070 |
|  UCB SA | 170 | 51340 |
|  |  | 246000 |
| **Canada — 2.7%** |  |  |
|  Agnico Eagle Mines Ltd. | 260 | 52708 |
|  Alamos Gold, Inc., Class A | 217 | 9661 |
|  Alimentation Couche-Tard, Inc. | 97 | 5491 |
|  AltaGas Ltd. | 39 | 1345 |
|  ARC Resources Ltd. | 75 | 1568 |
|  AtkinsRealis Group, Inc. | 21 | 1382 |
|  Bank of Montreal | 93 | 12546 |
|  Bank of Nova Scotia (The) | 174 | 12098 |
|  Barrick Mining Corp. | 873 | 35667 |
|  BCE, Inc. | 9 | 239 |
|  Bombardier, Inc., Class B (a) | 11 | 2018 |
|  Brookfield Corp. | 290 | 11748 |
|  CAE, Inc. (a) | 39 | 1028 |
|  Cameco Corp. | 56 | 6135 |
|  Canadian Imperial Bank of Commerce | 131 | 12441 |
|  Canadian National Railway Co. | 68 | 7014 |
|  Canadian Natural Resources Ltd. | 296 | 14458 |
|  Canadian Pacific Kansas City Ltd. | 118 | 9248 |
|  Canadian Tire Corp. Ltd., Class A | 7 | 874 |
|  Canadian Utilities Ltd., Class A | 17 | 595 |
|  CCL Industries, Inc., Class B | 19 | 1188 |
|  Celestica, Inc. (a) | 15 | 4205 |
|  Cenovus Energy, Inc. | 184 | 4873 |
|  CGI, Inc. | 25 | 1856 |
|  Constellation Software, Inc. | 3 | 4580 |
|  Descartes Systems Group, Inc. (The) (a) | 11 | 798 |
|  Dollarama, Inc. | 36 | 4363 |
|  Element Fleet Management Corp. | 52 | 1127 |
|  Emera, Inc. | 39 | 2010 |
|  Empire Co. Ltd., Class A | 16 | 582 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Canada — continued** | | |
|  Enbridge, Inc. | 283 | 15316 |
|  Fairfax Financial Holdings Ltd. | 3 | 4602 |
|  First Quantum Minerals Ltd. (a) | 367 | 8769 |
|  FirstService Corp. | 5 | 740 |
|  Fortis, Inc. | 65 | 3641 |
|  Franco-Nevada Corp. | 100 | 24688 |
|  George Weston Ltd. | 23 | 1590 |
|  GFL Environmental, Inc. | 32 | 1320 |
|  Gildan Activewear, Inc., Class A | 23 | 1269 |
|  Great-West Lifeco, Inc. | 36 | 1682 |
|  Hydro One Ltd. (e) | 43 | 1765 |
|  iA Financial Corp., Inc. | 12 | 1328 |
|  IGM Financial, Inc. | 10 | 496 |
|  Imperial Oil Ltd. | 23 | 2952 |
|  Intact Financial Corp. | 23 | 4175 |
|  Ivanhoe Mines Ltd., Class A (a) | 404 | 3452 |
|  Keyera Corp. | 30 | 1149 |
|  Kinross Gold Corp. | 624 | 19088 |
|  Loblaw Cos. Ltd. | 77 | 3525 |
|  Lundin Gold, Inc. | 56 | 4294 |
|  Lundin Mining Corp., Class Common S | 354 | 8815 |
|  Magna International, Inc. | 35 | 1937 |
|  Manulife Financial Corp. | 220 | 7564 |
|  Metro, Inc. | 26 | 1811 |
|  National Bank of Canada | 51 | 6574 |
|  Nutrien Ltd. | 63 | 4746 |
|  Open Text Corp. | 33 | 730 |
|  Pan American Silver Corp. | 218 | 11942 |
|  Pembina Pipeline Corp., Class Common S | 75 | 3370 |
|  Power Corp. of Canada | 72 | 3465 |
|  Rogers Communications, Inc., Class B | 47 | 1817 |
|  Royal Bank of Canada | 188 | 30433 |
|  Saputo, Inc. | 32 | 999 |
|  Shopify, Inc., Class A (a) | 158 | 18789 |
|  Stantec, Inc. | 15 | 1278 |
|  Sun Life Financial, Inc. | 73 | 4550 |
|  Suncor Energy, Inc. | 157 | 10362 |
|  TC Energy Corp. | 151 | 9480 |
|  Teck Resources Ltd., Class B | 236 | 12240 |
|  TELUS Corp. | 66 | 848 |
|  TFI International, Inc. | 10 | 1103 |
|  Thomson Reuters Corp. | 20 | 1838 |
|  TMX Group Ltd. | 36 | 1278 |
|  Toromont Industries Ltd. | 11 | 1476 |
|  Toronto-Dominion Bank (The) | 231 | 21603 |
|  Tourmaline Oil Corp. | 48 | 2280 |
|  Wheaton Precious Metals Corp. | 235 | 30824 |
|  Whitecap Resources, Inc., Class Common S | 157 | 1775 |
|  WSP Global, Inc. | 17 | 2634 |
|  |  | 536248 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
|  **Chile — 0.1%** |  |  |
|  Antofagasta plc | 212 | 9520 |
|  **Czech Republic — 0.0%** (g) |  |  |
|  CSG NV (a) | 218 | 5886 |
|  **Denmark — 2.2%** |  |  |
|  AP Moller—Maersk A/S, Class A | 3 | 7963 |
|  AP Moller—Maersk A/S, Class B | 4 | 9987 |
|  Carlsberg A/S, Class B | 134 | 16675 |
|  Coloplast A/S, Class B | 27 | 1845 |
|  Danske Bank A/S | 998 | 49205 |
|  Demant A/S (a) | 20 | 619 |
|  DSV A/S | 218 | 52643 |
|  Genmab A/S (a) | 17 | 4527 |
|  Novo Nordisk A/S, Class B | 5881 | 215206 |
|  Novonesis (Novozymes) B, Class B | 280 | 16613 |
|  Orsted A/S (a) (e) | 550 | 13651 |
|  Pandora A/S | 106 | 7565 |
|  ROCKWOOL A/S, Class B | 97 | 2693 |
|  Tryg A/S | 517 | 12320 |
|  Vestas Wind Systems A/S | 1077 | 32496 |
|  |  | 444008 |
|  **Finland — 1.2%** |  |  |
|  Elisa OYJ | 138 | 6720 |
|  Fortum OYJ | 471 | 12056 |
|  Kesko OYJ, Class B | 60 | 1330 |
|  Kone OYJ, Class B | 354 | 22623 |
|  Metso OYJ | 722 | 12506 |
|  Neste OYJ | 119 | 3874 |
|  Nokia OYJ | 1435 | 11515 |
|  Nordea Bank Abp | 4619 | 79538 |
|  Orion OYJ, Class B | 152 | 12246 |
|  Sampo OYJ, Class A | 3591 | 38198 |
|  Stora Enso OYJ, Class R | 507 | 5954 |
|  UPM-Kymmene OYJ | 419 | 13108 |
|  Wartsila OYJ Abp | 536 | 19981 |
|  |  | 239649 |
| **France — 12.1%** |  |  |
|  Accor SA | 42 | 1997 |
|  Aeroports de Paris SA | 34 | 4191 |
|  Air Liquide SA | 460 | 95032 |
|  Airbus SE | 634 | 119826 |
|  Alstom SA (a) | 379 | 10825 |
|  Amundi SA (e) | 98 | 8410 |
|  AXA SA | 2500 | 114856 |
|  Ayvens SA (e) | 354 | 4178 |
|  BioMerieux | 9 | 936 |
|  BNP Paribas SA | 1502 | 143114 |
|  Bollore SE | 150 | 860 |
|  Bouygues SA | 208 | 12039 |
|  Bureau Veritas SA | 368 | 11019 |
|  Capgemini SE | 42 | 4905 |
|  Carrefour SA | 180 | 3342 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **France — continued** | | |
|  Cie de Saint-Gobain SA | 475 | 39325 |
|  Cie Generale des Etablissements Michelin SCA | 177 | 6064 |
|  Covivio SA REIT | 12 | 729 |
|  Credit Agricole SA | 1583 | 29545 |
|  Danone SA | 740 | 59168 |
|  Dassault Aviation SA | 22 | 8240 |
|  Dassault Systemes SE | 193 | 3912 |
|  Eiffage SA | 74 | 11395 |
|  Engie SA | 1855 | 59778 |
|  EssilorLuxottica SA | 82 | 19016 |
|  Gecina SA REIT | 10 | 788 |
|  Getlink SE | 301 | 6489 |
|  Hermes International SCA | 42 | 80385 |
|  Ipsen SA | 53 | 9965 |
|  Kering SA | 96 | 29126 |
|  Klepierre SA REIT | 47 | 1751 |
|  Legrand SA | 280 | 43452 |
|  L'Oreal SA | 299 | 122061 |
|  LVMH Moet Hennessy Louis Vuitton SE | 333 | 182257 |
|  Orange SA | 8473 | 173715 |
|  Pernod Ricard SA | 284 | 21146 |
|  Publicis Groupe SA | 235 | 19427 |
|  Renault SA | 52 | 1786 |
|  Rexel SA | 249 | 9872 |
|  Safran SA | 379 | 124104 |
|  Sanofi SA | 1479 | 142849 |
|  Sartorius Stedim Biotech | 6 | 1202 |
|  Schneider Electric SE | 585 | 159275 |
|  Societe Generale SA | 1876 | 137012 |
|  Sodexo SA | 19 | 961 |
|  Thales SA | 96 | 28118 |
|  TotalEnergies SE | 2393 | 219619 |
|  Unibail-Rodamco-Westfield REIT | 35 | 3847 |
|  Veolia Environnement SA | 640 | 24385 |
|  Vinci SA | 527 | 79170 |
|  |  | 2395464 |
| **Germany — 16.4%** |  |  |
|  adidas AG | 229 | 37083 |
|  Allianz SE (Registered) | 569 | 240129 |
|  BASF SE | 708 | 43621 |
|  Bayer AG (Registered) | 1324 | 61276 |
|  Bayerische Motoren Werke AG | 76 | 7033 |
|  Beiersdorf AG | 122 | 10927 |
|  Brenntag SE | 217 | 14696 |
|  Commerzbank AG | 1095 | 39959 |
|  Continental AG | 24 | 1653 |
|  CTS Eventim AG & Co. KGaA | 60 | 3529 |
|  Daimler Truck Holding AG | 803 | 39551 |
|  Delivery Hero SE, Class A (a) (e) | 41 | 768 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Germany — continued** | | |
|  Deutsche Bank AG (Registered) | 2713 | 80736 |
|  Deutsche Boerse AG | 281 | 82448 |
|  Deutsche Lufthansa AG (Registered) | 989 | 8424 |
|  Deutsche Post AG | 1594 | 84001 |
|  Deutsche Telekom AG (Registered) | 14523 | 542061 |
|  E.ON SE | 2280 | 49936 |
|  Evonik Industries AG | 187 | 3662 |
|  Fresenius Medical Care AG | 69 | 3136 |
|  Fresenius SE & Co. KGaA | 114 | 5941 |
|  GEA Group AG | 255 | 18264 |
|  Hannover Rueck SE | 90 | 28336 |
|  Heidelberg Materials AG | 106 | 22411 |
|  Henkel AG & Co. KGaA | 23 | 1647 |
|  Hensoldt AG | 116 | 10293 |
|  HOCHTIEF AG | 28 | 12610 |
|  Infineon Technologies AG | 354 | 16054 |
|  Knorr-Bremse AG | 128 | 14589 |
|  LEG Immobilien SE | 17 | 1081 |
|  Mercedes-Benz Group AG | 196 | 12028 |
|  Merck KGaA | 174 | 22131 |
|  MTU Aero Engines AG | 94 | 34149 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 195 | 123321 |
|  Nemetschek SE | 150 | 11263 |
|  Rational AG | 8 | 6149 |
|  Rheinmetall AG | 80 | 134423 |
|  RWE AG | 642 | 43200 |
|  SAP SE | 2715 | 462838 |
|  Scout24 SE (e) | 73 | 5596 |
|  Siemens AG (Registered) | 1317 | 320762 |
|  Siemens Energy AG | 3198 | 551496 |
|  Siemens Healthineers AG (e) | 95 | 4064 |
|  Symrise AG, Class A | 108 | 9253 |
|  Talanx AG | 99 | 12307 |
|  Vonovia SE | 207 | 5174 |
|  Zalando SE (a) (e) | 48 | 1170 |
|  |  | 3245179 |
|  **Hong Kong** — **1.3%** |  |  |
|  AIA Group Ltd. | 19358 | 215093 |
|  Prudential plc | 3156 | 43873 |
|  |  | 258966 |
|  **Ireland** — **0.8%** |  |  |
|  AerCap Holdings NV | 179 | 24498 |
|  AIB Group plc | 3004 | 32073 |
|  Bank of Ireland Group plc | 1450 | 26307 |
|  Experian plc | 744 | 25754 |
|  Kerry Group plc, Class A | 189 | 15059 |
|  Kingspan Group plc | 163 | 13960 |
|  Ryanair Holdings plc | 899 | 25309 |
|  |  | 162960 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Italy — 4.0%** | | |
|  Banca Mediolanum SpA | 315 | 6384 |
|  Banca Monte dei Paschi di Siena SpA | 2952 | 25757 |
|  Banco BPM SpA | 1699 | 23627 |
|  BPER Banca SpA | 2154 | 28231 |
|  Buzzi SpA | 56 | 2822 |
|  Davide Campari-Milano NV | 826 | 5901 |
|  Enel SpA | 8260 | 90304 |
|  Eni SpA | 2465 | 70081 |
|  Ferrari NV | 34 | 11590 |
|  FinecoBank Banca Fineco SpA | 914 | 20337 |
|  Generali | 1274 | 51256 |
|  Intesa Sanpaolo SpA | 20822 | 125927 |
|  Italgas SpA | 664 | 7736 |
|  Leonardo SpA | 432 | 29360 |
|  Moncler SpA | 313 | 18843 |
|  Poste Italiane SpA (e) | 684 | 16098 |
|  Prysmian SpA | 300 | 35465 |
|  Recordati Industria Chimica e Farmaceutica SpA | 149 | 8523 |
|  Snam SpA | 2063 | 15626 |
|  Telecom Italia SpA (a) | 16909 | 12590 |
|  Terna - Rete Elettrica Nazionale | 1451 | 16591 |
|  UniCredit SpA | 2095 | 150330 |
|  Unipol Assicurazioni SpA | 548 | 12733 |
|  |  | 786112 |
|  **Japan — 5.0%** |  |  |
|  Advantest Corp. | 166 | 22964 |
|  Aeon Co. Ltd. | 466 | 5575 |
|  AGC, Inc. | 41 | 1456 |
|  Aisin Corp. | 102 | 1438 |
|  Ajinomoto Co., Inc. | 190 | 5380 |
|  ANA Holdings, Inc. | 33 | 598 |
|  Asahi Group Holdings Ltd. | 321 | 3200 |
|  Asahi Kasei Corp. | 270 | 2637 |
|  Asics Corp. | 147 | 3949 |
|  Astellas Pharma, Inc. | 380 | 6187 |
|  Bandai Namco Holdings, Inc. | 123 | 3042 |
|  Bridgestone Corp. | 239 | 4989 |
|  Canon, Inc. | 182 | 5042 |
|  Capcom Co. Ltd. | 73 | 1545 |
|  Central Japan Railway Co. | 162 | 4217 |
|  Chiba Bank Ltd. (The) | 117 | 1514 |
|  Chubu Electric Power Co., Inc. | 142 | 2336 |
|  Chugai Pharmaceutical Co. Ltd. | 141 | 7759 |
|  Dai Nippon Printing Co. Ltd. | 82 | 1485 |
|  Daifuku Co. Ltd. | 67 | 2366 |
|  Dai-ichi Life Holdings, Inc. | 736 | 6790 |
|  Daiichi Sankyo Co. Ltd. | 377 | 6743 |
|  Daikin Industries Ltd. | 55 | 6621 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Japan — continued** | | |
|  Daito Trust Construction Co. Ltd. | 62 | 1441 |
|  Daiwa House Industry Co. Ltd. | 117 | 3655 |
|  Daiwa Securities Group, Inc. | 277 | 2626 |
|  Denso Corp. | 366 | 4593 |
|  Disco Corp. | 19 | 7866 |
|  East Japan Railway Co. | 202 | 4622 |
|  Ebara Corp. | 96 | 2715 |
|  Eisai Co. Ltd. | 55 | 1728 |
|  ENEOS Holdings, Inc. | 569 | 5127 |
|  FANUC Corp. | 195 | 6811 |
|  Fast Retailing Co. Ltd. | 40 | 15804 |
|  Fuji Electric Co. Ltd. | 30 | 2067 |
|  FUJIFILM Holdings Corp. | 235 | 4474 |
|  Fujikura Ltd. | 316 | 8696 |
|  Fujitsu Ltd. | 369 | 7540 |
|  Hankyu Hanshin Holdings, Inc. | 51 | 1478 |
|  Hikari Tsushin, Inc. | 4 | 941 |
|  Hitachi Ltd. | 992 | 29110 |
|  Honda Motor Co. Ltd. | 774 | 6264 |
|  Hoya Corp. | 72 | 12465 |
|  Hulic Co. Ltd. | 96 | 1116 |
|  Ibiden Co. Ltd. | 51 | 2527 |
|  Idemitsu Kosan Co. Ltd. | 164 | 1608 |
|  IHI Corp. | 216 | 4465 |
|  Inpex Corp. | 186 | 5490 |
|  Isuzu Motors Ltd. | 111 | 1601 |
|  ITOCHU Corp. | 1245 | 15832 |
|  Japan Airlines Co. Ltd. | 31 | 503 |
|  Japan Exchange Group, Inc. | 206 | 2407 |
|  Japan Post Bank Co. Ltd. | 375 | 6115 |
|  Japan Post Holdings Co. Ltd. | 375 | 4331 |
|  Japan Post Insurance Co. Ltd. | 118 | 1192 |
|  Japan Tobacco, Inc. | 251 | 9641 |
|  JFE Holdings, Inc. | 120 | 1399 |
|  JX Advanced Metals Corp. | 118 | 2606 |
|  Kajima Corp. | 89 | 3399 |
|  Kansai Electric Power Co., Inc. (The) | 200 | 3324 |
|  KAO Corp. | 98 | 3815 |
|  Kawasaki Heavy Industries Ltd. | 157 | 2953 |
|  Kawasaki Kisen Kaisha Ltd. | 74 | 1248 |
|  KDDI Corp. | 614 | 10453 |
|  Keyence Corp. | 41 | 14485 |
|  Kikkoman Corp. | 145 | 1312 |
|  Kioxia Holdings Corp. (a) | 40 | 5185 |
|  Kirin Holdings Co. Ltd. | 161 | 2567 |
|  Komatsu Ltd. | 199 | 7928 |
|  Konami Group Corp. | 21 | 2575 |
|  Kubota Corp. | 203 | 3256 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Japan — continued** | | |
|  Kyocera Corp. | 270 | 4142 |
|  Kyowa Kirin Co. Ltd. | 50 | 822 |
|  Lasertec Corp. | 17 | 3761 |
|  LY Corp. | 584 | 1407 |
|  M3, Inc. | 94 | 962 |
|  Makita Corp. | 48 | 1561 |
|  Marubeni Corp. | 296 | 10814 |
|  MatsukiyoCocokara & Co. | 68 | 1081 |
|  MINEBEA MITSUMI, Inc. | 75 | 1252 |
|  Mitsubishi Chemical Group Corp. | 271 | 1586 |
|  Mitsubishi Corp. | 708 | 24282 |
|  Mitsubishi Electric Corp. | 398 | 13027 |
|  Mitsubishi Estate Co. Ltd. | 223 | 6184 |
|  Mitsubishi HC Capital, Inc. | 183 | 1640 |
|  Mitsubishi Heavy Industries Ltd. | 705 | 19357 |
|  Mitsubishi UFJ Financial Group, Inc. | 2434 | 41224 |
|  Mitsui & Co. Ltd. | 542 | 20954 |
|  Mitsui Fudosan Co. Ltd. | 554 | 5901 |
|  Mitsui OSK Lines Ltd. | 72 | 2976 |
|  Mizuho Financial Group, Inc. | 545 | 22056 |
|  MonotaRO Co. Ltd. | 54 | 582 |
|  MS&AD Insurance Group Holdings, Inc. | 270 | 7033 |
|  Murata Manufacturing Co. Ltd. | 349 | 7840 |
|  NEC Corp. | 271 | 6753 |
|  Nexon Co. Ltd. | 79 | 1481 |
|  NIDEC Corp. | 173 | 2202 |
|  Nintendo Co. Ltd. | 231 | 13198 |
|  Nippon Building Fund, Inc. REIT | 2 | 1346 |
|  Nippon Paint Holdings Co. Ltd. | 195 | 1225 |
|  Nippon Sanso Holdings Corp. | 37 | 1305 |
|  Nippon Steel Corp. | 1016 | 3748 |
|  Nippon Yusen KK | 86 | 3148 |
|  Nissan Motor Co. Ltd. (a) | 468 | 1015 |
|  Nitori Holdings Co. Ltd. | 83 | 1322 |
|  Nitto Denko Corp. | 143 | 2861 |
|  Nomura Holdings, Inc. | 630 | 4960 |
|  Nomura Research Institute Ltd. | 79 | 2148 |
|  NTT, Inc. | 6258 | 6261 |
|  Obayashi Corp. | 132 | 3202 |
|  Obic Co. Ltd. | 67 | 1631 |
|  Olympus Corp. | 237 | 2254 |
|  Oracle Corp. Japan | 8 | 434 |
|  Oriental Land Co. Ltd. | 227 | 3863 |
|  ORIX Corp. | 244 | 7225 |
|  Osaka Gas Co. Ltd. | 74 | 3014 |
|  Otsuka Corp. | 48 | 921 |
|  Otsuka Holdings Co. Ltd. | 91 | 6465 |
|  Pan Pacific International Holdings Corp. | 396 | 2414 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Japan — continued** | | |
|  Panasonic Holdings Corp. | 488 | 8189 |
|  Rakuten Group, Inc. (a) | 315 | 1472 |
|  Recruit Holdings Co. Ltd. | 319 | 13912 |
|  Renesas Electronics Corp. | 373 | 5327 |
|  Resona Holdings, Inc. | 436 | 4977 |
|  Ryohin Keikaku Co. Ltd. | 105 | 2239 |
|  Sanrio Co. Ltd. | 189 | 1172 |
|  SBI Holdings, Inc. | 119 | 2198 |
|  SCREEN Holdings Co. Ltd. | 34 | 2038 |
|  Secom Co. Ltd. | 84 | 3192 |
|  Seibu Holdings, Inc. | 45 | 1249 |
|  Sekisui Chemical Co. Ltd. | 77 | 1294 |
|  Sekisui House Ltd. | 124 | 2778 |
|  Seven & i Holdings Co. Ltd. | 436 | 5869 |
|  Shimadzu Corp. | 49 | 1167 |
|  Shimano, Inc. | 16 | 1618 |
|  Shimizu Corp. | 106 | 1896 |
|  Shin-Etsu Chemical Co. Ltd. | 353 | 14386 |
|  Shionogi & Co. Ltd. | 157 | 3475 |
|  Shiseido Co. Ltd. | 82 | 1675 |
|  SMC Corp. | 12 | 4759 |
|  SoftBank Corp. | 6015 | 8049 |
|  SoftBank Group Corp. | 800 | 19490 |
|  Sompo Holdings, Inc. | 186 | 7237 |
|  Sony Financial Group, Inc. | 1262 | 1156 |
|  Sony Group Corp. | 1335 | 27825 |
|  Subaru Corp. | 122 | 1962 |
|  Sumitomo Corp. | 228 | 8543 |
|  Sumitomo Electric Industries Ltd. | 150 | 8500 |
|  Sumitomo Metal Mining Co. Ltd. | 51 | 2986 |
|  Sumitomo Mitsui Financial Group, Inc. | 796 | 26156 |
|  Sumitomo Mitsui Trust Group, Inc. | 134 | 4253 |
|  Sumitomo Realty & Development Co. Ltd. | 128 | 3641 |
|  Suntory Beverage & Food Ltd. | 28 | 802 |
|  Suzuki Motor Corp. | 330 | 4020 |
|  Sysmex Corp. | 107 | 934 |
|  T&D Holdings, Inc. | 96 | 2456 |
|  Taisei Corp. | 31 | 3212 |
|  Takeda Pharmaceutical Co. Ltd. | 361 | 13284 |
|  TDK Corp. | 407 | 5290 |
|  Terumo Corp. | 280 | 3763 |
|  TIS, Inc. | 45 | 958 |
|  Toho Co. Ltd. | 112 | 1176 |
|  Tokio Marine Holdings, Inc. | 407 | 19114 |
|  Tokyo Electron Ltd. | 98 | 24249 |
|  Tokyo Gas Co. Ltd. | 66 | 3085 |
|  Tokyu Corp. | 105 | 1241 |
|  TOPPAN Holdings, Inc. | 49 | 1292 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Japan — continued** | | |
|  Toray Industries, Inc. | 288 | 2051 |
|  Toyota Industries Corp. (a) | 7 | 944 |
|  Toyota Motor Corp. | 2028 | 42146 |
|  Toyota Tsusho Corp. | 145 | 5616 |
|  Tsuruha Holdings, Inc. | 56 | 872 |
|  Unicharm Corp. | 232 | 1361 |
|  West Japan Railway Co. | 85 | 1665 |
|  Yamaha Motor Co. Ltd. | 195 | 1409 |
|  Yokogawa Electric Corp. | 47 | 1459 |
|  Yokohama Financial Group, Inc. | 214 | 1908 |
|  Zensho Holdings Co. Ltd. | 20 | 1162 |
|  ZOZO, Inc. | 95 | 664 |
|  |  | 996842 |
|  **Luxembourg** — **0.1%** |  |  |
|  ArcelorMittal SA | 338 | 17542 |
|  CVC Capital Partners plc (e) | 305 | 3980 |
|  Eurofins Scientific SE | 39 | 2840 |
|  Tenaris SA | 114 | 3320 |
|  |  | 27682 |
|  **Mexico** — **0.0%**(g) |  |  |
|  Fresnillo plc | 119 | 5275 |
|  **Netherlands** — **6.6%** |  |  |
|  ABN AMRO Bank NV, CVA GDR | 872 | 27630 |
|  Adyen NV (a) (e) | 38 | 37741 |
|  Aegon Ltd. | 1866 | 13649 |
|  Akzo Nobel NV | 141 | 8118 |
|  Argenx SE (a) | 17 | 12170 |
|  ASM International NV | 62 | 46701 |
|  ASML Holding NV | 510 | 678623 |
|  ASR Nederland NV | 236 | 16234 |
|  BE Semiconductor Industries NV | 96 | 20567 |
|  Euronext NV (e) | 114 | 18272 |
|  EXOR NV | 145 | 11120 |
|  Ferrovial SE | 548 | 35638 |
|  Heineken Holding NV | 174 | 12410 |
|  Heineken NV | 406 | 31215 |
|  ING Groep NV | 4365 | 113299 |
|  JDE Peet's NV | 187 | 6900 |
|  Koninklijke Ahold Delhaize NV | 241 | 11246 |
|  Koninklijke KPN NV | 3947 | 22001 |
|  Koninklijke Philips NV | 209 | 5710 |
|  Magnum Ice Cream Co. NV (The) (a) | 536 | 7868 |
|  Nebius Group NV, Class A (a) | 58 | 6002 |
|  NN Group NV | 393 | 30699 |
|  Prosus NV (a) | 1728 | 79989 |
|  QIAGEN NV | 68 | 2765 |
|  Randstad NV | 109 | 2849 |
|  Stellantis NV | 546 | 3949 |
|  Universal Music Group NV | 1129 | 21906 |
|  Wolters Kluwer NV | 248 | 18522 |
|  |  | 1303793 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Norway — 0.9%** | | |
|  Aker BP ASA | 94 | 3492 |
|  DNB Bank ASA | 1325 | 41461 |
|  Equinor ASA | 925 | 39424 |
|  Gjensidige Forsikring ASA | 281 | 7356 |
|  Kongsberg Gruppen ASA | 469 | 19995 |
|  Mowi ASA | 553 | 12581 |
|  Norsk Hydro ASA | 1111 | 11837 |
|  Orkla ASA | 767 | 9648 |
|  Salmar ASA | 73 | 4283 |
|  Telenor ASA | 652 | 11475 |
|  Yara International ASA | 138 | 8096 |
|  |  | 169648 |
|  **Poland — 0.0%** (g) |  |  |
|  InPost SA (a) | 255 | 4512 |
|  **Portugal** — **0.2%** |  |  |
|  Banco Comercial Portugues SA, Class R | 10675 | 10397 |
|  EDP SA | 3024 | 16001 |
|  Galp Energia SGPS SA | 510 | 12232 |
|  Jeronimo Martins SGPS SA | 101 | 2426 |
|  |  | 41056 |
|  **South Korea** — **0.3%** |  |  |
|  Samsung Electronics Co. Ltd. | 472 | 55177 |
|  **Spain** — **4.5%** |  |  |
|  Acciona SA | 28 | 7266 |
|  ACS Actividades de Construccion y Servicios SA | 189 | 23081 |
|  Aena SME SA (e) | 800 | 23595 |
|  Amadeus IT Group SA | 122 | 6980 |
|  Banco Bilbao Vizcaya Argentaria SA | 8533 | 184308 |
|  Banco de Sabadell SA | 7370 | 26402 |
|  Banco Santander SA | 21956 | 246137 |
|  Bankinter SA | 1017 | 16111 |
|  CaixaBank SA | 5775 | 69224 |
|  Cellnex Telecom SA (e) | 480 | 15422 |
|  EDP Renovaveis SA | 304 | 4870 |
|  Endesa SA | 332 | 13863 |
|  Grifols SA | 65 | 675 |
|  Iberdrola SA | 6534 | 149595 |
|  Indra Sistemas SA | 17 | 956 |
|  Industria de Diseno Textil SA | 296 | 17206 |
|  Mapfre SA | 1303 | 5805 |
|  Naturgy Energy Group SA | 261 | 7819 |
|  Redeia Corp. SA | 326 | 5527 |
|  Repsol SA | 1360 | 38273 |
|  Telefonica SA | 3799 | 16624 |
|  |  | 879739 |
| **Sweden — 3.9%** |  |  |
|  AddTech AB, Class B | 288 | 9883 |
|  Alfa Laval AB | 309 | 16879 |
|  Assa Abloy AB, Class B | 1069 | 38642 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Sweden — continued** | | |
|  Atlas Copco AB, Class A | 2865 | 50555 |
|  Atlas Copco AB, Class B | 1668 | 26080 |
|  Beijer Ref AB, Class B | 406 | 5623 |
|  Boliden AB (a) | 226 | 11823 |
|  Epiroc AB, Class A | 703 | 17302 |
|  Epiroc AB, Class B | 383 | 8210 |
|  EQT AB | 738 | 22902 |
|  Essity AB, Class B | 166 | 4275 |
|  Evolution AB (e) | 28 | 1786 |
|  Fastighets AB Balder, Class B (a) | 153 | 895 |
|  H & M Hennes & Mauritz AB, Class B | 158 | 2952 |
|  Hexagon AB, Class B | 563 | 5475 |
|  Holmen AB, Class B | 50 | 1797 |
|  Industrivarden AB, Class A | 162 | 8086 |
|  Industrivarden AB, Class C | 225 | 11148 |
|  Indutrade AB | 315 | 7221 |
|  Investment AB Latour, Class B | 147 | 3164 |
|  Investor AB, Class B | 2723 | 103140 |
|  L E Lundbergforetagen AB, Class B | 108 | 6124 |
|  Lifco AB, Class B | 264 | 7983 |
|  Nibe Industrier AB, Class B | 1757 | 7341 |
|  Saab AB, Class B | 342 | 22359 |
|  Sagax AB, Class B | 47 | 863 |
|  Sandvik AB | 1137 | 43715 |
|  Securitas AB, Class B | 549 | 9194 |
|  Skandinaviska Enskilda Banken AB, Class A | 2263 | 41814 |
|  Skanska AB, Class B | 375 | 10149 |
|  SKF AB, Class B | 380 | 9165 |
|  Spotify Technology SA (a) | 161 | 77871 |
|  Svenska Cellulosa AB SCA, Class B | 442 | 5124 |
|  Svenska Handelsbanken AB, Class A | 2193 | 28913 |
|  Swedbank AB, Class A | 1269 | 43251 |
|  Swedish Orphan Biovitrum AB (a) | 42 | 1759 |
|  Tele2 AB, Class B | 577 | 11950 |
|  Telefonaktiebolaget LM Ericsson, Class B | 758 | 8646 |
|  Telia Co. AB | 2476 | 12688 |
|  Trelleborg AB, Class B | 228 | 8541 |
|  Volvo AB, Class B | 1695 | 55728 |
|  |  | 771016 |
| **Switzerland — 12.5%** |  |  |
|  ABB Ltd. (Registered) | 1672 | 135915 |
|  Alcon AG | 135 | 10236 |
|  Avolta AG | 19 | 1115 |
|  Banque Cantonale Vaudoise (Registered) | 43 | 6922 |
|  Barry Callebaut AG (Registered) | 6 | 10253 |
|  Belimo Holding AG (Registered) | 11 | 8994 |
|  BKW AG | 21 | 4056 |
|  Chocoladefabriken Lindt & Spruengli AG | 1 | 20487 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **Switzerland — continued** | | |
|  Chocoladefabriken Lindt & Spruengli AG (Registered) | — (h) | 23617 |
|  Cie Financiere Richemont SA, Class A (Registered) | 720 | 127175 |
|  Coca-Cola HBC AG (a) | 252 | 14176 |
|  DSM-Firmenich AG | 140 | 9986 |
|  EMS-Chemie Holding AG (Registered) | 5 | 4009 |
|  Galderma Group AG | 248 | 48836 |
|  Geberit AG (Registered) | 35 | 23723 |
|  Givaudan SA (Registered) | 7 | 24776 |
|  Glencore plc (a) | 5370 | 40672 |
|  Helvetia Baloise Holding AG | 120 | 31051 |
|  Holcim AG (a) | 405 | 33466 |
|  Julius Baer Group Ltd. | 308 | 22647 |
|  Kuehne + Nagel International AG (Registered) | 53 | 12039 |
|  Logitech International SA (Registered) | 43 | 4005 |
|  Lonza Group AG (Registered) | 19 | 12209 |
|  Nestle SA (Registered) | 3958 | 388206 |
|  Novartis AG | 2562 | 393303 |
|  Partners Group Holding AG | 34 | 36561 |
|  Roche Holding AG | 990 | 395612 |
|  Sandoz Group AG | 563 | 44140 |
|  Schindler Holding AG | 44 | 14471 |
|  Schindler Holding AG (Registered) | 23 | 7290 |
|  SGS SA (Registered) | 177 | 18609 |
|  Sika AG (Registered) | 121 | 20024 |
|  Sonova Holding AG (Registered) | 15 | 3491 |
|  STMicroelectronics NV | 183 | 6243 |
|  Straumann Holding AG (Registered) | 33 | 3483 |
|  Swatch Group AG (The) | 39 | 8559 |
|  Swiss Life Holding AG (Registered) | 43 | 46452 |
|  Swiss Prime Site AG (Registered) | 23 | 3901 |
|  Swiss Re AG | 447 | 75010 |
|  Swisscom AG (Registered) | 27 | 22289 |
|  UBS Group AG (Registered) | 4745 | 185016 |
|  VAT Group AG (e) | 29 | 17965 |
|  Zurich Insurance Group AG | 219 | 154618 |
|  |  | 2475608 |
|  **Taiwan** — **2.1%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 7074 | 409121 |
|  **United Arab Emirates** — **0.0%** (g) |  |  |
|  NMC Health plc (a)(bb) | 116 | — (h) |
| **United Kingdom — 20.0%** |  |  |
|  3i Group plc | 1231 | 40126 |
|  Admiral Group plc | 323 | 13497 |
|  Airtel Africa plc (e) | 866 | 3992 |
|  Anglo American plc | 602 | 25868 |
|  Associated British Foods plc | 286 | 7166 |
|  AstraZeneca plc | 1694 | 331334 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **United Kingdom — continued** | | |
|  Autotrader Group plc (e) | 649 | 4060 |
|  Aviva plc | 3790 | 30416 |
|  BAE Systems plc | 11379 | 333628 |
|  Barclays plc | 17156 | 89785 |
|  Barratt Redrow plc | 271 | 942 |
|  BP plc | 14953 | 117036 |
|  British American Tobacco plc | 6266 | 363806 |
|  BT Group plc | 4607 | 12911 |
|  Bunzl plc | 263 | 7919 |
|  Centrica plc | 7842 | 22205 |
|  Coca-Cola Europacific Partners plc | 293 | 26550 |
|  Compass Group plc | 27 | 740 |
|  Diageo plc | 2569 | 47776 |
|  Endeavour Mining plc | 104 | 6265 |
|  Entain plc | 121 | 909 |
|  GSK plc | 4453 | 122650 |
|  Haleon plc | 9731 | 48159 |
|  Halma plc | 6 | 306 |
|  HSBC Holdings plc | 38484 | 632011 |
|  Imperial Brands plc | 12 | 482 |
|  Informa plc | 992 | 9961 |
|  InterContinental Hotels Group plc | 2 | 297 |
|  International Consolidated Airlines Group SA | 1376 | 6532 |
|  Intertek Group plc | 125 | 6077 |
|  J Sainsbury plc | 27 | 122 |
|  JD Sports Fashion plc | 502 | 476 |
|  Kingfisher plc | 27 | 103 |
|  Land Securities Group plc REIT | 141 | 1040 |
|  Legal & General Group plc | 7062 | 23208 |
|  Lloyds Banking Group plc | 72987 | 90462 |
|  London Stock Exchange Group plc | 568 | 67087 |
|  M&G plc | 2837 | 10304 |
|  Marks & Spencer Group plc | 32 | 146 |
|  Melrose Industries plc | 4766 | 32296 |
|  National Grid plc | 8462 | 142842 |
|  NatWest Group plc | 9913 | 73433 |
|  Next plc | 2 | 310 |
|  Pearson plc | 9 | 119 |
|  Reckitt Benckiser Group plc | 10 | 685 |
|  RELX plc | 1477 | 48402 |
|  Rentokil Initial plc | 2050 | 12719 |
|  Rio Tinto plc | 608 | 56380 |
|  Rolls-Royce Holdings plc | 31848 | 483842 |
|  Sage Group plc (The) | 15 | 169 |
|  Schroders plc | 1012 | 7792 |
|  Segro plc REIT | 20 | 174 |
|  Severn Trent plc | 462 | 18928 |
|  Shell plc | 5413 | 250719 |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
| **Common Stocks — continued** |  |  |
| **United Kingdom — continued** | | |
|  Smith & Nephew plc | 13 | 202 |
|  Smiths Group plc | 258 | 7859 |
|  Spirax Group plc | 60 | 5358 |
|  SSE plc | 2056 | 71066 |
|  Standard Chartered plc | 2379 | 49579 |
|  Standard Life plc | 873 | 7907 |
|  Tesco plc | 101 | 634 |
|  Unilever plc | 2158 | 118450 |
|  United Utilities Group plc | 1161 | 20249 |
|  Verisure plc (a) | 260 | 2696 |
|  Vodafone Group plc | 14445 | 21788 |
|  Whitbread plc | 3 | 82 |
|  Wise plc, Class A (a) | 826 | 9944 |
|  |  | 3950978 |
|  **United States** — **0.2%** |  |  |
|  Brookfield Asset Management Ltd., Class A | 53 | 2359 |
|  Brookfield Renewable Corp. | 18 | 711 |
|  RB Global, Inc. | 24 | 2306 |
|  Restaurant Brands International, Inc. | 55 | 4088 |
|  Sunbelt Rentals Holdings, Inc. | 338 | 21547 |
|  |  | 31011 |
|  Total Common Stocks<br> (Cost $13,706,379) |  | 19544982 |
| **Preferred Stocks — 0.1%** |  |  |
|  **Germany** — **0.1%** |  |  |
|  Bayerische Motoren Werke AG | 15 | 1364 |
|  Dr Ing hc F Porsche AG | 31 | 1406 |
|  Henkel AG & Co. KGaA | 46 | 3574 |
|  Porsche Automobil Holding SE | 41 | 1519 |
|  Sartorius AG | 6 | 1404 |
|  Volkswagen AG | 56 | 5716 |
|  Total Preferred Stocks<br> (Cost $13,238) |  | 14983 |
| **SECURITY DESCRIPTION** | **NUMBER OF<br>RIGHTS** |  |
|  **Right — 0.00%** (g) | **Right — 0.00%** (g) |  |
|  **Italy — 0.00%** (g) |  |  |
|  Telecom Italia SpA, expiring 04/10/2026 (a)(bb)<br> (Cost $-) | 16909 | — (h) |
| **SECURITY DESCRIPTION** | **PRINCIPAL<br>AMOUNT ($)** |  |
| **Short-Term Investments — 0.2%** |  |  |
| **Time Deposits — 0.2%** |  |  |
|  Australia & New Zealand Banking Group Ltd., 2.98%, 04/01/2026 | 5421 | 5421 |
|  Brown Brothers Harriman & Co., |  |  |
|  (0.57%), 04/01/2026 | CHF — (h) | — (h) |
|  0.85%, 04/01/2026 | EUR — (h) | — (h) |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **SHARES** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |  |
| **Time Deposits — continued** | | | |
|  0.96%, 04/01/2026 | DKK | — (h) | — (h) |
|  2.65%, 04/01/2026 | NOK | 10776 | 1113 |
|  2.67%, 04/01/2026 | GBP | — (h) | — (h) |
|  2.98%, 04/01/2026 |  | — (h) | — (h) |
|  Citibank NA, |  |  |  |
|  0.85%, 04/01/2026 | EUR | 5263 | 6084 |
|  2.67%, 04/01/2026 | GBP | 4149 | 5492 |
|  2.98%, 04/01/2026 |  | 47 | 47 |
|  Royal Bank of Canada, |  |  |  |
|  1.08%, 04/01/2026 | CAD | 2297 | 1651 |
|  2.98%, 04/01/2026 |  | 1 | 1 |
|  Skandinaviska Enskilda Banken AB, |  |  |  |
|  (0.57%), 04/01/2026 | CHF | 1726 | 2158 |
|  0.80%, 04/01/2026 | SEK | 18842 | 1990 |
|  0.96%, 04/01/2026 | DKK | 78731 | 12178 |
|  2.98%, 04/01/2026 |  | — (h) | — (h) |
|  Sumitomo Mitsui Banking Corp., |  |  |  |
|  0.20%, 04/01/2026 | JPY | 373292 | 2352 |
|  2.98%, 04/01/2026 |  | — (h) | — (h) |
|  Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 |  | 3653 | 3653 |
|  Total Short-Term Investments<br> (Cost $42,140) |  |  | 42140 |
|  **Total Investments — 99.1%**<br> **(Cost - $13,761,757)** |  |  | **19602105** |
|  **Other Assets in Excess of Liabilities — 0.9%** |  |  | **176049** |
|  **NET ASSETS — 100.0%** |  |  | $**19778154** |

---

Percentages indicated are based on net assets.

**Futures contracts outstanding as of March 31, 2026:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Euro STOXX 50 Index | 1478 | 06/2026 | EUR | 95867 | (1994) |
|  Total unrealized appreciation (depreciation) |  |  |  |  | (1994) |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** | **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** | **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** | **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** | **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** | **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** | **Forward foreign currency exchange contracts outstanding as of March 31, 2026:** |
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 153899 | CAD | 213279 | Citibank, NA | 04/01/2026 | 582 |
|  USD | 106075 | CHF | 84308 | Bank of America, NA | 04/01/2026 | 638 |
|  USD | 24948 | CHF | 19883 | Citibank, NA | 04/01/2026 | 82 |
|  DKK | 146021 | USD | 22506 | Bank of America, NA | 04/01/2026 | 80 |
|  DKK | 126178 | USD | 19467 | BNP Paribas | 04/01/2026 | 50 |
|  EUR | 32332 | USD | 37239 | Bank of America, NA | 04/01/2026 | 132 |
|  EUR | 124676 | USD | 143905 | BNP Paribas | 04/01/2026 | 202 |
|  EUR | 18521 | USD | 21352 | Morgan Stanley & Co. | 04/01/2026 | 55 |
|  USD | 34751 | GBP | 26178 | Bank of America, NA | 04/01/2026 | 102 |
|  USD | 163503 | GBP | 122461 | Goldman Sachs International | 04/01/2026 | 1414 |
|  USD | 111649 | HKD | 874599 | BNP Paribas | 04/01/2026 | 110 |
|  USD | 101589 | HKD | 794976 | Citibank, NA | 04/01/2026 | 205 |
|  USD | 36172 | SEK | 341588 | Goldman Sachs International | 04/01/2026 | 89 |
|  EUR | 32289 | USD | 37306 | Bank of America, NA | 04/07/2026 | 24 |
|  USD | 51528 | GBP | 38916 | Bank of America, NA | 04/07/2026 | 19 |
|  GBP | 119948 | USD | 158174 | Citibank, NA | 04/07/2026 | 587 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  |  | 4371 |
|  CAD | 209856 | USD | 151539 | BNP Paribas | 04/01/2026 | (683) |
|  CHF | 5442 | USD | 6831 | Bank of America, NA | 04/01/2026 | (25) |
|  CHF | 103065 | USD | 129910 | BNP Paribas | 04/01/2026 | (1015) |
|  USD | 153010 | DKK | 990613 | BNP Paribas | 04/01/2026 | (212) |
|  USD | 286542 | EUR | 248553 | Citibank, NA | 04/01/2026 | (748) |
|  GBP | 300901 | USD | 400934 | Citibank, NA | 04/01/2026 | (2662) |
|  GBP | 3323 | USD | 4422 | Morgan Stanley & Co. | 04/01/2026 | (24) |
|  HKD | 1647366 | USD | 210540 | BNP Paribas | 04/01/2026 | (449) |
|  USD | 579 | JPY | 92431 | BNP Paribas | 04/01/2026 | (3) |
|  USD | 8241 | NOK | 79845 | Citibank, NA | 04/01/2026 | (5) |
|  NOK | 78801 | USD | 8142 | Morgan Stanley & Co. | 04/01/2026 | (4) |
|  SEK | 344779 | USD | 36639 | BNP Paribas | 04/01/2026 | (218) |
|  USD | 80533 | DKK | 525032 | Goldman Sachs International | 04/07/2026 | (699) |
|  USD | 66426 | EUR | 57954 | Morgan Stanley & Co. | 04/07/2026 | (576) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (7323) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | (2952) |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026

---

| | |
|:---|:---|
|  CVA | Dutch Certification |
|  GDR | Global Depositary Receipt |
|  OYJ | Public Limited Company |
|  REIT | Real Estate Investment Trust |
| (a) | Non-income producing security. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |

---

------

**Six Circles International Unconstrained Equity Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)** 

---

| | |
|:---|:---|
| (bb) | Security has been valued using significant unobservable inputs. |
|  CAD | Canadian Dollar |
|  CHF | Swiss Franc |
|  DKK | Danish Krone |
|  EUR | Euro |
|  GBP | British Pound |
|  HKD | Hong Kong Dollar |
|  JPY | Japanese Yen |
|  NOK | Norwegian Krone |
|  SEK | Swedish Krona |
|  USD | United States Dollar |

---

**Summary of Investments by Industry, March 31, 2026** 

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENTAGE** |
|  Banks | 16.8% |
|  Pharmaceuticals | 9.7% |
|  Insurance | 7.4% |
|  Aerospace/Defense | 7.0% |
|  Semiconductors | 6.6% |
|  Telecommunications | 4.8% |
|  Oil & Gas | 4.2% |
|  Electric | 3.7% |
|  Machinery - Construction & Mining | 3.5% |
|  Food | 3.1% |
|  Software | 2.5% |
|  Mining | 2.0% |
|  Miscellaneous Manufacturers | 2.0% |
|  Electrical Components & Equipment | 2.0% |
|  Agriculture | 1.9% |
|  Apparel | 1.7% |
|  Cosmetics/Personal Care | 1.6% |
|  Beverages | 1.5% |
|  Chemicals | 1.4% |
|  Engineering & Construction | 1.3% |
|  Diversified Financial Services | 1.3% |
|  Commercial Services | 1.3% |
|  Retail | 1.2% |
|  Transportation | 1.2% |
|  Building Materials | 1.0% |
|  Auto Manufacturers | 1.0% |
|  Others (Each less than 1.0%) | 8.1% |
|  Short-Term Investments | 0.2% |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Long Positions — 105.8%** |  |  |  |
| **Asset-Backed Securities — 0.5%** |  |  |  |
| **Automobile ABS — 0.1%** |  |  |  |
| American Credit Acceptance Receivables Trust, Series 2025-2, Class D, 5.50%, 08/12/2031 (e) |  | 2140 | 2159 |
|  Credit Acceptance Auto Loan Trust, |  |  |  |
| Series 2023-3A, Class C, 7.62%, 12/15/2033 (e) |  | 2750 | 2816 |
| Series 2023-5A, Class C, 7.30%, 04/17/2034 (e) |  | 2250 | 2311 |
|  Drive Auto Receivables Trust, |  |  |  |
| Series 2024-2, Class C, 4.67%, 05/17/2032 |  | 770 | 773 |
| Series 2024-2, Class D, 4.94%, 05/17/2032 |  | 2500 | 2506 |
| Exeter Automobile Receivables Trust, Series 2024-3A, Class C, 5.70%, 07/16/2029 |  | 1046 | 1058 |
|  GM Financial Consumer Automobile Receivables Trust, |  |  |  |
| Series 2023-1, Class A3, 4.66%, 02/16/2028 |  | 455 | 455 |
| Series 2024-2, Class A3, 5.10%, 03/16/2029 |  | 867 | 872 |
| Series 2024-2, Class B, 5.28%, 10/16/2029 |  | 850 | 864 |
| Prestige Auto Receivables Trust, Series 2024-2A, Class D, 5.15%, 07/15/2030 (e) |  | 3000 | 2976 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class D, 5.14%, 02/17/2032 |  | 2950 | 2966 |
| Westlake Automobile Receivables Trust, Series 2023-4A, Class C, 6.64%, 11/15/2028 (e) |  | 325 | 328 |
| Total Automobile ABS |  |  | 20084 |
| **Other ABS — 0.4%** |  |  |  |
| Affirm Asset Securitization Trust, Series 2024-B, Class D, 5.50%, 09/15/2029 (e) |  | 1500 | 1501 |
| Affirm Master Trust, Series 2025-1A, Class C, 5.28%, 02/15/2033 (e) |  | 1500 | 1502 |
| AGL CLO 14 Ltd., (Cayman Islands), Series 2021-14A, Class AR, (CME Term SOFR 3 Month + 1.13%), 4.80%, 12/02/2034 (e) (aa) |  | 2100 | 2100 |
| Apex Credit CLO 2024-I Ltd., (Bermuda), Series 2024-1A, Class A1, (CME Term SOFR 3 Month + 1.80%), 5.47%, 04/20/2036 (e) (aa) |  | 1000 | 1001 |
| Avant Loans Funding Trust, Series 2025-REV1, Class B, 5.42%, 05/15/2034 (e) |  | 250 | 251 |
| Bain Capital Credit CLO 2022-2 Ltd., (Jersey), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 4.82%, 04/22/2035 (e) (aa) |  | 3000 | 2996 |
| BlueMountain CLO 2016-3 Ltd., (Cayman Islands), Series 2016-3A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 4.85%, 11/15/2030 (e) (aa) |  | 110 | 110 |
| BlueMountain CLO XXXIV Ltd., (Cayman Islands), Series 2022-34A, Class AR, (CME Term SOFR 3 Month + 1.15%), 4.82%, 04/20/2035 (e) (aa) |  | 3500 | 3496 |
| Boyce Park CLO Ltd., (Jersey), Series 2022-1A, Class A1R, (CME Term SOFR 3 Month + 1.00%), 4.67%, 04/21/2035 (e) (aa) |  | 4000 | 3996 |
| Capital Four US CLO I Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.14%), 4.81%, 01/18/2035 (e) (aa) |  | 2500 | 2494 |
| CIFC Funding Ltd., (Cayman Islands), Series 2017-4A, Class A1R, (CME Term SOFR 3 Month + 1.21%), 4.88%, 10/24/2030 (e) (aa) |  | 36 | 36 |
| Diameter Capital CLO 6 Ltd., (Cayman Islands), Series 2024-6A, Class A1, (CME Term SOFR 3 Month + 1.61%), 5.28%, 04/15/2037 (e) (aa) |  | 2700 | 2705 |
| Dryden 27 R Euro CLO 2017 DAC, (Ireland), Series 2017-27A, Class AR, (EURIBOR 3 Month + 0.66%), 2.68%, 04/15/2033 (e) (aa) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | 3118 |
| Flatiron CLO 19 Ltd., (Cayman Islands), Series 2019-1A, Class AR2, (CME Term SOFR 3 Month + 1.18%), 4.83%, 11/16/2034 (e) (aa) |  | 604 | 603 |
| Galaxy XXII CLO Ltd., (Cayman Islands), Series 2016-22A, Class AR4, (CME Term SOFR 3 Month + 1.02%), 4.68%, 04/16/2034 (e) (aa) |  | 600 | 599 |
| ICG US CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 4.77%, 01/20/2035 (e) (aa) |  | 2065 | 2063 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |
| **Other ABS — continued** |  |  |
| LCM Ltd., (Jersey), Series 39A, Class A1R2, (CME Term SOFR 3 Month + 1.04%), 4.70%, 10/15/2034 (e) (aa) | 1000 | 999 |
| Marble Point CLO XXIV Ltd., (Cayman Islands), Series 2022-1A, Class A1R, (CME Term SOFR 3 Month + 1.09%), 4.75%, 04/20/2035 (e) (aa) | 3300 | 3297 |
| Mountain View CLO 2016-1 LLC, (Cayman Islands), Series 2016-1A, Class AR3, (CME Term SOFR 3 Month + 0.88%), 4.55%, 04/14/2033 (e) (aa) | 1000 | 998 |
| Northwoods Capital 25 Ltd., (Cayman Islands), Series 2021-25A, Class AR, (CME Term SOFR 3 Month + 1.12%), 4.79%, 07/20/2034 (e) (aa) | 2400 | 2399 |
|  Palmer Square Loan Funding Ltd., (Cayman Islands), |  |  |
| Series 2024-1A, Class A1R, (CME Term SOFR 3 Month + 0.82%), 4.48%, 10/15/2032 (e) (aa) | 1000 | 998 |
| Series 2024-2A, Class A1R, (CME Term SOFR 3 Month + 0.82%), 4.49%, 01/15/2033 (e) (aa) | 3000 | 2993 |
| Series 2024-3A, Class A1R, (CME Term SOFR 3 Month + 0.82%), 4.48%, 08/08/2032 (e) (aa) | 3600 | 3595 |
| Post CLO 2022-1 LTD, (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.10%), 4.76%, 04/20/2035 (e) (aa) | 2500 | 2497 |
| Romark CLO V Ltd., (Cayman Islands), Series 2021-5A, Class AR, (CME Term SOFR 3 Month + 1.19%), 4.86%, 01/15/2035 (e) (aa) | 2500 | 2495 |
| Shackleton 2019-XIV CLO Ltd., (Cayman Islands), Series 2019-14A, Class A1RR, (CME Term SOFR 3 Month + 1.20%), 4.87%, 07/20/2034 (e) (aa) | 2000 | 2001 |
| Sound Point CLO XXIII, (Cayman Islands), Series 2019-2A, Class AR, (CME Term SOFR 3 Month + 1.43%), 5.10%, 07/15/2034 (e) (aa) | 500 | 500 |
| Trinitas CLO XVII Ltd., (Cayman Islands), Series 2021-17A, Class AR, (CME Term SOFR 3 Month + 1.15%), 4.82%, 10/20/2034 (e) (aa) | 3600 | 3600 |
| Unity-Peace Park CLO Ltd., (Jersey), Series 2022-1A, Class A1R, (CME Term SOFR 3 Month + 1.06%), 4.72%, 04/20/2035 (e) (aa) | 4100 | 4096 |
| Upstart Securitization Trust, Series 2025-3, Class B, 5.02%, 09/20/2035 (e) | 800 | 801 |
| Venture 33 CLO Ltd., (Cayman Islands), Series 2018-33A, Class A1LR, (CME Term SOFR 3 Month + 1.32%), 4.99%, 07/15/2031 (e) (aa) | 74 | 74 |
| Wellfleet CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1R, (CME Term SOFR 3 Month + 1.18%), 4.85%, 04/20/2034 (e) (aa) | 1400 | 1400 |
| Total Other ABS |  | 61314 |
| Total Asset-Backed Securities (Cost $81,585) |  | 81398 |
| **Collateralized Mortgage Obligations — 2.0%** |  |  |
| **Agency Collateral CMO — 1.7%** |  |  |
| FHLMC REMICS, |  |  |
| Series 3404, Class SA, IF, IO, (5.89% - United States 30 Day Average SOFR), 2.21%, 01/15/2038 (aa) | 713 | 53 |
| Series 3680, Class SA, IF, IO, (4.89% - United States 30 Day Average SOFR), 1.21%, 06/15/2040 (aa) | 1698 | 85 |
| Series 4023, Class S, IF, IO, (6.14% - United States 30 Day Average SOFR), 2.46%, 03/15/2042 (aa) | 717 | 71 |
| Series 4165, Class TI, IO, 3.00%, 12/15/2042 | 285 | 13 |
| Series 4368, Class CZ, SUB, 3.75%, 11/15/2041 | 2033 | 1961 |
| Series 4598, Class IK, IO, 3.50%, 03/15/2046 | 460 | 72 |
| Series 4710, Class EI, IO, 3.50%, 11/15/2031 | 1599 | 76 |
| Series 4751, Class EF, (United States 30 Day Average SOFR + 0.36%), 4.04%, 05/15/2041 (aa) | 1687 | 1663 |
| Series 4764, Class WF, (United States 30 Day Average SOFR + 0.41%), 4.09%, 02/15/2048 (aa) | 3745 | 3645 |
| Series 4790, Class F, (United States 30 Day Average SOFR + 0.30%), 3.98%, 10/15/2043 (aa) | 1328 | 1296 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 4825, Class SE, IF, IO, (6.09% - United States 30 Day Average SOFR), 2.41%, 09/15/2048 (aa) | 3203 | 403 |
| Series 4830, Class IL, IO, 4.50%, 04/15/2048 | 1349 | 321 |
| Series 4888, Class IB, IO, 4.00%, 03/15/2047 | 243 | 38 |
| Series 4930, Class IP, IO, 3.50%, 09/25/2048 | 3767 | 402 |
| Series 4990, Class MI, IO, 4.00%, 07/25/2050 | 3252 | 749 |
| Series 5003, Class AS, IF, IO, (5.99% - United States 30 Day Average SOFR), 2.32%, 08/25/2050 (aa) | 6079 | 832 |
| Series 5016, Class PI, IO, 3.00%, 09/25/2050 | 8706 | 1498 |
| Series 5023, Class BI, IO, 2.00%, 10/25/2050 | 17491 | 2235 |
| Series 5034, Class MI, IO, 2.00%, 11/25/2050 | 1697 | 226 |
| Series 5034, Class YI, IO, 4.00%, 11/25/2050 | 2069 | 390 |
| Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 846 | 175 |
| Series 5047, Class CI, IO, 2.00%, 12/25/2050 | 1483 | 160 |
| Series 5051, Class IP, IO, 3.00%, 12/25/2050 | 8738 | 1445 |
| Series 5062, Class EI, IO, 2.00%, 01/25/2051 | 3191 | 361 |
| Series 5069, Class DI, IO, 3.50%, 02/25/2041 | 930 | 123 |
| Series 5069, Class LI, IO, 2.50%, 02/25/2051 | 12078 | 1669 |
| Series 5071, Class IN, IO, 4.00%, 08/25/2050 | 4563 | 1112 |
| Series 5081, Class EI, IO, 2.50%, 03/25/2051 | 16529 | 2169 |
| Series 5087, Class IL, IO, 3.00%, 03/25/2051 | 1621 | 257 |
| Series 5124, Class LI, IO, 4.50%, 07/25/2051 | 8106 | 1955 |
| Series 5157, Class IA, IO, 3.00%, 10/25/2051 | 40201 | 6107 |
| Series 5202, Class UI, IO, 3.50%, 01/25/2052 | 3186 | 511 |
| Series 5227, Class EI, IO, 4.00%, 04/25/2050 | 2991 | 243 |
| Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 647 | 97 |
| Series 5383, Class AF, (United States 30 Day Average SOFR + 1.00%), 4.68%, 08/15/2048 (aa) | 606 | 611 |
| Series 5444, Class FC, (United States 30 Day Average SOFR + 1.12%), 4.78%, 08/25/2054 (aa) | 1240 | 1248 |
| Series 5462, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.76%, 10/25/2054 (aa) | 223 | 223 |
| Series 5478, Class FH, (United States 30 Day Average SOFR + 1.45%), 5.11%, 04/25/2054 (aa) | 499 | 503 |
| Series 5518, Class FC, (United States 30 Day Average SOFR + 1.32%), 4.98%, 03/25/2055 (aa) | 142 | 143 |
| Series 5534, Class FD, (United States 30 Day Average SOFR + 1.25%), 4.91%, 05/25/2055 (aa) | 1065 | 1067 |
| Series 5538, Class AF, (United States 30 Day Average SOFR + 1.30%), 4.96%, 03/25/2055 (aa) | 2573 | 2590 |
| Series 5542, Class FL, (United States 30 Day Average SOFR + 1.25%), 4.91%, 05/25/2055 (aa) | 280 | 283 |
| Series 5573, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.56%, 09/25/2055 (aa) | 7137 | 7173 |
| Series 5593, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.56%, 11/25/2055 (aa) | 7848 | 7888 |
| Series 5607, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.56%, 12/25/2055 (aa) | 3799 | 3812 |
| Series 5609, Class FC, (United States 30 Day Average SOFR + 0.87%), 4.53%, 12/25/2055 (aa) | 6627 | 6623 |
| FHLMC STRIPs, |  |  |
| Series 365, Class C2, IO, 4.00%, 06/15/2049 | 2930 | 651 |
| Series 399, Class C29, IO, 2.00%, 06/25/2052 | 8396 | 1039 |
| Series 399, Class C30, IO, 2.00%, 06/25/2051 | 65564 | 7763 |
| FNMA Interest STRIP, |  |  |
| Series 379, Class S56, IF, IO, (7.79% - United States 30 Day Average SOFR), 4.12%, 05/25/2037 (aa) | 263 | 37 |
| Series 405, Class 1, PO, Zero Coupon, 10/25/2040 | 219 | 174 |
| Series 406, Class 23, IO, 6.00%, 11/25/2040 (z) | 97 | 20 |
| Series 413, Class C32, IO, 4.00%, 11/25/2039 | 1051 | 156 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** | | |
| Series 429, Class 161, IO, 2.00%, 03/25/2051 | 2430 | 248 |
| Series 429, Class 162, IO, 2.00%, 03/25/2051 | 1886 | 192 |
| Series 429, Class 163, IO, 2.00%, 02/25/2051 | 444 | 45 |
| Series 429, Class 164, IO, 2.00%, 03/25/2051 | 833 | 86 |
| FNMA REMICS, |  |  |
| Series 2001-25, Class FC, (United States 30 Day Average SOFR + 0.91%), 4.58%, 06/25/2031 (aa) | 28 | 28 |
| Series 2007-30, Class JS, IF, IO, (6.33% - United States 30 Day Average SOFR), 2.66%, 04/25/2037 (aa) | 973 | 117 |
| Series 2012-35, Class SP, IF, IO, (6.39% - United States 30 Day Average SOFR), 2.72%, 04/25/2042 (aa) | 1655 | 194 |
| Series 2012-53, Class IO, IO, 3.50%, 05/25/2027 | 52 | 1 |
| Series 2012-135, Class SB, IF, IO, (5.99% - United States 30 Day Average SOFR), 2.32%, 12/25/2042 (aa) | 707 | 76 |
| Series 2013-30, Class CA, 1.50%, 04/25/2043 | 961 | 806 |
| Series 2013-109, Class BO, PO, Zero Coupon, 07/25/2043 | 411 | 247 |
| Series 2014-47, Class FB, (United States 30 Day Average SOFR + 0.46%), 4.15%, 08/25/2054 (aa) | 1641 | 1605 |
| Series 2016-26, Class SY, IF, (6.77% - United States 30 Day Average SOFR), 0.00%, 11/25/2042 (aa) | 514 | 334 |
| Series 2016-40, Class EF, (United States 30 Day Average SOFR + 0.56%), 4.25%, 07/25/2046 (aa) | 381 | 378 |
| Series 2016-63, Class AS, IF, IO, (5.89% - United States 30 Day Average SOFR), 2.22%, 09/25/2046 (aa) | 1113 | 127 |
| Series 2016-68, Class WI, IO, 2.12%, 10/25/2046 (z) | 2635 | 226 |
| Series 2016-71, Class NI, IO, 3.50%, 04/25/2046 | 566 | 63 |
| Series 2017-97, Class BF, (United States 30 Day Average SOFR + 0.41%), 4.08%, 12/25/2047 (aa) | 3495 | 3417 |
| Series 2018-67, Class HF, (United States 30 Day Average SOFR + 0.41%), 4.08%, 09/25/2048 (aa) | 1947 | 1898 |
| Series 2018-67, Class SH, IF, IO, (6.09% - United States 30 Day Average SOFR), 2.42%, 09/25/2048 (aa) | 2421 | 299 |
| Series 2019-47, Class SI, IO, 2.04%, 08/25/2049 (z) | 7628 | 849 |
| Series 2019-48, Class IB, IO, 0.65%, 06/25/2039 (z) | 15593 | 263 |
| Series 2019-53, Class IA, IO, 2.19%, 09/25/2049 (z) | 14816 | 1429 |
| Series 2019-68, Class US, IF, IO, (5.89% - United States 30 Day Average SOFR), 2.22%, 11/25/2049 (aa) | 5493 | 717 |
| Series 2019-78, Class DI, IO, 4.50%, 11/25/2049 | 441 | 80 |
| Series 2020-29, Class SA, IO, 1.87%, 05/25/2050 (z) | 3291 | 189 |
| Series 2020-33, Class IO, IO, 1.87%, 05/25/2050 (z) | 7371 | 435 |
| Series 2020-42, Class CI, IO, 3.00%, 06/25/2050 | 10261 | 1770 |
| Series 2020-60, Class BI, IO, 3.50%, 09/25/2050 | 9345 | 1920 |
| Series 2020-68, Class CI, IO, 3.00%, 10/25/2050 | 7139 | 1260 |
| Series 2020-74, Class PI, IO, 2.00%, 12/25/2049 | 8122 | 959 |
| Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 1234 | 207 |
| Series 2020-89, Class IM, IO, 2.00%, 12/25/2050 | 8519 | 1132 |
| Series 2020-89, Class LI, IO, 3.00%, 12/25/2050 | 9662 | 1791 |
| Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 2257 | 383 |
| Series 2021-8, Class WI, IO, 2.37%, 03/25/2051 (z) | 8459 | 731 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** | | |
| Series 2021-8, Class YF, (United States 30 Day Average SOFR + 0.20%), 3.88%, 03/25/2061 (aa) | 5204 | 5184 |
| Series 2021-36, Class YI, IO, 2.34%, 06/25/2061 (z) | 9899 | 841 |
| Series 2022-52, Class IH, IO, 3.00%, 03/25/2051 | 8731 | 1455 |
| Series 2024-10, Class AF, (United States 30 Day Average SOFR + 0.90%), 4.58%, 12/25/2050 (aa) | 1614 | 1607 |
| Series 2024-38, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.48%, 01/25/2051 (aa) | 4275 | 4290 |
| Series 2024-70, Class AE, 4.50%, 08/25/2052 | 4723 | 4683 |
| Series 2024-91, Class FA, (United States 30 Day Average SOFR + 1.20%), 4.86%, 12/25/2054 (aa) | 632 | 637 |
| Series 2024-94, Class FB, (United States 30 Day Average SOFR + 1.42%), 5.08%, 12/25/2054 (aa) | 513 | 517 |
| Series 2024-103, Class FH, (United States 30 Day Average SOFR + 1.25%), 4.91%, 01/25/2055 (aa) | 415 | 417 |
| Series 2025-68, Class FA, (United States 30 Day Average SOFR + 1.15%), 4.81%, 08/25/2055 (aa) | 2003 | 2017 |
| Series 2025-79, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 10/25/2055 (aa) | 2542 | 2557 |
| Series 2025-92, Class FA, (United States 30 Day Average SOFR + 1.20%), 4.86%, 11/25/2055 (aa) | 3217 | 3246 |
| Series 2025-93, Class FA, (United States 30 Day Average SOFR + 1.10%), 4.76%, 11/25/2055 (aa) | 2314 | 2321 |
| GNMA, |  |  |
| Series 2015-H03, Class FA, (CME Term SOFR 1 Month + 0.61%), 4.28%, 12/20/2064 (aa) | 9 | 9 |
| Series 2015-H33, Class FA, (CME Term SOFR 1 Month + 0.77%), 4.44%, 12/20/2065 (aa) | 2962 | 2966 |
| Series 2017-H03, Class HA, 3.00%, 01/20/2067 | 1275 | 1250 |
| Series 2018-H01, Class FA, (CME Term SOFR 1 Year + 0.87%), 4.39%, 01/20/2068 (aa) | 1648 | 1655 |
| Series 2018-H11, Class FJ, (CME Term SOFR 1 Year + 0.80%), 4.86%, 06/20/2068 (aa) | 187 | 188 |
| Series 2019-65, Class ID, IO, 4.00%, 02/20/2049 | 919 | 111 |
| Series 2019-H01, Class FV, (CME Term SOFR 1 Year + 0.97%), 4.49%, 12/20/2068 (aa) | 72 | 73 |
| Series 2019-H02, Class JA, 3.50%, 12/20/2068 | 1525 | 1464 |
| Series 2019-H06, Class PT, 3.50%, 01/20/2069 (z) | 1432 | 1390 |
| Series 2019-H08, Class FE, (CME Term SOFR 1 Month + 0.76%), 4.43%, 01/20/2069 (aa) | 4297 | 4290 |
| Series 2019-H15, Class GA, 2.25%, 08/20/2069 | 62 | 60 |
| Series 2019-H16, Class FD, (CME Term SOFR 1 Month + 0.91%), 4.58%, 10/20/2069 (aa) | 2001 | 2015 |
| Series 2020-142, Class LI, IO, 2.50%, 09/20/2050 | 8638 | 1218 |
| Series 2020-142, Class MT, IF, IO, (6.04% - CME Term SOFR 1 Month), 0.05%, 07/20/2047 (aa) | 9937 | 18 |
| Series 2020-142, Class TN, IF, IO, (6.09% - CME Term SOFR 1 Month), 0.10%, 09/20/2047 (aa) | 13349 | 51 |
| Series 2020-176, Class FW, (CME Term SOFR 1 Month + 0.41%), 4.00%, 11/20/2050 (aa) | 2258 | 2069 |
| Series 2020-H12, Class F, (CME Term SOFR 1 Month + 0.61%), 4.28%, 07/20/2070 (aa) | 1325 | 1318 |
| Series 2020-H13, Class FA, (CME Term SOFR 1 Month + 0.56%), 4.23%, 07/20/2070 (aa) | 8436 | 8379 |
| Series 2020-H14, Class FH, (CME Term SOFR 1 Month + 1.36%), 5.03%, 08/20/2070 (aa) | 6584 | 6704 |
| Series 2020-H15, Class FH, (CME Term SOFR 1 Month + 1.16%), 4.83%, 07/20/2070 (aa) | 2373 | 2408 |
| Series 2020-H15, Class FK, (CME Term SOFR 1 Month + 1.36%), 5.03%, 04/20/2070 (aa) | 4335 | 4411 |
| Series 2020-H16, Class FN, (CME Term SOFR 1 Month + 1.36%), 5.03%, 09/20/2070 (aa) | 1599 | 1628 |
| Series 2020-H20, Class FA, (CME Term SOFR 1 Month + 0.46%), 4.13%, 04/20/2070 (aa) | 103 | 102 |
| Series 2021-23, Class GI, IO, 2.00%, 02/20/2051 | 9598 | 1134 |
| Series 2021-44, Class TF, (United States 30 Day Average SOFR + 0.30%), 3.97%, 03/20/2051 (aa) | 2110 | 1925 |
| Series 2021-122, Class IT, IO, 2.50%, 07/20/2051 | 9621 | 1385 |
| Series 2021-206, Class IG, IO, 2.50%, 09/20/2051 | 7978 | 660 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** | | |
| Series 2021-223, Class QI, IO, 2.50%, 10/20/2051 | 8413 | 883 |
| Series 2021-H03, Class ML, 5.97%, 01/20/2071 (z) | 3336 | 3374 |
| Series 2021-H05, Class FJ, (United States 30 Day Average SOFR + 0.75%), 4.42%, 03/20/2071 (aa) | 207 | 208 |
| Series 2021-H12, Class DF, (United States 30 Day Average SOFR + 1.50%), 5.17%, 08/20/2071 (aa) | 1923 | 1974 |
| Series 2021-H14, Class HF, (United States 30 Day Average SOFR + 1.50%), 5.17%, 09/20/2071 (aa) | 7457 | 7650 |
| Series 2021-H15, Class HB, 1.25%, 09/20/2065 | 90 | 80 |
| Series 2021-H16, Class F, (United States 30 Day Average SOFR + 1.50%), 5.17%, 09/20/2071 (aa) | 9721 | 9979 |
| Series 2022-H09, Class FA, (United States 30 Day Average SOFR + 0.67%), 4.34%, 04/20/2072 (aa) | 1082 | 1081 |
| Series 2022-H20, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.47%, 08/20/2072 (aa) | 182 | 183 |
| Series 2023-H02, Class FA, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2073 (aa) | 2772 | 2806 |
| Series 2023-H02, Class FL, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2073 (aa) | 8087 | 8183 |
| Series 2023-H02, Class JF, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2073 (aa) | 6322 | 6400 |
| Series 2023-H03, Class FA, (United States 30 Day Average SOFR + 0.87%), 4.54%, 02/20/2073 (aa) | 11051 | 11172 |
| Series 2023-H09, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.47%, 04/20/2073 (aa) | 1715 | 1728 |
| Series 2023-H11, Class FC, (United States 30 Day Average SOFR + 1.10%), 4.77%, 05/20/2073 (aa) | 8085 | 8267 |
| Series 2023-H11, Class FD, (United States 30 Day Average SOFR + 1.15%), 4.82%, 05/20/2073 (aa) | 1396 | 1419 |
| Series 2023-H15, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.67%, 03/20/2073 (aa) | 1992 | 2012 |
| Series 2023-H27, Class FD, (United States 30 Day Average SOFR + 1.10%), 4.77%, 11/20/2073 (aa) | 4302 | 4405 |
| Series 2024-H01, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.57%, 01/20/2074 (aa) | 2777 | 2816 |
| Series 2024-H02, Class FH, (United States 30 Day Average SOFR + 0.93%), 4.60%, 01/20/2074 (aa) | 4887 | 4961 |
| Series 2024-H02, Class FJ, (United States 30 Day Average SOFR + 1.00%), 4.67%, 12/20/2073 (aa) | 3783 | 3825 |
| Series 2024-H07, Class FC, (United States 30 Day Average SOFR + 0.65%), 4.32%, 02/20/2074 (aa) | 1583 | 1584 |
| Series 2024-H11, Class FD, (United States 30 Day Average SOFR + 0.90%), 4.57%, 07/20/2074 (aa) | 2940 | 2981 |
| Series 2025-1, Class NF, (United States 30 Day Average SOFR + 1.10%), 4.77%, 01/20/2055 (aa) | 207 | 208 |
| Series 2025-79, Class NA, 3.50%, 11/20/2049 | 2945 | 2857 |
| Series 2025-H24, Class FA, (United States 30 Day Average SOFR + 0.73%), 4.40%, 02/20/2073 (aa) | 7838 | 7848 |
| Series 2026-H01, Class FL, (United States 30 Day Average SOFR + 0.75%), 4.42%, 11/20/2075 (aa) | 11292 | 11369 |
| Series 2026-H02, Class FA, (United States 30 Day Average SOFR + 0.75%), 4.42%, 01/20/2076 (aa) | 4221 | 4250 |
| Total Agency Collateral CMO |  | 292075 |
| FHLMC REMICS, |  |  |
| Series 4056, Class GS, IF, IO, (6.54% - United States 30 Day Average SOFR), 2.86%, 12/15/2041 (aa) | 213 | 20 |
| Series 4134, Class PI, IO, 3.00%, 11/15/2042 | 345 | 33 |
| Series 4147, Class JI, IO, 3.50%, 12/15/2032 | 2695 | 179 |
| Series 4881, Class IK, IO, 4.00%, 05/15/2049 | 1299 | 249 |
| Series 5013, Class IQ, IO, 3.50%, 09/25/2050 | 3855 | 630 |
| Series 5045, Class DI, IO, 2.50%, 11/25/2050 | 2309 | 329 |
| Series 5056, Class PI, IO, 2.50%, 12/25/2050 | 6817 | 908 |
| Series 5065, Class IG, IO, 3.00%, 01/25/2051 | 2769 | 495 |
| Series 5109, Class IE, IO, 2.50%, 05/25/2051 | 859 | 107 |
| Series 5210, Class AI, IO, 3.50%, 01/25/2042 | 3121 | 339 |
| FNMA REMICS, |  |  |
| Series 2018-77, Class PF, (United States 30 Day Average SOFR + 0.41%), 4.08%, 10/25/2048 (aa) | 1561 | 1523 |
| Series 2020-86, Class PI, IO, 2.50%, 12/25/2050 | 2727 | 408 |
| Series 2020-99, Class IQ, IO, 3.00%, 01/25/2051 | 782 | 134 |
| Series 2021-47, Class PI, IO, 2.50%, 07/25/2051 | 544 | 64 |
| Total Agency Collateral PAC CMO |  | 5418 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral Supp CMO — 0.0%** (g) | | |
| FNMA REMICS, Series 2014-34, Class US, IF, (8.37%—United States 30 Day Average SOFR), 1.05%, 06/25/2044 (aa) | 67 | 56 |
| **WL Collateral CMO — 0.3%** |  |  |
| Citigroup Mortgage Loan Trust, |  |  |
| Series 2021-INV1, Class A3A, 2.50%, 05/25/2051 (e) (z) | 5039 | 4194 |
| Series 2021-INV3, Class A11, (United States 30 Day Average SOFR + 0.85%), 4.51%, 05/25/2051 (e) (aa) | 355 | 332 |
| Cross Mortgage Trust, Series 2026-NQM1, Class A1, 4.70%, 02/25/2061 (e) (z) | 1083 | 1071 |
|  GCAT Trust, Series 2026-NQM2, Class A1, 5.45%, 02/25/2071 (e) (z) | 900 | 900 |
|  GS Mortgage-Backed Securities Trust, |  |  |
|  Series 2021-GR2, Class A2, 2.50%, 02/25/2052 (e) (z) | 909 | 755 |
|  Series 2026-NQM1, Class A1, 4.87%, 03/25/2066 (e) (z) | 679 | 675 |
|  IMS Ecuadorian Mortgage Trust, Series 2021-1, Class GA, 3.40%, 08/18/2043 (e) | 1070 | 1024 |
|  MFA Trust, Series 2020-NQM2, Class A1, 1.38%, 04/25/2065 (e) (z) | 897 | 881 |
|  Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| Series 2021-6, Class A6, (United States 30 Day Average SOFR + 0.85%), 4.52%, 09/25/2051 (e) (aa) | 1545 | 1442 |
| Series 2026-INV1, Class A9, (United States 30 Day Average SOFR + 1.15%), 4.81%, 02/25/2061 (e) (aa) | 9809 | 9807 |
|  Series 2026-NQM1, Class A1, 4.81%, 12/25/2070 (e) (z) | 678 | 672 |
|  Series 2026-NQM3, Class A1, 5.21%, 03/25/2071 (e) (z) | 1200 | 1196 |
| New Residential Mortgage Loan Trust, Series 2026-NQM3, Class A1, 4.83%, 02/25/2066 (e) (z) | 1388 | 1375 |
|  OBX Trust, |  |  |
| Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.90%), 4.56%, 10/25/2051 (e) (aa) | 374 | 350 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/2064 (e) (z) | 3203 | 3218 |
| Series 2026-NQM2, Class A1, 4.82%, 12/01/2065 (e) (z) | 787 | 781 |
| Series 2026-NQM3, Class A1, 4.65%, 01/25/2066 (e) (z) | 989 | 979 |
| Series 2026-NQM4, Class A1, 5.17%, 02/25/2066 (e) (z) | 1400 | 1397 |
| Series 2026-NQM5, Class A1, 5.32%, 01/25/2066 (e) (z) (bb) | 1400 | 1400 |
| PMT Loan Trust, |  |  |
| Series 2021-INV1, Class A11, (United States 30 Day Average SOFR + 0.90%), 4.57%, 07/25/2051 (e) (aa) | 7341 | 6873 |
| Series 2021-INV1, Class A3, 2.50%, 07/25/2051 (e) (z) | 3489 | 2902 |
| PRET Trust, Series 2024-RPL1, Class A1, 3.90%, 10/25/2063 (e) (z) | 756 | 721 |
| PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 3104 | 3098 |
| PRPM Trust, Series 2024-NQM2, Class A1, SUB, 6.33%, 06/25/2069 (e) | 663 | 669 |
| Total WL Collateral CMO |  | 46712 |
| Total Collateralized Mortgage Obligations (Cost $359,175) |  | 344261 |
| **Commercial Mortgage-Backed Securities — 0.3%** |  |  |
|  **Commercial MBS — 0.3%** |  |  |
| AREIT Ltd., (Bermuda), Series 2023-CRE8, Class A, (CME Term SOFR 1 Month + 2.11%), 5.79%, 08/17/2041 (e) (aa) | 504 | 504 |
| BANK, |  |  |
| Series 2017-BNK7, Class AS, 3.75%, 09/15/2060 | 750 | 726 |
| Series 2018-BN13, Class A5, 4.22%, 08/15/2061 (z) | 500 | 496 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |
| **Commercial MBS — continued** | | |
| Series 2018-BN15, Class A4, 4.41%, 11/15/2061 (z) | 1235 | 1231 |
| Series 2024-BNK47, Class A5, 5.72%, 06/15/2057 | 1660 | 1737 |
| Barclays Commercial Mortgage Trust, |  |  |
| Series 2019-C5, Class A4, 3.06%, 11/15/2052 | 1000 | 948 |
| Series 2019-C5, Class ASB, 2.99%, 11/15/2052 | 332 | 326 |
| BBCMS Mortgage Trust, |  |  |
| Series 2020-C6, Class ASB, 2.60%, 02/15/2053 | 463 | 448 |
| Series 2020-C7, Class A5, 2.04%, 04/15/2053 | 210 | 189 |
| BCP Trust, Series 2021-330N, Class A, (CME Term SOFR 1 Month + 0.91%), 4.59%, 06/15/2038 (e) (aa) | 2800 | 2546 |
| Benchmark Mortgage Trust, |  |  |
| Series 2020-B16, Class AM, 2.94%, 02/15/2053 (z) | 350 | 319 |
| Series 2020-B17, Class A5, 2.29%, 03/15/2053 | 500 | 451 |
| Series 2020-B20, Class A5, 2.03%, 10/15/2053 | 750 | 662 |
| BMO Mortgage Trust, Series 2023-C5, Class A5, 5.77%, 06/15/2056 | 832 | 862 |
| BWAY Mortgage Trust, Series 2021-1450, Class A, (CME Term SOFR 1 Month + 1.36%), 5.04%, 09/15/2036 (e) (aa) | 4600 | 4525 |
| BX Commercial Mortgage Trust, Series 2021-21M, Class A, (CME Term SOFR 1 Month + 0.84%), 4.52%, 10/15/2036 (e) (aa) | 893 | 892 |
| CD Mortgage Trust, Series 2017-CD5, Class AAB, 3.22%, 08/15/2050 | 191 | 190 |
| CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/2050 | 1100 | 1085 |
| Citigroup Commercial Mortgage Trust, Series 2019-GC41, Class AS, 3.02%, 08/10/2056 | 250 | 230 |
| CSMC, Series 2020-FACT, Class A, (CME Term SOFR 1 Month + 1.96%), 5.64%, 10/15/2037 (e) (aa) | 2100 | 2074 |
| FHLMC Multifamily Structured Pass Through Certificates, |  |  |
| Series K057, Class A2, 2.57%, 07/25/2026 | 688 | 685 |
| Series K063, Class A2, 3.43%, 01/25/2027 (z) | 991 | 985 |
| Series K071, Class A2, 3.29%, 11/25/2027 | 500 | 494 |
| Series K073, Class A2, 3.35%, 01/25/2028 | 1000 | 987 |
| Series K075, Class A2, 3.65%, 02/25/2028 (z) | 500 | 496 |
| Series K094, Class A2, 2.90%, 06/25/2029 | 112 | 108 |
| Series K103, Class A2, 2.65%, 11/25/2029 | 500 | 475 |
| Series K108, Class A2, 1.52%, 03/25/2030 | 304 | 276 |
| Series K117, Class A2, 1.41%, 08/25/2030 | 1500 | 1335 |
| Series K118, Class A2, 1.49%, 09/25/2030 | 500 | 446 |
| Series K755, Class A2, 5.20%, 02/25/2031 | 2000 | 2077 |
| Series KJ50, Class A2, 4.23%, 10/25/2034 (z) | 5900 | 5810 |
| Series Q034, Class APT2, 2.94%, 07/25/2054 (z) | 5312 | 5160 |
| Series K-152, Class A2, 3.78%, 11/25/2032 (z) | 2500 | 2411 |
| Series K-161, Class A2, 4.90%, 10/25/2033 (z) | 1500 | 1536 |
| FNMA-ACES, |  |  |
| Series 2017-M11, Class A2, 2.98%, 08/25/2029 | 822 | 793 |
| Series 2017-M12, Class A2, 3.07%, 06/25/2027 (z) | 67 | 66 |
| Series 2017-M13, Class A2, 2.93%, 09/25/2027 (z) | 445 | 438 |
| Series 2018-M8, Class A2, 3.31%, 06/25/2028 (z) | 787 | 775 |
| Series 2020-M46, Class A2, 1.32%, 05/25/2030 | 970 | 877 |
| GS Mortgage Securities Trust, Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 250 | 237 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 | 83 | 82 |
| Series 2016-C32, Class A4, 3.72%, 12/15/2049 | 1000 | 994 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — continued** |  |  |  |
| **Commercial MBS — continued** | | | |
| UBS Commercial Mortgage Trust, |  |  |  |
| Series 2018-C11, Class AS, 4.49%, 06/15/2051 (z) |  | 1463 | 1430 |
| Series 2018-C11, Class ASB, 4.12%, 06/15/2051 |  | 273 | 272 |
| Series 2018-C12, Class A5, 4.30%, 08/15/2051 |  | 1380 | 1369 |
| Wells Fargo Commercial Mortgage Trust, |  |  |  |
| Series 2017-C39, Class A5, 3.42%, 09/15/2050 |  | 1000 | 984 |
| Series 2017-C40, Class A4, 3.58%, 10/15/2050 |  | 550 | 542 |
| Series 2018-C44, Class A5, 4.21%, 05/15/2051 |  | 1000 | 992 |
| Series 2021-C60, Class A4, 2.34%, 08/15/2054 |  | 550 | 489 |
| Total Commercial MBS |  |  | 54062 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $56,469) |  |  | 54062 |
| **Corporate Bonds — 13.8%** |  |  |  |
| **Basic Materials — 0.3%** |  |  |  |
| **Chemicals — 0.1%** |  |  |  |
|  Air Products and Chemicals, Inc., |  |  |  |
|  2.05%, 05/15/2030 |  | 45 | 41 |
|  2.80%, 05/15/2050 |  | 13 | 8 |
|  3.25%, 06/16/2032 | EUR | 5800 | 6523 |
|  4.00%, 03/03/2035 | EUR | 900 | 1043 |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028 (e) |  | 370 | 372 |
|  Ecolab, Inc., |  |  |  |
|  1.30%, 01/30/2031 |  | 26 | 22 |
|  2.13%, 02/01/2032 |  | 75 | 66 |
|  2.70%, 12/15/2051 |  | 6 | 4 |
|  Linde Finance BV, (Netherlands), Reg. S, 0.25%, 05/19/2027 | EUR | 200 | 224 |
|  Linde plc, (Ireland), Reg. S, 0.00%, 09/30/2026 | EUR | 500 | 571 |
|  Nutrien Ltd., (Canada), |  |  |  |
|  4.13%, 03/15/2035 |  | 805 | 738 |
|  5.25%, 03/12/2032 |  | 1000 | 1021 |
|  RPM International, Inc., |  |  |  |
|  2.95%, 01/15/2032 |  | 50 | 45 |
|  3.75%, 03/15/2027 |  | 190 | 188 |
|  4.25%, 01/15/2048 |  | 48 | 38 |
|  4.55%, 03/01/2029 |  | 50 | 50 |
|  Sherwin-Williams Co. (The), 4.80%, 09/01/2031 |  | 20 | 20 |
|  Yara International ASA, (Norway), 3.15%, 06/04/2030 (e) |  | 2000 | 1862 |
|  |  |  | 12836 |
| **Iron/Steel — 0.0%** (g) |  |  |  |
| ArcelorMittal SA, (Luxembourg), |  |  |  |
| Reg. S, 3.25%, 09/30/2030 | EUR | 335 | 378 |
| Reg. S, 3.50%, 12/13/2031 | EUR | 110 | 125 |
| Steel Dynamics, Inc., 3.25%, 01/15/2031 |  | 120 | 112 |
|  |  |  | 615 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Mining — 0.2%** | | | |
| Anglo American Capital plc, (United Kingdom), Reg. S, 4.75%, 09/21/2032 | EUR | 2195 | 2633 |
| Barrick PD Australia Finance Pty Ltd., (Australia), 5.95%, 10/15/2039 |  | 920 | 944 |
|  BHP Billiton Finance USA Ltd., (Australia), |  |  |  |
| 4.75%, 02/28/2028 |  | 10 | 10 |
| 5.25%, 09/08/2030 |  | 9 | 9 |
| 5.30%, 02/21/2035 |  | 1510 | 1538 |
|  Freeport-McMoRan, Inc., |  |  |  |
| 4.13%, 03/01/2028 |  | 1500 | 1489 |
| 5.40%, 11/14/2034 |  | 4 | 4 |
| 5.45%, 03/15/2043 |  | 65 | 62 |
| Glencore Capital Finance DAC, (Ireland), |  |  |  |
| Reg. S, 3.67%, 10/06/2032 | EUR | 1504 | 1699 |
| Reg. S, 3.75%, 02/04/2032 | EUR | 5532 | 6311 |
| Reg. S, 4.15%, 04/29/2031 | EUR | 800 | 940 |
| Kinross Gold Corp., (Canada), 6.25%, 07/15/2033 |  | 1070 | 1140 |
| Newmont Corp. / Newcrest Finance Pty Ltd, 5.35%, 03/15/2034 |  | 450 | 463 |
| Norsk Hydro ASA, (Norway), |  |  |  |
| Reg. S, 2.00%, 04/11/2029 | EUR | 1469 | 1628 |
| Reg. S, 3.63%, 01/23/2032 | EUR | 3200 | 3657 |
| Rio Tinto Finance USA Ltd., (Australia), 2.75%, 11/02/2051 |  | 26 | 16 |
|  Rio Tinto Finance USA plc, (United Kingdom), |  |  |  |
| 4.88%, 03/14/2030 |  | 800 | 813 |
| 5.00%, 03/14/2032 |  | 720 | 734 |
| 5.25%, 03/14/2035 |  | 70 | 71 |
| 5.75%, 03/14/2055 |  | 50 | 50 |
| Silfin NV, (Belgium), Reg. S, 5.13%, 07/17/2030 | EUR | 2500 | 2985 |
| Southern Copper Corp., 5.25%, 11/08/2042 |  | 127 | 117 |
| 5.88%, 04/23/2045 |  | 60 | 59 |
| Yamana Gold, Inc., (Canada), 2.63%, 08/15/2031 |  | 2705 | 2396 |
|  |  |  | 29768 |
| Total Basic Materials |  |  | 43219 |
| **Communications — 0.8%** |  |  |  |
| **Advertising — 0.0%** (g) |  |  |  |
| Omnicom Group, Inc., 5.30%, 11/01/2034 |  | 62 | 61 |
| Publicis Groupe SA, (France), Reg. S, 3.38%, 06/12/2032 | EUR | 100 | 112 |
|  |  |  | 173 |
| **Internet — 0.2%** |  |  |  |
| Airbnb, Inc., 5.25%, 03/16/2036 |  | 80 | 80 |
| Alibaba Group Holding Ltd., (Cayman Islands), 5.25%, 05/26/2035 |  | 175 | 180 |
|  Alphabet, Inc., |  |  |  |
| 1.90%, 08/15/2040 |  | 700 | 468 |
| 2.25%, 08/15/2060 |  | 195 | 98 |
| 3.38%, 05/06/2037 | EUR | 900 | 988 |
| 3.88%, 05/06/2045 | EUR | 1400 | 1504 |
| 4.00%, 11/06/2044 | EUR | 4100 | 4493 |
| 4.13%, 02/13/2029 | GBP | 2400 | 3124 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Internet — continued** | | | |
| 4.70%, 11/15/2035 |  | 210 | 208 |
| 5.30%, 05/15/2065 |  | 40 | 37 |
| 5.35%, 11/15/2045 |  | 255 | 250 |
| 5.45%, 11/15/2055 |  | 430 | 417 |
| 5.50%, 11/13/2041 | GBP | 1100 | 1385 |
| 5.50%, 02/15/2046 |  | 220 | 218 |
| 5.65%, 02/15/2056 |  | 120 | 120 |
| 5.70%, 11/15/2075 |  | 125 | 122 |
| 5.75%, 02/15/2066 |  | 65 | 64 |
| 5.88%, 02/13/2058 | GBP | 1200 | 1503 |
|  Amazon.com, Inc., |  |  |  |
| 3.70%, 03/16/2035 | EUR | 2200 | 2514 |
| 4.45%, 03/16/2045 | EUR | 1500 | 1708 |
| 4.88%, 03/13/2036 |  | 485 | 481 |
| 5.65%, 03/13/2046 |  | 335 | 334 |
| 5.80%, 03/13/2056 |  | 600 | 602 |
| 5.95%, 03/13/2066 |  | 605 | 608 |
| 6.05%, 03/13/2076 |  | 665 | 663 |
|  AppLovin Corp., |  |  |  |
| 5.38%, 12/01/2031 |  | 100 | 101 |
| 5.50%, 12/01/2034 |  | 71 | 71 |
| Beignet Investor LLC, 6.58%, 05/30/2049 (e) |  | 5879 | 6046 |
| Booking Holdings, Inc., 4.13%, 05/09/2038 | EUR | 2000 | 2238 |
| Expedia Group, Inc., 4.63%, 08/01/2027 |  | 700 | 701 |
| MercadoLibre, Inc., 4.90%, 01/15/2033 |  | 92 | 89 |
|  Meta Platforms, Inc., |  |  |  |
| 4.55%, 08/15/2031 |  | 95 | 95 |
| 4.88%, 11/15/2035 |  | 70 | 69 |
| 5.50%, 11/15/2045 |  | 1545 | 1464 |
| 5.55%, 08/15/2064 |  | 255 | 230 |
| 5.63%, 11/15/2055 |  | 525 | 494 |
| 5.75%, 11/15/2065 |  | 685 | 637 |
| Netflix, Inc., 5.40%, 08/15/2054 |  | 20 | 19 |
| Prosus NV, (Netherlands), |  |  |  |
| Reg. S, 1.29%, 07/13/2029 | EUR | 468 | 499 |
| Reg. S, 1.54%, 08/03/2028 | EUR | 1000 | 1100 |
| Reg. S, 2.78%, 01/19/2034 | EUR | 700 | 720 |
|  Uber Technologies, Inc., |  |  |  |
| 4.80%, 09/15/2035 |  | 15 | 14 |
| 5.35%, 09/15/2054 |  | 15 | 14 |
|  VeriSign, Inc., |  |  |  |
| 2.70%, 06/15/2031 |  | 129 | 115 |
| 4.75%, 07/15/2027 |  | 27 | 27 |
| 5.25%, 06/01/2032 |  | 86 | 87 |
|  |  |  | 36999 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Media — 0.2%** | | | |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, |  |  |  |
| 3.50%, 03/01/2042 |  | 914 | 627 |
| 3.95%, 06/30/2062 |  | 405 | 238 |
| 5.13%, 07/01/2049 |  | 1245 | 958 |
| 5.75%, 04/01/2048 |  | 410 | 343 |
| 6.65%, 02/01/2034 |  | 1550 | 1618 |
|  Comcast Corp., |  |  |  |
| 0.25%, 09/14/2029 | EUR | 3100 | 3219 |
| 1.50%, 02/15/2031 |  | 90 | 78 |
| 1.88%, 02/20/2036 | GBP | 575 | 535 |
| 1.95%, 01/15/2031 |  | 2995 | 2657 |
| 2.94%, 11/01/2056 |  | 35 | 20 |
| 3.20%, 07/15/2036 |  | 5 | 4 |
| 4.25%, 10/15/2030 |  | 40 | 40 |
| 5.10%, 06/01/2029 |  | 20 | 20 |
| Cox Communications, Inc., 5.45%, 09/01/2034 (e) |  | 985 | 946 |
| FactSet Research Systems, Inc., 2.90%, 03/01/2027 |  | 955 | 938 |
|  Fox Corp., |  |  |  |
| 5.48%, 01/25/2039 |  | 108 | 105 |
| 5.58%, 01/25/2049 |  | 11 | 10 |
| 6.50%, 10/13/2033 |  | 164 | 176 |
| Informa plc, (United Kingdom), Reg. S, 3.13%, 07/05/2026 | GBP | 1100 | 1450 |
| News Corp., 3.88%, 05/15/2029 (e) |  | 1170 | 1129 |
| Pearson Funding plc, (United Kingdom), Reg. S, 5.38%, 09/12/2034 | GBP | 1100 | 1379 |
| RAI-Radiotelevisione Italiana SpA, (Italy), Reg. S, 4.38%, 07/10/2029 | EUR | 100 | 118 |
| TDF Infrastructure SAS, (France), |  |  |  |
| Reg. S, 1.75%, 12/01/2029 | EUR | 2300 | 2458 |
| Reg. S, 3.63%, 12/16/2030 | EUR | 1700 | 1929 |
|  Time Warner Cable LLC, |  |  |  |
| 4.50%, 09/15/2042 |  | 220 | 165 |
| 5.50%, 09/01/2041 |  | 800 | 690 |
|  |  |  | 21850 |
| **Telecommunications — 0.4%** |  |  |  |
|  America Movil SAB de CV, (Mexico), |  |  |  |
| 2.13%, 03/10/2028 | EUR | 1300 | 1468 |
| 4.38%, 08/07/2041 | GBP | 1500 | 1588 |
| 4.70%, 07/21/2032 |  | 200 | 197 |
| 5.00%, 10/27/2026 | GBP | 1200 | 1588 |
|  AT&T, Inc., |  |  |  |
| 2.05%, 05/19/2032 | EUR | 200 | 210 |
| 3.50%, 06/01/2041 |  | 2140 | 1662 |
| 3.65%, 06/01/2051 |  | 1800 | 1239 |
| 4.25%, 06/01/2043 | GBP | 200 | 202 |
| 4.30%, 12/15/2042 |  | 12 | 10 |
| 5.40%, 02/15/2034 |  | 1280 | 1309 |
| 5.70%, 11/01/2054 |  | 87 | 81 |
| 7.00%, 04/30/2040 | GBP | 400 | 557 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Telecommunications — continued** | | | |
|  Cisco Systems, Inc., |  |  |  |
| 5.10%, 02/24/2035 |  | 71 | 72 |
| 5.50%, 02/24/2055 |  | 20 | 19 |
| Corning, Inc., 5.45%, 11/15/2079 |  | 11 | 10 |
| Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030 |  | 75 | 86 |
| 9.25%, 06/01/2032 |  | 24 | 29 |
| Elisa OYJ, (Finland), Reg. S, 2.88%, 05/14/2030 | EUR | 875 | 987 |
| Emirates Telecommunications Group Co. PJSC, (United Arab Emirates), |  |  |  |
| Reg. S, 0.88%, 05/17/2033 | EUR | 1600 | 1515 |
| Reg. S, 2.75%, 06/18/2026 | EUR | 600 | 690 |
| Koninklijke KPN NV, (Netherlands), |  |  |  |
| Reg. S, 3.88%, 07/03/2031 | EUR | 200 | 234 |
| Reg. S, 3.88%, 02/16/2036 | EUR | 1500 | 1705 |
|  Motorola Solutions, Inc., |  |  |  |
| 2.75%, 05/24/2031 |  | 140 | 127 |
| 5.40%, 04/15/2034 |  | 1180 | 1195 |
| NBN Co. Ltd., (Australia), |  |  |  |
| Reg. S, 4.13%, 03/15/2029 | EUR | 2000 | 2368 |
| Reg. S, 5.35%, 03/06/2035 | AUD | 500 | 332 |
|  NTT Finance Corp., (Japan), |  |  |  |
| 2.91%, 03/16/2029 (e) | EUR | 1900 | 2169 |
| Reg. S, 4.09%, 07/16/2037 | EUR | 500 | 573 |
| 4.57%, 07/16/2027 (e) |  | 1080 | 1082 |
| 4.88%, 07/16/2030 (e) |  | 1395 | 1404 |
| Optus Finance Pty Ltd., (Australia), Reg. S, 1.00%, 06/20/2029 | EUR | 1400 | 1498 |
| Orange SA, (France), |  |  |  |
| Reg. S, 3.25%, 01/15/2032 | GBP | 1100 | 1305 |
| 9.00%, 03/01/2031 |  | 120 | 142 |
| OTE plc, (United Kingdom), Reg. S, 0.88%, 09/24/2026 | EUR | 100 | 115 |
| Proximus SADP, (Belgium), |  |  |  |
| Reg. S, 0.75%, 11/17/2036 | EUR | 200 | 170 |
| Reg. S, 3.75%, 03/27/2034 | EUR | 400 | 453 |
| Reg. S, 3.75%, 04/08/2035 | EUR | 200 | 223 |
| Reg. S, 4.00%, 03/08/2030 | EUR | 200 | 235 |
| Reg. S, 4.13%, 11/17/2033 | EUR | 300 | 351 |
| Rogers Communications, Inc., (Canada), 5.30%, 02/15/2034 |  | 1550 | 1547 |
|  Sprint Capital Corp., |  |  |  |
| 6.88%, 11/15/2028 |  | 2621 | 2771 |
| 8.75%, 03/15/2032 |  | 90 | 107 |
| Swisscom AG, (Switzerland), Reg. S, 0.13%, 09/15/2032 | CHF | 430 | 519 |
| Swisscom Finance BV, (Netherlands), Reg. S, 3.88%, 05/29/2044 | EUR | 2875 | 3110 |
| Telefonaktiebolaget LM Ericsson, (Sweden), Reg. S, 1.00%, 05/26/2029 | EUR | 5130 | 5442 |
| Telekom Finanzmanagement GmbH, (Austria), Reg. S, 1.50%, 12/07/2026 | EUR | 200 | 229 |
| Telenor ASA, (Norway), Reg. S, 3.38%, 04/01/2032 | EUR | 8575 | 9790 |
| Telia Co. AB, (Sweden), Reg. S, 2.13%, 02/20/2034 | EUR | 700 | 715 |
| Telstra Group Ltd., (Australia), |  |  |  |
| Reg. S, 1.00%, 04/23/2030 | EUR | 997 | 1049 |
| Reg. S, 1.38%, 03/26/2029 | EUR | 223 | 244 |
| Reg. S, 3.50%, 09/03/2036 | EUR | 185 | 206 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** | | | |
| **Telecommunications — continued** | | | |
|  T-Mobile USA, Inc., |  |  |  |
| 3.30%, 02/15/2051 |  | 10 | 7 |
| 3.60%, 11/15/2060 |  | 174 | 113 |
| 3.88%, 04/15/2030 |  | 3575 | 3482 |
| 4.38%, 04/15/2040 |  | 242 | 213 |
| 4.50%, 04/15/2050 |  | 100 | 81 |
| 5.15%, 04/15/2034 |  | 10 | 10 |
| 5.50%, 01/15/2055 |  | 105 | 97 |
| 5.88%, 11/15/2055 |  | 24 | 23 |
|  Verizon Communications, Inc., |  |  |  |
| 1.68%, 10/30/2030 |  | 8 | 7 |
| 2.10%, 03/22/2028 |  | 27 | 26 |
| 2.50%, 04/08/2031 | GBP | 1000 | 1159 |
| 2.55%, 03/21/2031 |  | 437 | 397 |
| 2.65%, 11/20/2040 |  | 655 | 460 |
| 2.99%, 10/30/2056 |  | 130 | 76 |
| 3.88%, 03/01/2052 |  | 370 | 270 |
| 4.02%, 12/03/2029 |  | 2 | 2 |
| (ICE EURIBOR Swap Rate 5 Year + 1.72%), 4.25%, 08/15/2056 (aa) | EUR | 4300 | 4803 |
| 4.78%, 02/15/2035 |  | 40 | 39 |
| (UK Gilts 5 Year + 1.82%), 5.74%, 06/15/2056 (aa) | GBP | 3200 | 4086 |
| 5.88%, 11/30/2055 |  | 2120 | 2065 |
|  |  |  | 72345 |
| Total Communications |  |  | 131367 |
|  **Consumer Cyclical** — **0.8%** |  |  |  |
|  **Airlines** — **0.0%**(g) |  |  |  |
| Delta Air Lines, Inc. / SkyMiles IP Ltd., (Multinational), 4.75%, 10/20/2028 (e) |  | 2548 | 2544 |
| Southwest Airlines Co., 5.13%, 06/15/2027 |  | 1150 | 1154 |
| United Airlines, Inc., 4.63%, 04/15/2029 (e) |  | 360 | 353 |
|  |  |  | 4051 |
|  **Apparel** — **0.1%** |  |  |  |
| LVMH Moet Hennessy Louis Vuitton SE, (France), Reg. S, 1.13%, 02/11/2027 | GBP | 1200 | 1540 |
| Project Cashmere, (Australia), Class A1, Reg. S, 4.54%, 12/30/2057 (e) (bb) | AUD | 22600 | 15593 |
| Tapestry, Inc., |  |  |  |
| 5.10%, 03/11/2030 |  | 55 | 56 |
| 5.50%, 03/11/2035 |  | 235 | 235 |
|  |  |  | 17424 |
| **Auto Manufacturers — 0.4%** |  |  |  |
|  American Honda Finance Corp., |  |  |  |
| 1.50%, 10/19/2027 | GBP | 2300 | 2879 |
| 2.85%, 06/27/2028 | EUR | 2000 | 2277 |
| 3.30%, 03/21/2029 | EUR | 2700 | 3084 |
| 3.75%, 10/25/2027 | EUR | 3300 | 3844 |
| 3.95%, 03/19/2032 | EUR | 600 | 686 |
| Cummins, Inc., 5.45%, 02/20/2054 |  | 22 | 21 |
| Ford Motor Co., 3.25%, 02/12/2032 |  | 700 | 608 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Auto Manufacturers — continued** | | | |
|  Ford Motor Credit Co. LLC, |  |  |  |
| 4.00%, 11/13/2030 |  | 545 | 507 |
| 4.07%, 08/21/2030 | EUR | 1000 | 1141 |
| 4.45%, 02/14/2030 | EUR | 1975 | 2286 |
| 4.45%, 09/16/2032 | EUR | 10000 | 11419 |
| 4.95%, 05/28/2027 |  | 3065 | 3064 |
| 4.97%, 04/06/2029 |  | 1950 | 1926 |
| 5.73%, 09/05/2030 |  | 280 | 280 |
| 5.88%, 11/07/2029 |  | 1800 | 1823 |
| 6.80%, 11/07/2028 |  | 200 | 207 |
| 7.35%, 03/06/2030 |  | 1120 | 1181 |
|  General Motors Co., |  |  |  |
| 5.20%, 04/01/2045 |  | 560 | 487 |
| 6.60%, 04/01/2036 |  | 520 | 553 |
|  General Motors Financial Co., Inc., |  |  |  |
| 2.35%, 02/26/2027 |  | 10 | 10 |
| 2.70%, 08/20/2027 |  | 1450 | 1413 |
| 2.70%, 06/10/2031 |  | 585 | 525 |
| 5.00%, 04/09/2027 |  | 1120 | 1125 |
| 5.35%, 01/07/2030 |  | 3200 | 3258 |
|  Hyundai Capital America, |  |  |  |
| 4.25%, 09/18/2028 (e) |  | 345 | 342 |
| 4.88%, 11/01/2027 (e) |  | 1815 | 1822 |
| 4.90%, 06/23/2028 (e) |  | 2295 | 2305 |
| 5.00%, 01/07/2028 (e) |  | 1750 | 1762 |
| 6.50%, 01/16/2029 (e) |  | 1085 | 1133 |
| Mercedes-Benz Group AG, (Germany), Reg. S, 1.13%, 11/06/2031 | EUR | 15 | 15 |
| RCI Banque SA, (France), Reg. S, 1.13%, 01/15/2027 | EUR | 800 | 912 |
| Stellantis Finance US, Inc., 2.69%, 09/15/2031 (e) |  | 635 | 537 |
| Volkswagen Bank GmbH, (Germany), Reg. S, 4.63%, 05/03/2031 | EUR | 1900 | 2242 |
| Volkswagen Financial Services AG, (Germany), Reg. S, 2.25%, 10/16/2026 | EUR | 10 | 12 |
| Volkswagen Financial Services NV, (Netherlands), Reg. S, 1.13%, 07/05/2026 | GBP | 1000 | 1312 |
| Volkswagen Group of America Finance LLC, |  |  |  |
| 4.55%, 09/11/2028 (e) |  | 1140 | 1137 |
| 5.30%, 03/22/2027 (e) |  | 1540 | 1552 |
| Volkswagen International Finance NV, (Netherlands), Reg. S, (EUR Swap Rate 9 Year + 3.96%), 3.88%, 06/17/2029 (x) (aa) | EUR | 2000 | 2224 |
| Volkswagen Leasing GmbH, (Germany), Reg. S, 0.38%, 07/20/2026 | EUR | 1500 | 1721 |
|  |  |  | 63632 |
| **Auto Parts & Equipment — 0.1%** |  |  |  |
| Cie Generale des Etablissements Michelin SCA, (France), Reg. S, 0.63%, 11/02/2040 | EUR | 300 | 215 |
| Magna International, Inc., (Canada), 4.38%, 03/17/2032 | EUR | 2325 | 2757 |
| Robert Bosch GmbH, (Germany), Reg. S, 4.00%, 06/02/2035 | EUR | 4500 | 5157 |
| Robert Bosch Investment Nederland BV, (Netherlands), Reg. S, 4.00%, 05/28/2037 | EUR | 2800 | 3162 |
|  |  |  | 11291 |
| **Distribution/Wholesale — 0.0%** (g) |  |  |  |
| LKQ Corp., 5.75%, 06/15/2028 |  | 75 | 76 |
| WW Grainger, Inc., 4.45%, 09/15/2034 |  | 120 | 118 |
|  |  |  | 194 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Entertainment — 0.1%** |  |  |  |
| ITV plc, (United Kingdom), Reg. S, 4.25%, 06/19/2032 | EUR | 8244 | 9521 |
| Penn Entertainment, Inc., 6.75%, 04/01/2031 (e) |  | 530 | 515 |
|  Smithsonian Institution, |  |  |  |
| 1.51%, 09/01/2026 |  | 25 | 25 |
| 1.61%, 09/01/2027 |  | 35 | 34 |
| 1.87%, 09/01/2029 |  | 1000 | 927 |
| 1.97%, 09/01/2031 |  | 235 | 205 |
| 2.65%, 09/01/2039 |  | 150 | 117 |
|  |  |  | 11344 |
| **Food Service — 0.0%** (g) |  |  |  |
| Compass Group plc, (United Kingdom), Reg. S, 2.00%, 07/03/2029 | GBP | 2500 | 3045 |
| **Home Builders — 0.0%** (g) |  |  |  |
| Berkeley Group plc (The), (United Kingdom), Reg. S, 2.50%, 08/11/2031 | GBP | 172 | 192 |
| NVR, Inc., 3.00%, 05/15/2030 |  | 132 | 124 |
| PulteGroup, Inc., |  |  |  |
| 6.38%, 05/15/2033 |  | 24 | 26 |
| 7.88%, 06/15/2032 |  | 30 | 34 |
| Sekisui House US, Inc., 6.00%, 01/15/2043 |  | 5 | 5 |
| Toll Brothers Finance Corp., |  |  |  |
| 3.80%, 11/01/2029 |  | 50 | 48 |
| 5.60%, 06/15/2035 |  | 30 | 31 |
|  |  |  | 460 |
|  **Leisure Time** — **0.0%**(g) |  |  |  |
| Royal Caribbean Cruises Ltd., (Liberia), 5.38%, 01/15/2036 |  | 46 | 45 |
|  **Lodging** — **0.1%** |  |  |  |
|  Hyatt Hotels Corp., |  |  |  |
| 4.38%, 09/15/2028 |  | 10 | 10 |
| 5.25%, 06/30/2029 |  | 275 | 279 |
| 5.75%, 03/30/2032 |  | 30 | 31 |
| IHG Finance LLC, Reg. S, 4.38%, 11/28/2029 | EUR | 4496 | 5297 |
| Las Vegas Sands Corp., |  |  |  |
| 5.63%, 06/15/2028 |  | 1680 | 1702 |
| 6.00%, 06/14/2030 |  | 11 | 11 |
|  Marriott International, Inc., |  |  |  |
| 5.00%, 10/15/2027 |  | 745 | 752 |
| 5.25%, 10/15/2035 |  | 92 | 92 |
| 5.35%, 03/15/2035 |  | 68 | 68 |
| 5.45%, 09/15/2026 |  | 87 | 87 |
| 5.50%, 04/15/2037 |  | 39 | 39 |
| Series HH, 2.85%, 04/15/2031 |  | 624 | 571 |
| Whitbread Group plc, (United Kingdom), Reg. S, 2.38%, 05/31/2027 | GBP | 1000 | 1277 |
|  |  |  | 10216 |
| **Retail — 0.0%** (g) |  |  |  |
| Alimentation Couche-Tard, Inc., (Canada), 5.27%, 02/12/2034 (e) |  | 560 | 563 |
|  AutoNation, Inc., |  |  |  |
| 4.45%, 01/15/2029 |  | 2690 | 2668 |
| 4.75%, 06/01/2030 |  | 1300 | 1291 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Retail — continued** | | | |
|  AutoZone, Inc., |  |  |  |
| 1.65%, 01/15/2031 |  | 2595 | 2253 |
| 5.20%, 08/01/2033 |  | 25 | 25 |
| 5.40%, 07/15/2034 |  | 30 | 31 |
|  Darden Restaurants, Inc., |  |  |  |
| 4.35%, 10/15/2027 |  | 20 | 20 |
| 4.55%, 10/15/2029 |  | 55 | 55 |
| 6.30%, 10/10/2033 |  | 20 | 21 |
|  Dick's Sporting Goods, Inc., |  |  |  |
| 3.15%, 01/15/2032 |  | 13 | 12 |
| 4.10%, 01/15/2052 |  | 30 | 21 |
| Ferguson Enterprises, Inc., 5.00%, 10/03/2034 |  | 90 | 89 |
| Genuine Parts Co., 4.95%, 08/15/2029 |  | 490 | 489 |
| H & M Hennes & Mauritz AB, (Sweden), Reg. S, 3.40%, 10/31/2033 | EUR | 422 | 467 |
| Home Depot, Inc. (The), 4.20%, 04/01/2043 |  | 800 | 677 |
| McDonald's Corp., 4.60%, 05/26/2045 |  | 20 | 17 |
|  O'Reilly Automotive, Inc., |  |  |  |
| 3.90%, 06/01/2029 |  | 2 | 2 |
| 4.20%, 04/01/2030 |  | 8 | 8 |
| 4.70%, 06/15/2032 |  | 6 | 6 |
| Walmart, Inc., 4.90%, 04/28/2035 |  | 200 | 203 |
| Wesfarmers Ltd., (Australia), Reg. S, 0.95%, 10/21/2033 | EUR | 290 | 272 |
|  |  |  | 9190 |
| Total Consumer Cyclical |  |  | 130892 |
| **Consumer Non-cyclical — 1.6%** |  |  |  |
| **Agriculture — 0.3%** |  |  |  |
|  Altria Group, Inc., |  |  |  |
| 3.40%, 05/06/2030 |  | 50 | 48 |
| 3.40%, 02/04/2041 |  | 75 | 57 |
| 3.70%, 02/04/2051 |  | 110 | 76 |
| 3.88%, 09/16/2046 |  | 95 | 70 |
| 4.00%, 02/04/2061 |  | 60 | 42 |
| 5.80%, 02/14/2039 |  | 6 | 6 |
| 5.95%, 02/14/2049 |  | 18 | 17 |
| 6.20%, 02/14/2059 |  | 28 | 27 |
|  BAT Capital Corp., |  |  |  |
| 3.56%, 08/15/2027 |  | 646 | 639 |
| 4.54%, 08/15/2047 |  | 104 | 85 |
| 4.76%, 09/06/2049 |  | 5 | 4 |
| 5.83%, 02/20/2031 |  | 65 | 68 |
| 6.00%, 02/20/2034 |  | 46 | 49 |
| 6.34%, 08/02/2030 |  | 85 | 91 |
| 7.08%, 08/02/2043 |  | 60 | 66 |
| 7.08%, 08/02/2053 |  | 23 | 25 |
| BAT International Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 2.25%, 06/26/2028 | GBP | 860 | 1068 |
| Reg. S, 3.13%, 03/06/2029 | EUR | 1250 | 1429 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Agriculture — continued** | | | |
| 5.93%, 02/02/2029 |  | 1825 | 1892 |
| Reg. S, 6.00%, 11/24/2034 | GBP | 600 | 799 |
| Bunge Finance Europe BV, (Netherlands), Reg. S, 1.00%, 09/24/2028 | EUR | 2050 | 2233 |
| Bunge Ltd Finance Corp., 5.15%, 08/04/2035 |  | 1895 | 1889 |
| Cargill, Inc., |  |  |  |
| 2.13%, 04/23/2030 (e) |  | 1500 | 1368 |
| 4.76%, 11/23/2045 (e) |  | 375 | 333 |
| Imperial Brands Finance Netherlands BV, (Netherlands), Reg. S, 5.25%, 02/15/2031 | EUR | 2700 | 3292 |
| Imperial Brands Finance plc, (United Kingdom), 5.50%, 02/01/2030 (e) |  | 2000 | 2051 |
| JT International Financial Services BV, (Netherlands), |  |  |  |
| Reg. S, 1.00%, 11/26/2029 | EUR | 1952 | 2073 |
| Reg. S, 4.13%, 06/17/2035 | EUR | 8000 | 9158 |
| Louis Dreyfus Co. Finance BV, (Netherlands), Reg. S, 3.50%, 10/22/2031 | EUR | 1500 | 1682 |
|  Philip Morris International, Inc., |  |  |  |
| 1.45%, 08/01/2039 | EUR | 4400 | 3559 |
| 1.75%, 11/01/2030 |  | 204 | 181 |
| 3.25%, 06/06/2032 | EUR | 800 | 899 |
| 3.75%, 01/15/2031 | EUR | 6488 | 7517 |
| 4.63%, 11/01/2029 |  | 4050 | 4084 |
| 4.63%, 10/29/2035 |  | 1150 | 1107 |
| 4.75%, 11/01/2031 |  | 75 | 75 |
| 4.90%, 11/01/2034 |  | 3 | 3 |
| 5.13%, 02/13/2031 |  | 635 | 649 |
| 5.25%, 02/13/2034 |  | 38 | 39 |
| 5.38%, 02/15/2033 |  | 81 | 83 |
| 5.63%, 09/07/2033 |  | 50 | 52 |
| 5.75%, 11/17/2032 |  | 5 | 5 |
| 6.38%, 05/16/2038 |  | 105 | 115 |
| Reynolds American, Inc., 5.85%, 08/15/2045 |  | 90 | 87 |
| Sudzucker International Finance BV, (Netherlands), Reg. S, 5.13%, 10/31/2027 | EUR | 500 | 590 |
|  |  |  | 49682 |
| **Beverages — 0.3%** |  |  |  |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., |  |  |  |
| 4.70%, 02/01/2036 |  | 920 | 897 |
| 4.90%, 02/01/2046 |  | 1533 | 1384 |
| Anheuser-Busch InBev SA, (Belgium), |  |  |  |
| Reg. S, 2.75%, 03/17/2036 | EUR | 10 | 11 |
| Reg. S, 3.75%, 03/22/2037 | EUR | 5500 | 6192 |
| Reg. S, 4.13%, 05/19/2045 | EUR | 3700 | 4046 |
| Anheuser-Busch InBev Worldwide, Inc., 4.35%, 06/01/2040 |  | 5 | 4 |
| Coca-Cola Co. (The), 1.00%, 03/09/2041 | EUR | 13000 | 9655 |
| 3.00%, 03/05/2051 |  | 230 | 151 |
| 3.38%, 08/15/2037 | EUR | 290 | 318 |
| 5.40%, 05/13/2064 |  | 493 | 470 |
| Coca-Cola Europacific Partners plc, (United Kingdom), Reg. S, 1.13%, 04/12/2029 | EUR | 1000 | 1085 |
| Coca-Cola HBC Finance BV, (Netherlands), |  |  |  |
| Reg. S, 1.63%, 05/14/2031 | EUR | 893 | 932 |
| Reg. S, 3.13%, 11/20/2032 | EUR | 4000 | 4434 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Beverages — continued** | | | |
| Diageo Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.25%, 03/28/2033 | GBP | 3000 | 3111 |
| Reg. S, 2.75%, 06/08/2038 | GBP | 625 | 603 |
| JDE Peet's NV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 01/16/2029 | EUR | 3990 | 4213 |
| Reg. S, 4.13%, 01/23/2030 | EUR | 1901 | 2217 |
| Reg. S, 4.50%, 01/23/2034 | EUR | 4900 | 5667 |
| Maple Parent Holdings Corp., |  |  |  |
| 3.50%, 03/26/2028 (e) | EUR | 1300 | 1498 |
| 4.73%, 03/26/2035 (e) | EUR | 900 | 1038 |
|  PepsiCo., Inc., |  |  |  |
| 0.75%, 10/14/2033 | EUR | 1350 | 1266 |
| 1.40%, 02/25/2031 |  | 4 | 4 |
| 4.20%, 07/18/2052 |  | 45 | 36 |
| 4.65%, 02/15/2053 |  | 3 | 3 |
|  |  |  | 49235 |
| **Biotechnology** — **0.0%** (g) |  |  |  |
|  Amgen, Inc., |  |  |  |
| 3.35%, 02/22/2032 |  | 8 | 7 |
| 4.05%, 08/18/2029 |  | 30 | 30 |
| 4.40%, 05/01/2045 |  | 35 | 30 |
| 5.60%, 03/02/2043 |  | 615 | 607 |
| 5.65%, 03/02/2053 |  | 470 | 456 |
|  Biogen, Inc., |  |  |  |
| 5.75%, 05/15/2035 |  | 27 | 28 |
| 6.45%, 05/15/2055 |  | 16 | 17 |
| Bio-Rad Laboratories, Inc., 3.70%, 03/15/2032 |  | 70 | 65 |
|  Gilead Sciences, Inc., |  |  |  |
| 1.65%, 10/01/2030 |  | 146 | 130 |
| 4.80%, 04/01/2044 |  | 265 | 239 |
| 5.10%, 06/15/2035 |  | 100 | 101 |
| Illumina, Inc., 4.75%, 12/12/2030 |  | 3600 | 3581 |
| Regeneron Pharmaceuticals, Inc., 2.80%, 09/15/2050 |  | 122 | 74 |
| Royalty Pharma plc, (United Kingdom), |  |  |  |
| 4.45%, 03/25/2031 |  | 47 | 46 |
| 5.20%, 09/25/2035 |  | 192 | 190 |
|  |  |  | 5601 |
| **Commercial Services — 0.2%** |  |  |  |
| AA Bond Co. Ltd., (Jersey), Reg. S, 6.85%, 07/31/2031 | GBP | 100 | 137 |
| Abertis Infraestructuras SA, (Spain), Reg. S, 3.38%, 11/27/2026 | GBP | 4400 | 5765 |
| Ayvens SA, (France), Reg. S, 3.88%, 01/24/2028 | EUR | 1100 | 1284 |
| East Nippon Expressway Co. Ltd., (Japan), Series 66, 0.10%, 12/18/2026 | JPY | 100000 | 625 |
|  Equifax, Inc., |  |  |  |
| 2.35%, 09/15/2031 |  | 50 | 44 |
| 3.10%, 05/15/2030 |  | 1800 | 1685 |
| 4.80%, 09/15/2029 |  | 52 | 52 |
| 5.10%, 12/15/2027 |  | 60 | 60 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Commercial Services — continued** | | | |
|  ERAC USA Finance LLC, |  |  |  |
| 4.50%, 02/15/2045 (e) |  | 400 | 343 |
| 4.60%, 05/01/2028 (e) |  | 1100 | 1105 |
| 4.90%, 05/01/2033 (e) |  | 865 | 867 |
| 7.00%, 10/15/2037 (e) |  | 800 | 911 |
| Experian Finance plc, (United Kingdom), Reg. S, 3.25%, 04/07/2032 | GBP | 425 | 504 |
|  Global Payments, Inc., |  |  |  |
| 4.88%, 11/15/2030 |  | 1870 | 1836 |
| 4.88%, 03/17/2031 | EUR | 2050 | 2411 |
| Johns Hopkins University (The), Series A, 2.81%, 01/01/2060 |  | 600 | 348 |
|  Massachusetts Institute of Technology, |  |  |  |
| 3.89%, 07/01/2116 |  | 663 | 452 |
| 4.68%, 07/01/2114 |  | 50 | 41 |
| President and Fellows of Harvard College, 2.52%, 10/15/2050 |  | 10 | 6 |
|  Quanta Services, Inc., |  |  |  |
| 2.90%, 10/01/2030 |  | 45 | 42 |
| 3.05%, 10/01/2041 |  | 52 | 38 |
|  RELX Capital, Inc., |  |  |  |
| 4.75%, 05/20/2032 |  | 610 | 608 |
| 5.25%, 03/27/2035 |  | 170 | 172 |
| Rollins, Inc., 5.25%, 02/24/2035 |  | 50 | 50 |
|  S&P Global, Inc., |  |  |  |
| 2.30%, 08/15/2060 |  | 266 | 128 |
| 2.45%, 03/01/2027 |  | 35 | 35 |
| 5.25%, 09/15/2033 |  | 35 | 36 |
| Transurban Finance Co. Pty Ltd., (Australia), |  |  |  |
| Reg. S, 1.45%, 05/16/2029 | EUR | 873 | 951 |
| Reg. S, 3.00%, 04/08/2030 | EUR | 166 | 188 |
| Reg. S, 4.23%, 04/26/2033 | EUR | 250 | 294 |
| Trustees of Columbia University in the City of New York (The), Series 2024, 4.36%, 10/01/2035 |  | 300 | 291 |
| Trustees of Princeton University (The), 4.20%, 03/01/2052 |  | 1295 | 1062 |
| University of Oxford, (United Kingdom), Reg. S, 2.54%, 12/08/2117 | GBP | 1500 | 845 |
| University of Southern California, 4.98%, 10/01/2053 |  | 656 | 600 |
| Verisk Analytics, Inc., 5.50%, 06/15/2045 |  | 46 | 43 |
| Washington University (The), |  |  |  |
| 4.35%, 04/15/2122 |  | 255 | 190 |
| Series 2022, 3.52%, 04/15/2054 |  | 900 | 645 |
| Wellcome Trust Finance plc, (United Kingdom), Reg. S, 4.63%, 07/25/2036 | GBP | 225 | 280 |
| Wellcome Trust Ltd. (The), (United Kingdom), |  |  |  |
| Reg. S, 1.50%, 07/14/2071 | GBP | 1500 | 631 |
| Reg. S, 2.52%, 02/07/2118 | GBP | 200 | 114 |
|  |  |  | 25719 |
| **Cosmetics/Personal Care** — **0.0%** (g) |  |  |  |
| Colgate-Palmolive Co., 3.70%, 08/01/2047 |  | 36 | 28 |
| Essity AB, (Sweden), Reg. S, 0.25%, 02/08/2031 | EUR | 2300 | 2240 |
| Essity Capital BV, (Netherlands), Reg. S, 0.25%, 09/15/2029 | EUR | 2000 | 2082 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Cosmetics/Personal Care — continued** | | | |
| Kenvue, Inc., 5.00%, 03/22/2030 |  | 36 | 37 |
|  Procter & Gamble Co. (The), |  |  |  |
| 4.55%, 01/29/2034 |  | 565 | 567 |
| 4.88%, 05/11/2027 | EUR | 425 | 501 |
|  |  |  | 5455 |
| **Food — 0.1%** |  |  |  |
| Barry Callebaut Services NV, (Belgium), Reg. S, 4.25%, 08/19/2031 | EUR | 5300 | 6166 |
|  Hershey Co. (The), |  |  |  |
| 4.75%, 02/24/2030 |  | 38 | 38 |
| 4.95%, 02/24/2032 |  | 40 | 41 |
| ITM Entreprises SAS, (France), Reg. S, 4.13%, 01/29/2030 | EUR | 4400 | 5086 |
|  JBS NV/JBS USA Foods Group Holdings Inc/JBS USA Food Co. Holdings, (Netherlands), |  |  |  |
| 3.00%, 05/15/2032 |  | 575 | 511 |
| 5.63%, 03/10/2037 (e) (w) |  | 1210 | 1212 |
| 5.75%, 04/01/2033 |  | 741 | 764 |
| 5.95%, 04/20/2035 |  | 960 | 996 |
|  Kraft Heinz Foods Co., |  |  |  |
| 5.20%, 07/15/2045 |  | 11 | 10 |
| 5.40%, 03/15/2035 |  | 85 | 85 |
|  Mars, Inc., |  |  |  |
| 2.38%, 07/16/2040 (e) |  | 1200 | 847 |
| 5.00%, 03/01/2032 (e) |  | 395 | 400 |
| 5.20%, 03/01/2035 (e) |  | 885 | 894 |
| 5.70%, 05/01/2055 (e) |  | 285 | 278 |
| Mondelez International, Inc., 1.50%, 02/04/2031 |  | 1000 | 864 |
| Nestle Holdings, Inc., 4.00%, 09/24/2048 (e) |  | 750 | 601 |
|  Pilgrim's Pride Corp., |  |  |  |
| 3.50%, 03/01/2032 |  | 35 | 32 |
| 6.25%, 07/01/2033 |  | 115 | 120 |
| 6.88%, 05/15/2034 |  | 36 | 39 |
| REWE International Finance BV, (Netherlands), Reg. S, 4.88%, 09/13/2030 | EUR | 2400 | 2893 |
|  Sysco Corp., |  |  |  |
| 3.15%, 12/14/2051 |  | 70 | 44 |
| 5.40%, 03/23/2035 |  | 150 | 149 |
| Tesco Corporate Treasury Services plc, (United Kingdom), |  |  |  |
| Reg. S, 1.88%, 11/02/2028 | GBP | 1300 | 1593 |
| Reg. S, 2.75%, 04/27/2030 | GBP | 825 | 991 |
|  |  |  | 24654 |
|  **Healthcare - Products — 0.2%** |  |  |  |
|  Abbott Laboratories, |  |  |  |
| 4.90%, 11/30/2046 |  | 151 | 139 |
| 5.50%, 03/15/2056 |  | 1050 | 1030 |
| 5.60%, 03/15/2066 |  | 910 | 887 |
| Agilent Technologies, Inc., 3.05%, 09/22/2026 |  | 35 | 35 |
|  American Medical Systems Europe BV, (Netherlands), |  |  |  |
| 1.88%, 03/08/2034 | EUR | 747 | 747 |
| 3.50%, 03/08/2032 | EUR | 2900 | 3319 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Healthcare - Products — continued** | | | |
|  Baxter International, Inc., |  |  |  |
| 4.45%, 02/15/2029 |  | 480 | 474 |
| 4.90%, 12/15/2030 |  | 290 | 286 |
| Boston Scientific Corp., 6.25%, 11/15/2035 |  | 15 | 17 |
| GE HealthCare Technologies, Inc., 4.80%, 08/14/2029 |  | 32 | 32 |
|  Medtronic Global Holdings SCA, (Luxembourg), |  |  |  |
| 1.75%, 07/02/2049 | EUR | 600 | 417 |
| 3.00%, 10/15/2028 | EUR | 3400 | 3898 |
| 3.38%, 10/15/2034 | EUR | 4200 | 4694 |
|  Medtronic, Inc., |  |  |  |
| 2.95%, 10/15/2030 | EUR | 5400 | 6113 |
| 4.15%, 10/15/2053 | EUR | 1020 | 1091 |
| 4.20%, 10/15/2045 | EUR | 750 | 827 |
| Smith & Nephew plc, (United Kingdom), 2.03%, 10/14/2030 |  | 45 | 40 |
| STERIS Irish FinCo.UnLtd Co., (Ireland), 2.70%, 03/15/2031 |  | 150 | 136 |
| Stryker Corp., 3.38%, 12/11/2028 | EUR | 2200 | 2543 |
| Thermo Fisher Scientific, Inc., 1.88%, 10/01/2049 | EUR | 900 | 650 |
| Zimmer Biomet Holdings, Inc., |  |  |  |
| 2.60%, 11/24/2031 |  | 16 | 15 |
| 5.20%, 09/15/2034 |  | 55 | 55 |
|  |  |  | 27445 |
|  **Healthcare - Services — 0.2%** |  |  |  |
| Advocate Health & Hospitals Corp., 3.39%, 10/15/2049 |  | 35 | 25 |
| AHS Hospital Corp., Series 2021, 2.78%, 07/01/2051 |  | 750 | 461 |
| Ascension Health, 3.95%, 11/15/2046 |  | 40 | 32 |
|  Cigna Group (The), |  |  |  |
| 2.38%, 03/15/2031 |  | 58 | 52 |
| 3.40%, 03/15/2051 |  | 75 | 51 |
| 4.80%, 08/15/2038 |  | 135 | 127 |
| 4.80%, 07/15/2046 |  | 475 | 411 |
| 4.90%, 12/15/2048 |  | 820 | 712 |
| Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 |  | 1000 | 838 |
| CommonSpirit Health, 3.91%, 10/01/2050 |  | 50 | 37 |
| Elevance Health, Inc., |  |  |  |
| 3.60%, 03/15/2051 |  | 865 | 602 |
| 5.65%, 06/15/2054 |  | 2405 | 2270 |
|  HCA, Inc., |  |  |  |
| 3.13%, 03/15/2027 |  | 2560 | 2526 |
| 3.38%, 03/15/2029 |  | 100 | 97 |
| 3.63%, 03/15/2032 |  | 170 | 158 |
| 4.13%, 06/15/2029 |  | 250 | 246 |
| 5.13%, 06/15/2039 |  | 28 | 27 |
| 5.45%, 09/15/2034 |  | 20 | 20 |
| 5.60%, 04/01/2034 |  | 13 | 13 |
| 6.00%, 04/01/2054 |  | 35 | 34 |
| 6.10%, 04/01/2064 |  | 21 | 20 |
| Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) |  | 245 | 248 |
| Icon Investments Six DAC, (Ireland), 5.85%, 05/08/2029 |  | 615 | 627 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Healthcare - Services — continued** | | | |
| IQVIA, Inc., 6.25%, 02/01/2029 |  | 950 | 987 |
|  Kaiser Foundation Hospitals, |  |  |  |
| 4.15%, 05/01/2047 |  | 1200 | 979 |
| Series 2021, 3.00%, 06/01/2051 |  | 50 | 32 |
| Laboratory Corp. of America Holdings, 4.80%, 10/01/2034 |  | 1120 | 1091 |
| Mayo Clinic, |  |  |  |
| 3.77%, 11/15/2043 |  | 30 | 24 |
| Series 2021, 3.20%, 11/15/2061 |  | 440 | 278 |
| Memorial Sloan-Kettering Cancer Center, 4.13%, 07/01/2052 |  | 15 | 12 |
| Methodist Hospital (The), Series 20A, 2.71%, 12/01/2050 |  | 1500 | 914 |
| MyMichigan Health, Series 2020, 3.41%, 06/01/2050 |  | 1495 | 1047 |
|  New York and Presbyterian Hospital (The), |  |  |  |
| 2.26%, 08/01/2040 |  | 1090 | 749 |
| 4.02%, 08/01/2045 |  | 20 | 16 |
|  OhioHealth Corp., |  |  |  |
| 2.30%, 11/15/2031 |  | 830 | 738 |
| 2.83%, 11/15/2041 |  | 370 | 270 |
| Series 2020, 3.04%, 11/15/2050 |  | 535 | 358 |
| PeaceHealth Obligated Group, Series 2020, 3.22%, 11/15/2050 |  | 745 | 489 |
| Piedmont Healthcare, Inc., |  |  |  |
| Series 2032, 2.04%, 01/01/2032 |  | 470 | 409 |
| Series 2042, 2.72%, 01/01/2042 |  | 450 | 317 |
| Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/2051 |  | 50 | 29 |
|  Roche Holdings, Inc., |  |  |  |
| 2.61%, 12/13/2051 (e) |  | 1500 | 909 |
| 4.99%, 03/08/2034 (e) |  | 1950 | 1979 |
| Sentara Health, Series 2021, 2.93%, 11/01/2051 |  | 2365 | 1494 |
| Texas Health Resources, 2.33%, 11/15/2050 |  | 750 | 421 |
| Trinity Health Corp., Series 2021, 2.63%, 12/01/2040 |  | 230 | 165 |
|  UnitedHealth Group, Inc., |  |  |  |
| 2.00%, 05/15/2030 |  | 160 | 145 |
| 3.70%, 08/15/2049 |  | 1100 | 793 |
| 5.20%, 04/15/2063 |  | 1200 | 1049 |
| 5.38%, 04/15/2054 |  | 125 | 115 |
| 5.75%, 07/15/2064 |  | 925 | 883 |
|  |  |  | 26326 |
| **Household Products/Wares** — **0.0%** (g) |  |  |  |
|  Avery Dennison Corp., |  |  |  |
| 3.75%, 11/04/2034 | EUR | 271 | 303 |
| 4.00%, 09/11/2035 | EUR | 3282 | 3712 |
|  Kimberly-Clark Corp., |  |  |  |
| 2.88%, 02/07/2050 |  | 25 | 16 |
| 3.10%, 03/26/2030 |  | 8 | 8 |
| Reckitt Benckiser Treasury Services plc, (United Kingdom), |  |  |  |
| Reg. S, 1.75%, 05/19/2032 | GBP | 2175 | 2358 |
| Reg. S, 3.50%, 09/10/2034 | EUR | 1452 | 1626 |
|  |  |  | 8023 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Pharmaceuticals — 0.3%** | | | |
|  AbbVie, Inc., |  |  |  |
| 3.20%, 11/21/2029 (ee) |  | 4960 | 4782 |
| 4.05%, 11/21/2039 |  | 34 | 30 |
| 4.40%, 11/06/2042 |  | 5 | 4 |
| 4.50%, 05/14/2035 |  | 125 | 121 |
| 4.95%, 03/15/2031 |  | 10 | 10 |
| 5.05%, 03/15/2034 |  | 10 | 10 |
| 5.35%, 03/15/2044 |  | 10 | 10 |
| 5.40%, 03/15/2054 |  | 165 | 158 |
| 5.50%, 03/15/2064 |  | 60 | 57 |
| Astrazeneca Finance LLC, |  |  |  |
| Reg. S, 3.28%, 08/05/2033 | EUR | 880 | 999 |
| 4.90%, 03/03/2030 |  | 110 | 112 |
|  AstraZeneca plc, (United Kingdom), |  |  |  |
| 1.38%, 08/06/2030 |  | 89 | 78 |
| 4.38%, 11/16/2045 |  | 8 | 7 |
| Bayer Capital Corp. BV, (Netherlands), Reg. S, 2.13%, 12/15/2029 | EUR | 600 | 656 |
|  BMS Ireland Capital Funding DAC, (Ireland), |  |  |  |
| 4.29%, 11/10/2045 | EUR | 800 | 895 |
| 4.58%, 11/10/2055 | EUR | 1830 | 2054 |
|  Cardinal Health, Inc., |  |  |  |
| 4.37%, 06/15/2047 |  | 15 | 12 |
| 4.50%, 11/15/2044 |  | 5 | 4 |
| 5.35%, 11/15/2034 |  | 165 | 167 |
| 5.45%, 02/15/2034 |  | 23 | 24 |
|  Cencora, Inc., |  |  |  |
| 2.70%, 03/15/2031 |  | 65 | 59 |
| 2.88%, 05/22/2028 | EUR | 1000 | 1145 |
| 3.63%, 05/22/2032 | EUR | 2138 | 2443 |
| 3.95%, 02/13/2029 |  | 50 | 49 |
| 4.25%, 03/01/2045 |  | 21 | 18 |
| 4.30%, 12/15/2047 |  | 2 | 2 |
|  CVS Health Corp., |  |  |  |
| 5.05%, 03/25/2048 |  | 1200 | 1032 |
| 5.45%, 09/15/2035 |  | 130 | 130 |
| 5.70%, 06/01/2034 |  | 145 | 149 |
| 6.20%, 09/15/2055 |  | 38 | 38 |
| 6.25%, 09/15/2065 |  | 10 | 10 |
| (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 215 | 221 |
|  Eli Lilly & Co., |  |  |  |
| 2.50%, 09/15/2060 |  | 145 | 77 |
| 4.88%, 02/27/2053 |  | 270 | 242 |
| 4.95%, 02/27/2063 |  | 100 | 88 |
| 5.05%, 08/14/2054 |  | 95 | 87 |
| 5.50%, 02/12/2055 |  | 87 | 86 |
| 5.65%, 10/15/2065 |  | 208 | 205 |
| GlaxoSmithKline Capital plc, (United Kingdom), |  |  |  |
| 5.25%, 12/19/2033 | GBP | 640 | 853 |
| Reg. S, 5.25%, 04/10/2042 | GBP | 150 | 183 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Pharmaceuticals — continued** | | | |
|  Johnson & Johnson, |  |  |  |
| 1.15%, 11/20/2028 | EUR | 1000 | 1103 |
| 1.65%, 05/20/2035 | EUR | 4300 | 4224 |
| 2.10%, 09/01/2040 |  | 2 | 1 |
| 2.25%, 09/01/2050 |  | 61 | 35 |
| 2.45%, 09/01/2060 |  | 169 | 91 |
| 3.05%, 02/26/2033 | EUR | 1227 | 1386 |
| 3.35%, 02/26/2037 | EUR | 2200 | 2440 |
| 3.60%, 02/26/2045 | EUR | 1500 | 1605 |
| 3.70%, 02/26/2055 | EUR | 1100 | 1147 |
| 3.75%, 03/03/2047 |  | 1605 | 1273 |
|  McKesson Corp., |  |  |  |
| 3.13%, 02/17/2029 | GBP | 1925 | 2423 |
| 4.25%, 09/15/2029 |  | 50 | 50 |
| 5.10%, 07/15/2033 |  | 80 | 82 |
|  Merck & Co., Inc., |  |  |  |
| 2.35%, 06/24/2040 |  | 150 | 106 |
| 4.75%, 12/04/2035 |  | 1385 | 1359 |
| 4.90%, 05/17/2044 |  | 265 | 244 |
| 5.15%, 05/17/2063 |  | 205 | 184 |
| 5.70%, 12/04/2065 |  | 170 | 166 |
| Novartis Capital Corp., 2.75%, 08/14/2050 |  | 45 | 28 |
| Pfizer Investment Enterprises Pte Ltd., (Singapore), 5.34%, 05/19/2063 |  | 6 | 6 |
|  Pfizer Netherlands International Finance BV, (Netherlands), |  |  |  |
| 2.88%, 05/19/2029 | EUR | 2000 | 2283 |
| 3.25%, 05/19/2032 | EUR | 1400 | 1592 |
| Takeda US Financing, Inc., 5.20%, 07/07/2035 |  | 2050 | 2051 |
| Upjohn Finance BV, (Netherlands), Reg. S, 1.91%, 06/23/2032 | EUR | 11568 | 11663 |
| Viatris, Inc., 3.85%, 06/22/2040 |  | 2200 | 1672 |
| Zoetis, Inc., 4.70%, 02/01/2043 |  | 28 | 25 |
|  |  |  | 54546 |
| Total Consumer Non-cyclical |  |  | 276686 |
| **Energy — 0.9%** |  |  |  |
| **Oil & Gas — 0.6%** |  |  |  |
| Aker BP ASA, (Norway), |  |  |  |
| Reg. S, 1.13%, 05/12/2029 | EUR | 484 | 518 |
| 3.10%, 07/15/2031 (e) |  | 1885 | 1720 |
| 3.75%, 01/15/2030 (e) |  | 3440 | 3307 |
| 5.25%, 10/30/2035 (e) |  | 150 | 146 |
| 5.60%, 06/13/2028 (e) |  | 795 | 811 |
| 6.00%, 06/13/2033 (e) |  | 910 | 948 |
| Antero Resources Corp., 5.40%, 02/01/2036 |  | 150 | 147 |
| BP Capital Markets plc, (United Kingdom), |  |  |  |
| Reg. S, 2.27%, 07/03/2026 | GBP | 2000 | 2631 |
| Reg. S, (EUR Swap Rate 5 Year + 3.52%), 3.25%, 04/10/2026 (x) (aa) | EUR | 1900 | 2193 |
| Reg. S, (EUR Swap Rate 5 Year + 3.78%), 3.63%, 03/22/2029 (x) (aa) | EUR | 1300 | 1482 |
| (CMT Index 5 Year + 4.40%), 4.88%, 03/22/2030 (x) (aa) |  | 190 | 188 |
| (CMT Index 5 Year + 2.15%), 6.45%, 12/01/2033 (x) (aa) |  | 90 | 93 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Oil & Gas — continued** | | | |
|  Canadian Natural Resources Ltd., (Canada), |  |  |  |
| 5.00%, 12/15/2029 |  | 37 | 38 |
| 5.40%, 12/15/2034 |  | 2705 | 2738 |
| Cenovus Energy, Inc., (Canada), 5.40%, 03/20/2036 |  | 840 | 836 |
| Cepsa Finance SA, (Spain), Reg. S, 4.13%, 04/11/2031 | EUR | 400 | 463 |
| CNOOC Petroleum North America ULC, (Canada), 6.40%, 05/15/2037 |  | 10 | 12 |
|  ConocoPhillips Co., |  |  |  |
| 5.00%, 01/15/2035 |  | 1130 | 1134 |
| 5.55%, 03/15/2054 |  | 10 | 10 |
| 5.65%, 01/15/2065 |  | 1200 | 1143 |
| 5.70%, 09/15/2063 |  | 535 | 516 |
| Coterra Energy, Inc., 5.60%, 03/15/2034 |  | 17 | 17 |
| DCC Group Finance Ireland DAC, (Ireland), Reg. S, 4.38%, 06/27/2031 | EUR | 2000 | 2349 |
|  Diamondback Energy, Inc., |  |  |  |
| 3.13%, 03/24/2031 |  | 400 | 371 |
| 5.15%, 01/30/2030 |  | 30 | 31 |
| 5.20%, 04/18/2027 |  | 30 | 30 |
| 5.40%, 04/18/2034 |  | 10 | 10 |
| 5.75%, 04/18/2054 |  | 640 | 607 |
| 6.25%, 03/15/2033 |  | 1910 | 2038 |
| Eni SpA, (Italy), |  |  |  |
| Reg. S, 3.88%, 01/15/2034 | EUR | 6461 | 7485 |
| Reg. S, (EUR Swap Rate 5 Year + 2.40%), 4.88%, 01/21/2034 (x) (aa) | EUR | 400 | 458 |
| EOG Resources, Inc., 5.95%, 07/15/2055 |  | 427 | 435 |
| EQT Corp., 4.75%, 01/15/2031 |  | 120 | 119 |
| Equinor ASA, (Norway), |  |  |  |
|  Reg. S, 1.38%, 05/22/2032 | EUR | 825 | 840 |
| 2.38%, 05/22/2030 |  | 30 | 28 |
| 3.25%, 11/18/2049 |  | 30 | 21 |
| 3.63%, 04/06/2040 |  | 1800 | 1503 |
| 3.70%, 04/06/2050 |  | 15 | 11 |
| Reg. S, 6.88%, 03/11/2031 | GBP | 150 | 214 |
| Expand Energy Corp., 5.70%, 01/15/2035 |  | 147 | 149 |
|  Exxon Mobil Corp., |  |  |  |
| 0.84%, 06/26/2032 | EUR | 3050 | 3008 |
| 1.41%, 06/26/2039 | EUR | 4600 | 3829 |
| Neste OYJ, (Finland), |  |  |  |
| Reg. S, 3.88%, 05/21/2031 | EUR | 9500 | 11054 |
| Reg. S, 4.25%, 03/16/2033 | EUR | 4000 | 4758 |
|  Occidental Petroleum Corp., |  |  |  |
| 5.38%, 01/01/2032 |  | 705 | 718 |
| 6.63%, 09/01/2030 |  | 249 | 267 |
| 8.88%, 07/15/2030 |  | 60 | 68 |
| OMV AG, (Austria), Reg. S, 3.13%, 11/10/2033 | EUR | 2840 | 3155 |
| ORLEN SA, (Poland), |  |  |  |
| Reg. S, 1.13%, 05/27/2028 | EUR | 300 | 330 |
| Reg. S, 3.63%, 07/02/2032 | EUR | 600 | 680 |
| Ovintiv, Inc., 5.65%, 05/15/2028 |  | 715 | 734 |
| Phillips 66 Co., Series A, (CMT Index 5 Year + 2.28%), 5.88%, 03/15/2056 (aa) |  | 188 | 185 |
| Pioneer Natural Resources Co., 1.90%, 08/15/2030 |  | 1050 | 944 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Oil & Gas — continued** | | | |
| Santos Finance Ltd., (Australia), |  |  |  |
| 5.75%, 11/13/2035 (e) |  | 44 | 44 |
| 6.88%, 09/19/2033 (e) |  | 320 | 348 |
| Saudi Arabian Oil Co., (Saudi Arabia), 4.75%, 06/02/2030 (e) |  | 2240 | 2217 |
|  Shell Finance US, Inc., |  |  |  |
| 3.88%, 11/13/2028 (e) |  | 2 | 2 |
| 4.13%, 05/11/2035 |  | 198 | 188 |
| 6.38%, 12/15/2038 (e) |  | 15 | 16 |
| TotalEnergies Capital International SA, (France), |  |  |  |
| Reg. S, 3.08%, 07/01/2031 | EUR | 1600 | 1813 |
| Reg. S, 3.16%, 03/03/2033 | EUR | 500 | 561 |
| Reg. S, 3.50%, 03/03/2037 | EUR | 8500 | 9317 |
| Reg. S, 3.85%, 03/03/2045 | EUR | 1700 | 1787 |
| Reg. S, 4.06%, 07/01/2040 | EUR | 2500 | 2812 |
| TotalEnergies Capital USA LLC, 4.57%, 01/13/2033 |  | 4500 | 4455 |
| TotalEnergies SE, (France), Series NC7, Reg. S, (EUR Swap Rate 5 Year + 1.99%), 1.63%, 10/25/2027 (x) (aa) | EUR | 1700 | 1893 |
| Valero Energy Corp., 6.63%, 06/15/2037 |  | 135 | 148 |
|  Var Energi ASA, (Norway), |  |  |  |
| 5.00%, 05/18/2027 (e) |  | 1600 | 1607 |
| 5.88%, 05/22/2030 (e) |  | 2095 | 2160 |
| 6.50%, 05/22/2035 (e) |  | 1640 | 1724 |
| Viper Energy Partners LLC, 5.70%, 08/01/2035 |  | 163 | 164 |
|  |  |  | 98776 |
| **Oil & Gas Services** — **0.0%** (g) |  |  |  |
| Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.81%, 03/11/2034 | EUR | 1600 | 1826 |
| **Pipelines — 0.3%** |  |  |  |
| Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/2029 |  | 8 | 8 |
| Cheniere Energy Partners LP, 4.00%, 03/01/2031 |  | 139 | 133 |
| Cheniere Energy, Inc., 5.65%, 04/15/2034 |  | 250 | 257 |
| Colonial Enterprises, Inc., 3.25%, 05/15/2030 (e) |  | 1330 | 1244 |
| Columbia Pipelines Operating Co. LLC, |  |  |  |
| 5.93%, 08/15/2030 (e) |  | 185 | 194 |
| 6.04%, 11/15/2033 (e) |  | 280 | 295 |
| DCP Midstream Operating LP, 5.13%, 05/15/2029 |  | 1500 | 1526 |
| Enbridge, Inc., (Canada), 5.95%, 04/05/2054 |  | 70 | 70 |
| Series 20-A, (CMT Index 5 Year + 5.31%), 5.75%, 07/15/2080 (aa) |  | 20 | 20 |
| Series NC5, (CMT Index 5 Year + 3.79%), 8.25%, 01/15/2084 (aa) |  | 237 | 250 |
|  Energy Transfer LP, |  |  |  |
| 4.20%, 04/15/2027 |  | 5800 | 5787 |
| 5.40%, 10/01/2047 |  | 1175 | 1046 |
| 5.55%, 02/15/2028 |  | 1210 | 1233 |
| 6.05%, 12/01/2026 |  | 1710 | 1725 |
| 6.20%, 04/01/2055 |  | 295 | 287 |
| 6.40%, 12/01/2030 |  | 620 | 662 |
| 6.55%, 12/01/2033 |  | 230 | 249 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Pipelines — continued** | | | |
| Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) |  | 2990 | 2983 |
| Enterprise Products Operating LLC, |  |  |  |
| 4.20%, 01/31/2050 |  | 40 | 32 |
| 5.10%, 02/15/2045 |  | 1700 | 1575 |
| (CME Term SOFR 3 Month + 2.83%), |  |  |  |
| 5.38%, 02/15/2078 (aa) |  | 600 | 594 |
| 5.55%, 02/16/2055 |  | 558 | 537 |
| Series E, (CME Term SOFR 3 Month + 3.29%), 5.25%, 08/16/2077 (aa) |  | 70 | 69 |
| Erdoel-Lagergesellschaft mbH, (Austria), Reg. S, 2.75%, 03/20/2028 | EUR | 200 | 229 |
| Kinder Morgan Energy Partners LP, 4.70%, 11/01/2042 |  | 850 | 745 |
|  Kinder Morgan, Inc., |  |  |  |
| 1.75%, 11/15/2026 |  | 6 | 6 |
| 4.80%, 02/01/2033 |  | 100 | 99 |
| 5.95%, 08/01/2054 |  | 45 | 45 |
|  MPLX LP, |  |  |  |
| 2.65%, 08/15/2030 |  | 1506 | 1388 |
| 4.13%, 03/01/2027 |  | 48 | 48 |
| 4.50%, 04/15/2038 |  | 30 | 27 |
| 4.70%, 04/15/2048 |  | 1272 | 1035 |
| 4.95%, 03/14/2052 |  | 865 | 719 |
| 5.30%, 04/01/2036 |  | 2900 | 2856 |
| 5.40%, 04/01/2035 |  | 580 | 579 |
| 5.40%, 09/15/2035 |  | 1375 | 1370 |
| 5.50%, 06/01/2034 |  | 722 | 730 |
| 5.50%, 02/15/2049 |  | 60 | 54 |
|  ONEOK, Inc., |  |  |  |
| 3.40%, 09/01/2029 |  | 87 | 84 |
| 3.95%, 03/01/2050 |  | 15 | 11 |
| 5.05%, 04/01/2045 |  | 35 | 30 |
| 5.65%, 11/01/2028 |  | 301 | 309 |
| 6.05%, 09/01/2033 |  | 1123 | 1177 |
| 6.25%, 10/15/2055 |  | 1570 | 1542 |
| 6.35%, 01/15/2031 |  | 4 | 4 |
| 6.63%, 09/01/2053 |  | 600 | 617 |
| Plains All American Pipeline LP, 5.95%, 06/15/2035 |  | 100 | 103 |
|  Plains All American Pipeline LP / PAA Finance Corp., |  |  |  |
| 3.55%, 12/15/2029 |  | 65 | 63 |
| 5.60%, 01/15/2036 |  | 165 | 166 |
| Sabine Pass Liquefaction LLC, 4.50%, 05/15/2030 |  | 140 | 139 |
| South Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/2034 |  | 8 | 8 |
|  Targa Resources Corp., |  |  |  |
| 4.20%, 02/01/2033 |  | 100 | 95 |
| 4.35%, 01/15/2029 |  | 915 | 911 |
| 4.95%, 04/15/2052 |  | 335 | 281 |
| 5.20%, 07/01/2027 |  | 965 | 972 |
| 5.40%, 07/30/2036 |  | 1890 | 1877 |
| 5.50%, 02/15/2035 |  | 985 | 994 |
| 6.13%, 03/15/2033 |  | 285 | 301 |
| 6.13%, 05/15/2055 |  | 60 | 59 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Pipelines — continued** | | | |
| TransCanada PipeLines Ltd., (Canada), (CMT Index 5 Year + 2.61%), 7.00%, 06/01/2065 (aa) |  | 155 | 157 |
| Transcanada Trust, (Canada), (IBOR USD 3 Month + 3.21%), 5.30%, 03/15/2077 (aa) |  | 157 | 156 |
| Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/2030 |  | 505 | 480 |
|  Western Midstream Operating LP, |  |  |  |
| 4.05%, 02/01/2030 |  | 885 | 860 |
| 4.50%, 03/01/2028 |  | 1200 | 1199 |
| 6.15%, 04/01/2033 |  | 165 | 172 |
|  Williams Cos., Inc. (The), |  |  |  |
| 3.50%, 11/15/2030 |  | 1900 | 1805 |
| 4.63%, 06/30/2030 |  | 1360 | 1356 |
| 5.15%, 03/15/2034 |  | 2015 | 2019 |
| 5.30%, 08/15/2028 |  | 2350 | 2399 |
| 5.30%, 08/15/2052 |  | 30 | 27 |
| 5.80%, 11/15/2054 |  | 400 | 386 |
|  |  |  | 51465 |
| Total Energy |  |  | 152067 |
| **Financial — 6.4%** |  |  |  |
| **Banks — 4.2%** |  |  |  |
| ABN AMRO Bank NV, (Netherlands), |  |  |  |
| Reg. S, 0.40%, 09/17/2041 | EUR | 100 | 71 |
| Reg. S, 1.25%, 01/10/2033 | EUR | 100 | 102 |
| Reg. S, 1.38%, 01/12/2037 | EUR | 100 | 94 |
| Reg. S, 1.45%, 04/12/2038 | EUR | 100 | 92 |
| Reg. S, 2.38%, 04/07/2028 | EUR | 100 | 114 |
| Reg. S, 2.63%, 08/30/2027 | EUR | 100 | 115 |
| Achmea Bank NV, (Netherlands), |  |  |  |
| Reg. S, 2.50%, 06/25/2030 | EUR | 100 | 113 |
| Reg. S, 2.75%, 09/15/2032 | EUR | 100 | 113 |
| Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 115 |
| AIB Group plc, (Ireland), Reg. S, (EUR Swap Rate 1 Year + 2.00%), 5.25%, 10/23/2031 (aa) | EUR | 4263 | 5250 |
| Aktia Bank OYJ, (Finland), Reg. S, 3.00%, 10/22/2029 | EUR | 100 | 116 |
| AMCO - Asset Management Co. SpA, (Italy), |  |  |  |
| Reg. S, 0.75%, 04/20/2028 | EUR | 363 | 399 |
| Reg. S, 3.25%, 04/02/2030 | EUR | 200 | 229 |
| ANZ New Zealand Int'l Ltd., (New Zealand), Reg. S, 0.20%, 09/23/2027 | EUR | 6000 | 6657 |
| Argenta Spaarbank NV, (Belgium), Reg. S, 2.88%, 02/03/2032 | EUR | 1300 | 1470 |
| Arkea Public Sector SCF SA, (France), Reg. S, 3.11%, 02/28/2029 | EUR | 100 | 116 |
| ASB Bank Ltd., (New Zealand), |  |  |  |
| Reg. S, 0.25%, 09/08/2028 | EUR | 1000 | 1074 |
| Reg. S, 0.50%, 09/24/2029 | EUR | 1000 | 1047 |
| ASN Bank NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 03/03/2028 | EUR | 2500 | 2729 |
| Reg. S, 1.00%, 03/08/2028 | EUR | 100 | 111 |
| Reg. S, 3.38%, 10/27/2032 | EUR | 200 | 224 |
| Reg. S, 3.63%, 10/21/2031 | EUR | 200 | 228 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.90%), 4.13%, 11/27/2035 (aa) | EUR | 300 | 340 |
| Reg. S, 4.63%, 11/23/2027 | EUR | 600 | 705 |
| Reg. S, 4.88%, 03/07/2030 | EUR | 600 | 720 |
| Australia & New Zealand Banking Group Ltd., (Australia), |  |  |  |
| Reg. S, 2.48%, 06/04/2029 | EUR | 100 | 114 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.32%), 3.71%, 07/31/2035 (aa) | EUR | 1297 | 1481 |
| Reg. S, (EUR Swap Rate 5 Year + 2.15%), 5.10%, 02/03/2033 (aa) | EUR | 2700 | 3194 |
| Banca Monte dei Paschi di Siena SpA, (Italy), Reg. S, 2.75%, 01/18/2031 | EUR | 2400 | 2718 |
| Banco Bilbao Vizcaya Argentaria SA, (Spain), |  |  |  |
| Reg. S, 3.13%, 07/17/2027 | EUR | 200 | 232 |
| Reg. S, 3.50%, 03/26/2031 | EUR | 500 | 581 |
| Reg. S, 3.75%, 08/26/2035 | EUR | 1600 | 1809 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.40%), 4.88%, 02/08/2036 (aa) | EUR | 2500 | 2963 |
| Banco BPM SpA, (Italy), Reg. S, 3.38%, 01/24/2030 | EUR | 100 | 116 |
| Banco de Sabadell SA, (Spain), |  |  |  |
| Reg. S, 1.75%, 05/30/2029 | EUR | 100 | 111 |
| Reg. S, 2.88%, 11/30/2032 | EUR | 100 | 113 |
| Reg. S, 3.25%, 06/05/2034 | EUR | 100 | 115 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 09/13/2030 (aa) | EUR | 700 | 824 |
| Banco di Desio e della Brianza SpA, (Italy), Reg. S, 4.00%, 03/13/2028 | EUR | 1700 | 2001 |
| Banco Santander SA, (Spain), |  |  |  |
| Reg. S, 0.10%, 02/27/2032 | EUR | 100 | 97 |
| Reg. S, 2.50%, 05/13/2030 | EUR | 300 | 339 |
| Reg. S, 2.88%, 07/14/2033 | EUR | 100 | 113 |
| Reg. S, 3.13%, 05/28/2029 | EUR | 100 | 116 |
| Reg. S, 3.25%, 05/27/2032 | EUR | 2100 | 2374 |
| Reg. S, 3.50%, 10/02/2032 | EUR | 1700 | 1926 |
| Reg. S, 3.50%, 02/17/2035 | EUR | 2000 | 2221 |
| Reg. S, 3.88%, 01/16/2028 | EUR | 500 | 585 |
| Reg. S, 5.13%, 01/25/2030 | GBP | 1000 | 1323 |
| 5.29%, 08/18/2027 |  | 1400 | 1413 |
| 5.44%, 07/15/2031 |  | 4200 | 4319 |
| (CMT Index 1 Year + 1.45%), 5.54%, 03/14/2030 (aa) |  | 5015 | 5134 |
| Banco Santander Totta SA, (Portugal), Reg. S, 1.25%, 09/26/2027 | EUR | 100 | 113 |
| Bank of America Corp., |  |  |  |
| (United States SOFR + 0.96%), 1.73%, 07/22/2027 (aa) |  | 1415 | 1403 |
| (United States SOFR + 1.06%), 2.09%, 06/14/2029 (aa) |  | 1500 | 1427 |
| (United States SOFR + 1.22%), 2.30%, 07/21/2032 (aa) |  | 1000 | 883 |
| (United States SOFR + 1.05%), 2.55%, 02/04/2028 (aa) |  | 5 | 5 |
| (United States SOFR + 1.21%), 2.57%, 10/20/2032 (aa) |  | 2605 | 2318 |
| (United States SOFR + 1.93%), 2.68%, 06/19/2041 (aa) |  | 1700 | 1218 |
| (United States SOFR + 1.33%), 2.97%, 02/04/2033 (aa) |  | 140 | 127 |
| (United States SOFR + 1.58%), 3.31%, 04/22/2042 (aa) |  | 10 | 8 |
| (CME Term SOFR 3 Month + 1.30%), 3.42%, 12/20/2028 (aa) |  | 1240 | 1218 |
| (CME Term SOFR 3 Month + 1.63%), 3.59%, 07/21/2028 (aa) |  | 660 | 653 |
| (CMT Index 5 Year + 2.00%), 3.85%, 03/08/2037 (aa) |  | 132 | 122 |
| (CME Term SOFR 3 Month + 1.33%), 3.97%, 03/05/2029 (aa) |  | 100 | 99 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| (CME Term SOFR 3 Month + 1.58%), 4.08%, 04/23/2040 (aa) |  | 3 | 3 |
| (CME Term SOFR 3 Month + 3.41%), 4.08%, 03/20/2051 (aa) |  | 10 | 8 |
| (United States SOFR + 1.83%), 4.57%, 04/27/2033 (aa) |  | 155 | 152 |
| (United States SOFR + 2.04%), 4.95%, 07/22/2028 (aa) |  | 7 | 7 |
| (United States SOFR + 1.63%), 5.20%, 04/25/2029 (aa) |  | 30 | 30 |
| (United States SOFR + 1.74%), 5.52%, 10/25/2035 (aa) |  | 1955 | 1955 |
| (United States SOFR + 1.70%), 5.74%, 02/12/2036 (aa) |  | 245 | 249 |
| (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 95 | 96 |
| Series N, (United States SOFR + 1.65%), 3.48%, 03/13/2052 (aa) |  | 122 | 85 |
| Series TT, (CMT Index 5 Year + 3.23%), 6.13%, 04/27/2027 (x) (aa) |  | 40 | 40 |
| Bank of Ireland Group plc, (Ireland), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.05%), 3.63%, 11/10/2036 (aa) | EUR | 1454 | 1613 |
| Bank of New York Mellon Corp. (The), |  |  |  |
| (SOFR Compounded Index + 1.80%), 5.80%, 10/25/2028 (aa) |  | 9 | 9 |
| (United States SOFR + 1.60%), 6.32%, 10/25/2029 (aa) |  | 2 | 2 |
| Bank of New Zealand, (New Zealand), |  |  |  |
| Reg. S, 2.55%, 06/29/2027 | EUR | 100 | 115 |
| Reg. S, 3.71%, 12/20/2028 | EUR | 1150 | 1353 |
| Bank of Nova Scotia (The), (Canada), |  |  |  |
| Reg. S, 0.38%, 03/26/2030 | EUR | 100 | 104 |
| Reg. S, 2.48%, 01/22/2029 | EUR | 100 | 114 |
| Reg. S, 2.52%, 06/18/2029 | EUR | 100 | 114 |
| Reg. S, 2.97%, 01/22/2033 | EUR | 100 | 114 |
| (United States SOFR + 0.73%), 4.25%, 02/02/2030 (aa) |  | 3400 | 3369 |
| (United States SOFR + 1.05%), 4.81%, 02/02/2034 (aa) |  | 2950 | 2909 |
| (CMT Index 5 Year + 4.39%), 8.63%, 10/27/2082 (aa) |  | 200 | 208 |
| Bank of Queensland Ltd., (Australia), |  |  |  |
| Reg. S, 1.84%, 06/09/2027 | EUR | 7600 | 8675 |
| Reg. S, 2.73%, 06/18/2030 | EUR | 2000 | 2264 |
| Reg. S, 3.30%, 07/30/2029 | EUR | 1988 | 2305 |
| Bankinter SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.10%), 3.50%, 09/10/2032 (aa) | EUR | 2400 | 2747 |
| Banque Federative du Credit Mutuel SA, (France), |  |  |  |
| Reg. S, 0.63%, 11/03/2028 | EUR | 1000 | 1076 |
| Reg. S, 0.75%, 01/17/2030 | EUR | 1000 | 1040 |
| Reg. S, 1.13%, 11/19/2031 | EUR | 600 | 595 |
| Reg. S, 1.25%, 05/26/2027 | EUR | 1000 | 1134 |
| Reg. S, 1.25%, 06/03/2030 | EUR | 1000 | 1047 |
| Reg. S, 1.38%, 07/16/2028 | EUR | 3000 | 3335 |
| Reg. S, 1.88%, 11/04/2026 | EUR | 1200 | 1379 |
| Reg. S, 1.88%, 06/18/2029 | EUR | 1000 | 1095 |
| Reg. S, 2.50%, 05/25/2028 | EUR | 1500 | 1695 |
| Reg. S, 2.63%, 11/06/2029 | EUR | 500 | 559 |
| Reg. S, 3.63%, 09/14/2032 | EUR | 3000 | 3434 |
| Reg. S, (EUR Swap Rate 5 Year + 2.20%), 3.88%, 06/16/2032 (aa) | EUR | 4400 | 5092 |
| 5.11%, 01/15/2036 (e) |  | 325 | 318 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| Barclays plc, (United Kingdom), |  |  |  |
| (United States SOFR + 0.93%), 4.22%, 05/24/2030 (aa) |  | 3250 | 3199 |
| (United States SOFR + 1.34%), 4.84%, 09/10/2028 (aa) |  | 795 | 798 |
| (United States SOFR + 1.51%), 5.21%, 02/24/2037 (aa) |  | 4040 | 3910 |
| (United States SOFR + 1.59%), 5.79%, 02/25/2036 (aa) |  | 435 | 440 |
| (United States SOFR + 2.98%), 6.22%, 05/09/2034 (aa) |  | 2400 | 2517 |
| (CMT Index 1 Year + 3.30%), 7.39%, 11/02/2028 (aa) |  | 525 | 547 |
| Basellandschaftliche Kantonalbank, (Switzerland), |  |  |  |
| Reg. S, 0.05%, 01/28/2031 | CHF | 1000 | 1214 |
| Reg. S, 0.38%, 05/13/2030 | CHF | 100 | 124 |
| Bausparkasse Schwaebisch Hall AG, (Germany), |  |  |  |
| Reg. S, 2.00%, 05/17/2034 | EUR | 100 | 105 |
| Reg. S, 3.00%, 10/09/2035 | EUR | 100 | 113 |
| BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG, (Austria), |  |  |  |
| Reg. S, 0.10%, 05/12/2031 | EUR | 100 | 99 |
| Reg. S, 3.00%, 05/17/2027 | EUR | 100 | 116 |
| Reg. S, 3.13%, 02/27/2031 | EUR | 100 | 115 |
| Bayerische Landesbank, (Germany), |  |  |  |
| Reg. S, 0.13%, 02/10/2028 | EUR | 600 | 655 |
| Reg. S, 0.13%, 11/02/2029 | EUR | 50 | 52 |
| Reg. S, (EUR Swap Rate 5 Year + 1.40%), 1.38%, 11/22/2032 (aa) | EUR | 100 | 111 |
| Reg. S, 2.13%, 09/01/2031 | EUR | 50 | 55 |
| Reg. S, 2.63%, 10/07/2031 | EUR | 40 | 45 |
| Reg. S, 2.75%, 05/28/2032 | EUR | 40 | 45 |
| Reg. S, 2.88%, 01/12/2033 | EUR | 60 | 68 |
| Reg. S, 3.00%, 02/18/2030 | EUR | 300 | 342 |
| Reg. S, 3.00%, 10/10/2031 | EUR | 400 | 455 |
| Reg. S, 3.63%, 08/04/2032 | EUR | 400 | 458 |
| Reg. S, 3.75%, 02/07/2029 | EUR | 600 | 698 |
| Reg. S, 3.75%, 02/14/2031 | EUR | 300 | 348 |
| Reg. S, 4.25%, 06/21/2027 | EUR | 400 | 469 |
| Belfius Bank SA, (Belgium), |  |  |  |
| Reg. S, 0.13%, 02/08/2028 | EUR | 600 | 655 |
| Reg. S, (EUR Swap Rate 5 Year + 1.30%), 1.25%, 04/06/2034 (aa) | EUR | 100 | 107 |
| Reg. S, 2.63%, 09/30/2030 | EUR | 100 | 113 |
| Reg. S, 3.13%, 01/30/2031 | EUR | 400 | 453 |
| Reg. S, 3.25%, 10/18/2027 | EUR | 100 | 116 |
| Reg. S, 3.25%, 11/14/2031 | EUR | 300 | 336 |
| Reg. S, 3.38%, 05/28/2030 | EUR | 600 | 686 |
| Reg. S, 3.38%, 02/20/2031 | EUR | 400 | 454 |
| Reg. S, 3.63%, 06/11/2030 | EUR | 200 | 233 |
| Reg. S, 3.75%, 01/22/2029 | EUR | 100 | 116 |
| Reg. S, 4.13%, 09/12/2029 | EUR | 100 | 118 |
| Reg. S, (EUR Swap Rate 5 Year + 2.20%), 4.88%, 06/11/2035 (aa) | EUR | 500 | 590 |
| Reg. S, (EUR Swap Rate 5 Year + 2.45%), 5.25%, 04/19/2033 (aa) | EUR | 100 | 118 |
| BNP Paribas SA, (France), |  |  |  |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| Reg. S, 1.88%, 12/14/2027 | GBP | 2000 | 2507 |
| Reg. S, 2.25%, 01/11/2027 | EUR | 500 | 575 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.60%), 2.50%, 03/31/2032 (aa) | EUR | 2200 | 2508 |
| Reg. S, (EURIBOR 3 Month + 0.80%), 2.88%, 05/06/2030 (aa) | EUR | 1800 | 2045 |
| (USD Semi-annual Swap Rate 5 Year + 1.48%), 4.38%, 03/01/2033 (e) (aa) |  | 1950 | 1922 |
| (United States SOFR + 1.92%), 5.91%, 11/19/2035 (e) (aa) |  | 1360 | 1379 |
| BPCE SA, (France), |  |  |  |
| Reg. S, 0.25%, 01/14/2031 | EUR | 1900 | 1881 |
| Reg. S, 1.00%, 10/05/2028 | EUR | 500 | 550 |
| Reg. S, 4.00%, 11/29/2032 | EUR | 4300 | 5041 |
| Reg. S, 5.25%, 04/16/2029 | GBP | 2000 | 2616 |
| (United States SOFR + 1.57%), 5.42%, 01/13/2037 (e) (aa) |  | 1390 | 1356 |
| (United States SOFR + 2.87%), 5.75%, 07/19/2033 (e) (aa) |  | 1000 | 1021 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.65%)5.75%, 06/01/2033 (aa) | EUR | 2900 | 3479 |
| (United States SOFR + 1.68%), 5.88%, 01/14/2031 (e) (aa) |  | 1990 | 2049 |
| (United States SOFR + 1.85%), 5.94%, 05/30/2035 (e) (aa) |  | 775 | 793 |
| Reg. S, 6.13%, 05/24/2029 | GBP | 1800 | 2419 |
| (United States SOFR + 2.04%), 6.29%, 01/14/2036 (e) (aa) |  | 990 | 1037 |
| (United States SOFR + 2.59%), 7.00%, 10/19/2034 (e) (aa) |  | 1500 | 1640 |
| BPER Banca SpA, (Italy), |  |  |  |
| Reg. S, 3.25%, 01/22/2031 | EUR | 2200 | 2539 |
| Reg. S, 3.75%, 10/22/2028 | EUR | 100 | 118 |
| Caisse Centrale du Credit Immobilier de France SA, (France), Reg. S, 2.63%, 01/18/2028 | EUR | 200 | 230 |
| Caixa Geral de Depositos SA, (Portugal), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.65%), 3.00%, 10/07/2031 (aa) | EUR | 500 | 564 |
| Reg. S, (EUR Swap Rate 1 Year + 2.75%), 5.75%, 10/31/2028 (aa) | EUR | 400 | 479 |
| CaixaBank SA, (Spain), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.90%), 0.50%, 02/09/2029 (aa) | EUR | 1500 | 1646 |
| Reg. S, (EURIBOR 3 Month + 1.00%), 0.75%, 05/26/2028 (aa) | EUR | 2100 | 2363 |
| Reg. S, 3.38%, 06/26/2035 | EUR | 3100 | 3443 |
| (United States SOFR + 2.26%), 6.04%, 06/15/2035 (e) (aa) |  | 2050 | 2136 |
| (United States SOFR + 2.70%), 6.21%, 01/18/2029 (e) (aa) |  | 250 | 257 |
| (United States SOFR + 2.08%), 6.68%, 09/13/2027 (e) (aa) |  | 250 | 252 |
| (United States SOFR + 2.77%), 6.84%, 09/13/2034 (e) (aa) |  | 2120 | 2310 |
| Caja Rural de Navarra SCC, (Spain), |  |  |  |
| Reg. S, 0.75%, 02/16/2029 | EUR | 2000 | 2163 |
| Reg. S, 3.00%, 04/26/2027 | EUR | 100 | 116 |
| Cajamar Caja Rural SCC, (Spain), |  |  |  |
| Reg. S, 3.38%, 02/16/2028 | EUR | 2100 | 2438 |
| Reg. S, 3.38%, 07/25/2029 | EUR | 3500 | 4069 |
| Canadian Imperial Bank of Commerce, (Canada), |  |  |  |
| Reg. S, 2.75%, 04/15/2031 | EUR | 120 | 136 |
| Reg. S, (EURIBOR 3 Month + 1.12%)3.25%, 07/16/2031 (aa) | EUR | 1985 | 2250 |
| Cie de Financement Foncier SA, (France), |  |  |  |
| Reg. S, 0.60%, 10/25/2041 | EUR | 100 | 72 |
| Reg. S, 1.20%, 04/29/2031 | EUR | 2400 | 2513 |
| Reg. S, 1.90%, 06/16/2028 | CHF | 150 | 193 |
| Reg. S, 2.38%, 03/15/2030 | EUR | 100 | 112 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| Reg. S, 2.63%, 10/29/2029 | EUR | 100 | 114 |
| Reg. S, 2.75%, 03/10/2031 | EUR | 2200 | 2490 |
| Reg. S, 3.13%, 06/06/2030 | EUR | 100 | 116 |
| Reg. S, 3.38%, 09/16/2031 | EUR | 100 | 116 |
| Reg. S, 3.88%, 04/25/2055 | EUR | 20 | 22 |
| Citibank NA, 4.91%, 05/29/2030 |  | 250 | 254 |
| Citigroup, Inc., |  |  |  |
| (United States SOFR + 0.77%), 1.46%, 06/09/2027 (aa) |  | 3100 | 3082 |
| (United States SOFR + 1.17%), 2.56%, 05/01/2032 (aa) |  | 1060 | 948 |
| (United States SOFR + 2.11%), 2.57%, 06/03/2031 (aa) |  | 3600 | 3300 |
| (United States SOFR + 1.38%), 2.90%, 11/03/2042 (aa) |  | 5 | 4 |
| (United States SOFR + 1.35%), 3.06%, 01/25/2033 (aa) |  | 1030 | 931 |
| (EURIBOR 3 Month + 1.03%), 3.49%, 10/22/2034 (aa) | EUR | 2500 | 2774 |
| (United States SOFR + 1.94%), 3.79%, 03/17/2033 (aa) |  | 10 | 9 |
| (EURIBOR 3 Month + 1.58%), 4.11%, 04/29/2036 (aa) | EUR | 2942 | 3377 |
| (CME Term SOFR 3 Month + 2.10%), 4.28%, 04/24/2048 (aa) |  | 20 | 16 |
| (United States SOFR + 1.17%), 4.50%, 09/11/2031 (aa) |  | 400 | 395 |
| (United States SOFR + 1.14%), 4.64%, 05/07/2028 (aa) |  | 80 | 80 |
| (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 910 | 924 |
| (United States SOFR + 4.55%), 5.32%, 03/26/2041 (aa) |  | 10 | 10 |
| (United States SOFR + 1.47%), 5.33%, 03/27/2036 (aa) |  | 950 | 954 |
| (United States SOFR + 2.06%), 5.83%, 02/13/2035 (aa) |  | 780 | 791 |
| (United States SOFR + 1.83%), 6.02%, 01/24/2036 (aa) |  | 3740 | 3819 |
| Citizens Financial Group, Inc., |  |  |  |
| (United States SOFR + 1.91%), 5.72%, 07/23/2032 (aa) |  | 8 | 8 |
| (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 213 | 220 |
| Clydesdale Bank plc, (United Kingdom), |  |  |  |
| Reg. S, 2.50%, 06/22/2027 | EUR | 5000 | 5745 |
| Reg. S, 3.75%, 08/22/2028 | EUR | 1800 | 2108 |
| Commerzbank AG, (Germany), |  |  |  |
| Reg. S, 2.50%, 09/17/2030 | EUR | 80 | 90 |
| Reg. S, 2.50%, 10/10/2030 | EUR | 100 | 113 |
| Reg. S, 2.63%, 09/03/2029 | EUR | 25 | 29 |
| Reg. S, 2.75%, 12/20/2029 | EUR | 160 | 183 |
| Reg. S, 2.75%, 01/09/2031 | EUR | 100 | 114 |
| Reg. S, 3.00%, 03/13/2034 | EUR | 50 | 57 |
| Reg. S, 3.13%, 06/13/2033 | EUR | 70 | 81 |
| Reg. S, 3.13%, 01/15/2036 | EUR | 30 | 34 |
| Commonwealth Bank of Australia, (Australia), |  |  |  |
| Reg. S, 2.86%, 02/26/2032 | EUR | 100 | 113 |
| Reg. S, 3.77%, 08/31/2027 | EUR | 100 | 117 |
| Cooperatieve Rabobank UA, (Netherlands), |  |  |  |
| Reg. S, 0.01%, 11/27/2040 | EUR | 100 | 68 |
| Reg. S, 0.13%, 12/01/2031 | EUR | 100 | 98 |
| Reg. S, 0.88%, 02/08/2028 | EUR | 100 | 111 |
| Reg. S, (EURIBOR 3 Month + 1.18%), 0.88%, 05/05/2028 (aa) | EUR | 700 | 790 |
| Reg. S, 1.38%, 02/03/2027 | EUR | 25 | 29 |
| Reg. S, 3.06%, 02/01/2034 | EUR | 200 | 228 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** | | | |
| Reg. S, (EUR Swap Rate 5 Year + 1.95%), 3.88%, 11/30/2032 (aa) | EUR | 2100 | 2438 |
| Reg. S, 5.25%, 05/23/2041 | GBP | 50 | 62 |
| Credit Agricole Italia SpA, (Italy), |  |  |  |
| Reg. S, 0.13%, 03/15/2033 | EUR | 100 | 93 |
| Reg. S, 3.50%, 01/15/2030 | EUR | 100 | 117 |
| Reg. S, 3.50%, 03/11/2036 | EUR | 100 | 115 |
| Series 15Y, Reg. S, 1.00%, 09/30/2031 | EUR | 2100 | 2157 |
| Credit Agricole SA, (France), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 1.50%), 1.87%, 12/09/2031 (aa) | GBP | 600 | 777 |
| (USD Semi-annual Swap Rate 5 Year + 1.64%), 4.00%, 01/10/2033 (e) (aa) |  | 3575 | 3514 |
| (United States SOFR + 1.36%), 4.82%, 09/25/2033 (e) (aa) |  | 468 | 458 |
| Reg. S, (EUR Swap Rate 5 Year + 2.25%), 5.50%, 08/28/2033 (aa) | EUR | 3000 | 3593 |
| Reg. S, (UK Gilts 1 Year + 2.60%), 5.75%, 11/29/2027 (aa) | GBP | 3000 | 3994 |
| (United States SOFR + 2.67%), 6.25%, 01/10/2035 (e) (aa) |  | 250 | 259 |
| Credit Mutuel Arkea SA, (France), |  |  |  |
| Reg. S, 3.38%, 09/19/2027 | EUR | 3000 | 3478 |
| Reg. S, 4.25%, 12/01/2032 | EUR | 3600 | 4244 |
| Danske Bank A/S, (Denmark), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 0.88%), 0.75%, 06/09/2029 (aa) | EUR | 468 | 512 |
| Reg. S, 3.13%, 06/06/2031 | EUR | 100 | 116 |
| Reg. S, (EUR Swap Rate 1 Year + 1.25%), 4.13%, 01/10/2031 (aa) | EUR | 9720 | 11491 |
| (CMT Index 1 Year + 0.85%), 4.42%, 09/12/2031 (e) (aa) |  | 3135 | 3078 |
| (CMT Index 1 Year + 0.95%), 5.43%, 03/01/2028 (e) (aa) |  | 1090 | 1100 |
| Danske Hypotek AB, (Sweden), Series 2812, Reg. S, 3.50%, 12/20/2028 | SEK | 2000 | 214 |
| Danske Kiinnitysluottopankki OYJ, (Finland), Reg. S, 3.50%, 01/29/2029 | EUR | 100 | 117 |
| DBS Bank Ltd., (Singapore), Reg. S, 2.43%, 01/03/2029 | EUR | 100 | 114 |
| DekaBank Deutsche Girozentrale, (Germany), |  |  |  |
| Reg. S, 3.13%, 06/19/2030 | EUR | 200 | 227 |
| Reg. S, 3.25%, 02/08/2029 | EUR | 200 | 231 |
| Reg. S, 3.38%, 07/02/2027 | EUR | 200 | 232 |
| Reg. S, 4.13%, 08/03/2028 | EUR | 100 | 118 |
| Deutsche Bank AG, (Germany), |  |  |  |
| Reg. S, 0.13%, 01/21/2030 | EUR | 75 | 78 |
| Reg. S, 2.25%, 09/20/2027 | EUR | 100 | 115 |
| (United States SOFR + 1.22%), 2.31%, 11/16/2027 (aa) |  | 200 | 197 |
| (United States SOFR + 1.32%), 2.55%, 01/07/2028 (aa) |  | 200 | 197 |
| (United States SOFR + 2.76%), 3.73%, 01/14/2032 (aa) |  | 3960 | 3678 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.30%), 4.00%, 06/24/2032 (aa) | EUR | 2700 | 3121 |
| Deutsche Kreditbank AG, (Germany), |  |  |  |
| Reg. S, 1.63%, 05/05/2032 | EUR | 50 | 53 |
| Reg. S, 2.88%, 02/12/2031 | EUR | 500 | 562 |
| Reg. S, 2.88%, 03/21/2036 | EUR | 50 | 55 |
| Reg. S, 3.00%, 07/02/2030 | EUR | 100 | 116 |
| Reg. S, 3.25%, 06/12/2045 | EUR | 20 | 22 |
| Reg. S, 3.50%, 02/04/2041 | EUR | 60 | 68 |
| Deutsche Pfandbriefbank AG, (Germany), |  |  |  |
| Reg. S, 0.63%, 08/30/2027 | EUR | 100 | 112 |
| Reg. S, 2.63%, 05/30/2029 | EUR | 70 | 79 |
| Reg. S, 2.88%, 01/24/2028 | EUR | 130 | 150 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| DNB Bank ASA, (Norway), Reg. S, (EURIBOR 3 Month + 0.90%), 3.13%, 05/20/2031 (aa) | EUR | 1344 | 1525 |
| DNB Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 2.38%, 06/10/2030 | EUR | 100 | 113 |
| Reg. S, 2.63%, 09/27/2029 | EUR | 100 | 114 |
| Reg. S, 2.88%, 03/12/2029 | EUR | 100 | 115 |
| DZ HYP AG, (Germany), |  |  |  |
| Reg. S, 0.01%, 11/12/2027 | EUR | 40 | 44 |
| Reg. S, 0.01%, 10/27/2028 | EUR | 25 | 27 |
| Reg. S, 2.50%, 08/30/2030 | EUR | 200 | 226 |
| Reg. S, 2.63%, 04/30/2031 | EUR | 20 | 23 |
| Reg. S, 3.00%, 10/29/2027 | EUR | 50 | 58 |
| Reg. S, 3.00%, 05/31/2032 | EUR | 50 | 57 |
| Reg. S, 3.00%, 11/30/2032 | EUR | 100 | 115 |
| Reg. S, 3.13%, 02/28/2036 | EUR | 100 | 113 |
| Series 1234, Reg. S, 0.01%, 03/29/2030 | EUR | 30 | 31 |
| Series 1279, Reg. S, 3.00%, 05/31/2035 | EUR | 180 | 203 |
| Eika Boligkreditt A/S, (Norway), Reg. S, 2.75%, 05/26/2032 | EUR | 100 | 113 |
| Emirates NBD Bank PJSC, (United Arab Emirates), |  |  |  |
| Reg. S, 5.91%, 06/18/2035 | AUD | 1000 | 654 |
| 6.10%, 02/21/2033 | AUD | 100 | 68 |
| Equitable Bank, (Canada), Reg. S, 3.50%, 05/28/2027 | EUR | 100 | 116 |
| Erste Group Bank AG, (Austria), |  |  |  |
| Reg. S, 0.01%, 09/11/2029 | EUR | 100 | 104 |
| Reg. S, 0.50%, 01/12/2037 | EUR | 100 | 84 |
| Reg. S, 3.13%, 10/14/2027 | EUR | 100 | 116 |
| Reg. S, 3.13%, 12/12/2033 | EUR | 100 | 115 |
| Reg. S, (EURIBOR 3 Month + 0.90%), 3.25%, 08/27/2032 (aa) | EUR | 1900 | 2145 |
| Eurocaja Rural SCC, (Spain), Reg. S, 0.13%, 09/22/2031 | EUR | 2700 | 2632 |
| Federation des Caisses Desjardins du Quebec, (Canada), Reg. S, 3.13%, 05/30/2029 | EUR | 110 | 127 |
| Fifth Third Bancorp, |  |  |  |
| (SOFR Compounded Index + 2.13%), 4.77%, 07/28/2030 (aa) |  | 11 | 11 |
| (United States SOFR + 1.49%), 4.90%, 09/06/2030 (aa) |  | 120 | 121 |
| (United States SOFR + 1.84%), 5.63%, 01/29/2032 (aa) |  | 44 | 45 |
| (United States SOFR + 2.34%), 6.34%, 07/27/2029 (aa) |  | 965 | 1000 |
| Fifth Third Financial Corp., (United States SOFR + 2.16%), 5.98%, 01/30/2030 (aa) |  | 1083 | 1117 |
| First Abu Dhabi Bank PJSC, (United Arab Emirates), Reg. S, 3.12%, 02/20/2031 | EUR | 1000 | 1114 |
| First Citizens BancShares, Inc., (CMT Index 5 Year + 1.85%), 5.60%, 09/05/2035 (aa) |  | 195 | 191 |
| First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 1460 | 1479 |
| FNB Corp., (SOFR Compounded Index + 1.93%), 5.72%, 12/11/2030 (aa) |  | 6 | 6 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| Reg. S, 0.25%, 01/26/2028 | EUR | 1000 | 1094 |
| Reg. S, 0.88%, 05/09/2029 | EUR | 370 | 396 |
| (United States SOFR + 0.91%), 1.95%, 10/21/2027 (aa) |  | 1570 | 1548 |
| (United States SOFR + 1.09%), 1.99%, 01/27/2032 (aa) |  | 41 | 36 |
| 2.60%, 02/07/2030 |  | 1895 | 1763 |
| (United States SOFR + 1.28%), 2.62%, 04/22/2032 (aa) |  | 2809 | 2522 |
| (United States SOFR + 1.26%), 2.65%, 10/21/2032 (aa) |  | 144 | 128 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| (United States SOFR + 1.41%), 3.10%, 02/24/2033 (aa) |  | 22 | 20 |
| Reg. S, 3.13%, 07/25/2029 | GBP | 1500 | 1865 |
| (CME Term SOFR 3 Month + 1.63%), 4.02%, 10/31/2038 (aa) |  | 150 | 131 |
| (United States SOFR + 1.32%), 5.54%, 01/21/2047 (aa) |  | 210 | 200 |
| (United States SOFR + 1.58%), 5.56%, 11/19/2045 (aa) |  | 1550 | 1492 |
| (United States SOFR + 1.55%), 5.85%, 04/25/2035 (aa) |  | 4025 | 4177 |
| 6.25%, 02/01/2041 |  | 4 | 4 |
| (United States SOFR + 1.77%), 6.48%, 10/24/2029 (aa) |  | 20 | 21 |
| 6.75%, 10/01/2037 |  | 45 | 48 |
| Hamburg Commercial Bank AG, (Germany), Reg. S, 3.38%, 02/01/2028 | EUR | 50 | 58 |
| HSBC Holdings plc, (United Kingdom), |  |  |  |
| (United States SOFR + 1.29%), 1.59%, 05/24/2027 (aa) |  | 200 | 199 |
| (United States SOFR + 1.29%), 2.21%, 08/17/2029 (aa) |  | 3130 | 2962 |
| (United States SOFR + 1.19%), 2.80%, 05/24/2032 (aa) |  | 900 | 809 |
| (United States SOFR + 2.39%), 2.85%, 06/04/2031 (aa) |  | 200 | 185 |
| (GBP Swap Rate 1 Year + 1.77%), 3.00%, 05/29/2030 (aa) | GBP | 225 | 278 |
| (CME Term SOFR 3 Month + 1.87%), 3.97%, 05/22/2030 (aa) |  | 200 | 196 |
| (United States SOFR + 1.19%), 4.62%, 11/06/2031 (aa) |  | 250 | 247 |
| (United States SOFR + 1.55%), 5.28%, 03/10/2037 (aa) |  | 2530 | 2486 |
| (SONIA Interest Rate Benchmark + 2.12%), 6.80%, 09/14/2031 (aa) | GBP | 3200 | 4462 |
| Reg. S, 7.00%, 04/07/2038 | GBP | 300 | 415 |
| Huntington Bancshares, Inc., |  |  |  |
| (United States SOFR + 0.99%), 4.62%, 01/28/2032 (aa) |  | 1650 | 1626 |
| (United States SOFR + 1.28%), 5.27%, 01/15/2031 (aa) |  | 30 | 30 |
| (SOFR Compounded Index + 1.87%), 5.71%, 02/02/2035 (aa) |  | 2110 | 2155 |
| (United States SOFR + 2.02%), 6.21%, 08/21/2029 (aa) |  | 235 | 244 |
| HYPO NOE Landesbank fuer Niederoesterreich und Wien AG, (Austria), |  |  |  |
| Reg. S, 3.00%, 04/16/2032 | EUR | 100 | 114 |
| Reg. S, 3.25%, 02/27/2031 | EUR | 300 | 340 |
| Hypo Vorarlberg Bank AG, (Austria), |  |  |  |
| Reg. S, 1.63%, 05/11/2028 | EUR | 100 | 112 |
| Reg. S, 2.75%, 05/13/2032 | EUR | 100 | 113 |
| Iccrea Banca SpA, (Italy), |  |  |  |
| Reg. S, 3.88%, 01/12/2029 | EUR | 100 | 118 |
| Reg. S, 4.00%, 11/08/2027 | EUR | 100 | 117 |
| ING Bank NV, (Netherlands), |  |  |  |
| Reg. S, 0.75%, 02/18/2029 | EUR | 100 | 109 |
| Reg. S, 2.50%, 02/21/2030 | EUR | 100 | 113 |
| Reg. S, 3.00%, 05/21/2034 | EUR | 100 | 114 |
| Reg. S, 3.00%, 09/02/2035 | EUR | 100 | 112 |
| ING Belgium SA, (Belgium), |  |  |  |
| Reg. S, 0.01%, 02/20/2030 | EUR | 100 | 103 |
| Reg. S, 1.50%, 05/19/2029 | EUR | 100 | 110 |
| ING Groep NV, (Netherlands), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.68%), 0.25%, 02/18/2029 (aa) | EUR | 4000 | 4363 |
| Reg. S, (SONIA Interest Rate Benchmark + 0.91%), 1.13%, 12/07/2028 (aa) | GBP | 1900 | 2354 |
| (United States SOFR + 1.01%), 1.73%, 04/01/2027 (aa) |  | 1265 | 1265 |
| Reg. S, (EUR Swap Rate 5 Year + 2.50%), 4.13%, 08/24/2033 (aa) | EUR | 2500 | 2909 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, (EURIBOR 3 Month + 1.60%), 4.50%, 05/23/2029 (aa) | EUR | 4200 | 4959 |
| (SOFR Compounded Index + 1.61%), 5.42%, 03/23/2037 (aa) |  | 972 | 969 |
| (United States SOFR + 1.61%), 5.53%, 03/25/2036 (aa) |  | 1000 | 1012 |
| ING-DiBa AG, (Germany), Reg. S, 0.01%, 10/07/2028 | EUR | 200 | 215 |
| Intesa Sanpaolo SpA, (Italy), |  |  |  |
| Reg. S, 3.63%, 06/30/2028 | EUR | 100 | 117 |
| Reg. S, (ICE Swap Rate GBP SONIA 1 Year + 2.59%), 6.50%, 03/14/2029 (aa) | GBP | 1700 | 2304 |
| Reg. S, 6.63%, 05/31/2033 | GBP | 2400 | 3360 |
| (CMT Index 1 Year + 3.90%), 7.78%, 06/20/2054 (e) (aa) |  | 850 | 971 |
| 7.80%, 11/28/2053 (e) |  | 2130 | 2493 |
| Investec plc, (United Kingdom), |  |  |  |
| Reg. S, (UK Gilts 1 Year + 1.50%), 1.88%, 07/16/2028 (aa) | GBP | 1500 | 1898 |
| Reg. S, (UK Gilts 5 Year + 2.05%), 2.63%, 01/04/2032 (aa) | GBP | 1000 | 1304 |
| Investitionsbank Berlin, (Germany), |  |  |  |
| Series 208, 0.05%, 03/02/2035 | EUR | 100 | 87 |
| Series 215, 0.01%, 07/01/2031 | EUR | 200 | 197 |
| Series 216, 0.01%, 07/15/2027 | EUR | 500 | 557 |
| Series 222, Reg. S, 2.75%, 10/04/2027 | EUR | 700 | 808 |
| Series 226, Reg. S, 3.13%, 03/01/2033 | EUR | 900 | 1036 |
| Series 237, Reg. S, 2.25%, 09/28/2029 | EUR | 100 | 113 |
| Series 276, 0.01%, 11/22/2029 | EUR | 200 | 208 |
| KeyCorp., |  |  |  |
| (United States SOFR + 1.37%), 5.31%, 01/28/2037 (aa) |  | 890 | 872 |
| (SOFR Compounded Index + 2.42%), 6.40%, 03/06/2035 (aa) |  | 690 | 732 |
| Kookmin Bank, (South Korea), Reg. S, 0.05%, 10/19/2026 | EUR | 1800 | 2052 |
| Kreditanstalt fuer Wiederaufbau, (Germany), |  |  |  |
| Reg. S, 0.00%, 04/30/2027 | EUR | 1530 | 1720 |
| Reg. S, 0.00%, 12/15/2027 | EUR | 3740 | 4129 |
| Reg. S, 0.00%, 09/15/2028 | EUR | 1325 | 1432 |
| Reg. S, 0.00%, 11/09/2028 | EUR | 1490 | 1603 |
| Reg. S, 0.00%, 06/15/2029 | EUR | 1084 | 1147 |
| Reg. S, 0.00%, 09/17/2030 | EUR | 1108 | 1128 |
| Reg. S, 0.00%, 01/10/2031 | EUR | 3310 | 3336 |
| Reg. S, 0.00%, 09/15/2031 | EUR | 2000 | 1971 |
| Reg. S, 0.01%, 05/05/2027 | EUR | 520 | 584 |
| Reg. S, 0.05%, 09/29/2034 | EUR | 980 | 873 |
| Reg. S, 0.13%, 01/09/2032 | EUR | 1830 | 1797 |
| Reg. S, 0.38%, 04/23/2030 | EUR | 360 | 377 |
| Reg. S, 0.38%, 05/20/2036 | EUR | 1948 | 1696 |
| 0.50%, 09/15/2027 | EUR | 500 | 560 |
| 0.63%, 01/07/2028 | EUR | 720 | 803 |
| Reg. S, 0.75%, 01/15/2029 | EUR | 3550 | 3881 |
| Reg. S, 0.88%, 07/04/2039 | EUR | 2380 | 2003 |
| Reg. S, 1.13%, 09/15/2032 | EUR | 900 | 925 |
| Reg. S, 1.13%, 05/09/2033 | EUR | 550 | 557 |
| Reg. S, 1.13%, 03/31/2037 | EUR | 3040 | 2804 |
| Reg. S, 1.13%, 06/15/2037 | EUR | 1600 | 1465 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 1.25%, 06/30/2027 | EUR | 8160 | 9272 |
| Reg. S, 1.38%, 06/07/2032 | EUR | 1500 | 1575 |
| Reg. S, 1.38%, 07/31/2035 | EUR | 202 | 199 |
| Reg. S, 2.00%, 11/15/2029 | EUR | 500 | 562 |
| Reg. S, 2.13%, 07/31/2028 | EUR | 1000 | 1139 |
| Reg. S, 2.38%, 08/05/2027 | EUR | 5040 | 5801 |
| Reg. S, 2.38%, 04/11/2028 | EUR | 3089 | 3544 |
| Reg. S, 2.38%, 06/29/2029 | EUR | 1700 | 1939 |
| Reg. S, 2.38%, 10/04/2029 | EUR | 700 | 797 |
| Reg. S, 2.50%, 10/09/2030 | EUR | 1500 | 1706 |
| Reg. S, 2.50%, 11/15/2030 | EUR | 1700 | 1933 |
| Reg. S, 2.50%, 10/15/2031 | EUR | 2790 | 3150 |
| Reg. S, 2.63%, 04/26/2029 | EUR | 2490 | 2863 |
| Reg. S, 2.63%, 11/15/2032 | EUR | 1500 | 1691 |
| Reg. S, 2.63%, 01/10/2034 | EUR | 1500 | 1673 |
| Reg. S, 2.75%, 10/01/2027 | EUR | 750 | 867 |
| Reg. S, 2.75%, 03/15/2028 | EUR | 650 | 751 |
| Reg. S, 2.75%, 05/15/2030 | EUR | 525 | 604 |
| Reg. S, 2.75%, 02/20/2031 | EUR | 1100 | 1262 |
| Reg. S, 2.75%, 02/14/2033 | EUR | 700 | 794 |
| Reg. S, 2.75%, 01/17/2035 | EUR | 2943 | 3290 |
| Reg. S, 2.88%, 12/28/2029 | EUR | 1280 | 1481 |
| Reg. S, 2.88%, 03/31/2032 | EUR | 2100 | 2409 |
| Reg. S, 2.88%, 06/07/2033 | EUR | 500 | 570 |
| Reg. S, 3.00%, 01/04/2036 | EUR | 2700 | 3053 |
| Reg. S, 3.13%, 10/10/2028 | EUR | 800 | 932 |
| Reg. S, 3.13%, 06/07/2030 | EUR | 2200 | 2568 |
| Reg. S, 3.25%, 03/24/2031 | EUR | 1510 | 1771 |
| 4.70%, 06/02/2037 | CAD | 140 | 104 |
| Reg. S, 4.88%, 03/15/2037 | GBP | 825 | 1072 |
| 5.75%, 06/07/2032 | GBP | 1300 | 1825 |
| La Banque Postale SA, (France), |  |  |  |
| Reg. S, 0.75%, 06/23/2031 | EUR | 300 | 298 |
| Reg. S, (EUR Swap Rate 5 Year + 1.23%), 0.75%, 08/02/2032 (aa) | EUR | 100 | 112 |
| Reg. S, 1.38%, 04/24/2029 | EUR | 200 | 217 |
| Reg. S, 3.50%, 06/13/2030 | EUR | 500 | 579 |
| Reg. S, (EURIBOR 3 Month + 1.30%), 3.50%, 04/01/2031 (aa) | EUR | 200 | 228 |
| Reg. S, (EURIBOR 3 Month + 1.15%), 3.50%, 12/02/2032 (aa) | EUR | 300 | 337 |
| Reg. S, 4.00%, 05/03/2028 | EUR | 400 | 468 |
| Reg. S, 4.38%, 01/17/2030 | EUR | 400 | 474 |
| Reg. S, (EUR Swap Rate 5 Year + 2.85%), 5.50%, 03/05/2034 (aa) | EUR | 300 | 360 |
| Landesbank Baden-Wuerttemberg, (Germany), |  |  |  |
| Reg. S, 0.01%, 07/07/2028 | EUR | 180 | 195 |
| Reg. S, 0.25%, 07/21/2028 | EUR | 200 | 215 |
| Reg. S, 0.38%, 02/28/2028 | EUR | 200 | 219 |
| Reg. S, 0.38%, 05/07/2029 | EUR | 300 | 314 |
| Reg. S, 0.38%, 02/21/2031 | EUR | 400 | 394 |
| Reg. S, 0.38%, 04/21/2031 | EUR | 600 | 589 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| Reg. S, 0.50%, 11/05/2029 | EUR | 600 | 629 |
| Reg. S, 1.75%, 05/10/2032 | EUR | 50 | 53 |
| Reg. S, 2.75%, 03/12/2031 | EUR | 100 | 114 |
| Reg. S, 2.75%, 11/19/2032 | EUR | 100 | 113 |
| Reg. S, 3.00%, 09/26/2031 | EUR | 60 | 69 |
| Reg. S, 3.13%, 11/13/2029 | EUR | 50 | 58 |
| Reg. S, 3.25%, 09/27/2027 | EUR | 50 | 58 |
| 3.50%, 03/21/2030 | EUR | 300 | 347 |
| Landesbank Hessen-Thueringen Girozentrale, (Germany), |  |  |  |
| Reg. S, 0.01%, 07/19/2027 | EUR | 100 | 112 |
| Reg. S, 0.38%, 06/04/2029 | EUR | 300 | 315 |
| Reg. S, 2.25%, 09/15/2028 | EUR | 100 | 114 |
| Reg. S, 2.63%, 08/24/2027 | EUR | 200 | 229 |
| Reg. S, 2.88%, 02/06/2034 | EUR | 100 | 113 |
| Reg. S, 3.00%, 03/05/2032 | EUR | 700 | 784 |
| Reg. S, 3.38%, 02/26/2031 | EUR | 200 | 228 |
| Reg. S, 4.00%, 02/04/2030 | EUR | 300 | 352 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 4.50%, 09/15/2032 (aa) | EUR | 100 | 116 |
| Landeskreditbank Baden-Wuerttemberg Foerderbank, (Germany), |  |  |  |
| Reg. S, 0.75%, 03/16/2032 | EUR | 200 | 201 |
| Reg. S, 2.38%, 07/04/2030 | EUR | 500 | 563 |
| Reg. S, 2.75%, 02/16/2028 | EUR | 500 | 576 |
| Series 5614, Reg. S, 0.01%, 01/20/2031 | EUR | 700 | 699 |
| Landshypotek Bank AB, (Sweden), Reg. S, 3.25%, 08/04/2028 | SEK | 2000 | 212 |
| Landwirtschaftliche Rentenbank, (Germany), |  |  |  |
| Reg. S, 0.00%, 09/22/2027 | EUR | 300 | 333 |
| Reg. S, 0.00%, 07/19/2028 | EUR | 1500 | 1626 |
| Reg. S, 0.00%, 12/13/2028 | EUR | 720 | 772 |
| Reg. S, 0.00%, 11/27/2029 | EUR | 820 | 854 |
| Reg. S, 0.01%, 11/26/2040 | EUR | 200 | 138 |
| Reg. S, 0.05%, 12/18/2029 | EUR | 2140 | 2229 |
| Reg. S, 0.05%, 01/31/2031 | EUR | 800 | 805 |
| Reg. S, 0.38%, 02/14/2028 | EUR | 1140 | 1260 |
| Reg. S, 0.50%, 02/28/2029 | EUR | 400 | 432 |
| Reg. S, 0.63%, 02/20/2030 | EUR | 1090 | 1155 |
| Reg. S, 0.63%, 10/31/2036 | EUR | 825 | 727 |
| Reg. S, 2.50%, 05/11/2032 | EUR | 1000 | 1121 |
| Reg. S, 2.63%, 07/08/2032 | EUR | 700 | 790 |
| Reg. S, 2.75%, 02/16/2032 | EUR | 1000 | 1140 |
| Reg. S, 2.75%, 01/17/2033 | EUR | 300 | 340 |
| Reg. S, 2.88%, 07/09/2031 | EUR | 300 | 345 |
| Reg. S, 3.00%, 11/14/2034 | EUR | 700 | 800 |
| Reg. S, 3.25%, 09/06/2030 | EUR | 600 | 702 |
| LFA Foerderbank Bayern, (Germany), |  |  |  |
| Series 171, 1.00%, 03/01/2028 | EUR | 200 | 223 |
| Series 219, 2.88%, 02/01/2029 | EUR | 300 | 346 |
| Series 1180, 0.75%, 04/01/2031 | EUR | 400 | 413 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| Lloyds Bank plc, (United Kingdom), |  |  |  |
| Reg. S, 6.00%, 02/08/2029 | GBP | 100 | 137 |
| Reg. S, 6.50%, 09/17/2040 | GBP | 300 | 417 |
| Lloyds Banking Group plc, (United Kingdom), |  |  |  |
| (UK Gilts 5 Year + 1.60%), 1.99%, 12/15/2031 (aa) | GBP | 1900 | 2480 |
| (IBOR USD 3 Month + 1.21%), 3.57%, 11/07/2028 (aa) |  | 1050 | 1036 |
| (CMT Index 1 Year + 1.60%), 6.07%, 06/13/2036 (aa) |  | 1700 | 1729 |
| Reg. S, (UK Gilts 5 Year + 3.10%), 6.63%, 06/02/2033 (aa) | GBP | 2600 | 3510 |
| Luzerner Kantonalbank AG, (Switzerland), Reg. S, 0.10%, 09/15/2031 | CHF | 1050 | 1270 |
| M&T Bank Corp., |  |  |  |
| (CMT Index 5 Year + 1.43%), 5.40%, 07/30/2035 (aa) |  | 76 | 76 |
| (United States SOFR + 2.26%), 6.08%, 03/13/2032 (aa) |  | 71 | 74 |
| (United States SOFR + 2.80%), 7.41%, 10/30/2029 (aa) |  | 105 | 112 |
| Macquarie Bank Ltd., (Australia), Reg. S, 2.78%, 02/25/2030 | EUR | 100 | 114 |
| Mediobanca Banca di Credito Finanziario SpA, (Italy), |  |  |  |
| Reg. S, 2.63%, 08/05/2030 | EUR | 100 | 113 |
| Reg. S, 2.88%, 02/02/2032 | EUR | 2200 | 2485 |
| Reg. S, 3.00%, 09/04/2031 | EUR | 100 | 114 |
| Mediocredito Centrale—Banca Del Mezzogiorno SpA, (Italy), Reg. S, 3.75%, 09/20/2029 | EUR | 600 | 698 |
| Mitsubishi UFJ Financial Group, Inc., (Japan), |  |  |  |
| Reg. S, 0.85%, 07/19/2029 | EUR | 1125 | 1193 |
| (CMT Index 1 Year + 0.75%), 1.54%, 07/20/2027 (aa) |  | 780 | 773 |
| Reg. S, 3.56%, 06/15/2032 | EUR | 466 | 535 |
| Reg. S, (EURIBOR 3 Month + 1.12%), 3.56%, 09/05/2032 (aa) | EUR | 1600 | 1832 |
| (CMT Index 1 Year + 0.80%), 4.51%, 01/14/2032 (aa) |  | 300 | 295 |
| (CMT Index 1 Year + 0.80%), 4.53%, 09/12/2031 (aa) |  | 895 | 886 |
| Reg. S, (EURIBOR 3 Month + 1.60%), 4.64%, 06/07/2031 (aa) | EUR | 3500 | 4205 |
| (CMT Index 1 Year + 0.93%), 5.19%, 09/12/2036 (aa) |  | 725 | 720 |
| (CMT Index 1 Year + 1.90%), 5.35%, 09/13/2028 (aa) |  | 3450 | 3492 |
| (CMT Index 1 Year + 1.27%), 5.62%, 04/24/2036 (aa) |  | 2225 | 2279 |
| Mizuho Financial Group, Inc., (Japan), |  |  |  |
| (CME Term SOFR 3 Month + 1.39%), 3.15%, 07/16/2030 (aa) |  | 930 | 888 |
| (CMT Index 1 Year + 1.12%), 5.38%, 05/26/2030 (aa) |  | 350 | 358 |
| Morgan Stanley, |  |  |  |
| (United States SOFR + 0.86%), 1.51%, 07/20/2027 (aa) |  | 39 | 39 |
| (United States SOFR + 1.03%), 1.79%, 02/13/2032 (aa) |  | 103 | 89 |
| (United States SOFR + 1.00%), 2.48%, 01/21/2028 (aa) |  | 2 | 2 |
| (United States SOFR + 1.20%), 2.51%, 10/20/2032 (aa) |  | 103 | 91 |
| 2.63%, 03/09/2027 | GBP | 1425 | 1848 |
| (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) |  | 75 | 70 |
| (EURIBOR 3 Month + 0.86%), 3.15%, 11/07/2031 (aa) | EUR | 4900 | 5516 |
| (EURIBOR 3 Month + 0.91%), 3.38%, 01/23/2032 (aa) | EUR | 2100 | 2384 |
| (EURIBOR 3 Month + 1.32%), 3.52%, 05/22/2031 (aa) | EUR | 2600 | 2982 |
| (EURIBOR 3 Month + 1.12%), 3.75%, 11/07/2036 (aa) | EUR | 3000 | 3334 |
| 3.95%, 04/23/2027 |  | 17 | 17 |
| (EURIBOR 3 Month + 1.14%), 3.98%, 01/23/2037 (aa) | EUR | 2000 | 2251 |
| (United States SOFR + 1.38%), 4.99%, 04/12/2029 (aa) |  | 30 | 30 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| (SONIA Interest Rate Benchmark + 1.46%), 5.21%, 10/24/2035 (aa) | GBP | 400 | 509 |
| (United States SOFR + 1.11%), 5.23%, 01/15/2031 (aa) |  | 95 | 97 |
| (United States SOFR + 1.87%), 5.25%, 04/21/2034 (aa) |  | 190 | 191 |
| (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 510 | 519 |
| (United States SOFR + 1.71%), 5.52%, 11/19/2055 (aa) |  | 210 | 200 |
| (United States SOFR + 2.24%), 6.30%, 10/18/2028 (aa) |  | 110 | 113 |
| Morgan Stanley Private Bank NA, (United States SOFR + 0.76%), 4.21%, 02/08/2030 (aa) |  | 5575 | 5518 |
| Muenchener Hypothekenbank eG, (Germany), |  |  |  |
| Reg. S, 0.01%, 11/02/2040 | EUR | 50 | 34 |
| Reg. S, 0.13%, 02/01/2029 | EUR | 50 | 54 |
| Reg. S, 1.00%, 04/18/2039 | EUR | 50 | 42 |
| Reg. S, 2.50%, 07/04/2028 | EUR | 50 | 57 |
| Reg. S, 2.75%, 03/06/2035 | EUR | 100 | 111 |
| Reg. S, 3.00%, 02/01/2034 | EUR | 50 | 57 |
| Series 2057, Reg. S, 3.00%, 07/11/2031 | EUR | 25 | 29 |
| National Australia Bank Ltd., (Australia), |  |  |  |
| Reg. S, (UK Gilts 5 Year + 1.40%), 1.70%, 09/15/2031 (aa) | GBP | 1425 | 1857 |
| Reg. S, 2.13%, 05/24/2028 | EUR | 500 | 565 |
| Reg. S, 2.72%, 08/27/2030 | EUR | 100 | 114 |
| Reg. S, 3.15%, 02/05/2031 | EUR | 1800 | 2079 |
| National Bank of Canada, (Canada), Reg. S, 0.01%, 03/25/2028 | EUR | 100 | 109 |
| Nationale-Nederlanden Bank NV (The), (Netherlands), |  |  |  |
| Reg. S, 0.01%, 07/08/2030 | EUR | 100 | 101 |
| Reg. S, 3.00%, 03/21/2031 | EUR | 100 | 115 |
| NatWest Group plc, (United Kingdom), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.89%), 0.67%, 09/14/2029 (aa) | EUR | 2000 | 2160 |
| (CMT Index 1 Year + 1.05%), 5.12%, 05/23/2031 (aa) |  | 2100 | 2121 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.60%), 5.76%, 02/28/2034 (aa) | EUR | 3200 | 3845 |
| NatWest Markets plc, (United Kingdom), 4.65%, 03/27/2029 (e) |  | 2485 | 2491 |
| 4.89%, 03/27/2031 (e) |  | 1595 | 1598 |
| 5.02%, 03/21/2030 (e) |  | 2300 | 2326 |
| NIBC Bank NV, (Netherlands), Reg. S, 0.13%, 04/21/2031 | EUR | 100 | 99 |
| Norddeutsche Landesbank-Girozentrale, (Germany), |  |  |  |
| Reg. S, 2.38%, 09/20/2029 | EUR | 60 | 68 |
| Reg. S, 2.63%, 10/20/2028 | EUR | 130 | 149 |
| Reg. S, 2.88%, 05/14/2027 | EUR | 50 | 58 |
| Reg. S, 3.25%, 02/04/2028 | EUR | 200 | 231 |
| Reg. S, 3.63%, 09/11/2029 | EUR | 800 | 925 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.00%), 4.38%, 12/10/2035 (aa) | EUR | 200 | 228 |
| Reg. S, 4.88%, 07/11/2028 | EUR | 100 | 119 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.95%), 5.63%, 08/23/2034 (aa) | EUR | 300 | 357 |
| Nordea Hypotek AB, (Sweden), |  |  |  |
| Series 5537, Reg. S, 1.00%, 06/16/2027 | SEK | 2000 | 207 |
| Series 5538, Reg. S, 3.50%, 09/20/2028 | SEK | 2000 | 214 |
| Series 5540, Reg. S, 3.00%, 11/26/2030 | SEK | 2000 | 210 |
| Nordea Kiinnitysluottopankki OYJ, (Finland), |  |  |  |
| Reg. S, 2.38%, 04/04/2028 | EUR | 100 | 114 |
| Reg. S, 2.50%, 09/14/2032 | EUR | 100 | 112 |
| Reg. S, 3.00%, 01/31/2031 | EUR | 150 | 173 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Banks — continued** |  |  |  |
| Novo Banco SA, (Portugal), Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 114 |
| NRW Bank, (Germany), |  |  |  |
| Reg. S, 0.00%, 02/18/2030 | EUR | 400 | 413 |
| Reg. S, 0.00%, 09/23/2030 | EUR | 500 | 506 |
| Reg. S, 0.00%, 02/03/2031 | EUR | 300 | 300 |
| Reg. S, 0.00%, 07/28/2031 | EUR | 138 | 136 |
| Reg. S, 0.10%, 07/09/2035 | EUR | 680 | 587 |
| Reg. S, 0.38%, 05/16/2029 | EUR | 750 | 801 |
| Reg. S, 0.50%, 06/17/2041 | EUR | 100 | 72 |
| 0.63%, 01/04/2028 | EUR | 110 | 122 |
| Reg. S, 0.75%, 06/30/2028 | EUR | 760 | 838 |
| 1.20%, 03/28/2039 | EUR | 100 | 87 |
| 1.25%, 05/13/2049 | EUR | 87 | 60 |
| Reg. S, 2.50%, 02/13/2032 | EUR | 300 | 336 |
| 2.75%, 02/21/2029 | EUR | 500 | 575 |
| Reg. S, 2.75%, 05/15/2031 | EUR | 1502 | 1714 |
| Reg. S, 2.88%, 04/05/2033 | EUR | 600 | 682 |
| Reg. S, 2.88%, 07/25/2034 | EUR | 300 | 338 |
| Reg. S, 2.88%, 09/26/2039 | EUR | 170 | 181 |
| Reg. S, 3.00%, 05/31/2030 | EUR | 173 | 200 |
| Reg. S, 3.00%, 06/04/2035 | EUR | 600 | 678 |
| Reg. S, 3.00%, 09/24/2035 | EUR | 200 | 225 |
| Series 1W1, 0.13%, 02/04/2030 | EUR | 300 | 312 |
| Nykredit Realkredit A/S, (Denmark), |  |  |  |
| Series 13H, Reg. S, 1.00%, 07/01/2027 | DKK | 2400 | 364 |
| Series 13H, Reg. S, 1.00%, 01/01/2028 | DKK | 200 | 30 |
| Series 13G, Reg. S, 1.00%, 04/01/2028 | DKK | 1200 | 179 |
| Series 13H, Reg. S, 1.00%, 07/01/2028 | DKK | 400 | 60 |
| Series 13H, Reg. S, 1.00%, 07/01/2029 | DKK | 2350 | 343 |
| Series 13H, Reg. S, 1.00%, 07/01/2030 | DKK | 2200 | 314 |
| Series SDO, Reg. S, 1.00%, 01/01/2029 | DKK | 700 | 103 |
| Oesterreichische Kontrollbank AG, (Austria), |  |  |  |
| Reg. S, 1.50%, 07/13/2027 | EUR | 300 | 341 |
| Reg. S, 3.13%, 11/15/2028 | EUR | 300 | 349 |
| OP Corporate Bank plc, (Finland), Reg. S, 4.13%, 04/18/2027 | EUR | 3000 | 3508 |
| OP Mortgage Bank, (Finland), |  |  |  |
| Reg. S, 0.63%, 02/15/2029 | EUR | 100 | 108 |
| Reg. S, 1.00%, 10/05/2027 | EUR | 100 | 112 |
| Reg. S, 2.63%, 07/09/2030 | EUR | 100 | 114 |
| Reg. S, 3.00%, 07/17/2031 | EUR | 100 | 115 |
| Permanent TSB Group Holdings plc, (Ireland), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.55%), 3.88%, 12/22/2035 (aa) | EUR | 200 | 225 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.60%), 4.25%, 07/10/2030 (aa) | EUR | 400 | 469 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 04/25/2028 (aa) | EUR | 300 | 358 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 3.50%), 6.63%, 06/30/2029 (aa) | EUR | 300 | 368 |
|  Pfandbriefbank schweizerischer Hypothekarinstitute AG, (Switzerland), |  |  |  |
| Reg. S, 0.00%, 02/26/2030 | CHF | 650 | 797 |
| Series 671, Reg. S, 0.25%, 04/15/2030 | CHF | 30 | 37 |
| Series 676, Reg. S, 0.25%, 04/26/2034 | CHF | 100 | 120 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
| Series 678, Reg. S, 0.00%, 08/26/2049 | CHF | 100 | 96 |
| Series 683, Reg. S, 0.00%, 02/25/2028 | CHF | 290 | 360 |
| Series 684, Reg. S, 0.00%, 05/10/2045 | CHF | 125 | 127 |
| Series 689, Reg. S, 0.25%, 10/06/2042 | CHF | 40 | 44 |
| Series 692, Reg. S, 0.13%, 08/17/2040 | CHF | 60 | 66 |
| Series 697, Reg. S, 0.00%, 05/20/2041 | CHF | 250 | 267 |
| Series 706, Reg. S, 0.13%, 08/19/2031 | CHF | 160 | 195 |
| Series 723, Reg. S, 2.25%, 07/05/2052 | CHF | 10 | 16 |
| Series 734, Reg. S, 1.88%, 01/15/2031 | CHF | 140 | 186 |
| Series 740, Reg. S, 2.00%, 10/04/2040 | CHF | 20 | 28 |
| Series 742, Reg. S, 1.75%, 07/07/2033 | CHF | 50 | 67 |
| Series 743, Reg. S, 1.75%, 07/09/2038 | CHF | 70 | 96 |
| Series 745, Reg. S, 1.75%, 12/23/2033 | CHF | 30 | 40 |
| Series 746, Reg. S, 1.75%, 01/26/2049 | CHF | 10 | 14 |
| Series 747, Reg. S, 1.75%, 03/24/2043 | CHF | 20 | 28 |
| Series 748, Reg. S, 1.63%, 03/15/2034 | CHF | 40 | 53 |
| Series 751, Reg. S, 1.25%, 05/28/2030 | CHF | 40 | 52 |
| Series 754, Reg. S, 1.38%, 04/24/2054 | CHF | 20 | 27 |
| Series 755, Reg. S, 1.50%, 07/13/2027 | CHF | 100 | 127 |
| Series 764, Reg. S, 0.88%, 03/10/2032 | CHF | 100 | 127 |
| Series 767, Reg. S, 1.00%, 02/23/2035 | CHF | 25 | 32 |
| Series 769, Reg. S, 1.00%, 02/23/2046 | CHF | 10 | 12 |
| Series 771, Reg. S, 0.63%, 03/27/2030 | CHF | 190 | 239 |
| Pfandbriefzentrale der schweizerischen Kantonalbanken AG, (Switzerland), |  |  |  |
| Series 483, Reg. S, 0.00%, 01/27/2027 | CHF | 170 | 212 |
| Series 490, Reg. S, 0.50%, 02/20/2032 | CHF | 150 | 186 |
| Series 516, Reg. S, 0.13%, 03/23/2032 | CHF | 100 | 121 |
| Series 524, Reg. S, 0.00%, 06/21/2028 | CHF | 50 | 62 |
| Series 528, Reg. S, 0.00%, 03/15/2030 | CHF | 150 | 184 |
| Series 530, Reg. S, 0.00%, 03/18/2033 | CHF | 370 | 441 |
| Series 531, Reg. S, 0.00%, 02/15/2036 | CHF | 365 | 420 |
| Series 534, Reg. S, 0.00%, 03/13/2028 | CHF | 50 | 62 |
| Series 536, Reg. S, 0.20%, 06/12/2035 | CHF | 100 | 118 |
| Series 550, Reg. S, 1.10%, 04/18/2028 | CHF | 130 | 165 |
| Series 568, Reg. S, 1.80%, 12/12/2034 | CHF | 110 | 149 |
| Series 576, Reg. S, 1.85%, 07/19/2038 | CHF | 50 | 69 |
| Series 585, Reg. S, 1.50%, 04/02/2031 | CHF | 100 | 131 |
| Series 588, Reg. S, 1.45%, 11/03/2032 | CHF | 50 | 66 |
| Series 589, Reg. S, 1.50%, 06/23/2036 | CHF | 30 | 40 |
| Series 594, Reg. S, 1.45%, 08/02/2034 | CHF | 30 | 40 |
| Series 600, Reg. S, 0.90%, 10/26/2035 | CHF | 40 | 50 |
| Series 603, Reg. S, 0.95%, 03/27/2035 | CHF | 40 | 51 |
| Series 605, Reg. S, 1.15%, 01/24/2046 | CHF | 20 | 25 |
| Series 608, Reg. S, 1.00%, 08/24/2045 | CHF | 30 | 37 |
| Series 610, Reg. S, 0.35%, 08/23/2028 | CHF | 50 | 62 |
| Series 611, Reg. S, 0.80%, 08/22/2033 | CHF | 30 | 38 |
|  Pinnacle Bank / Nashville TN, (CMT Index 5 Year + 2.30%), 5.96%, 01/15/2036 (aa) |  | 250 | 248 |
|  Piraeus Bank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.15%), 3.00%, 12/03/2028 (aa) | EUR | 400 | 458 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
|  PNC Financial Services Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.42%), 5.37%, 07/21/2036 (aa) |  | 149 | 150 |
| (United States SOFR + 2.28%), 6.88%, 10/20/2034 (aa) |  | 760 | 839 |
|  QNB Finance Ltd., (Cayman Islands), Reg. S, 3.00%, 09/30/2030 | EUR | 1300 | 1445 |
|  Raiffeisen Bank International AG, (Austria), Reg. S, 5.75%, 01/27/2028 | EUR | 3000 | 3613 |
|  Raiffeisen Bausparkasse Gesellschaft mbH, (Austria), Reg. S, 3.38%, 07/10/2029 | EUR | 100 | 116 |
|  Raiffeisenlandesbank Niederoesterreich-Wien AG, (Austria), Reg. S, 3.25%, 01/11/2030 | EUR | 100 | 116 |
|  Raiffeisen-Landesbank Steiermark AG, (Austria), Reg. S, 2.38%, 06/14/2028 | EUR | 100 | 114 |
|  Raiffeisen-Landesbank Tirol AG, (Austria), Reg. S, 3.00%, 01/24/2028 | EUR | 100 | 116 |
|  Regions Financial Corp., (United States SOFR + 2.06%), 5.50%, 09/06/2035 (aa) |  | 140 | 140 |
|  Rheinland-Pfalz Bank, (Germany), SUB, 6.88%, 02/23/2028 (e) |  | 2000 | 2081 |
|  Royal Bank of Canada, (Canada), |  |  |  |
| Reg. S, 0.01%, 10/05/2028 | EUR | 100 | 108 |
| Reg. S, 0.01%, 01/27/2031 | EUR | 500 | 497 |
| Reg. S, 1.50%, 09/15/2027 | EUR | 100 | 113 |
| Reg. S, 2.38%, 09/13/2027 | EUR | 150 | 172 |
| Reg. S, 2.75%, 02/04/2030 | EUR | 100 | 114 |
| (United States SOFR + 0.98%), 4.31%, 11/03/2031 (aa) |  | 2550 | 2505 |
| (SOFR Compounded Index + 0.81%), 4.72%, 03/27/2028 (aa) |  | 135 | 136 |
|  Santander Holdings USA, Inc., |  |  |  |
| (United States SOFR + 1.88%), 5.74%, 03/20/2031 (aa) |  | 80 | 82 |
| (United States SOFR + 2.50%), 6.17%, 01/09/2030 (aa) |  | 60 | 62 |
| (United States SOFR + 2.14%), 6.34%, 05/31/2035 (aa) |  | 130 | 136 |
|  Santander UK Group Holdings plc, (United Kingdom), |  |  |  |
| (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) |  | 465 | 461 |
| (SOFR Compounded Index + 1.58%), 5.14%, 09/22/2036 (aa) |  | 1455 | 1405 |
| (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) |  | 2500 | 2579 |
|  Santander UK plc, (United Kingdom), Reg. S, 2.38%, 05/12/2029 | EUR | 100 | 113 |
|  Skandinaviska Enskilda Banken AB, (Sweden), |  |  |  |
| Reg. S, 0.75%, 06/28/2027 | EUR | 150 | 169 |
| Series 601, Reg. S, 3.00%, 12/06/2027 | SEK | 2000 | 212 |
| Series 603, Reg. S, 3.00%, 12/06/2029 | SEK | 2000 | 211 |
| Series 605, Reg. S, 3.00%, 12/03/2031 | SEK | 2000 | 207 |
|  Slovenska Sporitelna A/S, (Slovakia), Reg. S, 2.75%, 01/30/2029 | EUR | 100 | 115 |
|  Societe Generale SA, (France), 3.00%, 01/22/2030 (e) |  | 625 | 585 |
| Reg. S, 4.00%, 11/16/2027 | EUR | 3000 | 3515 |
| (United States SOFR + 1.10%), 4.45%, 04/12/2030 (e) (aa) |  | 850 | 841 |
| (United States SOFR + 1.42%), 5.25%, 05/22/2029 (e) (aa) |  | 2350 | 2372 |
| Reg. S, (EUR Swap Rate 5 Year + 3.10%), 5.25%, 09/06/2032 (aa) | EUR | 200 | 236 |
| (United States SOFR + 1.60%), 5.40%, 04/10/2037 (e) (aa) |  | 1235 | 1196 |
| (United States SOFR + 1.73%), 5.44%, 10/03/2036 (e) (aa) |  | 1715 | 1679 |
| (CMT Index 1 Year + 2.95%), 7.13%, 01/19/2055 (e) (aa) |  | 250 | 255 |
|  S-Pankki OYJ, (Finland), Reg. S, 3.00%, 04/16/2030 | EUR | 100 | 115 |
|  SpareBank 1 Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 0.01%, 09/22/2027 | EUR | 100 | 111 |
| Reg. S, 0.13%, 05/12/2031 | EUR | 100 | 100 |
| Reg. S, 1.00%, 01/30/2029 | EUR | 100 | 109 |
| Reg. S, 2.38%, 02/13/2030 | EUR | 100 | 113 |
| Reg. S, 2.75%, 08/27/2032 | EUR | 220 | 248 |
| Sparebank 1 Oestlandet, (Norway), Reg. S, 1.75%, 04/27/2027 | EUR | 1000 | 1141 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
| Sparkasse Hannover, (Germany), Reg. S, 2.75%, 05/24/2032 | EUR | 30 | 34 |
| Sparkasse Pforzheim Calw, (Germany), Series P27, 2.38%, 08/14/2028 | EUR | 100 | 114 |
| SR-Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 1.63%, 03/15/2028 | EUR | 100 | 113 |
| Reg. S, 2.50%, 06/11/2030 | EUR | 100 | 113 |
| Stadshypotek AB, (Sweden), |  |  |  |
| Reg. S, 3.63%, 06/20/2028 | SEK | 2000 | 214 |
| Series 1593, Reg. S, 2.50%, 12/01/2027 | SEK | 2000 | 210 |
| Series 1594, Reg. S, 2.00%, 09/01/2028 | SEK | 3000 | 311 |
| Series 1595, Reg. S, 4.00%, 05/02/2029 | SEK | 2000 | 218 |
| Series 1596, Reg. S, 2.50%, 02/01/2030 | SEK | 2000 | 207 |
| Series 1597, Reg. S, 2.50%, 12/02/2030 | SEK | 2000 | 205 |
| Standard Chartered plc, (United Kingdom), (CMT Index 1 Year + 1.05%), 5.55%, 01/21/2029 (e) (aa) |  | 555 | 563 |
| Sumitomo Mitsui Banking Corp., (Japan), |  |  |  |
| Reg. S, 0.41%, 11/07/2029 | EUR | 2100 | 2201 |
| Reg. S, 2.74%, 02/18/2030 | EUR | 476 | 540 |
| Sumitomo Mitsui Financial Group, Inc., (Japan), |  |  |  |
| (United States SOFR + 1.02%), 4.49%, 01/15/2032 (aa) |  | 755 | 743 |
| (United States SOFR + 1.22%), 5.05%, 01/15/2037 (aa) |  | 640 | 630 |
|  Sumitomo Mitsui Trust Bank Ltd., (Japan), Reg. S, 0.01%, 10/15/2027 | EUR | 2000 | 2205 |
|  Sveriges Sakerstallda Obligationer AB, (Sweden), |  |  |  |
| Reg. S, 0.38%, 06/05/2029 | EUR | 150 | 160 |
| Reg. S, 1.75%, 02/10/2032 | EUR | 100 | 107 |
| Reg. S, 2.63%, 02/25/2030 | EUR | 100 | 114 |
| Series 148, Reg. S, 0.25%, 06/09/2027 | SEK | 2000 | 206 |
| Series 149, Reg. S, 3.50%, 06/14/2028 | SEK | 2000 | 214 |
| Swedbank AB, (Sweden), |  |  |  |
| Reg. S, 1.30%, 02/17/2027 | EUR | 1000 | 1141 |
| Reg. S, 2.88%, 04/30/2029 | EUR | 5233 | 5949 |
| Reg. S, 2.88%, 02/08/2030 | EUR | 3133 | 3561 |
| Reg. S, 3.25%, 10/13/2032 | EUR | 3422 | 3828 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.18%), 3.50%, 08/19/2035 (aa) | EUR | 200 | 226 |
| Reg. S, (EUR Swap Rate 5 Year + 2.15%), 3.63%, 08/23/2032 (aa) | EUR | 549 | 633 |
| Reg. S, 4.38%, 09/05/2030 | EUR | 162 | 194 |
| Toronto-Dominion Bank (The), (Canada), |  |  |  |
| Reg. S, 1.95%, 04/08/2030 | EUR | 125 | 136 |
| Reg. S, 2.78%, 09/03/2027 | EUR | 100 | 115 |
| Reg. S, 2.86%, 04/15/2031 | EUR | 2200 | 2507 |
| Reg. S, 2.97%, 09/09/2032 | EUR | 100 | 114 |
| Reg. S, 3.19%, 02/16/2029 | EUR | 100 | 116 |
| Reg. S, (EUR Swap Rate 5 Year + 1.50%), 4.03%, 01/23/2036 (aa) | EUR | 5000 | 5718 |
| 4.93%, 10/15/2035 |  | 690 | 679 |
| (CMT Index 5 Year + 4.08%), 8.13%, 10/31/2082 (aa) |  | 220 | 227 |
| Truist Bank, 2.25%, 03/11/2030 |  | 250 | 227 |
|  Truist Financial Corp., 3.88%, 03/19/2029 |  | 1400 | 1378 |
| (United States SOFR + 1.62%), 5.44%, 01/24/2030 (aa) |  | 645 | 660 |
| (United States SOFR + 2.36%), 5.87%, 06/08/2034 (aa) |  | 370 | 385 |
| (United States SOFR + 2.45%), 7.16%, 10/30/2029 (aa) |  | 620 | 659 |
| TSB Bank plc, (United Kingdom), Reg. S, 2.70%, 02/18/2030 | EUR | 100 | 114 |
| UBS AG, (Switzerland), (United States SOFR + 1.11%), 4.63%, 02/16/2032 (aa) |  | 3310 | 3298 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
| UBS Group AG, (Switzerland), |  |  |  |
| (CMT Index 1 Year + 1.10%), 2.75%, 02/11/2033 (e) (aa) |  | 1000 | 884 |
| (United States SOFR + 1.73%), 3.09%, 05/14/2032 (e) (aa) |  | 755 | 692 |
| (IBOR USD 3 Month + 1.47%), 3.13%, 08/13/2030 (e) (aa) |  | 300 | 285 |
| (United States SOFR + 1.49%), 5.53%, 05/06/2047 (e) (aa) |  | 1190 | 1139 |
| Reg. S, (ICE EURIBOR Swap Rate 1 Year + 4.95%), 7.75%, 03/01/2029 (aa) | EUR | 4400 | 5484 |
|  UBS Switzerland AG, (Switzerland), |  |  |  |
| Reg. S, 2.04%, 10/18/2033 | CHF | 80 | 109 |
| Reg. S, 2.75%, 05/19/2030 | EUR | 100 | 114 |
| Reg. S, 3.30%, 03/05/2029 | EUR | 100 | 116 |
|  UniCredit Bank Austria AG, (Austria), Reg. S, 3.13%, 09/21/2029 | EUR | 100 | 116 |
|  UniCredit Bank Czech Republic & Slovakia A/S, (Czech Republic), |  |  |  |
| Reg. S, 2.88%, 03/25/2029 | EUR | 100 | 114 |
| Reg. S, 3.13%, 10/11/2027 | EUR | 1900 | 2199 |
| UniCredit Bank GmbH, (Germany), |  |  |  |
| Reg. S, 0.01%, 09/15/2028 | EUR | 50 | 54 |
| Reg. S, 0.13%, 11/22/2029 | EUR | 100 | 104 |
| Reg. S, 0.85%, 05/22/2034 | EUR | 50 | 48 |
| Reg. S, 0.88%, 01/11/2029 | EUR | 100 | 109 |
| Reg. S, 2.38%, 08/27/2029 | EUR | 40 | 45 |
| Reg. S, 2.63%, 11/22/2030 | EUR | 120 | 136 |
| UniCredit SpA, (Italy), |  |  |  |
| Reg. S, 3.50%, 07/31/2030 | EUR | 1800 | 2111 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.80%), 4.18%, 06/24/2037 (aa) | EUR | 1275 | 1452 |
|  United Overseas Bank Ltd., (Singapore), Reg. S, 0.01%, 12/01/2027 | EUR | 100 | 110 |
|  US Bancorp, |  |  |  |
| (CMT Index 5 Year + 2.54%), 3.70%, 01/15/2027 (x) (aa) |  | 2300 | 2253 |
| (EURIBOR 3 Month + 1.20%), 4.01%, 05/21/2032 (aa) | EUR | 1774 | 2061 |
| (United States SOFR + 1.56%), 5.38%, 01/23/2030 (aa) |  | 30 | 31 |
| (United States SOFR + 1.41%), 5.42%, 02/12/2036 (aa) |  | 60 | 61 |
| (United States SOFR + 2.26%), 5.84%, 06/12/2034 (aa) |  | 725 | 757 |
| Vseobecna Uverova Banka A/S, (Slovakia), |  |  |  |
| Reg. S, 0.50%, 06/26/2029 | EUR | 1800 | 1909 |
| Reg. S, 3.25%, 03/20/2031 | EUR | 100 | 115 |
| Wells Fargo & Co., |  |  |  |
| (United States SOFR + 2.53%), 3.07%, 04/30/2041 (aa) |  | 1900 | 1423 |
| (United States SOFR + 1.50%), 3.35%, 03/02/2033 (aa) |  | 2109 | 1937 |
| (CME Term SOFR 3 Month + 1.57%), 3.58%, 05/22/2028 (aa) |  | 3 | 3 |
| (United States SOFR + 0.74%), 4.18%, 01/23/2030 (aa) |  | 3550 | 3518 |
| (United States SOFR + 2.13%), 4.61%, 04/25/2053 (aa) |  | 650 | 539 |
| 4.75%, 12/07/2046 |  | 15 | 12 |
| (United States SOFR + 1.98%), 4.81%, 07/25/2028 (aa) |  | 925 | 929 |
| (United States SOFR + 2.02%), 5.39%, 04/24/2034 (aa) |  | 940 | 955 |
| (United States SOFR + 1.78%), 5.50%, 01/23/2035 (aa) |  | 4 | 4 |
| (United States SOFR + 1.99%), 5.56%, 07/25/2034 (aa) |  | 2050 | 2102 |
| (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) |  | 1390 | 1422 |
| 5.61%, 01/15/2044 |  | 24 | 23 |
| (United States SOFR + 1.07%), 5.71%, 04/22/2028 (aa) |  | 1510 | 1529 |
| (CMT Index 5 Year + 2.77%), 6.85%, 09/15/2029 (x) (aa) |  | 122 | 126 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
| Westpac Banking Corp., (Australia), |  |  |  |
| Reg. S, 2.91%, 11/26/2032 | EUR | 120 | 136 |
| 2.96%, 11/16/2040 |  | 58 | 43 |
| Reg. S, 3.11%, 11/23/2027 | EUR | 100 | 116 |
| Westpac New Zealand Ltd., (New Zealand), 4.13%, 01/29/2029 (e) |  | 1585 | 1573 |
| Westpac Securities NZ Ltd., (New Zealand), |  |  |  |
| Reg. S, 0.43%, 12/14/2026 | EUR | 2500 | 2844 |
| Reg. S, 3.75%, 04/20/2028 | EUR | 100 | 117 |
| Wirtschafts- und Infrastrukturbank Hessen, (Germany), 0.88%, 06/14/2028 | EUR | 100 | 111 |
| 1.25%, 09/06/2033 | EUR | 200 | 201 |
| 2.63%, 01/26/2033 | EUR | 400 | 446 |
| 2.63%, 02/13/2035 | EUR | 400 | 438 |
| 2.88%, 02/22/2034 | EUR | 200 | 225 |
|  Wuestenrot Bausparkasse AG, (Germany), Series 20, Reg. S, 3.38%, 11/28/2028 | EUR | 100 | 117 |
|  Zuercher Kantonalbank, (Switzerland), |  |  |  |
| Series 139, Reg. S, 0.02%, 08/16/2027 | CHF | 1000 | 1243 |
| Series 149, Reg. S, 0.00%, 01/21/2033 | CHF | 500 | 593 |
| Series 150, Reg. S, 0.10%, 03/31/2031 | CHF | 240 | 292 |
|  |  |  | 721505 |
| **Diversified Financial Services — 0.4%** |  |  |  |
|  Aareal Bank AG, (Germany), |  |  |  |
| Reg. S, 2.75%, 10/08/2030 | EUR | 100 | 113 |
| Reg. S, 2.88%, 05/10/2028 | EUR | 100 | 115 |
| Series 236, Reg. S, 0.01%, 02/01/2028 | EUR | 100 | 110 |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, (Ireland), 3.30%, 01/30/2032 |  | 150 | 136 |
| (CMT Index 5 Year + 2.72%), 6.95%, 03/10/2055 (aa) |  | 210 | 215 |
|  Affordable Housing Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 2.89%, 08/11/2043 | GBP | 600 | 546 |
| Reg. S, 3.80%, 05/20/2042 | GBP | 500 | 529 |
|  Air Lease Corp., 2.88%, 01/15/2032 |  | 200 | 177 |
| 3.70%, 04/15/2030 | EUR | 450 | 513 |
|  Ally Financial, Inc., |  |  |  |
| (SOFR Compounded Index + 1.73%), 5.54%, 01/17/2031 (aa) |  | 2480 | 2494 |
| (United States SOFR + 2.82%), 6.85%, 01/03/2030 (aa) |  | 250 | 261 |
|  American Express Co., |  |  |  |
| (United States SOFR + 1.00%), 5.10%, 02/16/2028 (aa) |  | 30 | 30 |
| (SOFR Compounded Index + 1.32%), 5.44%, 01/30/2036 (aa) |  | 40 | 41 |
| (United States SOFR + 1.93%), 5.63%, 07/28/2034 (aa) |  | 28 | 29 |
|  Ameriprise Financial, Inc., 5.15%, 05/15/2033 |  | 9 | 9 |
|  Apollo Global Management, Inc., 5.80%, 05/21/2054 |  | 50 | 47 |
|  Ares Management Corp., 5.60%, 10/11/2054 |  | 5 | 4 |
|  Arkea Home Loans SFH SA, (France), |  |  |  |
| Reg. S, 3.07%, 02/07/2034 | EUR | 100 | 113 |
| Reg. S, 3.25%, 08/01/2033 | EUR | 100 | 114 |
|  Artesian Finance II plc, (United Kingdom), 6.00%, 09/30/2033 | GBP | 30 | 40 |
|  Aspire Defence Finance plc, (United Kingdom), Series B, 4.67%, 03/31/2040 | GBP | 36 | 44 |
|  AXA Home Loan SFH SA, (France), Reg. S, 0.01%, 10/16/2029 | EUR | 100 | 104 |
|  Bayerische Landesbodenkreditanstalt, (Germany), |  |  |  |
| Reg. S, 2.38%, 05/07/2030 | EUR | 400 | 451 |
| Reg. S, 2.63%, 09/25/2034 | EUR | 400 | 439 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Diversified Financial Services — continued** |  |  |  |
| Reg. S, 2.75%, 09/08/2033 | EUR | 300 | 336 |
| Reg. S, 2.88%, 02/28/2031 | EUR | 100 | 115 |
| Reg. S, 3.25%, 03/15/2035 | EUR | 100 | 115 |
|  BGC Group, Inc., 6.15%, 04/02/2030 |  | 90 | 92 |
|  BlackRock Funding, Inc., 5.35%, 01/08/2055 |  | 225 | 213 |
|  Blackrock, Inc., 3.75%, 07/18/2035 | EUR | 1600 | 1827 |
|  BNP Paribas Home Loan SFH SA, (France), Reg. S, 3.00%, 01/31/2030 | EUR | 100 | 115 |
|  BPCE SFH SA, (France), |  |  |  |
| Reg. S, 0.01%, 01/29/2036 | EUR | 100 | 82 |
| Reg. S, 0.63%, 09/22/2027 | EUR | 100 | 112 |
| Reg. S, 1.13%, 04/12/2030 | EUR | 100 | 107 |
| Reg. S, 1.75%, 05/27/2032 | EUR | 100 | 106 |
| Reg. S, 2.63%, 07/24/2030 | EUR | 100 | 113 |
| Reg. S, 3.00%, 01/15/2031 | EUR | 100 | 115 |
| Reg. S, 3.00%, 03/24/2032 | EUR | 100 | 113 |
| Reg. S, 3.13%, 07/20/2027 | EUR | 100 | 116 |
| Reg. S, 3.25%, 06/26/2035 | EUR | 100 | 113 |
| Reg. S, 3.38%, 03/13/2029 | EUR | 100 | 116 |
| Reg. S, 3.38%, 01/16/2036 | EUR | 100 | 114 |
|  Caisse de Refinancement de l'Habitat SA, (France), |  |  |  |
| Reg. S, 0.01%, 02/07/2028 | EUR | 200 | 219 |
| Reg. S, 2.63%, 06/20/2030 | EUR | 200 | 227 |
| Reg. S, 2.75%, 04/12/2028 | EUR | 100 | 115 |
| Reg. S, 2.75%, 09/06/2030 | EUR | 2100 | 2391 |
| Reg. S, 2.75%, 02/20/2032 | EUR | 100 | 112 |
| Reg. S, 3.38%, 06/28/2032 | EUR | 100 | 116 |
|  Cantor Fitzgerald LP, 4.50%, 04/14/2027 (e) |  | 1740 | 1734 |
| 7.20%, 12/12/2028 (e) |  | 840 | 872 |
|  Capital One Financial Corp., |  |  |  |
| (United States SOFR + 2.37%), 5.27%, 05/10/2033 (aa) |  | 80 | 80 |
| (United States SOFR + 2.04%), 6.18%, 01/30/2036 (aa) |  | 40 | 41 |
| 6.70%, 11/29/2032 |  | 35 | 38 |
| (United States SOFR + 3.07%), 7.62%, 10/30/2031 (aa) |  | 645 | 712 |
| (SOFR Compounded Index + 3.37%), 7.96%, 11/02/2034 (aa) |  | 192 | 220 |
|  Cboe Global Markets, Inc., 1.63%, 12/15/2030 |  | 29 | 25 |
| 3.00%, 03/16/2032 |  | 85 | 78 |
|  CCF SFH SACA, (France), |  |  |  |
| Reg. S, 2.50%, 06/28/2028 | EUR | 1900 | 2169 |
| Reg. S, 2.63%, 09/07/2032 | EUR | 2300 | 2539 |
| Reg. S, 2.75%, 05/07/2031 | EUR | 2200 | 2486 |
| Reg. S, 3.00%, 04/23/2030 | EUR | 100 | 115 |
|  Charles Schwab Corp. (The), |  |  |  |
| Series I, (CMT Index 5 Year + 3.17%), 4.00%, 06/01/2026 (x) (aa) |  | 215 | 213 |
| Series K, (CMT Index 5 Year + 3.26%), 5.00%, 06/01/2027 (x) (aa) |  | 46 | 46 |
|  Citadel Finance LLC, 5.90%, 02/10/2030 (e) |  | 2120 | 2133 |
|  Citadel Securities Global Holdings LLC, 5.13%, 01/27/2032 (e) |  | 1145 | 1136 |
|  Credit Agricole Home Loan SFH SA, (France), |  |  |  |
| Reg. S, 0.01%, 04/12/2028 | EUR | 200 | 218 |
| Reg. S, 0.05%, 12/06/2029 | EUR | 100 | 104 |
| Reg. S, 0.88%, 08/11/2028 | EUR | 100 | 110 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Diversified Financial Services — continued** |  |  |  |
| Reg. S, 0.88%, 05/06/2034 | EUR | 100 | 95 |
| Reg. S, 2.13%, 01/07/2030 | EUR | 100 | 112 |
| Reg. S, 2.63%, 02/17/2031 | EUR | 100 | 113 |
| Reg. S, 2.75%, 07/18/2031 | EUR | 200 | 227 |
| Reg. S, 3.00%, 12/01/2030 | EUR | 100 | 115 |
| Reg. S, 3.00%, 08/29/2033 | EUR | 100 | 113 |
| Reg. S, 3.38%, 09/04/2028 | EUR | 100 | 116 |
|  Credit Agricole Public Sector SCF SA, (France), |  |  |  |
| Reg. S, 2.75%, 07/24/2029 | EUR | 100 | 115 |
| Reg. S, 3.00%, 06/14/2030 | EUR | 100 | 115 |
|  Credit Mutuel Home Loan SFH SA, (France), |  |  |  |
| Reg. S, 0.88%, 03/04/2032 | EUR | 100 | 101 |
| Reg. S, 2.38%, 02/08/2028 | EUR | 100 | 114 |
| Reg. S, 2.63%, 06/06/2030 | EUR | 400 | 453 |
| Reg. S, 3.00%, 07/23/2029 | EUR | 100 | 116 |
| Reg. S, 3.00%, 11/28/2030 | EUR | 2100 | 2413 |
| Reg. S, 3.13%, 02/22/2033 | EUR | 2200 | 2506 |
| Reg. S, 3.25%, 04/20/2029 | EUR | 100 | 116 |
|  Crelan Home Loan SCF, (France), |  |  |  |
| Reg. S, 1.38%, 04/18/2033 | EUR | 2500 | 2512 |
| Reg. S, 2.50%, 07/09/2030 | EUR | 100 | 113 |
|  DLR Kredit A/S, (Denmark), Series CCb, Reg. S, 1.00%, 04/01/2028 | DKK | 700 | 105 |
|  Enact Holdings, Inc., 6.25%, 05/28/2029 |  | 224 | 231 |
|  IG Group Holdings plc, (United Kingdom), Reg. S, 3.13%, 11/18/2028 | GBP | 2000 | 2484 |
|  Intercontinental Exchange, Inc., 3.00%, 06/15/2050 |  | 172 | 110 |
|  Jefferies Financial Group, Inc., 2.63%, 10/15/2031 |  | 1250 | 1087 |
| 2.75%, 10/15/2032 |  | 1420 | 1203 |
| 5.50%, 02/15/2036 |  | 1020 | 980 |
| 5.88%, 07/21/2028 |  | 405 | 414 |
|  Jyske Realkredit A/S, (Denmark), Series CCE, Reg. S, 2.50%, 01/01/2029 | EUR | 100 | 114 |
|  La Banque Postale Home Loan SFH SA, (France), |  |  |  |
| Reg. S, 2.75%, 06/12/2032 | EUR | 100 | 112 |
| Reg. S, 3.00%, 01/31/2031 | EUR | 100 | 115 |
| Reg. S, 3.13%, 01/29/2034 | EUR | 100 | 113 |
|  Lansforsakringar Hypotek AB, (Sweden), |  |  |  |
| Series 521, Reg. S, 0.50%, 09/20/2028 | SEK | 4300 | 429 |
| Series 524, Reg. S, 3.50%, 09/10/2031 | SEK | 2000 | 213 |
|  London Stock Exchange Group plc, (United Kingdom), Reg. S, 1.63%, 04/06/2030 | GBP | 2000 | 2342 |
|  LPL Holdings, Inc., 5.65%, 03/15/2035 |  | 35 | 35 |
| 5.75%, 06/15/2035 |  | 110 | 110 |
| 6.75%, 11/17/2028 |  | 430 | 450 |
|  Mastercard, Inc., 3.85%, 03/26/2050 |  | 46 | 35 |
| 4.55%, 01/15/2035 |  | 115 | 113 |
|  Nasdaq, Inc., 5.35%, 06/28/2028 |  | 10 | 10 |
|  Nordea Kredit Realkreditaktieselskab, (Denmark), |  |  |  |
| Reg. S, 1.00%, 10/01/2027 (e) | DKK | 200 | 30 |
| Reg. S, 1.00%, 04/01/2031 (e) | DKK | 2200 | 309 |
| Series Cc2, Reg. S, 1.00%, 04/01/2029 (e) | DKK | 300 | 44 |
| Series CC2, Reg. S, 1.00%, 04/01/2027 (e) | DKK | 1100 | 168 |
| Series CC2, Reg. S, 1.00%, 10/01/2028 (e) | DKK | 750 | 111 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Diversified Financial Services — continued** |  |  |  |
| Series CC2, 1.00%, 04/01/2030 | DKK | 800 | 115 |
|  Nuveen LLC, 5.55%, 01/15/2030 (e) |  | 190 | 195 |
| 5.85%, 04/15/2034 (e) |  | 1100 | 1135 |
|  OSB Group plc, (United Kingdom), Reg. S, (UK Gilts 1 Year + 4.99%), 9.50%, 09/07/2028 (aa) | GBP | 3400 | 4747 |
|  Private Export Funding Corp., Series PP, 1.40%, 07/15/2028 |  | 775 | 733 |
|  Prs Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.50%, 08/24/2034 | GBP | 200 | 200 |
| Reg. S, 2.00%, 01/23/2029 | GBP | 900 | 1108 |
|  Radian Group, Inc., 6.20%, 05/15/2029 |  | 25 | 26 |
|  Raymond James Financial, Inc., 3.75%, 04/01/2051 |  | 16 | 11 |
| 5.65%, 09/11/2055 |  | 45 | 43 |
|  Realkredit Danmark A/S, (Denmark), |  |  |  |
| Series 10F, Reg. S, 1.00%, 01/01/2030 (e) | DKK | 1000 | 145 |
| Series 10F, Reg. S, 1.00%, 01/01/2032 | DKK | 500 | 69 |
| Series 22S, Reg. S, 0.00%, 10/01/2040 (e) | DKK | 35 | 4 |
|  Saltaire Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.81%, 03/14/2053 | GBP | 100 | 114 |
| Reg. S, 4.82%, 12/06/2036 | GBP | 600 | 761 |
| Reg. S, 4.82%, 12/01/2033 | GBP | 500 | 655 |
| Reg. S, 5.00%, 08/13/2035 | GBP | 200 | 260 |
|  Societe Generale SFH SA, (France), Reg. S, 1.75%, 05/05/2034 | EUR | 200 | 204 |
|  Sparebanken Vest Boligkreditt A/S, (Norway), |  |  |  |
| Reg. S, 2.50%, 09/22/2027 | EUR | 100 | 115 |
| Reg. S, 3.00%, 07/31/2029 | EUR | 100 | 116 |
|  Swedbank Hypotek AB, (Sweden), |  |  |  |
| Reg. S, 2.50%, 06/25/2030 | EUR | 200 | 226 |
| Series 199, Reg. S, 3.00%, 03/28/2029 | SEK | 2000 | 211 |
| Series 200, Reg. S, 3.00%, 12/27/2029 | SEK | 2000 | 211 |
|  Synchrony Financial, |  |  |  |
| (United States SOFR + 1.53%), 4.95%, 02/25/2032 (aa) |  | 2720 | 2640 |
| (SOFR Compounded Index + 2.13%), 5.94%, 08/02/2030 (aa) |  | 85 | 86 |
| (United States SOFR + 2.07%), 6.00%, 07/29/2036 (aa) |  | 154 | 152 |
|  THFC Funding No. 1 plc, (United Kingdom), Reg. S, 5.13%, 12/21/2035 | GBP | 1370 | 1732 |
|  TPG Operating Group II LP, 5.38%, 01/15/2036 |  | 21 | 20 |
|  Visa, Inc., 2.00%, 08/15/2050 |  | 150 | 80 |
| 4.30%, 12/14/2045 |  | 65 | 55 |
|  |  |  | 66144 |
| **Insurance — 0.6%** |  |  |  |
|  AG Insurance SA, (Belgium), Reg. S, (EUR Swap Rate 5 Year + 3.88%), 3.50%, 06/30/2047 (aa) | EUR | 3100 | 3586 |
|  Alleghany Corp., 3.25%, 08/15/2051 |  | 15 | 10 |
|  American International Group, Inc., 4.85%, 05/07/2030 |  | 29 | 30 |
| 5.45%, 05/07/2035 |  | 10 | 10 |
|  American National Group, Inc., 5.75%, 10/01/2029 |  | 65 | 66 |
| 6.00%, 07/15/2035 |  | 60 | 58 |
|  Aon North America, Inc., 5.45%, 03/01/2034 |  | 75 | 77 |
|  Arthur J Gallagher & Co., 3.05%, 03/09/2052 |  | 20 | 12 |
| 3.50%, 05/20/2051 |  | 5 | 4 |
| 5.55%, 02/15/2055 |  | 975 | 911 |
|  ASR Nederland NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 4.00%), 3.38%, 05/02/2049 (aa) | EUR | 2600 | 2956 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Insurance — continued** |  |  |  |
|  Assurant, Inc., |  |  |  |
|  2.65%, 01/15/2032 |  | 26 | 23 |
| 3.70%, 02/22/2030 |  | 30 | 29 |
| 4.90%, 03/27/2028 |  | 7 | 7 |
|  Aviva plc, (United Kingdom), Reg. S, (EURIBOR 3 Month + 3.05%), 4.63%, 08/28/2056 (aa) | EUR | 4300 | 4960 |
|  Berkshire Hathaway Finance Corp., 2.38%, 06/19/2039 | GBP | 825 | 733 |
|  Brown & Brown, Inc., 2.38%, 03/15/2031 |  | 69 | 61 |
| 4.20%, 03/17/2032 |  | 8 | 7 |
| 5.65%, 06/11/2034 |  | 10 | 10 |
|  BUPA Finance plc, (United Kingdom), Reg. S, 5.00%, 10/12/2030 | EUR | 1700 | 2074 |
|  Caisse Nationale de Reassurance Mutuelle Agricole Groupama, (France), Reg. S, 0.75%, 07/07/2028 | EUR | 4900 | 5296 |
|  Chubb INA Holdings LLC, 1.55%, 03/15/2028 | EUR | 2000 | 2238 |
| 4.90%, 08/15/2035 |  | 1320 | 1300 |
| 5.00%, 03/15/2034 |  | 505 | 508 |
|  CNA Financial Corp., 2.05%, 08/15/2030 |  | 2500 | 2224 |
| 5.13%, 02/15/2034 |  | 60 | 59 |
|  CNP Assurances SA, (France), |  |  |  |
| Reg. S, 0.38%, 03/08/2028 | EUR | 100 | 108 |
| Reg. S, 1.25%, 01/27/2029 | EUR | 700 | 759 |
| Reg. S, (EURIBOR 3 Month + 2.70%), 1.88%, 10/12/2053 (aa) | EUR | 300 | 290 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 2.00%, 07/27/2050 (aa) | EUR | 100 | 106 |
| Reg. S, 2.75%, 02/05/2029 | EUR | 100 | 113 |
| Reg. S, (EURIBOR 3 Month + 4.60%), 4.50%, 06/10/2047 (aa) | EUR | 200 | 233 |
| Reg. S, (EURIBOR 3 Month + 3.10%), 4.88%, 07/16/2054 (aa) | EUR | 100 | 119 |
| Reg. S, (EURIBOR 3 Month + 3.45%), 5.25%, 07/18/2053 (aa) | EUR | 300 | 361 |
|  Credit Agricole Assurances SA, (France), Reg. S, (EUR Swap Rate 5 Year + 5.35%), 4.75%, 09/27/2048 (aa) | EUR | 1700 | 1993 |
|  Everest Reinsurance Holdings, Inc., 3.13%, 10/15/2052 |  | 110 | 66 |
| 3.50%, 10/15/2050 |  | 2030 | 1350 |
|  Fairfax Financial Holdings Ltd., (Canada), |  |  |  |
| Reg. S, 2.75%, 03/29/2028 | EUR | 2800 | 3173 |
| 3.38%, 03/03/2031 |  | 2010 | 1871 |
| 5.63%, 08/16/2032 |  | 475 | 487 |
| 5.75%, 05/20/2035 |  | 500 | 512 |
| 6.00%, 12/07/2033 |  | 30 | 31 |
| 6.10%, 03/15/2055 |  | 31 | 30 |
| 6.35%, 03/22/2054 |  | 60 | 61 |
|  Fidelity National Financial, Inc., 3.20%, 09/17/2051 |  | 20 | 12 |
| 3.40%, 06/15/2030 |  | 10 | 10 |
| 4.50%, 08/15/2028 |  | 10 | 10 |
|  First American Financial Corp., 5.45%, 09/30/2034 |  | 63 | 62 |
|  Groupe des Assurances du Credit Mutuel SADIR, (France), Reg. S, 3.75%, 04/30/2029 | EUR | 1600 | 1863 |
|  Jackson Financial, Inc., 4.00%, 11/23/2051 |  | 11 | 7 |
|  Legal & General Finance plc, (United Kingdom), Reg. S, 5.88%, 04/05/2033 | GBP | 425 | 577 |
|  Legal & General Group plc, (United Kingdom), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 2.80%), 4.38%, 09/04/2055 (aa) | EUR | 3761 | 4210 |
| Reg. S, (UK Gilts 5 Year + 5.25%), 4.50%, 11/01/2050 (aa) | GBP | 825 | 1037 |
| Reg. S, (UK Gilts 5 Year + 4.65%), 5.13%, 11/14/2048 (aa) | GBP | 600 | 785 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Insurance — continued** |  |  |  |
|  Liberty Mutual Group, Inc., 3.95%, 10/15/2050 (e) |  | 875 | 636 |
| 5.50%, 06/15/2052 (e) |  | 450 | 406 |
|  Lincoln Financial Global Funding, 5.30%, 01/13/2030 (e) |  | 890 | 903 |
|  M&G plc, (United Kingdom), Reg. S, (UK Gilts 5 Year + 4.16%), 5.56%, 07/20/2055 (aa) | GBP | 825 | 1018 |
|  Markel Group, Inc., 3.45%, 05/07/2052 |  | 1000 | 658 |
| 6.00%, 05/16/2054 |  | 18 | 17 |
|  Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035 |  | 1210 | 1206 |
| 5.40%, 03/15/2055 |  | 920 | 861 |
|  MetLife, Inc., |  |  |  |
| (CMT Index 5 Year + 1.82%), 5.85%, 03/15/2056 (aa) |  | 89 | 87 |
| Series G, (CMT Index 5 Year + 2.08%), 6.35%, 03/15/2055 (aa) |  | 80 | 81 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany), Reg. S, (EURIBOR 3 Month + 3.40%), 3.25%, 05/26/2049 (aa) | EUR | 2600 | 2953 |
|  Mutual of Omaha Cos. Global Funding, 4.75%, 10/15/2029 (e) |  | 1660 | 1664 |
|  Mutuelle Assurance Des Commercants et Industriels de France et Des Cadres et Sal, (France), Reg. S, 0.63%, 06/21/2027 | EUR | 1900 | 2124 |
|  Old Republic International Corp., 3.85%, 06/11/2051 |  | 15 | 11 |
|  Primerica, Inc., 2.80%, 11/19/2031 |  | 35 | 31 |
|  Protective Life Global Funding, 4.77%, 12/09/2029 (e) |  | 2500 | 2508 |
| Reg. S, 5.08%, 04/15/2031 | GBP | 3000 | 3927 |
|  Prudential Financial, Inc., |  |  |  |
| (IBOR USD 3 Month + 2.67%), 5.70%, 09/15/2048 (aa) |  | 40 | 40 |
| (CMT Index 5 Year + 2.85%), 6.75%, 03/01/2053 (aa) |  | 40 | 41 |
|  Prudential Funding Asia plc, (United Kingdom), 5.88%, 05/11/2029 | GBP | 1500 | 2022 |
|  Reinsurance Group of America, Inc., 5.75%, 09/15/2034 |  | 57 | 58 |
| (CMT Index 5 Year + 2.34%), 6.38%, 09/15/2056 (aa) |  | 45 | 43 |
|  RenaissanceRe Holdings Ltd., (Bermuda), 5.75%, 06/05/2033 |  | 52 | 53 |
|  Talanx AG, (Germany), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 2.55%), 1.75%, 12/01/2042 (aa) | EUR | 200 | 200 |
| Reg. S, (EURIBOR 3 Month + 2.45%), 2.25%, 12/05/2047 (aa) | EUR | 2700 | 3043 |
| Reg. S, 4.00%, 10/25/2029 | EUR | 1200 | 1409 |
|  Travelers Cos., Inc. (The), 5.05%, 07/24/2035 |  | 1505 | 1508 |
| 5.45%, 05/25/2053 |  | 20 | 19 |
| 5.70%, 07/24/2055 |  | 145 | 145 |
|  UNIQA Insurance Group AG, (Austria), |  |  |  |
| Reg. S, 1.38%, 07/09/2030 | EUR | 7500 | 7982 |
| Reg. S, (EURIBOR 3 Month + 3.35%), 2.38%, 12/09/2041 (aa) | EUR | 6400 | 6748 |
| Reg. S, (EURIBOR 3 Month + 5.82%), 6.00%, 07/27/2046 (aa) | EUR | 500 | 581 |
|  Unum Group, 4.00%, 06/15/2029 |  | 1700 | 1666 |
| 4.13%, 06/15/2051 |  | 1750 | 1290 |
| 5.75%, 08/15/2042 |  | 5 | 5 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe, (Austria), Reg. S, (EURIBOR 3 Month + 3.95%), 4.88%, 06/15/2042 (aa) | EUR | 200 | 237 |
|  W R Berkley Corp., 4.00%, 05/12/2050 |  | 700 | 529 |
|  Willis North America, Inc., 4.65%, 06/15/2027 |  | 30 | 30 |
| 5.35%, 05/15/2033 |  | 3 | 3 |
|  |  |  | 94228 |
| **Investment Companies — 0.1%** |  |  |  |
|  Ares Capital Corp., 2.15%, 07/15/2026 |  | 6 | 6 |
| 2.88%, 06/15/2028 |  | 25 | 24 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Investment Companies — continued** |  |  |  |
| 5.25%, 04/12/2031 |  | 75 | 73 |
| 5.50%, 09/01/2030 |  | 100 | 98 |
| 5.95%, 07/15/2029 |  | 55 | 55 |
|  Blackstone Secured Lending Fund, 5.30%, 06/30/2030 |  | 10 | 10 |
|  CDP Reti SpA, (Italy), |  |  |  |
| Reg. S, 3.88%, 09/04/2031 | EUR | 200 | 231 |
| Reg. S, 5.88%, 10/25/2027 | EUR | 500 | 596 |
|  Golub Capital BDC, Inc., 2.50%, 08/24/2026 |  | 5 | 5 |
|  Groupe Bruxelles Lambert NV, (Belgium), Reg. S, 3.13%, 09/06/2029 | EUR | 500 | 576 |
|  Investor AB, (Sweden), |  |  |  |
| Reg. S, 0.38%, 10/29/2035 | EUR | 906 | 762 |
| Reg. S, 1.50%, 09/12/2030 | EUR | 525 | 558 |
| Reg. S, 2.75%, 06/10/2032 | EUR | 300 | 330 |
|  JAB Holdings BV, (Netherlands), Reg. S, 5.00%, 06/12/2033 | EUR | 3900 | 4720 |
|  Main Street Capital Corp., 5.40%, 08/15/2028 |  | 79 | 78 |
|  MDGH GMTN RSC Ltd., (United Arab Emirates), |  |  |  |
| Reg. S, 0.38%, 03/10/2027 | EUR | 1000 | 1124 |
| Reg. S, 1.00%, 03/10/2034 | EUR | 600 | 540 |
|  Temasek Financial I Ltd., (Singapore), |  |  |  |
| Reg. S, 1.50%, 03/01/2028 | EUR | 4700 | 5281 |
| Reg. S, 2.05%, 07/30/2035 | CNH | 1000 | 142 |
| Reg. S, 3.20%, 02/06/2029 | CNH | 10000 | 1507 |
| Reg. S, 3.25%, 02/15/2027 | EUR | 1500 | 1738 |
|  |  |  | 18454 |
| **Private Equity — 0.0%** (g) |  |  |  |
|  3i Group plc, (United Kingdom), |  |  |  |
| Reg. S, 4.88%, 06/14/2029 | EUR | 126 | 151 |
| Reg. S, 5.75%, 12/03/2032 | GBP | 350 | 467 |
|  |  |  | 618 |
| **Real Estate — 0.4%** |  |  |  |
|  Affinity Sutton Capital Markets plc, (United Kingdom), Reg. S, 5.98%, 09/17/2038 | GBP | 1000 | 1310 |
|  Akelius Residential Property Financing BV, (Netherlands), Reg. S, 1.00%, 01/17/2028 | EUR | 500 | 546 |
|  Aroundtown SA, (Luxembourg), Reg. S, 0.00%, 07/16/2026 | EUR | 3800 | 4354 |
|  Blackstone Property Partners Europe Holdings Sarl, (Luxembourg), |  |  |  |
| Reg. S, 1.63%, 04/20/2030 | EUR | 1000 | 1050 |
| Reg. S, 1.75%, 03/12/2029 | EUR | 2500 | 2723 |
| Reg. S, 2.63%, 10/20/2028 | GBP | 1075 | 1328 |
|  CA Immobilien Anlagen AG, (Austria), Reg. S, 4.25%, 04/30/2030 | EUR | 6700 | 7641 |
|  CBRE Services, Inc., 4.80%, 06/15/2030 |  | 50 | 50 |
| 4.90%, 01/15/2033 |  | 25 | 25 |
| 5.50%, 06/15/2035 |  | 53 | 53 |
| 5.95%, 08/15/2034 |  | 63 | 66 |
|  Clarion Funding plc, (United Kingdom), |  |  |  |
| Reg. S, 1.25%, 11/13/2032 | GBP | 1000 | 1019 |
| Reg. S, 1.88%, 09/07/2051 | GBP | 500 | 288 |
| Reg. S, 2.63%, 01/18/2029 | GBP | 200 | 247 |
|  ELM BV for Swiss Prime Site AG, (Netherlands), Reg. S, 3.13%, 10/01/2031 | EUR | 10000 | 11106 |
|  Heimstaden Bostad Treasury BV, (Netherlands), 1.38%, 03/03/2027 | EUR | 600 | 680 |
|  Hexagon Housing Association Ltd., (United Kingdom), Reg. S, 3.63%, 04/22/2048 | GBP | 1000 | 854 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Real Estate — continued** |  |  |  |
|  HOWOGE Wohnungsbaugesellschaft mbH, (Germany), |  |  |  |
| Reg. S, 0.63%, 11/01/2028 | EUR | 400 | 429 |
| Reg. S, 1.13%, 11/01/2033 | EUR | 100 | 94 |
| Reg. S, 3.88%, 06/05/2030 | EUR | 300 | 347 |
|  IWG US Finance LLC, |  |  |  |
| Reg. S, 5.13%, 05/14/2032 | EUR | 1413 | 1621 |
| Reg. S, 6.50%, 06/28/2030 | EUR | 910 | 1119 |
|  Logicor Financing Sarl, (Luxembourg), |  |  |  |
| Reg. S, 0.88%, 01/14/2031 | EUR | 500 | 492 |
| Reg. S, 1.63%, 07/15/2027 | EUR | 500 | 567 |
| Reg. S, 1.63%, 01/17/2030 | EUR | 200 | 210 |
| Reg. S, 2.00%, 01/17/2034 | EUR | 100 | 95 |
| Reg. S, 3.25%, 11/13/2028 | EUR | 100 | 115 |
| Reg. S, 3.75%, 07/14/2032 | EUR | 500 | 556 |
| Reg. S, 4.25%, 07/18/2029 | EUR | 200 | 234 |
|  London & Quadrant Housing Trust, (United Kingdom), |  |  |  |
| Reg. S, 2.00%, 10/20/2038 | GBP | 425 | 359 |
| Reg. S, 2.13%, 03/31/2032 | GBP | 1000 | 1091 |
| Reg. S, 2.63%, 02/28/2028 | GBP | 1225 | 1541 |
| Reg. S, 2.75%, 07/20/2057 | GBP | 425 | 286 |
| Reg. S, 3.13%, 02/28/2053 | GBP | 500 | 384 |
|  Meadowhall Finance plc, (United Kingdom), Series A1, Reg. S, 4.99%, 01/12/2032 | GBP | 20 | 25 |
|  Notting Hill Genesis, (United Kingdom), |  |  |  |
| Reg. S, 4.38%, 02/20/2054 | GBP | 500 | 473 |
| Reg. S, 5.25%, 07/07/2042 | GBP | 1000 | 1155 |
|  Ontario Teachers' Cadillac Fairview Properties Trust, (Canada), |  |  |  |
| 2.50%, 10/15/2031 (e) |  | 2580 | 2282 |
| 4.13%, 02/01/2029 (e) |  | 2100 | 2077 |
|  Optivo Finance plc, (United Kingdom), Reg. S, 5.25%, 03/13/2043 | GBP | 1000 | 1169 |
|  Orbit Capital plc, (United Kingdom), Reg. S, 3.38%, 06/14/2048 | GBP | 1325 | 1117 |
|  P3 Group Sarl, (Luxembourg), |  |  |  |
| Reg. S, 1.63%, 01/26/2029 | EUR | 2300 | 2508 |
| Reg. S, 3.75%, 04/02/2033 | EUR | 2300 | 2542 |
| Reg. S, 4.00%, 04/19/2032 | EUR | 300 | 339 |
| Reg. S, 4.63%, 02/13/2030 | EUR | 400 | 472 |
|  Registry Finance Pty Ltd., (Australia), Reg. S, 5.47%, 12/19/2031 | AUD | 200 | 136 |
|  Shurgard Luxembourg Sarl, (Luxembourg), Reg. S, 3.63%, 10/22/2034 | EUR | 2100 | 2267 |
|  Sirius Real Estate Ltd., (Guernsey), Reg. S, 1.75%, 11/24/2028 | EUR | 1300 | 1431 |
|  Telereal Securitisation plc, (United Kingdom), Series B4, 6.16%, 12/10/2031 | GBP | 33 | 44 |
|  Tesco Property Finance 1 plc, (United Kingdom), Reg. S, 7.62%, 07/13/2039 | GBP | 71 | 104 |
|  Trafford Centre Finance Ltd. (The), (Cayman Islands), Series A2, Reg. S, 6.50%, 07/28/2033 | GBP | 26 | 36 |
|  Vesteda Finance BV, (Netherlands), Reg. S, 0.75%, 10/18/2031 | EUR | 2200 | 2245 |
|  Vonovia SE, (Germany), |  |  |  |
| Reg. S, 0.63%, 07/09/2026 | EUR | 300 | 345 |
| Reg. S, 1.00%, 01/28/2041 | EUR | 1100 | 756 |
|  |  |  | 64403 |
| **REITS — 0.7%** |  |  |  |
|  Alexandria Real Estate Equities, Inc., |  | 75 | 61 |
|  1.88%, 02/01/2033 |  |  |  |
| 5.25%, 03/15/2036 |  | 1150 | 1123 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **REITS — continued** |  |  |  |
| 5.25%, 05/15/2036 |  | 295 | 287 |
| 5.50%, 10/01/2035 |  | 2120 | 2111 |
| 5.63%, 05/15/2054 |  | 1240 | 1154 |
|  Altarea SCA, (France), |  |  |  |
| Reg. S, 1.75%, 01/16/2030 | EUR | 7300 | 7569 |
| Reg. S, 5.50%, 10/02/2031 | EUR | 1000 | 1185 |
|  American Homes 4 Rent LP, |  |  |  |
|  4.95%, 06/15/2030 |  | 1455 | 1461 |
| 5.25%, 03/15/2035 |  | 1869 | 1842 |
| 5.50%, 02/01/2034 |  | 33 | 33 |
| 5.50%, 07/15/2034 |  | 29 | 29 |
|  American Tower Corp., |  |  |  |
|  4.70%, 12/15/2032 |  | 903 | 887 |
| 5.20%, 02/15/2029 |  | 55 | 56 |
| 5.80%, 11/15/2028 |  | 26 | 27 |
|  Brixmor Operating Partnership LP, |  |  |  |
| 4.05%, 07/01/2030 |  | 1175 | 1143 |
| 4.13%, 05/15/2029 |  | 940 | 927 |
| 5.20%, 04/01/2032 |  | 320 | 322 |
|  Carmila SA, (France), |  |  |  |
| Reg. S, 1.63%, 04/01/2029 | EUR | 100 | 110 |
| Reg. S, 3.75%, 01/13/2033 | EUR | 6200 | 6822 |
|  Crown Castle, Inc., 2.10%, 04/01/2031 |  | 115 | 100 |
| 4.90%, 09/01/2029 |  | 95 | 95 |
| 5.20%, 09/01/2034 |  | 46 | 46 |
|  Digital Dutch Finco BV, (Netherlands), |  |  |  |
| Reg. S, 1.50%, 03/15/2030 | EUR | 933 | 986 |
| Reg. S, 3.88%, 09/13/2033 | EUR | 137 | 153 |
|  Digital Euro Finco LLC, Reg. |  |  |  |
|  S, 4.25%, 11/20/2037 | EUR | 3299 | 3616 |
|  Equinix Europe 2 Financing Corp. LLC, |  |  |  |
|  3.25%, 05/19/2029 | EUR | 4879 | 5555 |
| 3.25%, 03/15/2031 | EUR | 3596 | 4023 |
| 5.50%, 06/15/2034 |  | 35 | 35 |
| Equinix, Inc., |  |  |  |
|  1.45%, 05/15/2026 |  | 20 | 20 |
| 2.90%, 11/18/2026 |  | 20 | 20 |
| Extra Space Storage LP, |  |  |  |
|  3.50%, 07/01/2026 |  | 13 | 13 |
| 5.35%, 01/15/2035 |  | 30 | 30 |
| 5.40%, 02/01/2034 |  | 15 | 15 |
| 5.70%, 04/01/2028 |  | 17 | 18 |
| GLP Capital LP / GLP Financing II, Inc., |  |  |  |
|  3.25%, 01/15/2032 |  | 3088 | 2755 |
| 4.00%, 01/15/2030 |  | 800 | 768 |
| 5.25%, 02/15/2033 |  | 76 | 74 |
| 5.30%, 01/15/2029 |  | 400 | 403 |
| 5.63%, 09/15/2034 |  | 72 | 71 |
| 5.75%, 11/01/2037 |  | 66 | 64 |
| 6.25%, 09/15/2054 |  | 10 | 10 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **REITS — continued** |  |  |  |
|  Healthcare Realty Holdings LP, 2.00%, 03/15/2031 |  | 80 | 69 |
|  Healthpeak OP LLC, |  |  |  |
|  3.00%, 01/15/2030 |  | 1400 | 1316 |
| 4.75%, 01/15/2033 |  | 1965 | 1923 |
| Host Hotels & Resorts LP, |  |  |  |
|  5.50%, 04/15/2035 |  | 75 | 74 |
| 5.70%, 06/15/2032 |  | 105 | 108 |
| 5.70%, 07/01/2034 |  | 460 | 465 |
| Series J, 2.90%, 12/15/2031 |  | 415 | 369 |
| Invitation Homes Operating Partnership LP, |  |  |  |
|  2.00%, 08/15/2031 |  | 48 | 41 |
| 4.15%, 04/15/2032 |  | 1025 | 961 |
| 4.88%, 02/01/2035 |  | 110 | 105 |
| 4.95%, 01/15/2033 |  | 240 | 235 |
| 5.45%, 08/15/2030 |  | 10 | 10 |
| 5.50%, 08/15/2033 |  | 2120 | 2124 |
| Kimco Realty OP LLC, |  |  |  |
|  2.70%, 10/01/2030 |  | 1900 | 1767 |
| 4.85%, 03/01/2035 |  | 700 | 686 |
|  Lineage Europe Finco BV, (Netherlands), 4.13%, 11/26/2031 | EUR | 4000 | 4477 |
|  Mid-America Apartments LP, 4.95%, 03/01/2035 |  | 40 | 40 |
|  National Health Investors, Inc., 3.00%, 02/01/2031 |  | 50 | 45 |
|  Omega Healthcare Investors, Inc., 3.25%, 04/15/2033 |  | 36 | 32 |
|  Praemia Healthcare SACA, (France), Reg. S, 5.50%, 09/19/2028 | EUR | 2100 | 2514 |
|  Prologis Euro Finance LLC, 3.25%, 09/22/2032 | EUR | 3400 | 3771 |
|  Prologis LP, 2.25%, 06/30/2029 | GBP | 1600 | 1949 |
|  Rayonier LP, 2.75%, 05/17/2031 |  | 9 | 8 |
|  Realty Income Corp., |  |  |  |
|  1.63%, 12/15/2030 | GBP | 200 | 224 |
| 1.75%, 07/13/2033 | GBP | 1100 | 1121 |
| 3.10%, 12/15/2029 |  | 800 | 762 |
| 3.38%, 06/20/2031 | EUR | 6039 | 6787 |
| 3.88%, 06/20/2035 | EUR | 898 | 992 |
| 5.00%, 10/15/2029 | GBP | 2300 | 3018 |
| 5.13%, 07/06/2034 | EUR | 511 | 624 |
| 5.25%, 09/04/2041 | GBP | 1500 | 1762 |
|  Sabra Health Care LP, 3.20%, 12/01/2031 |  | 170 | 153 |
|  SELP Finance Sarl, (Luxembourg), Reg. S, 3.75%, 08/10/2027 | EUR | 2300 | 2661 |
|  Simon International Finance SCA, (Luxembourg), Reg. S, 1.13%, 03/19/2033 | EUR | 500 | 474 |
|  Sun Communities Operating LP, |  |  |  |
|  2.30%, 11/01/2028 |  | 1785 | 1689 |
| 2.70%, 07/15/2031 |  | 398 | 356 |
| 4.20%, 04/15/2032 |  | 2520 | 2399 |
|  UNITE Group plc (The), (United Kingdom), Reg. S, 5.63%, 06/25/2032 | GBP | 1150 | 1499 |
|  Ventas Realty LP, 5.00%, 02/15/2036 |  | 2200 | 2152 |
|  VICI Properties LP, |  |  |  |
| 4.95%, 02/15/2030 |  | 2445 | 2441 |
| 5.13%, 05/15/2032 |  | 33 | 32 |
| 5.63%, 04/01/2035 |  | 19 | 19 |
| 6.13%, 04/01/2054 |  | 6 | 6 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **REITS — continued** |  |  |  |
|  VICI Properties LP / VICI Note Co., Inc., |  |  |  |
|  3.88%, 02/15/2029 (e) |  | 215 | 209 |
| 5.75%, 02/01/2027 (e) |  | 1425 | 1433 |
| Welltower OP LLC, |  |  |  |
|  2.05%, 01/15/2029 |  | 99 | 93 |
| 2.75%, 01/15/2031 |  | 50 | 46 |
| 2.80%, 06/01/2031 |  | 65 | 60 |
| 3.10%, 01/15/2030 |  | 2472 | 2350 |
| 3.85%, 06/15/2032 |  | 40 | 38 |
| 4.25%, 04/15/2028 |  | 4 | 4 |
| 4.50%, 12/01/2034 | GBP | 300 | 362 |
| 4.80%, 11/20/2028 | GBP | 1650 | 2153 |
| 5.13%, 07/01/2035 |  | 2300 | 2310 |
| WP Carey, Inc., |  |  |  |
|  2.25%, 04/01/2033 |  | 1000 | 830 |
| 3.70%, 11/19/2034 | EUR | 2000 | 2184 |
| 4.25%, 07/23/2032 | EUR | 2100 | 2427 |
|  |  |  | 112778 |
|  **Savings & Loans** — **0.0%** (g) |  |  |  |
|  Coventry Building Society Charitable Foundation, (United Kingdom), Reg. S, (GBP Swap Rate 1 Year + 2.08%), 5.58%, 09/19/2028 (aa) | GBP | 2200 | 2929 |
|  Nationwide Building Society, (United Kingdom), |  |  |  |
| Reg. S, 1.38%, 06/29/2032 | EUR | 1785 | 1849 |
| Reg. S, 3.31%, 05/02/2034 | EUR | 120 | 138 |
| Reg. S, 3.38%, 11/27/2028 | EUR | 100 | 117 |
| Reg. S, 4.13%, 10/21/2030 | GBP | 100 | 129 |
| Reg. S, 4.25%, 12/16/2032 | GBP | 100 | 128 |
|  Skipton Building Society Charitable Foundation, (United Kingdom), Reg. S, 3.25%, 06/18/2029 | EUR | 1800 | 2085 |
|  Yorkshire Building Society, (United Kingdom), Reg. S, 2.75%, 01/28/2030 | EUR | 100 | 113 |
|  |  |  | 7488 |
|  Total Financial |  |  | 1085618 |
|  **Government — 0.5%** |  |  |  |
|  **Multi-National — 0.5%** |  |  |  |
|  African Development Bank, (Supranational), |  |  |  |
|  0.50%, 03/21/2029 | EUR | 3500 | 3767 |
| 0.88%, 05/24/2028 | EUR | 400 | 443 |
| 2.25%, 09/14/2029 | EUR | 2000 | 2260 |
| 4.13%, 05/13/2030 |  | 390 | 386 |
|  Asian Development Bank, (Supranational), |  |  |  |
| Reg. S, 0.00%, 10/24/2029 | EUR | 5000 | 5234 |
| Reg. S, 0.03%, 01/31/2030 | EUR | 3550 | 3682 |
| Reg. S, 0.90%, 07/29/2030 |  | 1600 | 1382 |
| 4.38%, 01/14/2028 |  | 25 | 25 |
| 4.50%, 08/25/2028 |  | 150 | 152 |
| 6.22%, 08/15/2027 |  | 100 | 103 |
|  Asian Infrastructure Investment Bank (The), (Supranational), 4.50%, 01/16/2030 |  | 90 | 92 |
|  Council Of Europe Development Bank, (Supranational), |  |  |  |
| Reg. S, 0.00%, 01/20/2031 | EUR | 5000 | 5008 |
| Reg. S, 0.25%, 01/19/2032 | EUR | 3000 | 2955 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Multi-National — continued** |  |  |  |
| Reg. S, 0.63%, 01/30/2029 | EUR | 1500 | 1627 |
|  Dexia SA, (France), |  |  |  |
| Reg. S, 0.00%, 01/21/2028 | EUR | 1300 | 1426 |
| Reg. S, 0.01%, 01/22/2027 | EUR | 300 | 339 |
| Reg. S, 1.00%, 10/18/2027 | EUR | 300 | 337 |
| Reg. S, 2.75%, 01/18/2029 | EUR | 700 | 802 |
| Reg. S, 3.13%, 06/01/2028 | EUR | 600 | 695 |
| Reg. S, 4.63%, 10/22/2028 | GBP | 400 | 528 |
|  Eurofima Europaeische Gesellschaft fuer die Finanzierung von Eisenbahnmaterial, (Supranational), |  |  |  |
|  4.55%, 03/30/2027 | CAD | 500 | 365 |
| 5.50%, 06/07/2032 | GBP | 300 | 406 |
|  European Investment Bank, (Supranational), |  |  |  |
| Zero Coupon, 05/28/2037 (e) | CAD | 150 | 66 |
| 0.05%, 01/16/2030 | EUR | 7900 | 8228 |
| 0.20%, 03/17/2036 | EUR | 4000 | 3421 |
| 0.25%, 09/14/2029 | EUR | 15000 | 15899 |
| Reg. S, 0.25%, 06/15/2040 | EUR | 3950 | 2879 |
| Reg. S, 0.50%, 11/13/2037 | EUR | 2000 | 1678 |
| 0.88%, 09/13/2047 | EUR | 200 | 136 |
| Reg. S, 1.00%, 03/14/2031 | EUR | 5000 | 5271 |
| 2.75%, 09/13/2030 | EUR | 230 | 264 |
| Reg. S, 3.63%, 03/14/2042 | EUR | 2025 | 2329 |
| 3.75%, 11/15/2029 |  | 145 | 144 |
| Reg. S, 3.88%, 06/08/2037 | GBP | 3000 | 3566 |
| 4.38%, 03/19/2027 |  | 200 | 201 |
| 4.63%, 02/12/2035 |  | 190 | 195 |
| 5.00%, 04/15/2039 | GBP | 3500 | 4557 |
| Series 1981, 2.63%, 03/15/2035 | EUR | 40 | 44 |
| FMS Wertmanagement, (Germany), Reg. S, 0.38%, 04/29/2030 | EUR | 1200 | 1243 |
| Inter-American Development Bank, (Supranational), |  |  |  |
| 0.88%, 04/20/2026 |  | 200 | 200 |
| 2.38%, 08/03/2029 | GBP | 1000 | 1238 |
| 3.63%, 09/17/2031 |  | 145 | 142 |
| 4.30%, 07/03/2028 |  | 250 | 250 |
| 6.75%, 07/15/2027 |  | 700 | 722 |
| International Development Association, (Supranational), |  |  |  |
| Reg. S, 0.00%, 10/19/2026 | EUR | 1000 | 1140 |
| Reg. S, 0.35%, 04/22/2036 | EUR | 3500 | 3018 |
| Reg. S, 0.70%, 01/17/2042 | EUR | 1000 | 748 |
| International Finance Corp., (Supranational), SUB, 3.50%, 05/15/2026 |  | 150 | 150 |
| North American Development Bank, (Supranational), Reg. S, 0.20%, 11/28/2028 | CHF | 200 | 247 |
|  |  |  | 89990 |
| **Municipal** — **0.0%** (g) |  |  |  |
| Transport for London, (United Kingdom), |  |  |  |
| Reg. S, 3.88%, 07/23/2042 | GBP | 140 | 145 |
| Reg. S, 4.00%, 09/12/2033 | GBP | 300 | 364 |
| Reg. S, 4.00%, 04/07/2064 | GBP | 300 | 276 |
| 4.65%, 12/19/2031 | GBP | 900 | 1156 |
| Reg. S, 5.75%, 10/01/2041 | GBP | 200 | 258 |
|  |  |  | 2199 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Regional (State/Province)** — **0.0%** (g) |  |  |  |
| KAF Kaerntner Ausgleichszahlungs-Fonds, (Austria), Reg. S, Zero Coupon, 01/14/2032 | EUR | 1560 | 1460 |
| UK Municipal Bonds Agency Finance Co. DAC, (Ireland), Reg. S, 1.63%, 08/26/2060 | GBP | 100 | 46 |
|  |  |  | 1506 |
| Total Government |  |  | 93695 |
|  **Industrial — 1.1%** |  |  |  |
|  **Aerospace/Defense — 0.2%** |  |  |  |
| BAE Systems plc, (United Kingdom), 1.90%, 02/15/2031 (e) |  | 1350 | 1190 |
| Boeing Co. (The), 3.45%, 11/01/2028 |  | 10 | 10 |
| 5.71%, 05/01/2040 |  | 2345 | 2349 |
| 5.81%, 05/01/2050 |  | 50 | 48 |
| 6.30%, 05/01/2029 |  | 20 | 21 |
| 6.39%, 05/01/2031 |  | 30 | 32 |
| 6.53%, 05/01/2034 |  | 112 | 122 |
| 7.01%, 05/01/2064 |  | 1329 | 1473 |
| GE Capital European Funding Unlimited Co., (Ireland), 6.03%, 03/01/2038 | EUR | 183 | 250 |
| GE Capital International Funding Co.Unlimited Co., (Ireland), 4.42%, 11/15/2035 |  | 200 | 192 |
| General Dynamics Corp., 2.25%, 06/01/2031 |  | 36 | 32 |
| 4.25%, 04/01/2040 |  | 2 | 2 |
| General Electric Co., 1.50%, 05/17/2029 | EUR | 3472 | 3794 |
| 2.13%, 05/17/2037 | EUR | 3000 | 2913 |
| Reg. S, 4.13%, 09/19/2035 | EUR | 2000 | 2347 |
| Hexcel Corp., 4.20%, 02/15/2027 |  | 25 | 25 |
| 5.88%, 02/26/2035 |  | 53 | 54 |
| Honeywell Aerospace, Inc., 4.95%, 03/16/2036 (e) |  | 130 | 129 |
| 5.73%, 03/16/2056 (e) |  | 2110 | 2092 |
| L3Harris Technologies, Inc., 5.40%, 07/31/2033 |  | 1600 | 1643 |
| Northrop Grumman Corp., 5.25%, 07/15/2035 |  | 65 | 66 |
| RTX Corp., 2.15%, 05/18/2030 | EUR | 6695 | 7275 |
| 6.40%, 03/15/2054 |  | 57 | 61 |
| Thales SA, (France), Reg. S, 1.00%, 05/15/2028 | EUR | 1900 | 2099 |
|  |  |  | 28219 |
|  **Building Materials — 0.1%** |  |  |  |
| Carlisle Cos., Inc., 5.55%, 09/15/2040 |  | 13 | 13 |
| Carrier Global Corp., 4.13%, 05/29/2028 | EUR | 1600 | 1874 |
| CRH America Finance, Inc., 5.50%, 01/09/2035 |  | 200 | 204 |
| CRH Finance UK plc, (United Kingdom), Reg. S, 4.13%, 12/02/2029 | GBP | 1500 | 1920 |
| Holcim Sterling Finance Netherlands BV, (Netherlands), Reg. S, 2.25%, 04/04/2034 | GBP | 1900 | 1982 |
| Kingspan Securities Ireland DAC, (Ireland), Reg. S, 3.50%, 10/31/2031 | EUR | 3850 | 4358 |
| Lennox International, Inc., 5.50%, 09/15/2028 |  | 49 | 50 |
| Martin Marietta Materials, Inc., 3.20%, 07/15/2051 |  | 16 | 10 |
| 5.15%, 12/01/2034 |  | 730 | 731 |
| 5.50%, 12/01/2054 |  | 25 | 24 |
| Owens Corning, 3.95%, 08/15/2029 |  | 500 | 492 |
| Trane Technologies Financing Ltd., (Ireland), 4.50%, 03/21/2049 |  | 5 | 4 |
| Vulcan Materials Co., 3.50%, 06/01/2030 |  | 60 | 57 |
|  |  |  | 11719 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electrical Components & Equipment — 0.1%** |  |  |  |
| ABB Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.00%, 01/19/2030 | EUR | 1194 | 1217 |
| Reg. S, 3.38%, 01/16/2031 | EUR | 2657 | 3064 |
| Reg. S, 3.38%, 01/15/2034 | EUR | 4900 | 5540 |
| Prysmian SpA, (Italy), Reg. S, 3.88%, 11/28/2031 | EUR | 2694 | 3110 |
|  |  |  | 12931 |
|  **Electronics — 0.1%** |  |  |  |
| Amphenol Corp., 5.30%, 11/15/2055 |  | 75 | 71 |
| Amphenol Technologies Holding GmbH, (Germany), 3.63%, 03/30/2031 | EUR | 1200 | 1391 |
| Assa Abloy AB, (Sweden), |  |  |  |
| Reg. S, 3.88%, 09/13/2030 | EUR | 3330 | 3909 |
| Reg. S, 4.13%, 09/13/2035 | EUR | 250 | 293 |
| Fortive Corp., 3.70%, 08/15/2029 | EUR | 2600 | 3018 |
| Honeywell International, Inc., 1.75%, 09/01/2031 |  | 145 | 126 |
| Hubbell, Inc., 2.30%, 03/15/2031 |  | 59 | 53 |
| Jabil, Inc., |  |  |  |
| 1.70%, 04/15/2026 |  | 20 | 20 |
| 3.00%, 01/15/2031 |  | 22 | 20 |
| 5.45%, 02/01/2029 |  | 40 | 41 |
| Keysight Technologies, Inc., 4.95%, 10/15/2034 |  | 50 | 49 |
| Trimble, Inc., 6.10%, 03/15/2033 |  | 161 | 169 |
| Tyco Electronics Group SA, (Luxembourg), 5.00%, 05/09/2035 |  | 170 | 169 |
|  |  |  | 9329 |
|  **Engineering & Construction — 0.1%** |  |  |  |
| Aena SME SA, (Spain), |  |  |  |
| Reg. S, 3.50%, 01/22/2036 | EUR | 200 | 224 |
| Reg. S, 4.25%, 10/13/2030 | EUR | 200 | 238 |
| Aeroports de Paris SA, (France), |  |  |  |
| Reg. S, 1.00%, 01/05/2029 | EUR | 500 | 541 |
| Reg. S, 1.13%, 06/18/2034 | EUR | 200 | 183 |
| Reg. S, 1.50%, 07/02/2032 | EUR | 900 | 905 |
| Reg. S, 2.75%, 06/05/2028 | EUR | 100 | 114 |
| Reg. S, 3.38%, 05/16/2031 | EUR | 100 | 114 |
| Reg. S, 3.50%, 03/20/2033 | EUR | 400 | 451 |
| Reg. S, 3.75%, 03/20/2036 | EUR | 200 | 224 |
| Bouygues SA, (France), |  |  |  |
| Reg. S, 3.25%, 06/30/2037 | EUR | 1200 | 1302 |
| Reg. S, 3.88%, 07/17/2031 | EUR | 300 | 351 |
| DAA Finance plc, (Ireland), Reg. S, 1.60%, 11/05/2032 | EUR | 400 | 405 |
| Ferrovial Emisiones SA, (Spain), Reg. S, 0.54%, 11/12/2028 | EUR | 500 | 539 |
| Ferrovial SE, (Netherlands), Reg. S, 4.38%, 09/13/2030 | EUR | 4144 | 4920 |
| Heathrow Funding Ltd., (Jersey), |  |  |  |
| Reg. S, 4.63%, 10/31/2046 | GBP | 325 | 333 |
| Reg. S, 6.45%, 12/10/2031 | GBP | 225 | 310 |
| Reg. S, 6.75%, 12/03/2026 | GBP | 150 | 201 |
| HOCHTIEF AG, (Germany), Reg. S, 4.25%, 05/31/2030 | EUR | 4939 | 5842 |
| Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 870 | 903 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Engineering & Construction — continued** |  |  |  |
| Orano SA, (France), |  |  |  |
| Reg. S, 2.75%, 03/08/2028 | EUR | 200 | 228 |
| Reg. S, 4.00%, 03/12/2031 | EUR | 200 | 234 |
| Reg. S, 5.38%, 05/15/2027 | EUR | 200 | 235 |
| Royal Schiphol Group NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 09/08/2027 | EUR | 300 | 334 |
| Reg. S, 0.75%, 04/22/2033 | EUR | 200 | 189 |
| Reg. S, 0.88%, 09/08/2032 | EUR | 400 | 389 |
| Reg. S, 3.38%, 09/17/2036 | EUR | 390 | 430 |
|  |  |  | 20139 |
|  **Environmental Control** — **0.0%** (g) |  |  |  |
| Republic Services, Inc., 5.00%, 04/01/2034 |  | 70 | 71 |
| Waste Connections, Inc., (Canada), 2.60%, 02/01/2030 |  | 200 | 188 |
| 3.20%, 06/01/2032 |  | 10 | 9 |
| 4.20%, 01/15/2033 |  | 20 | 19 |
|  |  |  | 287 |
|  **Hand/Machine Tools** — **0.0%** (g) |  |  |  |
| Snap-on, Inc., 3.10%, 05/01/2050 |  | 10 | 7 |
|  **Machinery—Construction & Mining — 0.1%** |  |  |  |
| Eaton Capital ULC, (Ireland), |  |  |  |
| Reg. S, 0.58%, 03/08/2030 | EUR | 484 | 502 |
| 3.55%, 03/10/2034 | EUR | 1600 | 1813 |
| Reg. S, 3.80%, 05/21/2036 | EUR | 791 | 899 |
| Epiroc AB, (Sweden), Reg. S, 3.63%, 02/28/2031 | EUR | 1070 | 1234 |
| Metso OYJ, (Finland), Reg. S, 3.75%, 05/28/2032 | EUR | 4100 | 4685 |
| Sandvik AB, (Sweden), Reg. S, 3.75%, 09/27/2029 | EUR | 3322 | 3897 |
|  |  |  | 13030 |
| **Machinery—Diversified** — **0.0%** (g) |  |  |  |
| Atlas Copco Finance DAC, (Ireland), Reg. S, 3.50%, 04/01/2035 | EUR | 933 | 1048 |
| Dover Corp., 3.50%, 11/12/2033 | EUR | 196 | 219 |
| Highland Holdings Sarl, (Luxembourg), 2.88%, 11/19/2027 | EUR | 2400 | 2753 |
| IDEX Corp., 4.95%, 09/01/2029 |  | 660 | 667 |
| Ingersoll Rand, Inc., 5.40%, 08/14/2028 |  | 230 | 235 |
| Nordson Corp., 5.60%, 09/15/2028 |  | 95 | 97 |
| Weir Group, Inc., 5.35%, 05/06/2030 (e) |  | 600 | 608 |
| Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034 |  | 53 | 55 |
|  |  |  | 5682 |
|  **Metal Fabricate/Hardware** — **0.0%** (g) |  |  |  |
| Timken Co. (The), 4.13%, 05/23/2034 | EUR | 4445 | 5009 |
|  **Miscellaneous Manufacturers — 0.1%** |  |  |  |
| Alfa Laval Treasury International AB, (Sweden), Reg. S, 3.13%, 09/18/2031 | EUR | 914 | 1024 |
| Eaton Corp., 4.15%, 11/02/2042 |  | 38 | 33 |
| Illinois Tool Works, Inc., 3.25%, 05/17/2028 | EUR | 2100 | 2429 |
| 3.38%, 05/17/2032 | EUR | 4100 | 4679 |
| Parker-Hannifin Corp., 2.90%, 03/01/2030 | EUR | 6559 | 7393 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Engineering & Construction — continued** |  |  |  |
| Pentair Finance Sarl, (Luxembourg), 4.50%, 07/01/2029 |  | 2000 | 1988 |
| Teledyne Technologies, Inc., 1.60%, 04/01/2026 |  | 20 | 20 |
| Textron, Inc., |  |  |  |
| 2.45%, 03/15/2031 |  | 1000 | 901 |
| 5.50%, 05/15/2035 |  | 7 | 7 |
|  |  |  | 18474 |
|  **Packaging & Containers — 0.1%** |  |  |  |
| Berry Global, Inc., |  |  |  |
| 5.50%, 04/15/2028 |  | 615 | 627 |
| 5.65%, 01/15/2034 |  | 212 | 217 |
| Smurfit Kappa Treasury ULC, (Ireland), 3.49%, 11/24/2031 | EUR | 1900 | 2148 |
| Verallia SA, (France), Reg. S, 3.88%, 11/04/2032 | EUR | 7500 | 8251 |
|  |  |  | 11243 |
| **Shipbuilding** — **0.0%** (g) |  |  |  |
| Huntington Ingalls Industries, Inc., 5.35%, 01/15/2030 |  | 545 | 555 |
| **Transportation — 0.2%** |  |  |  |
| bpost SA, (Belgium), |  |  |  |
| Reg. S, 3.29%, 10/16/2029 | EUR | 700 | 802 |
| Reg. S, 3.48%, 06/19/2032 | EUR | 500 | 562 |
| Brambles Finance plc, (United Kingdom), Reg. S, 4.25%, 03/22/2031 | EUR | 659 | 777 |
| Burlington Northern Santa Fe LLC, 4.15%, 04/01/2045 |  | 10 | 8 |
| 4.55%, 09/01/2044 |  | 160 | 140 |
| 4.95%, 09/15/2041 |  | 700 | 666 |
| 5.20%, 04/15/2054 |  | 900 | 830 |
| 5.40%, 06/01/2041 |  | 20 | 20 |
| Canadian National Railway Co., (Canada), 2.45%, 05/01/2050 |  | 370 | 216 |
| 6.13%, 11/01/2053 |  | 400 | 420 |
| CSX Corp., 4.90%, 03/15/2055 |  | 10 | 9 |
| Deutsche Bahn AG, (Germany), |  |  |  |
| Reg. S, 0.35%, 09/29/2031 | EUR | 700 | 695 |
| Reg. S, 0.38%, 06/23/2029 | EUR | 200 | 212 |
| Reg. S, 0.50%, 04/09/2027 | EUR | 140 | 158 |
| Reg. S, 0.63%, 09/26/2028 | EUR | 200 | 219 |
| Reg. S, 0.63%, 04/15/2036 | EUR | 350 | 303 |
| Reg. S, 0.63%, 12/08/2050 | EUR | 500 | 268 |
| Reg. S, 0.75%, 07/16/2035 | EUR | 200 | 180 |
| Reg. S, 0.88%, 07/11/2031 | EUR | 200 | 206 |
| Reg. S, 0.88%, 06/23/2039 | EUR | 200 | 161 |
| Reg. S, 1.00%, 12/17/2027 | EUR | 300 | 336 |
| Reg. S, 1.13%, 12/18/2028 | EUR | 300 | 330 |
| Reg. S, 1.13%, 05/29/2051 | EUR | 512 | 311 |
| Reg. S, 1.38%, 03/28/2031 | EUR | 200 | 212 |
| Reg. S, 1.38%, 04/16/2040 | EUR | 250 | 211 |
| Reg. S, 1.50%, 12/08/2032 | EUR | 200 | 207 |
| Reg. S, 1.63%, 11/06/2030 | EUR | 200 | 216 |
| Reg. S, 1.63%, 08/16/2033 | EUR | 89 | 91 |
| Reg. S, 1.88%, 05/24/2030 | EUR | 300 | 331 |
| 1.99%, 07/08/2030 | AUD | 200 | 119 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Transportation — continued** |  |  |  |
| Reg. S, 2.75%, 03/19/2029 | EUR | 200 | 229 |
| Reg. S, 3.25%, 05/19/2033 | EUR | 300 | 346 |
| Reg. S, 3.38%, 04/24/2034 | EUR | 500 | 580 |
| Reg. S, 3.50%, 09/20/2027 | EUR | 650 | 757 |
| Reg. S, 3.63%, 12/18/2037 | EUR | 293 | 336 |
| Reg. S, 3.88%, 10/13/2042 | EUR | 100 | 115 |
| Reg. S, 4.00%, 11/23/2043 | EUR | 300 | 348 |
| 6.02%, 11/17/2033 | AUD | 1200 | 832 |
| Series CB, Reg. S, (EUR Swap Rate 5 Year + 1.89%), 1.60%, 07/18/2029 (x) (aa) | EUR | 1500 | 1578 |
| East Japan Railway Co., (Japan), Reg. S, 4.50%, 01/25/2036 | GBP | 2000 | 2423 |
| Empresa de Transporte de Pasajeros Metro SA, (Chile), |  |  |  |
| Reg. S, 1.40%, 10/07/2033 | CHF | 400 | 497 |
| 1.69%, 10/30/2031 | CHF | 400 | 510 |
| FedEx Corp., 5.25%, 05/15/2050 |  | 55 | 50 |
| Fedex Freight Holding Co., Inc., 4.65%, 03/15/2031 (e) |  | 1535 | 1508 |
| Ferrovie dello Stato Italiane SpA, (Italy), |  |  |  |
| Reg. S, 0.38%, 03/25/2028 | EUR | 300 | 329 |
| Reg. S, 3.38%, 06/24/2032 | EUR | 300 | 341 |
| Reg. S, 4.13%, 05/23/2029 | EUR | 300 | 355 |
| Reg. S, 4.50%, 05/23/2033 | EUR | 500 | 609 |
| Hamburger Hochbahn AG, (Germany), Reg. S, 0.13%, 02/24/2031 | EUR | 1400 | 1391 |
| La Poste SA, (France), |  |  |  |
| Reg. S, 0.00%, 07/18/2029 | EUR | 400 | 415 |
| Reg. S, 0.38%, 09/17/2027 | EUR | 100 | 111 |
| Reg. S, 0.63%, 01/18/2036 | EUR | 200 | 168 |
| Reg. S, 1.00%, 09/17/2034 | EUR | 500 | 461 |
| Reg. S, 1.38%, 04/21/2032 | EUR | 1300 | 1321 |
| Reg. S, 1.45%, 11/30/2028 | EUR | 300 | 331 |
| Reg. S, 2.63%, 09/14/2028 | EUR | 200 | 228 |
| Reg. S, 3.13%, 03/14/2033 | EUR | 200 | 223 |
| Reg. S, 3.75%, 06/12/2030 | EUR | 200 | 233 |
| Reg. S, 4.00%, 06/12/2035 | EUR | 400 | 466 |
| Network Rail Infrastructure Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.38%, 12/09/2030 | GBP | 390 | 512 |
| 4.75%, 11/29/2035 | GBP | 500 | 645 |
| Norfolk Southern Corp., 5.95%, 03/15/2064 |  | 660 | 655 |
| OeBB-Infrastruktur AG, (Austria), 2.25%, 05/28/2029 | EUR | 325 | 368 |
| 3.00%, 10/24/2033 | EUR | 500 | 567 |
| Reg. S, 3.38%, 05/18/2032 | EUR | 400 | 467 |
| Series 30, Reg. S, 3.50%, 10/19/2026 | EUR | 280 | 325 |
| Poste Italiane SpA, (Italy), |  |  |  |
| Reg. S, 0.50%, 12/10/2028 | EUR | 200 | 215 |
| Reg. S, 3.00%, 12/03/2030 | EUR | 600 | 671 |
| PostNL NV, (Netherlands), Reg. S, 4.00%, 10/02/2030 | EUR | 7949 | 9197 |
| TOTE Maritime Alaska LLC, Series 46054, 6.37%, 04/15/2028 |  | 1616 | 1645 |
| Transdev Group SA, (France), |  |  |  |
| Reg. S, 3.05%, 05/21/2028 | EUR | 200 | 230 |
| Reg. S, 3.85%, 05/21/2032 | EUR | 200 | 228 |
| Union Pacific Corp., 3.80%, 04/06/2071 |  | 40 | 27 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Transportation — continued** |  |  |  |
| United Parcel Service, Inc., |  |  |  |
| 5.25%, 05/14/2035 |  | 28 | 29 |
| 5.95%, 05/14/2055 |  | 19 | 19 |
| VR-Yhtymae OYJ, (Finland), Reg. S, 2.38%, 05/30/2029 | EUR | 100 | 112 |
|  |  |  | 42219 |
| **Trucking & Leasing — 0.0%** (g) |  |  |  |
| Penske Truck Leasing Co. LP / PTL Finance Corp., |  |  |  |
| 4.40%, 07/01/2027 (e) |  | 730 | 727 |
| 5.55%, 05/01/2028 (e) |  | 1135 | 1154 |
| 6.05%, 08/01/2028 (e) |  | 660 | 679 |
|  |  |  | 2560 |
| Total Industrial |  |  | 181403 |
|  **Technology** — **0.3%** |  |  |  |
|  **Computers** — **0.1%** |  |  |  |
| Accenture Capital, Inc., |  |  |  |
| 4.25%, 10/04/2031 |  | 65 | 64 |
| 4.50%, 10/04/2034 |  | 595 | 576 |
| Amdocs Ltd., (Guernsey), 2.54%, 06/15/2030 |  | 62 | 56 |
| Apple, Inc., |  |  |  |
| 2.55%, 08/20/2060 |  | 185 | 99 |
| 2.80%, 02/08/2061 |  | 160 | 91 |
| 2.85%, 08/05/2061 |  | 58 | 34 |
| 3.75%, 09/12/2047 |  | 1000 | 775 |
| CGI, Inc., (Canada), |  |  |  |
| 1.45%, 09/14/2026 |  | 60 | 59 |
| 4.95%, 03/14/2030 |  | 70 | 70 |
| Dell International LLC / EMC Corp., 8.10%, 07/15/2036 |  | 140 | 166 |
| Fortinet, Inc., 2.20%, 03/15/2031 |  | 45 | 40 |
| Genpact UK Finco plc / Genpact USA, Inc., (United Kingdom), 4.95%, 11/18/2030 |  | 505 | 495 |
| International Business Machines Corp., |  |  |  |
| 3.00%, 02/03/2031 | EUR | 1700 | 1914 |
| 3.45%, 02/03/2034 | EUR | 4200 | 4688 |
| 3.85%, 02/03/2038 | EUR | 2500 | 2783 |
| 5.80%, 02/03/2056 |  | 410 | 393 |
| 6.50%, 01/15/2028 |  | 40 | 41 |
| Leidos, Inc., |  |  |  |
| 5.00%, 03/15/2036 |  | 1625 | 1572 |
| 5.40%, 03/15/2032 |  | 10 | 10 |
| 5.50%, 03/15/2035 |  | 50 | 51 |
| NetApp, Inc., 2.70%, 06/22/2030 |  | 50 | 46 |
| Teledyne FLIR LLC, 2.50%, 08/01/2030 |  | 75 | 69 |
|  |  |  | 14092 |
|  **Office/Business & Equipment** — **0.0%** (g) |  |  |  |
| CDW LLC / CDW Finance Corp., |  |  |  |
| 2.67%, 12/01/2026 |  | 985 | 973 |
| 5.10%, 03/01/2030 |  | 755 | 754 |
|  |  |  | 1727 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Semiconductors — 0.1%** |  |  |  |
| Analog Devices, Inc., |  |  |  |
| 2.10%, 10/01/2031 |  | 45 | 39 |
| 3.45%, 06/15/2027 |  | 30 | 30 |
| ASML Holding NV, (Netherlands), |  |  |  |
| Reg. S, 0.25%, 02/25/2030 | EUR | 1000 | 1028 |
| Reg. S, 2.25%, 05/17/2032 | EUR | 6750 | 7375 |
| Broadcom, Inc., |  |  |  |
| 3.14%, 11/15/2035 (e) |  | 2810 | 2389 |
| 3.19%, 11/15/2036 (e) |  | 795 | 665 |
| 3.47%, 04/15/2034 |  | 425 | 383 |
| 4.80%, 02/15/2036 |  | 930 | 907 |
| 4.95%, 01/15/2036 |  | 1750 | 1728 |
| 5.05%, 07/12/2029 |  | 1605 | 1638 |
| Foundry JV Holdco LLC, |  |  |  |
| 5.90%, 01/25/2033 (e) |  | 1200 | 1234 |
| 6.20%, 01/25/2037 (e) |  | 1640 | 1696 |
| Intel Corp., |  |  |  |
| 4.10%, 05/11/2047 |  | 660 | 494 |
| 4.88%, 02/10/2028 |  | 80 | 80 |
| 4.90%, 08/05/2052 |  | 260 | 213 |
| 5.70%, 02/10/2053 |  | 375 | 346 |
| Micron Technology, Inc., |  |  |  |
| 5.80%, 01/15/2035 |  | 86 | 92 |
| 6.05%, 11/01/2035 |  | 175 | 189 |
| NXP BV / NXP Funding LLC / NXP USA, Inc., (Multinational), |  |  |  |
| 3.40%, 05/01/2030 |  | 1000 | 953 |
| 4.30%, 06/18/2029 |  | 16 | 16 |
| Texas Instruments, Inc., 2.70%, 09/15/2051 |  | 30 | 18 |
|  |  |  | 21513 |
| **Software** — **0.1%** |  |  |  |
| Adobe, Inc., 2.30%, 02/01/2030 |  | 28 | 26 |
| Broadridge Financial Solutions, Inc., 2.60%, 05/01/2031 |  | 195 | 173 |
| Electronic Arts, Inc., 1.85%, 02/15/2031 |  | 17 | 16 |
| Fidelity National Information Services, Inc., |  |  |  |
| 3.10%, 03/01/2041 |  | 80 | 57 |
| 3.45%, 03/10/2030 | EUR | 1700 | 1942 |
| 4.45%, 03/10/2028 |  | 120 | 120 |
| 4.55%, 03/10/2029 |  | 70 | 70 |
| 4.80%, 03/10/2031 |  | 145 | 144 |
| Fiserv, Inc., |  |  |  |
| 3.00%, 07/01/2031 | GBP | 1000 | 1151 |
| 3.50%, 07/01/2029 |  | 170 | 163 |
| 4.55%, 02/15/2031 |  | 260 | 255 |
| 5.25%, 08/11/2035 |  | 305 | 297 |
| 5.35%, 03/15/2031 |  | 360 | 364 |
| 5.60%, 03/02/2033 |  | 780 | 788 |
| 5.63%, 08/21/2033 |  | 1060 | 1070 |
| Microsoft Corp., |  |  |  |
| 2.50%, 09/15/2050 |  | 10 | 6 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Software** — **continued** |  |  |  |
| 2.53%, 06/01/2050 |  | 1105 | 664 |
| 2.68%, 06/01/2060 |  | 140 | 78 |
| 2.92%, 03/17/2052 |  | 120 | 78 |
| 3.04%, 03/17/2062 |  | 100 | 61 |
| MSCI, Inc., |  |  |  |
| 3.88%, 02/15/2031(e) |  | 5 | 5 |
| 5.25%, 09/01/2035 |  | 112 | 109 |
| Oracle Corp., |  |  |  |
| 2.65%, 07/15/2026 |  | 30 | 30 |
| 2.95%, 04/01/2030 |  | 327 | 298 |
| 3.60%, 04/01/2040 |  | 150 | 109 |
| 3.60%, 04/01/2050 |  | 885 | 535 |
| 3.65%, 03/25/2041 |  | 91 | 65 |
| 3.85%, 07/15/2036 |  | 280 | 232 |
| 3.95%, 03/25/2051 |  | 264 | 167 |
| 4.50%, 07/08/2044 |  | 10 | 7 |
| 4.70%, 09/27/2034 |  | 110 | 101 |
| 4.90%, 02/06/2033 |  | 110 | 104 |
| 5.20%, 09/26/2035 |  | 30 | 28 |
| 5.25%, 02/03/2032 |  | 90 | 88 |
| 5.50%, 08/03/2035 |  | 540 | 516 |
| 5.70%, 02/04/2036 |  | 68 | 65 |
| 6.25%, 11/09/2032 |  | 70 | 72 |
| 6.55%, 02/04/2046 |  | 455 | 426 |
| 6.70%, 02/04/2056 |  | 1940 | 1796 |
| 6.85%, 02/04/2066 |  | 1365 | 1258 |
| 6.90%, 11/09/2052 |  | 205 | 194 |
| Roper Technologies, Inc., |  |  |  |
| 1.75%, 02/15/2031 |  | 77 | 66 |
| 2.95%, 09/15/2029 |  | 2 | 2 |
| 4.25%, 09/15/2028 |  | 50 | 50 |
| Sage Group plc (The), (United Kingdom), Reg. S, 1.63%, 02/25/2031 | GBP | 2000 | 2220 |
| Salesforce, Inc., |  |  |  |
| 4.90%, 09/15/2031 |  | 3000 | 2994 |
| 5.20%, 03/15/2033 |  | 230 | 230 |
| ServiceNow, Inc., 1.40%, 09/01/2030 |  | 5 | 4 |
| Synopsys, Inc., 5.00%, 04/01/2032 |  | 1106 | 1116 |
|  |  |  | 20410 |
| Total Technology |  |  | 57742 |
| **Utilities** — **1.1%** |  |  |  |
| **Electric** — **0.9%** |  |  |  |
| A2A SpA, (Italy), |  |  |  |
| Reg. S, 0.63%, 07/15/2031 | EUR | 200 | 198 |
| Reg. S, 1.00%, 07/16/2029 | EUR | 100 | 107 |
| Reg. S, 1.00%, 11/02/2033 | EUR | 200 | 188 |
| Reg. S, 1.63%, 10/19/2027 | EUR | 200 | 226 |
| Reg. S, 1.75%, 03/16/2028 | EUR | 200 | 225 |
| Reg. S, 3.63%, 01/30/2035 | EUR | 500 | 556 |
| Reg. S, 4.38%, 02/03/2034 | EUR | 100 | 119 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Reg. S, 4.50%, 09/19/2030 | EUR | 200 | 240 |
| ACEA SpA, (Italy), |  |  |  |
| Reg. S, 0.25%, 07/28/2030 | EUR | 300 | 302 |
| Reg. S, 0.50%, 04/06/2029 | EUR | 100 | 106 |
| Reg. S, 1.75%, 05/23/2028 | EUR | 130 | 146 |
| Reg. S, 3.88%, 01/24/2031 | EUR | 500 | 586 |
| AEP Texas, Inc., |  |  |  |
| 4.70%, 05/15/2032 |  | 885 | 874 |
| 5.45%, 05/15/2029 |  | 510 | 523 |
| Series I, 2.10%, 07/01/2030 |  | 2600 | 2353 |
| Series Q, 5.20%, 04/15/2036 |  | 955 | 940 |
| AEP Transmission Co. LLC, 5.15%, 04/01/2034 |  | 40 | 40 |
| Alabama Power Co., |  |  |  |
| 3.00%, 03/15/2052 |  | 10 | 6 |
| 3.13%, 07/15/2051 |  | 7 | 5 |
| Alliander NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 06/10/2030 | EUR | 400 | 410 |
| Reg. S, 0.88%, 06/24/2032 | EUR | 200 | 198 |
| Reg. S, 2.63%, 09/09/2027 | EUR | 600 | 688 |
| Reg. S, 3.00%, 05/06/2033 | EUR | 200 | 220 |
| Reg. S, 3.00%, 10/07/2034 | EUR | 200 | 220 |
| Reg. S, 3.25%, 06/13/2028 | EUR | 600 | 693 |
| Reg. S, 3.50%, 05/06/2037 | EUR | 500 | 548 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.72%), 4.13%, 07/02/2035 (x) (aa) | EUR | 200 | 221 |
| Alperia SpA, (Italy), Reg. S, 5.70%, 07/05/2028 | EUR | 100 | 121 |
| Ameren Illinois Co., |  |  |  |
| 3.25%, 03/15/2050 |  | 1200 | 805 |
| 5.55%, 07/01/2054 |  | 10 | 10 |
| 5.63%, 03/01/2055 |  | 40 | 39 |
| American Electric Power Co., Inc., |  |  |  |
| 2.30%, 03/01/2030 |  | 5 | 5 |
| (CMT Index 5 Year + 2.68%), 3.88%, 02/15/2062 (aa) |  | 195 | 191 |
| 5.95%, 11/01/2032 |  | 10 | 10 |
| Amprion GmbH, (Germany), |  |  |  |
| Reg. S, 0.63%, 09/23/2033 | EUR | 1500 | 1371 |
| Reg. S, 3.97%, 09/22/2032 | EUR | 800 | 935 |
| Appalachian Power Co., |  |  |  |
| 5.65%, 04/01/2034 |  | 10 | 10 |
| Series BB, 4.50%, 08/01/2032 |  | 20 | 19 |
| Series Z, 3.70%, 05/01/2050 |  | 5 | 4 |
| Arizona Public Service Co., |  |  |  |
| 2.20%, 12/15/2031 |  | 10 | 9 |
| 2.60%, 08/15/2029 |  | 14 | 13 |
| 3.35%, 05/15/2050 |  | 10 | 6 |
| 5.55%, 08/01/2033 |  | 1375 | 1411 |
| Atlantic City Electric Co., 4.00%, 10/15/2028 |  | 10 | 10 |
| Baltimore Gas and Electric Co., |  |  |  |
| 2.90%, 06/15/2050 |  | 10 | 6 |
| 5.40%, 06/01/2053 |  | 18 | 17 |
| 5.65%, 06/01/2054 |  | 10 | 10 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Berkshire Hathaway Energy Co., |  |  |  |
| 2.85%, 05/15/2051 |  | 50 | 30 |
| 4.25%, 10/15/2050 |  | 5 | 4 |
| 5.15%, 11/15/2043 |  | 13 | 12 |
| Black Hills Corp., 2.50%, 06/15/2030 |  | 10 | 9 |
| CenterPoint Energy Houston Electric LLC, |  |  |  |
| 5.30%, 04/01/2053 |  | 10 | 9 |
| Series AD, 2.90%, 07/01/2050 |  | 25 | 16 |
| Series AJ, 4.85%, 10/01/2052 |  | 10 | 9 |
| CenterPoint Energy, Inc., |  |  |  |
| (CMT Index 5 Year + 2.59%), 6.70%, 05/15/2055 (aa) |  | 35 | 35 |
| Series A, (CMT Index 5 Year + 3.25%), 7.00%, 02/15/2055 (aa) |  | 55 | 57 |
| CEZ A/S, (Czech Republic), Reg. S, 2.38%, 04/06/2027 | EUR | 1425 | 1636 |
| Coentreprise de Transport d'Electricite SA, (France), |  |  |  |
| Reg. S, 1.50%, 07/29/2028 | EUR | 400 | 443 |
| Reg. S, 2.13%, 07/29/2032 | EUR | 200 | 209 |
| Reg. S, 3.75%, 01/17/2036 | EUR | 300 | 334 |
| Commonwealth Edison Co., |  |  |  |
| 3.00%, 03/01/2050 |  | 5 | 3 |
| 4.00%, 03/01/2048 |  | 5 | 4 |
| 4.35%, 11/15/2045 |  | 980 | 812 |
| 5.95%, 06/01/2055 |  | 20 | 20 |
| Series 131, 2.75%, 09/01/2051 |  | 440 | 265 |
| Series 132, 3.15%, 03/15/2032 |  | 60 | 56 |
| Connecticut Light and Power Co. (The), |  |  |  |
| 4.95%, 08/15/2034 |  | 338 | 335 |
| Series A, 2.05%, 07/01/2031 |  | 905 | 800 |
| Consolidated Edison Co. of New York, Inc., |  |  |  |
| 3.20%, 12/01/2051 |  | 50 | 33 |
| 3.60%, 06/15/2061 |  | 20 | 13 |
| 5.20%, 03/01/2033 |  | 10 | 10 |
| Series 20A, 3.35%, 04/01/2030 |  | 10 | 10 |
| Series A, 4.13%, 05/15/2049 |  | 275 | 214 |
| Series C, 4.30%, 12/01/2056 |  | 740 | 576 |
| Consumers Energy Co., |  |  |  |
| 3.75%, 02/15/2050 |  | 5 | 4 |
| 4.20%, 09/01/2052 |  | 20 | 16 |
| 4.60%, 05/30/2029 |  | 10 | 10 |
| 4.70%, 01/15/2030 |  | 69 | 69 |
| Dominion Energy South Carolina, Inc., |  |  |  |
| 4.60%, 06/15/2043 |  | 1400 | 1213 |
| 6.25%, 10/15/2053 |  | 505 | 530 |
| Dominion Energy, Inc., |  |  |  |
| (CMT Index 5 Year + 2.26%), 6.00%, 02/15/2056 (aa) |  | 139 | 138 |
| Series B, 4.85%, 08/15/2052 |  | 25 | 21 |
| Series C, (CMT Index 5 Year + 3.20%), 4.35%, 01/15/2027 (x) (aa) |  | 70 | 69 |
| DTE Electric Co., |  |  |  |
| 2.95%, 03/01/2050 |  | 5 | 3 |
| 3.70%, 03/15/2045 |  | 1100 | 846 |
| Series B, 3.25%, 04/01/2051 |  | 20 | 13 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| DTE Energy Co., |  |  |  |
| 2.85%, 10/01/2026 |  | 30 | 30 |
| 4.95%, 07/01/2027 |  | 560 | 564 |
| 5.05%, 10/01/2035 |  | 80 | 79 |
| 5.85%, 06/01/2034 |  | 4 | 4 |
| Series C, 3.40%, 06/15/2029 |  | 19 | 18 |
| Duke Energy Carolinas LLC, |  |  |  |
| 3.55%, 03/15/2052 |  | 10 | 7 |
| 4.95%, 01/15/2033 |  | 10 | 10 |
| 5.35%, 01/15/2053 |  | 17 | 16 |
| 5.40%, 01/15/2054 |  | 93 | 88 |
| Duke Energy Corp., |  |  |  |
| 2.45%, 06/01/2030 |  | 85 | 78 |
| 3.10%, 06/15/2028 | EUR | 2150 | 2466 |
| 3.50%, 06/15/2051 |  | 10 | 7 |
| 3.85%, 06/15/2034 | EUR | 2200 | 2490 |
| 4.50%, 08/15/2032 |  | 50 | 49 |
| 5.00%, 08/15/2052 |  | 30 | 26 |
| Duke Energy Florida LLC, 3.00%, 12/15/2051 |  | 10 | 6 |
| Duke Energy Indiana LLC, |  |  |  |
| 4.95%, 03/15/2036 |  | 70 | 69 |
| 5.25%, 03/01/2034 |  | 10 | 10 |
| 5.40%, 04/01/2053 |  | 25 | 23 |
| Duke Energy Ohio, Inc., |  |  |  |
| 4.30%, 02/01/2049 |  | 10 | 8 |
| 5.55%, 03/15/2054 |  | 20 | 19 |
| Duke Energy Progress LLC, 4.00%, 04/01/2052 |  | 20 | 15 |
| E.ON International Finance BV, (Netherlands), Reg. S, 5.88%, 10/30/2037 | GBP | 1000 | 1296 |
| Edison International, |  |  |  |
| 4.80%, 03/15/2031 |  | 5 | 5 |
| 6.25%, 03/15/2030 |  | 71 | 73 |
| EDP SA, (Portugal), Reg. S, 1.63%, 04/15/2027 | EUR | 200 | 228 |
| EDP Servicios Financieros Espana SA, (Spain), Reg. S, 3.50%, 07/16/2030 | EUR | 235 | 271 |
| Electricite de France SA, (France), |  |  |  |
| Reg. S, 1.00%, 11/29/2033 | EUR | 500 | 468 |
| Reg. S, 1.88%, 10/13/2036 | EUR | 200 | 186 |
| Reg. S, 2.00%, 12/09/2049 | EUR | 1200 | 820 |
| Reg. S, 3.25%, 05/07/2032 | EUR | 500 | 564 |
| Reg. S, 3.75%, 06/05/2027 | EUR | 800 | 932 |
| Reg. S, 4.00%, 05/07/2037 | EUR | 700 | 790 |
| Reg. S, 4.13%, 06/17/2031 | EUR | 1200 | 1418 |
| Reg. S, 4.25%, 01/25/2032 | EUR | 400 | 476 |
| Reg. S, 4.38%, 10/12/2029 | EUR | 500 | 595 |
| Reg. S, 4.38%, 06/17/2036 | EUR | 200 | 235 |
| Reg. S, 4.50%, 11/12/2040 | EUR | 100 | 116 |
| 4.57%, 02/06/2035 | CAD | 1000 | 712 |
| Reg. S, 4.63%, 01/25/2043 | EUR | 400 | 452 |
| Reg. S, 4.63%, 05/07/2045 | EUR | 300 | 335 |
| Reg. S, 4.75%, 10/12/2034 | EUR | 1800 | 2191 |
| Reg. S, 4.75%, 06/17/2044 | EUR | 600 | 685 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Reg. S, 5.50%, 03/27/2037 | GBP | 500 | 613 |
| Reg. S, 5.63%, 02/21/2033 | EUR | 200 | 256 |
| 5.88%, 07/18/2031 | GBP | 465 | 628 |
| Reg. S, 6.00%, 01/23/2114 | GBP | 600 | 655 |
| Reg. S, 6.13%, 06/02/2034 | GBP | 600 | 796 |
| Elia Group SA, (Belgium), Reg. S, 3.88%, 06/11/2031 | EUR | 9000 | 10367 |
| Elia Transmission Belgium SA, (Belgium), Reg. S, 3.63%, 01/18/2033 | EUR | 5400 | 6210 |
| Emera US Finance LP, |  |  |  |
| 2.64%, 06/15/2031 |  | 10 | 9 |
| 4.75%, 06/15/2046 |  | 105 | 87 |
| EnBW Energie Baden-Wuerttemberg AG, (Germany), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 1.65%), 1.38%, 08/31/2081 (aa) | EUR | 100 | 108 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.73%), 1.63%, 08/05/2079 (aa) | EUR | 100 | 112 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.18%), 3.63%, 02/10/2056 (aa) | EUR | 400 | 441 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.95%), 4.50%, 07/28/2055 (aa) | EUR | 200 | 223 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.85%), 4.50%, 02/10/2056 (aa) | EUR | 200 | 220 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.66%), 5.25%, 01/23/2084 (aa) | EUR | 500 | 594 |
| EnBW International Finance BV, (Netherlands), |  |  |  |
| Reg. S, 0.13%, 03/01/2028 | EUR | 182 | 199 |
| Reg. S, 0.50%, 03/01/2033 | EUR | 97 | 91 |
| Reg. S, 1.88%, 10/31/2033 | EUR | 420 | 426 |
| Reg. S, 3.00%, 05/20/2029 | EUR | 200 | 230 |
| Reg. S, 3.50%, 07/24/2028 | EUR | 120 | 140 |
| Reg. S, 3.50%, 07/22/2031 | EUR | 300 | 347 |
| Reg. S, 3.75%, 11/20/2035 | EUR | 700 | 799 |
| Reg. S, 3.85%, 05/23/2030 | EUR | 400 | 470 |
| Reg. S, 4.00%, 01/24/2035 | EUR | 100 | 116 |
| Reg. S, 4.00%, 07/22/2036 | EUR | 300 | 345 |
| Reg. S, 4.05%, 11/22/2029 | EUR | 200 | 237 |
| Reg. S, 4.30%, 05/23/2034 | EUR | 300 | 357 |
| Reg. S, 6.13%, 07/07/2039 | EUR | 40 | 56 |
| Enel Finance International NV, (Netherlands), 3.50%, 04/06/2028 (e) |  | 1300 | 1275 |
| e-netz Suedhessen AG, (Germany), 6.13%, 04/23/2041 | EUR | 100 | 132 |
| Enexis Holding NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 04/14/2033 | EUR | 400 | 367 |
| Reg. S, 0.63%, 06/17/2032 | EUR | 100 | 96 |
| Reg. S, 0.75%, 07/02/2031 | EUR | 334 | 335 |
| Reg. S, 3.25%, 04/09/2033 | EUR | 500 | 563 |
| Reg. S, 3.63%, 06/12/2034 | EUR | 200 | 229 |
| Reg. S, 3.63%, 04/09/2037 | EUR | 200 | 224 |
| Engie SA, (France), Reg. S, 2.00%, 09/28/2037 | EUR | 700 | 650 |
| Entergy Arkansas LLC, |  |  |  |
| 2.65%, 06/15/2051 |  | 76 | 44 |
| 4.20%, 04/01/2049 |  | 10 | 8 |
| Entergy Corp., |  |  |  |
| (CMT Index 5 Year + 2.18%), 5.88%, 06/15/2056 (aa) |  | 50 | 49 |
| (CMT Index 5 Year + 2.67%), 7.13%, 12/01/2054 (aa) |  | 74 | 76 |
| Entergy Louisiana LLC, |  |  |  |
| 2.35%, 06/15/2032 |  | 30 | 26 |
| 3.05%, 06/01/2031 |  | 2073 | 1927 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Entergy Texas, Inc., |  |  |  |
| 4.00%, 03/30/2029 |  | 15 | 15 |
| 5.00%, 09/15/2052 |  | 19 | 17 |
| 5.55%, 09/15/2054 |  | 30 | 28 |
| ESB Finance DAC, (Ireland), |  |  |  |
| Reg. S, 1.00%, 07/19/2034 | EUR | 100 | 92 |
| Reg. S, 1.13%, 06/11/2030 | EUR | 100 | 105 |
| Reg. S, 1.75%, 02/07/2029 | EUR | 200 | 222 |
| Reg. S, 1.88%, 06/14/2031 | EUR | 224 | 238 |
| Reg. S, 2.13%, 06/08/2027 | EUR | 100 | 114 |
| Reg. S, 2.13%, 11/05/2033 | EUR | 200 | 204 |
| Reg. S, 3.75%, 01/25/2043 | EUR | 200 | 212 |
| Reg. S, 4.00%, 10/03/2028 | EUR | 400 | 469 |
| Reg. S, 4.00%, 05/03/2032 | EUR | 200 | 235 |
| Reg. S, 4.25%, 03/03/2036 | EUR | 100 | 119 |
| Eurogrid GmbH, (Germany), |  |  |  |
| Reg. S, 3.72%, 04/27/2030 | EUR | 2000 | 2323 |
| Reg. S, 3.73%, 10/18/2035 | EUR | 1400 | 1571 |
| Reg. S, 4.06%, 05/28/2037 | EUR | 1600 | 1816 |
| Evergy Kansas Central, Inc., 3.45%, 04/15/2050 |  | 5 | 4 |
| Evergy Metro, Inc., Series 2020, 2.25%, 06/01/2030 |  | 20 | 18 |
| Evergy, Inc., (CMT Index 5 Year + 2.56%), 6.65%, 06/01/2055 (aa) |  | 50 | 50 |
| Eversource Energy, |  |  |  |
| 3.38%, 03/01/2032 |  | 40 | 36 |
| 4.60%, 07/01/2027 |  | 100 | 100 |
| 5.13%, 05/15/2033 |  | 95 | 95 |
| 5.95%, 07/15/2034 |  | 95 | 99 |
| EWE AG, (Germany), |  |  |  |
| Reg. S, 0.25%, 06/08/2028 | EUR | 200 | 216 |
| Reg. S, 0.38%, 10/22/2032 | EUR | 390 | 361 |
| Exelon Corp., 2.75%, 03/15/2027 |  | 20 | 20 |
| Fingrid OYJ, (Finland), Reg. S, 3.25%, 03/20/2034 | EUR | 400 | 450 |
| FirstEnergy Corp., Series C, 3.40%, 03/01/2050 |  | 10 | 7 |
| Florida Power & Light Co., |  |  |  |
| 2.45%, 02/03/2032 |  | 20 | 18 |
| 2.88%, 12/04/2051 |  | 50 | 31 |
| 3.95%, 03/01/2048 |  | 500 | 390 |
| 5.30%, 04/01/2053 |  | 10 | 9 |
| 5.60%, 02/15/2066 |  | 165 | 159 |
| 5.80%, 03/15/2065 |  | 116 | 116 |
| FLUVIUS System Operator CV, (Belgium), |  |  |  |
| Reg. S, 0.25%, 06/14/2028 | EUR | 200 | 217 |
| Reg. S, 0.25%, 12/02/2030 | EUR | 300 | 299 |
| Reg. S, 0.63%, 11/24/2031 | EUR | 100 | 98 |
| Reg. S, 3.50%, 03/12/2035 | EUR | 700 | 781 |
| Reg. S, 3.88%, 03/18/2031 | EUR | 300 | 350 |
| Reg. S, 3.88%, 05/09/2033 | EUR | 3600 | 4169 |
| Reg. S, 3.88%, 05/02/2034 | EUR | 300 | 344 |
| Reg. S, 4.00%, 07/06/2032 | EUR | 200 | 233 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Fortum OYJ, (Finland), |  |  |  |
| Reg. S, 2.13%, 02/27/2029 | EUR | 200 | 223 |
| Reg. S, 4.50%, 05/26/2033 | EUR | 600 | 718 |
| Georgia Power Co., |  |  |  |
| 4.70%, 05/15/2032 |  | 2350 | 2350 |
| 5.13%, 05/15/2052 |  | 17 | 16 |
| Series B, 3.70%, 01/30/2050 |  | 10 | 7 |
| Hera SpA, (Italy), |  |  |  |
| Reg. S, 0.25%, 12/03/2030 | EUR | 160 | 159 |
| Reg. S, 0.88%, 07/05/2027 | EUR | 400 | 450 |
| Reg. S, 1.00%, 04/25/2034 | EUR | 200 | 185 |
| Reg. S, 2.50%, 05/25/2029 | EUR | 200 | 226 |
| Reg. S, 3.25%, 07/15/2031 | EUR | 300 | 341 |
| Reg. S, 4.25%, 04/20/2033 | EUR | 100 | 118 |
| Reg. S, 5.20%, 01/29/2028 | EUR | 200 | 239 |
| Iberdrola Finanzas SA, (Spain), |  |  |  |
| Reg. S, 1.38%, 03/11/2032 | EUR | 700 | 718 |
| Reg. S, 3.00%, 09/30/2031 | EUR | 1500 | 1691 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.28%), 4.87%, 01/16/2031 (x) (aa) | EUR | 400 | 473 |
| Iberdrola International BV, (Netherlands), Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.57%), 2.25%, 01/28/2029 (x) (aa) | EUR | 2000 | 2186 |
| Ignitis Grupe AB, (Lithuania), |  |  |  |
| Reg. S, 1.88%, 07/10/2028 | EUR | 200 | 223 |
| Reg. S, 2.00%, 05/21/2030 | EUR | 110 | 119 |
| Interstate Power and Light Co., 3.50%, 09/30/2049 |  | 10 | 7 |
| ITC Holdings Corp., 4.95%, 09/22/2027 (e) |  | 1170 | 1175 |
| Jersey Central Power & Light Co., 5.10%, 01/15/2035 |  | 670 | 670 |
| Kentucky Utilities Co., 3.30%, 06/01/2050 |  | 5 | 3 |
| Louisville Gas and Electric Co., 5.85%, 08/15/2055 |  | 20 | 20 |
| MidAmerican Energy Co., 2.70%, 08/01/2052 |  | 5 | 3 |
| Mississippi Power Co., Series B, 3.10%, 07/30/2051 |  | 10 | 7 |
| National Grid Electricity Distribution South West plc, (United Kingdom), Reg. S, 5.88%, 03/25/2027 | GBP | 20 | 27 |
| National Grid Electricity Transmission plc, (United Kingdom), Reg. S, 2.00%, 04/17/2040 | GBP | 425 | 341 |
| National Grid plc, (United Kingdom), |  |  |  |
| 5.42%, 01/11/2034 |  | 10 | 10 |
| 5.81%, 06/12/2033 |  | 140 | 146 |
| Nevada Power Co., (CMT Index 5 Year + 1.94%), 6.25%, 05/15/2055 (aa) |  | 45 | 45 |
| NextEra Energy Capital Holdings, Inc., |  |  |  |
| 2.25%, 06/01/2030 |  | 1180 | 1075 |
| 2.75%, 11/01/2029 |  | 5 | 5 |
| 3.00%, 01/15/2052 |  | 205 | 127 |
| 3.62%, 02/10/2034 | EUR | 2000 | 2259 |
| (ICE EURIBOR Swap Rate 5 Year + 1.90%), 4.50%, 05/15/2056 (aa) | EUR | 1700 | 1889 |
| 4.69%, 09/01/2027 |  | 835 | 839 |
| 5.05%, 03/15/2030 |  | 50 | 51 |
| 5.30%, 03/15/2032 |  | 50 | 51 |
| 5.90%, 03/15/2055 |  | 10 | 10 |
| (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 125 | 127 |
| (CMT Index 5 Year + 2.36%), 6.70%, 09/01/2054 (aa) |  | 40 | 41 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| NIE Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 5.75%, 12/07/2035 | GBP | 700 | 915 |
| Reg. S, 5.88%, 12/01/2032 | GBP | 200 | 269 |
| Northern Powergrid Yorkshire plc, (United Kingdom), |  |  |  |
| Reg. S, 5.13%, 05/04/2035 | GBP | 150 | 190 |
| Reg. S, 6.13%, 04/01/2050 | GBP | 1300 | 1653 |
| Northern States Power Co., |  |  |  |
| 2.25%, 04/01/2031 |  | 1450 | 1305 |
| 4.85%, 05/15/2036 |  | 85 | 84 |
| 5.65%, 06/15/2054 |  | 1350 | 1329 |
| 5.65%, 05/15/2055 |  | 8 | 8 |
| NRG Energy, Inc., 2.45%, 12/02/2027 (e) |  | 2275 | 2191 |
| NSTAR Electric Co., 4.55%, 06/01/2052 |  | 470 | 391 |
| Oglethorpe Power Corp., 5.05%, 10/01/2048 |  | 10 | 9 |
| Oklahoma Gas and Electric Co., |  |  |  |
| 4.15%, 04/01/2047 |  | 900 | 713 |
| 5.60%, 04/01/2053 |  | 5 | 5 |
| Oncor Electric Delivery Co. LLC, |  |  |  |
| 3.10%, 09/15/2049 |  | 10 | 7 |
| 3.70%, 05/15/2050 |  | 5 | 4 |
| 4.30%, 05/15/2028 |  | 20 | 20 |
| 4.50%, 03/15/2031(e) |  | 90 | 89 |
| Orsted A/S, (Denmark), |  |  |  |
| Reg. S, 2.25%, 06/14/2028 | EUR | 1000 | 1129 |
| Reg. S, 5.75%, 04/09/2040 | GBP | 425 | 513 |
| Pacific Gas and Electric Co., |  |  |  |
| 3.50%, 08/01/2050 |  | 10 | 7 |
| 3.95%, 12/01/2047 |  | 900 | 656 |
| 4.30%, 03/15/2045 |  | 345 | 269 |
| 4.40%, 03/01/2032 |  | 24 | 23 |
| 4.50%, 07/01/2040 |  | 30 | 26 |
| 4.95%, 07/01/2050 |  | 505 | 419 |
| 5.25%, 03/01/2052 |  | 10 | 9 |
| 5.90%, 10/01/2054 |  | 10 | 9 |
| 6.00%, 05/01/2056 |  | 1400 | 1332 |
| 6.10%, 01/15/2029 |  | 29 | 30 |
| 6.10%, 10/15/2055 |  | 10 | 10 |
| 6.75%, 01/15/2053 |  | 10 | 10 |
| PacifiCorp., |  |  |  |
| 2.90%, 06/15/2052 |  | 720 | 410 |
| 3.30%, 03/15/2051 |  | 1750 | 1093 |
| 4.13%, 01/15/2049 |  | 165 | 121 |
| 4.15%, 02/15/2050 |  | 110 | 81 |
| PECO Energy Co., |  |  |  |
| 2.80%, 06/15/2050 |  | 50 | 31 |
| 3.05%, 03/15/2051 |  | 435 | 282 |
| 4.60%, 05/15/2052 |  | 270 | 228 |
| 4.90%, 06/15/2033 |  | 1640 | 1651 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), Reg. S, 1.88%, 11/05/2031 | EUR | 1000 | 1015 |
| Potomac Electric Power Co., 5.50%, 03/15/2054 |  | 5 | 5 |
| PPL Capital Funding, Inc., 4.13%, 04/15/2030 |  | 40 | 39 |
| PPL Electric Utilities Corp., |  |  |  |
| 4.85%, 02/15/2034 (ee) |  | 1015 | 1014 |
| 5.25%, 05/15/2053 |  | 105 | 98 |
| Public Service Co. of Colorado, |  |  |  |
| 5.25%, 04/01/2053 |  | 10 | 9 |
| 5.75%, 05/15/2054 |  | 665 | 647 |
| Series 38, 4.10%, 06/01/2032 |  | 20 | 20 |
| Series 39, 4.50%, 06/01/2052 |  | 20 | 16 |
| Public Service Co. of Oklahoma, |  |  |  |
| 5.20%, 01/15/2035 |  | 40 | 40 |
| 5.45%, 01/15/2036 |  | 60 | 60 |
| Public Service Electric and Gas Co., |  |  |  |
| 1.90%, 08/15/2031 |  | 5 | 4 |
| 2.05%, 08/01/2050 |  | 10 | 5 |
| 3.00%, 03/01/2051 |  | 20 | 13 |
| 3.10%, 03/15/2032 |  | 30 | 28 |
| 3.65%, 09/01/2028 |  | 10 | 10 |
| 4.65%, 03/15/2033 |  | 10 | 10 |
| 4.85%, 08/01/2034 |  | 140 | 139 |
| 5.30%, 08/01/2054 |  | 6 | 6 |
| 5.45%, 03/01/2054 |  | 35 | 33 |
| Series Q, 5.05%, 03/01/2035 |  | 65 | 65 |
| Puget Energy, Inc., |  |  |  |
| 2.38%, 06/15/2028 |  | 1030 | 982 |
| 4.22%, 03/15/2032 |  | 20 | 19 |
| Puget Sound Energy, Inc., 5.33%, 06/15/2034 |  | 10 | 10 |
| Redeia Corp. SA, (Spain), Reg. S, 3.38%, 07/09/2032 | EUR | 300 | 338 |
| Resa SA, (Belgium), Reg. S, 3.50%, 05/22/2031 | EUR | 200 | 228 |
| RTE Reseau de Transport d'Electricite SADIR, (France), |  |  |  |
| Reg. S, 0.63%, 07/08/2032 | EUR | 200 | 192 |
| Reg. S, 0.75%, 01/12/2034 | EUR | 300 | 274 |
| Reg. S, 1.13%, 07/08/2040 | EUR | 200 | 151 |
|  Reg. S, 1.13%, 09/09/2049 | EUR | 200 | 118 |
| Reg. S, 1.50%, 09/27/2030 | EUR | 300 | 316 |
| Reg. S, 1.88%, 10/23/2037 | EUR | 300 | 273 |
| Reg. S, 2.00%, 04/18/2036 | EUR | 300 | 288 |
| Reg. S, 2.13%, 09/27/2038 | EUR | 100 | 93 |
| Reg. S, 2.63%, 07/08/2029 | EUR | 300 | 339 |
| Reg. S, 3.50%, 12/07/2031 | EUR | 400 | 459 |
| Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 227 |
| Reg. S, 3.50%, 10/02/2036 | EUR | 100 | 110 |
| Reg. S, 3.75%, 07/04/2035 | EUR | 300 | 341 |
| Reg. S, 3.75%, 04/30/2044 | EUR | 300 | 317 |
| Reg. S, 3.88%, 11/24/2037 | EUR | 300 | 339 |
| Reg. S, 4.00%, 07/08/2045 | EUR | 300 | 327 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
|  San Diego Gas & Electric Co., |  |  |  |
| 4.15%, 05/15/2048 |  | 800 | 627 |
| 5.95%, 03/15/2056 |  | 120 | 120 |
|  Sempra, |  |  |  |
| (CMT Index 5 Year + 2.63%), 6.38%, 04/01/2056 (aa) |  | 225 | 226 |
| (CMT Index 5 Year + 2.79%), 6.88%, 10/01/2054 (aa) |  | 181 | 183 |
|  Southern California Edison Co., |  |  |  |
| 3.65%, 02/01/2050 |  | 355 | 243 |
| 4.00%, 04/01/2047 |  | 355 | 265 |
| 4.05%, 03/15/2042 |  | 900 | 704 |
| 4.65%, 10/01/2043 |  | 500 | 419 |
| 4.80%, 03/15/2033 |  | 98 | 96 |
| Series 20A, 2.95%, 02/01/2051 |  | 875 | 526 |
| Series C, 4.13%, 03/01/2048 |  | 265 | 199 |
|  Southern Co. (The), |  |  |  |
| 5.20%, 06/15/2033 |  | 20 | 20 |
| 5.70%, 10/15/2032 |  | 10 | 10 |
| 5.70%, 03/15/2034 |  | 5 | 5 |
| Series 21-A, (CMT Index 5 Year + 2.92%), 3.75%, 09/15/2051 (aa) |  | 10 | 10 |
| Series A, 3.70%, 04/30/2030 |  | 15 | 15 |
|  Southwestern Electric Power Co., 5.30%, 04/01/2033 |  | 20 | 20 |
|  Southwestern Public Service Co., |  |  |  |
| 3.70%, 08/15/2047 |  | 1000 | 737 |
| 6.00%, 06/01/2054 |  | 25 | 25 |
| Series 8, 3.15%, 05/01/2050 |  | 20 | 13 |
|  SP Transmission plc, (United Kingdom), Reg. S, 2.00%, 11/13/2031 | GBP | 100 | 112 |
|  SSE plc, (United Kingdom), |  |  |  |
|  Reg. S, 1.75%, 04/16/2030 | EUR | 750 | 808 |
| Reg. S, 2.88%, 08/01/2029 | EUR | 1090 | 1242 |
| Reg. S, 3.50%, 03/18/2032 | EUR | 182 | 208 |
|  State Grid Overseas Investment BVI Ltd., (British Virgin Islands), Reg. S, 1.30%, 08/05/2032 | EUR | 500 | 511 |
|  Statnett SF, (Norway), Reg. S, 3.63%, 10/21/2038 | EUR | 1300 | 1432 |
|  Stedin Holding NV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 11/14/2029 | EUR | 300 | 313 |
| Reg. S, 1.38%, 09/19/2028 | EUR | 200 | 221 |
| Reg. S, 2.38%, 06/03/2030 | EUR | 400 | 443 |
| Reg. S, 3.00%, 11/03/2032 | EUR | 500 | 555 |
| Reg. S, 3.38%, 02/12/2037 | EUR | 400 | 433 |
|  Tampa Electric Co., 4.30%, 06/15/2048 |  | 10 | 8 |
|  Tennet Netherlands BV, (Netherlands), |  |  |  |
| Reg. S, 0.50%, 06/09/2031 | EUR | 200 | 204 |
| Reg. S, 0.50%, 11/30/2040 | EUR | 200 | 151 |
| Reg. S, 0.88%, 06/03/2030 | EUR | 120 | 127 |
| Reg. S, 0.88%, 06/16/2035 | EUR | 300 | 280 |
| Reg. S, 1.13%, 06/09/2041 | EUR | 300 | 247 |
| Reg. S, 1.25%, 10/24/2033 | EUR | 200 | 202 |
| Reg. S, 1.38%, 06/05/2028 | EUR | 300 | 336 |
| Reg. S, 1.38%, 06/26/2029 | EUR | 100 | 110 |
| Reg. S, 1.50%, 06/03/2039 | EUR | 200 | 183 |
| Reg. S, 1.88%, 06/13/2036 | EUR | 200 | 202 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Electric** — **continued** |  |  |  |
| Reg. S, 2.00%, 06/05/2034 | EUR | 400 | 422 |
| Reg. S, 2.13%, 11/17/2029 | EUR | 200 | 225 |
| Reg. S, 2.38%, 05/17/2033 | EUR | 200 | 220 |
| Reg. S, 2.75%, 05/17/2042 | EUR | 200 | 206 |
| Reg. S, 3.88%, 10/28/2028 | EUR | 200 | 235 |
| Reg. S, 4.25%, 04/28/2032 | EUR | 400 | 482 |
| Reg. S, 4.50%, 10/28/2034 | EUR | 500 | 611 |
| Reg. S, 4.75%, 10/28/2042 | EUR | 300 | 371 |
|  Tucson Electric Power Co., |  |  |  |
| 1.50%, 08/01/2030 |  | 30 | 26 |
| 3.25%, 05/01/2051 |  | 10 | 7 |
| 5.20%, 09/15/2034 |  | 1220 | 1228 |
|  Union Electric Co., |  |  |  |
| 2.15%, 03/15/2032 |  | 40 | 35 |
| 3.90%, 04/01/2052 |  | 30 | 22 |
| 5.13%, 03/15/2055 |  | 46 | 42 |
| 5.20%, 04/01/2034 |  | 65 | 66 |
|  Verbund AG, (Austria), Reg. S, 0.90%, 04/01/2041 | EUR | 300 | 225 |
|  Virginia Electric and Power Co., |  |  |  |
| 3.30%, 12/01/2049 |  | 10 | 7 |
| 5.05%, 08/15/2034 |  | 273 | 273 |
| 5.65%, 03/15/2055 |  | 10 | 10 |
| Series B, 3.80%, 09/15/2047 |  | 10 | 7 |
| Series C, 4.63%, 05/15/2052 |  | 10 | 8 |
|  Vistra Operations Co. LLC, |  |  |  |
| 4.30%, 10/15/2028 (e) |  | 2500 | 2470 |
| 4.60%, 10/15/2030 (e) |  | 430 | 421 |
|  Wisconsin Power and Light Co., 3.00%, 07/01/2029 |  | 10 | 10 |
|  Wisconsin Public Service Corp., 3.30%, 09/01/2049 |  | 15 | 10 |
|  Xcel Energy, Inc., 1.75%, 03/15/2027 |  | 10 | 10 |
|  Zapadoslovenska Energetika A/S, (Slovakia), Reg. S, 1.75%, 03/02/2028 | EUR | 100 | 112 |
|  |  |  | 157799 |
| **Gas** — **0.2%** |  |  |  |
|  APA Infrastructure Ltd., (Australia), Reg. S, 2.00%, 07/15/2030 | EUR | 1000 | 1079 |
|  Atmos Energy Corp., |  |  |  |
| 1.50%, 01/15/2031 |  | 1600 | 1396 |
| 2.63%, 09/15/2029 |  | 5 | 5 |
| 2.85%, 02/15/2052 |  | 5 | 3 |
| 3.38%, 09/15/2049 |  | 200 | 137 |
| 5.75%, 10/15/2052 |  | 7 | 7 |
| 6.20%, 11/15/2053 |  | 20 | 21 |
|  Boston Gas Co., 5.84%, 01/10/2035 (e) |  | 715 | 748 |
|  Cadent Finance plc, (United Kingdom), Reg. S, 2.63%, 09/22/2038 | GBP | 1725 | 1549 |
|  CenterPoint Energy Resources Corp., 5.25%, 03/01/2028 |  | 20 | 20 |
|  Centrica plc, (United Kingdom), Reg. S, 4.25%, 09/12/2044 | GBP | 1000 | 989 |
|  GAS Networks Ireland, (Ireland), Reg. S, 3.25%, 09/12/2030 | EUR | 200 | 230 |
|  National Fuel Gas Co., 5.95%, 03/15/2035 |  | 130 | 135 |
|  National Gas Transmission plc, (United Kingdom), Reg. S, 1.38%, 02/07/2031 | GBP | 1600 | 1773 |
|  Naturgy Finance Iberia SA, (Spain), Reg. S, 1.88%, 10/05/2029 | EUR | 1000 | 1103 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Gas** — **continued** |  |  |  |
|  Nederlandse Gasunie NV, (Netherlands), |  |  |  |
| Reg. S, 0.38%, 10/03/2031 | EUR | 200 | 195 |
| Reg. S, 0.75%, 10/13/2036 | EUR | 100 | 85 |
| Reg. S, 3.38%, 07/11/2034 | EUR | 200 | 224 |
| Reg. S, 3.50%, 04/23/2035 | EUR | 300 | 338 |
| Reg. S, 3.88%, 04/29/2044 | EUR | 500 | 548 |
|  NiSource, Inc., |  |  |  |
| 3.60%, 05/01/2030 |  | 5 | 5 |
|  4.38%, 05/15/204754 |  | 5 | 4 |
| 5.00%, 06/15/2052 |  | 24 | 21 |
| 5.40%, 06/30/2033 |  | 6 | 6 |
|  Piedmont Natural Gas Co., Inc., |  |  |  |
| 2.50%, 03/15/2031 |  | 1550 | 1400 |
| 3.35%, 06/01/2050 |  | 5 | 3 |
| 5.05%, 05/15/2052 |  | 570 | 502 |
|  SGSP Australia Assets Pty Ltd., (Australia), Reg. S, 3.38%, 10/08/2032 | EUR | 2900 | 3252 |
|  Southern California Gas Co., 5.05%, 09/01/2034 |  | 865 | 869 |
|  Southern Co. Gas Capital Corp., |  |  |  |
| 5.15%, 09/15/2032 |  | 2900 | 2940 |
| 5.75%, 09/15/2033 |  | 10 | 11 |
| Series 21A, 3.15%, 09/30/2051 |  | 5 | 3 |
|  Southern Gas Networks plc, (United Kingdom), 6.38%, 05/15/2040 | GBP | 825 | 1070 |
|  Southwest Gas Corp., 4.05%, 03/15/2032 |  | 10 | 10 |
|  SPP-Distribucia A/S, (Slovakia), Reg. S, 1.00%, 06/09/2031 | EUR | 200 | 199 |
|  Vier Gas Transport GmbH, (Germany), |  |  |  |
| Reg. S, 0.50%, 09/10/2034 | EUR | 1200 | 1052 |
| Reg. S, 3.38%, 11/11/2031 | EUR | 2700 | 3062 |
|  Wales & West Utilities Finance plc, (United Kingdom), Reg. S, 1.88%, 05/28/2041 | GBP | 825 | 624 |
|  |  |  | 25618 |
|  **Water** — **0.0%** (g) |  |  |  |
|  American Water Capital Corp., |  |  |  |
| 4.15%, 06/01/2049 |  | 10 | 8 |
| 4.45%, 06/01/2032 |  | 40 | 39 |
|  Essential Utilities, Inc., |  |  |  |
| 2.40%, 05/01/2031 |  | 10 | 9 |
| 5.38%, 01/15/2034 |  | 10 | 10 |
|  Northumbrian Water Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.63%, 10/11/2026 | GBP | 825 | 1074 |
| Reg. S, 5.13%, 01/23/2042 | GBP | 1000 | 1111 |
| Reg. S, 5.63%, 04/29/2033 | GBP | 425 | 550 |
|  United Utilities Water Finance plc, (United Kingdom), Reg. S, 2.00%, 07/03/2033 | GBP | 900 | 930 |
|  Wessex Water Services Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 1.50%, 09/17/2029 | GBP | 700 | 809 |
| Reg. S, 5.38%, 03/10/2028 | GBP | 2425 | 3195 |
|  |  |  | 7735 |
|  Total Utilities |  |  | 191152 |
|  Total Corporate Bonds |  |  |  |
|  (Cost $2,363,605) |  |  | 2343841 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — 60.2%** |  |  |  |
|  **Banks — 5.5%** |  |  |  |
|  Agence Francaise de Developpement EPIC, (France), |  |  |  |
|  Reg. S, 0.00%, 10/28/2027 | EUR | 800 | 883 |
|  Reg. S, 0.01%, 11/25/2028 | EUR | 900 | 959 |
|  Reg. S, 0.13%, 09/29/2031 | EUR | 300 | 289 |
|  Reg. S, 0.25%, 06/29/2029 | EUR | 1400 | 1472 |
|  Reg. S, 0.38%, 05/25/2036 | EUR | 900 | 729 |
|  Reg. S, 0.50%, 05/25/2030 | EUR | 1400 | 1444 |
|  Reg. S, 0.50%, 05/31/2035 | EUR | 100 | 86 |
|  Reg. S, 1.00%, 01/31/2028 | EUR | 1600 | 1784 |
|  Reg. S, 1.13%, 03/02/2037 | EUR | 1600 | 1381 |
|  Reg. S, 1.38%, 07/05/2032 | EUR | 100 | 101 |
|  Reg. S, 1.50%, 10/31/2034 | EUR | 900 | 867 |
|  Reg. S, 1.63%, 05/25/2032 | EUR | 200 | 207 |
|  Reg. S, 2.75%, 09/30/2030 | EUR | 700 | 789 |
|  Reg. S, 2.88%, 01/21/2030 | EUR | 1300 | 1480 |
|  Reg. S, 3.00%, 01/17/2034 | EUR | 1900 | 2085 |
|  Reg. S, 3.38%, 05/25/2033 | EUR | 1100 | 1246 |
|  Reg. S, 3.50%, 02/25/2033 | EUR | 400 | 458 |
|  Reg. S, 3.63%, 01/20/2035 | EUR | 800 | 909 |
|  Reg. S, 3.75%, 01/28/2036 | EUR | 400 | 454 |
|  Reg. S, 3.88%, 04/03/2040 | EUR | 400 | 444 |
|  Agricultural Development Bank of China, (China), |  |  |  |
|  2.83%, 08/11/2029 | CNY | 30000 | 4516 |
|  2.91%, 02/21/2029 | CNY | 18000 | 2704 |
|  3.48%, 02/04/2028 | CNY | 10400 | 1559 |
|  Reg. S, 3.80%, 10/27/2030 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;14350 | 2265 |
|  Series 1806, 4.65%, 05/11/2028 | CNY | 51000 | 7859 |
|  Series 1901, 3.75%, 01/25/2029 | CNY | 88500 | 13581 |
|  Series 1906, 3.74%, 07/12/2029 | CNY | 79900 | 12352 |
|  Series 2004, 2.96%, 04/17/2030 | CNY | 136500 | 20772 |
|  Series 2010, 3.79%, 10/26/2030 | CNY | 17500 | 2769 |
|  Series 2105, 3.52%, 05/24/2031 | CNY | 38600 | 6093 |
|  Series 2110, 3.30%, 11/05/2031 | CNY | 152200 | 23887 |
|  Series 2301, 3.01%, 03/16/2030 | CNY | 44900 | 6840 |
|  Series 2302, 3.10%, 02/27/2033 | CNY | 112000 | 17574 |
|  Series 2303, 2.90%, 03/08/2028 | CNY | 179500 | 26674 |
|  Series 2307, 2.63%, 06/07/2028 | CNY | 154200 | 22850 |
|  Series 2310, 2.83%, 06/16/2033 | CNY | 128000 | 19786 |
|  Series 2315, 2.57%, 09/13/2028 | CNY | 17000 | 2522 |
| Series 2320, 2.85%, 10/20/2033 | CNY | 44200 | 6835 |
| Series 2405, 2.22%, 04/09/2029 | CNY | 96600 | 14246 |
| Series 2410, 2.47%, 04/02/2034 | CNY | 53900 | 8147 |
| Series 2420, 2.30%, 07/04/2034 | CNY | 62500 | 9336 |
| Series 2430, 2.09%, 09/26/2034 | CNY | 157600 | 23171 |
| Series 2503, 1.32%, 01/07/2028 | CNY | 4600 | 664 |
| Series 2505, 1.40%, 01/07/2030 | CNY | 82700 | 11870 |
| Series 2510, 1.66%, 01/09/2035 | CNY | 38700 | 5495 |
| Series 2513, 1.59%, 04/15/2028 | CNY | 86400 | 12516 |
| Series 2520, 1.78%, 05/15/2035 | CNY | 68800 | 9804 |
| Series 2523, 1.61%, 08/07/2028 | CNY | 64000 | 9274 |
| Series 2530, 1.82%, 08/07/2035 | CNY | 10300 | 1470 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
|  Bangko Sentral ng Pilipinas International Bond, (Philippines), Series A, 8.60%, 06/15/2027 |  | 300 | 314 |
|  Banque et Caisse d'Epargne de l'Etat, (Luxembourg), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 0.80%), 3.25%, 03/19/2031 (aa) | EUR | 300 | 344 |
| Reg. S, 3.25%, 11/20/2031 | EUR | 200 | 228 |
|  BNG Bank NV, (Netherlands), |  |  |  |
| Zero Coupon, 04/05/2028 | CAD | 1000 | 676 |
| Reg. S, 0.00%, 01/20/2031 | EUR | 200 | 200 |
| Reg. S, 0.01%, 10/05/2032 | EUR | 500 | 473 |
| Reg. S, 0.10%, 01/15/2030 | EUR | 1750 | 1820 |
| Reg. S, 0.13%, 04/19/2033 | EUR | 700 | 656 |
| Reg. S, 0.13%, 07/09/2035 | EUR | 980 | 846 |
| Reg. S, 0.25%, 11/22/2036 | EUR | 2070 | 1724 |
| Reg. S, 0.63%, 06/19/2027 | EUR | 1250 | 1410 |
| Reg. S, 0.75%, 01/11/2028 | EUR | 1260 | 1406 |
| Reg. S, 0.75%, 01/24/2029 | EUR | 650 | 709 |
| Reg. S, 0.81%, 06/28/2049 | EUR | 200 | 123 |
| Reg. S, 0.88%, 10/17/2035 | EUR | 1060 | 982 |
| Reg. S, 0.88%, 10/24/2036 | EUR | 400 | 359 |
| Reg. S, 1.25%, 03/30/2037 | EUR | 200 | 185 |
| Reg. S, 1.50%, 03/29/2038 | EUR | 190 | 176 |
| Reg. S, 1.50%, 07/15/2039 | EUR | 670 | 602 |
| Reg. S, 1.88%, 07/13/2032 | EUR | 820 | 880 |
| Reg. S, 2.50%, 05/21/2030 | EUR | 900 | 1022 |
| Reg. S, 2.75%, 10/04/2027 | EUR | 2910 | 3363 |
| Reg. S, 2.75%, 04/05/2029 | EUR | 300 | 345 |
| Reg. S, 2.75%, 01/11/2034 | EUR | 500 | 560 |
| Reg. S, 2.75%, 08/28/2034 | EUR | 930 | 1035 |
| Reg. S, 2.88%, 06/11/2031 | EUR | 800 | 918 |
| Reg. S, 2.88%, 02/26/2035 | EUR | 1050 | 1171 |
| Reg. S, 3.00%, 02/23/2028 | EUR | 600 | 696 |
| Reg. S, 3.00%, 04/23/2030 | EUR | 500 | 579 |
| Reg. S, 3.00%, 01/11/2033 | EUR | 900 | 1031 |
| Reg. S, 3.25%, 08/29/2033 | EUR | 550 | 639 |
| Reg. S, 3.38%, 04/02/2040 | EUR | 300 | 335 |
| Reg. S, 3.50%, 09/27/2038 | EUR | 100 | 114 |
|  Caisse des Depots et Consignations, (France), |  |  |  |
| Reg. S, 0.75%, 09/18/2028 | EUR | 200 | 219 |
| 1.50%, 05/24/2039 | CHF | 400 | 507 |
| Reg. S, 2.75%, 10/16/2030 | EUR | 200 | 227 |
| Reg. S, 3.00%, 11/25/2027 | EUR | 400 | 463 |
| Reg. S, 3.00%, 05/25/2028 | EUR | 400 | 463 |
| Reg. S, 3.00%, 05/25/2029 | EUR | 900 | 1038 |
| 3.06%, 10/09/2030 | EUR | 200 | 227 |
| Reg. S, 3.13%, 05/25/2033 | EUR | 200 | 225 |
| Reg. S, 3.13%, 05/25/2035 | EUR | 400 | 441 |
|  Cassa Depositi e Prestiti SpA, (Italy), |  |  |  |
| Reg. S, 1.00%, 09/21/2028 | EUR | 300 | 329 |
| Reg. S, 2.00%, 04/20/2027 | EUR | 300 | 343 |
| Reg. S, 3.38%, 02/11/2032 | EUR | 600 | 684 |
| Reg. S, 3.50%, 10/27/2035 | EUR | 200 | 220 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
| Reg. S, 3.63%, 01/13/2030 | EUR | 1000 | 1165 |
| Reg. S, 3.88%, 02/13/2029 | EUR | 300 | 353 |
| Reg. S, 3.88%, 07/12/2031 | EUR | 400 | 469 |
|  China Development Bank, (China), |  |  |  |
| Reg. S, 2.95%, 07/19/2027 | CNH | 15000 | 2216 |
| Reg. S, 4.20%, 01/19/2027 | CNH | 13000 | 1927 |
| Reg. S, 4.30%, 08/02/2032 | CNH | 7000 | 1158 |
| Reg. S, 4.50%, 11/13/2028 | CNH | 2500 | 389 |
| Series 1605, 3.80%, 01/25/2036 | CNY | 493000 | 83047 |
| Series 1710, 4.04%, 04/10/2027 | CNY | 47800 | 7102 |
| Series 1715, 4.24%, 08/24/2027 | CNY | 26400 | 3966 |
| Series 1805, 4.88%, 02/09/2028 | CNY | 12000 | 1844 |
| Series 1810, 4.04%, 07/06/2028 | CNY | 166500 | 25437 |
| Series 1910, 3.65%, 05/21/2029 | CNY | 355300 | 54652 |
| Series 1915, 3.45%, 09/20/2029 | CNY | 165400 | 25425 |
| Series 2005, 3.07%, 03/10/2030 | CNY | 360500 | 55034 |
| Series 2009, 3.39%, 07/10/2027 | CNY | 46000 | 6818 |
| Series 2010, 3.09%, 06/18/2030 | CNY | 190700 | 29211 |
| Series 2015, 3.70%, 10/20/2030 | CNY | 40700 | 6415 |
| Series 2104, 3.40%, 01/08/2028 | CNY | 187500 | 28030 |
| Series 2105, 3.66%, 03/01/2031 | CNY | 100700 | 15945 |
| Series 2110, 3.41%, 06/07/2031 | CNY | 4200 | 660 |
| Series 2115, 3.12%, 09/13/2031 | CNY | 6000 | 933 |
| Series 2204, 2.99%, 03/01/2029 | CNY | 4000 | 602 |
| Series 2205, 3.00%, 01/17/2032 | CNY | 20400 | 3159 |
| Series 2209, 2.68%, 09/13/2029 | CNY | 100000 | 14995 |
| Series 2210, 2.98%, 04/22/2032 | CNY | 176000 | 27265 |
| Series 2303, 2.73%, 01/11/2028 | CNY | 8000 | 1183 |
| Series 2310, 2.82%, 05/22/2033 | CNY | 213000 | 32887 |
| Series 2315, 2.69%, 09/11/2033 | CNY | 177100 | 27151 |
| Series 2401, 2.64%, 01/08/2031 | CNY | 70100 | 10566 |
| Series 2403, 1.80%, 09/02/2027 | CNY | 17000 | 2472 |
| Series 2405, 2.63%, 01/08/2034 | CNY | 208900 | 31904 |
| Series 2410, 2.35%, 05/06/2034 | CNY | 33000 | 4937 |
| Series 2502, 1.47%, 02/14/2028 | CNY | 120000 | 17360 |
| Series 2505, 1.57%, 01/03/2035 | CNY | 168200 | 23646 |
|  Development Bank of Japan, Inc., (Japan), |  |  |  |
| 4.75%, 11/26/2027 | EUR | 900 | 1070 |
| Series 86, 0.24%, 10/13/2027 | JPY | 100000 | 619 |
|  InvestitionsBank des Landes Brandenburg, (Germany), |  |  |  |
| Reg. S, 0.05%, 09/29/2031 | EUR | 100 | 98 |
| Reg. S, 2.50%, 03/19/2031 | EUR | 200 | 225 |
| Reg. S, 3.00%, 06/18/2032 | EUR | 200 | 229 |
| Reg. S, 3.25%, 03/13/2030 | EUR | 200 | 233 |
|  Investitionsbank Schleswig-Holstein, (Germany), |  |  |  |
| Reg. S, 2.75%, 02/19/2035 | EUR | 400 | 441 |
| Reg. S, 2.88%, 02/21/2034 | EUR | 400 | 449 |
| Reg. S, 3.25%, 03/10/2031 | EUR | 300 | 349 |
| Series 11, Reg. S, 0.01%, 10/17/2029 | EUR | 200 | 208 |
|  Istituto Per Il Credito Sportivo E Culturale SpA, (Italy), Reg. S, 3.50%, 01/29/2030 | EUR | 300 | 346 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
|  **Banks — continued** |  |  |  |
|  Korea Development Bank (The), (South Korea), |  |  |  |
| Reg. S, 1.83%, 08/10/2027 | SEK | 2000 | 208 |
| 2.63%, 09/08/2027 | EUR | 1500 | 1728 |
|  Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV, (Netherlands), Reg. S, 3.00%, 10/25/2027 | EUR | 400 | 464 |
|  Nederlandse Waterschapsbank NV, (Netherlands), |  |  |  |
| Reg. S, 0.00%, 09/08/2031 | EUR | 930 | 913 |
| Reg. S, 0.00%, 02/16/2037 | EUR | 1000 | 799 |
| Reg. S, 0.05%, 01/28/2030 | EUR | 374 | 388 |
| Reg. S, 0.13%, 05/28/2027 | EUR | 400 | 449 |
| Reg. S, 0.13%, 09/03/2035 | EUR | 500 | 430 |
| Reg. S, 0.25%, 01/19/2032 | EUR | 600 | 590 |
| Reg. S, 0.38%, 09/28/2046 | EUR | 769 | 456 |
| Reg. S, 0.63%, 02/06/2029 | EUR | 1000 | 1086 |
| Reg. S, 0.75%, 10/04/2041 | EUR | 200 | 151 |
| Reg. S, 1.00%, 03/01/2028 | EUR | 300 | 335 |
| Reg. S, 1.25%, 06/07/2032 | EUR | 670 | 695 |
| Reg. S, 1.25%, 05/27/2036 | EUR | 810 | 767 |
| Reg. S, 1.50%, 04/27/2038 | EUR | 940 | 872 |
| Reg. S, 1.50%, 06/15/2039 | EUR | 310 | 278 |
| Reg. S, 2.13%, 10/30/2028 | EUR | 600 | 681 |
| Reg. S, 2.50%, 09/13/2027 | EUR | 950 | 1094 |
| Reg. S, 2.50%, 05/22/2030 | EUR | 900 | 1021 |
| Reg. S, 2.63%, 01/10/2034 | EUR | 600 | 665 |
| Reg. S, 2.75%, 12/17/2029 | EUR | 100 | 115 |
| Reg. S, 3.00%, 06/05/2031 | EUR | 400 | 461 |
| Reg. S, 3.00%, 04/20/2033 | EUR | 790 | 904 |
|  Saechsische Aufbaubank-Foerderbank, (Germany), Reg. S, 2.75%, 03/20/2031 | EUR | 300 | 341 |
|  Total Banks |  |  | 927286 |
| **Commercial Services — 0.1%** |  |  |  |
|  Adif Alta Velocidad, (Spain), |  |  |  |
| Reg. S, 0.55%, 04/30/2030 | EUR | 200 | 208 |
| Reg. S, 0.55%, 10/31/2031 | EUR | 200 | 198 |
| Reg. S, 0.95%, 04/30/2027 | EUR | 400 | 453 |
| Reg. S, 3.13%, 01/31/2030 | EUR | 700 | 807 |
| Reg. S, 3.25%, 05/31/2029 | EUR | 900 | 1043 |
| Reg. S, 3.50%, 07/30/2028 | EUR | 100 | 117 |
| Reg. S, 3.50%, 07/30/2029 | EUR | 200 | 233 |
| Reg. S, 3.50%, 04/30/2032 | EUR | 300 | 348 |
| Reg. S, 3.63%, 04/30/2035 | EUR | 700 | 802 |
| Reg. S, 3.65%, 04/30/2034 | EUR | 100 | 115 |
| Reg. S, 3.90%, 04/30/2033 | EUR | 400 | 472 |
|  Autobahnen- und Schnell- strassen-Finanzierungs AG, (Austria), |  |  |  |
| Reg. S, 0.00%, 07/16/2027 | EUR | 200 | 223 |
| Reg. S, 0.10%, 07/09/2029 | EUR | 700 | 739 |
| Reg. S, 0.10%, 07/16/2035 | EUR | 400 | 344 |
| Reg. S, 0.13%, 06/02/2031 | EUR | 300 | 299 |
| Reg. S, 2.13%, 09/13/2028 | EUR | 200 | 227 |
| Reg. S, 2.50%, 03/25/2030 | EUR | 300 | 341 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — continued** |  |  |  |
|  **Commercial Services — continued** |  |  |  |
| Reg. S, 2.75%, 06/11/2032 | EUR | 300 | 340 |
| Reg. S, 2.75%, 06/20/2033 | EUR | 130 | 146 |
| Reg. S, 2.75%, 10/02/2034 | EUR | 200 | 222 |
| Reg. S, 3.13%, 01/23/2036 | EUR | 600 | 680 |
|  Korea Expressway Corp., (South Korea), Reg. S, 3.10%, 06/08/2026 |  | 800 | 793 |
|  Total Commercial Services |  |  | 9150 |
| **Diversified Financial Services — 0.1%** |  |  |  |
| CDP Financial, Inc., (Canada), |  |  |  |
| Reg. S, 1.13%, 04/06/2027 | EUR | 2000 | 2273 |
| 5.60%, 11/25/2039 (e) |  | 250 | 264 |
|  CPPIB Capital, Inc., (Canada), |  |  |  |
| Reg. S, 0.25%, 04/06/2027 | EUR | 300 | 338 |
| Reg. S, 0.75%, 07/15/2049 | EUR | 600 | 361 |
| Reg. S, 1.63%, 10/22/2071 | GBP | 2000 | 904 |
|  OMERS Finance Trust, (Canada), |  |  |  |
| Reg. S, 2.60%, 05/14/2029 | CAD | 500 | 353 |
| Reg. S, 3.13%, 01/25/2029 | EUR | 500 | 579 |
|  Ontario Teachers' Finance Trust, (Canada), |  |  |  |
| Reg. S, 0.10%, 05/19/2028 | EUR | 100 | 109 |
| Reg. S, 0.90%, 05/20/2041 | EUR | 1650 | 1258 |
| Reg. S, 3.30%, 10/05/2029 | EUR | 800 | 932 |
|  PSP Capital, Inc., (Canada), |  |  |  |
| Reg. S, 2.88%, 07/23/2032 | EUR | 1000 | 1131 |
| 3.25%, 07/02/2034 (e) | EUR | 2600 | 2971 |
|  Total Diversified Financial Services |  |  | 11473 |
| **Electric — 0.0%** (g) |  |  |  |
|  Hydro-Quebec, (Canada), |  |  |  |
| Series HH, 8.50%, 12/01/2029 |  | 2500 | 2841 |
| Series HK, 9.38%, 04/15/2030 |  | 500 | 592 |
| Series JM, 5.00%, 02/15/2045 | CAD | 270 | 201 |
|  Ontario Electricity Financial Corp., (Canada), Series 40, Zero Coupon, 04/11/2031 | CAD | 2000 | 1214 |
|  Total Electric |  |  | 4848 |
| **Multi-National — 0.1%** |  |  |  |
|  International Bank for Reconstruction & Development, (Supranational), |  |  |  |
| Zero Coupon, 07/15/2029 |  | 488 | 424 |
| Zero Coupon, 11/01/2029 |  | 165 | 141 |
| Zero Coupon, 05/01/2030 |  | 250 | 210 |
| Zero Coupon, 10/31/2030 |  | 1500 | 1230 |
| Zero Coupon, 03/11/2031 |  | 155 | 125 |
| Reg. S, 0.20%, 01/21/2061 | EUR | 1000 | 379 |
| 0.50%, 06/21/2035 | EUR | 50 | 45 |
| Reg. S, 0.70%, 10/22/2046 | EUR | 2000 | 1315 |
| 0.85%, 02/10/2027 |  | 110 | 107 |
| 1.00%, 12/21/2029 | GBP | 2000 | 2338 |
| 2.14%, 02/04/2041 |  | 1000 | 682 |
| (SOFR Compounded Index + 0.26%), 2.33%, 05/31/2026 (aa) |  | 1000 | 997 |
| 2.50%, 08/02/2033 | CNH | 18000 | 2727 |
| 2.95%, 01/16/2035 | EUR | 6100 | 6912 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Multi-National — continued** |  |  |  |
| 4.00%, 08/27/2026 |  | 80 | 80 |
| 4.63%, 08/01/2028 |  | 250 | 255 |
| 4.63%, 01/15/2032 |  | 185 | 190 |
|  Total Multi-National |  |  | 18157 |
| **Municipal — 0.2%** |  |  |  |
|  Auckland Council, (New Zealand), |  |  |  |
| Reg. S, 0.13%, 09/26/2029 | EUR | 1000 | 1045 |
| Reg. S, 0.25%, 11/17/2031 | EUR | 600 | 591 |
| Reg. S, 1.00%, 01/19/2027 | EUR | 300 | 342 |
|  Autonomous Community of Catalonia, (Spain), 4.22%, 04/26/2035 | EUR | 100 | 118 |
|  Autonomous Region of the Azores, (Portugal), |  |  |  |
| Reg. S, 1.10%, 09/27/2036 | EUR | 200 | 172 |
| Reg. S, 2.16%, 04/06/2032 | EUR | 300 | 318 |
|  Basque Government, (Spain), |  |  |  |
| Reg. S, 0.25%, 04/30/2031 | EUR | 300 | 302 |
| Reg. S, 0.45%, 04/30/2032 | EUR | 400 | 393 |
| Reg. S, 0.85%, 04/30/2030 | EUR | 50 | 53 |
| Reg. S, 1.88%, 07/30/2033 | EUR | 200 | 210 |
| Reg. S, 3.25%, 04/30/2035 | EUR | 300 | 341 |
| Reg. S, 3.25%, 04/30/2036 | EUR | 500 | 564 |
| Reg. S, 3.40%, 04/30/2034 | EUR | 300 | 347 |
| Reg. S, 3.50%, 04/30/2033 | EUR | 200 | 235 |
|  Canton of Geneva Switzerland, (Switzerland), |  |  |  |
| Reg. S, 0.03%, 06/28/2030 | CHF | 1250 | 1533 |
| Reg. S, 0.40%, 04/28/2036 | CHF | 300 | 362 |
|  Canton of Zurich, (Switzerland), |  |  |  |
| Reg. S, 0.00%, 06/23/2028 | CHF | 800 | 993 |
| Reg. S, 0.00%, 11/10/2033 | CHF | 700 | 834 |
| Reg. S, 0.10%, 06/23/2045 | CHF | 50 | 53 |
|  City of Milan Italy, (Italy), 4.02%, 06/29/2035 | EUR | 40 | 46 |
|  City of Montreal Canada, (Canada), |  |  |  |
| 1.75%, 09/01/2030 | CAD | 500 | 337 |
| 3.90%, 09/01/2035 | CAD | 1000 | 709 |
| 4.25%, 09/01/2033 | CAD | 1000 | 740 |
|  City of Ottawa Ontario, (Canada), |  |  |  |
| 4.20%, 07/30/2053 | CAD | 600 | 389 |
| 4.45%, 06/04/2033 | CAD | 200 | 150 |
|  City of Quebec Canada, (Canada), |  |  |  |
| 2.10%, 07/06/2031 | CAD | 300 | 200 |
| 2.65%, 12/20/2027 | CAD | 565 | 404 |
|  City of Toronto Canada, (Canada), |  |  |  |
| 2.60%, 09/24/2039 | CAD | 700 | 410 |
| 2.80%, 11/22/2049 | CAD | 300 | 154 |
| 2.95%, 04/28/2035 | CAD | 500 | 332 |
|  City of Vancouver, (Canada), 3.70%, 10/18/2052 | CAD | 600 | 356 |
|  Communaute Francaise de Belgique, (Belgium), |  |  |  |
| 0.00%, 06/22/2029 | EUR | 200 | 209 |
| Reg. S, 0.25%, 01/23/2030 | EUR | 300 | 310 |
| Reg. S, 1.63%, 05/03/2032 | EUR | 200 | 208 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Municipal — continued** |  |  |  |
| Reg. S, 3.38%, 06/22/2034 | EUR | 200 | 225 |
| Reg. S, 3.75%, 06/22/2033 | EUR | 100 | 117 |
| Reg. S, 3.80%, 06/22/2040 | EUR | 600 | 657 |
|  Comunidad Autonoma de Canarias, (Spain), Reg. S, 0.71%, 10/31/2031 | EUR | 300 | 301 |
|  Emissionskonsortium der gemeinsamen Landesfoerderinstitute, (Germany), Reg. S, 2.50%, 09/28/2029 | EUR | 300 | 340 |
|  Junta de Andalucia, (Spain), |  |  |  |
| Reg. S, 0.50%, 04/30/2031 | EUR | 363 | 368 |
| Reg. S, 1.38%, 04/30/2029 | EUR | 30 | 33 |
| Reg. S, 2.40%, 04/30/2032 | EUR | 200 | 220 |
| Reg. S, 3.20%, 04/30/2030 | EUR | 400 | 465 |
| Reg. S, 3.25%, 10/31/2033 | EUR | 200 | 229 |
| Reg. S, 3.30%, 04/30/2035 | EUR | 800 | 906 |
| Reg. S, 3.40%, 04/30/2034 | EUR | 500 | 575 |
| Reg. S, 3.45%, 04/30/2036 | EUR | 400 | 455 |
|  Junta de Castilla y Leon, (Spain), |  |  |  |
| Reg. S, 0.43%, 04/30/2030 | EUR | 62 | 64 |
| Reg. S, 2.90%, 04/30/2032 | EUR | 600 | 681 |
| New Zealand Local Government Funding Agency Bond, (New Zealand), |  |  |  |
| Reg. S, 1.50%, 04/20/2029 | NZD | 2000 | 1063 |
| Reg. S, 2.00%, 04/15/2037 | NZD | 2070 | 866 |
| Reg. S, 2.88%, 04/01/2030 | EUR | 1500 | 1720 |
| 3.50%, 04/14/2033 | NZD | 2100 | 1105 |
|  Regiao Autonoma Madeira, (Portugal), 0.94%, 05/29/2032 | EUR | 1200 | 1188 |
|  Region Wallonne Belgium, (Belgium), |  |  |  |
| Reg. S, 0.38%, 10/22/2031 | EUR | 100 | 98 |
| Reg. S, 0.50%, 06/22/2037 | EUR | 100 | 79 |
| Reg. S, 1.05%, 06/22/2040 | EUR | 100 | 76 |
| Reg. S, 1.25%, 05/03/2034 | EUR | 200 | 192 |
| Reg. S, 1.38%, 04/06/2032 | EUR | 400 | 410 |
| Reg. S, 2.88%, 01/14/2038 | EUR | 600 | 614 |
| Reg. S, 3.00%, 12/06/2030 | EUR | 2000 | 2278 |
| Reg. S, 3.13%, 06/22/2032 | EUR | 1300 | 1467 |
| Reg. S, 3.25%, 06/22/2033 | EUR | 400 | 451 |
| Reg. S, 3.50%, 06/22/2035 | EUR | 600 | 673 |
| Reg. S, 3.50%, 03/15/2043 | EUR | 500 | 512 |
| Reg. S, 3.75%, 04/22/2039 | EUR | 400 | 442 |
| Reg. S, 3.90%, 06/22/2054 | EUR | 1000 | 1014 |
| Reg. S, 4.38%, 06/22/2045 | EUR | 100 | 113 |
|  State of Lower Austria, (Austria), |  |  |  |
| Reg. S, 0.00%, 11/16/2035 | EUR | 300 | 248 |
| 3.13%, 10/30/2036 | EUR | 100 | 112 |
| Reg. S, 3.63%, 10/04/2033 | EUR | 300 | 352 |
|  Ville de Paris, (France), |  |  |  |
| Reg. S, 0.75%, 11/30/2041 | EUR | 100 | 69 |
| Reg. S, 1.38%, 11/20/2034 | EUR | 300 | 285 |
| Reg. S, 1.63%, 02/02/2033 | EUR | 200 | 203 |
| Reg. S, 1.75%, 05/25/2031 | EUR | 200 | 214 |
| 3.02%, 10/25/2029 | EUR | 400 | 455 |
| Reg. S, 3.50%, 02/05/2036 | EUR | 200 | 224 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Municipal — continued** |  |  |  |
| Reg. S, 3.50%, 02/02/2044 | EUR | 100 | 103 |
| Reg. S, 3.75%, 05/25/2040 | EUR | 400 | 438 |
| Reg. S, 3.75%, 06/22/2048 | EUR | 300 | 311 |
|  Xunta de Galicia, (Spain), |  |  |  |
| Reg. S, 0.27%, 07/30/2028 | EUR | 300 | 327 |
| Reg. S, 1.45%, 04/30/2029 | EUR | 200 | 221 |
| Reg. S, 2.87%, 04/30/2032 | EUR | 200 | 227 |
| Reg. S, 3.30%, 04/30/2031 | EUR | 300 | 349 |
| Total Municipal |  |  | 37895 |
| **Oil & Gas — 0.0%** (g) |  |  |  |
|  Korea National Oil Corp., (South Korea), Reg. S, 0.26%, 07/30/2027 | CHF | 300 | 374 |
| **Pipelines — 0.0%** (g) |  |  |  |
|  Gestion Securite de Stocks Securite SA, (France), |  |  |  |
| Reg. S, 0.63%, 10/20/2028 | EUR | 300 | 326 |
| Reg. S, 1.50%, 10/25/2027 | EUR | 1000 | 1131 |
| Reg. S, 3.00%, 11/25/2031 | EUR | 700 | 792 |
| Reg. S, 3.38%, 06/29/2030 | EUR | 800 | 930 |
| Reg. S, 3.50%, 11/25/2029 | EUR | 300 | 350 |
|  Total Pipelines |  |  | 3529 |
| **Regional (State/Province) — 1.9%** |  |  |  |
|  Agence France Locale, (France), |  |  |  |
| Reg. S, 0.00%, 03/20/2031 | EUR | 300 | 294 |
| Reg. S, 3.00%, 03/20/2030 | EUR | 300 | 344 |
| Reg. S, 3.00%, 08/20/2032 | EUR | 200 | 224 |
| Reg. S, 3.13%, 03/20/2033 | EUR | 200 | 223 |
| Reg. S, 3.13%, 03/20/2034 | EUR | 2200 | 2439 |
| Reg. S, 3.25%, 12/20/2031 | EUR | 900 | 1030 |
| Reg. S, 3.63%, 06/20/2038 | EUR | 100 | 110 |
|  Australian Capital Territory, (Australia), |  |  |  |
| Reg. S, 1.75%, 05/17/2030 | AUD | 400 | 242 |
| Reg. S, 4.50%, 10/23/2034 | AUD | 400 | 255 |
| Reg. S, 5.00%, 10/23/2035 | AUD | 1600 | 1043 |
| Reg. S, 5.25%, 10/24/2033 | AUD | 500 | 340 |
| Reg. S, 5.25%, 10/23/2036 | AUD | 600 | 394 |
|  Autonomous Community of Madrid Spain, (Spain), |  |  |  |
| Reg. S, 0.16%, 07/30/2028 | EUR | 400 | 435 |
| Reg. S, 0.42%, 04/30/2030 | EUR | 161 | 168 |
| Reg. S, 0.42%, 04/30/2031 | EUR | 300 | 304 |
| Reg. S, 1.57%, 04/30/2029 | EUR | 200 | 222 |
| Reg. S, 1.72%, 04/30/2032 | EUR | 110 | 117 |
| Reg. S, 1.77%, 04/30/2028 | EUR | 200 | 226 |
| Reg. S, 2.08%, 03/12/2030 | EUR | 400 | 447 |
| Reg. S, 2.49%, 07/30/2030 | EUR | 300 | 340 |
| Reg. S, 2.82%, 10/31/2029 | EUR | 100 | 115 |
| Reg. S, 3.14%, 04/30/2035 | EUR | 390 | 439 |
| Reg. S, 3.17%, 07/30/2029 | EUR | 600 | 699 |
| Reg. S, 3.46%, 04/30/2034 | EUR | 800 | 929 |
| Reg. S, 3.60%, 04/30/2033 | EUR | 400 | 471 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
|  Free and Hanseatic City of Hamburg, (Germany), |  |  |  |
| Reg. S, 0.01%, 06/30/2028 | EUR | 380 | 412 |
| Reg. S, 0.01%, 06/03/2030 | EUR | 500 | 512 |
| 0.01%, 11/05/2035 | EUR | 70 | 59 |
| Reg. S, 0.20%, 09/03/2049 | EUR | 70 | 35 |
| Reg. S, 0.25%, 02/18/2041 | EUR | 394 | 280 |
| 0.40%, 11/23/2051 | EUR | 350 | 180 |
| Reg. S, 0.80%, 04/11/2034 | EUR | 1100 | 1055 |
| Reg. S, 2.38%, 09/25/2029 | EUR | 300 | 340 |
| 2.38%, 10/02/2029 | EUR | 200 | 227 |
| Reg. S, 2.63%, 01/30/2032 | EUR | 200 | 226 |
| 2.75%, 03/26/2030 | EUR | 150 | 172 |
| 2.88%, 04/30/2032 | EUR | 600 | 685 |
| 2.88%, 06/26/2035 | EUR | 800 | 895 |
| Series 15Y, Reg. S, 1.20%, 06/03/2033 | EUR | 300 | 303 |
|  Free State of Bavaria, (Germany), |  |  |  |
| Reg. S, 0.01%, 01/20/2032 | EUR | 200 | 194 |
| Reg. S, 0.01%, 01/18/2035 | EUR | 352 | 307 |
| Reg. S, 2.38%, 02/21/2031 | EUR | 400 | 450 |
| 3.00%, 02/19/2055 | EUR | 300 | 305 |
| Series 132, Reg. S, 0.03%, 04/03/2028 | EUR | 270 | 295 |
| Series 134, Reg. S, 0.01%, 05/07/2029 | EUR | 600 | 635 |
|  Free State of Saxony, (Germany), |  |  |  |
| Reg. S, 0.01%, 11/05/2029 | EUR | 197 | 205 |
| Reg. S, 2.50%, 02/17/2032 | EUR | 500 | 559 |
| 2.75%, 03/12/2030 | EUR | 100 | 115 |
| Reg. S, 2.88%, 05/15/2034 | EUR | 200 | 225 |
| 3.00%, 03/21/2033 | EUR | 200 | 229 |
| Series 132, Reg. S, 0.01%, 12/17/2035 | EUR | 210 | 177 |
| Series 134, Reg. S, 0.01%, 04/29/2031 | EUR | 100 | 100 |
| Series 135, Reg. S, 0.40%, 05/12/2036 | EUR | 300 | 259 |
|  Gemeinsame Deutsche Bundeslaender HB HH MV RP SH, (Germany), Series 67, Reg. S, 3.00%, 09/11/2035 | EUR | 700 | 788 |
|  Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH, (Germany), |  |  |  |
| Series 59, Reg. S, 0.01%, 08/26/2030 | EUR | 1000 | 1013 |
| Series 60, Reg. S, 0.01%, 02/04/2031 | EUR | 346 | 345 |
| Series 62, Reg. S, 1.25%, 05/04/2029 | EUR | 980 | 1076 |
| Series 63, Reg. S, 3.00%, 04/26/2030 | EUR | 200 | 231 |
| Series 66, Reg. S, 2.63%, 02/27/2030 | EUR | 400 | 456 |
| Series #65, Reg. S, 2.50%, 10/24/2031 | EUR | 550 | 617 |
|  Gemeinsame Deutsche Bundeslaender HB HH RP SL SH, (Germany), |  |  |  |
| Series 55, Reg. S, 0.75%, 09/25/2028 | EUR | 400 | 438 |
| Series 61, Reg. S, 0.01%, 10/08/2027 | EUR | 500 | 554 |
|  Gemeinsame Deutsche Bundeslaender HB MV RP SL SH, (Germany), Series 64, Reg. S, 2.63%, 02/07/2031 | EUR | 500 | 567 |
|  Hannoversche Beteiligungsgesellschaft Niedersachsen mbH, (Germany), Reg. S, 0.25%, 07/16/2035 | EUR | 1000 | 875 |
|  Ile-de-France Mobilites, (France), |  |  |  |
| Reg. S, 0.40%, 05/28/2031 | EUR | 1300 | 1295 |
| Reg. S, 0.68%, 11/24/2036 | EUR | 100 | 83 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 1.00%, 05/25/2034 | EUR | 800 | 748 |
| Reg. S, 1.28%, 02/14/2042 | EUR | 100 | 76 |
| Reg. S, 3.05%, 02/03/2033 | EUR | 300 | 336 |
| Reg. S, 3.40%, 05/25/2043 | EUR | 200 | 204 |
| Reg. S, 3.45%, 06/25/2049 | EUR | 700 | 693 |
| Reg. S, 3.50%, 10/04/2039 | EUR | 100 | 108 |
| Reg. S, 3.80%, 05/25/2045 | EUR | 400 | 429 |
| Reg. S, 4.20%, 02/03/2046 | EUR | 500 | 564 |
|  Japan Finance Organization for Municipalities, (Japan), |  |  |  |
| Reg. S, 0.01%, 02/02/2028 | EUR | 1000 | 1095 |
| Reg. S, 0.10%, 09/03/2031 | EUR | 1500 | 1464 |
| Series 2022, 2.32%, 06/18/2027 | JPY | 20000 | 128 |
|  Kommunekredit, (Denmark), Reg. S, 2.88%, 01/19/2035 | EUR | 7000 | 7810 |
|  Kommuninvest I Sverige AB, (Sweden), |  |  |  |
| Reg. S, 0.25%, 11/26/2027 | SEK | 8000 | 811 |
| Reg. S, 3.00%, 06/18/2031 | SEK | 17680 | 1850 |
| Series 3011, Reg. S, 2.75%, 11/12/2030 | SEK | 10000 | 1038 |
| Series 3105, Reg. S, 2.65%, 05/12/2031 | SEK | 2000 | 206 |
|  Kuntarahoitus OYJ, (Finland), |  |  |  |
| Reg. S, 0.00%, 10/14/2030 | EUR | 500 | 506 |
| Reg. S, 0.00%, 03/02/2031 | EUR | 700 | 699 |
| Reg. S, 0.05%, 09/06/2029 | EUR | 400 | 420 |
| Reg. S, 0.05%, 09/10/2035 | EUR | 300 | 255 |
| Reg. S, 0.25%, 02/25/2032 | EUR | 100 | 98 |
| Reg. S, 0.75%, 09/07/2027 | EUR | 300 | 337 |
| Reg. S, 1.25%, 02/23/2033 | EUR | 400 | 409 |
| Reg. S, 2.50%, 08/29/2029 | EUR | 680 | 776 |
| Reg. S, 2.63%, 12/14/2029 | EUR | 600 | 686 |
| Reg. S, 2.63%, 06/14/2032 | EUR | 100 | 112 |
| Reg. S, 2.75%, 02/02/2034 | EUR | 600 | 671 |
| Reg. S, 2.88%, 01/18/2028 | EUR | 1100 | 1273 |
| Reg. S, 3.00%, 09/25/2028 | EUR | 300 | 348 |
| Reg. S, 3.13%, 07/29/2030 | EUR | 400 | 466 |
|  Land Baden-Wuerttemberg, (Germany), |  |  |  |
| Reg. S, 0.01%, 09/02/2030 | EUR | 400 | 406 |
| Reg. S, 0.01%, 03/07/2031 | EUR | 400 | 399 |
| Reg. S, 0.13%, 11/19/2040 | EUR | 100 | 70 |
| Reg. S, 2.63%, 03/12/2030 | EUR | 600 | 686 |
| Reg. S, 2.63%, 11/27/2030 | EUR | 400 | 456 |
| Reg. S, 2.63%, 02/12/2035 | EUR | 400 | 441 |
| Reg. S, 2.75%, 05/16/2029 | EUR | 900 | 1036 |
| Reg. S, 2.88%, 09/28/2035 | EUR | 300 | 336 |
| Reg. S, 3.00%, 06/27/2033 | EUR | 1000 | 1145 |
| Reg. S, 3.13%, 01/23/2040 | EUR | 450 | 496 |
|  Land Berlin, (Germany), |  |  |  |
| Reg. S, 0.01%, 07/02/2030 | EUR | 490 | 500 |
| Reg. S, 0.05%, 08/06/2040 | EUR | 200 | 140 |
| Reg. S, 0.10%, 01/18/2030 | EUR | 635 | 660 |
| Reg. S, 0.13%, 11/24/2045 | EUR | 90 | 53 |
| Reg. S, 0.15%, 02/22/2036 | EUR | 400 | 339 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 0.63%, 02/05/2029 | EUR | 800 | 868 |
| Reg. S, 0.63%, 07/15/2039 | EUR | 450 | 360 |
| Reg. S, 0.63%, 01/26/2052 | EUR | 420 | 237 |
| Reg. S, 1.25%, 06/01/2028 | EUR | 500 | 558 |
| Reg. S, 1.63%, 08/02/2032 | EUR | 630 | 667 |
| Reg. S, 2.38%, 06/04/2030 | EUR | 700 | 791 |
| Reg. S, 2.63%, 01/24/2031 | EUR | 1000 | 1137 |
| Reg. S, 2.75%, 01/16/2032 | EUR | 500 | 569 |
| Reg. S, 2.88%, 04/05/2029 | EUR | 730 | 843 |
| Reg. S, 2.88%, 02/15/2034 | EUR | 960 | 1086 |
| Reg. S, 3.00%, 03/13/2054 | EUR | 510 | 515 |
| 3.13%, 03/19/2035 | EUR | 300 | 343 |
| Reg. S, 3.60%, 01/16/2046 | EUR | 1000 | 1143 |
| Series 490, Reg. S, 0.63%, 08/25/2036 | EUR | 950 | 832 |
| Series 495, Reg. S, 1.38%, 06/05/2037 | EUR | 260 | 243 |
| Series 506, Reg. S, 1.38%, 08/27/2038 | EUR | 115 | 105 |
| Series 517, Reg. S, 0.01%, 05/18/2027 | EUR | 700 | 785 |
| Series 518, Reg. S, 0.13%, 06/04/2035 | EUR | 600 | 523 |
| Series 530, Reg. S, 0.10%, 01/18/2041 | EUR | 80 | 55 |
| Series 535, Reg. S, 0.13%, 10/20/2031 | EUR | 490 | 483 |
| Series 546, 2.75%, 02/14/2033 | EUR | 1080 | 1219 |
| Series 557, Reg. S, 3.00%, 05/15/2029 | EUR | 700 | 811 |
| Series 573, Reg. S, 2.88%, 10/15/2035 | EUR | 300 | 335 |
|  Land Thueringen, (Germany), |  |  |  |
| Reg. S, 0.01%, 03/24/2031 | EUR | 300 | 299 |
| Reg. S, 0.05%, 05/06/2030 | EUR | 260 | 267 |
| Reg. S, 0.13%, 01/13/2051 | EUR | 100 | 47 |
| 0.50%, 03/02/2029 | EUR | 600 | 647 |
| Reg. S, 1.25%, 12/05/2033 | EUR | 400 | 402 |
| Reg. S, 2.50%, 09/03/2029 | EUR | 500 | 570 |
| Reg. S, 2.88%, 04/02/2032 | EUR | 600 | 686 |
| Reg. S, 3.00%, 11/15/2028 | EUR | 800 | 927 |
|  Ministeries Van de Vlaamse Gemeenschap, (Belgium), |  |  |  |
| Reg. S, 0.13%, 10/15/2035 | EUR | 600 | 499 |
| Reg. S, 0.30%, 10/20/2031 | EUR | 900 | 884 |
| Reg. S, 1.00%, 01/23/2051 | EUR | 100 | 57 |
| Reg. S, 1.38%, 11/21/2033 | EUR | 500 | 497 |
| Reg. S, 1.50%, 07/12/2038 | EUR | 100 | 88 |
| Reg. S, 1.50%, 04/11/2044 | EUR | 100 | 76 |
| Reg. S, 2.75%, 10/22/2029 | EUR | 1700 | 1945 |
| Reg. S, 3.00%, 10/12/2032 | EUR | 100 | 113 |
| Reg. S, 3.13%, 06/22/2034 | EUR | 2200 | 2469 |
| Reg. S, 3.25%, 06/22/2037 | EUR | 1000 | 1091 |
| Reg. S, 3.25%, 01/12/2043 | EUR | 600 | 614 |
| Reg. S, 3.38%, 06/22/2035 | EUR | 600 | 677 |
| Reg. S, 3.50%, 06/22/2045 | EUR | 1300 | 1350 |
| Reg. S, 3.63%, 06/22/2032 | EUR | 200 | 235 |
| Reg. S, 3.68%, 06/22/2040 | EUR | 1200 | 1320 |
| Reg. S, 4.00%, 09/26/2042 | EUR | 1000 | 1129 |
| Reg. S, 4.25%, 06/22/2050 | EUR | 500 | 564 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
|  Municipal Finance Authority of British Columbia, (Canada), 2.55%, 10/09/2029 | CAD | 300 | 211 |
|  New South Wales Treasury Corp., (Australia), |  |  |  |
| 1.25%, 11/20/2030 | AUD | 1990 | 1161 |
| Reg. S, 1.50%, 02/20/2032 | AUD | 5690 | 3203 |
| Reg. S, 1.75%, 03/20/2034 | AUD | 5430 | 2862 |
| Reg. S, 2.00%, 03/20/2031 | AUD | 1310 | 784 |
| Reg. S, 2.00%, 03/08/2033 | AUD | 3840 | 2148 |
| 2.25%, 11/20/2040 | AUD | 960 | 424 |
| 2.25%, 05/07/2041 | AUD | 400 | 175 |
| Reg. S, 2.50%, 11/22/2032 | AUD | 50 | 29 |
| Reg. S, 3.00%, 03/20/2028 | AUD | 4480 | 2985 |
| Reg. S, 3.00%, 02/20/2030 | AUD | 4590 | 2951 |
| Reg. S, 4.25%, 02/20/2036 | AUD | 4440 | 2754 |
| Reg. S, 4.75%, 02/20/2035 | AUD | 6610 | 4326 |
| Reg. S, 4.75%, 09/20/2035 | AUD | 1830 | 1188 |
| Reg. S, 4.75%, 02/20/2037 | AUD | 4120 | 2628 |
| Reg. S, 5.25%, 02/24/2038 | AUD | 2000 | 1315 |
| Series 27, Reg. S, 3.00%, 05/20/2027 | AUD | 1970 | 1333 |
| Series 29, Reg. S, 3.00%, 04/20/2029 | AUD | 10000 | 6533 |
|  Northern Territory Treasury Corp., (Australia), |  |  |  |
| Reg. S, 2.00%, 04/21/2031 | AUD | 300 | 177 |
| Reg. S, 2.50%, 05/21/2032 | AUD | 800 | 468 |
| Reg. S, 5.25%, 03/21/2034 | AUD | 800 | 537 |
| 5.25%, 05/21/2038 | AUD | 700 | 449 |
| 5.75%, 04/21/2037 | AUD | 1000 | 676 |
|  Province of Alberta Canada, (Canada), Reg. S, 1.40%, 02/20/2029 | SEK | 2000 | 199 |
|  Province of British Columbia Canada, (Canada), |  |  |  |
| 2.80%, 06/18/2048 | CAD | 400 | 211 |
| 7.25%, 09/01/2036 |  | 300 | 362 |
|  Province of Manitoba Canada, (Canada), |  |  |  |
| 2.05%, 09/05/2052 | CAD | 100 | 43 |
| 3.20%, 03/05/2050 | CAD | 700 | 391 |
|  Province of Nova Scotia Canada, (Canada), |  |  |  |
| 3.15%, 12/01/2051 | CAD | 400 | 219 |
| 3.45%, 06/01/2045 | CAD | 200 | 121 |
|  Province of Ontario Canada, (Canada), |  |  |  |
| Reg. S, 0.01%, 11/25/2030 | EUR | 3600 | 3615 |
| Reg. S, 0.25%, 06/09/2031 | EUR | 3000 | 2996 |
| Reg. S, 0.38%, 04/08/2027 | EUR | 1500 | 1694 |
| 2.60%, 12/10/2032 | AUD | 1050 | 609 |
| 5.60%, 06/02/2035 | CAD | 300 | 245 |
|  Province of Quebec Canada, (Canada), |  |  |  |
| Reg. S, 0.00%, 10/15/2029 | EUR | 1000 | 1041 |
| Reg. S, 0.00%, 10/29/2030 | EUR | 600 | 604 |
| Zero Coupon, 10/01/2039 | CAD | 1400 | 537 |
| Reg. S, 0.50%, 01/25/2032 | EUR | 3000 | 2977 |
| Reg. S, 0.88%, 07/05/2028 | EUR | 1025 | 1134 |
| 3.50%, 12/01/2045 | CAD | 200 | 122 |
| 4.50%, 09/08/2033 |  | 610 | 612 |
| 7.30%, 07/22/2026 |  | 320 | 323 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Series PD, 7.50%, 09/15/2029 |  | 100 | 111 |
|  Province of Saskatchewan Canada, (Canada), |  |  |  |
| Reg. S, 3.30%, 05/08/2034 | EUR | 300 | 345 |
| 3.30%, 06/02/2048 | CAD | 400 | 233 |
|  Queensland Treasury Corp., (Australia), |  |  |  |
| Reg. S, 1.25%, 03/10/2031 (e) | AUD | 2370 | 1365 |
| Reg. S, 1.50%, 08/20/2032 (e) | AUD | 7350 | 4046 |
| Reg. S, 1.75%, 08/21/2031 (e) | AUD | 2170 | 1261 |
| Reg. S, 1.75%, 07/20/2034 (e) | AUD | 2660 | 1380 |
| Reg. S, 2.00%, 08/22/2033 (e) | AUD | 6400 | 3512 |
| Reg. S, 2.50%, 03/06/2029 (e) | AUD | 570 | 369 |
| Reg. S, 3.25%, 08/21/2029 (e) | AUD | 2970 | 1944 |
| Reg. S, 3.25%, 05/21/2035 | EUR | 500 | 568 |
| Reg. S, 3.50%, 08/21/2030 (e) | AUD | 2140 | 1390 |
| Reg. S, 4.50%, 03/09/2033 (e) | AUD | 1680 | 1110 |
| Reg. S, 4.50%, 08/22/2035 (e) | AUD | 6150 | 3907 |
| Reg. S, 4.75%, 02/02/2034 (e) | AUD | 770 | 510 |
| Reg. S, 5.00%, 07/21/2037 (e) | AUD | 2180 | 1408 |
| Reg. S, 5.25%, 07/21/2036 (e) | AUD | 1040 | 694 |
| Reg. S, 5.25%, 08/13/2038 (e) | AUD | 2420 | 1580 |
| Series 27, Reg. S, 2.75%, 08/20/2027 (e) | AUD | 400 | 269 |
| Series 28, Reg. S, 3.25%, 07/21/2028 (e) | AUD | 830 | 553 |
| Series 47, Reg. S, 4.20%, 02/20/2047 (e) | AUD | 490 | 261 |
|  Region of Ile de France, (France), |  |  |  |
| Reg. S, 0.00%, 04/20/2028 | EUR | 200 | 218 |
| Reg. S, 0.63%, 04/23/2027 | EUR | 200 | 226 |
| Reg. S, 2.23%, 07/19/2032 | EUR | 200 | 216 |
| Reg. S, 2.90%, 04/30/2031 | EUR | 100 | 113 |
| Reg. S, 3.63%, 05/25/2036 | EUR | 400 | 452 |
| Reg. S, 3.65%, 05/25/2035 | EUR | 1000 | 1145 |
|  Region of Lazio Italy, (Italy), Reg. S, 3.09%, 03/31/2043 | EUR | 150 | 158 |
|  South Australian Government Financing Authority, (Australia), |  |  |  |
| Reg. S, 1.75%, 05/24/2032 | AUD | 670 | 379 |
| Reg. S, 1.75%, 05/24/2034 | AUD | 1000 | 523 |
| Reg. S, 2.00%, 05/23/2036 | AUD | 689 | 342 |
| Reg. S, 2.75%, 05/24/2030 | AUD | 1070 | 677 |
| Reg. S, 4.00%, 05/24/2029 | AUD | 1000 | 671 |
| Reg. S, 4.50%, 05/23/2031 | AUD | 2400 | 1612 |
| Reg. S, 4.50%, 05/24/2033 | AUD | 1600 | 1050 |
| Reg. S, 4.75%, 05/24/2035 | AUD | 2860 | 1859 |
| Reg. S, 4.75%, 05/24/2038 | AUD | 400 | 250 |
| State of Brandenburg, (Germany), |  |  |  |
| Reg. S, 0.13%, 01/26/2046 | EUR | 259 | 148 |
| Reg. S, 0.38%, 01/29/2035 | EUR | 200 | 180 |
| Reg. S, 0.50%, 11/21/2039 | EUR | 180 | 138 |
| Reg. S, 1.13%, 07/04/2033 | EUR | 600 | 603 |
| Reg. S, 1.45%, 11/26/2038 | EUR | 530 | 483 |
| Reg. S, 2.50%, 01/25/2029 | EUR | 400 | 457 |
| 2.50%, 12/03/2030 | EUR | 1000 | 1131 |
| 2.50%, 07/24/2031 | EUR | 300 | 338 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 2.88%, 05/23/2034 | EUR | 500 | 563 |
| Reg. S, 3.00%, 02/27/2032 | EUR | 200 | 230 |
| 3.00%, 07/20/2033 | EUR | 200 | 229 |
| 3.00%, 05/28/2035 | EUR | 300 | 339 |
| State of Bremen, (Germany), |  |  |  |
| Series 215, Reg. S, 1.20%, 01/30/2034 | EUR | 40 | 40 |
| Series 217, Reg. S, 1.00%, 05/27/2039 | EUR | 200 | 169 |
| Series 224, Reg. S, 0.40%, 08/20/2049 | EUR | 30 | 17 |
| Series 232, Reg. S, 0.55%, 02/04/2050 | EUR | 30 | 17 |
| Series 241, Reg. S, 0.13%, 04/29/2030 | EUR | 100 | 103 |
| Series 247, Reg. S, 0.15%, 09/14/2040 | EUR | 310 | 220 |
| Series 250, Reg. S, 0.01%, 10/06/2028 | EUR | 640 | 688 |
| Series 258, Reg. S, 0.50%, 05/06/2041 | EUR | 138 | 101 |
| Series 265, Reg. S, 0.15%, 10/24/2031 | EUR | 200 | 197 |
| Series 269, Reg. S, 0.45%, 03/15/2029 | EUR | 300 | 323 |
| Series 272, Reg. S, 3.00%, 03/02/2033 | EUR | 1140 | 1306 |
| Series 274, Reg. S, 2.75%, 01/30/2032 | EUR | 1310 | 1489 |
| Series 276, Reg. S, 2.88%, 07/18/2031 | EUR | 700 | 803 |
| Series 277, Reg. S, 2.50%, 11/20/2029 | EUR | 200 | 228 |
| Series 278, Reg. S, 2.75%, 01/28/2033 | EUR | 1100 | 1241 |
| State of Hesse, (Germany), |  |  |  |
| Reg. S, 0.13%, 10/10/2031 | EUR | 403 | 398 |
| Reg. S, 1.75%, 07/05/2027 | EUR | 100 | 114 |
| Reg. S, 2.50%, 08/28/2030 | EUR | 300 | 340 |
| 2.50%, 10/01/2031 | EUR | 700 | 788 |
| Reg. S, 2.63%, 09/10/2027 | EUR | 760 | 876 |
| Reg. S, 2.63%, 08/25/2034 | EUR | 420 | 464 |
| Reg. S, 2.75%, 01/10/2034 | EUR | 300 | 336 |
| Reg. S, 2.88%, 03/12/2029 | EUR | 500 | 577 |
| Reg. S, 2.90%, 06/18/2035 | EUR | 500 | 561 |
| Reg. S, 3.05%, 01/10/2036 | EUR | 600 | 679 |
| Reg. S, 3.13%, 03/12/2035 | EUR | 800 | 916 |
| Reg. S, 3.13%, 03/10/2039 | EUR | 340 | 375 |
| Reg. S, 3.25%, 10/05/2028 | EUR | 980 | 1142 |
| Series 1801, Reg. S, 0.63%, 08/02/2028 | EUR | 230 | 253 |
| Series 1803, Reg. S, 1.30%, 10/10/2033 | EUR | 400 | 404 |
| Series 1905, Reg. S, 0.00%, 09/10/2029 | EUR | 830 | 868 |
| Series 2006, Reg. S, 0.01%, 03/11/2030 | EUR | 990 | 1020 |
| Series 2010, Reg. S, 0.00%, 11/08/2030 | EUR | 500 | 504 |
| Series 2104, Reg. S, 0.00%, 07/19/2028 | EUR | 200 | 217 |
| Series 2301, 2.88%, 01/10/2033 | EUR | 1100 | 1253 |
| Series 2501, Reg. S, 2.75%, 01/12/2032 | EUR | 1100 | 1252 |
| State of Lower Saxony, (Germany), |  |  |  |
| Reg. S, 0.01%, 02/19/2029 | EUR | 200 | 213 |
| Reg. S, 0.01%, 01/10/2031 | EUR | 779 | 783 |
| Reg. S, 0.05%, 03/09/2035 | EUR | 577 | 503 |
| Reg. S, 0.13%, 01/09/2032 | EUR | 1260 | 1234 |
| Reg. S, 0.38%, 05/14/2029 | EUR | 1500 | 1604 |
| Reg. S, 1.50%, 10/17/2029 | EUR | 200 | 220 |
| Reg. S, 2.50%, 01/09/2030 | EUR | 300 | 341 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 2.63%, 03/15/2029 | EUR | 200 | 229 |
| Reg. S, 2.63%, 03/18/2032 | EUR | 500 | 564 |
| Reg. S, 2.75%, 03/25/2030 | EUR | 900 | 1033 |
| Reg. S, 2.75%, 02/17/2031 | EUR | 700 | 801 |
| Reg. S, 2.75%, 08/04/2033 | EUR | 300 | 338 |
| Reg. S, 2.75%, 02/24/2034 | EUR | 200 | 224 |
| Reg. S, 2.75%, 01/09/2035 | EUR | 650 | 724 |
| Series 879, Reg. S, 0.75%, 02/15/2028 | EUR | 400 | 445 |
| Series 884, Reg. S, 0.88%, 10/25/2028 | EUR | 1320 | 1450 |
| Series 898, Reg. S, 0.01%, 08/13/2030 | EUR | 749 | 763 |
| Series 901, Reg. S, 0.01%, 11/25/2027 | EUR | 100 | 110 |
| Series 908, Reg. S, 0.25%, 04/09/2029 | EUR | 700 | 748 |
| Series 909, Reg. S, 0.75%, 03/21/2031 | EUR | 200 | 208 |
| Series 917, Reg. S, 2.63%, 01/09/2034 | EUR | 700 | 778 |
| Series 929, 2.63%, 10/29/2032 | EUR | 200 | 225 |
| Series 930, Reg. S, 2.63%, 04/15/2031 | EUR | 500 | 568 |
| Series 931, Reg. S, 3.13%, 01/10/2036 | EUR | 1000 | 1139 |
| State of Mecklenburg-Western Pomerania, (Germany), |  |  |  |
| 2.55%, 01/12/2032 | EUR | 450 | 506 |
| Reg. S, 2.95%, 06/05/2034 | EUR | 100 | 113 |
| Reg. S, 3.00%, 04/17/2035 | EUR | 200 | 227 |
| State of North Rhine-Westphalia Germany, (Germany), |  |  |  |
| Reg. S, 0.00%, 01/15/2029 | EUR | 661 | 706 |
| Reg. S, 0.00%, 11/26/2029 | EUR | 400 | 416 |
| Reg. S, 0.13%, 06/04/2031 | EUR | 2300 | 2295 |
| Reg. S, 0.20%, 04/09/2030 | EUR | 2474 | 2565 |
| Reg. S, 0.20%, 01/27/2051 | EUR | 270 | 135 |
| Reg. S, 0.38%, 09/02/2050 | EUR | 385 | 208 |
| Reg. S, 0.50%, 11/25/2039 | EUR | 110 | 86 |
| Reg. S, 0.60%, 06/04/2041 | EUR | 300 | 227 |
| Reg. S, 0.75%, 08/16/2041 | EUR | 360 | 278 |
| Reg. S, 0.80%, 07/30/2049 | EUR | 600 | 383 |
| Reg. S, 0.90%, 11/15/2028 | EUR | 600 | 659 |
| Reg. S, 0.95%, 03/13/2028 | EUR | 144 | 161 |
| Reg. S, 0.95%, 01/10/2121 | EUR | 945 | 364 |
| Reg. S, 1.00%, 10/16/2046 | EUR | 1360 | 976 |
| Reg. S, 1.25%, 05/12/2036 | EUR | 1400 | 1326 |
| Reg. S, 1.38%, 01/15/2120 | EUR | 1044 | 509 |
| Reg. S, 1.45%, 02/16/2043 | EUR | 100 | 84 |
| Reg. S, 1.45%, 01/19/2122 | EUR | 500 | 251 |
| Reg. S, 1.63%, 10/24/2030 | EUR | 1000 | 1091 |
| Reg. S, 1.65%, 02/22/2038 | EUR | 480 | 458 |
| Reg. S, 1.65%, 05/16/2047 | EUR | 220 | 179 |
| Reg. S, 1.75%, 10/26/2057 | EUR | 172 | 127 |
| Reg. S, 1.75%, 07/11/2068 | EUR | 104 | 71 |
| Reg. S, 1.95%, 09/26/2078 | EUR | 254 | 181 |
| Reg. S, 2.00%, 06/15/2032 | EUR | 750 | 815 |
| Reg. S, 2.15%, 03/21/2119 | EUR | 376 | 272 |
| Reg. S, 2.25%, 06/14/2052 | EUR | 100 | 87 |
| Reg. S, 2.35%, 07/10/2030 | EUR | 500 | 564 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 2.50%, 10/15/2029 | EUR | 550 | 627 |
| Reg. S, 2.65%, 01/15/2030 | EUR | 700 | 800 |
| Reg. S, 2.70%, 09/05/2034 | EUR | 700 | 778 |
| Reg. S, 2.75%, 01/15/2032 | EUR | 930 | 1059 |
| Reg. S, 2.75%, 10/08/2032 | EUR | 900 | 1019 |
| Reg. S, 2.90%, 06/07/2033 | EUR | 1690 | 1924 |
| Reg. S, 2.90%, 01/15/2053 | EUR | 390 | 391 |
| Reg. S, 3.00%, 01/27/2028 | EUR | 400 | 464 |
| Reg. S, 3.00%, 06/06/2029 | EUR | 800 | 927 |
| Reg. S, 3.00%, 03/20/2054 | EUR | 700 | 708 |
| Reg. S, 3.38%, 10/31/2028 | EUR | 500 | 585 |
| Reg. S, 3.40%, 03/07/2073 | EUR | 3010 | 3216 |
| Reg. S, 3.80%, 01/14/2056 | EUR | 600 | 701 |
| Series 15YR, Reg. S, 0.00%, 10/12/2035 | EUR | 1454 | 1233 |
| Series 15YR, Reg. S, 1.10%, 03/13/2034 | EUR | 240 | 237 |
| Series 1250, Reg. S, 2.38%, 05/13/2033 | EUR | 1050 | 1157 |
| Series 1416, Reg. S, 0.63%, 07/21/2031 | EUR | 1000 | 1022 |
| Series 1439, Reg. S, 1.55%, 06/16/2048 | EUR | 3100 | 2442 |
| State of Rhineland-Palatinate, (Germany), |  |  |  |
| Reg. S, 0.01%, 02/25/2028 | EUR | 500 | 547 |
| Reg. S, 0.01%, 01/21/2031 | EUR | 510 | 511 |
| Reg. S, 0.38%, 03/10/2051 | EUR | 200 | 104 |
| Reg. S, 0.75%, 02/23/2032 | EUR | 490 | 496 |
| Reg. S, 2.75%, 02/23/2028 | EUR | 300 | 346 |
| Reg. S, 2.75%, 07/25/2031 | EUR | 400 | 456 |
| Reg. S, 3.00%, 05/02/2034 | EUR | 750 | 856 |
| Series 117, Reg. S, 0.05%, 01/23/2030 | EUR | 900 | 932 |
| State of Saarland, (Germany), |  |  |  |
| Reg. S, 0.05%, 11/05/2040 | EUR | 68 | 47 |
| 2.75%, 01/18/2030 | EUR | 300 | 344 |
| 2.75%, 04/10/2031 | EUR | 200 | 228 |
| Reg. S, 3.00%, 01/19/2035 | EUR | 375 | 425 |
| State of Saxony-Anhalt, (Germany), |  |  |  |
| Reg. S, 0.00%, 03/10/2031 | EUR | 280 | 280 |
| 0.35%, 02/09/2032 | EUR | 1200 | 1186 |
| Reg. S, 0.50%, 03/24/2051 | EUR | 123 | 67 |
| 2.45%, 02/13/2030 | EUR | 700 | 794 |
| 2.75%, 05/19/2032 | EUR | 200 | 227 |
| 2.85%, 01/29/2035 | EUR | 600 | 672 |
| 3.15%, 02/06/2054 | EUR | 150 | 155 |
| Series 10Y, Reg. S, 0.75%, 01/29/2029 | EUR | 200 | 218 |
| Series 32, Reg. S, 2.95%, 06/20/2033 | EUR | 650 | 741 |
| State of Schleswig-Holstein Germany, (Germany), |  |  |  |
| Reg. S, 0.01%, 05/22/2030 | EUR | 300 | 307 |
| Reg. S, 0.05%, 07/08/2031 | EUR | 400 | 396 |
| Reg. S, 0.13%, 06/12/2029 | EUR | 431 | 456 |
| Reg. S, 0.50%, 03/22/2029 | EUR | 440 | 474 |
| Reg. S, 0.63%, 08/31/2028 | EUR | 140 | 153 |
| Reg. S, 1.38%, 07/14/2027 | EUR | 250 | 284 |
| Reg. S, 2.38%, 09/22/2032 | EUR | 430 | 476 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Regional (State/Province) — continued** |  |  |  |
| Reg. S, 2.75%, 08/02/2032 | EUR | 200 | 227 |
| Reg. S, 2.75%, 06/13/2033 | EUR | 200 | 225 |
| Reg. S, 2.88%, 06/25/2029 | EUR | 400 | 461 |
| Reg. S, 2.88%, 05/30/2034 | EUR | 500 | 563 |
| Reg. S, 2.88%, 04/10/2035 | EUR | 1000 | 1121 |
| Reg. S, 3.00%, 08/16/2033 | EUR | 400 | 456 |
| Tasmanian Public Finance Corp., (Australia), |  |  |  |
| Reg. S, 2.00%, 01/24/2030 | AUD | 1700 | 1049 |
| Reg. S, 4.00%, 01/20/2034 | AUD | 1000 | 621 |
| Reg. S, 4.75%, 01/21/2031 | AUD | 2570 | 1740 |
| 4.75%, 01/25/2035 | AUD | 400 | 258 |
| Reg. S, 5.25%, 01/23/2036 | AUD | 600 | 397 |
| Treasury Corp. of Victoria, (Australia), |  |  |  |
| 1.25%, 11/19/2027 | AUD | 2370 | 1545 |
| Reg. S, 1.50%, 11/20/2030 | AUD | 3850 | 2268 |
| Reg. S, 1.50%, 09/10/2031 | AUD | 6550 | 3739 |
| Reg. S, 2.00%, 09/17/2035 | AUD | 4570 | 2311 |
| 2.00%, 11/20/2037 | AUD | 2960 | 1380 |
| Reg. S, 2.25%, 09/15/2033 | AUD | 10260 | 5710 |
| Reg. S, 2.25%, 11/20/2034 | AUD | 8060 | 4302 |
| 2.25%, 11/20/2041 | AUD | 2500 | 1054 |
| Reg. S, 2.50%, 10/22/2029 | AUD | 4200 | 2667 |
| Reg. S, 3.00%, 10/20/2028 | AUD | 3390 | 2234 |
| 4.25%, 12/20/2032 | AUD | 3210 | 2083 |
| Reg. S, 4.75%, 09/15/2036 | AUD | 3970 | 2534 |
| Reg. S, 5.25%, 09/15/2038 | AUD | 1920 | 1250 |
| Reg. S, 5.25%, 09/15/2044 | AUD | 460 | 287 |
| 5.50%, 09/15/2039 | AUD | 1450 | 955 |
| Western Australian Treasury Corp., (Australia), |  |  |  |
| Reg. S, 1.50%, 10/22/2030 | AUD | 2420 | 1434 |
| Reg. S, 2.25%, 07/23/2041 | AUD | 50 | 22 |
| Reg. S, 4.25%, 07/20/2033 | AUD | 2000 | 1298 |
| Reg. S, 4.75%, 10/24/2035 | AUD | 960 | 627 |
| Series 27, Reg. S, 3.00%, 10/21/2027 | AUD | 1070 | 719 |
| Series 28, Reg. S, 3.25%, 07/20/2028 | AUD | 1000 | 666 |
| Series 29, Reg. S, 2.75%, 07/24/2029 | AUD | 2670 | 1722 |
| Total Regional (State/Province) |  |  | 323519 |
| **Sovereign — 52.2%** |  |  |  |
| Action Logement Services, (France), |  |  |  |
| Reg. S, 0.38%, 10/05/2031 | EUR | 500 | 491 |
| Reg. S, 0.50%, 10/30/2034 | EUR | 900 | 793 |
| Reg. S, 3.13%, 09/28/2037 | EUR | 600 | 634 |
| Reg. S, 3.63%, 05/25/2043 | EUR | 800 | 832 |
| Reg. S, 4.13%, 10/03/2038 | EUR | 100 | 115 |
| Andorra International Bond, (Andorra), |  |  |  |
| Reg. S, 1.25%, 02/23/2027 | EUR | 800 | 910 |
| Reg. S, 1.25%, 05/06/2031 | EUR | 1000 | 1035 |
| Australia Government Bond, (Australia), |  |  |  |
| Series 136, Reg. S, 4.75%, 04/21/2027 | AUD | 9420 | 6507 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Series 138, Reg. S, 3.25%, 04/21/2029 | AUD | 31170 | 20652 |
| Series 144, Reg. S, 3.75%, 04/21/2037 | AUD | 4500 | 2771 |
| Series 145, Reg. S, 2.75%, 06/21/2035 | AUD | 6860 | 3965 |
| Series 147, Reg. S, 3.25%, 06/21/2039 | AUD | 3830 | 2175 |
| Series 148, Reg. S, 2.75%, 11/21/2027 | AUD | 12590 | 8426 |
| Series 149, Reg. S, 2.25%, 05/21/2028 | AUD | 13680 | 8979 |
| Series 150, Reg. S, 3.00%, 03/21/2047 | AUD | 5316 | 2593 |
| Series 152, Reg. S, 2.75%, 11/21/2028 | AUD | 14798 | 9731 |
| Series 154, Reg. S, 2.75%, 11/21/2029 | AUD | 11105 | 7176 |
| Series 155, Reg. S, 2.50%, 05/21/2030 | AUD | 15855 | 10055 |
| Series 156, Reg. S, 2.75%, 05/21/2041 | AUD | 9640 | 4973 |
| Series 157, 1.50%, 06/21/2031 | AUD | 14300 | 8417 |
| Series 158, 1.25%, 05/21/2032 | AUD | 13750 | 7729 |
| Series 160, Reg. S, 1.00%, 12/21/2030 | AUD | 11110 | 6480 |
| Series 162, Reg. S, 1.75%, 06/21/2051 | AUD | 7890 | 2721 |
| Series 163, Reg. S, 1.00%, 11/21/2031 | AUD | 15816 | 8916 |
| Series 164, Reg. S, 0.50%, 09/21/2026 | AUD | 2990 | 2025 |
| Series 165, Reg. S, 1.75%, 11/21/2032 | AUD | 11770 | 6725 |
| Series 166, Reg. S, 3.00%, 11/21/2033 | AUD | 8190 | 4983 |
| Series 167, Reg. S, 3.75%, 05/21/2034 | AUD | 9040 | 5762 |
| Series 168, Reg. S, 3.50%, 12/21/2034 | AUD | 9270 | 5752 |
| Series 169, Reg. S, 4.75%, 06/21/2054 | AUD | 5580 | 3506 |
| Series 170, Reg. S, 4.25%, 06/21/2034 | AUD | 3270 | 2158 |
| Series 171, Reg. S, 4.25%, 12/21/2035 | AUD | 9370 | 6107 |
| Series 172, Reg. S, 4.25%, 03/21/2036 | AUD | 8880 | 5777 |
| Series 173, Reg. S, 4.25%, 10/21/2036 | AUD | 5790 | 3750 |
| Bermuda Government International Bond, (Bermuda), 2.38%, 08/20/2030 (e) |  | 670 | 606 |
| Bonos de la Tesoreria de la Republica en pesos, (Chile), |  |  |  |
| Reg. S, 4.70%, 09/01/2030 (e) | CLP | 300000 | 317 |
| 5.00%, 03/01/2035 | CLP | 350000 | 365 |
| Bpifrance SACA, (France), |  |  |  |
| Reg. S, 0.00%, 05/25/2028 | EUR | 600 | 651 |
| Reg. S, 0.05%, 09/26/2029 | EUR | 1100 | 1142 |
| Reg. S, 0.13%, 11/25/2028 | EUR | 300 | 321 |
| Reg. S, 0.25%, 03/29/2030 | EUR | 200 | 206 |
| Reg. S, 0.25%, 06/04/2031 | EUR | 200 | 197 |
| Reg. S, 0.63%, 07/22/2031 | EUR | 600 | 603 |
| Reg. S, 0.88%, 09/26/2028 | EUR | 200 | 219 |
| Reg. S, 1.88%, 05/25/2030 | EUR | 200 | 219 |
| Reg. S, 2.13%, 11/29/2027 | EUR | 600 | 684 |
| Reg. S, 2.75%, 02/25/2029 | EUR | 500 | 572 |
| Reg. S, 2.88%, 11/25/2029 | EUR | 500 | 572 |
| Reg. S, 2.88%, 11/25/2031 | EUR | 700 | 788 |
| Reg. S, 2.88%, 01/31/2032 | EUR | 100 | 112 |
| Reg. S, 3.00%, 05/25/2032 | EUR | 1300 | 1463 |
| Reg. S, 3.13%, 07/01/2033 | EUR | 1000 | 1121 |
| Reg. S, 3.25%, 05/25/2035 | EUR | 500 | 553 |
| Reg. S, 3.38%, 11/25/2032 | EUR | 200 | 229 |
| Reg. S, 3.38%, 05/25/2034 | EUR | 1500 | 1692 |
| Reg. S, 3.50%, 09/27/2027 | EUR | 200 | 233 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Bulgaria Government International Bond, (Bulgaria), |  |  |  |
| Reg. S, 4.13%, 05/07/2038 | EUR | 920 | 1038 |
| Series 7Y, Reg. S, 4.13%, 09/23/2029 | EUR | 1000 | 1190 |
| Series 9Y, Reg. S, 3.50%, 05/07/2034 | EUR | 3170 | 3594 |
| Series 10Y, Reg. S, 3.38%, 07/18/2035 | EUR | 2820 | 3118 |
| Series 12YR, Reg. S, 3.00%, 03/21/2028 | EUR | 800 | 925 |
| Series 12Y, Reg. S, 4.63%, 09/23/2034 | EUR | 1000 | 1222 |
| Series 30Y, Reg. S, 1.38%, 09/23/2050 | EUR | 1300 | 807 |
| Bundesobligation, (Germany), |  |  |  |
| Series 185, Reg. S, 0.00%, 04/16/2027 | EUR | 8073 | 9091 |
| Series 186, Reg. S, 1.30%, 10/15/2027 | EUR | 9410 | 10668 |
| Series 187, Reg. S, 2.20%, 04/13/2028 | EUR | 14580 | 16716 |
| Series 188, Reg. S, 2.40%, 10/19/2028 | EUR | 14470 | 16634 |
| Series 189, Reg. S, 2.10%, 04/12/2029 | EUR | 16050 | 18267 |
| Series 190, Reg. S, 2.50%, 10/11/2029 | EUR | 6880 | 7908 |
| Series 191, Reg. S, 2.40%, 04/18/2030 | EUR | 9020 | 10310 |
| Series 192, Reg. S, 2.20%, 10/10/2030 | EUR | 8080 | 9138 |
| Series G, Reg. S, 1.30%, 10/15/2027 | EUR | 4860 | 5510 |
| Series G, Reg. S, 2.10%, 04/12/2029 | EUR | 3000 | 3415 |
| Bundesrepublik Deutschland Bundesanleihe, (Germany), |  |  |  |
| Reg. S, 2.50%, 11/15/2032 | EUR | 13000 | 14725 |
| Reg. S, 2.50%, 08/15/2046 | EUR | 18696 | 18720 |
| Reg. S, 2.60%, 08/15/2035 | EUR | 11900 | 13321 |
| Reg. S, 2.90%, 02/15/2036 | EUR | 870 | 995 |
| Reg. S, 2.90%, 08/15/2056 | EUR | 9420 | 9740 |
| Reg. s, 3.40%, 05/15/2047 | EUR | 720 | 829 |
| Reg. S, 6.50%, 07/04/2027 | EUR | 14460 | 17517 |
| Series 7Y, Reg. S, 2.10%, 11/15/2029 | EUR | 10170 | 11525 |
| Series 7Y, Reg. S, 2.40%, 11/15/2030 | EUR | 10590 | 12073 |
| Series 8Y, Reg. S, 0.00%, 11/15/2027 | EUR | 11701 | 12979 |
| Series 8Y, Reg. S, 0.00%, 11/15/2028 | EUR | 10025 | 10835 |
| Series 10Y, Reg. S, 0.00%, 08/15/2029 | EUR | 8302 | 8791 |
| Series 10Y, Reg. S, 0.00%, 02/15/2030 | EUR | 6573 | 6862 |
| Series 10Y, Reg. S, 0.00%, 08/15/2030 | EUR | 9070 | 9337 |
| Series 10Y, Reg. S, 0.00%, 02/15/2031 | EUR | 11419 | 11594 |
| Series 10Y, Reg. S, 0.00%, 08/15/2031 | EUR | 9650 | 9651 |
| Series 10Y, Reg. S, 0.00%, 02/15/2032 | EUR | 10264 | 10109 |
| Series 10Y, Reg. S, 0.25%, 08/15/2028 | EUR | 9599 | 10505 |
| Series 10Y, Reg. S, 0.25%, 02/15/2029 | EUR | 18840 | 20373 |
| Series 10Y, Reg. S, 0.50%, 08/15/2027 | EUR | 10060 | 11306 |
| Series 10Y, Reg. S, 0.50%, 02/15/2028 | EUR | 11770 | 13090 |
| Series 10Y, Reg. S, 1.70%, 08/15/2032 | EUR | 10160 | 11008 |
| Series 10Y, Reg. S, 2.20%, 02/15/2034 | EUR | 9450 | 10383 |
| Series 10Y, Reg. S, 2.30%, 02/15/2033 | EUR | 13855 | 15475 |
| Series 10Y, Reg. S, 2.50%, 02/15/2035 | EUR | 11640 | 12975 |
| Series 10Y, Reg. S, 2.60%, 08/15/2033 | EUR | 8640 | 9804 |
| Series 10Y, Reg. S, 2.60%, 08/15/2034 | EUR | 12340 | 13909 |
| Series 15Y, Reg. S, 0.00%, 05/15/2035 | EUR | 9334 | 8246 |
| Series 15Y, Reg. S, 0.00%, 05/15/2036 | EUR | 12900 | 10980 |
| Series 16Y, Reg. S, 1.00%, 05/15/2038 | EUR | 10202 | 9217 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Series 17Y, Reg. S, 2.60%, 05/15/2041 | EUR | 9790 | 10346 |
| Series 30Y, Reg. S, 2.50%, 08/15/2054 | EUR | 11265 | 10790 |
| Series 30Y, Reg. S, 5.50%, 01/04/2031 | EUR | 7190 | 9332 |
| Series 30Y, Reg. S, 5.63%, 01/04/2028 | EUR | 780 | 947 |
| Series 30Y, Reg. S, 6.25%, 01/04/2030 | EUR | 1025 | 1335 |
| Series 31Y, Reg. S, 0.00%, 08/15/2050 | EUR | 15721 | 7973 |
| Series 31Y, Reg. S, 0.00%, 08/15/2052 | EUR | 16275 | 7724 |
| Series 31Y, Reg. S, 1.25%, 08/15/2048 | EUR | 14220 | 10842 |
| Series 31Y, Reg. S, 1.80%, 08/15/2053 | EUR | 11660 | 9582 |
| Series 31Y, Reg. S, 4.75%, 07/04/2034 | EUR | 14971 | 19619 |
| Series 32Y, Reg. S, 2.50%, 07/04/2044 | EUR | 9865 | 10020 |
| Series 32Y, Reg. S, 3.25%, 07/04/2042 | EUR | 10036 | 11447 |
| Series 32Y, Reg. S, 4.00%, 01/04/2037 | EUR | 9303 | 11666 |
| Series 32Y, Reg. S, 4.25%, 07/04/2039 | EUR | 5644 | 7242 |
| Series 32Y, Reg. S, 4.75%, 07/04/2040 | EUR | 6924 | 9329 |
| Series G, Reg. S, 0.00%, 08/15/2030 | EUR | 2610 | 2690 |
| Series G, Reg. S, 0.00%, 08/15/2031 | EUR | 2460 | 2461 |
| Series G, Reg. S, 0.00%, 08/15/2050 | EUR | 6572 | 3351 |
| Series G, Reg. S, 1.80%, 08/15/2053 | EUR | 4768 | 3925 |
| Series G, Reg. S, 2.30%, 02/15/2033 | EUR | 1360 | 1519 |
| Series G, Reg. S, 2.50%, 02/15/2035 | EUR | 3070 | 3424 |
| Bundesschatzanweisungen, (Germany), |  |  |  |
| Reg. S, 1.70%, 06/10/2027 | EUR | 13020 | 14894 |
| Reg. S, 1.90%, 09/16/2027 | EUR | 10930 | 12506 |
| Reg. S, 2.10%, 03/15/2028 | EUR | 4520 | 5172 |
| Caisse d'Amortissement de la Dette Sociale, (France), |  |  |  |
| Reg. S, 0.00%, 02/25/2028 | EUR | 2200 | 2409 |
| Reg. S, 0.00%, 05/25/2029 | EUR | 500 | 526 |
| Reg. S, 0.00%, 11/25/2030 | EUR | 1400 | 1400 |
| Reg. S, 0.00%, 05/25/2031 | EUR | 1600 | 1571 |
| Reg. S, 0.13%, 09/15/2031 | EUR | 1500 | 1463 |
| Reg. S, 0.45%, 01/19/2032 | EUR | 2200 | 2166 |
| Reg. S, 0.60%, 11/25/2029 | EUR | 1400 | 1483 |
| Reg. S, 1.50%, 05/25/2032 | EUR | 2200 | 2283 |
| Reg. S, 1.75%, 11/25/2027 | EUR | 800 | 908 |
| Reg. S, 2.38%, 09/24/2028 | EUR | 800 | 912 |
| Reg. S, 2.75%, 09/24/2027 | EUR | 1400 | 1617 |
| Reg. S, 2.75%, 02/25/2029 | EUR | 2400 | 2756 |
| Reg. S, 2.75%, 11/25/2032 | EUR | 1400 | 1554 |
| Reg. S, 2.88%, 05/25/2027 | EUR | 2100 | 2431 |
| Reg. S, 2.88%, 05/25/2030 | EUR | 1200 | 1375 |
| Reg. S, 3.00%, 05/25/2028 | EUR | 800 | 926 |
| Reg. S, 3.00%, 11/25/2031 | EUR | 2100 | 2391 |
| Reg. S, 3.13%, 03/01/2030 | EUR | 2000 | 2314 |
| Reg. S, 3.25%, 05/25/2033 | EUR | 1000 | 1138 |
| Caisse Francaise de Financement Local SA, (France), |  |  |  |
| Reg. S, 0.01%, 02/22/2028 | EUR | 100 | 109 |
| Reg. S, 2.63%, 11/29/2029 | EUR | 100 | 114 |
| Reg. S, 3.00%, 10/02/2028 | EUR | 5000 | 5779 |
| Reg. S, 3.00%, 05/24/2033 | EUR | 100 | 113 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Reg. S, 3.00%, 03/19/2036 | EUR | 100 | 110 |
| Reg. S, 3.13%, 11/16/2027 | EUR | 200 | 232 |
| Reg. S, 3.13%, 07/20/2033 | EUR | 100 | 114 |
| Reg. S, 3.13%, 11/24/2033 | EUR | 100 | 113 |
| Reg. S, 3.13%, 05/17/2039 | EUR | 100 | 107 |
| Reg. S, 3.38%, 05/22/2037 | EUR | 100 | 112 |
| Reg. S, 3.63%, 01/17/2029 | EUR | 100 | 117 |
| Canadian Government Bond, (Canada), |  |  |  |
| 1.00%, 06/01/2027 | CAD | 200 | 141 |
| 1.50%, 06/01/2031 | CAD | 600 | 399 |
| 1.75%, 12/01/2053 | CAD | 400 | 184 |
| 2.00%, 06/01/2032 | CAD | 600 | 403 |
| 2.00%, 12/01/2051 | CAD | 1600 | 802 |
| 3.50%, 03/01/2028 | CAD | 500 | 364 |
| 3.50%, 09/01/2029 | CAD | 100 | 73 |
| 3.50%, 12/01/2045 | CAD | 1700 | 1178 |
| 4.00%, 06/01/2041 | CAD | 150 | 112 |
| Chile Government International Bond, (Chile), |  |  |  |
| 0.83%, 07/02/2031 | EUR | 1050 | 1046 |
| 1.30%, 07/26/2036 | EUR | 1000 | 882 |
| 2.55%, 07/27/2033 |  | 200 | 170 |
| China Government Bond, (China), |  |  |  |
| 1.36%, 12/15/2027 | CNY | 116000 | 16809 |
| 1.42%, 11/15/2027 | CNY | 425100 | 61668 |
| 1.43%, 01/25/2030 | CNY | 854000 | 123575 |
| 1.44%, 09/15/2027 | CNY | 20000 | 2902 |
| 1.45%, 02/25/2028 | CNY | 481600 | 69942 |
| 1.46%, 05/25/2028 | CNY | 83800 | 12177 |
| 1.49%, 12/25/2031 | CNY | 530100 | 76274 |
| 1.55%, 07/25/2030 | CNY | 50000 | 7257 |
| 1.61%, 02/15/2035 | CNY | 397900 | 56834 |
| 1.62%, 08/15/2027 | CNY | 374700 | 54515 |
| 1.65%, 05/15/2035 | CNY | 177800 | 25457 |
| 1.74%, 10/15/2029 | CNY | 8300 | 1216 |
| 1.79%, 03/25/2032 | CNY | 8200 | 1200 |
| 1.85%, 05/15/2027 | CNY | 65500 | 9545 |
| 1.87%, 09/15/2031 | CNY | 149700 | 22024 |
| 1.91%, 07/15/2029 | CNY | 1009000 | 148646 |
| 1.92%, 07/15/2045 | CNY | 10000 | 1357 |
| Reg. S, 1.93%, 04/10/2030 | CNH | 6300 | 929 |
| 2.04%, 11/25/2034 | CNY | 93700 | 13875 |
| 2.05%, 04/15/2029 | CNY | 110600 | 16355 |
| 2.10%, 05/25/2075 | CNY | 45600 | 5900 |
| 2.11%, 08/25/2034 | CNY | 51700 | 7704 |
| 2.27%, 05/25/2034 | CNY | 92000 | 13859 |
| 2.28%, 03/25/2031 | CNY | 63600 | 9548 |
| 2.35%, 02/25/2034 | CNY | 229200 | 34719 |
| 2.44%, 10/15/2027 | CNY | 258000 | 37982 |
| 2.49%, 05/25/2044 | CNY | 497620 | 74261 |
| 2.50%, 07/25/2027 | CNY | 43700 | 6420 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| 2.52%, 08/25/2033 | CNY | 667400 | 102245 |
| 2.54%, 12/25/2030 | CNY | 122000 | 18510 |
| 2.62%, 04/15/2028 | CNY | 38000 | 5657 |
| 2.62%, 06/25/2030 | CNY | 264500 | 40143 |
| 2.64%, 01/15/2028 | CNY | 17500 | 2598 |
| 2.65%, 03/25/2074 | CNY | 64400 | 9758 |
| 2.67%, 05/25/2033 | CNY | 249400 | 38576 |
| 2.68%, 05/21/2030 | CNY | 288800 | 43848 |
| Reg. S, 2.71%, 06/16/2033 | CNH | 11000 | 1698 |
| Reg. S, 2.82%, 08/12/2032 | CNH | 10000 | 1553 |
| 3.12%, 10/25/2052 | CNY | 175600 | 29099 |
| 3.19%, 04/15/2053 | CNY | 176200 | 29643 |
| 3.27%, 03/25/2073 | CNY | 162870 | 28581 |
| 3.32%, 04/15/2052 | CNY | 267330 | 45698 |
| Reg. S, 3.38%, 07/04/2026 | CNH | 24000 | 3502 |
| 3.39%, 03/16/2050 | CNY | 12540 | 2149 |
| 3.53%, 10/18/2051 | CNY | 41800 | 7381 |
| Reg. S, 3.60%, 06/27/2028 | CNH | 26500 | 4038 |
| Reg. S, 3.60%, 05/21/2030 | CNH | 8500 | 1337 |
| 3.73%, 05/25/2070 | CNY | 14670 | 2818 |
| 3.76%, 03/22/2071 | CNY | 5100 | 989 |
| 3.81%, 09/14/2050 | CNY | 55000 | 10042 |
| Reg. S, 3.85%, 12/12/2026 | CNH | 19000 | 2807 |
| Reg. S, 3.90%, 07/04/2036 | CNH | 13500 | 2336 |
| Reg. S, 4.00%, 11/30/2035 | CNH | 30500 | 5290 |
| 4.00%, 06/24/2069 | CNY | 5000 | 1008 |
| Reg. S, 4.15%, 12/04/2027 | CNH | 20000 | 3039 |
| Reg. S, 4.15%, 12/12/2031 | CNH | 3000 | 498 |
| Reg. S, 4.29%, 05/22/2029 | CNH | 3000 | 474 |
| Reg. S, 4.40%, 12/12/2046 | CNH | 26000 | 5025 |
| Corp. de Reservas Estrategicas de Productos Petroliferos Cores, (Spain), Reg. S, 1.75%, 11/24/2027 | EUR | 200 | 226 |
| Croatia Government International Bond, (Croatia), |  |  |  |
| Reg. S, 1.13%, 06/19/2029 | EUR | 300 | 327 |
| Reg. S, 1.50%, 06/17/2031 | EUR | 1290 | 1371 |
| Reg. S, 1.75%, 03/04/2041 | EUR | 500 | 433 |
| Reg. S, 2.70%, 06/15/2028 | EUR | 2850 | 3279 |
| Reg. S, 2.88%, 04/22/2032 | EUR | 1660 | 1878 |
| Reg. S, 3.00%, 03/20/2027 | EUR | 300 | 348 |
| Reg. S, 3.25%, 02/11/2037 | EUR | 1480 | 1631 |
| Reg. S, 3.38%, 03/12/2034 | EUR | 1960 | 2253 |
| Cyprus Government International Bond, (Cyprus), |  |  |  |
| Reg. S, 0.63%, 01/21/2030 | EUR | 235 | 249 |
| Reg. S, 0.95%, 01/20/2032 | EUR | 300 | 306 |
| Reg. S, 1.25%, 01/21/2040 | EUR | 1610 | 1310 |
| Reg. S, 2.25%, 04/16/2050 | EUR | 470 | 387 |
| Reg. S, 2.75%, 05/03/2049 | EUR | 230 | 213 |
| Reg. S, 3.25%, 06/27/2031 | EUR | 1069 | 1246 |
| Reg. S, 4.13%, 04/13/2033 | EUR | 360 | 435 |
| Czech Republic Government Bond, (Czech Republic), |  |  |  |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Series 49, Reg. S, 4.20%, 12/04/2036 | CZK | 5390 | 239 |
| Series 53, Reg. S, 4.85%, 11/26/2057 | CZK | 2340 | 99 |
| Series 78, Reg. S, 2.50%, 08/25/2028 | CZK | 39010 | 1765 |
| Series 94, Reg. S, 0.95%, 05/15/2030 | CZK | 89350 | 3670 |
| Series 95, Reg. S, 1.00%, 06/26/2026 | CZK | 500 | 23 |
| Series 100, 0.25%, 02/10/2027 | CZK | 26000 | 1186 |
| Series 103, 2.00%, 10/13/2033 | CZK | 45850 | 1784 |
| Series 105, 2.75%, 07/23/2029 | CZK | 29860 | 1339 |
| Series 121, 1.20%, 03/13/2031 | CZK | 54460 | 2198 |
| Series 125, 1.50%, 04/24/2040 | CZK | 45720 | 1385 |
| Series 130, 0.05%, 11/29/2029 | CZK | 13030 | 526 |
| Series 138, 1.75%, 06/23/2032 | CZK | 42310 | 1687 |
| Series 142, 1.95%, 07/30/2037 | CZK | 12960 | 453 |
| Series 145, 3.50%, 05/30/2035 | CZK | 52820 | 2248 |
| Series 149, 5.50%, 12/12/2028 | CZK | 83830 | 4068 |
| Series 150, 5.00%, 09/30/2030 | CZK | 60730 | 2924 |
| Series 151, 4.90%, 04/14/2034 | CZK | 51240 | 2427 |
| Series 152, 6.20%, 06/16/2031 | CZK | 17600 | 892 |
| Series 153, 5.75%, 03/29/2029 | CZK | 18100 | 886 |
| Series 154, 4.50%, 11/11/2032 | CZK | 63640 | 2965 |
| Series 156, 3.00%, 03/03/2033 | CZK | 30630 | 1297 |
| Series 157, 3.60%, 06/03/2036 | CZK | 55680 | 2352 |
| Series 158, 4.00%, 04/04/2044 | CZK | 10000 | 404 |
| Series 160, 4.25%, 10/24/2034 | CZK | 47520 | 2147 |
| Series 162, 5.30%, 09/19/2035 | CZK | 53320 | 2594 |
| Denmark Government Bond, (Denmark), |  |  |  |
| Series 10Y, 0.50%, 11/15/2027 | DKK | 20078 | 3018 |
| Series 10Y, 0.50%, 11/15/2029 | DKK | 20004 | 2888 |
| Series 31Y, 4.50%, 11/15/2039 | DKK | 31710 | 5689 |
| Series 32Y, 0.25%, 11/15/2052 | DKK | 22551 | 1670 |
| Series G, 0.00%, 11/15/2031 | DKK | 16570 | 2221 |
| Series G, 2.25%, 11/15/2033 | DKK | 3650 | 546 |
| Series G, Reg. S, 2.25%, 11/15/2035 | DKK | 5910 | 866 |
| Series TWIN, 0.00%, 11/15/2031 | DKK | 14257 | 1909 |
| Series TWIN, 2.25%, 11/15/2033 | DKK | 23390 | 3496 |
| Series TWIN, 2.25%, 11/15/2035 | DKK | 17280 | 2530 |
| Estonia Government International Bond, (Estonia), |  |  |  |
| Reg. S, 3.25%, 01/17/2034 | EUR | 1340 | 1521 |
| Series 10Y, Reg. S, 0.13%, 06/10/2030 | EUR | 200 | 204 |
| Series 10Y, Reg. S, 4.00%, 10/12/2032 | EUR | 290 | 348 |
| European Financial Stability Facility, (Luxembourg), |  |  |  |
| Reg. S, 0.05%, 10/17/2029 | EUR | 9000 | 9417 |
| Reg. S, 0.05%, 01/18/2052 | EUR | 1000 | 460 |
| Reg. S, 1.20%, 02/17/2045 | EUR | 2325 | 1771 |
| Reg. S, 1.70%, 02/13/2043 | EUR | 1900 | 1641 |
| Reg. S, 1.75%, 07/17/2053 | EUR | 2050 | 1569 |
| Reg. S, 2.00%, 02/28/2056 | EUR | 2000 | 1590 |
| Reg. S, 2.38%, 06/21/2032 | EUR | 5000 | 5541 |
| Reg. S, 2.75%, 12/03/2029 | EUR | 1020 | 1174 |
| Reg. S, 3.38%, 04/03/2037 | EUR | 3000 | 3450 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| European Stability Mechanism, (Supranational), |  |  |  |
| Reg. S, 0.01%, 03/04/2030 | EUR | 1900 | 1969 |
| Reg. S, 0.75%, 09/05/2028 | EUR | 2750 | 3028 |
| Reg. S, 0.88%, 07/18/2042 | EUR | 1020 | 795 |
| Reg. S, 1.75%, 10/20/2045 | EUR | 1050 | 899 |
| Reg. S, 1.85%, 12/01/2055 | EUR | 180 | 141 |
| European Union, (Supranational), |  |  |  |
| Reg. S, 0.00%, 04/22/2031 | EUR | 5800 | 5781 |
| Reg. S, 0.45%, 07/04/2041 | EUR | 13800 | 9810 |
| Reg. S, 0.70%, 07/06/2051 | EUR | 5900 | 3280 |
| Reg. S, 0.75%, 04/04/2031 | EUR | 3925 | 4069 |
| Reg. S, 1.00%, 07/06/2032 | EUR | 5800 | 5916 |
| Reg. S, 1.13%, 04/04/2036 | EUR | 1265 | 1183 |
| Reg. S, 1.38%, 10/04/2029 | EUR | 8000 | 8785 |
| Reg. S, 1.50%, 10/04/2035 | EUR | 5000 | 4905 |
| Reg. S, 2.63%, 07/04/2028 | EUR | 5000 | 5758 |
| Reg. S, 2.88%, 10/05/2029 | EUR | 5000 | 5779 |
| Reg. S, 3.38%, 04/04/2032 | EUR | 1200 | 1411 |
| Reg. S, 3.38%, 10/04/2038 | EUR | 10000 | 11218 |
| Reg. S, 3.38%, 10/05/2054 | EUR | 1900 | 1931 |
| Reg. S, 3.75%, 04/04/2042 | EUR | 5015 | 5760 |
| Reg. S, 4.00%, 10/12/2055 | EUR | 1800 | 2045 |
| Series SURE, Reg. S, 0.00%, 10/04/2030 | EUR | 10000 | 10167 |
| Series SURE, Reg. S, 0.10%, 10/04/2040 | EUR | 7675 | 5393 |
| Series SURE, Reg. S, 0.20%, 06/04/2036 | EUR | 9600 | 8094 |
| Series SURE, Reg. S, 0.30%, 11/04/2050 | EUR | 1220 | 631 |
| Series SURE, Reg. S, 0.45%, 05/02/2046 | EUR | 5000 | 3069 |
| Series SURE, Reg. S, 0.75%, 01/04/2047 | EUR | 5000 | 3287 |
| Series SURE, Reg. S, 1.13%, 06/04/2037 | EUR | 5000 | 4547 |
| Export Development Canada, (Canada), |  |  |  |
| Reg. S, 2.63%, 01/18/2029 | EUR | 500 | 574 |
| Reg. S, 2.88%, 01/19/2028 | EUR | 1000 | 1157 |
| Export-Import Bank of China (The), (China), |  |  |  |
| Series 1910, 3.86%, 05/20/2029 | CNY | 160700 | 24872 |
| Series 2010, 3.23%, 03/23/2030 | CNY | 90700 | 13930 |
| Series 2011, 3.74%, 11/16/2030 | CNY | 10000 | 1581 |
| Series 2211, 2.90%, 08/19/2032 | CNY | 106600 | 16474 |
| Series 2305, 2.87%, 02/06/2028 | CNY | 187800 | 27855 |
| Series 2310, 3.10%, 02/13/2033 | CNY | 111400 | 17474 |
| Series 2311, 2.85%, 07/07/2033 | CNY | 65300 | 10111 |
| Series 2315, 2.50%, 08/04/2028 | CNY | 7000 | 1036 |
| Series 2410, 2.44%, 04/12/2034 | CNY | 31900 | 4814 |
| Series 2411, 2.17%, 08/16/2034 | CNY | 66900 | 9899 |
| Series 2415, 1.86%, 11/08/2029 | CNY | 175300 | 25580 |
| Export-Import Bank of Korea, (South Korea), Reg. S, 3.42%, 01/06/2029 |  | 1000 | 970 |
| Finland Government Bond, (Finland), |  |  |  |
| Series 4Y, Reg. S, 1.38%, 04/15/2027 (e) | EUR | 1760 | 2009 |
| Series 6Y, Reg. S, 2.50%, 04/15/2030 (e) | EUR | 1810 | 2062 |
| Series 6Y, Reg. S, 2.88%, 04/15/2029 (e) | EUR | 1160 | 1344 |
| Series 10Y, Reg. S, 0.00%, 09/15/2030 (e) | EUR | 2350 | 2389 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Series 10Y, Reg. S, 0.13%, 09/15/2031 (e) | EUR | 2215 | 2192 |
| Series 10Y, Reg. S, 0.50%, 09/15/2027 (e) | EUR | 660 | 739 |
| Series 10Y, Reg. S, 0.50%, 09/15/2028 (e) | EUR | 3874 | 4241 |
| Series 10Y, Reg. S, 0.50%, 09/15/2029 (e) | EUR | 3660 | 3906 |
| Series 10Y, Reg. S, 1.50%, 09/15/2032 (e) | EUR | 3070 | 3219 |
| Series 10Y, Reg. S, 3.00%, 09/15/2033 (e) | EUR | 2520 | 2884 |
| Series 10Y, Reg. S, 3.00%, 09/15/2034 (e) | EUR | 3060 | 3473 |
| Series 10Y, Reg. S, 3.00%, 09/15/2035 (e) | EUR | 3460 | 3893 |
| Series 15Y, Reg. S, 2.75%, 04/15/2038 (e) | EUR | 1780 | 1907 |
| Series 16Y, Reg. S, 0.13%, 04/15/2036 (e) | EUR | 2140 | 1794 |
| Series 16Y, Reg. S, 0.75%, 04/15/2031 (e) | EUR | 4371 | 4533 |
| Series 16Y, Reg. S, 1.13%, 04/15/2034 (e) | EUR | 1981 | 1953 |
| Series 16Y, Reg. S, 2.75%, 07/04/2028 (e) | EUR | 960 | 1111 |
| Series 20Y, Reg. S, 0.25%, 09/15/2040 (e) | EUR | 3654 | 2625 |
| Series 20Y, Reg. S, 3.20%, 04/15/2045 (e) | EUR | 590 | 630 |
| Series 21Y, Reg. S, 0.50%, 04/15/2043 (e) | EUR | 1700 | 1166 |
| Series 30Y, Reg. S, 1.38%, 04/15/2047 (e) | EUR | 3237 | 2426 |
| Series 30Y, Reg. S, 2.63%, 07/04/2042 (e) | EUR | 1375 | 1386 |
| Series 31Y, Reg. S, 0.13%, 04/15/2052 (e) | EUR | 1470 | 670 |
| Series 31Y, Reg. S, 2.95%, 04/15/2055 (e) | EUR | 2490 | 2417 |
| Finnvera OYJ, (Finland), |  |  |  |
| Reg. S, 0.00%, 09/15/2027 | EUR | 500 | 555 |
| Reg. S, 0.38%, 04/09/2029 | EUR | 300 | 321 |
| Reg. S, 0.75%, 08/07/2028 | EUR | 1300 | 1432 |
| Reg. S, 1.13%, 05/17/2032 | EUR | 500 | 515 |
| Reg. S, 1.25%, 07/14/2033 | EUR | 200 | 202 |
| Reg. S, 2.13%, 03/08/2028 | EUR | 300 | 342 |
| Reg. S, 2.88%, 08/30/2029 | EUR | 500 | 577 |
| French Republic Government Bond OAT, (France), |  |  |  |
| Reg. S, 0.00%, 11/25/2029 (e) | EUR | 26745 | 27754 |
| Reg. S, 0.00%, 11/25/2030 (e) | EUR | 23480 | 23539 |
| Reg. S, 0.00%, 11/25/2031 (e) | EUR | 23194 | 22396 |
| Reg. S, 0.00%, 05/25/2032 (e) | EUR | 21470 | 20315 |
| Reg. S, 0.50%, 05/25/2029 (e) | EUR | 27017 | 28961 |
| Reg. S, 0.50%, 05/25/2040 (e) | EUR | 22012 | 15728 |
| Reg. S, 0.50%, 06/25/2044 (e) | EUR | 6905 | 4247 |
| Reg. S, 0.50%, 05/25/2072 (e) | EUR | 5493 | 1713 |
| Reg. S, 0.75%, 02/25/2028 (e) | EUR | 21990 | 24454 |
| Reg. S, 0.75%, 05/25/2028 (e) | EUR | 21873 | 24193 |
| Reg. S, 0.75%, 11/25/2028 (e) | EUR | 25037 | 27372 |
| Reg. S, 0.75%, 05/25/2052 (e) | EUR | 13387 | 6822 |
| Reg. S, 0.75%, 05/25/2053 (e) | EUR | 12718 | 6280 |
| Reg. S, 1.00%, 05/25/2027 (e) | EUR | 14218 | 16120 |
| Reg. S, 1.25%, 05/25/2034 (e) | EUR | 24186 | 23435 |
| Reg. S, 1.25%, 05/25/2036 (e) | EUR | 20424 | 18616 |
| Reg. S, 1.25%, 05/25/2038 (e) | EUR | 11840 | 10141 |
| Reg. S, 1.50%, 05/25/2031 (e) | EUR | 21393 | 22798 |
| Reg. S, 1.50%, 05/25/2050 (e) | EUR | 11460 | 7668 |
| Reg. S, 1.75%, 06/25/2039 (e) | EUR | 12987 | 11594 |
| Reg. S, 1.75%, 05/25/2066 (e) | EUR | 6876 | 4070 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Reg. S, 2.00%, 11/25/2032 (e) | EUR | 22683 | 24104 |
| Reg. S, 2.00%, 05/25/2048 (e) | EUR | 16127 | 12523 |
| Reg. S, 2.40%, 09/24/2028 (e) | EUR | 16380 | 18713 |
| Reg. S, 2.50%, 09/24/2027 (e) | EUR | 14620 | 16825 |
| Reg. S, 2.50%, 05/25/2030 (e) | EUR | 23631 | 26739 |
| Reg. S, 2.50%, 05/25/2043 (e) | EUR | 8540 | 7829 |
| Reg. S, 2.70%, 02/25/2031 (e) | EUR | 15790 | 17884 |
| Reg. S, 2.75%, 10/25/2027 (e) | EUR | 23049 | 26619 |
| Reg. S, 2.75%, 02/25/2029 (e) | EUR | 36630 | 42136 |
| Reg. S, 2.75%, 02/25/2030 (e) | EUR | 17140 | 19607 |
| Reg. S, 3.00%, 05/25/2033 (e) | EUR | 17320 | 19470 |
| Reg. S, 3.00%, 11/25/2034 (e) | EUR | 17750 | 19591 |
| Reg. S, 3.00%, 06/25/2049 (e) | EUR | 5020 | 4692 |
| Reg. S, 3.00%, 05/25/2054 (e) | EUR | 9880 | 8797 |
| Reg. S, 3.20%, 05/25/2035 (e) | EUR | 19690 | 21938 |
| Reg. S, 3.25%, 05/25/2045 (e) | EUR | 11735 | 11817 |
| Reg. S, 3.25%, 05/25/2055 (e) | EUR | 9290 | 8637 |
| Reg. S, 3.50%, 11/25/2033 (e) | EUR | 18635 | 21536 |
| Reg. S, 3.50%, 11/25/2035 (e) | EUR | 17709 | 20092 |
| Reg. S, 3.60%, 05/25/2042 (e) | EUR | 9520 | 10263 |
| Reg. S, 3.75%, 05/25/2056 (e) | EUR | 11540 | 11741 |
| Reg. S, 4.00%, 10/25/2038 (e) | EUR | 6769 | 7856 |
| Reg. S, 4.00%, 04/25/2055 (e) | EUR | 6181 | 6639 |
| Reg. S, 4.00%, 04/25/2060 (e) | EUR | 7497 | 7959 |
| Reg. S, 4.10%, 05/25/2046 (e) | EUR | 4520 | 5102 |
| Reg. S, 4.50%, 04/25/2041 (e) | EUR | 13642 | 16481 |
| Reg. S, 4.75%, 04/25/2035 (e) | EUR | 11727 | 14693 |
| Reg. S, 5.50%, 04/25/2029 (e) | EUR | 4037 | 5013 |
| Reg. S, 5.75%, 10/25/2032 (e) | EUR | 1029 | 1356 |
| Hellenic Republic Government Bond, (Greece), |  |  |  |
| Reg. S, 0.75%, 06/18/2031 (e) | EUR | 2170 | 2216 |
| Reg. S, 1.50%, 06/18/2030 (e) | EUR | 2940 | 3188 |
| Reg. S, 1.75%, 06/18/2032 (e) | EUR | 1410 | 1486 |
| Reg. S, 1.88%, 02/04/2035 (e) | EUR | 3250 | 3240 |
| Reg. S, 1.88%, 01/24/2052 (e) | EUR | 1580 | 1123 |
| Reg. S, 3.38%, 06/15/2034 (e) | EUR | 1480 | 1680 |
| Reg. S, 3.63%, 06/15/2035 (e) | EUR | 2655 | 3037 |
| Reg. S, 3.75%, 01/30/2028 | EUR | 1400 | 1647 |
| Reg. S, 3.88%, 06/15/2028 (e) | EUR | 3540 | 4183 |
| Reg. S, 3.88%, 03/12/2029 (e) | EUR | 1480 | 1754 |
| Reg. S, 3.90%, 01/30/2033 | EUR | 2030 | 2410 |
| Reg. S, 4.00%, 01/30/2037 | EUR | 3310 | 3858 |
| Reg. S, 4.13%, 06/15/2054 (e) | EUR | 1000 | 1093 |
| Reg. S, 4.20%, 01/30/2042 | EUR | 2590 | 2998 |
| Reg. S, 4.25%, 06/15/2033 (e) | EUR | 2040 | 2472 |
| Reg. S, 4.38%, 07/18/2038 (e) | EUR | 1100 | 1312 |
| Hong Kong Government Bond Programme, (Hong Kong), |  |  |  |
| 1.59%, 03/04/2036 | HKD | 3100 | 348 |
| 1.89%, 03/02/2032 | HKD | 4000 | 492 |
| 1.97%, 01/17/2029 | HKD | 2400 | 304 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
| **Sovereign — continued** | | | |
| 2.02%, 03/07/2034 | HKD | 3000 | 362 |
| Hong Kong Government Infrastructure Bond Programme, (Hong Kong), |  |  |  |
| 2.70%, 05/15/2030 | HKD | 10000 | 1293 |
| 3.84%, 01/16/2035 | HKD | 1000 | 137 |
| Hong Kong Government International Bond, (Hong Kong), |  |  |  |
| Reg. S, 2.95%, 06/07/2028 | CNH | 8500 | 1273 |
| Reg. S, 3.00%, 11/30/2026 | CNH | 10000 | 1467 |
| Reg. S, 3.30%, 06/07/2033 | CNH | 16000 | 2548 |
| Housing Australia, (Australia), Reg. S, 1.41%, 06/29/2032 | AUD | 460 | 252 |
| Housing New Zealand Ltd., (New Zealand), Reg. S, 1.53%, 09/10/2035 | NZD | 400 | 169 |
| Hungary Government Bond, (Hungary), |  |  |  |
| Series 26/E, 1.50%, 04/22/2026 | HUF | 100410 | 301 |
| Series 27/A, 3.00%, 10/27/2027 | HUF | 194780 | 552 |
| Series 28/B, 4.50%, 03/23/2028 | HUF | 422060 | 1209 |
| Series 28/A, 6.75%, 10/22/2028 | HUF | 775000 | 2308 |
| Series 29/A, 2.00%, 05/23/2029 | HUF | 200000 | 517 |
| Series 30/A, 3.00%, 08/21/2030 | HUF | 297350 | 757 |
| Series 31/A, 3.25%, 10/22/2031 | HUF | 207050 | 514 |
| Series 31/B, 6.75%, 07/23/2031 | HUF | 896160 | 2644 |
| Series 32/G, 4.50%, 05/27/2032 | HUF | 372050 | 973 |
| Series 32/A, 4.75%, 11/24/2032 | HUF | 954660 | 2501 |
| Series 33/A, 2.25%, 04/20/2033 | HUF | 897390 | 1980 |
| Series 34/A, 2.25%, 06/22/2034 | HUF | 100520 | 212 |
| Series 35/A, 7.00%, 10/24/2035 | HUF | 662990 | 1968 |
| Series 37/A, 6.25%, 09/23/2037 | HUF | 224510 | 625 |
| Series 38/A, 3.00%, 10/27/2038 | HUF | 318380 | 634 |
| Series 41/A, 3.00%, 04/25/2041 | HUF | 149290 | 280 |
| Hungary Government International Bond, (Hungary), |  |  |  |
| Series 10Y, Reg. S, 0.50%, 11/18/2030 | EUR | 1000 | 1005 |
| Series 10Y, Reg. S, 1.75%, 10/10/2027 | EUR | 825 | 934 |
| Series 12Y, Reg. S, 1.63%, 04/28/2032 | EUR | 1000 | 1000 |
| Series 15Y, Reg. S, 1.75%, 06/05/2035 | EUR | 2000 | 1823 |
| Indonesia Government International Bond, (Indonesia), |  |  |  |
| 0.90%, 02/14/2027 | EUR | 1600 | 1814 |
| 2.90%, 10/31/2035 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;13000 | 1864 |
| Reg. S, 3.75%, 06/14/2028 | EUR | 1000 | 1165 |
| 5.60%, 01/15/2035 |  | 200 | 203 |
| Indonesia Treasury Bond, (Indonesia), |  |  |  |
| Series 100, 6.63%, 02/15/2034 | IDR | 119992000 | 6937 |
| Series 101, 6.88%, 04/15/2029 | IDR | 78464000 | 4654 |
| Series 102, 6.88%, 07/15/2054 | IDR | 26181000 | 1529 |
| Series 103, 6.75%, 07/15/2035 | IDR | 181883000 | 10590 |
| Series 104, 6.50%, 07/15/2030 | IDR | 127868000 | 7460 |
| Series 106, 7.13%, 08/15/2040 | IDR | 90015000 | 5371 |
| Series 107, 7.13%, 08/15/2045 | IDR | 61411000 | 3700 |
| Series 108, 6.50%, 04/15/2036 | IDR | 23254000 | 1332 |
| Series FR65, 6.63%, 05/15/2033 | IDR | 400000 | 23 |
| Series FR67, 8.75%, 02/15/2044 | IDR | 2074000 | 144 |
| Series FR75, 7.50%, 05/15/2038 | IDR | 1300000 | 80 |
| Series FR76, 7.38%, 05/15/2048 | IDR | 26953000 | 1653 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Series FR78, 8.25%, 05/15/2029 | IDR | 1000000 | 62 |
| Series FR79, 8.38%, 04/15/2039 | IDR | 13027000 | 857 |
| Series FR80, 7.50%, 06/15/2035 | IDR | 47876000 | 2929 |
| Series FR82, 7.00%, 09/15/2030 | IDR | 38229000 | 2269 |
| Series FR83, 7.50%, 04/15/2040 | IDR | 65817000 | 4020 |
| Series FR87, 6.50%, 02/15/2031 | IDR | 129043000 | 7538 |
| Series FR89, 6.88%, 08/15/2051 | IDR | 34705000 | 2029 |
| Series FR90, 5.13%, 04/15/2027 | IDR | 96000000 | 5601 |
| Series FR91, 6.38%, 04/15/2032 | IDR | 69446000 | 3998 |
| Series FR95, 6.38%, 08/15/2028 | IDR | 98058000 | 5780 |
| Series FR96, 7.00%, 02/15/2033 | IDR | 89577000 | 5304 |
| Series FR97, 7.13%, 06/15/2043 | IDR | 40858000 | 2436 |
| Series FR98, 7.13%, 06/15/2038 | IDR | 29513000 | 1757 |
| Instituto de Credito Oficial, (Spain), |  |  |  |
| Reg. S, 2.65%, 01/31/2028 | EUR | 100 | 115 |
| Reg. S, 2.70%, 10/31/2030 | EUR | 400 | 457 |
| Reg. S, 3.05%, 10/31/2027 | EUR | 1000 | 1162 |
| Reg. S, 3.05%, 04/30/2031 | EUR | 400 | 463 |
| Ireland Government Bond, (Ireland), |  |  |  |
| Reg. S, 0.00%, 10/18/2031 | EUR | 4867 | 4806 |
| Reg. S, 0.20%, 05/15/2027 | EUR | 4480 | 5046 |
| Reg. S, 0.20%, 10/18/2030 | EUR | 2541 | 2614 |
| Reg. S, 0.35%, 10/18/2032 | EUR | 1460 | 1428 |
| Reg. S, 0.40%, 05/15/2035 | EUR | 4140 | 3743 |
| Reg. S, 0.55%, 04/22/2041 | EUR | 1825 | 1387 |
| Reg. S, 0.90%, 05/15/2028 | EUR | 1812 | 2020 |
| Reg. S, 1.10%, 05/15/2029 | EUR | 2567 | 2824 |
| Reg. S, 1.30%, 05/15/2033 | EUR | 1230 | 1269 |
| Reg. S, 1.35%, 03/18/2031 | EUR | 3315 | 3579 |
| Reg. S, 1.50%, 05/15/2050 | EUR | 3733 | 2852 |
| Reg. S, 1.70%, 05/15/2037 | EUR | 3400 | 3341 |
| Reg. S, 2.00%, 02/18/2045 | EUR | 3485 | 3160 |
| Reg. S, 2.40%, 05/15/2030 | EUR | 2350 | 2675 |
| Reg. S, 2.60%, 10/18/2034 | EUR | 3250 | 3613 |
| Reg. S, 3.00%, 10/18/2043 | EUR | 1850 | 1985 |
| Reg. S, 3.15%, 10/18/2055 | EUR | 920 | 959 |
| Israel Government AID Bond, (Israel), Series 30Y, 5.50%, 09/18/2033 |  | 525 | 564 |
| Israel Government Bond—Fixed, (Israel), |  |  |  |
| Series 142, 5.50%, 01/31/2042 | ILS | 290 | 106 |
| Series 327, 2.00%, 03/31/2027 | ILS | 800 | 250 |
| Series 330, 1.00%, 03/31/2030 | ILS | 1200 | 341 |
| Series 335, 4.00%, 03/30/2035 | ILS | 930 | 294 |
| Series 537, 1.50%, 05/31/2037 | ILS | 305 | 76 |
| Italy Buoni Poliennali Del Tesoro, (Italy), |  |  |  |
| Series 2Y, Reg. S, 2.10%, 08/26/2027 | EUR | 5310 | 6080 |
| Series 3Y, Reg. S, 2.40%, 03/15/2029 | EUR | 4500 | 5115 |
| Series 3Y, Reg. S, 2.65%, 06/15/2028 | EUR | 5800 | 6668 |
| Series 3Y, Reg. S, 2.70%, 10/15/2027 | EUR | 7970 | 9196 |
| Series 3Y, Reg. S, 3.45%, 07/15/2027 | EUR | 4600 | 5362 |
| Series 4Y, Reg. S, 2.35%, 01/15/2029 | EUR | 7980 | 9071 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| Series 5Y, Reg. S, 1.10%, 04/01/2027 | EUR | 11610 | 13214 |
| Series 5Y, Reg. S, 2.65%, 12/01/2027 | EUR | 9680 | 11160 |
| Series 5Y, Reg. S, 2.70%, 10/01/2030 (e) | EUR | 4010 | 4535 |
| Series 5Y, Reg. S, 2.85%, 02/01/2031 | EUR | 1750 | 1986 |
| Series 5Y, Reg. S, 2.95%, 07/01/2030 | EUR | 12830 | 14696 |
| Series 5Y, Reg. S, 3.00%, 10/01/2029 | EUR | 2545 | 2934 |
| Series 5Y, Reg. S, 3.35%, 07/01/2029 | EUR | 7570 | 8831 |
| Series 5Y, Reg. S, 3.40%, 04/01/2028 | EUR | 8170 | 9541 |
| Series 5Y, Reg. S, 3.80%, 08/01/2028 | EUR | 5890 | 6944 |
| Series 5Y, Reg. S, 4.10%, 02/01/2029 | EUR | 5835 | 6947 |
| Series 7Y, Reg. S, 0.25%, 03/15/2028 | EUR | 11660 | 12818 |
| Series 7Y, Reg. S, 0.45%, 02/15/2029 | EUR | 6800 | 7320 |
| Series 7Y, Reg. S, 0.50%, 07/15/2028 | EUR | 8744 | 9579 |
| Series 7Y, Reg. S, 0.95%, 09/15/2027 | EUR | 3660 | 4123 |
| Series 7Y, Reg. S, 2.80%, 06/15/2029 | EUR | 4820 | 5535 |
| Series 7Y, Reg. S, 3.15%, 11/15/2031 (e) | EUR | 5100 | 5832 |
| Series 7Y, Reg. S, 3.15%, 03/15/2033 (e) | EUR | 9160 | 10327 |
| Series 7Y, Reg. S, 3.25%, 07/15/2032 (e) | EUR | 8450 | 9650 |
| Series 7Y, Reg. S, 3.25%, 11/15/2032 (e) | EUR | 5710 | 6499 |
| Series 7Y, Reg. S, 3.45%, 07/15/2031 | EUR | 6590 | 7667 |
| Series 7Y, Reg. S, 3.50%, 02/15/2031 (e) | EUR | 4310 | 5033 |
| Series 7Y, Reg. S, 3.70%, 06/15/2030 | EUR | 4010 | 4730 |
| Series 7Y, Reg. S, 3.85%, 12/15/2029 | EUR | 8510 | 10093 |
| Series 7Y, Reg. S, 4.00%, 11/15/2030 | EUR | 12140 | 14491 |
| Series 8Y, Reg. S, 0.85%, 01/15/2027 (e) | EUR | 4975 | 5676 |
| Series 8Y, Reg. S, 4.00%, 10/30/2031 (e) | EUR | 2740 | 3275 |
| Series 10Y, Reg. S, 0.60%, 08/01/2031 (e) | EUR | 14464 | 14525 |
| Series 10Y, Reg. S, 0.95%, 08/01/2030 | EUR | 12390 | 13049 |
| Series 10Y, Reg. S, 0.95%, 12/01/2031 (e) | EUR | 9585 | 9719 |
| Series 10Y, Reg. S, 0.95%, 06/01/2032 | EUR | 8745 | 8737 |
| Series 10Y, Reg. S, 1.65%, 12/01/2030 (e) | EUR | 10474 | 11291 |
| Series 10Y, Reg. S, 2.00%, 02/01/2028 | EUR | 11482 | 13076 |
| Series 10Y, Reg. S, 2.05%, 08/01/2027 | EUR | 3580 | 4101 |
| Series 10Y, Reg. S, 2.20%, 06/01/2027 | EUR | 4857 | 5584 |
| Series 10Y, Reg. S, 2.50%, 12/01/2032 | EUR | 9410 | 10250 |
| Series 10Y, Reg. S, 2.80%, 12/01/2028 | EUR | 12440 | 14344 |
| Series 10Y, Reg. S, 3.00%, 08/01/2029 | EUR | 11056 | 12775 |
| Series 10Y, Reg. S, 3.45%, 02/01/2036 | EUR | 10700 | 11939 |
| Series 10Y, Reg. S, 3.60%, 10/01/2035 | EUR | 7430 | 8422 |
| Series 10Y, Reg. S, 3.65%, 08/01/2035 (e) | EUR | 7100 | 8093 |
|  Series 10Y, Reg. S, 3.85%, 07/01/2034 | EUR | 9820 | 11460 |
|  Series 10Y, Reg. S, 4.20%, 03/01/2034 | EUR | 6290 | 7533 |
|  Series 10Y, Reg. S, 4.35%, 11/01/2033 | EUR | 7510 | 9095 |
|  Series 10Y, Reg. S, 4.40%, 05/01/2033 | EUR | 6270 | 7630 |
|  Series 11Y, Reg. S, 0.90%, 04/01/2031 | EUR | 17937 | 18491 |
|  Series 11Y, Reg. S, 1.35%, 04/01/2030 | EUR | 3150 | 3404 |
|  Series 11Y, Reg. S, 3.85%, 02/01/2035 | EUR | 6060 | 7043 |
|  Series 13Y, Reg. S, 4.00%, 04/30/2035 (e) | EUR | 3670 | 4317 |
|  Series 13Y, Reg. S, 4.05%, 10/30/2037 (e) | EUR | 3520 | 4089 |
|  Series 15Y, Reg. S, 2.45%, 09/01/2033 (e) | EUR | 7430 | 7969 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 15Y, Reg. S, 3.85%, 10/01/2040 (e) | EUR | 9590 | 10659 |
|  Series 15Y, Reg. S, 4.15%, 10/01/2039 (e) | EUR | 6260 | 7240 |
|  Series 15Y, Reg. S, 4.75%, 09/01/2028 (e) | EUR | 16730 | 20157 |
|  Series 16Y, Reg. S, 0.95%, 03/01/2037 (e) | EUR | 11714 | 9967 |
|  Series 16Y, Reg. S, 1.45%, 03/01/2036 (e) | EUR | 4659 | 4322 |
|  Series 16Y, Reg. S, 3.25%, 03/01/2038 (e) | EUR | 3490 | 3740 |
|  Series 16Y, Reg. S, 3.35%, 03/01/2035 (e) | EUR | 8010 | 8985 |
|  Series 16Y, Reg. S, 3.50%, 03/01/2030 (e) | EUR | 6136 | 7200 |
|  Series 17Y, Reg. S, 1.65%, 03/01/2032 (e) | EUR | 10936 | 11477 |
|  Series 20Y, Reg. S, 2.25%, 09/01/2036 (e) | EUR | 9514 | 9470 |
|  Series 20Y, Reg. S, 2.95%, 09/01/2038 (e) | EUR | 5810 | 5999 |
|  Series 20Y, Reg. S, 4.10%, 04/30/2046 (e) | EUR | 3730 | 4144 |
|  Series 20Y, Reg. S, 4.45%, 09/01/2043 (e) | EUR | 5960 | 6988 |
|  Series 21Y, Reg. S, 1.80%, 03/01/2041 (e) | EUR | 13584 | 11510 |
|  Series 21Y, Reg. S, 3.10%, 03/01/2040 (e) | EUR | 6622 | 6807 |
|  Series 24Y, Reg. S, 1.50%, 04/30/2045 (e) | EUR | 4831 | 3528 |
|  Series 30Y, Reg. S, 2.15%, 09/01/2052 (e) | EUR | 4461 | 3305 |
|  Series 30Y, Reg. S, 2.45%, 09/01/2050 (e) | EUR | 5142 | 4176 |
|  Series 30Y, Reg. S, 3.85%, 09/01/2049 (e) | EUR | 7250 | 7675 |
|  Series 30Y, Reg. S, 4.30%, 10/01/2054 (e) | EUR | 6280 | 6970 |
|  Series 30Y, Reg. S, 4.50%, 10/01/2053 (e) | EUR | 5505 | 6323 |
|  Series 30Y, Reg. S, 4.65%, 10/01/2055 (e) | EUR | 2860 | 3342 |
|  Series 30Y, Reg. S, 6.50%, 11/01/2027 | EUR | 890 | 1087 |
|  Series 31Y, Reg. S, 1.70%, 09/01/2051 (e) | EUR | 6547 | 4409 |
|  Series 31Y, Reg. S, 2.70%, 03/01/2047 (e) | EUR | 5820 | 5176 |
|  Series 31Y, Reg. S, 3.25%, 09/01/2046 (e) | EUR | 5776 | 5654 |
|  Series 31Y, Reg. S, 3.45%, 03/01/2048 (e) | EUR | 7855 | 7857 |
|  Series 31Y, Reg. S, 4.00%, 02/01/2037 (e) | EUR | 8430 | 9830 |
|  Series 31Y, Reg. S, 4.75%, 09/01/2044 (e) | EUR | 7935 | 9662 |
| Series 31Y, Reg. S, 5.00%, 08/01/2034 (e) | EUR | 12806 | 16170 |
|  Series 31Y, Reg. S, 5.00%, 09/01/2040 (e) | EUR | 5940 | 7483 |
|  Series 31Y, Reg. S, 5.25%, 11/01/2029 | EUR | 1777 | 2206 |
|  Series 31Y, Reg. S, 5.75%, 02/01/2033 | EUR | 3050 | 4001 |
|  Series 31Y, Reg. S, 6.00%, 05/01/2031 | EUR | 4453 | 5802 |
|  Series 32Y, Reg. S, 5.00%, 08/01/2039 (e) | EUR | 7023 | 8858 |
|  Series 50Y, Reg. S, 2.15%, 03/01/2072 (e) | EUR | 3950 | 2653 |
|  Series 50Y, Reg. S, 2.80%, 03/01/2067 (e) | EUR | 3525 | 2836 |
|  Japan Bank for International Cooperation, (Japan), 3.13%, 02/15/2028 | EUR | 1000 | 1159 |
|  Japan Expressway Holding and Debt Repayment Agency, (Japan), |  |  |  |
|  Series 37, 2.42%, 06/20/2028 | JPY | 100000 | 642 |
|  Series 75, 1.96%, 09/19/2031 | JPY | 100000 | 627 |
|  Japan Government Five Year Bond, (Japan), |  |  |  |
|  Series 1, 0.30%, 12/20/2028 | JPY | 445900 | 2724 |
|  Series 148, 0.01%, 06/20/2026 | JPY | 409750 | 2577 |
|  Series 151, 0.01%, 03/20/2027 | JPY | 2608000 | 16260 |
|  Series 152, 0.10%, 03/20/2027 | JPY | 3244700 | 20248 |
|  Series 153, 0.01%, 06/20/2027 | JPY | 4970450 | 30882 |
|  Series 154, 0.10%, 09/20/2027 | JPY | 4855000 | 30090 |
|  Series 155, 0.30%, 12/20/2027 | JPY | 3260550 | 20197 |
|  Series 156, 0.20%, 12/20/2027 | JPY | 2476550 | 15313 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 157, 0.20%, 03/20/2028 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;2958550 | 18227 |
|  Series 158, 0.10%, 03/20/2028 | JPY | 4656250 | 28629 |
|  Series 159, 0.10%, 06/20/2028 | JPY | 809100 | 4955 |
|  Series 160, 0.20%, 06/20/2028 | JPY | 1579900 | 9696 |
|  Series 161, 0.30%, 06/20/2028 | JPY | 1290000 | 7935 |
|  Series 162, 0.30%, 09/20/2028 | JPY | 1924950 | 11800 |
|  Series 163, 0.40%, 09/20/2028 | JPY | 984400 | 6049 |
|  Series 164, 0.20%, 12/20/2028 | JPY | 3606700 | 21966 |
|  Series 165, 0.30%, 12/20/2028 | JPY | 1890800 | 11549 |
|  Series 166, 0.40%, 12/20/2028 | JPY | 2139800 | 13105 |
|  Series 167, 0.40%, 03/20/2029 | JPY | 2435000 | 14859 |
|  Series 168, 0.60%, 03/20/2029 | JPY | 800000 | 4911 |
|  Series 170, 0.60%, 06/20/2029 | JPY | 1390400 | 8505 |
|  Series 171, 0.40%, 06/20/2029 | JPY | 2000000 | 12155 |
|  Series 172, 0.50%, 06/20/2029 | JPY | 1033250 | 6299 |
|  Series 174, 0.70%, 09/20/2029 | JPY | 450000 | 2751 |
|  Series 175, 0.90%, 12/20/2029 | JPY | 2000000 | 12272 |
|  Series 177, 1.10%, 12/20/2029 | JPY | 1853000 | 11453 |
|  Series 178, 1.00%, 03/20/2030 | JPY | 620000 | 3807 |
| Series 179, 1.00%, 06/20/2030 | JPY | 709600 | 4343 |
|  Japan Government Forty Year Bond, (Japan), |  |  |  |
|  Series 1, 2.40%, 03/20/2048 | JPY | 100000 | 531 |
|  Series 3, 2.20%, 03/20/2050 | JPY | 955350 | 4731 |
|  Series 6, 1.90%, 03/20/2053 | JPY | 650 | 3 |
|  Series 7, 1.70%, 03/20/2054 | JPY | 211750 | 880 |
|  Series 8, 1.40%, 03/20/2055 | JPY | 495250 | 1867 |
|  Series 9, 0.40%, 03/20/2056 | JPY | 3171650 | 8204 |
|  Series 10, 0.90%, 03/20/2057 | JPY | 548400 | 1703 |
|  Series 11, 0.80%, 03/20/2058 | JPY | 878650 | 2578 |
|  Series 12, 0.50%, 03/20/2059 | JPY | 2293900 | 5782 |
|  Series 13, 0.50%, 03/20/2060 | JPY | 2089350 | 5207 |
|  Series 14, 0.70%, 03/20/2061 | JPY | 1041550 | 2784 |
|  Series 15, 1.00%, 03/20/2062 | JPY | 1159000 | 3448 |
|  Series 16, 1.30%, 03/20/2063 | JPY | 1953750 | 6389 |
|  Series 17, 2.20%, 03/20/2064 | JPY | 1138950 | 4937 |
|  Series 18, 3.10%, 03/20/2065 | JPY | 361100 | 1973 |
|  Japan Government Ten Year Bond, (Japan), |  |  |  |
|  Series 1, 0.70%, 12/20/2033 | JPY | 3143150 | 17803 |
|  Series 2, 1.00%, 03/20/2034 | JPY | 1707350 | 9871 |
|  Series 347, 0.10%, 06/20/2027 | JPY | 4300000 | 26747 |
|  Series 348, 0.10%, 09/20/2027 | JPY | 320850 | 1989 |
|  Series 349, 0.10%, 12/20/2027 | JPY | 2634800 | 16265 |
|  Series 350, 0.10%, 03/20/2028 | JPY | 3753900 | 23081 |
|  Series 351, 0.10%, 06/20/2028 | JPY | 2159350 | 13225 |
|  Series 353, 0.10%, 12/20/2028 | JPY | 6724200 | 40846 |
|  Series 354, 0.10%, 03/20/2029 | JPY | 900000 | 5443 |
|  Series 356, 0.10%, 09/20/2029 | JPY | 5616650 | 33625 |
|  Series 357, 0.10%, 12/20/2029 | JPY | 2556550 | 15228 |
|  Series 358, 0.10%, 03/20/2030 | JPY | 4869700 | 28855 |
|  Series 359, 0.10%, 06/20/2030 | JPY | 8962200 | 52807 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 360, 0.10%, 09/20/2030 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;3321950 | 19470 |
|  Series 361, 0.10%, 12/20/2030 | JPY | 8092700 | 47173 |
|  Series 362, 0.10%, 03/20/2031 | JPY | 4331800 | 25113 |
|  Series 363, 0.10%, 06/20/2031 | JPY | 3264500 | 18816 |
|  Series 364, 0.10%, 09/20/2031 | JPY | 4651900 | 26654 |
|  Series 365, 0.10%, 12/20/2031 | JPY | 1833750 | 10446 |
|  Series 366, 0.20%, 03/20/2032 | JPY | 6937550 | 39531 |
|  Series 367, 0.20%, 06/20/2032 | JPY | 8129800 | 46035 |
|  Series 368, 0.20%, 09/20/2032 | JPY | 3803450 | 21411 |
| Series 369, 0.50%, 12/20/2032 | JPY | 1591000 | 9093 |
|  Series 370, 0.50%, 03/20/2033 | JPY | 5609700 | 31904 |
|  Series 371, 0.40%, 06/20/2033 | JPY | 4110000 | 23061 |
|  Series 372, 0.80%, 09/20/2033 | JPY | 1805150 | 10377 |
|  Series 373, 0.60%, 12/20/2033 | JPY | 3720600 | 20942 |
|  Series 374, 0.80%, 03/20/2034 | JPY | 3698700 | 21037 |
|  Series 375, 1.10%, 06/20/2034 | JPY | 2962800 | 17179 |
|  Series 376, 0.90%, 09/20/2034 | JPY | 3318150 | 18826 |
|  Series 377, 1.20%, 12/20/2034 | JPY | 5359350 | 31040 |
|  Series 378, 1.40%, 03/20/2035 | JPY | 3106900 | 18225 |
|  Series 379, 1.50%, 06/20/2035 | JPY | 2945600 | 17364 |
|  Series 380, 1.70%, 09/20/2035 | JPY | 254750 | 1523 |
|  Japan Government Thirty Year Bond, (Japan), |  |  |  |
|  Series 11, 1.70%, 06/20/2033 | JPY | 100000 | 616 |
|  Series 21, 2.30%, 12/20/2035 | JPY | 704850 | 4432 |
|  Series 22, 2.50%, 03/20/2036 | JPY | 116250 | 742 |
|  Series 24, 2.50%, 09/20/2036 | JPY | 46950 | 298 |
|  Series 33, 2.00%, 09/20/2040 | JPY | 333000 | 1884 |
|  Series 34, 2.20%, 03/20/2041 | JPY | 23000 | 132 |
|  Series 37, 1.90%, 09/20/2042 | JPY | 355250 | 1908 |
|  Series 40, 1.80%, 09/20/2043 | JPY | 651750 | 3380 |
|  Series 42, 1.70%, 03/20/2044 | JPY | 1650000 | 8334 |
|  Series 43, 1.70%, 06/20/2044 | JPY | 620200 | 3116 |
|  Series 44, 1.70%, 09/20/2044 | JPY | 764000 | 3821 |
|  Series 47, 1.60%, 06/20/2045 | JPY | 2799700 | 13535 |
|  Series 49, 1.40%, 12/20/2045 | JPY | 2264500 | 10417 |
|  Series 50, 0.80%, 03/20/2046 | JPY | 507100 | 2039 |
|  Series 51, 0.30%, 06/20/2046 | JPY | 4364750 | 15381 |
|  Series 52, 0.50%, 09/20/2046 | JPY | 363350 | 1335 |
|  Series 54, 0.80%, 03/20/2047 | JPY | 955400 | 3714 |
|  Series 57, 0.80%, 12/20/2047 | JPY | 219750 | 833 |
|  Series 58, 0.80%, 03/20/2048 | JPY | 1110150 | 4176 |
|  Series 59, 0.70%, 06/20/2048 | JPY | 1100000 | 3997 |
|  Series 60, 0.90%, 09/20/2048 | JPY | 492500 | 1872 |
|  Series 61, 0.70%, 12/20/2048 | JPY | 485650 | 1736 |
|  Series 62, 0.50%, 03/20/2049 | JPY | 1837100 | 6154 |
|  Series 63, 0.40%, 06/20/2049 | JPY | 1591800 | 5120 |
|  Series 64, 0.40%, 09/20/2049 | JPY | 2607550 | 8309 |
|  Series 65, 0.40%, 12/20/2049 | JPY | 2065750 | 6516 |
|  Series 66, 0.40%, 03/20/2050 | JPY | 2821450 | 8815 |
| Series 67, 0.60%, 06/20/2050 | JPY | 1931400 | 6361 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 68, 0.60%, 09/20/2050 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;1464000 | 4776 |
|  Series 69, 0.70%, 12/20/2050 | JPY | 972450 | 3241 |
|  Series 70, 0.70%, 03/20/2051 | JPY | 871500 | 2879 |
|  Series 71, 0.70%, 06/20/2051 | JPY | 592900 | 1940 |
|  Series 73, 0.70%, 12/20/2051 | JPY | 679550 | 2184 |
|  Series 74, 1.00%, 03/20/2052 | JPY | 709600 | 2490 |
|  Series 75, 1.30%, 06/20/2052 | JPY | 56000 | 213 |
|  Series 76, 1.40%, 09/20/2052 | JPY | 933000 | 3636 |
|  Series 77, 1.60%, 12/20/2052 | JPY | 925150 | 3789 |
|  Series 78, 1.40%, 03/20/2053 | JPY | 886000 | 3426 |
|  Series 79, 1.20%, 06/20/2053 | JPY | 1036300 | 3768 |
|  Series 80, 1.80%, 09/20/2053 | JPY | 700050 | 2989 |
|  Series 81, 1.60%, 12/20/2053 | JPY | 1036600 | 4189 |
|  Series 82, 1.80%, 03/20/2054 | JPY | 1115650 | 4739 |
|  Series 83, 2.20%, 06/20/2054 | JPY | 431000 | 2014 |
|  Series 84, 2.10%, 09/20/2054 | JPY | 1788450 | 8144 |
|  Series 85, 2.30%, 12/20/2054 | JPY | 962700 | 4586 |
|  Series 86, 2.40%, 03/20/2055 | JPY | 649150 | 3161 |
|  Series 87, 2.80%, 06/20/2055 | JPY | 1298400 | 6907 |
|  Series 88, 3.20%, 09/20/2055 | JPY | 208000 | 1200 |
|  Series 89, 3.40%, 12/20/2055 | JPY | 150000 | 900 |
|  Japan Government Twenty Year Bond, (Japan), |  |  |  |
|  Series 105, 2.10%, 09/20/2028 | JPY | 214950 | 1377 |
|  Series 117, 2.10%, 03/20/2030 | JPY | 1267800 | 8123 |
|  Series 118, 2.00%, 06/20/2030 | JPY | 2006800 | 12799 |
|  Series 121, 1.90%, 09/20/2030 | JPY | 2832550 | 17972 |
|  Series 122, 1.80%, 09/20/2030 | JPY | 924000 | 5838 |
|  Series 129, 1.80%, 06/20/2031 | JPY | 233450 | 1470 |
|  Series 131, 1.70%, 09/20/2031 | JPY | 1135600 | 7101 |
|  Series 140, 1.70%, 09/20/2032 | JPY | 163950 | 1017 |
|  Series 142, 1.80%, 12/20/2032 | JPY | 1010900 | 6297 |
|  Series 143, 1.60%, 03/20/2033 | JPY | 1004800 | 6166 |
|  Series 147, 1.60%, 12/20/2033 | JPY | 2100000 | 12763 |
|  Series 148, 1.50%, 03/20/2034 | JPY | 450250 | 2706 |
|  Series 149, 1.50%, 06/20/2034 | JPY | 498700 | 2987 |
|  Series 151, 1.20%, 12/20/2034 | JPY | 1265700 | 7334 |
|  Series 153, 1.30%, 06/20/2035 | JPY | 5464050 | 31661 |
|  Series 154, 1.20%, 09/20/2035 | JPY | 289150 | 1653 |
|  Series 155, 1.00%, 12/20/2035 | JPY | 1857350 | 10361 |
| Series 156, 0.40%, 03/20/2036 | JPY | 4118600 | 21462 |
|  Series 157, 0.20%, 06/20/2036 | JPY | 8268550 | 41805 |
|  Series 160, 0.70%, 03/20/2037 | JPY | 385550 | 2014 |
|  Series 161, 0.60%, 06/20/2037 | JPY | 2625000 | 13445 |
|  Series 162, 0.60%, 09/20/2037 | JPY | 119400 | 607 |
|  Series 163, 0.60%, 12/20/2037 | JPY | 754550 | 3805 |
|  Series 164, 0.50%, 03/20/2038 | JPY | 2237350 | 11048 |
|  Series 165, 0.50%, 06/20/2038 | JPY | 1673650 | 8195 |
|  Series 167, 0.50%, 12/20/2038 | JPY | 2482750 | 11960 |
|  Series 168, 0.40%, 03/20/2039 | JPY | 1785750 | 8409 |
|  Series 169, 0.30%, 06/20/2039 | JPY | 2784700 | 12805 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 170, 0.30%, 09/20/2039 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;1591150 | 7252 |
|  Series 171, 0.30%, 12/20/2039 | JPY | 4961700 | 22411 |
|  Series 172, 0.40%, 03/20/2040 | JPY | 2467150 | 11219 |
|  Series 173, 0.40%, 06/20/2040 | JPY | 3206400 | 14451 |
|  Series 174, 0.40%, 09/20/2040 | JPY | 2658750 | 11879 |
|  Series 175, 0.50%, 12/20/2040 | JPY | 2255050 | 10154 |
|  Series 176, 0.50%, 03/20/2041 | JPY | 2110750 | 9421 |
|  Series 177, 0.40%, 06/20/2041 | JPY | 2050400 | 8918 |
|  Series 178, 0.50%, 09/20/2041 | JPY | 1897850 | 8327 |
|  Series 179, 0.50%, 12/20/2041 | JPY | 2924700 | 12726 |
|  Series 180, 0.80%, 03/20/2042 | JPY | 1190000 | 5416 |
|  Series 181, 0.90%, 06/20/2042 | JPY | 483200 | 2220 |
|  Series 182, 1.10%, 09/20/2042 | JPY | 481400 | 2274 |
|  Series 183, 1.40%, 12/20/2042 | JPY | 491050 | 2423 |
|  Series 184, 1.10%, 03/20/2043 | JPY | 357000 | 1663 |
|  Series 185, 1.10%, 06/20/2043 | JPY | 1072150 | 4959 |
|  Series 186, 1.50%, 09/20/2043 | JPY | 733950 | 3620 |
|  Series 187, 1.30%, 12/20/2043 | JPY | 2016000 | 9550 |
|  Series 188, 1.60%, 03/20/2044 | JPY | 2420550 | 12020 |
|  Series 189, 1.90%, 06/20/2044 | JPY | 546350 | 2840 |
|  Series 190, 1.80%, 09/20/2044 | JPY | 2372750 | 12071 |
|  Series 191, 2.00%, 12/20/2044 | JPY | 1287150 | 6743 |
|  Series 192, 2.40%, 03/20/2045 | JPY | 799400 | 4452 |
|  Series 193, 2.50%, 06/20/2045 | JPY | 1151100 | 6493 |
|  Series 194, 2.70%, 09/20/2045 | JPY | 256150 | 1487 |
|  Series 195, 3.20%, 12/20/2045 | JPY | 190000 | 1186 |
|  Japan Government Two Year Bond, (Japan), |  |  |  |
|  Series 471, 0.90%, 04/01/2027 | JPY | 2500000 | 15720 |
|  Series 474, 0.70%, 07/01/2027 | JPY | 189400 | 1186 |
| Japan Housing Finance Agency, (Japan), Series 108, 1.43%, 06/18/2027 | JPY | 100000 | 631 |
|  Japan International Cooperation Agency, (Japan), Series 35, 0.08%, 06/19/2026 | JPY | 200000 | 1258 |
|  Japanese Government CPI Linked Bond, (Japan), Series 25, 0.20%, 03/10/2030 | JPY | 112012 | 724 |
|  Jersey International Bond, (Jersey), Reg. S, 3.75%, 06/09/2054 | GBP | 400 | 368 |
|  Kazakhstan Government International Bond, (Kazakhstan), |  |  |  |
|  Reg. S, 0.60%, 09/30/2026 | EUR | 10000 | 11420 |
|  Reg. S, 1.50%, 09/30/2034 | EUR | 400 | 377 |
|  Kingdom of Belgium Government Bond, (Belgium), |  |  |  |
|  Series 44, Reg. S, 5.00%, 03/28/2035 (e) | EUR | 7220 | 9321 |
|  Series 60, Reg. S, 4.25%, 03/28/2041 (e) | EUR | 8080 | 9649 |
|  Series 66, Reg. S, 4.00%, 03/28/2032 | EUR | 2602 | 3152 |
|  Series 71, Reg. S, 3.75%, 06/22/2045 | EUR | 3663 | 4022 |
|  Series 73, Reg. S, 3.00%, 06/22/2034 (e) | EUR | 4538 | 5105 |
|  Series 75, Reg. S, 1.00%, 06/22/2031 (e) | EUR | 5227 | 5450 |
|  Series 76, Reg. S, 1.90%, 06/22/2038 (e) | EUR | 3510 | 3310 |
|  Series 77, Reg. S, 1.00%, 06/22/2026 (e) | EUR | 2 | 2 |
|  Series 78, Reg. S, 1.60%, 06/22/2047 (e) | EUR | 4937 | 3645 |
|  Series 80, Reg. S, 2.15%, 06/22/2066 (e) | EUR | 3041 | 2121 |
|  Series 81, Reg. S, 0.80%, 06/22/2027 (e) | EUR | 5330 | 6026 |
|  Series 83, Reg. S, 2.25%, 06/22/2057 (e) | EUR | 2277 | 1703 |
|  Series 84, Reg. S, 1.45%, 06/22/2037 (e) | EUR | 2640 | 2426 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 85, Reg. S, 0.80%, 06/22/2028 (e) | EUR | 11982 | 13274 |
|  Series 86, Reg. S, 1.25%, 04/22/2033 (e) | EUR | 5424 | 5503 |
|  Series 87, Reg. S, 0.90%, 06/22/2029 (e) | EUR | 7684 | 8357 |
|  Series 88, Reg. S, 1.70%, 06/22/2050 (e) | EUR | 5126 | 3668 |
|  Series 89, Reg. S, 0.10%, 06/22/2030 (e) | EUR | 5261 | 5402 |
|  Series 90, Reg. S, 0.40%, 06/22/2040 (e) | EUR | 3385 | 2415 |
|  Series 91, Reg. S, 0.00%, 10/22/2027 (e) | EUR | 8976 | 9954 |
|  Series 92, Reg. S, 0.00%, 10/22/2031 (e) | EUR | 3367 | 3286 |
|  Series 93, Reg. S, 0.65%, 06/22/2071 (e) | EUR | 3048 | 1120 |
|  Series 94, Reg. S, 0.35%, 06/22/2032 (e) | EUR | 7160 | 6973 |
|  Series 95, Reg. S, 1.40%, 06/22/2053 (e) | EUR | 4205 | 2617 |
|  Series 96, Reg. S, 2.75%, 04/22/2039 (e) | EUR | 3430 | 3530 |
|  Series 97, Reg. S, 3.00%, 06/22/2033 (e) | EUR | 6650 | 7554 |
|  Series 98, Reg. S, 3.30%, 06/22/2054 (e) | EUR | 4400 | 4247 |
|  Series 99, Reg. S, 3.45%, 06/22/2043 (e) | EUR | 949 | 1011 |
|  Series 100, Reg. S, 2.85%, 10/22/2034 (e) | EUR | 7560 | 8368 |
|  Series 101, Reg. S, 3.50%, 06/22/2055 (e) | EUR | 3990 | 3967 |
|  Series 102, Reg. S, 2.70%, 10/22/2029 (e) | EUR | 4200 | 4824 |
|  Series 103, Reg. S, 3.10%, 06/22/2035 (e) | EUR | 6400 | 7160 |
| Series 104, Reg. S, 3.45%, 06/22/2042 (e) | EUR | 1460 | 1570 |
|  Series 105, Reg. S, 2.60%, 10/22/2030 (e) | EUR | 4120 | 4680 |
|  Series 106, Reg. S, 3.40%, 06/22/2036 (e) | EUR | 4490 | 5092 |
|  Series 107, Reg. S, 4.35%, 06/22/2056 (e) | EUR | 1290 | 1487 |
|  Kommunalbanken A/S, (Norway), |  |  |  |
|  Reg. S, 0.05%, 10/24/2029 | EUR | 1500 | 1562 |
|  Reg. S, 0.88%, 05/24/2027 | EUR | 500 | 566 |
|  Korea Housing Finance Corp., (South Korea), |  |  |  |
|  Reg. S, 0.26%, 10/27/2028 | EUR | 1900 | 2045 |
|  Reg. S, 2.74%, 03/05/2030 | EUR | 100 | 114 |
|  Reg. S, 3.71%, 04/11/2027 | EUR | 100 | 116 |
|  Korea Land & Housing Corp., (South Korea), Reg. S, 2.47%, 06/23/2028 |  | 1000 | 956 |
|  Korea Treasury Bond, (South Korea), |  |  |  |
|  Series 2703, 2.63%, 03/10/2027 | KRW | &nbsp;&nbsp;&nbsp;&nbsp;19300000 | 12548 |
|  Series 2706, 2.13%, 06/10/2027 | KRW | 9300000 | 5994 |
|  Series 2706, 3.25%, 06/10/2027 | KRW | 4000000 | 2612 |
|  Series 2712, 2.88%, 12/10/2027 | KRW | 5700000 | 3690 |
|  Series 2803, 3.25%, 03/10/2028 | KRW | 5440810 | 3537 |
|  Series 2806, 2.25%, 06/10/2028 | KRW | 18000000 | 11442 |
|  Series 2806, 2.63%, 06/10/2028 | KRW | 13179330 | 8445 |
|  Series 2809, 3.50%, 09/10/2028 | KRW | 8153550 | 5319 |
|  Series 2903, 3.25%, 03/10/2029 | KRW | 9700000 | 6271 |
|  Series 2909, 3.00%, 09/10/2029 | KRW | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | 6387 |
|  Series 2912, 1.38%, 12/10/2029 | KRW | 5000000 | 3003 |
|  Series 3003, 2.63%, 03/10/2030 | KRW | 6000000 | 3756 |
|  Series 3006, 1.38%, 06/10/2030 | KRW | 11707090 | 6937 |
|  Series 3009, 2.50%, 09/10/2030 | KRW | 18419200 | 11392 |
|  Series 3012, 1.50%, 12/10/2030 | KRW | 4710160 | 2770 |
|  Series 3106, 2.00%, 06/10/2031 | KRW | 6134740 | 3662 |
|  Series 3112, 2.38%, 12/10/2031 | KRW | 7660920 | 4631 |
|  Series 3206, 3.38%, 06/10/2032 | KRW | 8676480 | 5519 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 3212, 4.25%, 12/10/2032 | KRW | 1100000 | 735 |
|  Series 3306, 3.25%, 06/10/2033 | KRW | 6160000 | 3864 |
|  Series 3312, 4.13%, 12/10/2033 | KRW | 6283320 | 4161 |
|  Series 3406, 3.50%, 06/10/2034 | KRW | 6536490 | 4142 |
|  Series 3412, 3.00%, 12/10/2034 | KRW | 9636800 | 5865 |
|  Series 3506, 2.63%, 06/10/2035 | KRW | 5816950 | 3418 |
|  Series 3509, 2.63%, 09/10/2035 | KRW | 2028750 | 1190 |
|  Series 3512, 3.25%, 12/10/2035 | KRW | 6112950 | 3788 |
|  Series 3709, 2.25%, 09/10/2037 | KRW | 3000000 | 1665 |
| Series 3809, 2.38%, 09/10/2038 | KRW | 1406080 | 782 |
|  Series 4009, 1.50%, 09/10/2040 | KRW | 3474140 | 1659 |
|  Series 4109, 1.88%, 09/10/2041 | KRW | 2115790 | 1051 |
|  Series 4209, 3.25%, 09/10/2042 | KRW | 2355460 | 1407 |
|  Series 4212, 3.00%, 12/10/2042 | KRW | 70000 | 40 |
|  Series 4309, 3.88%, 09/10/2043 | KRW | 11992270 | 7745 |
|  Series 4409, 2.88%, 09/10/2044 | KRW | 10521210 | 5898 |
|  Series 4509, 2.75%, 09/10/2045 | KRW | 8746060 | 4821 |
|  Series 4803, 2.63%, 03/10/2048 | KRW | 6000000 | 3168 |
|  Series 4903, 2.00%, 03/10/2049 | KRW | 9649550 | 4477 |
|  Series 5003, 1.50%, 03/10/2050 | KRW | 14429450 | 5910 |
|  Series 5103, 1.88%, 03/10/2051 | KRW | 24395930 | 10817 |
|  Series 5203, 2.50%, 03/10/2052 | KRW | 4427100 | 2235 |
|  Series 5303, 3.25%, 03/10/2053 | KRW | 5101170 | 2985 |
|  Series 5309, 3.63%, 09/10/2053 | KRW | 3979440 | 2484 |
|  Series 5403, 3.25%, 03/10/2054 | KRW | 13164020 | 7715 |
|  Series 5409, 2.75%, 09/10/2054 | KRW | 4506000 | 2388 |
|  Series 5503, 2.63%, 03/10/2055 | KRW | 16249740 | 8405 |
|  Series 5509, 2.63%, 09/10/2055 | KRW | &nbsp;&nbsp;&nbsp;&nbsp;10670310 | 5475 |
|  Series 5603, 3.50%, 03/10/2056 | KRW | 4000000 | 2472 |
|  Series 6609, 1.50%, 09/10/2066 | KRW | 1261010 | 436 |
|  Series 6809, 2.00%, 09/10/2068 | KRW | 2310000 | 947 |
|  Series 7009, 1.63%, 09/10/2070 | KRW | 1207190 | 428 |
|  Series 7209, 3.50%, 09/10/2072 | KRW | 1437770 | 894 |
|  Series 7409, 2.75%, 09/10/2074 | KRW | 6543590 | 3364 |
|  Kuwait International Government Bond, (Kuwait), Reg. S, 4.02%, 10/09/2028 |  | 1500 | 1477 |
|  Latvia Government International Bond, (Latvia), |  |  |  |
|  Reg. S, 0.00%, 03/17/2031 | EUR | 100 | 99 |
|  Reg. S, 0.25%, 01/23/2030 | EUR | 1000 | 1038 |
|  Reg. S, 1.13%, 05/30/2028 | EUR | 390 | 433 |
|  Reg. S, 1.38%, 05/16/2036 | EUR | 610 | 561 |
|  Reg. S, 1.88%, 02/19/2049 | EUR | 540 | 410 |
|  Reg. S, 2.88%, 05/21/2030 | EUR | 1260 | 1436 |
|  Reg. S, 3.50%, 01/17/2028 | EUR | 650 | 757 |
|  Reg. S, 3.50%, 10/02/2035 | EUR | 1020 | 1145 |
|  Reg. S, 3.88%, 05/22/2029 | EUR | 1020 | 1205 |
|  LCR Finance plc, (United Kingdom), |  |  |  |
|  Reg. S, 4.50%, 12/07/2028 | GBP | 400 | 528 |
|  Reg. S, 4.50%, 12/07/2038 | GBP | 110 | 135 |
|  5.10%, 03/07/2051 | GBP | 350 | 426 |
| Lithuania Government International Bond, (Lithuania), |  |  |  |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Reg. S, 0.50%, 07/28/2050 | EUR | 560 | 276 |
|  Reg. S, 0.75%, 05/06/2030 | EUR | 440 | 461 |
|  Reg. S, 0.95%, 05/26/2027 | EUR | 500 | 565 |
|  Reg. S, 2.13%, 06/01/2032 | EUR | 1010 | 1078 |
|  Reg. S, 3.50%, 07/03/2031 | EUR | 1500 | 1742 |
|  Reg. S, 3.50%, 02/13/2034 | EUR | 1540 | 1750 |
|  Reg. S, 3.63%, 01/28/2040 | EUR | 880 | 955 |
|  Reg. S, 3.88%, 06/14/2033 | EUR | 800 | 937 |
|  Reg. S, 4.25%, 09/10/2045 | EUR | 690 | 777 |
|  Malaysia Government Bond, (Malaysia), |  |  |  |
|  Series 120, 4.07%, 06/15/2050 | MYR | 11760 | 2887 |
|  Series 122, 3.58%, 07/15/2032 | MYR | 14190 | 3510 |
|  Series 123, 4.46%, 03/31/2053 | MYR | 14390 | 3734 |
|  Series 124, 4.05%, 04/18/2039 | MYR | 17970 | 4499 |
|  Series 216, 4.74%, 03/15/2046 | MYR | 3340 | 904 |
|  Series 219, 3.89%, 08/15/2029 | MYR | 11100 | 2788 |
|  Series 220, 2.63%, 04/15/2031 | MYR | 45710 | 10859 |
|  Series 222, 4.70%, 10/15/2042 | MYR | 8700 | 2334 |
|  Series 223, 3.52%, 04/20/2028 | MYR | 18490 | 4593 |
|  Series 224, 4.18%, 05/16/2044 | MYR | 8410 | 2119 |
|  Series 225, 3.48%, 07/02/2035 | MYR | 14670 | 3572 |
|  Series 316, 3.90%, 11/30/2026 | MYR | 17500 | 4346 |
|  Series 318, 4.64%, 11/07/2033 | MYR | 10200 | 2682 |
|  Series 322, 4.50%, 04/30/2029 | MYR | 10000 | 2556 |
|  Series 325, 3.92%, 07/15/2055 | MYR | 7210 | 1716 |
|  Series 415, 4.25%, 05/31/2035 | MYR | 5790 | 1496 |
|  Series 417, 3.90%, 11/16/2027 | MYR | 3500 | 875 |
|  Series 418, 4.89%, 06/08/2038 | MYR | 8100 | 2212 |
|  Series 419, 3.83%, 07/05/2034 | MYR | 12000 | 2993 |
|  Series 518, 4.92%, 07/06/2048 | MYR | 4000 | 1108 |
|  Series 519, 3.76%, 05/22/2040 | MYR | 7650 | 1861 |
|  Malaysia Government Investment Issue, (Malaysia), |  |  |  |
|  Series 119, 4.13%, 07/09/2029 | MYR | 5810 | 1471 |
|  Series 120, 3.42%, 09/30/2027 | MYR | 3270 | 810 |
|  Series 121, 3.45%, 07/15/2036 | MYR | 5000 | 1205 |
|  Series 122, 4.19%, 10/07/2032 | MYR | 2140 | 548 |
|  Series 124, 4.28%, 03/23/2054 | MYR | 10000 | 2534 |
|  Series 218, 4.37%, 10/31/2028 | MYR | 19000 | 4820 |
|  Series 219, 4.47%, 09/15/2039 | MYR | 11620 | 3041 |
| Series 222, 5.36%, 05/15/2052 | MYR | 4520 | 1338 |
|  Series 223, 4.29%, 08/14/2043 | MYR | 22150 | 5680 |
|  Series 224, 3.80%, 10/08/2031 | MYR | 5000 | 1256 |
|  Series 225, 3.64%, 08/30/2030 | MYR | 3080 | 768 |
|  Series 325, 3.61%, 04/30/2035 | MYR | 21000 | 5172 |
|  Series 417, 4.90%, 05/08/2047 | MYR | 271 | 75 |
|  Series 425, 3.78%, 05/31/2045 | MYR | 1580 | 379 |
|  Series 617, 4.72%, 06/15/2033 | MYR | 505 | 134 |
|  Series 619, 4.12%, 11/30/2034 | MYR | 16830 | 4292 |
|  Metropolitano de Lisboa EPE, (Portugal), 4.80%, 12/07/2027 | EUR | 1000 | 1188 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Mexican Bonos, (Mexico), |  |  |  |
|  Series M, 7.50%, 06/03/2027 | MXN | 17000 | 949 |
|  Series M, 7.75%, 05/29/2031 | MXN | 12000 | 638 |
|  Series M, 7.75%, 11/13/2042 | MXN | 2000 | 93 |
|  Series M, 8.00%, 11/07/2047 | MXN | 5000 | 233 |
|  Series M, 8.00%, 07/31/2053 | MXN | 5400 | 249 |
|  Series M, 8.50%, 05/31/2029 | MXN | 1000 | 56 |
|  Series M, 8.50%, 11/18/2038 | MXN | 2000 | 102 |
|  Series M, 10.00%, 11/20/2036 | MXN | 3000 | 175 |
|  Mexico Government International Bond, (Mexico), |  |  |  |
|  1.13%, 01/17/2030 | EUR | 1200 | 1241 |
|  1.75%, 04/17/2028 | EUR | 2000 | 2214 |
|  3.00%, 03/06/2045 | EUR | 825 | 679 |
|  4.49%, 05/25/2032 | EUR | 4900 | 5633 |
|  Reg. S, 5.63%, 03/19/2114 | GBP | 800 | 758 |
|  5.75%, 10/12/2110 |  | 80 | 65 |
|  6.13%, 02/09/2038 |  | 1680 | 1637 |
|  7.38%, 05/13/2055 |  | 200 | 210 |
|  Netherlands Government Bond, (Netherlands), |  |  |  |
|  Reg. S, 0.00%, 01/15/2029 (e) | EUR | 5590 | 6001 |
|  Reg. S, 0.00%, 07/15/2030 (e) | EUR | 9004 | 9259 |
|  Reg. S, 0.00%, 07/15/2031 (e) | EUR | 5887 | 5868 |
|  Reg. S, 0.00%, 01/15/2038 (e) | EUR | 7747 | 6117 |
|  Reg. S, 0.00%, 01/15/2052 (e) | EUR | 7309 | 3518 |
|  Reg. S, 0.25%, 07/15/2029 (e) | EUR | 5649 | 6029 |
|  Reg. S, 0.50%, 07/15/2032 (e) | EUR | 4940 | 4928 |
|  Reg. S, 0.50%, 01/15/2040 (e) | EUR | 5710 | 4553 |
|  Reg. S, 0.75%, 07/15/2027 (e) | EUR | 8923 | 10073 |
|  Reg. S, 0.75%, 07/15/2028 (e) | EUR | 5020 | 5558 |
|  Reg. S, 2.00%, 01/15/2054 (e) | EUR | 8135 | 6954 |
| Reg. S, 2.50%, 01/15/2030 (e) | EUR | 5720 | 6553 |
|  Reg. S, 2.50%, 01/15/2033 (e) | EUR | 5688 | 6399 |
|  Reg. S, 2.50%, 07/15/2033 (e) | EUR | 4529 | 5072 |
|  Reg. S, 2.50%, 07/15/2034 (e) | EUR | 4050 | 4497 |
|  Reg. S, 2.50%, 07/15/2035 (e) | EUR | 6370 | 7013 |
|  Reg. S, 2.75%, 01/15/2047 (e) | EUR | 7127 | 7374 |
|  Reg. S, 3.25%, 01/15/2044 (e) | EUR | 5030 | 5680 |
|  Reg. S, 3.50%, 01/15/2056 (e) | EUR | 2310 | 2674 |
|  Reg. S, 3.75%, 01/15/2042 (e) | EUR | 9152 | 11018 |
|  Reg. S, 4.00%, 01/15/2037 (e) | EUR | 3984 | 4937 |
|  Reg. S, 5.50%, 01/15/2028 (e) | EUR | 1366 | 1657 |
|  New Zealand Government Bond, (New Zealand), |  |  |  |
|  Series 427, Reg. S, 4.50%, 04/15/2027 | NZD | 2740 | 1598 |
|  Series 429, 3.00%, 04/20/2029 | NZD | 10070 | 5647 |
|  Series 433, Reg. S, 3.50%, 04/14/2033 | NZD | 4560 | 2468 |
|  Series 437, Reg. S, 2.75%, 04/15/2037 | NZD | 1030 | 487 |
|  Series 528, 0.25%, 05/15/2028 | NZD | 4180 | 2241 |
|  Series 530, 4.50%, 05/15/2030 | NZD | 3810 | 2225 |
|  Series 531, 1.50%, 05/15/2031 | NZD | 9170 | 4607 |
|  Series 532, 2.00%, 05/15/2032 | NZD | 5320 | 2669 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 534, 4.25%, 05/15/2034 | NZD | 4970 | 2796 |
|  Series 535, 4.50%, 05/15/2035 | NZD | 4420 | 2511 |
|  Series 536, 4.25%, 05/15/2036 | NZD | 5370 | 2965 |
|  Series 541, 1.75%, 05/15/2041 | NZD | 3000 | 1118 |
|  Series 551, 2.75%, 05/15/2051 | NZD | 2290 | 847 |
|  Series 554, 5.00%, 05/15/2054 | NZD | 1230 | 671 |
|  Norway Government Bond, (Norway), |  |  |  |
|  Series 480, Reg. S, 2.00%, 04/26/2028 (e) | NOK | 16060 | 1580 |
|  Series 481, Reg. S, 1.75%, 09/06/2029 (e) | NOK | 27410 | 2593 |
|  Series 482, Reg. S, 1.38%, 08/19/2030 (e) | NOK | 27590 | 2511 |
|  Series 483, Reg. S, 1.25%, 09/17/2031 (e) | NOK | 18344 | 1613 |
|  Series 484, Reg. S, 2.13%, 05/18/2032 (e) | NOK | 23187 | 2113 |
|  Series 485, Reg. S, 3.50%, 10/06/2042 (e) | NOK | 3780 | 351 |
|  Series 486, Reg. S, 3.00%, 08/15/2033 (e) | NOK | 21140 | 2002 |
|  Series 487, Reg. S, 3.63%, 04/13/2034 (e) | NOK | 22100 | 2174 |
|  Series 488, Reg. S, 3.63%, 05/31/2039 (e) | NOK | 13330 | 1275 |
|  Series 489, Reg. S, 3.75%, 06/12/2035 (e) | NOK | 26510 | 2616 |
|  Series 490, Reg. S, 4.13%, 06/03/2036 (e) | NOK | 5920 | 599 |
|  Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 40 | 36 |
|  Panama Government International Bond, (Panama), 6.70%, 01/26/2036 |  | 100 | 105 |
| Peru Government Bond, (Peru), |  |  |  |
|  Reg. S, 6.85%, 08/12/2035 (e) | PEN | 700 | 205 |
|  Reg. S, 7.60%, 08/12/2039 (e) | PEN | 1000 | 297 |
|  Perusahaan Penerbit SBSN Indonesia, (Indonesia), |  |  |  |
|  6.38%, 03/15/2034 | IDR | 5000000 | 298 |
|  6.88%, 03/15/2036 | IDR | 22468000 | 1335 |
|  6.88%, 12/15/2049 | IDR | 66436000 | 3968 |
|  Peruvian Government International Bond, (Peru), |  |  |  |
|  1.25%, 03/11/2033 | EUR | 2000 | 1915 |
|  Reg. S, 1.95%, 11/17/2036 | EUR | 1000 | 918 |
|  2.78%, 01/23/2031 |  | 110 | 100 |
|  3.00%, 01/15/2034 |  | 60 | 51 |
|  3.23%, 07/28/2121 |  | 5 | 3 |
|  3.55%, 03/10/2051 |  | 5 | 3 |
|  6.20%, 06/30/2055 |  | 20 | 20 |
|  Philippine Government International Bond, (Philippines), |  |  |  |
|  1.75%, 04/28/2041 | EUR | 1000 | 775 |
|  5.25%, 05/14/2034 |  | 200 | 201 |
|  Portugal Obrigacoes do Tesouro OT, (Portugal), |  |  |  |
|  Series 8Y, Reg. S, 0.70%, 10/15/2027 (e) | EUR | 2825 | 3169 |
|  Series 10Y, Reg. S, 1.65%, 07/16/2032 (e) | EUR | 2780 | 2962 |
|  Series 10Y, Reg. S, 1.95%, 06/15/2029 (e) | EUR | 5373 | 6066 |
|  Series 10Y, Reg. S, 3.00%, 06/15/2035 (e) | EUR | 2790 | 3137 |
|  Series 10Y, Reg. S, 3.25%, 06/13/2036 (e) | EUR | 2640 | 2998 |
|  Series 10Y, Reg. S, 4.13%, 04/14/2027 (e) | EUR | 1480 | 1737 |
|  Series 11Y, Reg. S, 0.30%, 10/17/2031 (e) | EUR | 4762 | 4771 |
|  Series 11Y, Reg. S, 0.48%, 10/18/2030 (e) | EUR | 4602 | 4792 |
|  Series 11Y, Reg. S, 2.13%, 10/17/2028 (e) | EUR | 6507 | 7416 |
|  Series 11Y, Reg. S, 2.88%, 10/20/2034 (e) | EUR | 1570 | 1760 |
|  Series 15Y, Reg. S, 0.90%, 10/12/2035 (e) | EUR | 3221 | 2981 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 15Y, Reg. S, 2.25%, 04/18/2034 (e) | EUR | 5226 | 5618 |
|  Series 15Y, Reg. S, 3.38%, 06/15/2040 (e) | EUR | 1020 | 1131 |
|  Series 15Y, Reg. S, 3.50%, 06/18/2038 (e) | EUR | 1990 | 2276 |
|  Series 15Y, Reg. S, 3.88%, 02/15/2030 (e) | EUR | 1020 | 1226 |
|  Series 20Y, Reg. S, 1.15%, 04/11/2042 (e) | EUR | 3905 | 3086 |
|  Series 30Y, Reg. S, 3.63%, 06/12/2054 (e) | EUR | 1970 | 2123 |
|  Series 30Y, Reg. S, 4.10%, 02/15/2045 (e) | EUR | 2940 | 3490 |
|  Series 31Y, Reg. S, 1.00%, 04/12/2052 (e) | EUR | 2560 | 1547 |
|  Series 31Y, Reg. S, 4.10%, 04/15/2037 (e) | EUR | 837 | 1020 |
|  Republic of Austria Government Bond, (Austria), |  |  |  |
| Reg. S, 0.00%, 10/20/2028 (e) | EUR | 3940 | 4250 |
|  Reg. S, 0.00%, 02/20/2030 (e) | EUR | 4488 | 4652 |
|  Reg. S, 0.00%, 02/20/2031 (e) | EUR | 6414 | 6439 |
|  Reg. S, 0.00%, 10/20/2040 (e) | EUR | 2200 | 1517 |
|  Reg. S, 0.25%, 10/20/2036 (e) | EUR | 6030 | 5056 |
|  Reg. S, 0.50%, 04/20/2027 (e) | EUR | 6550 | 7407 |
|  Reg. S, 0.50%, 02/20/2029 (e) | EUR | 7459 | 8086 |
|  Reg. S, 0.70%, 04/20/2071 (e) | EUR | 3371 | 1391 |
|  Reg. S, 0.75%, 02/20/2028 (e) | EUR | 4340 | 4840 |
|  Reg. S, 0.75%, 03/20/2051 (e) | EUR | 4672 | 2783 |
|  Reg. S, 0.85%, 06/30/2120 (e) | EUR | 1010 | 363 |
|  Reg. S, 0.90%, 02/20/2032 (e) | EUR | 6110 | 6267 |
|  Reg. S, 1.50%, 02/20/2047 (e) | EUR | 3935 | 3089 |
|  Reg. S, 1.50%, 11/02/2086 (e) | EUR | 1170 | 650 |
|  Reg. S, 1.85%, 05/23/2049 (e) | EUR | 2790 | 2287 |
|  Reg. S, 2.10%, 09/20/2117 (e) | EUR | 1656 | 1138 |
|  Reg. S, 2.40%, 05/23/2034 (e) | EUR | 2173 | 2372 |
|  Reg. S, 2.50%, 10/20/2029 (e) | EUR | 740 | 846 |
|  Reg. S, 2.90%, 05/23/2029 (e) | EUR | 3770 | 4375 |
|  Reg. S, 2.90%, 02/20/2033 (e) | EUR | 7850 | 8964 |
|  Reg. S, 2.90%, 02/20/2034 (e) | EUR | 4410 | 5005 |
|  Reg. S, 2.95%, 02/20/2035 (e) | EUR | 5470 | 6181 |
|  Reg. S, 3.15%, 06/20/2044 (e) | EUR | 3928 | 4224 |
|  Reg. S, 3.15%, 10/20/2053 (e) | EUR | 4090 | 4213 |
|  Reg. S, 3.20%, 02/20/2036 (e) | EUR | 3490 | 3993 |
|  Reg. S, 3.20%, 07/15/2039 (e) | EUR | 4240 | 4731 |
|  Reg. S, 3.45%, 10/20/2030 (e) | EUR | 4480 | 5299 |
|  Reg. S, 3.80%, 01/26/2062 (e) | EUR | 2010 | 2324 |
|  Reg. S, 4.15%, 03/15/2037 (e) | EUR | 3705 | 4579 |
|  Reg. S, 6.25%, 07/15/2027 | EUR | 783 | 945 |
|  Republic of Austria Government International Bond, (Austria), Series 30Y, Reg. S, 5.38%, 12/01/2034 (e) | CAD | 200 | 157 |
|  Republic of Italy Government International Bond, (Italy), |  |  |  |
|  Reg. S, (ICE EURIBOR Swap Rate 30 Year + 0.00%), 4.25%, 06/28/2029 (aa) | EUR | 1000 | 1186 |
|  5.20%, 07/31/2034 | EUR | 200 | 250 |
|  Reg. S, 6.00%, 08/04/2028 | GBP | 1050 | 1418 |
|  Series 10Y, 2.88%, 10/17/2029 |  | 200 | 191 |
|  Series 30Y, 3.88%, 05/06/2051 |  | 2800 | 2048 |
|  Republic of Poland Government Bond, (Poland), |  |  |  |
|  Series 128, Zero Coupon, 01/25/2028 | PLN | 7270 | 1809 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 428, 2.75%, 04/25/2028 | PLN | 28410 | 7388 |
| Series 429, 5.75%, 04/25/2029 | PLN | 4630 | 1277 |
|  Series 432, 1.75%, 04/25/2032 | PLN | 46103 | 10097 |
|  Series 447, 4.00%, 04/25/2047 | PLN | 3993 | 815 |
|  Series 727, 2.50%, 07/25/2027 | PLN | 33770 | 8907 |
|  Series 728, 7.50%, 07/25/2028 | PLN | 14080 | 4022 |
|  Series 729, 4.75%, 07/25/2029 | PLN | 27930 | 7479 |
|  Series 730, 4.50%, 07/25/2030 | PLN | 24990 | 6556 |
|  Series 1029, 2.75%, 10/25/2029 | PLN | 15653 | 3917 |
|  Series 1030, 1.25%, 10/25/2030 | PLN | 70103 | 15904 |
|  Series 1033, 6.00%, 10/25/2033 | PLN | 11670 | 3211 |
|  Series 1034, 5.00%, 10/25/2034 | PLN | 16180 | 4145 |
|  Series 1035, 5.00%, 10/25/2035 | PLN | 19990 | 5041 |
|  Republic of Poland Government International Bond, (Poland), |  |  |  |
|  Reg. S, 0.88%, 05/10/2027 | EUR | 1900 | 2152 |
|  Reg. S, 2.00%, 03/08/2049 | EUR | 53 | 41 |
|  Reg. S, 2.75%, 05/25/2032 | EUR | 3000 | 3324 |
|  Series 30Y, 5.50%, 03/18/2054 |  | 50 | 46 |
|  Romania Government Bond, (Romania), |  |  |  |
|  Series 2Y, 7.40%, 04/28/2027 | RON | 12380 | 2825 |
|  Series 4Y, 7.20%, 05/31/2027 | RON | 4070 | 928 |
|  Series 5Y, 4.25%, 04/28/2036 | RON | 1215 | 219 |
|  Series 5Y, 6.30%, 04/25/2029 | RON | 8160 | 1818 |
|  Series 6Y, 7.65%, 07/27/2031 | RON | 6420 | 1484 |
|  Series 6Y, 8.75%, 10/30/2028 | RON | 5850 | 1386 |
|  Series 7Y, 2.50%, 10/25/2027 | RON | 6350 | 1354 |
|  Series 7Y, 8.00%, 04/29/2030 | RON | 8510 | 1992 |
|  Series 8Y, 4.15%, 01/26/2028 | RON | 1930 | 419 |
|  Series 8Y, 4.85%, 07/25/2029 | RON | 17450 | 3719 |
|  Series 8Y, 7.35%, 04/28/2031 | RON | 9030 | 2065 |
|  Series 8Y, 7.50%, 07/27/2033 | RON | 6155 | 1411 |
|  Series 10YR, 4.15%, 10/24/2030 | RON | 6005 | 1211 |
|  Series 10Y, 6.70%, 02/25/2032 | RON | 8530 | 1880 |
|  Series 10Y, 8.25%, 09/29/2032 | RON | 8080 | 1920 |
|  Series 11Y, 6.75%, 04/25/2035 | RON | 4610 | 1017 |
|  Series 11Y, 7.10%, 07/31/2034 | RON | 6060 | 1360 |
|  Series 15Y, 4.75%, 10/11/2034 | RON | 5340 | 1023 |
|  Series 15Y, 7.25%, 07/30/2040 | RON | 4250 | 972 |
|  Series 15Y, 7.90%, 02/24/2038 | RON | 3710 | 888 |
|  Romanian Government International Bond, (Romania), |  |  |  |
|  Reg. S, 1.38%, 12/02/2029 | EUR | 2000 | 2073 |
| Reg. S, 1.75%, 07/13/2030 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;1000 | 1020 |
|  Reg. S, 2.00%, 04/14/2033 | EUR | 1500 | 1364 |
|  Reg. S, 2.63%, 12/02/2040 | EUR | 1000 | 724 |
|  Reg. S, 2.75%, 04/14/2041 | EUR | 800 | 578 |
|  Reg. S, 2.88%, 05/26/2028 | EUR | 5000 | 5655 |
|  Reg. S, 2.88%, 04/13/2042 | EUR | 1000 | 722 |
|  Reg. S, 3.38%, 02/08/2038 | EUR | 1425 | 1234 |
|  Reg. S, 3.62%, 05/26/2030 | EUR | 1875 | 2073 |
|  Reg. S, 5.00%, 09/27/2026 | EUR | 1000 | 1164 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Reg. S, 6.63%, 09/27/2029 | EUR | 2000 | 2465 |
|  Saudi Government International Bond, (Saudi Arabia), |  |  |  |
|  Reg. S, 2.00%, 07/09/2039 | EUR | 1200 | 1040 |
|  5.75%, 01/16/2054 (e) |  | 2645 | 2493 |
|  SFIL SA, (France), |  |  |  |
|  Reg. S, 0.00%, 11/23/2028 | EUR | 200 | 213 |
|  Reg. S, 0.05%, 06/04/2029 | EUR | 1300 | 1365 |
|  Reg. S, 1.50%, 03/05/2032 | EUR | 900 | 931 |
|  Reg. S, 2.88%, 01/18/2028 | EUR | 600 | 692 |
|  Reg. S, 2.88%, 01/22/2031 | EUR | 400 | 453 |
|  Reg. S, 3.00%, 09/24/2030 | EUR | 1800 | 2057 |
|  Reg. S, 3.00%, 05/23/2031 | EUR | 500 | 569 |
|  Reg. S, 3.00%, 06/23/2032 | EUR | 700 | 785 |
|  Reg. S, 3.25%, 11/25/2030 | EUR | 200 | 231 |
|  Reg. S, 3.25%, 10/05/2032 | EUR | 200 | 227 |
|  Singapore Government Bond, (Singapore), |  |  |  |
|  1.63%, 07/01/2031 | SGD | 5790 | 4411 |
|  1.88%, 03/01/2050 | SGD | 1743 | 1234 |
|  1.88%, 10/01/2051 | SGD | 2370 | 1668 |
|  2.25%, 07/01/2040 | SGD | 2290 | 1756 |
|  2.38%, 07/01/2039 | SGD | 4960 | 3864 |
|  2.50%, 04/01/2030 | SGD | 6220 | 4952 |
|  2.63%, 05/01/2028 | SGD | 1960 | 1556 |
|  2.63%, 08/01/2032 | SGD | 3020 | 2418 |
|  2.75%, 03/01/2035 | SGD | 5430 | 4388 |
|  2.75%, 04/01/2042 | SGD | 850 | 696 |
|  2.75%, 03/01/2046 | SGD | 3360 | 2764 |
|  2.88%, 09/01/2027 | SGD | 1230 | 974 |
|  2.88%, 08/01/2028 | SGD | 2240 | 1790 |
|  2.88%, 07/01/2029 | SGD | 2330 | 1871 |
|  2.88%, 09/01/2030 | SGD | 2215 | 1792 |
| 3.00%, 04/01/2029 | SGD | 5030 | 4049 |
|  Reg. S, 3.00%, 08/01/2072 | SGD | 2200 | 1932 |
|  Reg. S, 3.25%, 06/01/2054 | SGD | 1290 | 1161 |
|  3.38%, 09/01/2033 | SGD | 3840 | 3227 |
|  3.38%, 05/01/2034 | SGD | 1650 | 1391 |
|  Slovakia Government Bond, (Slovakia), |  |  |  |
|  Series 227, Reg. S, 3.63%, 01/16/2029 | EUR | 470 | 553 |
|  Series 229, Reg. S, 1.63%, 01/21/2031 | EUR | 1200 | 1297 |
|  Series 232, Reg. S, 1.88%, 03/09/2037 | EUR | 920 | 875 |
|  Series 233, Reg. S, 2.00%, 10/17/2047 | EUR | 460 | 354 |
|  Series 234, Reg. S, 1.00%, 06/12/2028 | EUR | 700 | 777 |
|  Series 235, Reg. S, 2.25%, 06/12/2068 | EUR | 399 | 279 |
|  Series 236, Reg. S, 0.75%, 04/09/2030 | EUR | 420 | 445 |
|  Series 237, Reg. S, 1.00%, 10/09/2030 | EUR | 1830 | 1929 |
|  Series 239, Reg. S, 1.00%, 05/14/2032 | EUR | 718 | 727 |
|  Series 241, Reg. S, 0.13%, 06/17/2027 | EUR | 1362 | 1526 |
|  Series 242, Reg. S, 0.38%, 04/21/2036 | EUR | 2699 | 2239 |
|  Series 243, Reg. S, 1.00%, 10/13/2051 | EUR | 1160 | 664 |
|  Series 244, Reg. S, 4.00%, 10/19/2032 | EUR | 2090 | 2509 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Series 245, Reg. S, 3.75%, 02/23/2035 | EUR | 3260 | 3789 |
|  Series 246, Reg. S, 4.00%, 02/23/2043 | EUR | 1490 | 1658 |
|  Series 247, Reg. S, 3.63%, 06/08/2033 | EUR | 2745 | 3208 |
|  Series 250, Reg. S, 3.75%, 03/06/2034 | EUR | 1360 | 1592 |
|  Series 251, Reg. S, 3.00%, 11/06/2031 | EUR | 660 | 755 |
|  Series 252, Reg. S, 3.75%, 02/27/2040 | EUR | 1060 | 1174 |
|  Series 256, Reg. S, 3.63%, 11/04/2037 | EUR | 870 | 977 |
|  Slovenia Government Bond, (Slovenia), |  |  |  |
|  Series RS74, Reg. S, 1.50%, 03/25/2035 | EUR | 940 | 929 |
|  Series RS76, Reg. S, 3.13%, 08/07/2045 | EUR | 900 | 924 |
|  Series RS77, Reg. S, 2.25%, 03/03/2032 | EUR | 2470 | 2731 |
|  Series RS78, Reg. S, 1.75%, 11/03/2040 | EUR | 1502 | 1336 |
|  Series RS80, Reg. S, 1.00%, 03/06/2028 | EUR | 500 | 560 |
|  Series RS81, Reg. S, 1.19%, 03/14/2029 | EUR | 420 | 464 |
|  Series RS82, Reg. S, 0.28%, 01/14/2030 | EUR | 586 | 615 |
|  Series RS84, Reg. S, 0.88%, 07/15/2030 | EUR | 190 | 202 |
|  Series RS85, Reg. S, 0.49%, 10/20/2050 | EUR | 450 | 237 |
|  Series RS86, Reg. S, 0.00%, 02/12/2031 | EUR | 800 | 802 |
|  Series RS87, Reg. S, 0.69%, 03/03/2081 | EUR | 121 | 39 |
|  Series RS91, Reg. S, 3.63%, 03/11/2033 | EUR | 760 | 902 |
|  Series RS93, Reg. S, 3.00%, 03/10/2034 | EUR | 1510 | 1710 |
| Series RS95, Reg. S, 3.50%, 04/14/2055 | EUR | 360 | 373 |
|  Series RS97, Reg. S, 3.13%, 07/02/2035 | EUR | 870 | 978 |
|  Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 1000 | 1031 |
|  Societe Des Grands Projets EPIC, (France), |  |  |  |
|  Reg. S, 0.00%, 11/25/2030 | EUR | 2500 | 2493 |
|  Reg. S, 0.30%, 11/25/2031 | EUR | 1300 | 1270 |
|  Reg. S, 0.30%, 09/02/2036 | EUR | 200 | 161 |
|  Reg. S, 0.70%, 10/15/2060 | EUR | 500 | 195 |
|  Reg. S, 0.88%, 05/10/2046 | EUR | 900 | 564 |
|  Reg. S, 1.00%, 11/26/2051 | EUR | 200 | 111 |
|  Reg. S, 1.13%, 10/22/2028 | EUR | 200 | 221 |
|  Reg. S, 1.13%, 05/25/2034 | EUR | 700 | 667 |
|  Reg. S, 1.70%, 05/25/2050 | EUR | 300 | 208 |
|  Reg. S, 3.38%, 05/25/2045 | EUR | 700 | 709 |
|  Reg. S, 3.50%, 05/25/2043 | EUR | 400 | 417 |
|  Reg. S, 3.50%, 06/25/2049 | EUR | 800 | 802 |
|  Reg. S, 3.70%, 05/25/2053 | EUR | 1300 | 1314 |
|  Spain Government Bond, (Spain), |  |  |  |
|  Reg. S, 0.00%, 01/31/2028 (e) | EUR | 8258 | 9091 |
|  Reg. S, 0.10%, 04/30/2031 (e) | EUR | 9780 | 9795 |
|  Reg. S, 0.50%, 04/30/2030 (e) | EUR | 8503 | 8942 |
|  Reg. S, 0.50%, 10/31/2031 (e) | EUR | 12658 | 12762 |
|  Reg. S, 0.60%, 10/31/2029 (e) | EUR | 9720 | 10391 |
|  Reg. S, 0.70%, 04/30/2032 (e) | EUR | 9430 | 9478 |
|  Reg. S, 0.80%, 07/30/2027 (e) | EUR | 5661 | 6386 |
|  0.80%, 07/30/2029 | EUR | 8100 | 8765 |
|  Reg. S, 0.85%, 07/30/2037 (e) | EUR | 12563 | 10803 |
|  Reg. S, 1.00%, 07/30/2042 (e) | EUR | 6663 | 5032 |
|  Reg. S, 1.00%, 10/31/2050 (e) | EUR | 9430 | 5759 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Reg. S, 1.20%, 10/31/2040 (e) | EUR | 8761 | 7179 |
|  Reg. S, 1.25%, 10/31/2030 (e) | EUR | 22678 | 24352 |
|  Reg. S, 1.40%, 04/30/2028 (e) | EUR | 11036 | 12424 |
|  Reg. S, 1.40%, 07/30/2028 (e) | EUR | 11981 | 13438 |
|  Reg. S, 1.45%, 10/31/2027 (e) | EUR | 9130 | 10355 |
|  Reg. S, 1.45%, 04/30/2029 (e) | EUR | 16500 | 18335 |
|  Reg. S, 1.45%, 10/31/2071 (e) | EUR | 3909 | 2089 |
|  Reg. S, 1.50%, 04/30/2027 (e) | EUR | 12455 | 14226 |
|  Reg. S, 1.85%, 07/30/2035 (e) | EUR | 10063 | 10187 |
|  Reg. S, 1.90%, 10/31/2052 (e) | EUR | 7442 | 5574 |
|  Reg. S, 1.95%, 07/30/2030 (e) | EUR | 11374 | 12651 |
| Reg. S, 2.35%, 07/30/2033 (e) | EUR | 6401 | 6981 |
|  2.40%, 05/31/2028 | EUR | 7880 | 9044 |
|  2.50%, 05/31/2027 | EUR | 8130 | 9379 |
|  Reg. S, 2.55%, 10/31/2032 (e) | EUR | 8790 | 9808 |
|  2.70%, 01/31/2030 | EUR | 6610 | 7590 |
|  Reg. S, 2.90%, 10/31/2046 (e) | EUR | 8273 | 8104 |
|  3.00%, 01/31/2033 | EUR | 3240 | 3702 |
|  Reg. S, 3.10%, 07/30/2031 | EUR | 5455 | 6331 |
|  Reg. S, 3.15%, 04/30/2033 (e) | EUR | 13420 | 15454 |
|  Reg. S, 3.15%, 04/30/2035 (e) | EUR | 10530 | 11920 |
|  Reg. S, 3.20%, 10/31/2035 (e) | EUR | 18960 | 21448 |
|  Reg. S, 3.25%, 04/30/2034 (e) | EUR | 6960 | 7999 |
|  Reg. S, 3.45%, 10/31/2034 (e) | EUR | 7930 | 9219 |
|  Reg. S, 3.45%, 07/30/2043 (e) | EUR | 8033 | 8714 |
|  Reg. S, 3.45%, 07/30/2066 (e) | EUR | 5910 | 5893 |
|  3.50%, 05/31/2029 | EUR | 10904 | 12864 |
|  Reg. S, 3.50%, 01/31/2041 (e) | EUR | 5680 | 6300 |
|  Reg. S, 3.55%, 10/31/2033 (e) | EUR | 9265 | 10905 |
|  Reg. S, 3.90%, 07/30/2039 (e) | EUR | 8100 | 9495 |
|  Reg. S, 4.00%, 10/31/2054 (e) | EUR | 7780 | 8803 |
|  Reg. S, 4.20%, 01/31/2037 (e) | EUR | 9553 | 11656 |
|  Reg. S, 4.70%, 07/30/2041 (e) | EUR | 6884 | 8736 |
|  Reg. S, 4.90%, 07/30/2040 (e) | EUR | 3809 | 4934 |
|  Reg. S, 5.15%, 10/31/2028 (e) | EUR | 8886 | 10876 |
|  Reg. S, 5.15%, 10/31/2044 (e) | EUR | 6491 | 8690 |
|  5.75%, 07/30/2032 | EUR | 6596 | 8776 |
|  6.00%, 01/31/2029 | EUR | 2430 | 3055 |
|  Series 30Y, Reg. S, 2.70%, 10/31/2048 (e) | EUR | 6311 | 5870 |
|  State of the Grand-Duchy of Luxembourg, (Luxembourg), |  |  |  |
|  Reg. S, 0.00%, 11/13/2026 | EUR | 400 | 455 |
|  Reg. S, 0.00%, 04/28/2030 | EUR | 150 | 154 |
|  Reg. S, 0.00%, 03/24/2031 | EUR | 103 | 103 |
|  Reg. S, 0.00%, 09/14/2032 | EUR | 400 | 382 |
|  Reg. S, 1.38%, 05/25/2029 | EUR | 380 | 419 |
|  Reg. S, 1.75%, 05/25/2042 | EUR | 710 | 631 |
|  Reg. S, 2.63%, 10/23/2034 | EUR | 2100 | 2335 |
|  Reg. S, 2.88%, 03/01/2034 | EUR | 910 | 1037 |
|  Reg. S, 3.25%, 03/02/2043 | EUR | 100 | 109 |
|  States of Guernsey Bond, (Guernsey), Reg. S, 3.38%, 12/12/2046 | GBP | 200 | 185 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Svensk Exportkredit AB, (Sweden), |  |  |  |
| Zero Coupon, 05/11/2037 |  | 224 | 130 |
|  Reg. S, 2.00%, 06/30/2027 | EUR | 1000 | 1144 |
|  Reg. S, 2.75%, 02/23/2028 | EUR | 585 | 673 |
|  Sweden Government Bond, (Sweden), |  |  |  |
|  Series 1053, Reg. S, 3.50%, 03/30/2039 | SEK | 20020 | 2237 |
|  Series 1056, Reg. S, 2.25%, 06/01/2032 | SEK | 9200 | 950 |
|  Series 1060, Reg. S, 0.75%, 05/12/2028 (e) | SEK | 88155 | 8998 |
|  Series 1061, Reg. S, 0.75%, 11/12/2029 (e) | SEK | 46490 | 4617 |
|  Series 1062, Reg. S, 0.13%, 05/12/2031 (e) | SEK | 14255 | 1330 |
|  Series 1063, Reg. S, 0.50%, 11/24/2045 | SEK | 4650 | 308 |
|  Series 1064, Reg. S, 1.38%, 06/23/2071 | SEK | 6020 | 356 |
|  Series 1065, Reg. S, 1.75%, 11/11/2033 | SEK | 24580 | 2424 |
|  Series 1066, Reg. S, 2.25%, 05/11/2035 | SEK | 39450 | 3982 |
|  Series 1067, Reg. S, 2.50%, 10/15/2036 | SEK | 21720 | 2215 |
|  Sweden Government International Bond, (Sweden), Reg. S, 0.13%, 09/09/2030 | SEK | 17590 | 1670 |
|  Swiss Confederation Government Bond, (Switzerland), |  |  |  |
|  Reg. S, 0.00%, 06/22/2029 | CHF | 2590 | 3227 |
|  Reg. S, 0.00%, 06/26/2034 | CHF | 6569 | 8002 |
|  Reg. S, 0.00%, 07/24/2039 | CHF | 5499 | 6459 |
|  Reg. S, 0.50%, 05/27/2030 | CHF | 3140 | 3988 |
|  Reg. S, 0.50%, 06/27/2032 | CHF | 2090 | 2654 |
|  Reg. S, 0.50%, 06/28/2045 | CHF | 2510 | 3098 |
|  Reg. S, 0.50%, 05/24/2055 | CHF | 1762 | 2181 |
|  Reg. S, 0.50%, 05/30/2058 | CHF | 1810 | 2251 |
|  Reg. S, 0.88%, 05/22/2047 | CHF | 860 | 1143 |
|  Reg. S, 1.25%, 06/27/2037 | CHF | 680 | 930 |
|  Reg. S, 1.50%, 04/30/2042 | CHF | 1140 | 1637 |
|  Reg. S, 2.00%, 06/25/2064 | CHF | 611 | 1169 |
|  Reg. S, 4.00%, 04/08/2028 | CHF | 663 | 895 |
|  Reg. S, 4.00%, 01/06/2049 | CHF | 460 | 997 |
|  Thailand Government Bond, (Thailand), |  |  |  |
|  1.00%, 06/17/2027 | THB | 40000 | 1210 |
|  1.59%, 12/17/2035 | THB | 111400 | 3193 |
|  1.60%, 12/17/2029 | THB | 123830 | 3745 |
|  1.60%, 06/17/2035 | THB | 24510 | 704 |
|  1.66%, 03/17/2030 | THB | 130610 | 3958 |
|  1.88%, 06/17/2049 | THB | 28730 | 677 |
|  2.00%, 12/17/2031 | THB | 245230 | 7526 |
|  2.00%, 06/17/2042 | THB | 46000 | 1209 |
|  2.05%, 04/17/2028 | THB | 36500 | 1121 |
| 2.40%, 11/17/2027 | THB | 162750 | 5029 |
| 2.40%, 03/17/2029 | THB | 137000 | 4257 |
| 2.41%, 03/17/2035 | THB | 149420 | 4615 |
| 2.50%, 11/17/2029 | THB | 114000 | 3561 |
| 2.50%, 06/17/2071 | THB | 4900 | 124 |
| 2.65%, 06/17/2028 | THB | 214700 | 6679 |
| 2.70%, 06/17/2040 | THB | 85400 | 2553 |
| 2.75%, 06/17/2052 | THB | 18410 | 499 |
| 2.80%, 06/17/2034 | THB | 120910 | 3849 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
| 2.88%, 06/17/2046 | THB | 28430 | 814 |
| 2.98%, 06/17/2045 | THB | 162190 | 4726 |
| 3.14%, 06/17/2047 | THB | 69340 | 2029 |
| 3.15%, 06/17/2050 | THB | 27490 | 790 |
| 3.35%, 06/17/2033 | THB | 50840 | 1675 |
| 3.39%, 06/17/2037 | THB | 178500 | 5908 |
| 3.40%, 06/17/2036 | THB | 4000 | 134 |
| 3.45%, 06/17/2043 | THB | 162630 | 5080 |
| 3.65%, 06/20/2031 | THB | 3480 | 115 |
| 4.00%, 06/17/2055 | THB | 103270 | 3478 |
| 4.00%, 06/17/2066 | THB | 78670 | 2745 |
| 4.00%, 06/17/2072 | THB | 116800 | 4002 |
| Tyollisyysrahasto, (Finland), 0.01%, 06/16/2027 | EUR | 200 | 224 |
| UNEDIC ASSEO, (France), |  |  |  |
| Reg. S, 0.00%, 03/05/2030 | EUR | 100 | 103 |
| Reg. S, 0.00%, 11/19/2030 | EUR | 1400 | 1400 |
| Reg. S, 0.01%, 05/25/2031 | EUR | 1500 | 1473 |
| Reg. S, 0.10%, 05/25/2034 | EUR | 1100 | 961 |
| Reg. S, 0.25%, 11/25/2029 | EUR | 2000 | 2090 |
| Reg. S, 0.25%, 07/16/2035 | EUR | 2000 | 1693 |
| Reg. S, 0.50%, 03/20/2029 | EUR | 1600 | 1720 |
| Reg. S, 0.50%, 05/25/2036 | EUR | 1000 | 837 |
| Reg. S, 0.88%, 05/25/2028 | EUR | 1400 | 1550 |
| Reg. S, 1.25%, 10/21/2027 | EUR | 200 | 226 |
| Reg. S, 1.25%, 05/25/2033 | EUR | 1200 | 1195 |
| Reg. S, 1.50%, 04/20/2032 | EUR | 300 | 312 |
| Reg. S, 1.75%, 11/25/2032 | EUR | 800 | 835 |
| Reg. S, 3.13%, 11/25/2034 | EUR | 900 | 1001 |
| Reg. S, 3.25%, 05/25/2035 | EUR | 600 | 669 |
| Reg. S, 3.38%, 11/25/2033 | EUR | 1100 | 1257 |
| United Kingdom Gilt, (United Kingdom), |  |  |  |
| Reg. S, 0.13%, 01/31/2028 | GBP | 21957 | 26996 |
|  Reg. S, 0.25%, 07/31/2031 | GBP | 16586 | 17667 |
|  Reg. S, 0.38%, 10/22/2026 | GBP | 530 | 688 |
|  Reg. S, 0.38%, 10/22/2030 | GBP | 12779 | 14171 |
|  Reg. S, 0.50%, 01/31/2029 | GBP | 20690 | 24648 |
|  Reg. S, 0.50%, 10/22/2061 | GBP | 13622 | 4250 |
|  Reg. S, 0.63%, 07/31/2035 | GBP | 16034 | 14547 |
|  Reg. S, 0.63%, 10/22/2050 | GBP | 12786 | 5881 |
|  Reg. S, 0.88%, 10/22/2029 | GBP | 16380 | 19255 |
|  Reg. S, 0.88%, 07/31/2033 | GBP | 13881 | 14067 |
|  Reg. S, 0.88%, 01/31/2046 | GBP | 9349 | 5533 |
|  Reg. S, 1.00%, 01/31/2032 | GBP | 11852 | 12859 |
|  Reg. S, 1.13%, 01/31/2039 | GBP | 8346 | 6922 |
|  Reg. S, 1.13%, 10/22/2073 | GBP | 4497 | 1741 |
|  Reg. S, 1.25%, 07/22/2027 | GBP | 6201 | 7885 |
|  Reg. S, 1.25%, 10/22/2041 | GBP | 11641 | 8872 |
|  Reg. S, 1.25%, 07/31/2051 | GBP | 12666 | 7017 |
|  Reg. S, 1.50%, 07/22/2047 | GBP | 10003 | 6625 |
|  Reg. S, 1.50%, 07/31/2053 | GBP | 8290 | 4753 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Diversified Financial Services — continued** |  |  |  |
|  **Sovereign — continued** |  |  |  |
|  Reg. S, 1.63%, 10/22/2028 | GBP | 20025 | 24828 |
|  Reg. S, 1.63%, 10/22/2054 | GBP | 7821 | 4581 |
|  Reg. S, 1.63%, 10/22/2071 | GBP | 8030 | 3986 |
|  Reg. S, 1.75%, 09/07/2037 | GBP | 14479 | 13739 |
|  Reg. S, 1.75%, 01/22/2049 | GBP | 13159 | 8967 |
|  Reg. S, 1.75%, 07/22/2057 | GBP | 11674 | 6825 |
|  Reg. S, 2.50%, 07/22/2065 | GBP | 7102 | 4926 |
|  Reg. S, 3.25%, 01/31/2033 | GBP | 12670 | 15400 |
|  Reg. S, 3.25%, 01/22/2044 | GBP | 11750 | 11682 |
|  Reg. S, 3.50%, 01/22/2045 | GBP | 11382 | 11620 |
|  Reg. S, 3.50%, 07/22/2068 | GBP | 6979 | 6285 |
|  Reg. S, 3.75%, 01/29/2038 | GBP | 11230 | 13076 |
|  Reg. S, 3.75%, 07/22/2052 | GBP | 9157 | 9150 |
|  Reg. S, 3.75%, 10/22/2053 | GBP | 9896 | 9775 |
|  Reg. S, 4.00%, 10/22/2031 | GBP | 17950 | 23163 |
|  Reg. S, 4.00%, 01/22/2060 | GBP | 7148 | 7288 |
|  Reg. S, 4.00%, 10/22/2063 | GBP | 8025 | 8083 |
|  Reg. S, 4.13%, 07/22/2029 | GBP | 14290 | 18753 |
|  Reg. S, 4.13%, 03/07/2031 | GBP | 7960 | 10373 |
|  Reg. S, 4.13%, 03/07/2033 | GBP | 5120 | 6563 |
| Reg. S, 4.25%, 12/07/2027 | GBP | 8680 | 11469 |
| Reg. S, 4.25%, 06/07/2032 | GBP | 14120 | 18418 |
| Reg. S, 4.25%, 07/31/2034 | GBP | 11425 | 14551 |
| Reg. S, 4.25%, 03/07/2036 | GBP | 11199 | 14020 |
| Reg. S, 4.25%, 09/07/2039 | GBP | 9487 | 11424 |
| Reg. S, 4.25%, 12/07/2040 | GBP | 11075 | 13148 |
| Reg. S, 4.25%, 12/07/2046 | GBP | 12008 | 13479 |
| Reg. S, 4.25%, 12/07/2049 (ff) | GBP | 6702 | 7404 |
| Reg. S, 4.25%, 12/07/2055 | GBP | 9279 | 9997 |
| Reg. S, 4.38%, 03/07/2028 | GBP | 19860 | 26266 |
| Reg. S, 4.38%, 03/07/2030 | GBP | 17090 | 22579 |
| Reg. S, 4.38%, 01/31/2040 | GBP | 16160 | 19582 |
| Reg. S, 4.38%, 07/31/2054 | GBP | 10950 | 12069 |
| Reg. S, 4.50%, 06/07/2028 | GBP | 10970 | 14552 |
| Reg. S, 4.50%, 09/07/2034 | GBP | 12120 | 15723 |
| Reg. S, 4.50%, 03/07/2035 | GBP | 16900 | 21786 |
| Reg. S, 4.50%, 12/07/2042 | GBP | 9335 | 11179 |
| Reg. S, 4.63%, 01/31/2034 | GBP | 11525 | 15121 |
| Reg. S, 4.75%, 12/07/2030 | GBP | 17886 | 24059 |
| Reg. S, 4.75%, 10/22/2035 | GBP | 12560 | 16408 |
| Reg. S, 4.75%, 12/07/2038 | GBP | 9639 | 12299 |
| Reg. S, 4.75%, 10/22/2043 | GBP | 12200 | 14907 |
| Reg. S, 5.25%, 01/31/2041 | GBP | 3440 | 4534 |
| Reg. S, 5.38%, 01/31/2056 | GBP | 3395 | 4393 |
| Reg. S, 6.00%, 12/07/2028 | GBP | 912 | 1258 |
| United States Department of Housing and Urban Development, 3.26%, 08/01/2029 |  | 25 | 24 |
| United States International Development Finance Corp., |  |  |  |
| 3.25%, 10/15/2030 |  | 528 | 515 |
| 3.37%, 10/05/2034 |  | 73 | 70 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
|  **Foreign Government Securities — continued** |  |  |  |
| **Sovereign — continued** | | | |
| Series 1, 1.11%, 05/15/2029 |  | 499 | 472 |
| Series 2, 0.80%, 05/15/2029 |  | 248 | 234 |
| Total Sovereign |  |  | 8875428 |
| **Transportation — 0.1%** |  |  |  |
| Regie Autonome des Transports Parisiens EPIC, (France), |  |  |  |
| Reg. S, 0.35%, 06/20/2029 | EUR | 500 | 528 |
| Reg. S, 0.40%, 12/19/2036 | EUR | 944 | 893 |
| Reg. S, 0.88%, 05/25/2027 | EUR | 100 | 113 |
| Reg. S, 1.88%, 05/25/2032 | EUR | 600 | 630 |
| Reg. S, 3.25%, 04/11/2033 | EUR | 100 | 113 |
| Reg. S, 3.25%, 05/25/2034 | EUR | 400 | 446 |
| SNCF Reseau, (France), |  |  |  |
| Reg. S, 0.75%, 05/25/2036 | EUR | 300 | 254 |
| Reg. S, 0.88%, 01/22/2029 | EUR | 900 | 977 |
| Reg. S, 1.00%, 11/09/2031 | EUR | 300 | 304 |
| Reg. S, 1.13%, 05/19/2027 | EUR | 700 | 793 |
| Reg. S, 1.13%, 05/25/2030 | EUR | 500 | 530 |
| Reg. S, 1.50%, 05/29/2037 | EUR | 300 | 266 |
| Reg. S, 2.00%, 11/12/2026 | CHF | 300 | 379 |
| Reg. S, 2.00%, 02/05/2048 | EUR | 600 | 444 |
| Reg. S, 2.25%, 12/20/2047 | EUR | 400 | 313 |
| Reg. S, 3.13%, 10/25/2028 | EUR | 2000 | 2310 |
| 4.70%, 06/01/2035 | CAD | 1000 | 734 |
| Reg. S, 5.00%, 10/10/2033 | EUR | 2000 | 2508 |
| Reg. S, 5.00%, 03/11/2052 | GBP | 145 | 164 |
| Reg. S, 5.25%, 12/07/2028 | GBP | 300 | 401 |
| Societe Nationale SNCF SACA, (France), |  |  |  |
| Reg. S, 0.63%, 04/17/2030 | EUR | 1500 | 1564 |
| Reg. S, 1.00%, 05/25/2040 | EUR | 100 | 76 |
| Reg. S, 1.00%, 01/19/2061 | EUR | 100 | 41 |
| Reg. S, 1.50%, 02/02/2029 | EUR | 800 | 884 |
| Reg. S, 3.13%, 05/25/2034 | EUR | 1700 | 1880 |
| Reg. S, 3.25%, 09/02/2032 | EUR | 600 | 683 |
| Reg. S, 3.38%, 05/25/2033 | EUR | 1200 | 1368 |
| Reg. S, 3.63%, 04/03/2035 | EUR | 1000 | 1141 |
| Reg. S, 5.38%, 03/18/2027 | GBP | 400 | 532 |
| Total Transportation |  |  | 21269 |
| Total Foreign Government Securities<br>(Cost $10,453,084) |  |  | 10232928 |
| **Mortgage-Backed Securities — 13.5%** |  |  |  |
| **FGLMC Collateral — 0.1%** |  |  |  |
| FHLMC Gold Pool, |  |  |  |
| 3.00%, 10/01/2046 |  | 144 | 128 |
| 3.50%, 12/01/2044 |  | 369 | 344 |
| 3.50%, 06/01/2045 |  | 750 | 698 |
| 3.50%, 05/01/2046 |  | 114 | 106 |
| 3.50%, 10/01/2046 |  | 141 | 131 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **FGLMC Collateral — continued** | | |
| FHLMC Gold Pool, Single Family, 15 years, |  |  |
| 3.00%, 10/01/2026 | 5 | 5 |
| 3.00%, 11/01/2026 | 26 | 26 |
| 3.00%, 01/01/2027 | 168 | 167 |
| 3.00%, 05/01/2029 | 1386 | 1373 |
| 3.00%, 02/01/2032 | 204 | 198 |
| 3.00%, 04/01/2032 | 1039 | 1010 |
| 3.00%, 05/01/2032 | 708 | 689 |
| 3.00%, 07/01/2032 | 385 | 375 |
| 3.00%, 10/01/2032 | 402 | 391 |
| 3.00%, 11/01/2032 | 718 | 698 |
| FHLMC Gold Pool, Single Family, 30 years, |  |  |
| 3.00%, 03/01/2046 | 14 | 13 |
| 3.00%, 12/01/2046 | 23 | 21 |
| 4.00%, 08/01/2040 | 178 | 172 |
| 4.00%, 10/01/2040 | 1696 | 1639 |
| 4.00%, 11/01/2040 | 451 | 435 |
| 4.00%, 11/01/2047 | 1325 | 1273 |
| 4.00%, 01/01/2048 | 28 | 27 |
| Total FGLMC Collateral |  | 9919 |
| **FHLMC Collateral — 0.1%** |  |  |
| FHLMC Non Gold Pool, ARM, (USD IBOR Consumer Cash Fallbacks 1 Year + 1.64%),<br> 3.83%, 01/01/2050 (aa) | 36 | 36 |
| FHLMC Pool, |  |  |
| 2.22%, 07/01/2036 | 1310 | 1069 |
| 3.05%, 03/01/2032 | 885 | 824 |
| 3.50%, 02/01/2043 | 38 | 36 |
| 3.50%, 02/01/2044 | 61 | 58 |
| 5.00%, 06/01/2052 | 2322 | 2277 |
| 5.00%, 02/01/2056 | 2102 | 2037 |
| 5.50%, 01/01/2056 | 3827 | 3794 |
| 6.00%, 08/01/2035 | 45 | 45 |
| Total FHLMC Collateral |  | 10176 |
| **FNMA Collateral — 1.1%** |  |  |
| FNMA Pool, |  |  |
| 1.41%, 01/01/2031 | 5000 | 4385 |
| 2.62%, 10/01/2028 | 368 | 356 |
| 3.00%, 12/01/2042 | 196 | 178 |
| 3.00%, 06/01/2043 | 892 | 809 |
| 3.00%, 05/01/2045 | 266 | 237 |
| 3.00%, 07/01/2045 | 27 | 24 |
| 3.00%, 11/01/2046 | 25 | 23 |
| 3.00%, 03/01/2060 (gg) | 13763 | 11976 |
| 3.00%, 07/01/2060 | 679 | 599 |
| 3.01%, 04/01/2032 | 3922 | 3663 |
| 3.02%, 03/01/2028 | 400 | 392 |
| 3.29%, 04/01/2027 | 2600 | 2578 |
| 3.29%, 03/01/2028 | 1400 | 1381 |
| 3.43%, 05/01/2028 | 500 | 494 |
| 3.44%, 01/01/2037 | 296 | 273 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **FNMA Collateral — continued** | | |
| 3.50%, 08/01/2032 | 35 | 34 |
| 3.50%, 12/01/2042 | 115 | 108 |
| 3.50%, 04/01/2043 | 163 | 153 |
| 3.50%, 11/01/2043 | 78 | 73 |
| 3.50%, 02/01/2045 | 197 | 185 |
| 3.50%, 02/01/2048 | 619 | 573 |
| 3.50%, 09/01/2048 | 68 | 61 |
| 3.50%, 07/01/2049 | 265 | 245 |
| 3.86%, 09/01/2034 | 589 | 577 |
| 4.00%, 04/01/2041 | 83 | 81 |
| 4.00%, 08/01/2046 | 74 | 72 |
| 4.00%, 02/01/2056 | 1843 | 1742 |
| 4.00%, 01/01/2057 | 1436 | 1358 |
| 4.13%, 08/01/2031 | 2257 | 2234 |
| 4.13%, 10/01/2029 (gg) | 10000 | 9979 |
| 4.14%, 04/01/2028 | 516 | 516 |
| 4.25%, 01/01/2033 | 3731 | 3701 |
| 4.30%, 12/01/2029 | 5212 | 5230 |
| 4.39%, 04/01/2033 | 552 | 547 |
| 4.40%, 01/01/2032 | 630 | 630 |
| 4.43%, 11/01/2032 | 1489 | 1487 |
| 4.46%, 02/01/2031 | 1147 | 1152 |
| 4.49%, 11/01/2029 | 7000 | 7053 |
| 4.49%, 11/01/2030 | 7832 | 7898 |
| 4.50%, 06/01/2030 | 100 | 101 |
| 4.51%, 01/01/2031 | 2794 | 2814 |
| 4.53%, 11/01/2029 | 575 | 580 |
| 4.53%, 09/01/2029 (z) (gg) | 7686 | 7744 |
| 4.55%, 05/01/2028 | 100 | 101 |
| 4.60%, 03/01/2032 | 1744 | 1755 |
| 4.62%, 08/01/2031 | 197 | 200 |
| 4.64%, 09/01/2028 | 229 | 232 |
| 4.64%, 01/01/2031 | 6006 | 6079 |
| 4.69%, 04/01/2033 | 901 | 902 |
| 4.70%, 08/01/2031 | 1700 | 1724 |
| 4.70%, 05/01/2035 | 297 | 300 |
| 4.73%, 08/01/2030 | 3972 | 3991 |
| 4.79%, 06/01/2033 | 1253 | 1277 |
| 4.79%, 11/01/2035 | 1096 | 1111 |
| 4.80%, 11/01/2032 | 693 | 703 |
| 4.81%, 08/01/2029 (z) (gg) | 7267 | 7390 |
| 4.82%, 09/01/2028 | 700 | 711 |
| 4.83%, 06/01/2030 | 3310 | 3388 |
| 4.83%, 12/01/2031 | 1838 | 1873 |
| 4.83%, 12/01/2032 | 3186 | 3262 |
| 4.86%, 08/01/2032 | 5250 | 5363 |
| 4.86%, 05/01/2035 | 700 | 713 |
| 4.87%, 05/01/2035 | 400 | 408 |
| 4.88%, 06/01/2028 | 5168 | 5252 |
| 4.89%, 05/01/2032 | 2000 | 2040 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **FNMA Collateral — continued** | | |
| 4.90%, 10/01/2028 (gg) | 353 | 359 |
| 4.94%, 05/01/2031 | 1063 | 1089 |
| 4.95%, 03/01/2032 | 495 | 507 |
| 4.97%, 04/01/2030 | 2200 | 2252 |
| 4.98%, 07/01/2034 | 846 | 862 |
| 4.98%, 12/01/2034 | 1600 | 1647 |
| 4.99%, 03/01/2031 | 489 | 499 |
| 5.00%, 06/01/2031 | 1600 | 1643 |
| 5.00%, 06/01/2052 | 4018 | 3931 |
| 5.02%, 06/01/2028 | 2300 | 2336 |
| 5.07%, 03/01/2032 | 1377 | 1418 |
| 5.09%, 02/01/2031 | 1717 | 1769 |
| 5.09%, 01/01/2032 | 592 | 612 |
| 5.16%, 04/01/2034 | 1994 | 2055 |
| 5.17%, 08/01/2034 | 731 | 756 |
| 5.17%, 07/01/2035 | 2482 | 2571 |
| 5.18%, 08/01/2030 | 1351 | 1395 |
| 5.18%, 09/01/2044 | 1310 | 1328 |
| 5.22%, 02/01/2031 | 1404 | 1452 |
| 5.24%, 11/01/2031 | 1143 | 1188 |
| 5.24%, 01/01/2034 | 2000 | 2085 |
| 5.27%, 03/01/2031 | 716 | 744 |
| 5.34%, 01/01/2031 | 648 | 676 |
| 5.35%, 12/01/2029 | 1189 | 1233 |
| 5.42%, 08/01/2030 | 3797 | 3958 |
| 5.42%, 06/01/2031 | 595 | 612 |
| 5.44%, 10/01/2031 | 1090 | 1138 |
| 5.46%, 05/01/2033 | 1176 | 1233 |
| 5.54%, 11/01/2029 | 1511 | 1575 |
| 5.57%, 10/01/2028 | 429 | 431 |
| 5.58%, 01/01/2036 | 637 | 675 |
| 5.73%, 12/01/2033 (gg) | 700 | 755 |
| 5.75%, 06/01/2034 | 1144 | 1240 |
| 5.80%, 05/01/2033 | 995 | 1066 |
| FNMA Pool, 30 years, FHA/VA, 3.00%, 01/01/2047 | 638 | 573 |
| FNMA Pool, Single Family, 30 years, 7.00%, 09/01/2055 (gg) | 9581 | 9851 |
| Total FNMA Collateral |  | 190585 |
| **GNMA Collateral — 0.0%** (g) |  |  |
| GNMA I Pool, Single Family, 30 years, |  |  |
| 3.00%, 10/15/2049 | 146 | 130 |
| 3.00%, 03/15/2050 | 13 | 11 |
| 4.50%, 07/15/2049 | 2151 | 2107 |
| Total GNMA Collateral |  | 2248 |
| **GNMA II Collateral — 2.9%** |  |  |
| GNMA II Pool, |  |  |
| 2.50%, 12/20/2049 | 222 | 189 |
| 3.00%, 06/20/2043 | 1479 | 1329 |
| 3.00%, 01/20/2047 | 996 | 887 |
| 3.00%, 02/20/2047 | 361 | 321 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **GNMA II Collateral — continued** | | |
| 3.00%, 06/20/2047 | 403 | 359 |
| 3.00%, 07/20/2047 | 926 | 826 |
| 3.00%, 08/20/2047 | 399 | 355 |
| 3.00%, 09/20/2047 | 321 | 286 |
| 3.00%, 10/20/2047 | 364 | 324 |
| 3.00%, 12/20/2047 | 455 | 405 |
| 3.00%, 01/20/2048 | 480 | 427 |
| 3.00%, 08/20/2050 | 531 | 463 |
| 3.50%, 02/20/2044 | 1210 | 1141 |
| 3.50%, 06/20/2048 | 38 | 35 |
| 3.50%, 07/20/2048 | 28 | 26 |
| 3.50%, 08/20/2049 | 75 | 69 |
| 3.50%, 11/20/2049 | 138 | 125 |
| 3.50%, 07/20/2050 | 108 | 98 |
| 4.00%, 11/20/2041 | 17 | 16 |
| 4.00%, 11/20/2046 | 240 | 228 |
| 4.00%, 04/20/2048 | 307 | 290 |
| 4.00%, 10/20/2048 | 513 | 483 |
| 4.00%, 03/20/2050 | 410 | 385 |
| 4.00%, 04/20/2050 | 1814 | 1713 |
| 4.00%, 10/20/2050 | 183 | 169 |
| 4.50%, 08/20/2040 | 14 | 13 |
| 4.50%, 10/20/2040 | 32 | 31 |
| ARM, (CMT Index 1 Year + 1.82%), 5.33%, 07/20/2072 (aa) (gg) | 17996 | 18863 |
| ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.20%), 6.03%, 10/20/2071 (aa) | 3492 | 3591 |
| ARM, (USD IBOR Consumer Cash Fallbacks 1 Month + 2.25%), 6.09%, 02/20/2071 (aa) | 1184 | 1220 |
| GNMA II Pool, Single Family, 15 years, 2.00%, 12/20/2035 | 1991 | 1862 |
| GNMA II Pool, Single Family, 30 years, |  |  |
| 1.50%, 10/20/2051 | 251 | 198 |
| 2.00%, 07/20/2050 | 121 | 100 |
| 2.00%, 08/20/2050 | 3947 | 3257 |
| 2.00%, 09/20/2050 | 2341 | 1934 |
| 2.00%, 11/20/2050 | 1379 | 1138 |
| 2.00%, 12/20/2050 | 2290 | 1890 |
| 2.00%, 01/20/2051 | 968 | 799 |
| 2.00%, 02/20/2051 | 837 | 691 |
| 2.00%, 03/20/2051 | 98 | 81 |
| 2.00%, 10/20/2051 | 4498 | 3712 |
| 2.00%, 12/20/2051 | 6552 | 5408 |
| 2.00%, 01/20/2052 | 414 | 342 |
| 2.00%, 02/20/2052 | 3315 | 2736 |
| 2.00%, 03/20/2052 | 1132 | 934 |
| 2.00%, 04/20/2052 | 2624 | 2166 |
| 2.50%, 09/20/2050 | 438 | 376 |
| 2.50%, 01/20/2051 | 247 | 213 |
| 2.50%, 02/20/2051 | 3511 | 3021 |
| 2.50%, 05/20/2051 | 5117 | 4403 |
| 2.50%, 07/20/2051 | 6539 | 5625 |
| 2.50%, 08/20/2051 | 2698 | 2321 |
| 2.50%, 09/20/2051 (gg) | 9383 | 8075 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **GNMA II Collateral — continued** | | |
| 2.50%, 10/20/2051 | 2750 | 2350 |
| 2.50%, 11/20/2051 | 2810 | 2417 |
| 2.50%, 12/20/2051 | 3092 | 2660 |
| 2.50%, 01/20/2052 | 379 | 322 |
| 2.50%, 03/20/2052 | 4168 | 3585 |
| 2.50%, 04/20/2052 | 816 | 702 |
| 2.50%, 05/20/2052 | 655 | 564 |
| 2.50%, 07/20/2052 | 211 | 182 |
| 2.50%, 08/20/2052 | 344 | 297 |
| 3.00%, 01/20/2043 | 342 | 314 |
| 3.00%, 11/20/2043 | 74 | 68 |
| 3.00%, 03/20/2045 | 75 | 68 |
| 3.00%, 09/20/2046 | 1633 | 1480 |
| 3.00%, 11/20/2046 | 1009 | 915 |
| 3.00%, 10/20/2047 | 330 | 299 |
| 3.00%, 04/20/2049 | 25 | 22 |
| 3.00%, 04/20/2050 | 5958 | 5334 |
| 3.00%, 07/20/2050 | 5079 | 4546 |
| 3.00%, 08/20/2050 | 2739 | 2454 |
| 3.00%, 03/20/2051 | 848 | 759 |
| 3.00%, 08/20/2051 | 503 | 450 |
| 3.00%, 10/20/2051 | 2239 | 2001 |
| 3.00%, 11/20/2051 | 2811 | 2511 |
| 3.00%, 12/20/2051 | 1535 | 1372 |
| 3.00%, 01/20/2052 (gg) | 6454 | 5766 |
| 3.00%, 02/20/2052 | 278 | 248 |
| 3.00%, 03/20/2052 | 1251 | 1116 |
| 3.00%, 05/20/2052 (gg) | 18725 | 16727 |
| 3.00%, 06/20/2052 | 1692 | 1511 |
| 3.00%, 09/20/2052 | 707 | 633 |
| 3.00%, 02/20/2053 | 2545 | 2285 |
| 3.50%, 09/20/2045 | 2045 | 1924 |
| 3.50%, 09/20/2047 | 2630 | 2467 |
| 3.50%, 10/20/2047 | 4048 | 3726 |
| 3.50%, 08/20/2048 | 131 | 123 |
| 3.50%, 11/20/2048 | 157 | 147 |
| 3.50%, 12/20/2048 | 4 | 4 |
| 3.50%, 03/20/2049 | 757 | 707 |
| 3.50%, 06/20/2049 | 1588 | 1449 |
| 3.50%, 07/20/2049 | 749 | 699 |
| 3.50%, 09/20/2049 | 952 | 889 |
| 3.50%, 10/20/2049 | 398 | 370 |
| 3.50%, 12/20/2049 | 314 | 292 |
| 3.50%, 01/20/2050 | 473 | 441 |
| 3.50%, 04/20/2050 | 93 | 87 |
| 3.50%, 01/20/2052 | 3357 | 3105 |
| 3.50%, 02/20/2052 | 2017 | 1867 |
| 3.50%, 04/20/2052 | 332 | 302 |
| 3.50%, 05/20/2052 | 5444 | 5031 |
| 3.50%, 11/20/2052 | 4000 | 3696 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **GNMA II Collateral — continued** | | |
| 3.50%, 02/20/2053 | 380 | 353 |
| 3.50%, 11/20/2054 | 719 | 659 |
| 3.50%, 01/20/2055 | 2084 | 1911 |
| 3.50%, 05/20/2055 | 365 | 335 |
| 3.50%, 10/20/2055 | 4856 | 4453 |
| 3.50%, 02/20/2056 | 2060 | 1889 |
| 4.00%, 07/20/2048 | 769 | 732 |
| 4.00%, 09/20/2048 | 1310 | 1248 |
| 4.00%, 11/20/2048 | 23 | 22 |
| 4.00%, 12/20/2048 | 670 | 637 |
| 4.00%, 05/20/2049 | 406 | 385 |
| 4.00%, 01/20/2050 | 718 | 681 |
| 4.00%, 03/20/2050 | 156 | 148 |
| 4.00%, 07/20/2052 | 161 | 152 |
| 4.00%, 09/20/2052 | 1460 | 1380 |
| 4.00%, 12/20/2052 | 341 | 322 |
| 4.00%, 12/20/2054 | 4890 | 4582 |
| 4.00%, 02/20/2055 | 1983 | 1858 |
| 4.50%, 03/20/2047 | 344 | 336 |
| 4.50%, 06/20/2047 (gg) | 672 | 654 |
| 4.50%, 07/20/2047 | 1155 | 1139 |
| 4.50%, 10/20/2047 | 247 | 241 |
| 4.50%, 11/20/2047 | 681 | 662 |
| 4.50%, 05/20/2048 | 5614 | 5464 |
| 4.50%, 09/20/2048 (gg) | 554 | 525 |
| 4.50%, 11/20/2048 | 707 | 689 |
| 4.50%, 01/20/2049 | 1420 | 1397 |
| 4.50%, 03/20/2049 | 354 | 348 |
| 4.50%, 05/20/2049 | 84 | 82 |
| 4.50%, 10/20/2049 | 499 | 493 |
| 4.50%, 12/20/2051 | 1444 | 1423 |
| 4.50%, 08/20/2052 | 1249 | 1215 |
| 4.50%, 09/20/2052 | 371 | 361 |
| 4.50%, 06/20/2053 | 1090 | 1057 |
| 4.50%, 12/20/2053 | 366 | 354 |
| 4.50%, 10/20/2054 | 1788 | 1728 |
| 4.50%, 11/20/2054 | 1353 | 1308 |
| 4.50%, 01/20/2055 | 3634 | 3512 |
| 4.50%, 02/20/2055 | 1961 | 1894 |
| 5.00%, 12/20/2048 | 112 | 113 |
| 5.00%, 06/20/2049 | 238 | 240 |
| 5.00%, 07/20/2052 | 88 | 88 |
| 5.00%, 09/20/2052 | 678 | 674 |
| 5.00%, 12/20/2052 | 986 | 980 |
| 5.00%, 04/20/2053 | 924 | 919 |
| 5.00%, 05/20/2053 | 1020 | 1016 |
| 5.00%, 07/20/2053 | 1542 | 1533 |
| 5.00%, 11/20/2053 | 533 | 531 |
| 5.00%, 09/20/2054 | 1298 | 1287 |
| 5.00%, 10/20/2054 | 3910 | 3877 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **GNMA II Collateral — continued** | | |
| 5.00%, 11/20/2054 | 4646 | 4605 |
| 5.00%, 12/20/2054 | 1830 | 1814 |
| 5.00%, 02/20/2055 | 3822 | 3787 |
| 5.00%, 01/20/2056 | 1494 | 1481 |
| 5.50%, 12/20/2052 | 802 | 814 |
| 5.50%, 01/20/2053 | 96 | 97 |
| 5.50%, 03/20/2053 | 361 | 366 |
| 5.50%, 04/20/2053 | 1196 | 1214 |
| 5.50%, 05/20/2053 | 362 | 367 |
| 5.50%, 06/20/2053 | 843 | 855 |
| 5.50%, 07/20/2053 | 319 | 324 |
| 5.50%, 09/20/2053 | 3435 | 3473 |
| 5.50%, 06/20/2054 | 1694 | 1721 |
| 5.50%, 08/20/2054 | 1749 | 1763 |
| 5.50%, 10/20/2054 | 2073 | 2089 |
| 5.50%, 11/20/2054 | 1154 | 1165 |
| 5.50%, 12/20/2054 | 1352 | 1364 |
| 5.50%, 02/20/2055 | 1919 | 1934 |
| 5.50%, 03/20/2055 | 1427 | 1437 |
| 5.50%, 07/20/2055 | 6173 | 6217 |
| 6.00%, 07/20/2053 | 956 | 996 |
| 6.00%, 09/20/2053 | 626 | 645 |
| 6.00%, 10/20/2053 | 566 | 576 |
| 6.00%, 08/20/2054 | 1890 | 1925 |
| 6.00%, 09/20/2054 | 2236 | 2277 |
| 6.00%, 02/20/2055 | 265 | 269 |
| 6.00%, 09/20/2055 | 7771 | 7905 |
| 6.50%, 06/20/2054 | 208 | 217 |
| 6.50%, 07/20/2054 | 907 | 943 |
| 6.50%, 01/20/2055 | 614 | 638 |
| 6.50%, 07/20/2055 | 468 | 487 |
| 6.50%, 08/20/2055 | 476 | 495 |
| 6.50%, 09/20/2055 | 3817 | 3967 |
| 7.00%, 01/20/2053 | 537 | 561 |
| 7.00%, 05/20/2054 | 891 | 927 |
| 7.00%, 04/20/2055 | 135 | 139 |
| 7.00%, 08/20/2055 | 357 | 370 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 2.00%, 04/01/2056 (w) | 2525 | 2082 |
| TBA, 2.00%, 05/01/2056 (w) | 6000 | 4946 |
| TBA, 2.50%, 04/01/2056 (w) | 1750 | 1504 |
| TBA, 2.50%, 05/01/2056 (w) | 19500 | 16753 |
| TBA, 3.00%, 04/01/2056 (w) | 5737 | 5120 |
| TBA, 3.50%, 03/01/2056 (w) | 50000 | 45850 |
| TBA, 3.50%, 04/01/2056 (w) | 3795 | 3478 |
| TBA, 4.00%, 04/01/2056 (w) | 36185 | 33866 |
| TBA, 4.50%, 04/01/2056 (w) | 8100 | 7816 |
| TBA, 5.00%, 04/01/2056 (w) | 2250 | 2228 |
| TBA, 5.00%, 05/01/2056 (w) | 34500 | 34086 |
| TBA, 5.50%, 04/01/2056 (w) | 2539 | 2554 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **GNMA II Collateral — continued** | | |
| TBA, 5.50%, 05/01/2056 (w) | 8715 | 8750 |
| TBA, 5.50%, 06/01/2056 (w) | 4985 | 4999 |
| TBA, 6.00%, 04/01/2056 (w) | 1235 | 1255 |
| TBA, 6.50%, 04/01/2056 (w) | 525 | 546 |
| TBA, 6.50%, 05/01/2056 (w) | 24500 | 25391 |
| Total GNMA II Collateral |  | 496568 |
| **UMBS Collateral — 9.3%** |  |  |
| FHLMC Pool, Single Family, 15 years, |  |  |
| 1.50%, 12/01/2035 | 261 | 236 |
| 1.50%, 03/01/2036 | 404 | 364 |
| 1.50%, 02/01/2037 | 594 | 534 |
| 1.50%, 03/01/2037 | 619 | 557 |
| 2.00%, 12/01/2035 | 505 | 466 |
| 2.00%, 02/01/2036 | 3356 | 3096 |
| 2.00%, 03/01/2036 | 290 | 268 |
| 2.00%, 05/01/2036 | 1978 | 1820 |
| 2.00%, 08/01/2036 | 844 | 777 |
| 2.00%, 10/01/2036 | 448 | 412 |
| 2.00%, 11/01/2036 | 2549 | 2344 |
| 2.00%, 12/01/2036 | 253 | 232 |
| 2.00%, 01/01/2037 | 3071 | 2825 |
| 2.00%, 04/01/2037 | 1184 | 1088 |
| 2.00%, 05/01/2037 | 733 | 674 |
| 2.00%, 06/01/2037 | 1435 | 1319 |
| 2.00%, 07/01/2038 | 662 | 609 |
| 2.50%, 07/01/2032 | 1035 | 996 |
| 2.50%, 10/01/2035 | 5732 | 5431 |
| 2.50%, 07/01/2036 | 898 | 849 |
| 2.50%, 04/01/2037 | 106 | 100 |
| 2.50%, 05/01/2037 | 269 | 254 |
| 2.50%, 11/01/2037 | 1655 | 1563 |
| 3.00%, 04/01/2028 | 9 | 9 |
| 3.00%, 10/01/2028 | 401 | 396 |
| 3.00%, 04/01/2029 | 10 | 10 |
| 3.00%, 05/01/2030 | 2 | 2 |
| 3.00%, 06/01/2030 | 258 | 253 |
| 3.00%, 11/01/2030 | 53 | 51 |
| 3.00%, 11/01/2031 | 12 | 12 |
| 3.00%, 11/01/2032 | 62 | 60 |
| 3.00%, 01/01/2033 | 29 | 28 |
| 3.00%, 04/01/2037 | 257 | 245 |
| 3.00%, 07/01/2038 | 525 | 501 |
| 3.50%, 09/01/2033 | 170 | 167 |
| 3.50%, 02/01/2034 | 400 | 393 |
| 3.50%, 05/01/2035 | 347 | 336 |
| 4.00%, 05/01/2026 | — (h) | — (h) |
| 4.00%, 07/01/2029 | 2 | 2 |
| 4.00%, 11/01/2033 | — (h) | — (h) |
| 4.00%, 01/01/2034 | 9 | 9 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 4.00%, 08/01/2037 | 97 | 95 |
| 4.00%, 02/01/2038 | 96 | 94 |
| 4.00%, 12/01/2039 | 4095 | 3998 |
| 5.50%, 04/01/2039 | 502 | 512 |
| 5.50%, 10/01/2040 | 1583 | 1614 |
| 5.50%, 11/01/2040 | 562 | 573 |
| FHLMC Pool, Single Family, 20 years, |  |  |
| 3.00%, 07/01/2042 | 286 | 265 |
| 3.00%, 08/01/2042 | 101 | 94 |
| 3.50%, 06/01/2039 | 191 | 183 |
| 3.50%, 07/01/2039 | 109 | 104 |
| 3.50%, 08/01/2039 | 418 | 400 |
| 3.50%, 09/01/2039 | 272 | 260 |
| 6.00%, 06/01/2045 | 342 | 349 |
| 6.50%, 05/01/2045 | 350 | 362 |
| FHLMC Pool, Single Family, 30 years, |  |  |
| 1.50%, 02/01/2051 | 16 | 13 |
| 1.50%, 04/01/2051 | 35 | 27 |
| 1.50%, 05/01/2051 | 4658 | 3606 |
| 1.50%, 07/01/2051 | 784 | 607 |
| 2.00%, 09/01/2050 | 595 | 484 |
| 2.00%, 10/01/2050 | 3655 | 2979 |
| 2.00%, 02/01/2051 | 3286 | 2675 |
| 2.00%, 03/01/2051 | 2405 | 1961 |
| 2.00%, 05/01/2051 | 9526 | 7740 |
| 2.00%, 06/01/2051 | 812 | 659 |
| 2.00%, 07/01/2051 | 1147 | 940 |
| 2.00%, 10/01/2051 | 384 | 313 |
| 2.00%, 11/01/2051 | 4807 | 3924 |
| 2.00%, 12/01/2051 | 5405 | 4381 |
| 2.00%, 01/01/2052 | 410 | 332 |
| 2.00%, 02/01/2052 | 1867 | 1511 |
| 2.00%, 03/01/2052 | 3993 | 3232 |
| 2.00%, 04/01/2052 | 4542 | 3672 |
| 2.00%, 08/01/2052 | 5818 | 4705 |
| 2.00%, 10/01/2052 | 957 | 772 |
| 2.50%, 11/01/2050 (gg) | 19230 | 16307 |
| 2.50%, 12/01/2050 | 2957 | 2496 |
| 2.50%, 02/01/2051 (gg) | 10355 | 8807 |
| 2.50%, 04/01/2051 | 353 | 297 |
| 2.50%, 07/01/2051 | 3948 | 3351 |
| 2.50%, 08/01/2051 (gg) | 12251 | 10520 |
| 2.50%, 11/01/2051 | 649 | 557 |
| 2.50%, 02/01/2052 | 7112 | 6025 |
| 2.50%, 03/01/2052 | 1451 | 1239 |
| 2.50%, 04/01/2052 | 1162 | 984 |
| 3.00%, 02/01/2049 | 1720 | 1565 |
| 3.00%, 11/01/2049 | 1249 | 1123 |
| 3.00%, 05/01/2050 | 2785 | 2499 |
| 3.00%, 07/01/2050 | 1476 | 1302 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 3.00%, 08/01/2050 | 3104 | 2780 |
| 3.00%, 10/01/2050 | 645 | 572 |
| 3.00%, 12/01/2050 | 210 | 186 |
| 3.00%, 06/01/2051 | 2651 | 2336 |
| 3.00%, 07/01/2051 | 4852 | 4348 |
| 3.00%, 11/01/2051 | 1550 | 1370 |
| 3.00%, 12/01/2051 (gg) | 3173 | 2793 |
| 3.00%, 02/01/2052 | 848 | 747 |
| 3.00%, 03/01/2052 | 2231 | 1979 |
| 3.00%, 04/01/2052 | 3920 | 3476 |
| 3.00%, 05/01/2052 | 1531 | 1350 |
| 3.00%, 07/01/2052 | 10863 | 9574 |
| 3.50%, 03/01/2042 | 1 | 1 |
| 3.50%, 09/01/2042 | 1709 | 1613 |
| 3.50%, 07/01/2043 | 1 | 1 |
| 3.50%, 11/01/2047 | 254 | 236 |
| 3.50%, 02/01/2048 | 1347 | 1245 |
| 3.50%, 03/01/2048 | 224 | 210 |
| 3.50%, 05/01/2048 | 2937 | 2732 |
| 3.50%, 06/01/2048 | 3 | 3 |
| 3.50%, 01/01/2049 | 30 | 29 |
| 3.50%, 02/01/2049 | 405 | 380 |
| 3.50%, 09/01/2049 | 1719 | 1597 |
| 3.50%, 10/01/2049 | 1629 | 1511 |
| 3.50%, 04/01/2050 | 2278 | 2112 |
| 3.50%, 09/01/2052 | 1081 | 992 |
| 3.50%, 05/01/2053 | 4844 | 4445 |
| 4.00%, 05/01/2045 | 3441 | 3314 |
| 4.00%, 10/01/2048 | 2126 | 2032 |
| 4.00%, 04/01/2049 | 1713 | 1638 |
| 4.00%, 09/01/2049 | 1088 | 1041 |
| 4.00%, 05/01/2050 | 808 | 769 |
| 4.00%, 08/01/2050 | 847 | 807 |
| 4.00%, 09/01/2050 | 7277 | 6942 |
| 4.00%, 04/01/2052 | 51 | 49 |
| 4.00%, 06/01/2052 | 783 | 742 |
| 4.00%, 07/01/2052 | 736 | 697 |
| 4.00%, 08/01/2052 | 1418 | 1345 |
| 4.00%, 09/01/2052 | 481 | 456 |
| 4.00%, 10/01/2052 | 471 | 449 |
| 4.00%, 02/01/2053 | 370 | 353 |
| 4.50%, 12/01/2047 | 125 | 123 |
| 4.50%, 04/01/2048 | 189 | 187 |
| 4.50%, 08/01/2048 | 16 | 16 |
| 4.50%, 09/01/2048 | 536 | 524 |
| 4.50%, 08/01/2049 | 989 | 972 |
| 4.50%, 09/01/2050 | 691 | 677 |
| 4.50%, 10/01/2050 | 2681 | 2611 |
| 4.50%, 07/01/2052 | 165 | 160 |
| 4.50%, 08/01/2052 | 415 | 402 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 4.50%, 12/01/2052 | 1402 | 1369 |
| 4.50%, 08/01/2053 | 84 | 82 |
| 4.50%, 01/01/2056 | 875 | 850 |
| 5.00%, 12/01/2049 | 298 | 301 |
| 5.00%, 08/01/2052 | 201 | 201 |
| 5.00%, 09/01/2052 | 480 | 479 |
| 5.00%, 10/01/2052 | 238 | 237 |
| 5.00%, 11/01/2052 | 194 | 192 |
| 5.00%, 01/01/2053 | 3423 | 3412 |
| 5.00%, 04/01/2053 | 1095 | 1085 |
| 5.00%, 06/01/2053 | 160 | 159 |
| 5.00%, 04/01/2054 | 1141 | 1134 |
| 5.00%, 05/01/2054 | 478 | 472 |
| 5.00%, 10/01/2054 | 4379 | 4353 |
| 5.00%, 12/01/2054 | 1421 | 1416 |
| 5.00%, 01/01/2056 | 2645 | 2623 |
| 5.00%, 02/01/2056 | 1091 | 1087 |
| 5.00%, 03/01/2056 | 4757 | 4722 |
| 5.50%, 11/01/2052 | 1411 | 1437 |
| 5.50%, 12/01/2052 | 960 | 979 |
| 5.50%, 01/01/2053 | 661 | 675 |
| 5.50%, 02/01/2053 | 1845 | 1866 |
| 5.50%, 03/01/2053 | 386 | 391 |
| 5.50%, 04/01/2053 | 312 | 315 |
| 5.50%, 05/01/2053 | 1547 | 1563 |
| 5.50%, 06/01/2053 | 88 | 90 |
| 5.50%, 09/01/2053 | 3528 | 3555 |
| 5.50%, 01/01/2054 | 456 | 459 |
| 5.50%, 03/01/2054 | 2154 | 2169 |
| 5.50%, 04/01/2054 (gg) | 12286 | 12354 |
| 5.50%, 05/01/2054 | 3619 | 3683 |
| 5.50%, 07/01/2054 | 280 | 284 |
| 5.50%, 08/01/2054 | 3221 | 3244 |
| 5.50%, 09/01/2054 | 407 | 416 |
| 5.50%, 11/01/2054 | 3141 | 3194 |
| 5.50%, 12/01/2054 | 1192 | 1212 |
| 5.50%, 01/01/2055 | 816 | 831 |
| 5.50%, 02/01/2055 | 2675 | 2705 |
| 5.50%, 03/01/2055 | 7292 | 7358 |
| 5.50%, 04/01/2055 | 1315 | 1340 |
| 5.50%, 05/01/2055 | 250 | 255 |
| 5.50%, 08/01/2055 | 2469 | 2514 |
| 5.50%, 09/01/2055 | 12022 | 12278 |
| 5.50%, 10/01/2055 | 4808 | 4902 |
| 5.50%, 11/01/2055 | 2531 | 2584 |
| 5.50%, 01/01/2056 | 943 | 965 |
| 5.50%, 02/01/2056 | 5635 | 5739 |
| 6.00%, 02/01/2053 | 713 | 730 |
| 6.00%, 06/01/2053 | 257 | 266 |
| 6.00%, 08/01/2053 | 2202 | 2282 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 6.00%, 09/01/2053 | 617 | 637 |
| 6.00%, 02/01/2054 | 358 | 371 |
| 6.00%, 04/01/2054 | 303 | 315 |
| 6.00%, 05/01/2054 (gg) | 8352 | 8663 |
| 6.00%, 07/01/2054 | 965 | 992 |
| 6.00%, 08/01/2054 | 764 | 783 |
| 6.00%, 09/01/2054 | 3264 | 3374 |
| 6.00%, 10/01/2054 | 947 | 983 |
| 6.00%, 11/01/2054 | 897 | 922 |
| 6.00%, 12/01/2054 | 709 | 732 |
| 6.00%, 01/01/2055 | 2266 | 2342 |
| 6.00%, 02/01/2055 | 5515 | 5656 |
| 6.00%, 03/01/2055 | 896 | 931 |
| 6.00%, 04/01/2055 (gg) | 20389 | 21169 |
| 6.00%, 05/01/2055 | 1050 | 1077 |
| 6.00%, 06/01/2055 | 405 | 421 |
| 6.00%, 08/01/2055 | 6947 | 7114 |
| 6.00%, 09/01/2055 | 2407 | 2482 |
| 6.50%, 09/01/2053 | 471 | 487 |
| 6.50%, 10/01/2053 | 351 | 367 |
| 6.50%, 11/01/2053 | 138 | 142 |
| 6.50%, 12/01/2053 | 714 | 741 |
| 6.50%, 01/01/2054 | 1073 | 1127 |
| 6.50%, 02/01/2054 | 494 | 512 |
| 6.50%, 05/01/2054 | 543 | 572 |
| 6.50%, 06/01/2054 | 98 | 103 |
| 6.50%, 07/01/2054 | 1582 | 1654 |
| 6.50%, 09/01/2054 | 915 | 962 |
| 6.50%, 02/01/2055 | 655 | 686 |
| 6.50%, 04/01/2055 | 938 | 986 |
| 6.50%, 06/01/2055 | 4096 | 4313 |
| 6.50%, 07/01/2055 | 1108 | 1150 |
| 6.50%, 08/01/2055 | 236 | 250 |
| 6.50%, 09/01/2055 | 1476 | 1554 |
| FNMA or FHLMC, Single Family, 15 years, |  |  |
| TBA, 1.50%, 04/01/2041 (w) | 2241 | 2014 |
| TBA, 2.00%, 04/01/2041 (w) | 9750 | 8959 |
| TBA, 3.00%, 04/01/2056 (w) | 725 | 692 |
| TBA, 3.50%, 04/01/2041 (w) | 450 | 433 |
| TBA, 4.00%, 04/01/2041 (w) | 3725 | 3634 |
| TBA, 4.50%, 04/01/2041 (w) | 6800 | 6746 |
| TBA, 5.50%, 04/01/2041 (w) | 17500 | 17816 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 1.50%, 04/01/2056 (w) | 1500 | 1156 |
| TBA, 1.50%, 05/01/2056 (w) | 5800 | 4470 |
| TBA, 2.00%, 04/01/2056 (w) | 6450 | 5191 |
| TBA, 2.00%, 05/01/2056 (w) | 102900 | 82782 |
| TBA, 2.50%, 04/01/2056 (w) | 31575 | 26559 |
| TBA, 3.00%, 04/01/2056 (w) | 37728 | 33176 |
| TBA, 3.00%, 05/01/2056 (w) | 8700 | 7644 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| TBA, 3.50%, 04/01/2056 (w) | 58215 | 53355 |
| TBA, 4.00%, 04/01/2056 (w) | 19850 | 18715 |
| TBA, 4.50%, 04/01/2056 (w) | 11875 | 11459 |
| TBA, 4.50%, 05/01/2056 (w) | 37900 | 36538 |
| TBA, 4.50%, 06/01/2056 (w) | 25268 | 24341 |
| TBA, 5.00%, 04/01/2056 (w) | 60029 | 59193 |
| TBA, 5.00%, 05/01/2056 (w) | 11000 | 10834 |
| TBA, 5.50%, 04/01/2056 (w) | 1275 | 1281 |
| TBA, 6.00%, 04/01/2056 (w) | 300 | 306 |
| TBA, 6.00%, 05/01/2056 (w) | 4000 | 4072 |
| TBA, 6.00%, 06/01/2056 (w) | 73000 | 74283 |
| TBA, 6.00%, 07/01/2056 (w) | 52000 | 52889 |
| TBA, 6.50%, 04/01/2056 (w) | 1600 | 1655 |
| TBA, 6.50%, 05/01/2056 (w) | 34950 | 36119 |
| FNMA Pool, |  |  |
| 2.00%, 11/01/2027 | 65 | 64 |
| 3.50%, 09/01/2027 | 20 | 20 |
| 3.50%, 12/01/2028 | 20 | 20 |
| FNMA Pool, Single Family, 15 years, |  |  |
| 1.50%, 10/01/2036 | 385 | 347 |
| 1.50%, 11/01/2036 | 343 | 309 |
| 1.50%, 03/01/2037 | 345 | 310 |
| 1.50%, 05/01/2037 | 137 | 124 |
| 1.50%, 08/01/2037 | 384 | 346 |
| 2.00%, 02/01/2028 | 4 | 4 |
| 2.00%, 09/01/2028 | 38 | 38 |
| 2.00%, 11/01/2028 | 42 | 41 |
| 2.00%, 07/01/2032 | 6 | 5 |
| 2.00%, 12/01/2035 | 555 | 512 |
| 2.00%, 02/01/2036 | 4138 | 3809 |
| 2.00%, 03/01/2036 | 306 | 281 |
| 2.00%, 08/01/2036 | 789 | 726 |
| 2.00%, 10/01/2036 | 254 | 233 |
| 2.00%, 11/01/2036 | 1655 | 1522 |
| 2.00%, 12/01/2036 | 863 | 794 |
| 2.00%, 01/01/2037 | 395 | 363 |
| 2.00%, 02/01/2037 | 704 | 647 |
| 2.00%, 04/01/2037 | 819 | 754 |
| 2.00%, 05/01/2037 | 507 | 466 |
| 2.50%, 06/01/2029 | 2277 | 2246 |
| 2.50%, 08/01/2035 | 162 | 153 |
| 2.50%, 03/01/2036 | 1476 | 1403 |
| 2.50%, 07/01/2036 | 596 | 564 |
| 2.50%, 08/01/2036 | 91 | 86 |
| 2.50%, 11/01/2036 | 1888 | 1783 |
| 2.50%, 03/01/2037 | 170 | 161 |
| 2.50%, 04/01/2037 | 357 | 338 |
| 2.50%, 05/01/2037 | 95 | 89 |
| 3.00%, 10/01/2026 | 7 | 6 |
| 3.00%, 11/01/2026 | 99 | 98 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 3.00%, 12/01/2026 | 14 | 13 |
| 3.00%, 01/01/2027 | 159 | 158 |
| 3.00%, 02/01/2027 | 36 | 36 |
| 3.00%, 04/01/2027 | 82 | 81 |
| 3.00%, 11/01/2027 | 6 | 6 |
| 3.00%, 02/01/2028 | 33 | 33 |
| 3.00%, 10/01/2029 | 21 | 21 |
| 3.00%, 03/01/2030 | 15 | 15 |
| 3.00%, 05/01/2030 | 4 | 4 |
| 3.00%, 07/01/2030 | 7 | 7 |
| 3.00%, 09/01/2030 | 250 | 246 |
| 3.00%, 12/01/2030 | 13 | 13 |
| 3.00%, 04/01/2031 | 49 | 48 |
| 3.00%, 12/01/2031 | 131 | 127 |
| 3.00%, 02/01/2032 | 199 | 193 |
| 3.00%, 03/01/2032 | 192 | 187 |
| 3.00%, 04/01/2032 | 951 | 924 |
| 3.00%, 05/01/2032 | 284 | 276 |
| 3.00%, 07/01/2032 | 628 | 610 |
| 3.00%, 08/01/2032 | 252 | 245 |
| 3.00%, 11/01/2032 | 508 | 493 |
| 3.00%, 01/01/2033 | 36 | 35 |
| 3.00%, 07/01/2033 | 66 | 64 |
| 3.00%, 02/01/2034 | 731 | 710 |
| 3.00%, 09/01/2034 | 298 | 287 |
| 3.00%, 12/01/2035 | 241 | 232 |
| 3.00%, 04/01/2037 | 1546 | 1476 |
| 3.00%, 05/01/2037 | 1343 | 1284 |
| 3.00%, 10/01/2037 | 662 | 633 |
| 3.50%, 07/01/2031 | 26 | 26 |
| 3.50%, 07/01/2034 | 149 | 147 |
| 3.50%, 03/01/2035 | 788 | 772 |
| 3.50%, 05/01/2035 | 42 | 42 |
| 3.50%, 12/01/2039 | 3300 | 3178 |
| 4.00%, 06/01/2026 | 1 | 1 |
| 4.00%, 08/01/2026 | 1 | 1 |
| 4.00%, 08/01/2027 | 2 | 2 |
| 4.00%, 12/01/2028 | 8 | 8 |
| 4.00%, 04/01/2033 | 258 | 257 |
| 4.00%, 10/01/2033 | 46 | 46 |
| 4.00%, 11/01/2033 | 1 | 1 |
| 4.00%, 12/01/2033 | 10 | 10 |
| 4.00%, 03/01/2035 | 91 | 90 |
| 4.00%, 09/01/2037 | 127 | 124 |
| 4.00%, 11/01/2037 | 186 | 181 |
| 4.00%, 05/01/2038 | 85 | 83 |
| 4.00%, 11/01/2038 | 52 | 51 |
| 4.00%, 12/01/2039 | 1661 | 1621 |
| FNMA Pool, Single Family, 20 years, |  |  |
| 3.00%, 05/01/2042 | 581 | 535 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 3.00%, 06/01/2042 | 293 | 270 |
| 3.00%, 07/01/2042 | 1108 | 1026 |
| 3.50%, 03/01/2037 | 320 | 309 |
| 3.50%, 08/01/2038 | 80 | 77 |
| 3.50%, 04/01/2039 | 9 | 9 |
| 3.50%, 08/01/2039 | 122 | 117 |
| 4.50%, 06/01/2039 | 17 | 17 |
| 4.50%, 07/01/2043 | 752 | 747 |
| 6.00%, 04/01/2045 | 240 | 245 |
| 6.00%, 06/01/2045 | 226 | 230 |
| 6.50%, 05/01/2045 | 1213 | 1254 |
| 7.00%, 03/01/2045 | 245 | 258 |
| FNMA Pool, Single Family, 30 years, |  |  |
| 1.50%, 11/01/2050 | 1146 | 887 |
| 1.50%, 06/01/2051 | 1674 | 1296 |
| 1.50%, 07/01/2051 | 1068 | 826 |
| 1.50%, 04/01/2052 | 806 | 622 |
| 2.00%, 07/01/2050 | 1207 | 983 |
| 2.00%, 09/01/2050 | 1046 | 854 |
| 2.00%, 10/01/2050 | 802 | 653 |
| 2.00%, 12/01/2050 | 6676 | 5432 |
| 2.00%, 01/01/2051 | 3272 | 2676 |
| 2.00%, 02/01/2051 | 1116 | 906 |
| 2.00%, 03/01/2051 | 1645 | 1345 |
| 2.00%, 04/01/2051 | 9270 | 7533 |
| 2.00%, 05/01/2051 | 1537 | 1252 |
| 2.00%, 06/01/2051 | 4857 | 3967 |
| 2.00%, 07/01/2051 | 2632 | 2137 |
| 2.00%, 10/01/2051 | 15196 | 12328 |
| 2.00%, 11/01/2051 | 6966 | 5653 |
| 2.00%, 12/01/2051 | 1338 | 1094 |
| 2.00%, 12/01/2051 (hh) | 14851 | 12020 |
| 2.00%, 02/01/2052 | 1351 | 1093 |
| 2.00%, 05/01/2052 | 3102 | 2508 |
| 2.00%, 10/01/2052 | 15980 | 12907 |
| 2.50%, 08/01/2046 | 4078 | 3533 |
| 2.50%, 08/01/2050 | 14 | 12 |
| 2.50%, 10/01/2050 (gg) | 9597 | 8115 |
| 2.50%, 12/01/2050 (gg) | 11871 | 10017 |
| 2.50%, 02/01/2051 | 1672 | 1421 |
| 2.50%, 03/01/2051 | 4373 | 3729 |
| 2.50%, 04/01/2051 (gg) | 5625 | 4750 |
| 2.50%, 07/01/2051 | 1400 | 1193 |
| 2.50%, 08/01/2051 | 3108 | 2665 |
| 2.50%, 09/01/2051 | 421 | 357 |
| 2.50%, 10/01/2051 | 2741 | 2318 |
| 2.50%, 11/01/2051 | 4311 | 3655 |
| 2.50%, 12/01/2051 | 13353 | 11349 |
| 2.50%, 01/01/2052 | 19655 | 16667 |
| 2.50%, 02/01/2052 | 857 | 731 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 2.50%, 03/01/2052 (gg) | 8665 | 7408 |
| 2.50%, 04/01/2052 | 3907 | 3337 |
| 2.50%, 05/01/2052 | 752 | 638 |
| 2.50%, 07/01/2052 | 11545 | 9761 |
| 2.50%, 08/01/2052 | 1756 | 1485 |
| 2.50%, 01/01/2054 | 1009 | 853 |
| 3.00%, 08/01/2046 | 912 | 824 |
| 3.00%, 11/01/2046 | 2399 | 2199 |
| 3.00%, 02/01/2047 | 458 | 419 |
| 3.00%, 04/01/2048 | 4755 | 4359 |
| 3.00%, 01/01/2050 | 2229 | 2010 |
| 3.00%, 03/01/2050 | 1192 | 1071 |
| 3.00%, 06/01/2050 | 223 | 199 |
| 3.00%, 07/01/2050 | 10191 | 9031 |
| 3.00%, 08/01/2050 | 2466 | 2202 |
| 3.00%, 09/01/2050 | 255 | 226 |
| 3.00%, 11/01/2050 | 445 | 394 |
| 3.00%, 12/01/2050 | 3183 | 2853 |
| 3.00%, 01/01/2051 | 1373 | 1219 |
| 3.00%, 05/01/2051 (gg) | 8956 | 7892 |
| 3.00%, 06/01/2051 | 5449 | 4809 |
| 3.00%, 07/01/2051 | 1484 | 1317 |
| 3.00%, 08/01/2051 | 981 | 877 |
| 3.00%, 10/01/2051 | 2516 | 2219 |
| 3.00%, 11/01/2051 | 2172 | 1922 |
| 3.00%, 12/01/2051 | 2132 | 1879 |
| 3.00%, 02/01/2052 (gg) | 816 | 723 |
| 3.00%, 03/01/2052 | 411 | 365 |
| 3.00%, 04/01/2052 | 2851 | 2520 |
| 3.00%, 05/01/2052 | 3677 | 3242 |
| 3.00%, 03/01/2053 | 3287 | 2896 |
| 3.50%, 07/01/2042 | 1 | 1 |
| 3.50%, 09/01/2042 | 122 | 115 |
| 3.50%, 05/01/2043 | 4 | 3 |
| 3.50%, 07/01/2043 | 5306 | 5016 |
| 3.50%, 08/01/2043 (gg) | 13584 | 12817 |
| 3.50%, 01/01/2044 | 159 | 151 |
| 3.50%, 10/01/2045 | 15 | 14 |
| 3.50%, 12/01/2045 | 1545 | 1451 |
| 3.50%, 07/01/2046 | 2820 | 2640 |
| 3.50%, 02/01/2047 | 3013 | 2837 |
| 3.50%, 07/01/2047 | 685 | 641 |
| 3.50%, 10/01/2047 | 1022 | 953 |
| 3.50%, 02/01/2048 | 1646 | 1532 |
| 3.50%, 03/01/2048 | 140 | 131 |
| 3.50%, 03/01/2049 | 267 | 249 |
| 3.50%, 06/01/2049 | 2897 | 2698 |
| 3.50%, 08/01/2049 | 1445 | 1346 |
| 3.50%, 04/01/2050 | 135 | 125 |
| 3.50%, 05/01/2050 | 3610 | 3342 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 3.50%, 06/01/2050 | 1197 | 1114 |
| 3.50%, 07/01/2050 | 7798 | 7159 |
| 3.50%, 01/01/2051 | 596 | 552 |
| 3.50%, 03/01/2052 (gg) | 10031 | 9355 |
| 3.50%, 05/01/2052 (gg) | 15563 | 14349 |
| 3.50%, 06/01/2052 | 3660 | 3382 |
| 3.50%, 07/01/2052 | 3863 | 3547 |
| 3.50%, 05/01/2053 | 863 | 792 |
| 4.00%, 04/01/2039 | 834 | 814 |
| 4.00%, 03/01/2042 | 414 | 401 |
| 4.00%, 04/01/2043 | 2694 | 2599 |
| 4.00%, 04/01/2044 | 1271 | 1223 |
| 4.00%, 02/01/2045 | 181 | 174 |
| 4.00%, 08/01/2045 | 2100 | 2026 |
| 4.00%, 09/01/2046 | 99 | 95 |
| 4.00%, 09/01/2047 | 31 | 30 |
| 4.00%, 10/01/2047 | 383 | 366 |
| 4.00%, 03/01/2048 | 58 | 56 |
| 4.00%, 04/01/2048 | 313 | 299 |
| 4.00%, 06/01/2048 | 22 | 21 |
| 4.00%, 07/01/2048 | 3529 | 3392 |
| 4.00%, 08/01/2048 | 95 | 91 |
| 4.00%, 09/01/2048 | 225 | 215 |
| 4.00%, 01/01/2049 (gg) | 8636 | 8265 |
| 4.00%, 03/01/2049 | 904 | 859 |
| 4.00%, 05/01/2049 | 4328 | 4163 |
| 4.00%, 06/01/2049 | 883 | 846 |
| 4.00%, 11/01/2049 | 377 | 361 |
| 4.00%, 05/01/2050 | 720 | 688 |
| 4.00%, 03/01/2051 | 1918 | 1829 |
| 4.00%, 05/01/2051 | 188 | 179 |
| 4.00%, 08/01/2051 | 3045 | 2937 |
| 4.00%, 04/01/2052 | 53 | 50 |
| 4.00%, 05/01/2052 | 1588 | 1500 |
| 4.00%, 06/01/2052 | 572 | 541 |
| 4.00%, 07/01/2052 | 420 | 398 |
| 4.00%, 08/01/2052 | 1715 | 1623 |
| 4.00%, 09/01/2052 | 250 | 237 |
| 4.00%, 12/01/2052 | 991 | 938 |
| 4.00%, 07/01/2053 | 367 | 351 |
| 4.00%, 08/01/2053 | 2175 | 2059 |
| 4.00%, 11/01/2053 | 6132 | 5785 |
| 4.00%, 06/01/2054 | 1606 | 1515 |
| 4.50%, 05/01/2047 | 2 | 2 |
| 4.50%, 11/01/2047 | 478 | 468 |
| 4.50%, 01/01/2048 | 437 | 430 |
| 4.50%, 04/01/2048 | 22 | 22 |
| 4.50%, 08/01/2048 | 12 | 12 |
| 4.50%, 09/01/2048 | 349 | 343 |
| 4.50%, 02/01/2049 | 3885 | 3787 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 4.50%, 05/01/2049 | 333 | 325 |
| 4.50%, 08/01/2049 | 7 | 7 |
| 4.50%, 01/01/2050 | 145 | 142 |
| 4.50%, 04/01/2050 (gg) | 5404 | 5288 |
| 4.50%, 05/01/2052 | 17 | 17 |
| 4.50%, 06/01/2052 | 1145 | 1111 |
| 4.50%, 08/01/2052 | 304 | 296 |
| 4.50%, 09/01/2052 | 1839 | 1783 |
| 4.50%, 10/01/2052 | 794 | 773 |
| 4.50%, 11/01/2052 | 2690 | 2617 |
| 4.50%, 12/01/2052 | 416 | 404 |
| 4.50%, 08/01/2053 | 240 | 234 |
| 4.50%, 06/01/2054 | 1199 | 1158 |
| 4.50%, 04/01/2055 | 9105 | 8791 |
| 4.50%, 01/01/2056 | 1760 | 1699 |
| 5.00%, 09/01/2049 | 746 | 749 |
| 5.00%, 10/01/2052 | 1406 | 1397 |
| 5.00%, 11/01/2052 | 883 | 879 |
| 5.00%, 12/01/2052 | 443 | 442 |
| 5.00%, 01/01/2053 | 1878 | 1866 |
| 5.00%, 02/01/2053 | 1138 | 1128 |
| 5.00%, 03/01/2053 | 273 | 273 |
| 5.00%, 04/01/2053 | 768 | 762 |
| 5.00%, 05/01/2053 | 188 | 186 |
| 5.00%, 06/01/2053 | 234 | 233 |
| 5.00%, 07/01/2053 | 1720 | 1702 |
| 5.00%, 08/01/2053 | 950 | 940 |
| 5.00%, 11/01/2053 | 3477 | 3440 |
| 5.00%, 06/01/2054 | 895 | 885 |
| 5.00%, 10/01/2054 | 2656 | 2621 |
| 5.00%, 11/01/2054 | 6168 | 6090 |
| 5.00%, 01/01/2055 | 3495 | 3474 |
| 5.00%, 01/01/2056 (gg) | 7982 | 7890 |
| 5.00%, 02/01/2056 | 3592 | 3580 |
| 5.00%, 03/01/2056 | 3228 | 3214 |
| 5.50%, 09/01/2052 | 247 | 254 |
| 5.50%, 01/01/2053 | 345 | 354 |
| 5.50%, 02/01/2053 | 1486 | 1502 |
| 5.50%, 03/01/2053 | 7594 | 7703 |
| 5.50%, 04/01/2053 | 1537 | 1570 |
| 5.50%, 05/01/2053 | 1329 | 1347 |
| 5.50%, 06/01/2053 | 3474 | 3548 |
| 5.50%, 09/01/2053 | 277 | 284 |
| 5.50%, 03/01/2054 | 6325 | 6361 |
| 5.50%, 04/01/2054 | 592 | 601 |
| 5.50%, 05/01/2054 | 3994 | 4020 |
| 5.50%, 07/01/2054 | 313 | 321 |
| 5.50%, 08/01/2054 | 550 | 564 |
| 5.50%, 10/01/2054 | 2587 | 2613 |
| 5.50%, 12/01/2054 (gg) | 490 | 500 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** | | |
| 5.50%, 01/01/2055 | 1795 | 1825 |
| 5.50%, 04/01/2055 | 1358 | 1388 |
| 5.50%, 05/01/2055 | 1480 | 1499 |
| 5.50%, 07/01/2055 | 38 | 39 |
| 5.50%, 08/01/2055 | 1157 | 1181 |
| 5.50%, 09/01/2055 | 4403 | 4464 |
| 5.50%, 10/01/2055 | 3649 | 3719 |
| 5.50%, 12/01/2055 | 5742 | 5858 |
| 5.50%, 01/01/2056 | 464 | 471 |
| 6.00%, 12/01/2052 | 223 | 229 |
| 6.00%, 01/01/2053 | 661 | 677 |
| 6.00%, 07/01/2053 | 884 | 906 |
| 6.00%, 08/01/2053 | 383 | 398 |
| 6.00%, 09/01/2053 | 1553 | 1607 |
| 6.00%, 11/01/2053 | 1759 | 1813 |
| 6.00%, 12/01/2053 | 612 | 634 |
| 6.00%, 01/01/2054 | 2236 | 2319 |
| 6.00%, 03/01/2054 | 1917 | 1988 |
| 6.00%, 04/01/2054 | 3595 | 3717 |
| 6.00%, 06/01/2054 | 3122 | 3185 |
| 6.00%, 08/01/2054 | 4992 | 5157 |
| 6.00%, 09/01/2054 | 8183 | 8413 |
| 6.00%, 10/01/2054 | 190 | 194 |
| 6.00%, 11/01/2054 | 2695 | 2772 |
| 6.00%, 01/01/2055 | 3481 | 3572 |
| 6.00%, 02/01/2055 | 888 | 911 |
| 6.00%, 03/01/2055 (gg) | 7608 | 7896 |
| 6.00%, 04/01/2055 | 1711 | 1776 |
| 6.00%, 09/01/2055 | 1957 | 2035 |
| 6.00%, 11/01/2055 | 1131 | 1174 |
| 6.00%, 12/01/2055 | 1087 | 1109 |
| 6.00%, 03/01/2056 | 2472 | 2524 |
| 6.50%, 10/01/2053 | 545 | 574 |
| 6.50%, 11/01/2053 | 2486 | 2578 |
| 6.50%, 12/01/2053 | 953 | 1004 |
| 6.50%, 01/01/2054 | 1010 | 1056 |
| 6.50%, 02/01/2054 | 595 | 633 |
| 6.50%, 04/01/2054 | 654 | 687 |
| 6.50%, 07/01/2054 | 1848 | 1929 |
| 6.50%, 08/01/2054 | 3319 | 3455 |
| 6.50%, 11/01/2054 | 2109 | 2201 |
| 6.50%, 04/01/2055 | 986 | 1039 |
| 6.50%, 07/01/2055 | 1260 | 1313 |
| 6.50%, 08/01/2055 | 582 | 613 |
| 6.50%, 09/01/2055 | 394 | 415 |
| 6.50%, 12/01/2055 | 2995 | 3117 |
| Total UMBS Collateral |  | 1574202 |
| Total Mortgage-Backed Securities<br>(Cost $2,358,897) |  | 2283698 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds** — **0.0%** (g) (t) |  |  |
|  **Arizona — 0.0%** (g) |  |  |
|  Salt River Project Agricultural Improvement & Power District, Series A, Rev.,<br>4.84%, 01/01/2041 | 100 | 96 |
|  **California — 0.0%** (g) |  |  |
| California State University, Taxable Systemwide, Series E, Rev., 2.90%, 11/01/2051 | 15 | 11 |
| Regents of the University of California Medical Center Pooled Revenue, Build America Bonds, Series F, Rev., 6.58%, 05/15/2049 | 100 | 106 |
| State of California, Taxable Construction Bond Bidding Group, GO, 1.75%, 11/01/2030 | 100 | 90 |
|  |  | 207 |
|  **District of Columbia — 0.0%** (g) |  |  |
| District of Columbia, Water & Sewer Authority, Senior Lien, Green Bonds, Series A, Rev., 4.81%, 10/01/2114 | 890 | 743 |
|  **Illinois — 0.0%** (g) |  |  |
| State of Illinois, Taxable Pension, GO, 5.10%, 06/01/2033 | 87 | 89 |
|  **Maryland — 0.0%** (g) |  |  |
| Maryland Economic Development Corp., Rev., 5.43%, 05/31/2056 | 1245 | 1209 |
|  **Michigan** — **0.0%** (g) |  |  |
| University of Michigan, Series A, Rev., 4.45%, 04/01/2122 | 1000 | 775 |
|  **New York** — **0.0%** (g) |  |  |
| Port Authority of New York & New Jersey |  |  |
| Series 21, Rev., 3.29%, 08/01/2069 | 40 | 25 |
| Series 239, Rev., 5.07%, 07/15/2053 | 2205 | 2103 |
| Port Authority of New York & New Jersey, Taxable Consolidated 160, Rev., 5.65%, 11/01/2040 | 100 | 104 |
|  |  | 2232 |
|  **Oklahoma** — **0.0%** (g) |  |  |
| Oklahoma Development Finance Authority, Rev., 4.62%, 06/01/2044 | 10 | 10 |
|  **Oregon** — **0.0%** (g) |  |  |
| Oregon State University, Rev., BAM, 3.42%, 03/01/2060 | 10 | 7 |
|  **Texas** — **0.0%** (g) |  |  |
| Dallas Fort Worth International Airport, Taxable |  |  |
| Series A, Rev., 4.09%, 11/01/2051 | 425 | 343 |
| Series C, Rev., 3.09%, 11/01/2040 | 100 | 81 |
|  |  | 424 |
|  **Virginia** — **0.0%** (g) |  |  |
| University of Virginia, Rev., 2.26%, 09/01/2050 | 1480 | 846 |
| University of Virginia, Taxable, Series C, Rev., 4.18%, 09/01/2117 | 40 | 29 |
|  |  | 875 |
|  Total Municipal Bonds<br>(Cost $7,724) |  | 6667 |
| **U.S. Government Agency Securities** — **0.1%** |  |  |
|  **Sovereign — 0.1%** |  |  |
| Federal Agricultural Mortgage Corp., |  |  |
| 2.00%, 10/27/2031 | 1000 | 889 |
| 2.15%, 07/23/2040 | 223 | 156 |
| Federal Farm Credit Banks Funding Corp., |  |  |
| 1.28%, 06/03/2030 | 540 | 484 |
| 1.30%, 11/04/2030 | 5 | 5 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Government Agency Securities** — **continued** |  |  |  |
| **Sovereign — continued** | | | |
| 1.30%, 02/03/2031 |  | 1235 | 1088 |
| 1.43%, 12/11/2030 |  | 44 | 39 |
| 1.74%, 06/03/2030 |  | 30 | 27 |
| 2.20%, 12/09/2031 |  | 1030 | 922 |
| 2.20%, 01/12/2032 |  | 60 | 54 |
| 4.39%, 03/27/2029 |  | 1000 | 1000 |
| FHLBs, |  |  |  |
| 1.05%, 06/24/2027 |  | 16 | 16 |
| 1.11%, 07/27/2026 |  | 833 | 826 |
| 1.25%, 06/15/2027 |  | 343 | 332 |
| 1.28%, 12/02/2030 |  | 15 | 13 |
| 1.30%, 02/11/2030 |  | 10 | 9 |
| 1.50%, 09/11/2029 |  | 110 | 101 |
| 1.80%, 01/25/2036 |  | 500 | 390 |
| 1.85%, 06/11/2035 |  | 35 | 28 |
| 2.00%, 03/25/2030 |  | 38 | 35 |
| 2.04%, 05/04/2035 |  | 758 | 609 |
| 2.05%, 03/19/2035 |  | 1384 | 1133 |
| 3.25%, 11/16/2028 |  | 25 | 25 |
| 3.50%, 09/09/2027 |  | 1425 | 1420 |
| 4.00%, 06/09/2028 |  | 50 | 50 |
| FHLMC, |  |  |  |
| 1.22%, 08/19/2030 |  | 215 | 191 |
| 1.25%, 11/19/2030 |  | 10 | 9 |
| 1.38%, 07/15/2030 |  | 17 | 15 |
| 1.40%, 06/28/2030 |  | 75 | 67 |
| 6.25%, 07/15/2032 |  | 7 | 8 |
| 6.75%, 03/15/2031 |  | 50 | 56 |
| FHLMC STRIPs, Zero Coupon, 03/15/2031 |  | 542 | 444 |
| FNMA, |  |  |  |
| Zero Coupon, 11/15/2030 |  | 225 | 186 |
| 0.88%, 08/05/2030 |  | 50 | 44 |
| 5.38%, 12/07/2028 | GBP | 460 | 617 |
| Resolution Funding Corp. Interest STRIP, |  |  |  |
| Zero Coupon, 07/15/2028 |  | 57 | 52 |
| Zero Coupon, 10/15/2028 |  | 485 | 440 |
| Zero Coupon, 01/15/2030 |  | 1750 | 1505 |
| Zero Coupon, 04/15/2030 |  | 2965 | 2517 |
| Resolution Funding Corp. Principal STRIP, Zero Coupon, 01/15/2030 |  | 835 | 718 |
| Tennessee Valley Authority, 4.63%, 06/07/2043 | GBP | 200 | 223 |
| Tennessee Valley Authority Generic Strip, Zero Coupon, 01/15/2034 |  | 1100 | 772 |
| Total Sovereign |  |  | 17515 |
|  Total U.S. Government Agency Securities<br>(Cost $17,751) |  |  | 17515 |
| **U.S. Treasury Obligations** —**13.6%** |  |  |  |
|  **Sovereign — 13.6%** |  |  |  |
| U.S. Treasury Bonds, |  |  |  |
| 1.13%, 05/15/2040 |  | 3313 | 2091 |
| 1.13%, 08/15/2040 |  | 2826 | 1765 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations** — **continued** |  |  |
| **Sovereign — continued** | | |
| 1.25%, 05/15/2050 | 9780 | 4655 |
| 1.38%, 11/15/2040 | 3283 | 2120 |
| 1.38%, 08/15/2050 | 3784 | 1856 |
| 1.63%, 11/15/2050 | 4312 | 2256 |
| 1.75%, 08/15/2041 | 3904 | 2615 |
| 1.88%, 02/15/2041 | 3076 | 2135 |
| 1.88%, 02/15/2051 | 3543 | 1973 |
| 1.88%, 11/15/2051 | 4363 | 2403 |
| 2.00%, 11/15/2041 | 3005 | 2082 |
| 2.00%, 02/15/2050 | 8768 | 5119 |
| 2.00%, 08/15/2051 | 3446 | 1967 |
| 2.25%, 05/15/2041 | 2649 | 1934 |
| 2.25%, 08/15/2046 | 2972 | 1942 |
| 2.25%, 08/15/2049 | 1860 | 1159 |
| 2.25%, 02/15/2052 | 2836 | 1713 |
| 2.38%, 02/15/2042 | 2342 | 1710 |
| 2.38%, 11/15/2049 | 2039 | 1303 |
| 2.38%, 05/15/2051 | 3622 | 2272 |
| 2.50%, 02/15/2045 | 2734 | 1921 |
| 2.50%, 02/15/2046 | 1313 | 908 |
| 2.50%, 05/15/2046 | 1689 | 1163 |
| 2.75%, 08/15/2042 | 742 | 569 |
| 2.75%, 11/15/2042 | 952 | 726 |
| 2.75%, 08/15/2047 | 1401 | 993 |
| 2.75%, 11/15/2047 | 2070 | 1464 |
| 2.88%, 05/15/2043 | 8496 | 6538 |
| 2.88%, 08/15/2045 | 2029 | 1509 |
| 2.88%, 11/15/2046 (jj) | 594 | 435 |
| 2.88%, 05/15/2049 | 2604 | 1856 |
| 2.88%, 05/15/2052 | 6466 | 4496 |
| 3.00%, 05/15/2042 | 563 | 450 |
| 3.00%, 11/15/2044 | 1029 | 790 |
| 3.00%, 05/15/2045 | 1468 | 1119 |
| 3.00%, 11/15/2045 | 717 | 543 |
| 3.00%, 02/15/2047 | 1250 | 934 |
| 3.00%, 05/15/2047 | 955 | 711 |
| 3.00%, 02/15/2048 | 1591 | 1176 |
| 3.00%, 08/15/2048 | 1881 | 1383 |
| 3.00%, 02/15/2049 | 4317 | 3160 |
| 3.00%, 08/15/2052 | 2422 | 1726 |
| 3.13%, 11/15/2041 | 572 | 469 |
| 3.13%, 02/15/2042 | 606 | 494 |
| 3.13%, 02/15/2043 | 4398 | 3528 |
| 3.13%, 08/15/2044 | 1852 | 1455 |
| 3.13%, 05/15/2048 | 1691 | 1275 |
| 3.25%, 05/15/2042 | 1898 | 1568 |
| 3.38%, 08/15/2042 | 1770 | 1482 |
| 3.38%, 05/15/2044 | 934 | 765 |
| 3.38%, 11/15/2048 | 1974 | 1550 |
| 3.50%, 02/15/2039 | 424 | 383 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations** — **continued** |  |  |
| **Sovereign — continued** | | |
| 3.63%, 08/15/2043 | 6101 | 5220 |
| 3.63%, 02/15/2044 | 2000 | 1702 |
| 3.63%, 02/15/2053 | 2420 | 1947 |
| 3.63%, 05/15/2053 | 6431 | 5169 |
| 3.75%, 08/15/2041 | 545 | 487 |
| 3.75%, 11/15/2043 | 2461 | 2137 |
| 3.88%, 08/15/2040 | 554 | 509 |
| 3.88%, 02/15/2043 | 1713 | 1525 |
| 3.88%, 05/15/2043 | 1971 | 1750 |
| 4.00%, 11/15/2042 | 7421 | 6728 |
| 4.00%, 11/15/2052 | 2612 | 2249 |
| 4.13%, 08/15/2044 | 1891 | 1719 |
| 4.13%, 08/15/2053 | 2691 | 2366 |
| 4.25%, 05/15/2039 | 610 | 593 |
| 4.25%, 11/15/2040 | 550 | 525 |
| 4.25%, 02/15/2054 | 3155 | 2834 |
| 4.25%, 08/15/2054 | 3132 | 2813 |
| 4.38%, 02/15/2038 | 289 | 289 |
| 4.38%, 11/15/2039 | 600 | 586 |
| 4.38%, 05/15/2040 | 593 | 577 |
| 4.38%, 05/15/2041 | 539 | 520 |
| 4.38%, 08/15/2043 (ff) (jj) | 1882 | 1780 |
| 4.50%, 02/15/2036 | 9504 | 9698 |
| 4.50%, 05/15/2038 | 914 | 922 |
| 4.50%, 08/15/2039 | 531 | 527 |
| 4.50%, 02/15/2044 | 2044 | 1958 |
| 4.50%, 11/15/2054 | 3346 | 3134 |
| 4.63%, 02/15/2040 | 576 | 576 |
| 4.63%, 05/15/2044 | 3995 | 3882 |
| 4.63%, 11/15/2044 | 3264 | 3165 |
| 4.63%, 11/15/2045 (ff) | 2569 | 2483 |
| 4.63%, 02/15/2046 | 450 | 435 |
| 4.63%, 05/15/2054 | 3170 | 3031 |
| 4.63%, 02/15/2055 | 3560 | 3405 |
| 4.63%, 11/15/2055 | 3550 | 3401 |
| 4.75%, 02/15/2037 | 213 | 220 |
| 4.75%, 02/15/2041 | 630 | 635 |
| 4.75%, 11/15/2043 | 1858 | 1839 |
| 4.75%, 02/15/2045 | 2445 | 2407 |
| 4.75%, 11/15/2053 | 2957 | 2883 |
| 4.75%, 05/15/2055 | 3803 | 3712 |
| 4.75%, 08/15/2055 | 3504 | 3424 |
| 4.75%, 02/15/2056 | 2326 | 2274 |
| 4.88%, 08/15/2045 | 3371 | 3366 |
| 5.00%, 05/15/2037 | 352 | 373 |
| 5.00%, 05/15/2045 | 2632 | 2671 |
| 5.25%, 11/15/2028 | 331 | 342 |
| 5.25%, 02/15/2029 | 548 | 570 |
| 5.38%, 02/15/2031 | 347 | 368 |
| 5.50%, 08/15/2028 | 198 | 206 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations** — **continued** |  |  |
| **Sovereign — continued** | | |
| 6.13%, 11/15/2027 | 332 | 344 |
| 6.13%, 08/15/2029 | 172 | 184 |
| 6.25%, 05/15/2030 | 276 | 300 |
| 6.38%, 08/15/2027 | 155 | 161 |
| U.S. Treasury Notes, |  |  |
| 0.38%, 07/31/2027 | 2580 | 2465 |
| 0.38%, 09/30/2027 | 2588 | 2458 |
| 0.50%, 04/30/2027 | 7628 | 7365 |
| 0.50%, 05/31/2027 | 4336 | 4173 |
| 0.50%, 06/30/2027 | 1826 | 1752 |
| 0.50%, 08/31/2027 | 2010 | 1918 |
| 0.50%, 10/31/2027 | 2387 | 2265 |
| 0.63%, 07/31/2026 | 3155 | 3122 |
| 0.63%, 11/30/2027 (jj) | 2546 | 2415 |
| 0.63%, 12/31/2027 | 2956 | 2796 |
| 0.63%, 05/15/2030 | 5031 | 4408 |
| 0.63%, 08/15/2030 (jj) | 6463 | 5613 |
| 0.75%, 01/31/2028 | 3565 | 3372 |
| 0.88%, 11/15/2030 | 4931 | 4298 |
| 1.00%, 07/31/2028 | 3595 | 3370 |
| 1.13%, 02/29/2028 | 3612 | 3434 |
| 1.13%, 08/31/2028 | 3839 | 3602 |
| 1.13%, 02/15/2031 | 5097 | 4468 |
| 1.25%, 03/31/2028 | 4298 | 4087 |
| 1.25%, 04/30/2028 | 3972 | 3769 |
| 1.25%, 05/31/2028 | 4202 | 3979 |
| 1.25%, 06/30/2028 | 3153 | 2980 |
| 1.25%, 09/30/2028 | 2601 | 2443 |
| 1.25%, 08/15/2031 | 5857 | 5085 |
| 1.38%, 10/31/2028 | 4448 | 4183 |
| 1.38%, 12/31/2028 | 3119 | 2921 |
| 1.38%, 11/15/2031 | 6598 | 5724 |
| 1.50%, 11/30/2028 | 2459 | 2315 |
| 1.50%, 02/15/2030 | 11304 | 10344 |
| 1.63%, 08/15/2029 | 2961 | 2755 |
| 1.63%, 05/15/2031 | 4729 | 4217 |
| 1.75%, 01/31/2029 | 2265 | 2140 |
| 1.75%, 11/15/2029 | 2656 | 2468 |
| 1.88%, 02/28/2029 (jj) | 2429 | 2299 |
| 1.88%, 02/15/2032 (jj) | 5887 | 5221 |
| 2.25%, 08/15/2027 | 6038 | 5910 |
| 2.25%, 11/15/2027 | 1978 | 1928 |
| 2.38%, 05/15/2027 | 2303 | 2267 |
| 2.38%, 03/31/2029 (gg) | 3067 | 2941 |
| 2.38%, 05/15/2029 | 2651 | 2538 |
| 2.63%, 05/31/2027 | 2052 | 2024 |
| 2.63%, 02/15/2029 | 5597 | 5415 |
| 2.63%, 07/31/2029 | 2121 | 2040 |
| 2.75%, 04/30/2027 | 2062 | 2040 |
| 2.75%, 07/31/2027 | 1957 | 1929 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations** — **continued** |  |  |
| **Sovereign — continued** | | |
| 2.75%, 02/15/2028 | 4168 | 4088 |
| 2.75%, 05/31/2029 | 2174 | 2103 |
| 2.75%, 08/15/2032 | 4592 | 4249 |
| 2.88%, 05/15/2028 | 3065 | 3006 |
| 2.88%, 08/15/2028 | 2707 | 2649 |
| 2.88%, 04/30/2029 | 2207 | 2145 |
| 2.88%, 05/15/2032 | 7133 | 6674 |
| 3.13%, 08/31/2027 | 1916 | 1897 |
| 3.13%, 11/15/2028 | 5144 | 5054 |
| 3.13%, 08/31/2029 | 2042 | 1994 |
| 3.25%, 06/30/2027 | 2159 | 2143 |
| 3.25%, 06/30/2029 | 2521 | 2475 |
| 3.38%, 09/15/2027 | 2479 | 2463 |
| 3.38%, 11/30/2027 | 3193 | 3169 |
| 3.38%, 12/31/2027 | 5131 | 5091 |
| 3.38%, 02/29/2028 | 3000 | 2976 |
| 3.38%, 09/15/2028 | 2567 | 2540 |
| 3.38%, 05/15/2033 | 110199 | 105021 |
| 3.50%, 09/30/2027 | 7711 | 7673 |
| 3.50%, 10/31/2027 | 5440 | 5411 |
| 3.50%, 01/31/2028 | 4692 | 4665 |
| 3.50%, 04/30/2028 (jj) | 1973 | 1960 |
| 3.50%, 10/15/2028 | 1819 | 1804 |
| 3.50%, 11/15/2028 | 2200 | 2182 |
| 3.50%, 12/15/2028 | 2600 | 2578 |
| 3.50%, 01/15/2029 | 2200 | 2181 |
| 3.50%, 02/15/2029 | 2600 | 2577 |
| 3.50%, 03/15/2029 | 1500 | 1487 |
| 3.50%, 09/30/2029 | 3475 | 3433 |
| 3.50%, 01/31/2030 | 1940 | 1913 |
| 3.50%, 04/30/2030 | 1581 | 1557 |
| 3.50%, 11/30/2030 | 3900 | 3829 |
| 3.50%, 02/28/2031 | 3700 | 3629 |
| 3.50%, 02/15/2033 (jj) | 4279 | 4119 |
| 3.63%, 08/31/2027 | 5484 | 5468 |
| 3.63%, 03/31/2028 (jj) | 1838 | 1831 |
| 3.63%, 05/31/2028 | 1769 | 1762 |
| 3.63%, 08/15/2028 | 2652 | 2640 |
| 3.63%, 08/31/2029 | 3297 | 3272 |
| 3.63%, 03/31/2030 | 1814 | 1795 |
| 3.63%, 08/31/2030 | 3092 | 3054 |
| 3.63%, 09/30/2030 | 3630 | 3585 |
| 3.63%, 10/31/2030 | 6625 | 6540 |
| 3.63%, 12/31/2030 | 5648 | 5572 |
| 3.63%, 09/30/2031 | 1880 | 1845 |
| 3.75%, 04/30/2027 | 4249 | 4248 |
| 3.75%, 06/30/2027 | 3255 | 3252 |
| 3.75%, 08/15/2027 | 2479 | 2476 |
| 3.75%, 04/15/2028 | 3679 | 3674 |
| 3.75%, 05/15/2028 | 2713 | 2709 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations** — **continued** |  |  |
| **Sovereign — continued** | | |
| 3.75%, 12/31/2028 | 2479 | 2474 |
| 3.75%, 05/31/2030 | 1487 | 1478 |
| 3.75%, 06/30/2030 | 1475 | 1466 |
| 3.75%, 12/31/2030 | 1705 | 1691 |
| 3.75%, 01/31/2031 | 2800 | 2777 |
| 3.75%, 08/31/2031 | 1881 | 1858 |
| 3.75%, 10/31/2032 | 2400 | 2351 |
| 3.75%, 11/30/2032 | 1959 | 1918 |
| 3.75%, 02/28/2033 | 2600 | 2542 |
| 3.88%, 03/31/2027 | 1100 | 1101 |
| 3.88%, 05/31/2027 | 7694 | 7700 |
| 3.88%, 07/31/2027 | 3294 | 3295 |
| 3.88%, 10/15/2027 | 2479 | 2480 |
| 3.88%, 11/30/2027 | 1840 | 1841 |
| 3.88%, 12/31/2027 | 1838 | 1839 |
| 3.88%, 03/15/2028 (jj) | 2979 | 2982 |
| 3.88%, 03/31/2028 | 3308 | 3313 |
| 3.88%, 06/15/2028 | 2715 | 2718 |
| 3.88%, 07/15/2028 | 2460 | 2462 |
| 3.88%, 09/30/2029 | 1842 | 1842 |
| 3.88%, 11/30/2029 | 1891 | 1890 |
| 3.88%, 12/31/2029 | 2713 | 2712 |
| 3.88%, 04/30/2030 | 4092 | 4088 |
| 3.88%, 06/30/2030 | 3284 | 3279 |
| 3.88%, 07/31/2030 | 5686 | 5677 |
| 3.88%, 03/31/2031 | 2300 | 2293 |
| 3.88%, 08/31/2032 | 1943 | 1920 |
| 3.88%, 09/30/2032 | 2281 | 2252 |
| 3.88%, 12/31/2032 | 2053 | 2024 |
| 3.88%, 08/15/2033 | 129436 | 127126 |
| 3.88%, 08/15/2034 | 134266 | 130935 |
| 4.00%, 01/15/2027 | 3240 | 3246 |
| 4.00%, 12/15/2027 | 2479 | 2485 |
| 4.00%, 02/29/2028 | 1838 | 1844 |
| 4.00%, 06/30/2028 | 1838 | 1845 |
| 4.00%, 01/31/2029 | 2607 | 2618 |
| 4.00%, 07/31/2029 | 3182 | 3196 |
| 4.00%, 10/31/2029 | 1892 | 1900 |
| 4.00%, 02/28/2030 | 4925 | 4944 |
| 4.00%, 03/31/2030 | 3442 | 3455 |
| 4.00%, 05/31/2030 (jj) | 3538 | 3550 |
| 4.00%, 07/31/2030 | 1482 | 1487 |
| 4.00%, 01/31/2031 | 1820 | 1824 |
| 4.00%, 04/30/2032 | 2431 | 2423 |
| 4.00%, 06/30/2032 | 2396 | 2386 |
| 4.00%, 07/31/2032 | 1837 | 1828 |
| 4.00%, 01/31/2033 | 1736 | 1723 |
| 4.00%, 02/15/2034 | 133705 | 131971 |
| 4.00%, 11/15/2035 | 135095 | 131886 |
| 4.13%, 09/30/2027 | 1888 | 1895 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Treasury Obligations** — **continued** |  |  |
| **Sovereign — continued** | | |
| 4.13%, 10/31/2027 | 1838 | 1846 |
| 4.13%, 11/15/2027 | 2479 | 2490 |
| 4.13%, 07/31/2028 | 1913 | 1926 |
| 4.13%, 03/31/2029 | 2864 | 2887 |
| 4.13%, 10/31/2029 | 4412 | 4449 |
| 4.13%, 11/30/2029 | 3393 | 3421 |
| 4.13%, 08/31/2030 | 1539 | 1551 |
| 4.13%, 03/31/2031 | 1832 | 1845 |
| 4.13%, 07/31/2031 | 1879 | 1891 |
| 4.13%, 10/31/2031 | 1881 | 1891 |
| 4.13%, 11/30/2031 | 2066 | 2076 |
| 4.13%, 02/29/2032 | 1994 | 2002 |
| 4.13%, 03/31/2032 | 2081 | 2089 |
| 4.13%, 05/31/2032 | 1907 | 1912 |
| 4.13%, 11/15/2032 | 10635 | 10643 |
| 4.13%, 02/15/2036 | 89572 | 88243 |
| 4.25%, 01/15/2028 | 2479 | 2496 |
| 4.25%, 02/15/2028 | 3964 | 3994 |
| 4.25%, 02/28/2029 (jj) | 2725 | 2756 |
| 4.25%, 06/30/2029 | 3361 | 3401 |
| 4.25%, 01/31/2030 | 3392 | 3435 |
| 4.25%, 02/28/2031 | 1770 | 1793 |
| 4.25%, 06/30/2031 | 1880 | 1903 |
| 4.25%, 03/31/2033 | 1800 | 1813 |
| 4.25%, 11/15/2034 | 134623 | 134665 |
| 4.25%, 05/15/2035 | 136187 | 135931 |
| 4.25%, 08/15/2035 | 134383 | 133984 |
| 4.38%, 07/15/2027 | 2545 | 2562 |
| 4.38%, 08/31/2028 | 1974 | 1999 |
| 4.38%, 11/30/2028 | 2348 | 2381 |
| 4.38%, 12/31/2029 | 3370 | 3427 |
| 4.38%, 11/30/2030 | 5090 | 5183 |
| 4.38%, 01/31/2032 | 1881 | 1913 |
| 4.38%, 05/15/2034 | 134253 | 135748 |
| 4.50%, 04/15/2027 | 2918 | 2940 |
| 4.50%, 05/15/2027 | 8269 | 8329 |
| 4.50%, 05/31/2029 | 2992 | 3050 |
| 4.50%, 12/31/2031 | 1881 | 1926 |
| 4.50%, 11/15/2033 | 127714 | 130418 |
| 4.63%, 06/30/2026 | 4000 | 4009 |
| 4.63%, 06/15/2027 | 2732 | 2757 |
| 4.63%, 09/30/2028 | 2094 | 2134 |
| 4.63%, 04/30/2029 | 2992 | 3059 |
| 4.63%, 09/30/2030 | 1575 | 1620 |
| 4.63%, 04/30/2031 | 2181 | 2246 |
| 4.63%, 05/31/2031 | 2421 | 2493 |
| 4.63%, 02/15/2035 (jj) | 134165 | 137755 |
| 4.88%, 10/31/2028 | 2223 | 2279 |
| 4.88%, 10/31/2030 | 1603 | 1666 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
|  **Sovereign — continued** |  |  |  |
| U.S. Treasury STRIP Coupon Bonds, |  |  |  |
| Zero Coupon, 05/15/2026 |  | 5000 | 4977 |
| Zero Coupon, 11/15/2026 |  | 5000 | 4885 |
| Zero Coupon, 11/15/2028 (ee) (ff) |  | 12000 | 10853 |
| Zero Coupon, 02/15/2029 |  | 1000 | 895 |
| Zero Coupon, 11/15/2038 |  | 6250 | 3458 |
| Zero Coupon, 11/15/2041 |  | 200 | 92 |
| Zero Coupon, 05/15/2042 |  | 1055 | 473 |
| Zero Coupon, 08/15/2045 |  | 600 | 222 |
| Zero Coupon, 11/15/2049 |  | 2555 | 765 |
| Zero Coupon, 02/15/2052 |  | 2355 | 633 |
| Zero Coupon, 08/15/2054 |  | 2255 | 546 |
|  Total Sovereign |  |  | 2309100 |
|  Total U.S. Treasury<br>Obligations (Cost $2,334,927) |  |  | 2309100 |
| **Purchased Option contract** —**0.0%** (g) |  |  |  |
|  **Put Option contract — 0.0%** (g) |  |  |  |
| FNMA or FHLMC, Single Family,<br>30 years, Maturity Date 05/06/2026, Strike Price 99.09 |  |  |  |
| Total Purchased Option Contract<br>(Cost $1) |  | 4000 | 3 |
| **Short-Term Investments — 1.8%** |  |  |  |
|  **Repurchase Agreement** — **0.1%** |  |  |  |
| BofA Securities, Inc., 3.69%, dated 03/31/2026 due 04/01/2026, repurchase price $20,500 collateralized by US Treasury Bonds, 2.38%, due 03/31/2029, with a value of $21,809 |  | 20500 | 20500 |
|  **Time Deposits** — **1.2%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., 2.71%, 04/01/2026 | AUD | 1750 | 1208 |
| BNP Paribas SA, 2.98%, 04/01/2026 |  | 22429 | 22429 |
| Brown Brothers Harriman & Co., |  |  |  |
| 0.26%, 04/01/2026 | SGD | 558 | 434 |
| 0.85%, 04/01/2026 | EUR | — (h) | — (h) |
| 1.20%, 04/01/2026 | HKD | 2300 | 293 |
| 1.40%, 04/01/2026 | NZD | 1098 | 631 |
| 2.65%, 04/01/2026 | NOK | 3048 | 315 |
| 2.67%, 04/01/2026 | GBP | — (h) | — (h) |
| 2.98%, 04/01/2026 |  | — (h) | — (h) |
| Citibank NA, |  |  |  |
| 0.85%, 04/01/2026 | EUR | 37076 | 42854 |
| 2.67%, 04/01/2026 | GBP | 3212 | 4251 |
| 2.98%, 04/01/2026 |  | 1488 | 1488 |
| Royal Bank of Canada, |  |  |  |
| 1.08%, 04/01/2026 | CAD | 33 | 24 |
| 2.98%, 04/01/2026 |  | 53228 | 53228 |
| Skandinaviska Enskilda Banken AB, |  |  |  |
| (0.57%), 04/01/2026 | CHF | 828 | 1036 |
| 0.80%, 04/01/2026 | SEK | 2171 | 230 |
| 0.96%, 04/01/2026 | DKK | 719 | 111 |
| 2.98%, 04/01/2026 |  | 20484 | 20484 |
| Sumitomo Mitsui Banking Corp., 0.20%, 04/01/2026 | JPY | 690706 | 4352 |
| Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 |  | 54784 | 54784 |
| Total Time Deposits |  |  | 208152 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **U.S. Government Agency Securities** — **0.0%** (g) |  |  |
| Federal Agricultural Mortgage Corp. DNs, 3.55%, 04/01/2026 (n) | 125 | 125 |
| FHLB DNs, 3.55%, 04/01/2026 (n) | 284 | 284 |
|  Total U.S. Government Agency Securities |  | 409 |
| **U.S. Treasury Obligations** — **0.5%** |  |  |
| U.S. Treasury Bills, |  |  |
| 3.55%, 04/28/2026 (n) (ii) | 112 | 112 |
| 3.57%, 04/14/2026 (n) (ii) | 62 | 62 |
| 3.59%, 05/05/2026 (n) (hh) (ii) | 204 | 203 |
| 3.60%, 04/02/2026 (n) | 349 | 349 |
| 3.61%, 05/19/2026 (n) (ii) | 63 | 63 |
| 3.63%, 05/26/2026 (n) (ii) | 4 | 4 |
| 3.63%, 06/09/2026 (n) (hh) (ii) | 292 | 290 |
| 3.63%, 06/30/2026 (n) (hh) (ii) | 7071 | 7007 |
| 3.64%, 05/12/2026 (n) | 71000 | 70707 |
| 3.66%, 07/21/2026 (n) (hh) (ii) | 1529 | 1512 |
| Total U.S. Treasury Obligations |  | 80309 |
| Total Short-Term Investments (Cost $309,370) |  | 309370 |
| **Total Investments, Before Short Positions — 105.8%<br>(Cost - $18,342,588)** |  | **17982843** |
| **Liabilities in Excess of Other Assets — (5.8)%** |  | **(991510)** |
| **NET ASSETS — 100.0%** |  | $**16991333** |
| **Short Positions** — **1.5%** |  |  |
|  **Mortgage-Backed Securities** — **1.5%** |  |  |
| FNMA or FHLMC, Single Family, 15 years, |  |  |
| TBA, 2.00%, 04/01/2041 (w) | 200 | 184 |
| TBA, 3.00%, 04/01/2056 (w) | 4500 | 4295 |
| TBA, 3.50%, 04/01/2041 (w) | 100 | 96 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 2.50%, 04/01/2056 (w) | 28800 | 24225 |
| TBA, 2.50%, 05/01/2056 (w) | 28800 | 24214 |
| TBA, 3.00%, 05/01/2056 (w) | 8700 | 7644 |
| TBA, 3.00%, 06/01/2056 (w) | 32500 | 28528 |
| TBA, 3.50%, 04/01/2056 (w) | 56665 | 51935 |
| TBA, 3.50%, 05/01/2056 (w) |  |  |
| TBA, 3.50%, 06/01/2056 (w) | 56665 | 51811 |
| TBA, 4.00%, 04/01/2056 (w) | 17500 | 16499 |
| TBA, 4.00%, 05/01/2056 (w) | 17500 | 16486 |
| TBA, 5.00%, 04/01/2056 (w) | 4100 | 4043 |
| TBA, 5.50%, 05/01/2056 (w) | 750 | 752 |
| TBA, 6.50%, 04/01/2056 (w) | 50 | 52 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 3.00%, 04/01/2056 (w) | 13000 | 11602 |
| TBA, 3.00%, 05/01/2056 (w) | 3000 | 2675 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL <br> AMOUNT ($)** | **VALUE ($)** |
| **Short Positions** — **continued** |  |  |
| **Mortgage-Backed Securities** — **continued** | | |
| TBA, 3.50%, 04/01/2056 (w) | 8000 | 7332 |
|  Total Mortgage-Backed Securities<br>(Cost $254,356) |  | 252373 |
| **Total Securities Sold Short — 1.5%<br>(Proceeds $254,356)** |  | **252373** |

---

Percentages indicated are based on net assets.

**Futures contracts outstanding as of March 31, 2026:** 

**Exchange Traded** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT ($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  **Long Contracts** |  |  |  |  |  |
|  Euro BOBL | 68 | 06/2026 | EUR | 9199 | (127) |
|  Euro Bund | 230 | 06/2026 | EUR | 33537 | (203) |
|  Euro Buxl | 5 | 06/2026 | EUR | 644 | (6) |
|  Euro Schatz | 1276 | 06/2026 | EUR | 156348 | (381) |
|  Long Gilt | 22 | 06/2026 | GBP | 2563 | (7) |
|  U.S. Treasury 2 Year Note | 143 | 06/2026 | USD | 29865 | (200) |
|  U.S. Treasury 5 Year Note | 28 | 06/2026 | USD | 3030 | (1) |
|  U.S. Treasury 10 Year Note | 260 | 06/2026 | USD | 29381 | (509) |
|  U.S. Treasury Long Bond | 239 | 06/2026 | USD | 27928 | (712) |
|  U.S. Treasury Ultra Bond | 36 | 06/2026 | USD | 4299 | (103) |
|  U.S. Ultra Treasury 10 Year Note | 24 | 06/2026 | USD | 2787 | (62) |
|  |  |  |  |  | (2311) |
|  **Short Contracts** |  |  |  |  |  |
|  Euro BOBL | (374) | 06/2026 | EUR | (50685) | 786 |
|  Euro Buxl | (113) | 06/2026 | EUR | (14398) | (3) |
|  Euro Schatz | (161) | 06/2026 | EUR | (19881) | 202 |
|  U.S. Treasury 2 Year Note | (90) | 06/2026 | USD | (18805) | 135 |
|  U.S. Treasury 5 Year Note | (209) | 06/2026 | USD | (22948) | 338 |
|  U.S. Treasury 10 Year Note | (52) | 06/2026 | USD | (5865) | 91 |
|  U.S. Treasury Long Bond | (142) | 06/2026 | USD | (16389) | 219 |
|  U.S. Treasury Ultra Bond | (3) | 06/2026 | USD | (351) | 1 |
|  U.S. Ultra Treasury 10 Year Note | (104) | 06/2026 | USD | (12023) | 217 |
|  |  |  |  |  | 1986 |
|  Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) |  |  |  | (325) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 274575 | AUD | 386200 | Bank of America, NA | 04/02/2026 | 8116 |
|  AUD | 394310 | USD | 271455 | Bank of New York Mellon | 04/02/2026 | 600 |
|  USD | 3000 | AUD | 4210 | Morgan Stanley & Co. | 04/02/2026 | 95 |
|  USD | 2052 | AUD | 2880 | Morgan Stanley & Co. | 04/02/2026 | 65 |
|  USD | 723 | AUD | 1020 | UBS AG London | 04/02/2026 | 20 |
|  USD | 6146 | CHF | 4725 | Bank of America, NA | 04/02/2026 | 237 |
|  USD | 26 | CHF | 20 | Bank of America, NA | 04/02/2026 | 1 |
|  CHF | 4781 | USD | 5979 | Bank of America, NA | 04/02/2026 | —<br> (h)  |
|  USD | 13 | CHF | 10 | Bank of New York Mellon | 04/02/2026 | 1 |
|  USD | 48527 | CHF | 37390 | Goldman Sachs International | 04/02/2026 | 1766 |
|  USD | 1513 | CHF | 1160 | Goldman Sachs International | 04/02/2026 | 63 |
|  CHF | 38550 | USD | 48144 | Goldman Sachs International | 04/02/2026 | 68 |
|  USD | 34 | CHF | 26 | UBS AG London | 04/02/2026 | 2 |
|  USD | 7773 | CNY | 53500 | HSBC Bank plc \* | 04/02/2026 | 29 |
|  USD | 10896 | CNY | 75000 | HSBC Bank plc \* | 04/02/2026 | 40 |
|  USD | 12745 | CNY | 87400 | HSBC Bank plc \* | 04/02/2026 | 93 |
|  USD | 6603 | CNY | 45300 | State Street Bank \* | 04/02/2026 | 46 |
|  USD | 2863 | CNY | 19600 | State Street Bank \* | 04/02/2026 | 26 |
|  USD | 578740 | CNY | 3962400 | State Street Bank \* | 04/02/2026 | 5161 |
|  USD | 578740 | CNY | 3962400 | State Street Bank \* | 04/02/2026 | 5161 |
|  USD | 578740 | CNY | 3962400 | State Street Bank \* | 04/02/2026 | 5160 |
|  USD | 578740 | CNY | 3962400 | State Street Bank \* | 04/02/2026 | 5161 |
|  USD | 41755 | CZK | 857493 | Citibank, NA | 04/02/2026 | 1371 |
|  CZK | 31640 | USD | 1484 | Goldman Sachs International | 04/02/2026 | 6 |
|  CZK | 878023 | USD | 41236 | Goldman Sachs International | 04/02/2026 | 115 |
|  USD | 1001 | CZK | 20530 | Morgan Stanley & Co. | 04/02/2026 | 34 |
|  EUR | 1677734 | USD | 1931575 | Bank of America, NA | 04/02/2026 | 7634 |
|  USD | 2115 | EUR | 1827 | Bank of America, NA | 04/02/2026 | 3 |
|  EUR | 87523 | USD | 100590 | Bank of America, NA | 04/02/2026 | 573 |
|  USD | 1390 | EUR | 1176 | Bank of America, NA | 04/02/2026 | 31 |
|  EUR | 1677734 | USD | 1922683 | Bank of New York Mellon | 04/02/2026 | 16526 |
|  USD | 3801266 | EUR | 3216258 | Bank of New York Mellon | 04/02/2026 | 83754 |
|  EUR | 446085 | USD | 511338 | Bank of New York Mellon | 04/02/2026 | 4269 |
|  USD | 3588 | EUR | 3087 | Barclays Bank plc | 04/02/2026 | 20 |
|  USD | 231 | EUR | 197 | Barclays Bank plc | 04/02/2026 | 3 |
|  USD | 158903 | EUR | 134803 | Barclays Bank plc | 04/02/2026 | 3091 |
|  EUR | 139619 | USD | 161145 | Barclays Bank plc | 04/02/2026 | 234 |
|  USD | 103477 | EUR | 87523 | BNP Paribas | 04/02/2026 | 2314 |
|  USD | 6461 | EUR | 5580 | Citibank, NA | 04/02/2026 | 11 |
|  USD | 2978 | EUR | 2570 | Citibank, NA | 04/02/2026 | 7 |
|  USD | 515262 | EUR | 435920 | Citibank, NA | 04/02/2026 | 11404 |
|  USD | 29773 | EUR | 25185 | Citibank, NA | 04/02/2026 | 663 |
|  EUR | 25689 | USD | 29564 | Goldman Sachs International | 04/02/2026 | 129 |
|  USD | 1996 | EUR | 1688 | Goldman Sachs International | 04/02/2026 | 45 |
|  USD | 16554 | EUR | 14000 | Goldman Sachs International | 04/02/2026 | 372 |
|  EUR | 446080 | USD | 511243 | Goldman Sachs International | 04/02/2026 | 4358 |
|  USD | 515267 | EUR | 435920 | Goldman Sachs International | 04/02/2026 | 11409 |
|  USD | 5480 | EUR | 4710 | Goldman Sachs International | 04/02/2026 | 36 |
|  USD | 74665 | EUR | 63331 | HSBC Bank plc | 04/02/2026 | 1463 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  EUR | 64273 | USD | 74202 | HSBC Bank plc | 04/02/2026 | 88 |
|  EUR | 511 | USD | 587 | HSBC Bank plc | 04/02/2026 | 4 |
|  USD | 1208 | EUR | 1021 | HSBC Bank plc | 04/02/2026 | 28 |
|  USD | 1972 | EUR | 1700 | Morgan Stanley & Co. | 04/02/2026 | 7 |
|  EUR | 64273 | USD | 74006 | Morgan Stanley & Co. | 04/02/2026 | 284 |
|  EUR | 139619 | USD | 160761 | Morgan Stanley & Co. | 04/02/2026 | 617 |
|  USD | 59570 | EUR | 50380 | Morgan Stanley & Co. | 04/02/2026 | 1338 |
|  USD | 4970 | EUR | 4290 | Morgan Stanley & Co. | 04/02/2026 | 11 |
|  USD | 6449 | EUR | 5560 | Morgan Stanley & Co. | 04/02/2026 | 23 |
|  USD | 7479 | EUR | 6325 | Morgan Stanley & Co. | 04/02/2026 | 168 |
|  USD | 159099 | EUR | 134803 | Morgan Stanley & Co. | 04/02/2026 | 3287 |
|  USD | 648 | EUR | 548 | Morgan Stanley & Co. | 04/02/2026 | 15 |
|  USD | 515 | EUR | 444 | Morgan Stanley & Co. | 04/02/2026 | 2 |
|  USD | 40899 | EUR | 34590 | Morgan Stanley & Co. | 04/02/2026 | 918 |
|  USD | 74746 | EUR | 63331 | Morgan Stanley & Co. | 04/02/2026 | 1544 |
|  USD | 487 | EUR | 420 | UBS AG London | 04/02/2026 | 1 |
|  USD | 35 | EUR | 30 | UBS AG London | 04/02/2026 | 1 |
|  USD | 206 | EUR | 174 | UBS AG London | 04/02/2026 | 5 |
|  USD | 2957 | EUR | 2550 | UBS AG London | 04/02/2026 | 10 |
|  USD | 8457 | EUR | 7200 | UBS AG London | 04/02/2026 | 135 |
|  USD | 355 | EUR | 300 | Westpac Banking Corp. | 04/02/2026 | 8 |
|  USD | 13 | GBP | 10 | Bank of New York Mellon | 04/02/2026 | —<br> (h)  |
|  USD | 626 | GBP | 468 | Barclays Bank plc | 04/02/2026 | 7 |
|  USD | 910 | GBP | 676 | Citibank, NA | 04/02/2026 | 16 |
|  USD | 147383 | GBP | 109457 | Citibank, NA | 04/02/2026 | 2506 |
|  USD | 63598 | GBP | 47055 | Citibank, NA | 04/02/2026 | 1316 |
|  USD | 766441 | GBP | 568652 | Goldman Sachs International | 04/02/2026 | 13773 |
|  USD | 24816 | GBP | 18356 | HSBC Bank plc | 04/02/2026 | 520 |
|  USD | 1492 | GBP | 1120 | Morgan Stanley & Co. | 04/02/2026 | 9 |
|  USD | 495 | GBP | 370 | Morgan Stanley & Co. | 04/02/2026 | 5 |
|  USD | 998 | GBP | 750 | Morgan Stanley & Co. | 04/02/2026 | 6 |
|  USD | 3948 | GBP | 2950 | Morgan Stanley & Co. | 04/02/2026 | 43 |
|  USD | 13916 | GBP | 10350 | Morgan Stanley & Co. | 04/02/2026 | 217 |
|  USD | 1489 | GBP | 1110 | Morgan Stanley & Co. | 04/02/2026 | 20 |
|  USD | 16901 | GBP | 12570 | Morgan Stanley & Co. | 04/02/2026 | 263 |
|  USD | 1802 | GBP | 1340 | Morgan Stanley & Co. | 04/02/2026 | 28 |
|  USD | 1002 | GBP | 750 | Morgan Stanley & Co. | 04/02/2026 | 9 |
|  USD | 1001 | GBP | 750 | UBS AG London | 04/02/2026 | 8 |
|  USD | 1495 | GBP | 1120 | UBS AG London | 04/02/2026 | 13 |
|  USD | 2989 | GBP | 2230 | Westpac Banking Corp. | 04/02/2026 | 37 |
|  USD | 1921 | HKD | 15010 | Royal Bank of Canada | 04/02/2026 | 7 |
|  USD | 17791 | HUF | 5672607 | Morgan Stanley & Co. | 04/02/2026 | 734 |
|  HUF | 6295957 | USD | 18715 | Morgan Stanley & Co. | 04/02/2026 | 216 |
|  USD | 854 | JPY | 132949 | Bank of America, NA | 04/02/2026 | 16 |
|  JPY | 281853266 | USD | 1768658 | Bank of New York Mellon | 04/02/2026 | 7300 |
|  USD | 1768575 | JPY | 275007936 | Bank of New York Mellon | 04/02/2026 | 35750 |
|  JPY | 8320949 | USD | 52430 | HSBC Bank plc | 04/02/2026 | 1 |
|  USD | 53916 | JPY | 8389856 | HSBC Bank plc | 04/02/2026 | 1051 |
|  USD | 21742 | JPY | 3385790 | Morgan Stanley & Co. | 04/02/2026 | 409 |
|  USD | 17162 | JPY | 2672540 | Morgan Stanley & Co. | 04/02/2026 | 323 |
|  USD | 5029 | JPY | 787000 | UBS AG London | 04/02/2026 | 70 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 35913 | NZD | 59952 | Bank of America, NA | 04/02/2026 | 1462 |
|  NZD | 60942 | USD | 34775 | Bank of America, NA | 04/02/2026 | 246 |
|  USD | 591 | NZD | 990 | Standard Chartered Bank | 04/02/2026 | 22 |
|  PLN | 309795 | USD | 82995 | Bank of America, NA | 04/02/2026 | 458 |
|  USD | 1503 | PLN | 5370 | Morgan Stanley & Co. | 04/02/2026 | 56 |
|  USD | 1500 | PLN | 5360 | Morgan Stanley & Co. | 04/02/2026 | 56 |
|  USD | 81561 | PLN | 291725 | Morgan Stanley & Co. | 04/02/2026 | 2975 |
|  USD | 27617 | RON | 119365 | Bank of America, NA | 04/02/2026 | 554 |
|  RON | 140965 | USD | 31784 | Bank of America, NA | 04/02/2026 | 176 |
|  USD | 1006 | RON | 4350 | Goldman Sachs International | 04/02/2026 | 20 |
|  USD | 3989 | RON | 17250 | Morgan Stanley & Co. | 04/02/2026 | 79 |
|  USD | 4868 | SEK | 43927 | Bank of America, NA | 04/02/2026 | 228 |
|  USD | 31189 | SEK | 281955 | Bank of America, NA | 04/02/2026 | 1405 |
|  USD | 24 | SEK | 217 | Bank of New York Mellon | 04/02/2026 | 1 |
|  SEK | 44144 | USD | 4635 | Goldman Sachs International | 04/02/2026 | 28 |
|  SEK | 281955 | USD | 29455 | Goldman Sachs International | 04/02/2026 | 329 |
|  SGD | 61511 | USD | 47740 | Bank of New York Mellon | 04/02/2026 | 102 |
|  USD | 705 | SGD | 890 | Morgan Stanley & Co. | 04/02/2026 | 13 |
|  USD | 47999 | SGD | 60621 | Morgan Stanley & Co. | 04/02/2026 | 849 |
|  USD | 930 | THB | 28850 | Goldman Sachs International | 04/02/2026 | 55 |
|  USD | 88056 | THB | 2734330 | Goldman Sachs International | 04/02/2026 | 5147 |
|  DKK | 14935 | USD | 2299 | Bank of America, NA | 04/07/2026 | 11 |
|  DKK | 1570 | USD | 242 | Bank of America, NA | 04/07/2026 | 1 |
|  USD | 25231 | DKK | 159505 | Goldman Sachs International | 04/07/2026 | 553 |
|  USD | 2053 | DKK | 12965 | Goldman Sachs International | 04/07/2026 | 47 |
|  USD | 8 | DKK | 50 | Morgan Stanley & Co. | 04/07/2026 | —<br> (h)  |
|  USD | 304 | DKK | 1920 | Morgan Stanley & Co. | 04/07/2026 | 7 |
|  DKK | 159505 | USD | 24477 | UBS AG London | 04/07/2026 | 201 |
|  NOK | 204380 | USD | 20882 | Bank of America, NA | 04/07/2026 | 226 |
|  USD | 21464 | NOK | 204380 | Goldman Sachs International | 04/07/2026 | 357 |
|  USD | 585 | AUD | 832 | HSBC Bank plc | 04/22/2026 | 11 |
|  USD | 783 | CAD | 1071 | Barclays Bank plc | 04/22/2026 | 13 |
|  USD | 733 | CAD | 1000 | Barclays Bank plc | 04/22/2026 | 14 |
|  USD | 231 | CAD | 315 | Barclays Bank plc | 04/22/2026 | 4 |
|  USD | 13184 | CAD | 18219 | Citibank, NA | 04/22/2026 | 76 |
|  USD | 391 | CAD | 535 | Citibank, NA | 04/22/2026 | 7 |
|  USD | 1432 | CHF | 1135 | Goldman Sachs International | 04/22/2026 | 9 |
|  USD | 516 | CHF | 410 | Morgan Stanley & Co. | 04/22/2026 | 2 |
|  USD | 1279 | CZK | 26563 | Citibank, NA | 04/22/2026 | 27 |
|  USD | 722 | DKK | 4607 | HSBC Bank plc | 04/22/2026 | 9 |
|  JPY | 183563 | USD | 1156 | Citibank, NA | 04/22/2026 | 3 |
|  USD | 3446 | JPY | 540697 | Morgan Stanley & Co. | 04/22/2026 | 32 |
|  USD | 954 | NZD | 1655 | Citibank, NA | 04/22/2026 | 2 |
|  USD | 1165 | PLN | 4211 | Barclays Bank plc | 04/22/2026 | 31 |
|  USD | 929 | RON | 4079 | HSBC Bank plc | 04/22/2026 | 5 |
|  USD | 680 | SEK | 6226 | HSBC Bank plc | 04/22/2026 | 22 |
|  CHF | 65 | USD | 81 | UBS AG London | 05/05/2026 | —<br> (h)  |
|  DKK | 156 | USD | 24 | Morgan Stanley & Co. | 05/05/2026 | —<br> (h)  |
|  EUR | 494 | USD | 570 | Morgan Stanley & Co. | 05/05/2026 | 2 |
|  USD | 146709 | GBP | 110797 | Bank of America, NA | 05/05/2026 | 65 |
|  USD | 908 | GBP | 686 | Bank of America, NA | 05/05/2026 | —<br> (h)  |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  GBP | 17530 | USD | 23116 | Morgan Stanley & Co. | 05/05/2026 | 85 |
|  GBP | 22 | USD | 29 | Morgan Stanley & Co. | 05/05/2026 | —<br> (h)  |
|  USD | 797851 | GBP | 602722 | UBS AG London | 05/05/2026 | 128 |
|  USD | 1918 | HKD | 15010 | Deutsche Bank AG | 05/05/2026 | —<br> (h)  |
|  USD | 24 | HKD | 190 | Morgan Stanley & Co. | 05/05/2026 | —<br> (h)  |
|  PLN | 5530 | USD | 1483 | Morgan Stanley & Co. | 05/05/2026 | 6 |
|  RON | 4390 | USD | 990 | Goldman Sachs International | 05/05/2026 | 3 |
|  SEK | 697 | USD | 73 | UBS AG London | 05/05/2026 | —<br> (h)  |
|  USD | 84148 | THB | 2763180 | UBS AG London | 05/06/2026 | 126 |
|  EUR | 2963 | USD | 3421 | Citibank, NA | 05/12/2026 | 11 |
|  GBP | 831 | USD | 1096 | Citibank, NA | 05/12/2026 | 4 |
|  USD | 61389 | GBP | 45788 | Goldman Sachs International | 05/12/2026 | 788 |
|  USD | 25237 | GBP | 18824 | Goldman Sachs International | 05/12/2026 | 324 |
|  USD | 783 | CLP | 701613 | Citibank, NA \* | 06/17/2026 | 25 |
|  USD | 56233 | CNH | 383602 | Morgan Stanley & Co. | 06/17/2026 | 240 |
|  USD | 46527 | IDR | 788067111 | Morgan Stanley & Co. \* | 06/17/2026 | 233 |
|  USD | 46527 | IDR | 788067111 | Morgan Stanley & Co. \* | 06/17/2026 | 233 |
|  USD | 1118 | ILS | 3478 | HSBC Bank plc | 06/17/2026 | 9 |
|  USD | 238595 | KRW | 351298390 | Goldman Sachs International \* | 06/17/2026 | 8703 |
|  USD | 2686 | MXN | 47411 | Citibank, NA | 06/17/2026 | 58 |
|  USD | 530 | PEN | 1831 | Citibank, NA \* | 06/17/2026 | 6 |
|  USD | 1337 | SGD | 1689 | Morgan Stanley & Co. | 06/17/2026 | 16 |
|  USD | 1823 | THB | 57169 | HSBC Bank plc | 06/17/2026 | 78 |
|  USD | 1550 | MYR | 6136 | Morgan Stanley & Co. \* | 06/18/2026 | 31 |
|  USD | 96471 | MYR | 377130 | Morgan Stanley & Co. \* | 06/18/2026 | 3117 |
|  Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 285175 |
|  CNY | 29800 | USD | 4315 | HSBC Bank plc\* | 04/02/2026 | (1) |
|  CNY | 16100600 | USD | 2331224 | HSBC Bank plc\* | 04/02/2026 | (574) |
|  GBP | 1000 | EUR | 1154 | Bank of America, NA | 04/02/2026 | (11) |
|  USD | 2470 | EUR | 2150 | Citibank, NA | 04/02/2026 | (15) |
|  USD | 3450 | EUR | 2990 | Citibank, NA | 04/02/2026 | (6) |
|  USD | 11362 | EUR | 9840 | Citibank, NA | 04/02/2026 | (12) |
|  USD | 494 | EUR | 430 | Citibank, NA | 04/02/2026 | (3) |
|  EUR | 1000 | USD | 1158 | HSBC Bank plc | 04/02/2026 | (3) |
|  EUR | 1610 | USD | 1874 | Morgan Stanley & Co. | 04/02/2026 | (14) |
|  USD | 4879 | EUR | 4250 | Morgan Stanley & Co. | 04/02/2026 | (33) |
|  USD | 4027 | EUR | 3492 | Morgan Stanley & Co. | 04/02/2026 | (10) |
|  GBP | 686 | USD | 908 | Bank of America, NA | 04/02/2026 | (—)(h)  |
|  GBP | 110797 | USD | 146714 | Bank of America, NA | 04/02/2026 | (63) |
|  GBP | 266 | USD | 354 | Bank of America, NA | 04/02/2026 | (1) |
|  GBP | 18824 | USD | 25239 | Goldman Sachs International | 04/02/2026 | (324) |
|  GBP | 45788 | USD | 61393 | Goldman Sachs International | 04/02/2026 | (788) |
|  GBP | 602722 | USD | 797883 | UBS AG London | 04/02/2026 | (120) |
|  HKD | 15010 | USD | 1915 | Deutsche Bank AG | 04/02/2026 | (—)(h)  |
|  USD | 375 | HUF | 126890 | Morgan Stanley & Co. | 04/02/2026 | (6) |
|  USD | 1469 | HUF | 496460 | Morgan Stanley & Co. | 04/02/2026 | (24) |
|  JPY | 201857 | USD | 1278 | HSBC Bank plc | 04/02/2026 | (6) |
|  USD | 1969 | PLN | 7340 | Bank of America, NA | 04/02/2026 | (9) |
|  THB | 2763180 | USD | 84269 | UBS AG London | 04/02/2026 | (486) |
|  USD | 8765 | AUD | 13119 | Morgan Stanley & Co. | 04/22/2026 | (284) |
|  USD | 494 | CHF | 395 | Morgan Stanley & Co. | 04/22/2026 | (—)(h)  |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CURRENCY SOLD**  | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
|  USD | 490 | HUF | 163362 | Morgan Stanley & Co. | 04/22/2026 | (1) |
|  NOK | 1583 | USD | 166 | Barclays Bank plc | 04/22/2026 | (3) |
|  USD | 353 | NOK | 3560 | HSBC Bank plc | 04/22/2026 | (14) |
|  USD | 100745 | EUR | 87523 | Bank of America, NA | 05/04/2026 | (581) |
|  USD | 271349 | AUD | 394310 | Bank of New York Mellon | 05/05/2026 | (591) |
|  USD | 12132 | AUD | 17720 | Morgan Stanley & Co. | 05/05/2026 | (89) |
|  USD | 6001 | CHF | 4781 | Bank of America, NA | 05/05/2026 | (2) |
|  USD | 48319 | CHF | 38550 | Goldman Sachs International | 05/05/2026 | (78) |
|  USD | 412 | CHF | 330 | UBS AG London | 05/05/2026 | (2) |
|  USD | 41251 | CZK | 878023 | Goldman Sachs International | 05/05/2026 | (116) |
|  USD | 243 | DKK | 1570 | Bank of America, NA | 05/05/2026 | (1) |
|  USD | 2303 | DKK | 14935 | Bank of America, NA | 05/05/2026 | (11) |
|  USD | 24517 | DKK | 159505 | UBS AG London | 05/05/2026 | (202) |
|  USD | 1934612 | EUR | 1677734 | Bank of America, NA | 05/05/2026 | (7803) |
|  USD | 1925715 | EUR | 1677734 | Bank of New York Mellon | 05/05/2026 | (16700) |
|  USD | 512145 | EUR | 446085 | Bank of New York Mellon | 05/05/2026 | (4315) |
|  USD | 889 | EUR | 770 | Citibank, NA | 05/05/2026 | (3) |
|  USD | 512049 | EUR | 446080 | Goldman Sachs International | 05/05/2026 | (4405) |
|  USD | 29611 | EUR | 25689 | Goldman Sachs International | 05/05/2026 | (131) |
|  USD | 15337 | EUR | 13290 | Morgan Stanley & Co. | 05/05/2026 | (50) |
|  USD | 1680 | HKD | 13150 | Morgan Stanley & Co. | 05/05/2026 | (—)(h)  |
|  USD | 18676 | HUF | 6295957 | Morgan Stanley & Co. | 05/05/2026 | (211) |
|  USD | 20879 | NOK | 204380 | Bank of America, NA | 05/05/2026 | (225) |
|  USD | 34814 | NZD | 60942 | Bank of America, NA | 05/05/2026 | (247) |
|  USD | 1068 | NZD | 1870 | Goldman Sachs International | 05/05/2026 | (8) |
|  USD | 82990 | PLN | 309795 | Bank of America, NA | 05/05/2026 | (458) |
|  USD | 31725 | RON | 140965 | Bank of America, NA | 05/05/2026 | (174) |
|  USD | 16 | SEK | 150 | Bank of America, NA | 05/05/2026 | (—)(h)  |
|  USD | 3954 | SEK | 37600 | Goldman Sachs International | 05/05/2026 | (25) |
|  USD | 4643 | SEK | 44144 | Goldman Sachs International | 05/05/2026 | (29) |
|  USD | 29505 | SEK | 281955 | Goldman Sachs International | 05/05/2026 | (333) |
|  USD | 47852 | SGD | 61511 | Bank of New York Mellon | 05/05/2026 | (109) |
|  USD | 1319 | THB | 43390 | Deutsche Bank AG | 05/06/2026 | (1) |
|  USD | 22296 | CNY | 153690 | HSBC Bank plc\* | 05/07/2026 | (7) |
|  USD | 2336400 | CNY | 16100600 | HSBC Bank plc\* | 05/07/2026 | (104) |
|  USD | 5844 | CNY | 40280 | HSBC Bank plc\* | 05/07/2026 | (2) |
|  USD | 1773951 | JPY | 281853266 | Bank of New York Mellon | 05/07/2026 | (7944) |
|  USD | 31327 | JPY | 4968880 | Morgan Stanley & Co. | 05/07/2026 | (87) |
|  USD | 161454 | EUR | 139619 | Barclays Bank plc | 05/12/2026 | (241) |
|  USD | 227 | EUR | 196 | HSBC Bank plc | 05/12/2026 | (1) |
|  USD | 74345 | EUR | 64273 | HSBC Bank plc | 05/12/2026 | (91) |
|  USD | 74149 | EUR | 64273 | Morgan Stanley & Co. | 05/12/2026 | (287) |
|  USD | 161072 | EUR | 139619 | Morgan Stanley & Co. | 05/12/2026 | (623) |
|  USD | 52610 | JPY | 8320949 | HSBC Bank plc | 05/12/2026 | (15) |
|  KRW | 4853840 | USD | 3177 | Bank of America, NA\* | 06/17/2026 | (1) |
|  KRW | 986598 | USD | 649 | HSBC Bank plc\* | 06/17/2026 | (3) |
|  KRW | 307699 | USD | 210 | Morgan Stanley & Co.\* | 06/17/2026 | (8) |
|  USD | 4737 | MYR | 19150 | Morgan Stanley & Co.\* | 06/18/2026 | (3) |
|  Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  |  | (49128) |
|  Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  |  | 236047 |

---

\* Non-deliverable forward.

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Interest Rate Swaps contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING<br>RATE** | **COUNTERPARTY** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE<br>($)** |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 2.44%<br>quarterly | Pay | Morgan<br> Stanley<br>& Co. | 11/17/2030 | MYR 5,000 | (—)(h) | (59) | (59) |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.88%<br>quarterly | Pay | Morgan<br>Stanley &<br>Co. | 11/23/2030 | MYR 1,030 |  | 4 | 4 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.81%<br>quarterly | Pay | Goldman<br>Sachs | 05/17/2031 | MYR 2,300 |  | 8 | 8 |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.31%<br>quarterly | Pay | Morgan<br>Stanley &<br>Co. | 07/24/2035 | MYR 4,000 |  | (34) | (34) |
|  CFETS China Fixing Repo Rates 7 day | 2.36%<br>quarterly | Pay | Morgan<br>Stanley &<br>Co. | 09/01/2030 | CNY 7,000 |  | 34 | 34 |
| Total | Total | Total | Total | Total | Total | (—)(h) | (47) | (47) |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/<br>RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.70%<br>quarterly | Pay | 04/15/2035 | MYR | 1800 | 3 | (4) | (1) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Pay | 07/08/2027 | JPY | 191520 | (15) | (9) | (24) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.60%<br>annually | Pay | 07/08/2028 | JPY | 470000 | (38) | (15) | (53) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Pay | 07/08/2028 | JPY | 975000 | (162) | (66) | (228) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/<br>RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.65%<br>annually | Pay | 01/08/2029 | JPY | 570000 | (73) | (10) | (83) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | (0.05)%<br>annually | Receive | 07/08/2030 | JPY | 780000 | 257 | 114 | 371 |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30%<br>semi-<br>annually | Pay | 12/03/2030 | JPY | 143500 | (—)(h) | (61) | (61) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.90%<br>annually | Pay | 07/08/2032 | JPY | 60000 | (10) | (10) | (20) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.05%<br>annually | Pay | 07/08/2032 | JPY | 120000 | (40) | (44) | (84) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.90%<br>annually | Pay | 07/08/2032 | JPY | 310000 | (25) | (79) | (104) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.95%<br>annually | Pay | 01/08/2033 | JPY | 148000 | (43) | (13) | (56) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.10%<br>annually | Pay | 07/08/2033 | JPY | 245000 | (97) | (100) | (197) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.10%<br>annually | Pay | 07/08/2035 | JPY | 140000 | (26) | (45) | (71) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.15%<br>annually | Pay | 07/08/2037 | JPY | 135000 | (79) | (103) | (182) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.30%<br>annually | Pay | 07/08/2043 | JPY | 210000 | (225) | (218) | (443) |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 1.75%<br>annually | Pay | 04/08/2056 | JPY | 245000 | (381) | 2 | (379) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  BBSW ASX Australian 6 Month | 2.55%<br>semi-<br>annually | Pay | 12/03/2026 | AUD | 770 | (27) | 17 | (10) |
|  BBSW ASX Australian 6 Month | 2.60%<br>semi-<br>annually | Pay | 12/03/2027 | AUD | 11365 | (267) | (55) | (322) |
|  BBSW ASX Australian 6 Month | 2.65%<br>semi-<br>annually | Pay | 12/03/2028 | AUD | 5865 | (213) | (27) | (240) |
|  BBSW ASX Australian 6 Month | 2.75%<br>semi-<br>annually | Pay | 12/03/2030 | AUD | 4465 | 23 | (305) | (282) |
|  BBSW ASX Australian 6 Month | 2.80%<br>semi-<br>annually | Pay | 12/03/2033 | AUD | 2350 | (213) | (16) | (229) |
|  BBSW ASX Australian 6 Month | 2.85%<br>semi-<br>annually | Pay | 12/03/2035 | AUD | 1725 | (205) | 2 | (203) |
|  Canadian Overnight Repo Rate Average | 3.85%<br>semi-<br>annually | Pay | 12/03/2026 | CAD | 4285 | 2 | 43 | 45 |
|  Canadian Overnight Repo Rate Average | 3.65%<br>semi-<br>annually | Pay | 12/03/2027 | CAD | 10850 | 133 | 24 | 157 |
|  Canadian Overnight Repo Rate Average | 3.55%<br>semi-<br>annually | Pay | 12/03/2028 | CAD | 10245 | 202 | (26) | 176 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2029 | CAD | 4780 | 88 | 6 | 94 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2030 | CAD | 5630 | 197 | (70) | 127 |
|  Canadian Overnight Repo Rate Average | 3.45%<br>semi-<br>annually | Pay | 12/03/2032 | CAD | 3490 | 40 | 38 | 78 |
|  Canadian Overnight Repo Rate Average | 3.50%<br>semi-<br>annually | Pay | 12/03/2034 | CAD | 2890 | 89 | (22) | 67 |
|  Canadian Overnight Repo Rate Average | 3.55%<br>semi-<br>annually | Pay | 12/03/2042 | CAD | 1895 | 57 | (40) | 17 |
|  Canadian Overnight Repo Rate Average | 3.40%<br>semi-<br>annually | Pay | 12/03/2049 | CAD | 480 | (1) | (7) | (8) |
|  Canadian Overnight Repo Rate Average | 3.30%<br>semi-<br>annually | Pay | 12/03/2052 | CAD | 1510 | 36 | (80) | (44) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Canadian Overnight Repo Rate Average | 3.25%<br>semi-<br>annually | Pay | 12/03/2055 | CAD | 400 | (16) | 2 | (14) |
|  CFETS China Fixing Repo Rates 7 day | 2.81%<br>quarterly | Pay | 04/12/2026 | CNY | 3590 | —<br> (h)  | 2 | 2 |
|  CFETS China Fixing Repo Rates 7 day | 2.40%<br>quarterly | Pay | 05/11/2026 | CNY | 23000 | 35 | (28) | 7 |
|  CFETS China Fixing Repo Rates 7 day | 2.60%<br>quarterly | Pay | 05/11/2028 | CNY | 91220 | 206 | 112 | 318 |
|  CFETS China Fixing Repo Rates 7 day | 2.40%<br>quarterly | Pay | 12/06/2028 | CNY | 5000 | 10 | 7 | 17 |
|  CFETS China Fixing Repo Rates 7 day | 2.65%<br>quarterly | Pay | 05/10/2029 | CNY | 134160 | 775 | (92) | 683 |
|  CFETS China Fixing Repo Rates 7 day | 1.59%<br>quarterly | Pay | 12/02/2029 | CNY | 18000 |  | 3 | 3 |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 12/12/2029 | CNY | 22900 | 2 | (10) | (8) |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 05/11/2030 | CNY | 36460 | (31) | 15 | (16) |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 05/11/2030 | CNY | 57380 | (1) | (24) | (25) |
|  CFETS China Fixing Repo Rates 7 day | 1.50%<br>quarterly | Pay | 11/11/2030 | CNY | 95500 | (51) | (5) | (56) |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20%<br>annually | Pay | 07/10/2034 | DKK | 1000 | 6 | (3) | 3 |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20%<br>annually | Pay | 07/10/2035 | DKK | 270 | 2 | (1) | 1 |
|  Copenhagen Interbank Offered Rates 6 Month | 3.20%<br>annually | Pay | 07/10/2036 | DKK | 1585 | 2 | 1 | 3 |
|  Czech Interbank Offered Rates 6 Month | 3.51%<br>annually | Pay | 03/20/2031 | CZK | 13830 | (13) | (12) | (25) |
|  Czech Interbank Offered Rates 6 Month | 3.55%<br>annually | Pay | 09/10/2034 | CZK | 1325 | (1) | (2) | (3) |
|  Czech Interbank Offered Rates 6 Month | 3.60%<br>annually | Pay | 09/10/2035 | CZK | 2650 | (3) | (4) | (7) |
|  Czech Interbank Offered Rates 6 Month | 3.60%<br>annually | Pay | 09/10/2036 | CZK | 4115 | (14) | 2 | (12) |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.20%<br>annually | Pay | 05/11/2052 | EUR | 1810 | (182) | (525) | (707) |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.35%<br>annually | Pay | 05/11/2029 | PLN | 3305 | 3 | 15 | 18 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.82%<br>annually | Pay | 11/28/2030 | PLN | 1000 | —<br> (h)  | 4 | 4 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.35%<br>annually | Pay | 05/11/2031 | PLN | 1690 | (14) | 20 | 6 |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 4.50%<br>annually | Pay | 05/11/2035 | PLN | 1205 | (4) | 5 | 1 |
|  KRW Certificate of Deposit 3 Month | 3.14%<br>quarterly | Pay | 04/19/2028 | KRW | 860000 | —<br> (h)  | (5) | (5) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  KRW Certificate of Deposit 3 Month | 1.07%<br>quarterly | Pay | 04/27/2030 | KRW | 200000 | (8) | (5) | (13) |
|  KRW Certificate of Deposit 3 Month | 0.97%<br>quarterly | Pay | 08/14/2030 | KRW | 2100000 | — (h) | (158) | (158) |
|  KRW Certificate of Deposit 3 Month | 0.94%<br>quarterly | Pay | 08/19/2030 | KRW | 5075000 | (83) | (297) | (380) |
|  KRW Certificate of Deposit 3 Month | 2.82%<br>quarterly | Pay | 04/28/2032 | KRW | 1245595 | (14) | (28) | (42) |
|  KRW Certificate of Deposit 3 Month | 3.15%<br>quarterly | Pay | 03/10/2033 | KRW | 1868660 | (15) | (31) | (46) |
|  KRW Certificate of Deposit 3 Month | 3.61%<br>quarterly | Pay | 11/24/2033 | KRW | 805000 | — (h) | (6) | (6) |
|  KRW Certificate of Deposit 3 Month | 3.15%<br>quarterly | Pay | 03/10/2034 | KRW | 2961000 | 7 | (90) | (83) |
|  KRW Certificate of Deposit 3 Month | 3.20%<br>quarterly | Pay | 03/10/2035 | KRW | 2692000 | 79 | (157) | (78) |
|  KRW Certificate of Deposit 3 Month | 3.20%<br>quarterly | Pay | 03/10/2035 | KRW | 913000 | 30 | (56) | (26) |
|  KRW Certificate of Deposit 3 Month | 3.10%<br>quarterly | Pay | 03/10/2043 | KRW | 161125 | (3) | (4) | (7) |
|  Mexico Interbank TIIE 1 Day | 9.10%<br>lunar | Pay | 12/13/2028 | MXN | 4190 | 11 | (3) | 8 |
|  Mexico Interbank TIIE 1 Day | 9.10%<br>lunar | Pay | 12/06/2034 | MXN | 4625 | 4 | 7 | 11 |
|  Mexico Interbank TIIE 1 Day | 9.20%<br>lunar | Pay | 12/05/2035 | MXN | 3370 | 13 | (4) | 9 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.85%<br>annually | Pay | 05/06/2031 | HUF | 60000 | 4 | (—)(h) | 4 |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.10%<br>annually | Pay | 09/10/2032 | HUF | 21000 | (1) | (—) | (1) |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.25%<br>annually | Pay | 09/10/2034 | HUF | 10335 | (1) |  | (1) |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.30%<br>annually | Pay | 09/10/2035 | HUF | 32255 | (2) | (—)(h) | (2) |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.00%<br>annually | Pay | 07/10/2032 | NOK | 1165 | (—)(h) | (1) | (1) |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85%<br>annually | Pay | 07/10/2034 | NOK | 1300 | 3 | (6) | (3) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85%<br>annually | Pay | 07/10/2035 | NOK | 1210 | (2) | (1) | (3) |
|  Norway Interbank Offered Rate Fixing 6 Month | 3.85%<br>annually | Pay | 07/10/2036 | NOK | 1745 | (8) | 3 | (5) |
|  NZD Bank Bill 3 Month | 4.24%<br>semi-<br>annually | Pay | 06/30/2032 | NZD | 500 | (7) | 12 | 5 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40%<br>semi-<br>annually | Pay | 05/08/2034 | NZD | 250 | 4 | (1) | 3 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.40%<br>semi-<br>annually | Pay | 05/08/2035 | NZD | 120 | 4 | (3) | 1 |
|  NZFM New Zealand Bank Bill 3 Month FRA | 4.45%<br>semi-<br>annually | Pay | 05/08/2036 | NZD | 420 | 8 | (3) | 5 |
|  Shekel Overnight Risk Free Rate | 3.95%<br>annually | Pay | 07/08/2030 | ILS | 1505 | — (h) | (—)(h) | (—)(h) |
|  Shekel Overnight Risk Free Rate | 4.00%<br>annually | Pay | 07/08/2035 | ILS | 410 | (—)(h) | (—)(h) | (—)(h) |
|  Shekel Overnight Risk Free Rate | 4.00%<br>annually | Pay | 07/08/2036 | ILS | 620 | 1 | (2) | (1) |
|  Singapore Domestic Interbank Overnight Rate Average | 2.65%<br>semi-<br>annually | Pay | 09/10/2030 | SGD | 400 | — (h) | 10 | 10 |
|  Singapore Domestic Interbank Overnight Rate Average | 3.24%<br>semi-<br>annually | Pay | 05/03/2034 | SGD | 300 | 5 | 15 | 20 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.45%<br>semi-<br>annually | Pay | 09/10/2034 | SGD | 200 | (3) | 6 | 3 |
|  Singapore Domestic Interbank Overnight Rate Average | 2.50%<br>semi-<br>annually | Pay | 09/10/2035 | SGD | 420 | 17 | (11) | 6 |
|  SONIA Interest Rate Benchmark | 1.00%<br>annually | Pay | 05/08/2026 | GBP | 1330 | (115) | 62 | (53) |
|  SONIA Interest Rate Benchmark | 4.30%<br>annually | Receive | 05/08/2027 | GBP | 5070 | (60) | 41 | (19) |
|  SONIA Interest Rate Benchmark | 1.10%<br>annually | Pay | 05/08/2029 | GBP | 2010 | (308) | 2 | (306) |
|  SONIA Interest Rate Benchmark | 1.10%<br>annually | Receive | 05/08/2030 | GBP | 4590 | 1148 | (293) | 855 |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Receive | 05/08/2031 | GBP | 1145 | (19) | 42 | 23 |
|  SONIA Interest Rate Benchmark | 3.85%<br>annually | Receive | 05/08/2032 | GBP | 4480 | 13 | 119 | 132 |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Pay | 02/08/2036 | GBP | 1300 | (3) | (69) | (72) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Receive | 05/08/2039 | GBP | 1470 | (28) | 161 | 133 |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2039 | GBP | 1080 | (468) | (35) | (503) |
|  SONIA Interest Rate Benchmark | 3.95%<br>annually | Pay | 05/08/2040 | GBP | 1325 | (62) | (61) | (123) |
|  SONIA Interest Rate Benchmark | 3.95%<br>annually | Receive | 02/08/2041 | GBP | 1505 | 102 | 47 | 149 |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Receive | 05/08/2043 | GBP | 895 | 381 | 130 | 511 |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2046 | GBP | 1865 | 300 | (1486) | (1186) |
|  SONIA Interest Rate Benchmark | 1.25%<br>annually | Pay | 05/08/2054 | GBP | 255 | (162) | (31) | (193) |
|  SONIA Interest Rate Benchmark | 3.90%<br>annually | Pay | 05/08/2055 | GBP | 320 | (42) | (18) | (60) |
|  Stockholm Interbank Offered Rates 3 Month | 3.15%<br>annually | Pay | 07/10/2032 | SEK | 2000 | 11 | (4) | 7 |
|  Stockholm Interbank Offered Rates 3 Month | 3.10%<br>annually | Pay | 07/10/2035 | SEK | 1510 | 4 | — (h) | 4 |
|  Stockholm Interbank Offered Rates 3 Month | 3.10%<br>quarterly | Pay | 07/10/2036 | SEK | 2010 | 6 | (5) | 1 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2030 | CHF | 1700 | 80 | 113 | 193 |
|  Swiss Average Rate ON Intraday Value | 0.13%<br>annually | Pay | 11/05/2031 | CHF | 260 | — (h) | (4) | (4) |
|  Swiss Average Rate ON Intraday Value | 1.91%<br>annually | Pay | 03/31/2033 | CHF | 400 | — (h) | 53 | 53 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2034 | CHF | 440 | 41 | 38 | 79 |
|  Swiss Average Rate ON Intraday Value | 2.00%<br>annually | Pay | 05/08/2035 | CHF | 475 | 91 | 1 | 92 |
|  Thailand Overnight Repo Rate ON | 1.15%<br>quarterly | Pay | 11/19/2030 | THB | 31000 | — (h) | (23) | (23) |
|  Thailand Overnight Repo Rate ON | 2.86%<br>quarterly | Pay | 04/23/2034 | THB | 15000 | — (h) | 32 | 32 |
|  Thailand Overnight Repo Rate ON | 2.35%<br>quarterly | Pay | 09/10/2034 | THB | 18540 | 3 | 13 | 16 |
|  Thailand Overnight Repo Rate ON | 2.17%<br>quarterly | Pay | 12/16/2034 | THB | 7000 | (1) | 4 | 3 |
|  Thailand Overnight Repo Rate ON | 2.40%<br>quarterly | Pay | 09/10/2035 | THB | 12010 | 34 | (24) | 10 |
|  Thailand Overnight Repo Rate ON | 2.40%<br>quarterly | Pay | 09/10/2035 | THB | 14390 | 33 | (20) | 13 |
|  United States SOFR | 3.50%<br>annually | Receive | 06/21/2026 | USD | 5500 | 129 | (101) | 28 |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2026 | USD | 21400 | 143 | (137) | 6 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  United States SOFR | 2.00%<br>annually | Receive | 12/21/2027 | USD | 5400 | 449 | (275) | 174 |
|  United States SOFR | 1.22%<br>annually | Receive | 08/15/2028 | USD | 5797 | — (h) | 415 | 415 |
|  United States SOFR | 1.50%<br>semi-<br>annually | Pay | 12/15/2028 | USD | 27300 | (3606) | 2018 | (1588) |
|  United States SOFR | 4.25%<br>annually | Receive | 03/20/2029 | USD | 15800 | (512) | 211 | (301) |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2029 | USD | 18000 | 256 | (147) | 109 |
|  United States SOFR | 3.50%<br>annually | Receive | 12/20/2030 | USD | 14000 | 484 | (411) | 73 |
|  United States SOFR | 3.75%<br>annually | Receive | 06/20/2031 | USD | 2500 | 14 | (22) | (8) |
|  United States SOFR | 3.75%<br>annually | Pay | 06/20/2031 | USD | 19200 | (121) | 182 | 61 |
|  United States SOFR | 3.75%<br>annually | Receive | 09/17/2032 | USD | 18900 | (468) | 412 | (56) |
|  United States SOFR | 3.75%<br>annually | Receive | 03/18/2033 | USD | 4300 | (75) | 64 | (11) |
|  United States SOFR | 3.50%<br>annually | Receive | 12/20/2033 | USD | 45100 | 2149 | (1380) | 769 |
|  United States SOFR | 3.75%<br>annually | Receive | 06/20/2034 | USD | 4800 | 171 | (152) | 19 |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2034 | USD | 1000 | 1 | (4) | (3) |
|  United States SOFR | 3.25%<br>annually | Receive | 03/19/2035 | USD | 11100 | 729 | (261) | 468 |
|  United States SOFR | 3.25%<br>annually | Receive | 06/18/2035 | USD | 17200 | 584 | 286 | 870 |
|  United States SOFR | 3.75%<br>annually | Receive | 09/17/2035 | USD | 2100 | (42) | 56 | 14 |
|  United States SOFR | 3.75%<br>annually | Receive | 09/17/2035 | USD | 16400 | (281) | 395 | 114 |
|  United States SOFR | 4.00%<br>annually | Receive | 03/18/2036 | USD | 6400 | (199) | 118 | (81) |
|  Total |  |  |  |  |  | 525 | (2464) | (1939) |

---

(a) Value of floating rate index as of March 31, 2026 was as follows:

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
|  Bank Negara Malaysia KLIBOR Interbank Offered Rate Fixing 3 Month | 3.37% |
|  Bank of Japan Final Result: Unsecured Overnight Call Rate TONAR | 0.73% |
|  BBSW ASX Australian 6 Month | 4.78% |
|  Canadian Overnight Repo Rate Average | 2.27% |
|  CFETS China Fixing Repo Rates 7 day | 1.49% |
|  Copenhagen Interbank Offered Rates 6 Month | 2.52% |
|  Czech Interbank Offered Rates 6 Month | 3.62% |
|  ESTR Volume Weighted Trimmed Mean Rate | 1.93% |
|  GPW Benchmark WIBID/WIBOR PLN 6 Month | 3.79% |
|  KRW Certificate of Deposit 3 Month | 2.82% |
|  Mexico Interbank TIIE 1 Day | 6.94% |
|  National Bank of Hungary Budapest Interbank Offered Rates 6 Month Index | 6.62% |
|  Norway Interbank Offered Rate Fixing 6 Month | 4.66% |
|  NZD Bank Bill 3 Month | 2.54% |
|  NZFM New Zealand Bank Bill 3 Month FRA | 2.54% |
|  Shekel Overnight Risk Free Rate | 4.00% |
|  Singapore Domestic Interbank Overnight Rate Average | 0.99% |
|  SONIA Interest Rate Benchmark | 3.73% |
|  Stockholm Interbank Offered Rates 3 Month | 2.19% |
|  Swiss Average Rate ON Intraday Value | -0.07% |
|  Thailand Overnight Repo Rate ON | 0.99% |
|  United States SOFR | 3.68% |

---

**Written Put Option contracts on securities as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 04/13/2056 | Citigroup Global Markets, Inc. | (30500) | USD | (21024) | USD | 101.11 | 04/06/2026 | $(208) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 04/13/2056 | Citigroup Global<br>Markets, Inc. | (54000) | USD | (17839) | USD | 102.23 | 04/06/2026 | (174) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 06/11/2056 | Citigroup Global<br>Markets, Inc. | (11000) | USD | (4658) | USD | 101.98 | 06/04/2026 | (46) |
|  |  |  |  |  |  |  |  | (428) |

---

**Written Call Option contracts on securities as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2056 | Citigroup Global Markets, Inc. | (9000) | USD | (2507) | USD | 94.31 | 04/06/2026 | (27) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2056 | Citigroup Global Markets, Inc. | (6500) | USD | (742) | USD | 94.81 | 04/06/2026 | (8) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.50%, 06/11/2056 | Citigroup Global Markets, Inc. | (500) | USD | (303) | USD | 96.98 | 06/04/2026 | (3) |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Written Call Option contracts on securities as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 05/13/2056 | BofA<br>Securities, Inc. | (17000) | USD | (507) | USD | 102.26 | 05/06/2026 | (5) |
|  |  |  |  |  |  |  |  | (43) |
|  Total Written Options Contracts<br>(Premiums Received $276) |  |  |  |  |  |  |  | (471) |

---

**Purchased Call Interest Rate Swaptions contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1900 | 691 | 4.10 | 02/06/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;77 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 112 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 231 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 127 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 195 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 10000 | 3929 | 4.40 | 06/25/2035 | 488 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 9200 | 3724 | 4.56 | 07/09/2035 | 493 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 9800 | 4089 | 4.64 | 07/23/2035 | 551 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 344 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 238 |
|  10-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 226 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 185 |
|  7-Year Swaption, United States SOFR | Deutsche Bank AG | 7500 | 302 | 3.14 | 09/14/2026 | 31 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 23500 | 664 | 3.48 | 07/14/2026 | 148 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 8200 | 108 | 3.22 | 05/18/2026 | 10 |
|  |  |  |  |  |  | 3456 |

---

**Purchased Put Interest Rate Swaptions contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **EXPIRATION<br>DATE** | **VALUE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of America, NA |  | 1900 |  | 691 |  | 4.10 |  | 02/06/2035 |  | 133 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Purchased Put Interest Rate Swaptions contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 9700 | 92 | 4.75 | 06/30/2026 | 9 |
|  10-Year Swaption, United States SOFR | Barclays Bank plc | 6100 | 63 | 4.06 | 04/07/2026 | 3 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 27000 | 99 | 4.75 | 09/04/2026 | 64 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 3200 | 1294 | 4.69 | 08/27/2035 | 173 |
|  10-Year Swaption, United States SOFR | Morgan Stanley<br>Capital Service | 4400 | 1739 | 4.49 | 08/07/2035 | 261 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4800 | 1870 | 4.43 | 08/06/2035 | 292 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 6800 | 2666 | 4.46 | 08/06/2035 | 407 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 4600 | 1862 | 4.56 | 07/09/2035 | 264 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 5000 | 1988 | 4.40 | 06/25/2035 | 307 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 3900 | 1549 | 4.44 | 06/18/2035 | 235 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 1002 | 4.47 | 06/04/2035 | 149 |
|  10-Year Swaption, United States SOFR | Deutsche Bank AG | 5000 | 1916 | 4.31 | 05/02/2035 | 319 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2500 | 944 | 4.27 | 05/01/2035 | 163 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4900 | 2044 | 4.64 | 07/23/2035 | 271 |
|  10-Year Swaption, United States SOFR | BNP Paribas | 15700 | 91 | 3.95 | 04/06/2026 | 22 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 2500 | 68 | 3.90 | 05/29/2026 | 13 |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Purchased Put Interest Rate Swaptions contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  7-Year Swaption, United States SOFR | Deutsche<br>Bank<br>AG | 7500 | 350 | 3.64 | 09/14/2026 | 142 |
|  Total Purchased Interest Rate Swaptions contract (Premiums Paid $10588) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10588) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10588) | Total Purchased Interest Rate Swaptions contract (Premiums Paid $10588) |  |  | 3227 |

---

**Written Put Interest Rate Swaptions contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Barclays Bank plc | (1900) | (10) | 4.09 | 05/06/2026 | $(6) |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | (11200) | (125) | 3.72 | 05/18/2026 | (97) |
|  7-Year Swaption, United States SOFR | Bank of America,<br>NA | (25100) | (721) | 3.78 | 07/14/2026 | (275) |
|  Total Written Interest Rate Swaptions contract (Premiums Received $227) |  |  |  |  |  | (378) |

---

**Reverse Repurchase Agreements** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **BORROWING<br>RATE** | **SETTLEMENT<br>DATE** | **MATURITY<br>DATE** | **AMOUNT<br>BORROWED** | **PAYABLE FOR<br>REVERSE<br>REPURCHASE<br>AGREEMENTS($)** | **COLLATERAL<br>PLEDGED/<br>(RECEIVED) ($)** | **NET AMOUNT<br>(DUE TO)/ FROM<br>COUNTERPATRY($)** |
|  Wells Fargo Bank NA | 3.8% | 3/19/2026 | 4/21/2026 | (44131) | (44252) | 44252 |  |
|  Wells Fargo Bank NA | 3.82% | 3/19/2026 | 4/21/2026 | (14540) | (14560) | 14560 |  |
|  BofA Securities, Inc. | 3.79% | 3/12/2026 | 4/13/2026 | (8127) | (8145) | 8145 |  |
|  Wells Fargo Bank NA | 3.78% | 3/12/2026 | 4/13/2026 | (45826) | (45922) | 45922 |  |
|  BNP Paribas | 3.79% | 3/12/2026 | 4/13/2026 | (16058) | (16092) | 16092 |  |
|  Citigroup Global Markets, Inc. | 3.78% | 3/12/2026 | 4/13/2026 | (87752) | (87937) | 87937 |  |
|  Wells Fargo Bank NA | 3.78% | 3/12/2026 | 4/13/2026 | (13741) | (13770) | 13770 |  |
|  BNP Paribas | 3.79% | 3/12/2026 | 4/13/2026 | (7710) | (7726) | 7726 |  |
|  |  |  |  |  | (238404) |  |  |

---

**Accounted for as Secured Borrowings** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **OVERNIGHT<br>AND<br>CONTINUOUS** | **UP TO 30 DAYS** | **31-90 DAYS** | **GREATER THAN<br>90 DAYS** | **TOTAL** |
|  **Reverse Repurchase Agreements** |  |  |  |  |  |
|  Mortgage Backed Securities |  |  | (238404) |  | (238404) |
|  **Payable for Reverse Repurchase Agreements** |  |  |  |  | (238404) |

---

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of March 31, 2026. |
| ASX | Australian Stock Exchange |
| BAM | Insured by Build America Mutual |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)** 

---

| | |
|:---|:---|
| BBSW | Bank Bill Swap Rate |
| CFETS | China Foreign Exchange Trade System |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| EURIBOR | Euro Interbank Offered Rate |
| ESTR | Euro short-term rate |
| FHA | Federal Housing Administration |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GPW | Polish Stock Market |
| IBOR | Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of March 31, 2026. The rate may be subject to a cap and floor. |
| IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
| KLIBOR | Kuala Lumpur Interbank Offered Rate |
| NZFM | New Zealand Financial Markets |
| OYJ | Public Limited Company |
| PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| REIT | Real Estate Investment Trust |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REMICS | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| STRIP | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
| SUB | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2026. |
| TBA | To Be Announced |
| TIIE | Interbank Equilibrium Interest Rate |
| TONAR | Tokyo Overnight Average Rate |
| VA | Veterans Administration |
| WIBID | Warsaw Interbank Bid Rate |
| WIBOR | Warsaw Interbank Offered Rate |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is the effective yield as of March 31, 2026. |
| (t) | The date shown represents the earliest of the next put date, next demand date or final maturity date. |

---

------

**Six Circles Global Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)** 

---

| | |
|:---|:---|
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (x) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2026. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2026. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2026. |
| (bb) | Security has been valued using significant unobservable inputs. |
| (ee) | Approximately $2,835 of these investments are restricted as collateral for swaps to BofA Securities, Inc. |
| (ff) | Approximately $1,580 of these investments are restricted as collateral for futures to Citigroup Global Markets Inc. |
| (gg) | Position, or portion thereof, has been segregated to collateralize reverse repurchase agreements. |
| (hh) | Approximately $6,672 of these investments are restricted as collateral for TBAs to various brokers. |
| (ii) | Approximately $1,172 of these investments are restricted as collateral for forwards to various brokers. |
| (jj) | Approximately $11,459 of these investments are restricted as collateral for bi-lateral derivatives to various brokers. |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| CNY | Chinese Yuan |
| CZK | Czech Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli New Shekel |
| JPY | Japanese Yen |
| KRW | Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Commercial Mortgage-Backed Securities — 0.3%**  |  |  |
| **Commercial MBS — 0.3%** |  |  |
| FHLMC Multifamily ML Certificates, |  |  |
| Series 2024-ML27, Class AUS, 4.27%, 08/25/2041 (z) | 5324 | 5522 |
| Series 2025-ML28, Class AUS, 4.09%, 11/25/2042 (z) | 4849 | 4956 |
| Series 2025-ML29, Class AUS, 4.40%, 01/25/2043 (z) | 7263 | 7557 |
| Series 2025-ML31, Class AUS, 4.28%, 06/25/2042 (z) | 2346 | 2400 |
| FRETE, Series 2025-ML32, Class AUS, 4.40%, 03/25/2042 (z) | 5745 | 5890 |
| FRETE Trust, |  |  |
| Series 2025-ML30, 4.44%, 07/25/2042 (z) | 4002 | 4172 |
| Series 2026-ML33, Class AUS, 4.64%, 10/25/2040 (z) | 21030 | 21721 |
|  Total Commercial MBS |  | 52218 |
| Total Commercial Mortgage-Backed Securities |  |  |
| (Cost $53,298) |  | 52218 |
|  **Municipal Bonds — 96.2%** (t) |  |  |
| **Alabama — 4.8%** |  |  |
| Alabama Economic Settlement Authority, BP Settlement, Series A, Rev., 4.00%, 09/15/2033 | 1000 | 999 |
| Alabama Federal Aid Highway Finance Authority, Garvee |  |  |
| Series A, Rev., 5.00%, 09/01/2032 (p) | 1160 | 1200 |
| Series A, Rev., 5.00%, 09/01/2035 (p) | 1000 | 1034 |
| Series A, Rev., 5.00%, 09/01/2036 (p) | 2000 | 2021 |
| Alabama Highway Authority, Rev., 5.00%, 09/01/2032 | 1270 | 1426 |
| Alabama Housing Finance Authority |  |  |
| Rev., 3.15%, 12/01/2028 (z) | 265 | 265 |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 10/01/2044 | 745 | 737 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 04/01/2055 | 3230 | 3486 |
| Series D, Rev., GNMA/FNMA/FHLMC, 5.75%, 10/01/2055 | 2525 | 2736 |
| Alabama Housing Finance Authority, Cooper Green Homes Project, Rev., 5.00%, 02/01/2029 (z) | 260 | 269 |
| Alabama Public School and College Authority, Social Bonds |  |  |
| Series A, Rev., 5.00%, 11/01/2037 | 6400 | 6814 |
| Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10562 |
| Alabama Special Care Facilities Financing Authority, Ascension Senior Credit Group, Series C, Rev., 5.00%, 11/15/2046 | 23000 | 23006 |
| Alabama State University, Rev., 5.50%, 09/01/2045 | 1250 | 1348 |
| Auburn University, Series A, Rev., 4.00%, 06/01/2041 | 7000 | 7016 |
| Baldwin County Industrial Development Authority |  |  |
| Rev., AMT, 4.63%, 06/01/2055 (e) (z) | 2405 | 2406 |
| Rev., AMT, 5.00%, 06/01/2055 (e) (z) | 5845 | 5928 |
| Baldwin County Industrial Development Authority, Novelis Corporation Project, Rev., AMT, 4.30%, 03/01/2056 (e) (z) | 11900 | 11539 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Alabama — 4.8%** |  |  |
| Birmingham-Jefferson Civic Center Authority, Series A, Special Tax, 5.00%, 07/01/2048 | 3200 | 3224 |
| Birmingham-Jefferson Civic Center Authority, City of Birmingham, Rev., 5.00%, 05/01/2048 | 12700 | 12801 |
| Black Belt Energy Gas District |  |  |
| Rev., 4.00%, 06/01/2051 (z) | 22710 | 22937 |
| Rev., 5.00%, 05/01/2055 (z) | 24270 | 25742 |
| Series A, Rev., 5.25%, 05/01/2055 (z) | 7655 | 7869 |
| Series A, Rev., 5.25%, 05/01/2056 (z) | 5000 | 5091 |
| Series B1, Rev., 4.00%, 04/01/2053 (z) | 2000 | 2023 |
| Series B2, Rev., (SIFMA Municipal Swap Index + 0.65%), 3.07%, 04/01/2053 (aa) | 9250 | 9236 |
| Series B, Rev., 5.00%, 10/01/2035 | 59670 | 59723 |
| Series B, Rev., 5.00%, 10/01/2055 (z) | 7100 | 7490 |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.25%, 12/01/2053 (z) | 3000 | 3202 |
| Series C1, Rev., 5.25%, 02/01/2053 (z) | 17000 | 17834 |
| Series C, Rev., 5.25%, 08/01/2029 (e) | 1650 | 1701 |
| Series C, Rev., 5.25%, 08/01/2033 (e) | 3600 | 3739 |
| Series C, Rev., 5.50%, 10/01/2054 (z) | 5000 | 5394 |
| Series C, Rev., 5.50%, 11/01/2056 (e) (z) | 13000 | 13746 |
| Series D1, Rev., LIQ: Royal Bank of Canada, 4.00%, 07/01/2052 (z) | 1800 | 1818 |
| Series D, Rev., 5.00%, 03/01/2055 (z) | 7000 | 7410 |
| Series D, Rev., 5.00%, 12/01/2055 (z) | 9555 | 10110 |
| Series E, Rev., 5.00%, 12/01/2055 (z) | 7800 | 8249 |
| Series G, Rev., 5.00%, 10/01/2035 | 14760 | 15374 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series A, Rev., 5.00%, 12/01/2034 | 5000 | 5216 |
| Series B, Rev., 5.00%, 12/01/2034 | 13510 | 14416 |
| Series D1, Rev., 5.50%, 06/01/2049 (z) | 3000 | 3154 |
| Series E, Rev., 5.00%, 07/01/2033 | 29035 | 30350 |
| Series F, Rev., 5.00%, 12/01/2035 | 10000 | 10592 |
| Series F, Rev., 5.50%, 11/01/2053 (z) | 10625 | 11121 |
| Black Belt Energy Gas District, Gas Project Bonds Project No. 7, Rev., 4.00%, 10/01/2052 (z) | 19120 | 19235 |
| Black Belt Energy Gas District, Gas Project No. 8, Series A, Rev., 4.00%, 12/01/2052 (z) | 4910 | 4936 |
| Black Belt Energy Gas District, Project No. 5, Series A1, Rev., 4.00%, 10/01/2049 (z) | 5000 | 5018 |
| Black Belt Energy Gas District, Project No. 6, Series B, Rev., 4.00%, 10/01/2052 (z) | 15505 | 15598 |
| City of Birmingham Regional Water Works, Rev., 3.75%, 09/01/2026 (e) | 2690 | 2690 |
| City of Birmingham, Warrants, Series A, GO, 4.00%, 06/01/2032 | 4075 | 4172 |
| County of Jefferson AL, Rev., 4.00%, 09/15/2036 | 2590 | 2601 |
| County of Jefferson Sewer Revenue, Warrants |  |  |
| Rev., 5.00%, 10/01/2035 | 2285 | 2502 |
| Rev., 5.00%, 10/01/2036 | 1455 | 1581 |
| Rev., 5.00%, 10/01/2037 | 8685 | 9389 |
| Rev., 5.00%, 10/01/2038 | 2190 | 2354 |
| Rev., 5.00%, 10/01/2039 | 3285 | 3510 |
| Rev., 5.25%, 10/01/2049 | 3805 | 3937 |
| Energy Southeast A Cooperative District |  |  |
| Series A1, Rev., 5.50%, 11/01/2053 (z) | 750 | 807 |
| Series B, Rev., 5.25%, 07/01/2054 (z) | 7695 | 8205 |
| Energy Southeast, A Cooperative District |  |  |
| Series A, Rev., 5.00%, 11/01/2035 | 15150 | 15761 |
| Series B, Rev., 5.00%, 09/01/2033 | 1445 | 1470 |
| Health Care Authority for Baptist Health, Affiliate of UAB Health System Community, Rev., 5.00%, 11/15/2032 | 10495 | 11260 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Alabama — continued** |  |  |
| Health Care Authority of the City of Huntsville, Health System |  |  |
| Series B1, Rev., 4.00%, 06/01/2045 | 1750 | 1623 |
| Series B1, Rev., 5.00%, 06/01/2038 | 1000 | 1051 |
| Homewood Educational Building Authority, Rev., 5.50%, 10/01/2049 | 3500 | 3540 |
| Homewood Educational Building Authority, Recreation Center Project, Series A, Rev., 5.50%, 10/01/2054 | 2000 | 2006 |
| Hoover Industrial Development Board, Green Bonds, Rev., AMT, 6.38%, 11/01/2050 (z) | 2375 | 2603 |
| Hoover Industrial Development Board, United States Steel Corporation, Rev., AMT, 5.75%, 10/01/2049 | 3500 | 3573 |
| Industrial Development Board of the City of Mobile Alabama, Rev., 3.38%, 06/01/2034 (z) | 13010 | 13132 |
| Industrial Development Board of the City of Mobile Alabama, Alabama Power Co. Barry Plant, Rev., 2.75%, 07/15/2034 (z) | 1200 | 1189 |
| Lower Alabama Gas District (The), Series A, Rev., 5.00%, 12/01/2033 | 11180 | 11609 |
| Madison Water & Wastewater Board, Rev., 5.25%, 12/01/2048 | 1700 | 1784 |
| Mobile County Industrial Development Authority, Rev., AMT, 5.00%, 06/01/2054 | 7800 | 7425 |
| Mobile County Industrial Development Authority, AM/NS Calvert LLC, Rev., AMT, 4.75%, 12/01/2054 | 13985 | 12835 |
| Selma Industrial Development Board, Rev., 3.45%, 11/01/2033 (z) | 2150 | 2134 |
| Southeast Alabama Gas Supply District, Project No. 1, Series A, Rev., 5.00%, 08/01/2054 (z) | 21175 | 22437 |
| Southeast Alabama Gas Supply District, Project No. 2, Rev., 5.00%, 06/01/2049 (z) | 19485 | 20511 |
| Southeast Energy Authority A Cooperative District, Project #6 |  |  |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 06/01/2030 | 2225 | 2327 |
| Series B, Rev., LIQ: Royal Bank of Canada, 5.00%, 01/01/2054 (z) | 10000 | 10494 |
| Southeast Energy Authority A Cooperative District, Project 2, Series B, Rev., 4.00%, 12/01/2051 (z) | 8830 | 8873 |
| Southeast Energy Authority A Cooperative District, Project No. 3, Series A1, Rev., 5.50%, 01/01/2053 (z) | 1820 | 1937 |
| Southeast Energy Authority A Cooperative District, Project No. 5, Series A, Rev., 5.25%, 01/01/2054 (z) | 15000 | 15732 |
| Southeast Energy Authority, A Cooperative District |  |  |
| Rev., 5.00%, 09/01/2035 | 6425 | 6915 |
| Series A, Rev., 5.00%, 11/01/2035 | 12970 | 13248 |
| Series A, Rev., 5.00%, 01/01/2056 (z) | 14200 | 14280 |
| Series B, Rev., 5.25%, 03/01/2055 (z) | 15360 | 15781 |
| Series C, Rev., 5.00%, 10/01/2055 (z) | 20330 | 21630 |
| Series F, Rev., 5.25%, 11/01/2035 | 5000 | 5374 |
| Series F, Rev., 5.25%, 11/01/2055 (z) | 38825 | 41908 |
| State of Alabama Docks Department, Docks, Series A, Rev., AMT, 5.00%, 10/01/2026 | 1890 | 1906 |
| Tender Option Bond Trust, Floater Certificates, Series 2022-XF3073, Rev., LIQ: Morgan Stanley, 2.72%, 02/01/2053 (e) (z) | 10000 | 10000 |
| Tuscaloosa City Board of Education, Warrants, Rev., 5.00%, 08/01/2041 (p) | 2525 | 2545 |
| Tuscaloosa County Industrial Development Authority, Series A, Rev., 5.25%, 05/01/2044 (e) | 2500 | 2506 |
| UAB Medicine Finance Authority, Series B, Rev., 5.00%, 09/01/2041 | 1750 | 1756 |
| University of South Alabama |  |  |
| Rev., 4.00%, 11/01/2035 | 2000 | 1993 |
| Rev., BAM, 5.25%, 04/01/2054 | 2845 | 2943 |
|  |  | 806980 |
|  **Alaska — 0.2%** |  |  |
| Alaska Housing Finance Corp., General Mortgage, Series B, Rev., 3.25%, 12/01/2044 | 970 | 961 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Alaska — continued** |  |  |
| Alaska Housing Finance Corp., General Mortgage Revenue Bonds |  |  |
| Rev., 4.25%, 12/01/2042 | 2000 | 1963 |
| Rev., 6.00%, 12/01/2056 | 1265 | 1401 |
| Alaska Housing Finance Corp., General Mortgage Revenue II, Series A, Rev., 4.50%, 06/01/2044 | 5000 | 4970 |
| Alaska Housing Finance Corp., Social Bonds State Capital |  |  |
| Rev., 5.00%, 06/01/2032 | 920 | 1007 |
| Rev., 5.00%, 12/01/2032 | 945 | 1033 |
| Alaska Municipal Bond Bank Authority, Series Three, Rev., BAM, 5.00%, 10/01/2039 | 1100 | 1200 |
| Alaska Railroad Corp., Rev., AMT, 6.00%, 10/01/2050 | 1800 | 1935 |
| Northern Tobacco Securitization Corp., Senior |  |  |
| Series A, Rev., 5.00%, 06/01/2027 | 1000 | 1024 |
| Series A, Rev., 5.00%, 06/01/2029 | 1250 | 1324 |
| State of Alaska |  |  |
| GO, 5.00%, 08/01/2033 | 2000 | 2263 |
| GO, 5.00%, 08/01/2034 | 1125 | 1282 |
| GO, 5.00%, 08/01/2035 | 2000 | 2257 |
| State of Alaska International Airports System |  |  |
| Series A, Rev., 5.00%, 10/01/2034 | 1080 | 1213 |
| Series C, Rev., AMT, 5.00%, 10/01/2027 | 1000 | 1030 |
| Series C, Rev., AMT, 5.00%, 10/01/2030 | 5000 | 5400 |
|  |  | 30263 |
|  **Arizona — 1.6%** |  |  |
| Arizona Board of Regents |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 2480 | 2575 |
| Series C, Rev., 5.00%, 07/01/2046 | 10000 | 10060 |
| Arizona Board of Regents, University of Arizona |  |  |
| Rev., 5.00%, 06/01/2029 | 1000 | 1070 |
| Rev., 5.00%, 06/01/2034 | 4300 | 4883 |
| Rev., 5.00%, 06/01/2038 | 2750 | 3101 |
| Rev., 5.00%, 06/01/2039 | 3500 | 3916 |
| Rev., 5.00%, 06/01/2040 | 1750 | 1946 |
| Arizona Department of Transportation State Highway Fund Revenue, Rev., 5.00%, 07/01/2033 | 2750 | 3114 |
| Arizona Industrial Development Authority |  |  |
| Rev., 4.00%, 07/01/2061 | 3000 | 2302 |
| Series 2019-2, Rev., 3.63%, 05/20/2033 | 1284 | 1276 |
| Series A, Rev., 4.00%, 09/01/2035 | 225 | 226 |
| Series A, Rev., 4.00%, 09/01/2036 | 250 | 250 |
| Arizona Industrial Development Authority, Greathearts Arizona Project, Series A, Rev., 5.00%, 07/01/2026 | 125 | 126 |
| Arizona Industrial Development Authority, Jerome Facilities Project, Series B, Rev., 4.00%, 07/01/2051 | 2000 | 1616 |
| Arizona Industrial Development Authority, Phoenix Children's Hospital, Rev., 5.00%, 02/01/2033 | 2000 | 2200 |
| Arizona Industrial Development Authority, Somerset Academy of Las Vegas, Aliante |  |  |
| Rev., 3.00%, 12/15/2031 (e) | 360 | 340 |
| Rev., 4.00%, 12/15/2041 (e) | 500 | 445 |
| Rev., 4.00%, 12/15/2051 (e) | 700 | 540 |
| Arizona Industrial Development Authority, Sustainable Bonds Equitable, Rev., 5.00%, 11/01/2028 | 2870 | 2989 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Arizona — continued** |  |  |
| Arizona Industrial Development Authority, The Acacia at Youngtown, Rev., 5.00%, 11/01/2058 (z) | 4780 | 4851 |
| Arizona State University |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 1105 | 1143 |
| Series C, Rev., 5.00%, 07/01/2042 | 2000 | 2012 |
| Arizona State University, Board of Regents |  |  |
| Series B, Rev., 5.00%, 07/01/2026 | 100 | 101 |
| Series B, Rev., 5.00%, 07/01/2042 | 2000 | 2031 |
| Chandler Industrial Development Authority, Intel Corp. Project |  |  |
| Rev., AMT, 5.00%, 09/01/2042 (z) | 3000 | 3047 |
| Rev., AMT, 5.00%, 09/01/2052 (z) | 2860 | 2906 |
| Chandler Industrial Development Authority, Intel Corporation Project |  |  |
| Rev., 3.80%, 12/01/2035 (z) | 4000 | 4046 |
| Rev., AMT, 4.00%, 06/01/2049 (z) | 2110 | 2137 |
| City of Chandler, GO, 5.00%, 07/01/2040 | 12430 | 13899 |
| City of Chandler Excise Tax Revenue |  |  |
| Rev., 5.00%, 07/01/2033 | 7800 | 8861 |
| Rev., 5.00%, 07/01/2039 | 8470 | 9534 |
| City of Glendale AZ Excise Tax Revenue, Rev., 5.00%, 07/01/2038 | 5190 | 5754 |
| City of Mesa, GO, 5.00%, 07/01/2042 | 2665 | 2868 |
| City of Mesa Utility System Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1048 |
| City of Peoria Excise Tax Revenue, Rev., 5.00%, 07/15/2028 | 1120 | 1182 |
| City of Phoenix, Civic Improvement Corp. |  |  |
| Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1067 |
| Series A, Rev., 5.00%, 07/01/2031 | 2000 | 2124 |
| Series A, Rev., 5.00%, 07/01/2032 | 1000 | 1058 |
| Series A, Rev., 5.00%, 07/01/2034 | 3785 | 4051 |
| City of Phoenix, Civic Improvement Corp., Airport Revenue, Junior Lien |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 1500 | 1538 |
| Series B, Rev., AMT, 5.00%, 07/01/2033 | 2000 | 2094 |
| City of Phoenix, Civic Improvement Corp., Junior Lien Airport Special Obligation, Rev., 4.00%, 07/01/2040 | 3555 | 3523 |
| County of Pima Sewer System Revenue, Rev., 5.00%, 07/01/2028 | 500 | 527 |
| Gilbert Public Facilities Municipal Property Corp., Rev., 5.00%, 07/01/2026 | 1025 | 1031 |
| Gilbert Water Resource Municipal Property Corp., Green Bond Senior Lien, Rev., 4.00%, 07/15/2047 | 1000 | 971 |
| Glendale Industrial Development Authority |  |  |
| Rev., 5.00%, 05/15/2035 | 500 | 561 |
| Rev., 5.00%, 05/15/2038 | 3145 | 3426 |
| Rev., 5.00%, 05/15/2039 | 3195 | 3458 |
| Rev., 5.00%, 05/15/2042 | 1350 | 1430 |
| Rev., 5.00%, 05/15/2043 | 2000 | 2107 |
| Industrial Development Authority of the County of Pima (The), American Leadership Academy |  |  |
| Rev., 4.00%, 06/15/2027 (e) | 2680 | 2674 |
| Rev., 4.00%, 06/15/2030 (e) | 1510 | 1482 |
| Industrial Development Authority of the County of Yavapai, Waste Management, Inc. Project, Rev., AMT, 1.30%, 06/01/2027 | 3260 | 3162 |
| Maricopa County Industrial Development Authority, Rev., 4.00%, 01/01/2048 | 5450 | 4758 |
| Maricopa County Industrial Development Authority, Banner Health |  |  |
| Series A3, Rev., 5.00%, 01/01/2053 (z) | 3125 | 3361 |
| Series A, Rev., 4.00%, 01/01/2041 | 4000 | 3825 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Arizona — continued** |  |  |
| Maricopa County Pollution Control Corp., Rev., 3.88%, 01/01/2038 (z) | 1165 | 1191 |
| Maricopa County Pollution Control Corp., Southern California Edison, Rev., 2.40%, 06/01/2035 | 4280 | 3642 |
| Maricopa County Special Health Care District, Series C, GO, 4.00%, 07/01/2037 | 21910 | 21978 |
| Maricopa County Unified School District No. 69 Paradise Valley, GO, 4.00%, 07/01/2036 | 1170 | 1186 |
| Salt River Project Agricultural Improvement & Power District |  |  |
| Rev., 5.00%, 05/01/2039 | 3740 | 4146 |
| Series A, Rev., 5.00%, 01/01/2031 | 4510 | 4973 |
| Series A, Rev., 5.00%, 01/01/2043 | 2830 | 3070 |
| Series A, Rev., 5.00%, 01/01/2049 | 5000 | 5211 |
| Series A, Rev., 5.00%, 01/01/2050 | 15000 | 15470 |
| Series B, Rev., 5.00%, 01/01/2035 | 17295 | 19796 |
| Salt River Project Agricultural Improvement & Power District, Salt River Project, Series B, Rev., 5.00%, 01/01/2044 | 3325 | 3557 |
| Salt River Project Agricultural Improvement and Power District, Series A, Rev., 5.00%, 01/01/2042 | 2000 | 2188 |
| Salt Verde Financial Corp., Rev., 5.00%, 12/01/2032 | 420 | 447 |
| Scottsdale Municipal Property Corp., Rev., 5.00%, 07/01/2038 | 2000 | 2241 |
| Sierra Vista Industrial Development Authority |  |  |
| Rev., 5.00%, 06/15/2044 (e) | 750 | 690 |
| Rev., 5.75%, 06/15/2058 (e) | 1020 | 961 |
| Rev., 6.25%, 06/15/2045 | 2000 | 2049 |
| The Industrial Development Authority of the City of Phoenix Arizona, Memorial Towers Project, Rev., HUD, 3.35%, 12/01/2027 | 345 | 347 |
| The Industrial Development Authority of the City of Phoenix Arizona, Republic Services, Inc., Rev., AMT, 3.00%, 12/01/2035 (z) | 2530 | 2530 |
| The University of Arizona, Stimulus Plan For Economic |  |  |
| Rev., BAM, 5.00%, 08/01/2029 | 1850 | 1988 |
| Rev., BAM, 5.00%, 08/01/2033 | 3515 | 3979 |
| Yuma Industrial Development Authority |  |  |
| Rev., 4.00%, 08/01/2049 | 4420 | 3890 |
| Rev., 5.25%, 08/01/2042 | 1495 | 1628 |
| Rev., 5.25%, 08/01/2044 | 1915 | 2059 |
| Rev., 5.25%, 08/01/2049 | 7000 | 7239 |
|  |  | 273079 |
|  **Arkansas — 0.3%** |  |  |
| Arkansas Development Finance Authority |  |  |
| Rev., AMT, 3.88%, 10/15/2065 (z) | 3150 | 3134 |
| Rev., 5.00%, 06/01/2027 | 535 | 550 |
| Rev., GNMA/FNMA/FHLMC, 5.50%, 01/01/2056 | 3750 | 4057 |
| Arkansas Development Finance Authority, Green Bond United States, Rev., AMT, 5.45%, 09/01/2052 | 7000 | 7054 |
| Arkansas Development Finance Authority, United States Steel Corporation |  |  |
| Rev., AMT, 4.00%, 09/01/2046 (e) (z) | 18500 | 18404 |
| Rev., AMT, 4.25%, 09/01/2046 (e) (z) | 9600 | 9534 |
|  |  | 42733 |
|  **California — 8.3%** |  |  |
| Alameda County, Oakland Unified School District, GO, 5.00%, 08/01/2027 | 65 | 66 |
| Anaheim City School District, Election 2016, Series A, GO, 4.00%, 08/01/2048 | 4000 | 3715 |
| Anaheim Public Financing Authority, Senior Public Improvement Project, Series A, Rev., BAM, 5.00%, 09/01/2036 | 2250 | 2303 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| Anaheim Union High School District, Capital Appreciation Election 2002, GO, NATL, Zero Coupon, 08/01/2028 | 2175 | 2042 |
| Bay Area Toll Authority, San Francisco Bay Area Toll, Rev., (SIFMA Municipal Swap Index + 0.41%), 2.83%, 04/01/2056 (aa) | 5000 | 4935 |
| Burbank-Glendale-Pasadena Airport Authority Brick Campaign |  |  |
| Rev., AMT, 5.25%, 07/01/2040 | 950 | 1037 |
| Rev., AMT, 5.25%, 07/01/2049 | 5870 | 6094 |
| Cabrillo Unified School District, Election 2018, Series B, GO, 5.00%, 08/01/2050 | 5000 | 5071 |
| California Community Choice Financing Authority |  |  |
| Rev., 5.00%, 11/01/2033 | 10000 | 10698 |
| Rev., 5.00%, 12/01/2035 | 8985 | 9724 |
| Rev., 5.00%, 01/01/2055 (z) | 13690 | 13978 |
| Rev., 5.00%, 10/01/2055 (z) | 12160 | 12274 |
| Rev., 5.00%, 12/01/2055 (z) | 44890 | 46801 |
| Rev., 5.00%, 03/01/2056 (z) | 5170 | 5565 |
| Rev., 5.00%, 10/01/2056 (z) | 15235 | 16323 |
| Series B1, Rev., 4.00%, 02/01/2052 (z) | 15265 | 15236 |
| California Community Choice Financing Authority, Clean Energy Project Revenue, Rev., 5.00%, 05/01/2054 (z) | 14455 | 15246 |
| California Community Choice Financing Authority, Green Bond, Series A1, Rev., 4.00%, 05/01/2053 (z) | 6860 | 6944 |
| California Community Choice Financing Authority, Green Bonds Clean Energy Project |  |  |
| Rev., 5.00%, 07/01/2053 (z) | 8685 | 9108 |
| Rev., 5.00%, 12/01/2053 (z) | 3160 | 3307 |
| Rev., 5.00%, 02/01/2054 (z) | 2165 | 2287 |
| Rev., 5.25%, 01/01/2054 (z) | 24115 | 25509 |
| California Community Choice Financing Authority, Sustainability Bonds Clean Energy, Rev., 5.25%, 11/01/2054 (z) | 15825 | 16697 |
| California Community Choice Financing Authority, Sustainable Bond, Series A, Rev., 5.00%, 01/01/2056 (z) | 10560 | 10697 |
| California Community Choice Financing Authority, Sustainable Bond Clean Energy |  |  |
| Rev., 5.00%, 03/01/2036 | 17575 | 18251 |
| Rev., 5.50%, 10/01/2054 (z) | 2190 | 2382 |
| California Community Choice Financing Authority, Sustainable Bonds |  |  |
| Series A1, Rev., 5.00%, 04/01/2056 (z) | 2025 | 2140 |
| Series F, Rev., 5.00%, 02/01/2055 (z) | 4780 | 5138 |
| California Community Choice Financing Authority, Sustainable Bonds Clean Energy |  |  |
| Rev., 5.00%, 08/01/2055 (z) | 11405 | 11834 |
| Rev., 5.00%, 01/01/2056 (z) | 31460 | 34040 |
| California Community Choice Financing Authority, Variable Sustainable Bond, Rev., 5.00%, 11/01/2055 (z) | 28160 | 28726 |
| California County, Tobacco Securitization Agency, Series A, Rev., 5.00%, 06/01/2027 | 10 | 10 |
| California County, Tobacco Securitization Agency, Senior Bonds, Merced County Tobacco Funding Corporation, Rev., 5.00%, 06/01/2032 | 340 | 365 |
| California County, Tobacco Securitization Agency, Sonoma County Securitization |  |  |
| Rev., 5.00%, 06/01/2031 | 255 | 275 |
| Rev., 5.00%, 06/01/2032 | 250 | 269 |
| Rev., 5.00%, 06/01/2033 | 300 | 321 |
| Rev., 5.00%, 06/01/2049 | 110 | 107 |
| California Educational Facilities Authority, Loyola Marymount University, Series A, Rev., NATL, Zero Coupon, 10/01/2037 | 340 | 218 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| California Health Facilities Financing Authority, Children's Hospital of Orange, Rev., 3.00%, 11/01/2039 | 2510 | 2258 |
| California Health Facilities Financing Authority, City of Hope, Rev., 5.00%, 11/15/2049 | 3000 | 3004 |
| California Health Facilities Financing Authority, Commonspirit Health |  |  |
| Series A, Rev., 4.00%, 04/01/2037 | 3000 | 3013 |
| Series A, Rev., 4.00%, 04/01/2038 | 3500 | 3505 |
| Series A, Rev., 5.00%, 04/01/2033 | 3000 | 3222 |
| California Health Facilities Financing Authority, Episcopal Communities & Service |  |  |
| Rev., 5.00%, 11/15/2038 | 570 | 605 |
| Rev., 5.00%, 11/15/2043 | 570 | 588 |
| California Health Facilities Financing Authority, Initial Entrance Fees, Series A, Rev., 3.85%, 11/15/2027 | 40 | 40 |
| California Health Facilities Financing Authority, Kaiser Permanente |  |  |
| Series A2, Rev., 4.00%, 11/01/2044 | 3000 | 2766 |
| Series A-1-S, Rev., 5.00%, 11/01/2027 | 2500 | 2601 |
| Series A-2, Rev., 4.00%, 11/01/2038 | 9770 | 9440 |
| California Health Facilities Financing Authority, Stanford Health Care, Series A, Rev., 5.00%, 11/15/2030 | 2000 | 2081 |
| California Health Facilities Financing Authority, Sutter Health, Series A, Rev., 4.00%, 11/15/2048 | 2240 | 1990 |
| California Health Facilities Financing Authority, Unrefunded Sutter Health, Rev., 5.00%, 11/15/2046 | 260 | 261 |
| California Housing Finance Agency |  |  |
| Rev., 3.25%, 08/20/2036 | 8975 | 8578 |
| Rev., 3.50%, 11/20/2035 | 2303 | 2268 |
| Rev., 3.75%, 03/25/2035 | 3369 | 3391 |
| Rev., 4.25%, 01/15/2035 | 2209 | 2281 |
| California Housing Finance Agency, Symphony at Del Sur, Rev., 5.00%, 05/01/2054 (z) | 265 | 267 |
| California Infrastructure & Economic Development Bank, J. Paul Getty Trust, Rev., 3.00%, 10/01/2047 (z) | 1000 | 1001 |
| California Infrastructure & Economic Development Bank, Los Angeles County, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.12%, 12/01/2050 (aa) | 1370 | 1369 |
| California Infrastructure & Economic Development Bank, Sanford Consortium Project, Series A, Rev., 5.00%, 05/15/2031 | 1230 | 1234 |
| California Municipal Finance Authority |  |  |
| Rev., 0.00%, 02/20/2041 (z) | 6097 | 5572 |
| Rev., FHA HUD, 2.80%, 02/01/2028 (z) | 4000 | 3991 |
| Rev., AMT, 3.38%, 09/01/2050 (z) | 5750 | 5710 |
| Rev., 4.05%, 07/20/2041 | 1500 | 1430 |
| Rev., 5.00%, 11/01/2035 (e) | 1000 | 1055 |
| Series A, Rev., 2.95%, 01/01/2056 (z) | 3815 | 3810 |
| Series A, Rev., AMT, 3.45%, 07/01/2041 (z) | 1455 | 1455 |
| Series A, Rev., 5.00%, 10/01/2044 | 2400 | 2405 |
| Series AR, Rev., AMT, 3.45%, 10/01/2041 (z) | 1035 | 1034 |
| Series B, Rev., AMT, 3.25%, 07/01/2051 (z) | 3500 | 3500 |
| California Municipal Finance Authority, Community Facilities No. 2023-5 Improvement, Special Tax, 5.50%, 09/01/2048 | 600 | 624 |
| California Municipal Finance Authority, Open Door Community Health Center |  |  |
| Rev., 4.00%, 09/15/2034 | 920 | 953 |
| Rev., 4.00%, 09/15/2035 | 960 | 987 |
| Rev., 4.00%, 09/15/2036 | 1000 | 1021 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| California Municipal Finance Authority, Republic Services, Rev., AMT, 4.38%, 09/01/2053 (z) | 5350 | 5518 |
| California Municipal Finance Authority, Republic Services, Inc., Rev., AMT, 3.88%, 03/01/2054 (z) | 550 | 546 |
| California Municipal Finance Authority, Republic Services, Inc. Project, Rev., AMT, 2.80%, 03/01/2056 (z) | 3570 | 3567 |
| California Municipal Finance Authority, Simpson University, Series A, Rev., 6.00%, 10/01/2050 (e) | 2000 | 1961 |
| California Municipal Finance Authority, Southern California Institute, Rev., 5.00%, 12/01/2037 | 745 | 755 |
| California Municipal Finance Authority, Taxable Virginia Oceanside Health Care Center, Rev., 3.64%, 07/01/2030 (e) | 2935 | 2678 |
| California Municipal Finance Authority, United Airlines, Inc. Project, Rev., AMT, 4.00%, 07/15/2029 | 2500 | 2508 |
| California Municipal Finance Authority, View At Sanitary Bruno, Series A1, Rev., 5.00%, 06/01/2056 (z) | 835 | 876 |
| California Municipal Finance Authority, Waste Management, Inc. Project |  |  |
| Rev., AMT, 2.88%, 11/01/2046 (z) | 5475 | 5472 |
| Series A, Rev., AMT, 2.40%, 10/01/2044 (z) | 4960 | 4810 |
| California Pollution Control Financing Authority, Plant Bonds |  |  |
| Rev., AMT, 5.00%, 07/01/2037 (e) | 1500 | 1502 |
| Rev., AMT, 5.00%, 11/21/2045 (e) | 6000 | 6001 |
| California Pollution Control Financing Authority, Poseidon Resources, Rev., AMT, 5.00%, 07/01/2037 (e) | 2200 | 2342 |
| California Pollution Control Financing Authority, Republic Services, Inc. |  |  |
| Rev., AMT, 2.88%, 07/01/2043 (e) (z) | 1650 | 1648 |
| Rev., AMT, 3.25%, 11/01/2042 (e) (z) | 12000 | 11999 |
| California Public Finance Authority, Enso Village Project, Green Bond, Rev., 5.00%, 11/15/2036 (e) | 325 | 326 |
| California Public Finance Authority, Henry Mayo Newhall Hospital, Rev., 5.00%, 10/15/2032 | 1000 | 1005 |
| California Public Finance Authority, The Marisol HB, LLC, Series A, Rev., 5.10%, 04/01/2066 (e) (w) (z) | 2620 | 2606 |
| California School Finance Authority, Rev., 5.00%, 07/01/2046 (e) | 1500 | 1482 |
| California School Finance Authority, Rocketship Education Obligated, Series A, Rev., 5.00%, 06/01/2034 (e) | 1230 | 1231 |
| California State Public Works Board |  |  |
| Rev., 5.00%, 09/01/2029 | 2000 | 2158 |
| Rev., 5.00%, 11/01/2039 | 1060 | 1182 |
| California State Public Works Board, Various Capital Projects |  |  |
| Rev., 4.00%, 11/01/2030 | 1245 | 1253 |
| Rev., 4.00%, 11/01/2031 | 1000 | 1006 |
| Rev., 5.00%, 11/01/2026 | 565 | 573 |
| Series A, Rev., 5.00%, 09/01/2034 (w) | 2280 | 2605 |
| Series A, Rev., 5.00%, 09/01/2035 (w) | 2850 | 3274 |
| Series A, Rev., 5.00%, 09/01/2042 (w) | 500 | 548 |
| Series D, Rev., 4.00%, 11/01/2037 | 1000 | 1028 |
| California State University, Series A, Rev., 5.00%, 11/01/2044 | 2640 | 2754 |
| California State University, Systemwide, Series A, Rev., 4.00%, 11/01/2035 | 1000 | 1000 |
| California Statewide Communities Development Authority |  |  |
| Series A, Rev., 5.00%, 10/01/2028 (e) | 10000 | 10502 |
| Series B, Special Assessment, 4.00%, 09/02/2040 | 570 | 533 |
| Series B, Rev., 5.00%, 10/01/2035 (e) | 10000 | 11272 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| California Statewide Communities Development Authority, Enloe Medical Center, Series A, Rev., 5.13%, 08/15/2047 | 500 | 506 |
| California Statewide Communities Development Authority, Green Bond, Marin General Hospital, Rev., 4.00%, 08/01/2045 | 3000 | 2663 |
| California Statewide Communities Development Authority, Loma Linda University Medical, Rev., 5.50%, 12/01/2058 (e) | 8200 | 8345 |
| California Statewide Communities Development Authority, Loma Linda University Medical Center |  |  |
| Rev., 5.25%, 12/01/2044 | 4115 | 4120 |
| Rev., 5.50%, 12/01/2054 | 2100 | 2103 |
| Series A, Rev., 5.00%, 12/01/2026 (e) | 300 | 302 |
| Series A, Rev., 5.00%, 12/01/2041 (e) | 2000 | 2002 |
| Series A, Rev., 5.25%, 12/01/2056 (e) | 17165 | 17166 |
| California Statewide Communities Development Authority, Montage Health, Series A, Rev., 4.00%, 06/01/2028 | 435 | 451 |
| California Statewide Communities Development Authority, Southern California Edison, Rev., 4.50%, 11/01/2033 | 1200 | 1236 |
| Central Valley Energy Authority |  |  |
| Rev., 5.00%, 08/01/2034 | 9925 | 10439 |
| Rev., 5.00%, 12/01/2055 (z) | 21685 | 23335 |
| Chino Valley Unified School District, Election of 2016, Series C, GO, Zero Coupon, 08/01/2034 | 125 | 93 |
| City & County of San Francisco Special Tax District No. 2020-1, Mission Rock Facilities and Services |  |  |
| Special Tax, 4.00%, 09/01/2031 (e) | 300 | 304 |
| Special Tax, 4.00%, 09/01/2036 (e) | 155 | 153 |
| City & County of San Francisco Special Tax District No. 2020-1, Special Tax |  |  |
| Special Tax, 5.50%, 09/01/2043 (e) | 2060 | 2162 |
| City of Dixon, Community Facilities District Improvement, Special Tax, 4.00%, 09/01/2036 | 200 | 197 |
| City of Long Beach Airport System Revenue |  |  |
| Series C, Rev., AMT, 5.00%, 06/01/2042 | 1000 | 1043 |
| Series C, Rev., AMT, 5.25%, 06/01/2047 | 1000 | 1027 |
| City of Los Angeles Department of Airports |  |  |
| Rev., AMT, 5.00%, 05/15/2026 | 1500 | 1504 |
| Rev., AMT, 5.00%, 05/15/2044 | 6535 | 6613 |
| Series B, Rev., AMT, 5.00%, 05/15/2046 | 30965 | 30967 |
| Series E, Rev., 5.00%, 05/15/2044 | 3000 | 3296 |
| City of Los Angeles Department of Airports, Los Angeles International Airport, Rev., AMT, 5.00%, 05/15/2032 | 1000 | 1053 |
| City of Los Angeles Department of Airports, Senior |  |  |
| Series B, Rev., 5.00%, 05/15/2034 | 1600 | 1755 |
| Series C, Rev., AMT, 5.00%, 05/15/2036 | 4090 | 4311 |
| City of Los Angeles Department of Airports, Senior Bonds Green Bond Project |  |  |
| Rev., AMT, 5.00%, 05/15/2029 | 2670 | 2834 |
| Rev., AMT, 5.25%, 05/15/2047 | 4000 | 4143 |
| City of Los Angeles Department of Airports, Senior Bonds Private Activity, Rev., AMT, 5.50%, 05/15/2047 | 4625 | 4847 |
| City of Los Angeles Department of Airports, Subordinate |  |  |
| Series B, Rev., 5.00%, 05/15/2040 | 900 | 974 |
| Series C, Rev., AMT, 5.00%, 05/15/2033 | 1330 | 1366 |
| Series D, Rev., AMT, 5.00%, 05/15/2027 | 2605 | 2670 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| Series D, Rev., AMT, 5.00%, 05/15/2028 | 500 | 522 |
| Series D, Rev., AMT, 5.00%, 05/15/2029 | 4485 | 4760 |
| Series E, Rev., 5.00%, 05/15/2039 | 1510 | 1587 |
| Series E, Rev., 5.00%, 05/15/2044 | 1000 | 1039 |
| City of Los Angeles Department of Airports, Subordinate Los Angeles International Airport |  |  |
| Rev., AMT, 5.00%, 05/15/2029 | 1000 | 1061 |
| Rev., AMT, 5.25%, 05/15/2038 | 1735 | 1788 |
| City of Los Angeles Department of Airports, Subordinate P3 Project |  |  |
| Series A, Rev., AMT, 5.00%, 05/15/2026 | 1180 | 1184 |
| Series A, Rev., AMT, 5.00%, 05/15/2046 | 8000 | 8137 |
| City of Los Angeles Department of Airports, Subordinated, Series D, Rev., AMT, 4.00%, 05/15/2040 | 5000 | 4893 |
| City of Los Angeles Department of Airports, Subordinated Los Angeles International, Rev., AMT, 5.25%, 05/15/2048 | 3000 | 3039 |
| City of Los Angeles Department of Airports, Subordinated Los Angeles International Airport |  |  |
| Rev., AMT, 3.25%, 05/15/2049 | 3000 | 2216 |
| Series D, Rev., AMT, 4.00%, 05/15/2051 | 3000 | 2622 |
| City of Los Angeles Department of Airports, Sustainable Bond Subordinate, Rev., AMT, 5.00%, 05/15/2036 | 1650 | 1790 |
| City of Los Angeles Department of Airports, Sustainable Bonds |  |  |
| Rev., AMT, 5.00%, 05/15/2034 | 850 | 947 |
| Rev., AMT, 5.50%, 05/15/2055 | 3335 | 3521 |
| City of Los Angeles Department of Airports, Unrefunded Subordinate, Rev., AMT, 4.00%, 05/15/2038 | 1995 | 1979 |
| City of Los Angeles Wastewater System Revenue, Subordinate, Series C, Rev., 5.00%, 06/01/2026 | 500 | 502 |
| City of Los Angeles, Wastewater System Revenue, Series C, Rev., 5.00%, 06/01/2040 | 2980 | 3385 |
| City of Roseville |  |  |
| Special Tax, 4.00%, 09/01/2040 | 1000 | 965 |
| Special Tax, 5.00%, 09/01/2035 | 1160 | 1211 |
| City of San Francisco CA Public Utilities Commission Water Revenue |  |  |
| Rev., 4.00%, 11/01/2039 | 3000 | 2952 |
| Rev., 5.00%, 11/01/2038 | 5000 | 5808 |
| City of San Francisco, Public Utilities Commission Water Revenue, Regional Water, Series B, Rev., 5.00%, 11/01/2050 | 4235 | 4279 |
| City of Victorville Electric Revenue |  |  |
| Series A, Rev., 5.00%, 05/01/2038 | 1055 | 1149 |
| Series A, Rev., 5.00%, 05/01/2039 | 1110 | 1203 |
| City of West Sacramento CA Infrastructure Financing District No. 1 |  |  |
| Tax Allocation, 5.00%, 09/01/2040 | 1635 | 1662 |
| Tax Allocation, 5.13%, 09/01/2044 | 2205 | 2229 |
| City of Woodland, Facilities District Number 2004 1 Capital Project, Special Tax, 4.00%, 09/01/2041 | 500 | 471 |
| Coast Community College District, Election of 2012, Series F, GO, Zero Coupon, 08/01/2040 | 3020 | 1665 |
| Compton Community Redevelopment Agency Successor Agency, Series A, Tax Allocation, 5.00%, 08/01/2042 | 750 | 802 |
| Compton Unified School District, Series B, GO, BAM, Zero Coupon, 06/01/2036 | 1400 | 936 |
| County of Los Angeles Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2033 | 105 | 112 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| County of Los Angeles, Community Facilities District No. 2021-01, Valencia Facilities, Special Tax, 5.00%, 09/01/2042 | 540 | 556 |
| County of Sacramento CA Airport System Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2039 | 2375 | 2560 |
| Series A, Rev., AMT, 5.00%, 07/01/2040 | 2000 | 2143 |
| Series C, Rev., AMT, 5.00%, 07/01/2030 | 1780 | 1849 |
| County of Sacramento, Community Facilities District #2004-1, Special Tax, 5.00%, 09/01/2035 | 1335 | 1353 |
| CSCDA Community Improvement Authority, Series A, Rev., 5.00%, 01/01/2054 (e) | 7245 | 6250 |
| CSCDA Community Improvement Authority, Altana-Glendale Sustainable Bond, Rev., 4.00%, 10/01/2056 (e) | 1000 | 798 |
| CSCDA Community Improvement Authority, Renaissance at City Center, Series A, Rev., 5.00%, 07/01/2051 (e) | 1920 | 1792 |
| CSCDA Community Improvement Authority, Social Bonds, Rev., 4.00%, 08/01/2056 (e) | 410 | 362 |
| CSCDA Community Improvement Authority, Union South Bay, Social Bonds, Rev., 4.00%, 07/01/2056 (e) | 2000 | 1617 |
| Department of Veterans Affairs, Veteran's Farm & Home Purchase Program, Series A, Rev., 3.00%, 12/01/2050 | 425 | 422 |
| East Bay Municipal Utility District Water System Revenue, Green Bond, Series A, Rev., 5.00%, 06/01/2035 | 1200 | 1230 |
| East County Advanced Water Purification Joint Powers Authority, Rev., 5.00%, 09/01/2026 | 2000 | 2009 |
| Elk Grove Finance Authority, Special Tax, 4.00%, 09/01/2040 | 1280 | 1211 |
| Foothill-De Anza Community College District, Capital Appreciation, Series B, GO, AMBAC, Zero Coupon, 08/01/2032 | 7930 | 6570 |
| Fremont Unified School District, Series D, GO, 3.00%, 08/01/2033 | 1205 | 1189 |
| Fremont Unified School District, Election 2014, Series E, GO, 4.00%, 08/01/2042 | 2230 | 2225 |
| Golden State Tobacco Securitization Corp., Subordinated, Series B2, Rev., Zero Coupon, 06/01/2066 | 15000 | 1497 |
| Golden State Tobacco Securitization Corp., Taxable Tobacco Settlement Asset Backed Bonds, Series C, Rev., 2.75%, 06/01/2034 | 1240 | 1097 |
| Golden State Tobacco Securitization Corp., Tobacco Settlement Asset Backed Bonds, Rev., 5.00%, 06/01/2051 | 3235 | 3166 |
| Grossmont Union High School District, Series I2, GO, 4.00%, 08/01/2044 | 5115 | 4946 |
| Hayward Unified School District, COP, 5.25%, 08/01/2047 | 3000 | 3031 |
| Lammersville Joint Unified School District |  |  |
| Special Tax, 5.00%, 09/01/2040 | 300 | 312 |
| Special Tax, 5.00%, 09/01/2045 | 575 | 583 |
| Los Angeles Community College District, Series K, GO, 3.00%, 08/01/2039 | 700 | 637 |
| Los Angeles County Development Authority, Rev., 3.35%, 09/01/2059 (z) | 9360 | 9426 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Proposition C, Series A, Rev., 5.00%, 07/01/2027 | 625 | 647 |
| Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinated, Green Bonds, Series A, Rev., 5.00%, 06/01/2034 | 7000 | 7186 |
| Los Angeles County Sanitation Districts Financing Authority, Series A, Rev., 4.00%, 10/01/2033 | 1000 | 1001 |
| Los Angeles County, Metropolitan Transportation Authority, Green Bond, Measure R Junior Subordinated, Series A, Rev., 5.00%, 06/01/2030 | 750 | 831 |
| Los Angeles Department of Water, Series B, Rev., 5.00%, 07/01/2037 | 740 | 762 |
| Los Angeles Department of Water & Power |  |  |
| Series A, Rev., 5.00%, 07/01/2028 | 14070 | 14570 |
| Series A, Rev., 5.00%, 07/01/2029 | 1000 | 1062 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| Series A, Rev., 5.00%, 07/01/2036 | 1000 | 1095 |
| Series A, Rev., 5.00%, 07/01/2037 | 645 | 703 |
| Series A, Rev., BAM, 5.00%, 07/01/2041 | 625 | 674 |
| Series A, Rev., BAM, 5.00%, 07/01/2042 | 195 | 209 |
| Series A, Rev., BAM, 5.25%, 07/01/2045 | 1000 | 1071 |
| Series A, Rev., BAM, 5.25%, 07/01/2046 | 1000 | 1065 |
| Series B, Rev., 5.00%, 07/01/2031 | 12880 | 14071 |
| Series B, Rev., 5.00%, 07/01/2034 | 850 | 953 |
| Series B, Rev., 5.00%, 07/01/2035 | 835 | 912 |
| Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1095 |
| Series B, Rev., 5.00%, 07/01/2037 | 500 | 537 |
| Series B, Rev., 5.00%, 07/01/2038 | 855 | 926 |
| Series B, Rev., 5.00%, 07/01/2039 | 680 | 723 |
| Series C, Rev., 5.00%, 07/01/2030 | 3835 | 4099 |
| Series C, Rev., 5.00%, 07/01/2033 | 1980 | 2207 |
| Series C, Rev., 5.00%, 07/01/2037 | 4500 | 4969 |
| Series C, Rev., 5.00%, 07/01/2038 | 900 | 957 |
| Series C, Rev., 5.00%, 07/01/2039 | 500 | 538 |
| Series C, Rev., 5.00%, 07/01/2040 | 1515 | 1626 |
| Series C, Rev., 5.00%, 07/01/2041 | 810 | 860 |
| Series C, Rev., 5.00%, 07/01/2042 | 3815 | 4087 |
| Series D, Rev., 5.00%, 07/01/2036 | 3000 | 3333 |
| Series D, Rev., 5.00%, 07/01/2037 | 2825 | 3119 |
| Series D, Rev., 5.00%, 07/01/2040 | 5700 | 6187 |
| Series E, Rev., 5.00%, 07/01/2035 | 525 | 584 |
| Series E, Rev., 5.00%, 07/01/2036 | 520 | 567 |
| Series E, Rev., 5.00%, 07/01/2037 | 1605 | 1741 |
| Series E, Rev., 5.00%, 07/01/2039 | 1235 | 1324 |
| Series E, Rev., 5.00%, 07/01/2048 | 1000 | 1031 |
| Series E, Rev., 5.00%, 07/01/2053 | 500 | 509 |
| Los Angeles Department of Water & Power Water System Revenue |  |  |
| Series A, Rev., 5.00%, 07/01/2026 | 2100 | 2112 |
| Series B, Rev., 5.00%, 07/01/2030 | 2785 | 2908 |
| Series B, Rev., BAM, 5.00%, 07/01/2031 | 10725 | 11744 |
| Series B, Rev., 5.00%, 07/01/2048 | 3000 | 3033 |
| Series C, Rev., 5.00%, 07/01/2041 | 2000 | 2156 |
| Series C, Rev., 5.00%, 07/01/2043 | 5000 | 5322 |
| Series C, Rev., BAM, 5.00%, 07/01/2046 | 2335 | 2446 |
| Los Angeles Department of Water & Power, Power System Bonds, Series C, Rev., 5.00%, 07/01/2037 | 1000 | 1041 |
| Los Angeles Department of Water & Power, Power System Revenue Bonds |  |  |
| Rev., 5.00%, 07/01/2033 | 315 | 342 |
| Rev., 5.00%, 07/01/2039 | 500 | 527 |
| Los Angeles Department of Water & Power, Water System Revenue |  |  |
| Series A, Rev., 5.00%, 01/01/2030 | 850 | 900 |
| Series A, Rev., 5.00%, 07/01/2036 | 700 | 767 |
| Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1072 |
| Series B, Rev., 5.00%, 07/01/2033 | 1285 | 1432 |
| Series B, Rev., 5.00%, 07/01/2034 | 120 | 135 |
| Series B, Rev., 5.00%, 07/01/2035 | 180 | 202 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| Series B, Rev., 5.00%, 07/01/2037 | 600 | 657 |
| Series B, Rev., 5.00%, 07/01/2039 | 1445 | 1561 |
| Series B, Rev., 5.00%, 07/01/2042 | 1100 | 1171 |
| Series B, Rev., 5.00%, 07/01/2047 | 500 | 513 |
| Los Angeles Unified School District |  |  |
| Series A, GO, 3.00%, 01/01/2034 | 2000 | 1932 |
| Series C, GO, 4.00%, 07/01/2036 | 1000 | 1031 |
| Series C, GO, 4.00%, 07/01/2038 | 1860 | 1900 |
| Series C, GO, 5.00%, 07/01/2026 | 2285 | 2300 |
| Los Angeles Unified School District, Election 2008, Series B1, GO, BAM, 5.00%, 07/01/2029 | 100 | 105 |
| Los Angeles Unified School District, Sustainability Bonds, Series QRR, GO, 5.00%, 07/01/2026 | 550 | 554 |
| Marin Municipal Water District, Subordinate, Rev., 4.00%, 06/15/2045 | 3500 | 3383 |
| Metropolitan Water District of Southern California |  |  |
| Rev., 5.00%, 07/01/2037 (z) | 550 | 601 |
| Rev., 5.00%, 01/01/2038 | 3015 | 3155 |
| Natomas Unified School District, Series A, GO, 4.00%, 08/01/2045 | 7740 | 7339 |
| Norman Y Mineta San Jose International Airport SJC |  |  |
| Series A, Rev., BAM, AMT, 4.00%, 03/01/2034 | 3875 | 3923 |
| Series A, Rev., AMT, 5.00%, 03/01/2027 | 1480 | 1507 |
| Series A, Rev., AMT, 5.00%, 03/01/2031 | 1000 | 1083 |
| Series A, Rev., AMT, 5.00%, 03/01/2032 | 2000 | 2147 |
| Series A, Rev., AMT, 5.00%, 03/01/2036 | 1160 | 1173 |
| Northern California Energy Authority, Rev., 5.00%, 12/01/2054 (z) | 2000 | 2130 |
| Norwalk-La Mirada Unified School District, Series D, GO, 3.00%, 08/01/2043 | 2000 | 1668 |
| Norwalk-La Mirada Unified School District, Election 2014, Series E, GO, 3.00%, 08/01/2050 | 10000 | 7319 |
| Oakland Unified School District, Election Of 2020 |  |  |
| Series A, GO, 5.00%, 08/01/2037 | 1850 | 2042 |
| Series A, GO, 5.25%, 08/01/2041 | 1410 | 1545 |
| Oakland Unified School District/Alameda County, Election Of 2012, Series A, GO, 4.00%, 08/01/2034 | 1000 | 1008 |
| Ohlone Community College District, Series C, GO, 4.00%, 08/01/2041 | 9500 | 8900 |
| Ontario International Airport Authority, Series A, Rev., 5.00%, 05/15/2046 | 1500 | 1575 |
| Orange County Community Facilities District, District No. 2021-1 Rienda, Series A, Special Tax, 5.00%, 08/15/2033 | 300 | 319 |
| Oxnard Union High School District, Series B, GO, 5.00%, 08/01/2045 | 3000 | 3076 |
| Palo Alto Unified School District, Capital Appreciation Election Of 2008, GO, Zero Coupon, 08/01/2032 | 15385 | 12867 |
| Palomar Health, Capital Appreciation, Electric of 2004 |  |  |
| Series A, GO, Zero Coupon, 08/01/2028 | 500 | 459 |
| Series A, GO, Zero Coupon, 08/01/2031 | 330 | 267 |
| Peralta Community College District |  |  |
| GO, 5.00%, 08/01/2036 | 1455 | 1706 |
| GO, 5.25%, 08/01/2037 | 2000 | 2263 |
| Pittsburg Public Financing Authority, Series A, Rev., 4.13%, 08/01/2047 | 1400 | 1355 |
| Port of Oakland |  |  |
| Rev., AMT, 5.00%, 05/01/2027 (p) | 2500 | 2555 |
| Rev., AMT, 5.00%, 05/01/2028 (p) | 1905 | 1981 |
| Rev., AMT, 5.00%, 05/01/2029 | 980 | 1035 |
| Rancho Mirage Community Facilities District, Special Tax, 5.00%, 09/01/2049 | 1000 | 994 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| Regents of the University of California Medical Center Pooled Revenue |  |  |
| Series L, Rev., 4.00%, 05/15/2037 | 2650 | 2655 |
| Series L, Rev., 5.00%, 05/15/2047 | 965 | 968 |
| Regents of the University of California Medical Center Pooled Revenue, Taxable, Series M, Rev., 3.29%, 05/15/2036 | 3000 | 2711 |
| River Islands Public Financing Authority, Community Facilities District No. 2003-1, Special Tax, 5.25%, 09/01/2052 | 1085 | 1129 |
| Sacramento City Unified School District |  |  |
| GO, BAM, 5.00%, 07/01/2031 | 525 | 588 |
| GO, 5.00%, 08/01/2043 | 550 | 607 |
| GO, 5.00%, 08/01/2044 | 2000 | 2185 |
| Sacramento Municipal Utility District, Series E, Rev., 5.00%, 08/15/2049 (z) | 1250 | 1420 |
| Sacramento Municipal Utility District, Electric, Series H, Rev., 4.00%, 08/15/2040 | 2000 | 2021 |
| San Bernardino Community College District, Election of 2018, Series A, GO, 3.00%, 08/01/2041 (p) | 2000 | 2017 |
| San Diego Community College District, GO, 4.00%, 08/01/2032 (p) | 2910 | 2927 |
| San Diego County Regional Airport Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2033 | 4000 | 4436 |
| Rev., AMT, 5.00%, 07/01/2034 | 2165 | 2414 |
| Rev., AMT, 5.00%, 07/01/2036 | 2500 | 2763 |
| Rev., AMT, 5.00%, 07/01/2053 | 2500 | 2513 |
| Rev., AMT, 5.25%, 07/01/2041 | 4300 | 4720 |
| Rev., AMT, 5.25%, 07/01/2044 | 9400 | 10110 |
| Rev., AMT, 5.25%, 07/01/2045 | 6200 | 6612 |
| Rev., AMT, 5.25%, 07/01/2058 | 3000 | 3064 |
| San Diego County Regional Airport Authority Subordinate, Series B, Rev., AMT, 4.00%, 07/01/2035 | 2915 | 2952 |
| San Diego County Regional Airport Authority, Subordinated, Series B, Rev., AMT, 5.00%, 07/01/2031 | 775 | 791 |
| San Diego Unified School District |  |  |
| GO, Zero Coupon, 07/01/2030 (p) | 1000 | 882 |
| Series K2, GO, Zero Coupon, 07/01/2038 | 2045 | 1194 |
| San Diego Unified School District, Election 2008, Series E, GO, Zero Coupon, 07/01/2034 | 1250 | 948 |
| San Diego Unified School District, Election 2012, Series I, GO, 4.00%, 07/01/2047 | 8000 | 7551 |
| San Diego Unified School District, Election Of 2008 |  |  |
| Series SR-3A, GO, 5.00%, 07/01/2034 | 500 | 580 |
| Series SR-3A, GO, 5.00%, 07/01/2035 | 500 | 577 |
| San Francisco Bay Area Rapid Transit District Sales Tax Revenue, Series A, Rev., 4.00%, 07/01/2037 | 2350 | 2357 |
| San Francisco Bay Area Rapid Transit District, Election 2004, Green Bond, GO, 5.00%, 08/01/2036 | 1875 | 1930 |
| San Francisco Bay Area Rapid Transit District, Green Bonds, Series C1, GO, 4.00%, 08/01/2032 | 1000 | 1042 |
| San Francisco Bay Area Rapid Transit District, Sustainable Bond Transit District, GO, 3.00%, 08/01/2037 | 2495 | 2310 |
| San Francisco City & County Airport Commission - San Francisco International Airport |  |  |
| Rev., AMT, 5.25%, 05/01/2040 | 3000 | 3268 |
| Series D, Rev., AMT, 5.50%, 05/01/2055 | 7500 | 7916 |
| San Francisco City & County Airport Commission-San Francisco International Airport, Series H, Rev., AMT, 5.00%, 05/01/2028 | 3000 | 3134 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| San Francisco City & County Airport Commission-San Francisco International Airport, Unrefunded, Rev., AMT, 5.00%, 05/01/2027 | 775 | 792 |
| San Francisco City & County Airport Comm-San Francisco International Airport |  |  |
| Rev., AMT, 5.00%, 05/01/2041 | 9075 | 9078 |
| Rev., AMT, 5.00%, 05/01/2046 | 11745 | 11745 |
| Rev., AMT, 5.25%, 05/01/2042 | 6895 | 6970 |
| Rev., AMT, 5.25%, 05/01/2044 | 5645 | 6007 |
| Series A2, Rev., AMT, 5.00%, 05/01/2031 | 3215 | 3494 |
| Series A, Rev., AMT, 5.00%, 05/01/2027 | 3000 | 3065 |
| Series A, Rev., AMT, 5.00%, 05/01/2030 | 2000 | 2148 |
| Series A, Rev., AMT, 5.00%, 05/01/2031 | 1500 | 1630 |
| Series A, Rev., AMT, 5.00%, 05/01/2032 | 2000 | 2167 |
| Series A, Rev., AMT, 5.50%, 05/01/2055 | 5770 | 6090 |
| Series C, Rev., 5.00%, 05/01/2046 | 1920 | 1922 |
| Series D, Rev., AMT, 5.25%, 05/01/2055 | 2500 | 2576 |
| Series H, Rev., AMT, 5.00%, 05/01/2027 | 5500 | 5619 |
| San Francisco City & County Public Utilities Commission Wastewater Revenue, Rev., 4.00%, 10/01/2039 | 1325 | 1305 |
| San Francisco City & County Redevelopment Agency Successor Agency |  |  |
| Special Tax, 5.00%, 08/01/2036 | 1000 | 1120 |
| Special Tax, 5.25%, 08/01/2037 | 1000 | 1132 |
| Special Tax, 5.25%, 08/01/2038 | 1000 | 1127 |
| San Jacinto Unified School District, Election 2016, GO, 4.00%, 08/01/2042 | 2580 | 2585 |
| San Joaquin Hills Transportation Corridor Agency, Junior Lien |  |  |
| Series B, Rev., 5.25%, 01/15/2044 | 1310 | 1311 |
| Series B, Rev., 5.25%, 01/15/2049 | 1260 | 1260 |
| San Joaquin Hills Transportation Corridor Agency, Senior Lien Toll Road, Rev., 4.00%, 01/15/2034 | 3000 | 3078 |
| San Joaquin Valley Clean Energy Authority, Sustainable Bonds, Rev., 5.50%, 01/01/2056 (z) | 4500 | 4900 |
| San Jose Unified School District, Taxable, GO, 1.01%, 08/01/2027 | 1700 | 1639 |
| San Mateo County Community College District, Capital Appreciation Election 2005, Series B, GO, NATL, Zero Coupon, 09/01/2035 | 1955 | 1428 |
| South San Francisco Public Facilities Financing Authority, Multiple Capital Projects at Orange Memorial Park, Rev., 5.25%, 06/01/2046 | 1000 | 1051 |
| Southern California Public Power Authority |  |  |
| Rev., 3.70%, 07/01/2040 (z) | 3000 | 3007 |
| Rev., 5.00%, 07/01/2034 | 650 | 729 |
| Rev., 5.00%, 04/01/2055 (z) | 28105 | 29297 |
| Rev., BAM, 5.25%, 07/01/2042 | 1000 | 1096 |
| Southern California Public Power Authority, Apex Power Project, Series A, Rev., 5.00%, 07/01/2033 | 500 | 557 |
| Southern California Public Power Authority, Southern Transmission System, Rev., 5.00%, 07/01/2053 | 500 | 510 |
| State of California |  |  |
| GO, 3.00%, 11/01/2040 | 500 | 446 |
| GO, 4.00%, 09/01/2028 | 2060 | 2132 |
| GO, 4.00%, 11/01/2041 | 1000 | 1001 |
| GO, 5.00%, 04/01/2027 | 145 | 149 |
| GO, 5.00%, 10/01/2027 | 7750 | 8048 |
| GO, 5.00%, 04/01/2028 | 1000 | 1051 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| GO, 5.00%, 04/01/2029 | 80 | 86 |
| GO, 5.00%, 09/01/2029 | 1000 | 1078 |
| GO, 5.00%, 11/01/2029 | 8215 | 8886 |
| GO, 5.00%, 08/01/2032 | 1225 | 1380 |
| GO, 5.00%, 09/01/2034 | 3335 | 3530 |
| GO, 5.00%, 03/01/2038 | 3000 | 3375 |
| GO, 5.00%, 08/01/2039 | 1500 | 1678 |
| GO, 5.00%, 10/01/2043 | 3160 | 3492 |
| GO, 5.00%, 10/01/2046 | 2000 | 2150 |
| GO, 5.00%, 10/01/2047 | 500 | 501 |
| State of California, Bidding Group A, GO, 5.00%, 09/01/2027 | 3000 | 3109 |
| State of California, Taxable, GO, 4.60%, 04/01/2038 (p) | 13000 | 13151 |
| State of California, Taxable Bidding Group A, GO, 1.75%, 10/01/2028 | 5000 | 4741 |
| State of California, Various Purpose |  |  |
| GO, 4.00%, 09/01/2031 | 1000 | 1005 |
| GO, 4.00%, 11/01/2033 | 2365 | 2401 |
| GO, 4.00%, 10/01/2035 | 1885 | 1957 |
| GO, 4.00%, 10/01/2036 | 8850 | 9123 |
| GO, 4.00%, 10/01/2037 | 4500 | 4618 |
| GO, 5.00%, 03/01/2034 | 1455 | 1569 |
| GO, 5.00%, 04/01/2035 | 1000 | 1059 |
| State of California, Veterans Bonds, GO, 5.00%, 12/01/2031 | 5500 | 5508 |
| Stockton Unified School District, Series B, GO, 5.00%, 08/01/2031 | 5000 | 5646 |
| Tejon Ranch Public Facilities Finance Authority |  |  |
| Special Tax, 5.00%, 09/01/2038 | 1000 | 1064 |
| Special Tax, 5.00%, 09/01/2042 | 615 | 636 |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-BAML5065, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 2.48%, 11/15/2051 (e) (z) | 10245 | 10245 |
| Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization |  |  |
| Rev., 5.00%, 06/01/2027 | 750 | 768 |
| Rev., 5.00%, 06/01/2028 | 750 | 784 |
| Twin Rivers Unified School District, Series A, GO, 4.00%, 08/01/2038 (w) | 3500 | 3627 |
| University of California |  |  |
| Rev., 5.00%, 05/15/2031 | 2000 | 2221 |
| Series BN, Rev., 5.00%, 05/15/2038 | 5000 | 5501 |
| Series BT, Rev., 5.00%, 05/15/2026 (p) | 4000 | 4012 |
| Series CC, Rev., 5.00%, 05/15/2036 | 3000 | 3418 |
| Series CC, Rev., 5.00%, 05/15/2043 | 2500 | 2731 |
| Series CD, Rev., 5.00%, 05/15/2030 | 3560 | 3889 |
| Series CD, Rev., 5.00%, 05/15/2036 | 4190 | 4827 |
| Series CD, Rev., 5.00%, 05/15/2040 | 1930 | 2151 |
| Series CD, Rev., 5.25%, 05/15/2040 | 770 | 910 |
| Series CD, Rev., 5.50%, 05/15/2040 | 1400 | 1630 |
| University of California, Limited Project |  |  |
| Series M, Rev., 4.00%, 05/15/2047 | 1300 | 1203 |
| Series M, Rev., 5.00%, 05/15/2034 | 1500 | 1536 |
| University of California, Limited Project Bonds, Series Q, Rev., 4.00%, 05/15/2040 | 1000 | 1007 |
| University of California, Limited Project Revenue Bonds, Series Q, Rev., 5.00%, 05/15/2032 | 350 | 386 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **California — continued** |  |  |
| Upper Santa Clara Valley Joint Powers Authority |  |  |
| Series A, Rev., 4.00%, 08/01/2045 | 1500 | 1444 |
| Series A, Rev., 4.00%, 08/01/2050 | 2000 | 1821 |
| Victor Valley Union High School District, Series B, GO, 4.00%, 08/01/2036 | 1270 | 1270 |
| West Contra Costa Healthcare District, Special Tax, 5.00%, 07/01/2027 | 805 | 831 |
| West Valley-Mission Community College District, Series A, GO, 4.00%, 08/01/2044 | 7000 | 6807 |
|  |  | 1397176 |
|  **Colorado — 3.0%** |  |  |
| Adams & Weld Counties School District No. 27J Brighton, GO, 5.00%, 12/01/2042 | 1000 | 1020 |
| Aerotropolis Regional Transportation Authority |  |  |
| Rev., 4.25%, 12/01/2041 | 500 | 455 |
| Rev., 5.50%, 12/01/2044 (e) | 2500 | 2545 |
| Rev., 5.75%, 12/01/2054 (e) | 5000 | 4927 |
| Alpine Mountain Ranch Metropolitan District Special Improvement District No. 1, Special Assessment, 4.00%, 12/01/2040 | 500 | 464 |
| Baseline Metropolitan District No. 1 |  |  |
| GO, 4.00%, 12/01/2046 | 2000 | 1844 |
| GO, 5.00%, 12/01/2049 | 1970 | 2010 |
| Board of Water Commissioners City & County of Denver, Green Bond, Series A, Rev., 4.00%, 09/15/2042 | 2180 | 2182 |
| Boulder Valley School District No. Re-2, GO, 4.25%, 12/01/2042 | 10290 | 10205 |
| Brighton Crossing Metropolitan District No. 6, Series A, GO, 5.00%, 12/01/2035 | 525 | 532 |
| Castle Oaks Metropolitan District No. 3, GO, 4.00%, 12/01/2026 | 220 | 221 |
| Centennial Water & Sanitation District, Rev., 5.00%, 12/01/2053 | 2750 | 2818 |
| Centerra Metropolitan District No. 1, Rev., 6.50%, 12/01/2053 | 500 | 523 |
| City & County of Denver Airport System Revenue |  |  |
| Series A, Rev., AMT, 4.00%, 12/01/2033 | 1500 | 1498 |
| Series A, Rev., AMT, 5.00%, 11/15/2026 | 3500 | 3547 |
| Series A, Rev., AMT, 5.00%, 11/15/2027 | 2000 | 2069 |
| Series A, Rev., AMT, 5.00%, 11/15/2029 | 1000 | 1068 |
| Series A, Rev., AMT, 5.00%, 12/01/2030 | 3000 | 3231 |
| Series A, Rev., AMT, 5.00%, 12/01/2038 | 2000 | 2052 |
| Series A, Rev., AMT, 5.00%, 11/15/2047 | 13500 | 13674 |
| Series A, Rev., AMT, 5.50%, 11/15/2053 | 4000 | 4138 |
| Series B, Rev., 5.25%, 11/15/2053 | 4775 | 4949 |
| Series D, Rev., AMT, 5.75%, 11/15/2040 | 4750 | 5231 |
| Series D, Rev., AMT, 5.75%, 11/15/2041 | 3000 | 3298 |
| Series D, Rev., AMT, 5.75%, 11/15/2045 | 11050 | 11879 |
| City & County of Denver Airport System Revenue, Subordinate |  |  |
| Series B, Rev., AMT, 5.00%, 11/15/2029 | 3250 | 3461 |
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 3215 | 3461 |
| Series B, Rev., AMT, 5.00%, 11/15/2031 | 4250 | 4614 |
| Series B, Rev., AMT, 5.50%, 11/15/2037 | 700 | 781 |
| City & County of Denver Airport System Revenue, Subordinated |  |  |
| Series A, Rev., AMT, 5.00%, 12/01/2027 | 5840 | 6030 |
| Series A, Rev., AMT, 5.00%, 12/01/2034 | 2510 | 2601 |
| Series A, Rev., AMT, 5.00%, 12/01/2043 | 3000 | 3053 |
| City & County of Denver CO Airport System Revenue, Rev., AMT, 4.13%, 11/15/2053 | 5000 | 4299 |
| City & County of Denver Dedicated Excise Tax Revenue, Series A, Rev., 4.00%, 08/01/2051 | 9925 | 8839 |
| City of Colorado Springs CO, Rev., 3.15%, 12/01/2045 (z) | 2170 | 2173 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Colorado — continued** |  |  |
| Colorado Bridge & Tunnel Enterprise, Rev., 5.00%, 12/01/2036 | 1500 | 1685 |
| Colorado Bridge & Tunnel Enterprise, Senior Infrastructure, Series A, Rev., 5.25%, 12/01/2049 | 2330 | 2449 |
| Colorado Bridge Enterprise, Rev., AMT, 4.00%, 06/30/2051 | 1500 | 1242 |
| Colorado Bridge Enterprise, Central 70 Project, Rev., AMT, 4.00%, 12/31/2030 | 1505 | 1510 |
| Colorado Educational & Cultural Facilities Authority, Rev., 6.88%, 02/01/2059 (e) | 5525 | 5771 |
| Colorado Educational & Cultural Facilities Authority, Aspen View Academy Project |  |  |
| Rev., 4.00%, 05/01/2036 | 175 | 169 |
| Rev., 4.00%, 05/01/2041 | 175 | 156 |
| Colorado Educational & Cultural Facilities Authority, University of Denver Project, Series A, Rev., 5.25%, 03/01/2056 | 7485 | 7724 |
| Colorado Health Facilities Authority |  |  |
| Rev., 4.00%, 11/15/2048 | 9000 | 7911 |
| Rev., 4.00%, 05/15/2052 | 11610 | 10185 |
| Rev., 5.00%, 09/01/2032 | 3550 | 3888 |
| Rev., 5.00%, 09/01/2035 | 2380 | 2618 |
| Rev., 5.00%, 05/15/2047 | 18520 | 19050 |
| Rev., 5.00%, 05/15/2054 | 33325 | 33778 |
| Rev., 5.00%, 11/15/2059 (z) | 2000 | 2141 |
| Rev., 5.25%, 12/01/2050 | 13060 | 13407 |
| Rev., 5.50%, 12/01/2055 | 16000 | 16547 |
| Series A, Rev., 5.00%, 11/01/2039 | 10000 | 10329 |
| Colorado Health Facilities Authority, AdventHealth Obligated Group |  |  |
| Rev., 3.00%, 11/15/2051 | 9790 | 7011 |
| Rev., 4.00%, 11/15/2038 | 2000 | 1979 |
| Rev., 5.00%, 11/15/2038 | 1000 | 1067 |
| Colorado Health Facilities Authority, Adventist Health System, Rev., 5.00%, 11/15/2036 (z) | 1295 | 1313 |
| Colorado Health Facilities Authority, Adventist Health System Sunbelt, Rev., 5.00%, 11/15/2041 | 4000 | 4005 |
| Colorado Health Facilities Authority, Adventist Health System Sunbelt Healthcare Corporation, Rev., 5.00%, 11/15/2030 (p) | 1000 | 1003 |
| Colorado Health Facilities Authority, Children's Hospital, Series C, Rev., 5.00%, 12/01/2030 | 1000 | 1003 |
| Colorado Health Facilities Authority, Commonspirit Health |  |  |
| Rev., 5.25%, 11/01/2052 | 2710 | 2758 |
| Series A1, Rev., 5.00%, 08/01/2027 | 1025 | 1054 |
| Series A1, Rev., 5.00%, 08/01/2034 | 1240 | 1298 |
| Series A2, Rev., 5.00%, 08/01/2028 | 2215 | 2312 |
| Series A2, Rev., 5.00%, 08/01/2044 | 25305 | 25704 |
| Series A, Rev., 5.00%, 12/01/2034 | 5680 | 6279 |
| Colorado Health Facilities Authority, CommonSpirit Health, Series A, Rev., 4.00%, 08/01/2044 | 4145 | 3767 |
| Colorado Health Facilities Authority, Covenant Living Communities, Rev., 5.00%, 12/01/2035 | 750 | 810 |
| Colorado Health Facilities Authority, Improvement Bonds Christian Living Communities, Rev., 4.00%, 01/01/2042 | 500 | 461 |
| Colorado Health Facilities Authority, Intermountain Healthcare, Rev., 5.00%, 05/15/2052 | 2500 | 2539 |
| Colorado Health Facilities Authority, Sanford Health, Series A, Rev., 4.00%, 11/01/2039 | 3400 | 3301 |
| Colorado High Performance Transportation Enterprise, Rev., 5.00%, 12/31/2051 | 2000 | 1945 |
| Colorado High Performance Transportation Enterprise, C-470 Express Lanes, Rev., 5.00%, 12/31/2056 | 4495 | 4322 |
| Colorado Housing and Finance Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 7560 | 8463 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3370 | 3744 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Colorado — continued** |  |  |
| Series H, Rev., GNMA COLL, 3.00%, 05/01/2050 | 1065 | 1055 |
| Colorado Housing and Finance Authority, Class III Bonds Sustainable Bond, Rev., GNMA COLL, 6.50%, 05/01/2054 | 2535 | 2805 |
| Colorado Housing and Finance Authority, Social Bonds |  |  |
| Series E, Rev., GNMA, 3.00%, 11/01/2051 | 1470 | 1453 |
| Series H, Rev., GNMA, 3.00%, 11/01/2051 | 675 | 663 |
| Series I, Rev., GNMA COLL, 6.00%, 05/01/2053 | 1170 | 1269 |
| Series L, Rev., GNMA COLL, 3.25%, 11/01/2051 | 1140 | 1128 |
| Colorado Housing and Finance Authority, Sustainable Bond, Rev., GNMA/FNMA/FHLMC, 5.75%, 11/01/2054 | 4125 | 4521 |
| Colorado Housing and Finance Authority, Sustainable Bonds, Rev., GNMA/FNMA/FHLMC, 6.00%, 11/01/2055 | 1315 | 1455 |
| Colorado Science and Technology Park Metropolitan District No. 1, Series B, Rev., 4.75%, 12/15/2054 | 1000 | 961 |
| Crystal Valley, Metropolitan District No. 2 |  |  |
| Series A, GO, 5.00%, 12/01/2028 | 500 | 528 |
| Series A, GO, 5.00%, 12/01/2030 | 360 | 392 |
| Dawson Trails Metropolitan District No. 1, GO, Zero Coupon, 12/01/2031 | 6734 | 4395 |
| Denver City & County, School District No. 1, GO, 5.00%, 12/01/2029 | 1000 | 1016 |
| Denver Convention Center Hotel Authority, Rev., 5.00%, 12/01/2040 | 2500 | 2494 |
| Denver Convention Center Hotel Authority, Senior, Rev., 5.00%, 12/01/2036 | 1320 | 1326 |
| Denver Health & Hospital Authority, Series A, Rev., 6.00%, 12/01/2055 | 3610 | 3807 |
| E-470 Public Highway Authority, Rev., 5.00%, 09/01/2040 | 1550 | 1689 |
| E-470 Public Highway Authority, Capital Appreciation, Series A, Rev., NATL, Zero Coupon, 09/01/2027 | 1250 | 1204 |
| E-470 Public Highway Authority, Capital Appreciation School Reform, Series B, Rev., NATL, Zero Coupon, 09/01/2030 | 290 | 255 |
| E-470 Public Highway Authority, Senior |  |  |
| Series A, Rev., 5.00%, 09/01/2027 | 1000 | 1035 |
| Series A, Rev., 5.00%, 09/01/2028 | 1000 | 1054 |
| Eagle River Water & Sanitation District, Sustainable Bonds, GO, BAM, 5.00%, 12/01/2043 | 900 | 974 |
| Falcon Area Water & Wastewater Authority, Series A, Rev., 6.75%, 12/01/2034 (e) | 3000 | 2994 |
| Grand River Hospital District |  |  |
| GO, 6.00%, 12/01/2043 | 895 | 1027 |
| GO, 6.00%, 12/01/2045 | 800 | 906 |
| Jefferson Center Metropolitan District No. 1 |  |  |
| Series A2, Rev., 4.13%, 12/01/2040 | 575 | 540 |
| Series A2, Rev., 4.38%, 12/01/2047 | 795 | 723 |
| Jefferson County School District No. R-1, GO, 4.00%, 12/15/2032 | 1500 | 1565 |
| Kremmling Memorial Hospital District, COP, 6.13%, 12/01/2044 (e) | 3850 | 3806 |
| Larimer Weld & Boulder County School District R-2J Thompson |  |  |
| GO, 5.50%, 12/15/2041 | 1500 | 1748 |
| GO, 5.50%, 12/15/2042 | 2150 | 2482 |
| Mesa County School District No. 50, GO, 5.50%, 12/01/2049 | 1835 | 1952 |
| Metro Water Recovery |  |  |
| Series A, Rev., 5.00%, 04/01/2029 | 830 | 888 |
| Series A, Rev., 5.00%, 04/01/2042 | 830 | 918 |
| Series A, Rev., 5.00%, 04/01/2043 | 1300 | 1429 |
| Series A, Rev., 5.00%, 04/01/2044 | 1350 | 1471 |
| Series A, Rev., 5.00%, 04/01/2045 | 1175 | 1268 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Colorado — continued** |  |  |
| Mirabelle Metropolitan District No. 2, Senior |  |  |
| Series A, GO, 5.00%, 12/01/2035 | 600 | 644 |
| Series A, GO, 5.00%, 12/01/2037 | 500 | 532 |
| Park Creek Metropolitan District, Senior, Series A, Tax Allocation, 5.00%, 12/01/2043 | 1500 | 1579 |
| Peak Metropolitan District No. 3, GO, 0.00%, 12/01/2042 | 3950 | 2895 |
| Prairie Farm Metropolitan District, Series A, GO, 5.25%, 12/01/2048 | 1244 | 1222 |
| Public Authority for Colorado Energy, Rev., 6.50%, 11/15/2038 | 8000 | 9462 |
| Pueblo Urban Renewal Authority, EVRAZ Project Tax, Increment, Tax Allocation, 4.75%, 12/01/2045 (e) | 635 | 605 |
| Redtail Ridge Metropolitan District, GO, Zero Coupon, 12/01/2032 | 4000 | 2542 |
| Regional Transportation District Sales Tax Revenue, Fastracks Project, Series A, Rev., 5.00%, 11/01/2033 | 1000 | 1137 |
| Regional Transportation District, Denver Transit Partners Eagle |  |  |
| Series A, Rev., 5.00%, 07/15/2026 | 575 | 578 |
| Series A, Rev., 5.00%, 01/15/2027 | 1000 | 1013 |
| Riverpark Metropolitan District/Arapahoe County, GO, 6.00%, 12/01/2042 | 1150 | 1175 |
| Siena Lake Metropolitan District, GO, 3.75%, 12/01/2041 | 500 | 406 |
| South Suburban Park & Recreation District, COP, 4.00%, 12/15/2036 | 1350 | 1355 |
| State of Colorado |  |  |
| COP, 4.00%, 12/15/2040 | 1600 | 1603 |
| COP, 6.00%, 12/15/2041 | 15000 | 17105 |
| Series A, COP, 4.00%, 12/15/2039 | 1500 | 1512 |
| Series A, COP, 5.00%, 12/15/2029 | 1000 | 1082 |
| Series L, COP, 5.00%, 03/15/2028 | 1000 | 1046 |
| State of Colorado, Health Sciences Facilities |  |  |
| COP, 5.00%, 11/01/2042 | 2365 | 2574 |
| COP, 5.00%, 11/01/2053 | 1500 | 1535 |
| Sterling Ranch Community Authority Board, Senior, Rev., 6.50%, 12/01/2054 | 1000 | 1029 |
| Sterling Ranch Community Authority Board, Special Improvement District No. 1, Special Assessment, 5.63%, 12/01/2043 | 761 | 781 |
| Sterling Ranch Metropolitan District No. 1, GO, 5.00%, 12/01/2040 | 500 | 500 |
| Sunset Parks Metropolitan District, Series A, GO, 5.13%, 12/01/2054 (e) | 800 | 766 |
|  The Canyons Metropolitan District No. 5 |  |  |
| Series A, GO, BAM, 5.00%, 12/01/2035 | 640 | 704 |
| Series A, GO, BAM, 5.00%, 12/01/2049 | 2875 | 2900 |
| Series A, GO, BAM, 5.25%, 12/01/2059 | 7725 | 7864 |
| Trails at Crowfoot Metropolitan District No. 3, GO, 4.25%, 12/01/2054 | 1500 | 1302 |
| University of Colorado, Series B1, Rev., 4.00%, 06/01/2034 (p) | 4515 | 4526 |
| University of Colorado, University Enterprise, Rev., 2.00%, 06/01/2051 (z) | 1500 | 1491 |
| Verve Metropolitan District No. 1, GO, 5.00%, 12/01/2036 | 1500 | 1451 |
| Village Metropolitan District (The), GO, 4.15%, 12/01/2030 | 325 | 324 |
| Villages at Johnstown Metropolitan District No. 3, Senior Bond, Series A, GO, 5.00%, 12/01/2040 | 583 | 585 |
| Waterview II Metropolitan District, GO, 5.00%, 12/01/2041 | 1250 | 1257 |
| Weld County School District No. RE-4 |  |  |
| GO, 5.00%, 12/01/2029 | 1100 | 1188 |
| GO, 5.00%, 12/01/2031 | 1000 | 1113 |
| GO, 5.25%, 12/01/2047 | 5000 | 5265 |
| Windler Public Improvement Authority, Series A1, Rev., 4.00%, 12/01/2036 | 2565 | 2280 |
| Windy Gap Firming Project Water Activity Enterprise, Windy Gap Firming Project, Rev., 5.00%, 07/15/2051 | 5000 | 5098 |
|  |  | 503612 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Connecticut — 0.8%** |  |  |
| City of Bridgeport, Series A, GO, 4.00%, 06/01/2039 | 250 | 248 |
| Connecticut Housing Finance Authority, Series A, Rev., 3.85%, 05/15/2045 | 220 | 206 |
| Connecticut Housing Finance Authority, Social Bonds |  |  |
| Series A1, Rev., 3.50%, 11/15/2051 | 45 | 45 |
| Series B, Rev., 4.50%, 11/15/2043 | 2725 | 2733 |
| Connecticut Housing Finance Authority, Sustainable Bond, Housing Mortgage Finance |  |  |
| Rev., 5.13%, 11/15/2043 | 5000 | 5218 |
| Rev., 6.25%, 05/15/2054 | 4265 | 4611 |
| Connecticut Housing Finance Authority, Sustainable Bonds |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/15/2044 | 10000 | 9962 |
| Series B2, Rev., 2.75%, 11/15/2065 (z) | 5000 | 4977 |
| Connecticut State Health & Educational Facilities Authority, Series 2017 B1, Rev., 5.00%, 07/01/2029 | 4845 | 5206 |
| Connecticut State Health & Educational Facilities Authority, Connecticut Children's Medical Center, Rev., 5.25%, 07/15/2048 | 4575 | 4764 |
| Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Project |  |  |
| Series A, Rev., 5.00%, 07/01/2026 | 555 | 558 |
| Series A, Rev., 5.00%, 07/01/2033 | 565 | 609 |
| Connecticut State Health & Educational Facilities Authority, Quinnipiac University Issue, Rev., 5.00%, 07/01/2048 | 3000 | 3065 |
| Connecticut State Health & Educational Facilities Authority, Stamford Hospital Issue |  |  |
| Rev., 4.00%, 07/01/2035 | 1000 | 1003 |
| Rev., 4.00%, 07/01/2038 | 2500 | 2435 |
| Rev., 4.00%, 07/01/2041 | 2250 | 2117 |
| Rev., 5.00%, 07/01/2030 | 865 | 917 |
| Connecticut State Higher Education Supplement Loan Authority |  |  |
| Rev., AMT, 4.13%, 11/15/2040 | 2240 | 2166 |
| Series B, Rev., AMT, 4.88%, 11/15/2038 | 900 | 901 |
| Series B, Rev., AMT, 5.00%, 11/15/2039 | 675 | 688 |
| Series B, Rev., AMT, 5.00%, 11/15/2040 | 335 | 334 |
| Series B, Rev., AMT, 5.00%, 11/15/2041 | 400 | 396 |
| Connecticut State Higher Education Supplement Loan Authority, CHESLA Loan Program, Series B, Rev., AMT, 5.00%, 11/15/2030 | 495 | 523 |
| Connecticut State, Health & Educational Facilities Authority, Sacred Heart University |  |  |
| Series K, Rev., 4.00%, 07/01/2045 | 4625 | 4434 |
| Series K, Rev., 5.00%, 07/01/2037 | 950 | 998 |
| Connecticut State, Health & Educational Facilities Authority, Yale University, Series C1, Rev., 5.00%, 07/01/2040 (z) | 2150 | 2241 |
| Stamford Housing Authority, Mozaic Concierge Living Project |  |  |
| Rev., 4.25%, 10/01/2030 | 5000 | 5038 |
| Rev., 6.00%, 10/01/2040 | 1750 | 1823 |
| State of Connecticut |  |  |
| GO, 5.00%, 03/15/2045 | 1000 | 1068 |
| Series 2021A, GO, 3.00%, 01/15/2032 | 2250 | 2233 |
| Series 2021A, GO, 3.00%, 01/15/2033 | 500 | 487 |
| Series 2021A, GO, 4.00%, 01/15/2028 | 7250 | 7437 |
| Series B, GO, 5.00%, 08/01/2033 | 1750 | 1990 |
| Series C, GO, 5.00%, 06/15/2037 | 40 | 44 |
| State of Connecticut Special Tax Revenue |  |  |
| Rev., BAM, 4.00%, 05/01/2039 | 2990 | 3015 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Connecticut — continued** |  |  |
| Series A, Rev., 5.00%, 07/01/2028 (p) | 365 | 384 |
| Series A, Rev., 5.00%, 05/01/2035 | 500 | 544 |
| Series A, Rev., 5.25%, 07/01/2042 | 10000 | 10887 |
| Series B, Rev., 5.00%, 07/01/2030 | 1500 | 1639 |
| Series B, Rev., 5.00%, 07/01/2033 | 2430 | 2751 |
| Series D, Rev., 4.00%, 11/01/2038 | 3500 | 3540 |
| Series D, Rev., 5.00%, 11/01/2028 | 1480 | 1572 |
| Series D, Rev., 5.00%, 11/01/2033 | 1675 | 1847 |
| State of Connecticut Special Tax Revenue, Transportation Infrastructure Purposes, Rev., 5.00%, 07/01/2043 | 4740 | 5132 |
| State of Connecticut Special Tax Revenue, Unrefunded, Series A, Rev., 5.00%, 07/01/2028 | 135 | 142 |
| State of Connecticut, Social Bonds, Series F, GO, 5.00%, 11/15/2041 | 1525 | 1640 |
| State of Connecticut, Special Tax Obligation Bonds, Rev., 5.00%, 05/01/2040 | 300 | 315 |
| State of Connecticut, Special Tax Revenue, Rev., 5.00%, 05/01/2026 | 1300 | 1303 |
| State of Connecticut, Sustainale Bond |  |  |
| Series B, GO, 4.00%, 01/15/2041 | 1000 | 994 |
| Series B, GO, 5.00%, 01/15/2040 | 1000 | 1094 |
| Steel Point Infrastructure Improvement District, Steelpointe Harbor Project, Tax Allocation, 4.00%, 04/01/2036 (e) | 195 | 194 |
| Town of Hamden |  |  |
| GO, BAM, 4.00%, 08/15/2027 | 535 | 544 |
| GO, BAM, 5.00%, 08/15/2029 | 575 | 616 |
| GO, BAM, 5.00%, 08/15/2031 | 500 | 551 |
| Series A, GO, BAM, 5.00%, 08/01/2032 | 2255 | 2436 |
| University of Connecticut |  |  |
| Series A, Rev., 5.00%, 01/15/2037 | 3000 | 3040 |
| Series A, Rev., 5.00%, 08/15/2039 | 650 | 709 |
| Series A, Rev., 5.00%, 08/15/2040 | 860 | 932 |
|  |  | 127296 |
|  **Delaware — 0.3%** |  |  |
| County of Kent DE, Rev., 5.00%, 07/01/2033 | 1190 | 1198 |
| Delaware State Economic Development Authority |  |  |
| Rev., 3.60%, 01/01/2031 | 1865 | 1911 |
| Series A, Rev., 4.00%, 10/01/2045 (z) | 21670 | 21317 |
| Series B, Rev., 4.00%, 10/01/2040 (z) | 2855 | 2809 |
| Delaware State Health Facilities Authority, Beebe Medical Center, Rev., 5.00%, 06/01/2050 | 2250 | 2162 |
| Delaware State Health Facilities Authority, Christiana Health Care System, Rev., 5.00%, 10/01/2039 | 5345 | 5578 |
| Delaware Transportation Authority |  |  |
| Rev., 5.00%, 07/01/2026 | 4000 | 4026 |
| Rev., 5.00%, 07/01/2033 | 2265 | 2451 |
| State of Delaware |  |  |
| GO, 2.00%, 02/01/2036 | 6910 | 5670 |
| GO, 4.00%, 02/01/2031 | 1000 | 1034 |
| GO, 5.00%, 02/01/2028 | 5020 | 5243 |
| GO, 5.00%, 02/01/2031 | 85 | 94 |
|  |  | 53493 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **District of Columbia — 1.4%** |  |  |
| District of Columbia |  |  |
| GO, 5.00%, 12/01/2030 | 1070 | 1175 |
| GO, 5.00%, 06/01/2033 | 2625 | 2963 |
| Rev., 5.00%, 06/01/2040 | 1725 | 1695 |
| Rev., 5.00%, 04/01/2060 (z) | 5500 | 6018 |
| Series A, Rev., 4.00%, 03/01/2037 | 2000 | 2017 |
| Series A, Rev., 4.00%, 03/01/2040 | 10000 | 10018 |
| Series A, GO, 5.00%, 01/01/2027 | 475 | 484 |
| Series A, Rev., 5.00%, 03/01/2031 | 1500 | 1607 |
| Series A, GO, 5.00%, 06/01/2034 | 2755 | 3132 |
| Series A, GO, 5.00%, 01/01/2038 | 1000 | 1090 |
| Series A, GO, 5.00%, 06/01/2038 | 7300 | 8211 |
| Series A, GO, 5.00%, 06/01/2039 | 4000 | 4468 |
| Series A, GO, 5.00%, 01/01/2040 | 2400 | 2594 |
| Series A, GO, 5.00%, 06/01/2041 | 4000 | 4421 |
| Series A, GO, 5.00%, 06/01/2045 | 3000 | 3215 |
| Series A, GO, 5.00%, 06/01/2046 | 1200 | 1277 |
| Series B, GO, 5.00%, 06/01/2027 | 1135 | 1168 |
| Series B, GO, 5.00%, 06/01/2028 | 910 | 958 |
| Series B, GO, 5.00%, 06/01/2029 | 2645 | 2838 |
| Series B, GO, 5.00%, 06/01/2041 | 3765 | 4162 |
| Series C, Rev., 4.00%, 05/01/2039 | 2500 | 2517 |
| Series C, Rev., 4.00%, 05/01/2045 | 5000 | 4694 |
| Series D, GO, 5.00%, 02/01/2028 | 820 | 857 |
| Series D, GO, 5.00%, 02/01/2029 | 70 | 75 |
| Series E, GO, 5.00%, 02/01/2028 | 110 | 115 |
| District of Columbia Housing Finance Agency |  |  |
| Rev., 3.35%, 09/01/2040 (z) | 2040 | 2042 |
| Rev., 5.00%, 12/01/2028 (z) | 225 | 232 |
| Series A1, Rev., FHA, 2.50%, 03/01/2042 | 3040 | 2281 |
| Series B1, Rev., FHA, 2.55%, 03/01/2042 | 1825 | 1382 |
| District of Columbia Housing Finance Agency, Belmont Crossing Phase II, Rev., 5.00%, 03/01/2029 (z) | 330 | 341 |
| District of Columbia Income Tax Revenue |  |  |
| Series A, Rev., 5.00%, 10/01/2037 | 2000 | 2226 |
| Series A, Rev., 5.00%, 05/01/2038 | 1450 | 1583 |
| Series A, Rev., 5.00%, 05/01/2039 | 2000 | 2172 |
| Series A, Rev., 5.00%, 06/01/2039 | 1500 | 1661 |
| Series A, Rev., 5.00%, 06/01/2040 | 2685 | 2960 |
| District of Columbia Water & Sewer Authority |  |  |
| Rev., 4.00%, 10/01/2041 | 775 | 729 |
| Rev., 5.00%, 10/01/2043 | 2505 | 2717 |
| Rev., 5.00%, 10/01/2045 | 1445 | 1543 |
| District of Columbia Water & Sewer Authority, Green Bond Subordinate, Series A, Rev., 5.00%, 10/01/2038 | 1010 | 1060 |
| District of Columbia Water & Sewer Authority, Subordinate, Series C1, Rev., 5.00%, 10/01/2031 | 2000 | 2222 |
| District of Columbia, Federal Highway Grant Anticipation Revenue Bonds, Rev., 5.00%, 12/01/2030 | 1185 | 1275 |
| District of Columbia, Latin American Montessori, Rev., 4.00%, 06/01/2030 | 555 | 548 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **District of Columbia — continued** |  |  |
| District of Columbia, National Child Research Center, Rev., VRDO, LOC: Truist Bank, 3.00%, 04/07/2026 (z) | 1985 | 1985 |
| District of Columbia, National Public Radio |  |  |
| Rev., 4.00%, 04/01/2032 (p) | 1500 | 1500 |
| Rev., 5.00%, 04/01/2028 (p) | 270 | 270 |
| Rev., 5.00%, 04/01/2029 (p) | 275 | 275 |
| Metropolitan Washington Airports Authority |  |  |
| Rev., AMT, 5.00%, 10/01/2026 | 1335 | 1351 |
| Rev., AMT, 5.00%, 10/01/2029 | 2000 | 2057 |
| Series A, Rev., AMT, 5.00%, 10/01/2027 | 1515 | 1562 |
| Metropolitan Washington Airports Authority Aviation Revenue |  |  |
| Rev., AMT, 4.00%, 10/01/2051 | 2500 | 2141 |
| Rev., AMT, 5.00%, 10/01/2044 | 3500 | 3628 |
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 940 | 986 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 1000 | 1078 |
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 1730 | 1745 |
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 5000 | 5380 |
| Series A, Rev., AMT, 5.25%, 10/01/2039 | 1135 | 1219 |
| Series A, Rev., AMT, 5.25%, 10/01/2048 | 7000 | 7189 |
| Metropolitan Washington Airports Authority Aviation Revenue, Airport System |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3000 | 3155 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 5000 | 5017 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital, Rev., 4.00%, 10/01/2052 | 10000 | 8586 |
| Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Subordinated Dulles Metrorail, Rev., 4.00%, 10/01/2053 | 1965 | 1679 |
| Metropolitan Washington Airports Authority, Aviation Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3205 | 3420 |
| Series A, Rev., AMT, 5.00%, 10/01/2048 | 3940 | 3953 |
| Series A, Rev., AMT, 5.25%, 10/01/2040 | 3000 | 3293 |
| Series A, Rev., AMT, 5.25%, 10/01/2041 | 2000 | 2184 |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue Subordinated Lien Dulles Metrorail, Series B, Rev., 4.00%, 10/01/2049 | 2000 | 1710 |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, Series C, Rev., 6.50%, 10/01/2041 (p) | 350 | 357 |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-XX1413, Rev., LIQ: Barclays Bank plc, 2.45%, 07/15/2060 (e) (z) | 3000 | 3000 |
| Washington Convention & Sports Authority |  |  |
| Series A, Rev., 4.00%, 10/01/2034 | 1015 | 1041 |
| Series A, Rev., 5.00%, 10/01/2033 | 1000 | 1076 |
| Washington Convention & Sports Authority, Senior Lien, Series B, Tax Allocation, 5.00%, 10/01/2029 (p) | 1000 | 1080 |
| Washington Convention and Sports Authority, Dedicated Tax Revenue Prerefunded Refunding Senior Lien, Tax Allocation, 5.00%, 10/01/2030 (p) | 695 | 763 |
| Washington Convention and Sports Authority, Dedicated Tax Revenue Unrefunded Balance Refunding Senior, Tax Allocation, 5.00%, 10/01/2030 | 805 | 875 |
| Washington Metropolitan Area Transit Authority |  |  |
| Series A, Rev., 5.00%, 07/15/2026 | 1650 | 1662 |
| Series A, Rev., 5.00%, 07/15/2037 | 2000 | 2114 |
| Series B, Rev., 5.00%, 07/01/2032 | 1115 | 1141 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **District of Columbia — continued** |  |  |
| Washington Metropolitan Area Transit Authority Dedicated Revenue |  |  |
| Rev., 5.00%, 07/15/2054 | 23750 | 24138 |
| Rev., 5.25%, 07/15/2059 | 17870 | 18509 |
| Series A, Rev., 5.00%, 07/15/2046 | 1190 | 1218 |
| Washington Metropolitan Area Transit Authority Dedicated Revenue, Sustainability Financed Bond, Rev., 5.00%, 07/15/2029 | 3000 | 3214 |
| Washington Metropolitan Area Transit Authority, Dedicated Revenue, Sustainable Bond, Series A, Rev., BAM, 3.00%, 07/15/2036 | 5925 | 5502 |
| Washington Metropolitan Area Transit Authority, Green Bond, Series A, Rev., 5.00%, 07/15/2029 | 1540 | 1650 |
|  |  | 231446 |
|  **Florida — 4.6%** |  |  |
| Alachua County Health Facilities Authority |  |  |
| Rev., 3.63%, 10/01/2030 | 870 | 871 |
| Rev., 3.75%, 10/01/2030 | 765 | 765 |
| Alachua County Health Facilities Authority, Oak Hammock at The University of Florida, Inc. Project, Rev., 4.00%, 10/01/2031 | 615 | 622 |
| Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, Rev., 5.00%, 12/01/2034 | 2570 | 2692 |
| Ave Maria Stewardship Community District, Special Assessment, 5.30%, 05/01/2045 | 605 | 601 |
| Ave Maria Stewardship Community District, Phase 3 Master Improvements Project |  |  |
| Special Assessment, 2.75%, 05/01/2031 | 420 | 393 |
| Special Assessment, 3.13%, 05/01/2041 | 1775 | 1433 |
| Avenir Community Development District, Special Assessment, 5.63%, 05/01/2054 | 1000 | 972 |
| Aventura Isles Community Development District |  |  |
| Special Assessment, 5.00%, 05/01/2034 | 720 | 762 |
| Special Assessment, 5.00%, 05/01/2043 | 1000 | 1011 |
| Babcock Ranch Community Independent Special District |  |  |
| Special Assessment, 4.00%, 05/01/2052 | 695 | 555 |
| Special Assessment, 5.00%, 05/01/2044 (e) | 995 | 983 |
| Belmond Reserve Community Development District, 202 Project, Special Assessment, 4.00%, 05/01/2040 | 340 | 328 |
| Belmont II Community Development District, 2020 Assessment Area, Special Assessment, 3.13%, 12/15/2030 | 125 | 122 |
| Boggy Branch Community Development District, Special Assessment, 2.50%, 05/01/2026 | 100 | 100 |
| Boggy Creek Improvement District, Special Assessment, Series 2013, Special Assessment, 5.13%, 05/01/2043 (e) | 950 | 950 |
| Brevard County Health Facilities Authority, Health First Obligated Group, Rev., 5.00%, 04/01/2052 | 8235 | 8282 |
| Brevard County Health Facilities Authority, Health First, Inc., Rev., 4.00%, 04/01/2036 | 1790 | 1762 |
| Broward County Water & Sewer Utility Revenue, Series A, Rev., 4.00%, 10/01/2038 | 675 | 683 |
| Capital Projects Finance Authority, Florida University Project, Series A1, Rev., 5.00%, 10/01/2032 | 1350 | 1410 |
| Capital Projects Finance Authority, IPS Enterprises, Inc. Projects, Rev., 7.00%, 06/15/2030 (e) | 4000 | 4107 |
| Capital Projects Finance Authority/FL, Rev., 5.00%, 06/15/2044 (e) | 760 | 726 |
| Capital Trust Agency, Inc., Imagine School at North Manatee, Rev., 5.00%, 06/01/2041 (e) | 325 | 310 |
| Capital Trust Agency, Inc., Lutz Preparatory School, Inc. Project, Series A, Rev., 4.00%, 06/01/2041 | 300 | 270 |
| Capital Trust Agency, Inc., Tallahassee Classical School, Rev., 4.00%, 07/01/2036 (e) | 1370 | 1076 |
| Capital Trust Agency, Inc., Franklin Academy Project, Rev., 5.00%, 12/15/2050 (e) | 2350 | 2090 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Capital Trust Authority, Series A, Rev., 5.00%, 12/01/2035 | 5895 | 6525 |
| Capital Trust Authority, Ips Enterprises, Inc., Series A, Rev., 6.00%, 06/15/2043 (e) | 4350 | 4474 |
| Center Lake Ranch West Community Development District, Special Assessment, 5.60%, 05/01/2055 (e) | 1000 | 973 |
| Central Florida Expressway Authority |  |  |
| Rev., 5.00%, 07/01/2032 | 1500 | 1684 |
| Series B, Rev., 4.00%, 07/01/2035 (p) | 5600 | 5621 |
| Series D, Rev., 5.00%, 07/01/2029 | 565 | 606 |
| Series D, Rev., 5.00%, 07/01/2034 | 3000 | 3282 |
| Series D, Rev., 5.00%, 07/01/2035 | 10000 | 10880 |
| Central Florida Expressway Authority, Senior Lien |  |  |
| Rev., 4.00%, 07/01/2038 | 3625 | 3637 |
| Rev., 4.00%, 07/01/2039 | 1260 | 1261 |
| Centre Lake Community Development District, Special Assessment, 3.00%, 05/01/2042 | 605 | 512 |
| Chapel Creek Community Development District, Special Assessment, 3.00%, 05/01/2031 (e) | 160 | 155 |
| Charlotte County Industrial Development Authority, Town & Country Utilities Project, Rev., AMT, 5.00%, 10/01/2049 (e) | 2985 | 2855 |
| Charlotte County Industrial Development Authority/FL, Rev., AMT, 5.88%, 10/01/2045 | 1250 | 1294 |
| City of Daytona Beach, Rev., 5.50%, 09/01/2049 | 5000 | 5331 |
| City of Delray Beach Water & Sewer Revenue |  |  |
| Rev., 5.00%, 10/01/2042 | 750 | 816 |
| Rev., 5.00%, 10/01/2043 | 1520 | 1645 |
| Rev., 5.25%, 10/01/2055 | 5685 | 5940 |
| City of Doral FL, GO, 4.00%, 07/01/2043 | 3055 | 2997 |
| City of Jacksonville, Baptist Health, Rev., VRDO, 2.46%, 04/07/2026 (z) | 9260 | 9260 |
| City of Jacksonville, Bayptist Health, Rev., VRDO, 2.46%, 04/07/2026 (z) | 1200 | 1200 |
| City of Jacksonville, Brooks Rehabilitation Project |  |  |
| Rev., 4.00%, 11/01/2034 | 500 | 500 |
| Rev., 4.00%, 11/01/2045 | 9410 | 8368 |
| City of Miami Beach, Arts and Cultural Facilities, Series A, GO, 5.25%, 05/01/2053 | 5000 | 5188 |
| City of Pensacola FL Airport Revenue, Rev., AMT, 5.50%, 10/01/2050 | 4650 | 4896 |
| City of Pompano Beach, John Knox Village Project, Series A, Rev., 4.00%, 09/01/2036 | 175 | 172 |
| City of Port St. Lucie Stormwater Utility Revenue, Rev., 4.00%, 05/01/2039 | 1075 | 1078 |
| City of Tallahassee FL Energy System Revenue |  |  |
| Rev., 5.00%, 10/01/2033 | 2500 | 2842 |
| Rev., 5.00%, 10/01/2034 | 1500 | 1719 |
| City of Tallahassee, Energy System Revenue, Rev., 5.00%, 10/01/2028 | 2000 | 2119 |
| City of Tallahassee, Tallahassee Memorial Healthcare, Rev., 5.00%, 12/01/2040 | 3000 | 3001 |
| City of Tampa, Baycare, Series A, Rev., 5.00%, 11/15/2046 | 10000 | 10005 |
| City of Tampa, H. Lee Moffitt Cancer Center, Rev., 5.00%, 07/01/2050 | 4000 | 4007 |
| Collier County Health Facilities Authority, The Moorings, Inc., Rev., 4.00%, 05/01/2052 | 145 | 119 |
| County of Broward Airport System Revenue, Series A, Rev., AMT, 5.00%, 10/01/2033 | 1750 | 1838 |
| County of Broward FL Convention Center Hotel Revenue, Rev., 5.00%, 01/01/2047 | 5000 | 5160 |
| County of Broward FL Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2050 | 6405 | 6764 |
| County of Broward Port Facilities Revenue, Rev., AMT, 5.50%, 09/01/2052 | 3675 | 3778 |
| County of Broward Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 5.00%, 09/01/2031 | 3000 | 3318 |
| County of Broward, Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2033 | 655 | 669 |
| Series A, Rev., AMT, 5.00%, 10/01/2028 | 800 | 839 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2000 | 2081 |
| County of Broward, Port Facilities Revenue, Senior Bond, Series B, Rev., AMT, 4.00%, 09/01/2044 | 3000 | 2818 |
| County of Broward, Tourist Development Tax Revenue, Convention Center Expansion Project, Rev., 4.00%, 09/01/2047 | 3000 | 2688 |
| County of Hillsborough, Rev., 4.00%, 08/01/2034 | 4370 | 4471 |
| County of Lee Airport Revenue |  |  |
| Series A1, Rev., AMT, 5.25%, 10/01/2045 | 2450 | 2609 |
| Series A1, Rev., AMT, 5.25%, 10/01/2046 | 2000 | 2111 |
| Series A1, Rev., AMT, 5.50%, 10/01/2056 | 7500 | 7851 |
| Series A2, Rev., AMT, 5.00%, 10/01/2056 (z) | 4490 | 4812 |
| Series B, Rev., AMT, 5.00%, 10/01/2029 | 180 | 192 |
| Series B, Rev., AMT, 5.00%, 10/01/2032 | 2000 | 2166 |
| County of Lee Local Option Gas Tax Revenue, Rev., 5.25%, 08/01/2049 | 13000 | 13302 |
| County of Miami-Dade Aviation Revenue |  |  |
| Rev., 5.00%, 10/01/2041 | 6000 | 6036 |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 2000 | 2003 |
| Series A, Rev., AMT, 5.00%, 10/01/2044 | 2200 | 2232 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 3250 | 3243 |
| Series B, Rev., AMT, 5.00%, 10/01/2040 | 23000 | 23200 |
| County of Miami-Dade FL Aviation Revenue |  |  |
| Rev., AMT, 5.00%, 10/01/2029 | 2920 | 3107 |
| Rev., AMT, 5.00%, 10/01/2035 | 15000 | 16503 |
| Rev., AMT, 5.00%, 10/01/2036 | 3710 | 4051 |
| County of Miami-Dade FL Transit System, Rev., 4.00%, 07/01/2035 | 3405 | 3409 |
| County of Miami-Dade FL Water & Sewer System Revenue |  |  |
| Rev., 5.00%, 10/01/2041 | 4500 | 4895 |
| Rev., 5.00%, 10/01/2042 | 5000 | 5414 |
| County of Miami-Dade Seaport Department, Senior Bonds |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2030 | 1970 | 2101 |
| Series A, Rev., AMT, 5.00%, 10/01/2031 | 2975 | 3200 |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 3500 | 3764 |
| Series A, Rev., AMT, 5.25%, 10/01/2052 | 2000 | 2023 |
| County of Miami-Dade Seaport Department, Subordinate, Series A1, Rev., AMT, 4.00%, 10/01/2040 | 2675 | 2629 |
| County of Miami-Dade Transit System |  |  |
| Rev., 4.00%, 07/01/2048 | 5000 | 4476 |
| Series A, Rev., 4.00%, 07/01/2045 | 2070 | 1930 |
| County of Miami-Dade, Building Better Communities Project, Series A, GO, 4.00%, 07/01/2044 | 350 | 337 |
| County of Miami-Dade, Public Health Trust Program, GO, 4.00%, 07/01/2042 | 3000 | 3002 |
| County of Monroe Airport Revenue, Key West International Airport, Series 202, Rev., AMT, 5.00%, 10/01/2052 | 2450 | 2322 |
| County of Orange Water Utility System Revenue, Rev., 5.00%, 10/01/2028 | 2040 | 2162 |
| County of Palm Beach, Lynn University Housing Project, Series A, Rev., 5.00%, 06/01/2057 (e) | 1000 | 867 |
| County of Pasco Solid Waste Disposal & Resource Recovery System Revenue, Series B, Rev., AMT, 5.50%, 10/01/2051 | 2875 | 2932 |
| Currents Community Development District, Series A, Special Assessment, 4.00%, 05/01/2051 (e) | 2000 | 1621 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Cypress Mill Community Development District, 2023 Project, Special Assessment, 5.00%, 05/01/2053 | 1025 | 982 |
| Cypress Preserve Community Development District, Special Assessment, 4.00%, 11/01/2039 | 325 | 297 |
| DG Farms Community Development District, Special Assessment, 3.75%, 05/01/2040 | 400 | 364 |
| Duval County Public Schools, Series A, COP, 5.00%, 07/01/2032 | 4750 | 5119 |
| Epperson North Community Development District, Assessment Area, Special Assessment, 2.50%, 05/01/2026 | 40 | 40 |
| Epperson Ranch II Community Development District, Assessment Area Two Capital Improvement, Special Assessment, 4.20%, 05/01/2040 | 1155 | 1089 |
| Escambia County Health Facilities Authority, Rev., VRDO, 2.80%, 04/01/2026 (z) | 4100 | 4100 |
| Everlands II Community Development District, Special Assessment, 5.20%, 06/15/2044 | 725 | 734 |
| Florida Development Finance Corp. |  |  |
| Rev., AMT, 3.40%, 09/01/2050 (z) | 2550 | 2550 |
| Rev., AMT, 4.38%, 10/01/2054 (e) (z) | 17000 | 17079 |
| Rev., AMT, 4.45%, 07/01/2037 (e) (z) | 5000 | 5045 |
| Rev., 5.00%, 06/01/2044 (e) | 1750 | 1731 |
| Rev., 5.25%, 06/01/2059 (e) | 3145 | 2979 |
| Rev., AMT, 12.00%, 07/01/2057 (e) (z) | 7445 | 5137 |
| Series A, Rev., 4.00%, 06/01/2030 | 400 | 389 |
| Florida Development Finance Corp., Brightline Florida Passenger |  |  |
| Rev., AMT, 0.00%, 07/15/2032 (e) | 2810 | 983 |
| Rev., AMT, 5.00%, 07/01/2041 | 4500 | 3352 |
| Rev., AMT, 5.00%, 07/01/2044 | 12050 | 11711 |
| Rev., AMT, 5.25%, 07/01/2047 | 8050 | 7899 |
| Rev., AMT, 5.25%, 07/01/2053 | 7000 | 6789 |
| Rev., AMT, 5.50%, 07/01/2053 | 6000 | 4470 |
| Florida Development Finance Corp., Discovery High School Project, Series A, Rev., 4.00%, 06/01/2030 (e) | 1000 | 888 |
| Florida Development Finance Corp., Lakeland Regional Health System, Rev., 4.00%, 11/15/2037 | 2400 | 2366 |
| Florida Development Finance Corp., Mater Academy Project, Series A, Rev., 5.00%, 06/15/2040 | 400 | 400 |
| Florida Development Finance Corp., Tampa General Hospital Project |  |  |
| Rev., 5.00%, 08/01/2056 (z) | 2000 | 2159 |
| Rev., 5.25%, 08/01/2055 (e) | 4750 | 4807 |
| Series A, Rev., 5.00%, 08/01/2046 | 800 | 831 |
| Florida Development Finance Corp., UF Health Jacksonville Project, Rev., 5.00%, 02/01/2035 | 1200 | 1252 |
| Florida Development Finance Corp., Waste Pro USA, Inc., Rev., AMT, 5.00%, 05/01/2029 (e) | 2500 | 2518 |
| Florida Housing Finance Corp. |  |  |
| Rev., 3.15%, 12/01/2028 (z) | 330 | 331 |
| Rev., 3.15%, 07/01/2043 (z) | 725 | 726 |
| Rev., 3.20%, 12/01/2044 (z) | 3545 | 3548 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 2785 | 3032 |
| Series 1, Rev., GNMA/FNMA/FHLMC, 6.00%, 01/01/2057 | 2500 | 2802 |
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 775 | 764 |
| Series 3, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 01/01/2054 | 570 | 619 |
| Series R, Rev., 3.15%, 01/01/2044 (z) | 1780 | 1782 |
| Florida Housing Finance Corp., Capri Place, Series A, Rev., 3.00%, 02/01/2044 (z) | 115 | 115 |
| Florida Housing Finance Corp., Social Bond, Social Bond, Series 1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 710 | 701 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Florida Housing Finance Corp., Social Bonds |  |  |
| Series 1, Rev., GNMA/FNMA/FHLMC, 3.50%, 07/01/2052 | 655 | 653 |
| Series 2, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 3005 | 2971 |
| Florida Local Government Finance Commission |  |  |
| Rev., 4.20%, 11/15/2030 (e) | 3260 | 3269 |
| Rev., 6.63%, 11/15/2045 (e) | 1665 | 1763 |
| Florida Municipal Loan Council, Shingle Creek Transit and Utility Community Development District, Special Assessment, AMT, 5.15%, 05/01/2044 | 655 | 667 |
| Florida State Board of Governors Florida International University Dormitory Rev, Series A, Rev., BAM, 5.00%, 07/01/2029 | 1900 | 2033 |
| Florida State Board of Governors University of North Florida Dormitory Revenue, Series A, Rev., BAM, 5.00%, 11/01/2053 | 6375 | 6459 |
| Fort Pierce Utilities Authority, Series A, Rev., 5.00%, 10/01/2039 | 925 | 980 |
| Grand Bay at Doral Community Development District, Assessment Area Two Phase I |  |  |
| Special Assessment, 5.00%, 05/01/2035 | 1000 | 1066 |
| Special Assessment, 5.00%, 05/01/2045 | 1000 | 1002 |
| Greater Orlando Aviation Authority |  |  |
| Rev., AMT, 5.25%, 11/01/2034 | 3500 | 3652 |
| Series A, Rev., AMT, 4.00%, 10/01/2040 | 1670 | 1604 |
| Series A, Rev., AMT, 5.00%, 10/01/2032 | 1500 | 1584 |
| Series A, Rev., AMT, 5.00%, 10/01/2046 (p) | 5000 | 5057 |
| Series A, Rev., AMT, 5.00%, 10/01/2049 | 8880 | 8881 |
|  Greater Orlando Aviation Authority Orlando Amt Subordinated, Rev., AMT, 5.00%, 10/01/2036 | 1000 | 1092 |
|  Greater Orlando Aviation Authority, Priority Subordinated |  |  |
| Series A, Rev., AMT, 5.00%, 10/01/2033 | 1500 | 1535 |
| Series A, Rev., AMT, 5.00%, 10/01/2036 | 2230 | 2271 |
| Greater Orlando Aviation Authority, United Airlines, Inc. |  |  |
| Rev., AMT, 5.25%, 11/01/2035 | 2150 | 2227 |
| Rev., AMT, 5.50%, 11/01/2036 | 2800 | 2933 |
| Hammock Reserve Community Development District, Special Assessment, 4.70%, 05/01/2042 | 1370 | 1336 |
| Hammock Reserve Community Development District, Assessment Area One Project, Special Assessment, 4.00%, 05/01/2040 | 545 | 516 |
| Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group, Series A, Rev., 2.42%, 11/15/2037 (z) | 17000 | 17000 |
| Hillsborough County Housing Finance Authority, Riverside Apartments, Rev., 2.90%, 12/01/2028 (z) | 415 | 413 |
| Hillsborough County Industrial Development Authority |  |  |
| Rev., 4.13%, 11/15/2051 | 3965 | 3532 |
| Rev., 5.25%, 11/15/2049 | 1500 | 1566 |
| Hillsborough County Industrial Development Authority, Tampa General Hospital Project |  |  |
| Rev., 4.00%, 08/01/2050 | 5000 | 4221 |
| Series A, Rev., 4.00%, 08/01/2045 | 3275 | 2922 |
| Hillsborough County, Industrial Development Authority, Baycare Health System, Series C, Rev., VRDO, LOC: TD Bank NA, 2.45%, 04/07/2026 (z) | 3400 | 3400 |
| Hobe-St Lucie Conservancy District, Special Assessment, 5.88%, 05/01/2055 | 1000 | 1009 |
| JEA Electric System Revenue |  |  |
| Rev., 5.00%, 10/01/2033 | 1000 | 1133 |
| Series 3A, Rev., 5.00%, 10/01/2035 | 5000 | 5305 |
| JEA Electric System Revenue, Subordinate, Series A, Rev., 5.00%, 10/01/2031 | 1795 | 1983 |
| JEA Water & Sewer System Revenue, Series A, Rev., 4.00%, 10/01/2037 | 750 | 763 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Julington Creek Plantation Community Development District, Special Assessment, 5.50%, 05/01/2043 | 1500 | 1606 |
| Lake Hideaway Community Development District, Assessment Area One, Special Assessment, 5.65%, 05/01/2044 | 920 | 932 |
| Lakewood Ranch Stewardship District |  |  |
| Special Assessment, 5.30%, 05/01/2044 | 485 | 497 |
| Special Assessment, 5.80%, 05/01/2045 | 1565 | 1654 |
| Special Assessment, 6.00%, 05/01/2056 | 1000 | 1033 |
| Lakewood Ranch Stewardship District, Country Club East Project, Special Assessment, 2.63%, 05/01/2037 | 250 | 207 |
| Lakewood Ranch Stewardship District, Del Webb Project, Special Assessment, 5.00%, 05/01/2037 (e) | 1655 | 1667 |
| Lakewood Ranch Stewardship District, Lorraine Lakes Project |  |  |
| Special Assessment, 3.13%, 05/01/2030 (e) | 315 | 309 |
| Special Assessment, 3.88%, 05/01/2051 (e) | 2000 | 1575 |
| Lakewood Ranch Stewardship District, Northeast Sector Project |  |  |
| Special Assessment, 3.20%, 05/01/2030 (e) | 540 | 531 |
| Special Assessment, 3.50%, 05/01/2040 | 925 | 823 |
| Lakewood Ranch Stewardship District, Palm Grove Project, Special Assessment, 5.25%, 05/01/2044 | 575 | 588 |
| Lee County Housing Finance Authority, 5300-5360 Summerlin Road, Rev., 2.65%, 12/01/2047 (z) | 655 | 642 |
| Lee County Industrial Development Authority, Exchange Lee Health Systems, Rev., 4.00%, 04/01/2037 | 3000 | 2940 |
| Lee County Industrial Development Authority, Lee Health System, Inc. Project, Rev., 5.00%, 04/01/2065 (z) | 6000 | 6624 |
| Lee County Industrial Development Authority, Shell Point/Waterside Health |  |  |
| Rev., 5.00%, 11/15/2044 | 3000 | 3026 |
| Rev., 5.00%, 11/15/2049 | 2550 | 2468 |
| Lee County Industrial Development Authority/FL |  |  |
| Rev., 4.13%, 11/15/2029 | 1000 | 1004 |
| Rev., 5.25%, 11/15/2054 | 2000 | 1984 |
| Lee County School Board (The), Series A, COP, 5.25%, 08/01/2047 | 16000 | 17019 |
| Miami Beach Health Facilities Authority, Mount Sinai Medical Center |  |  |
| Rev., 5.00%, 11/15/2039 | 2000 | 2002 |
| Rev., 5.00%, 11/15/2044 | 5000 | 5002 |
| Miami Beach Redevelopment Agency |  |  |
| Tax Allocation, 5.00%, 02/01/2040 | 2000 | 2142 |
| Tax Allocation, 5.00%, 02/01/2042 | 5580 | 5887 |
| Tax Allocation, 5.00%, 02/01/2044 | 7590 | 7897 |
| Miami World Center Community Development District, Special Assessment, 5.25%, 11/01/2049 | 4505 | 4516 |
| Miami-Dade County Educational Facilities Authority, Rev., 5.00%, 04/01/2038 (w) | 1500 | 1652 |
| Miami-Dade County Expressway Authority, Series A, Rev., 5.00%, 07/01/2040 | 1625 | 1626 |
| Miami-Dade County Health Facilities Authority, Rev., 4.00%, 08/01/2046 | 1790 | 1625 |
| Miami-Dade County Housing Finance Authority, Series B, Rev., 3.15%, 08/01/2029 (z) | 1000 | 1001 |
| Miami-Dade County Housing Finance Authority, Bonita Pointe Apartments, Rev., FHA, 2.65%, 04/01/2029 (z) | 1070 | 1065 |
| Miami-Dade County Housing Finance Authority, Doral Academy, Inc., Rev., 5.00%, 01/15/2048 | 1570 | 1502 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Miami-Dade County Industrial Development Authority, Rev., 6.25%, 06/01/2055 (e) | 750 | 756 |
| Midtown Miami Community Development District, Series A, Special Assessment, 5.00%, 05/01/2037 | 350 | 342 |
| Mirada Community Development District/Pasco County, Special Assessment, 5.00%, 05/01/2034 | 310 | 316 |
| North Broward Hospital District, Series B, Rev., 5.00%, 01/01/2048 | 4000 | 4016 |
| North Loop Community Development District, Special Assessment, 6.38%, 05/01/2043 | 1000 | 1072 |
| North Miami Community Redevelopment Agency |  |  |
| Rev., 5.00%, 03/01/2035 | 1000 | 1090 |
| Rev., 5.00%, 03/01/2036 | 1200 | 1289 |
| North Powerline Road Community Development District, Special Assessment, 3.63%, 05/01/2040 | 1345 | 1204 |
| North Springs Improvement District, Special Assessment, 5.00%, 05/01/2048 | 3220 | 3175 |
| Orange County Health Facilities Authority, Rev., 5.00%, 08/01/2054 | 3500 | 3351 |
| Orange County Health Facilities Authority, Orlando Health Obligated Group |  |  |
| Rev., 4.00%, 10/01/2052 | 5000 | 4214 |
| Rev., 4.50%, 10/01/2056 | 11515 | 10787 |
| Rev., 5.25%, 10/01/2056 | 7500 | 7744 |
| Orange County Health Facilities Authority, Presbyterian Retirement Communities, Rev., 4.00%, 08/01/2036 | 295 | 292 |
| Orange County Health Facilities Authority, Presbyterian Retirement Communities Project, Rev., 4.00%, 08/01/2042 | 1425 | 1317 |
| Orlando Utilities Commission |  |  |
| Series 2018A, Rev., 5.00%, 10/01/2035 | 2480 | 2546 |
| Series A, Rev., 5.00%, 10/01/2027 | 500 | 518 |
| Series A, Rev., 5.00%, 10/01/2043 | 2300 | 2469 |
| Osceola County Housing Finance Authority, Crestwood Apartments, Series B, Rev., 2.65%, 09/01/2043 (z) | 560 | 553 |
| Palm Beach County Health Facilities Authority, Rev., 5.00%, 11/15/2045 | 1250 | 1259 |
| Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.00%, 11/01/2052 | 2550 | 2431 |
| Palm Beach County Health Facilities Authority, Retirement Life Communities, Rev., 5.00%, 11/15/2032 | 2270 | 2291 |
| Palm Beach County Housing Finance Authority, Calusa Pointe II, Series B, Rev., 2.90%, 02/01/2030 (z) | 995 | 979 |
| Palm Coast Park Community Development District, Sawmill Branch at Palm Coast Park Homeowners Association, Inc., Special Assessment, 5.13%, 05/01/2051 | 1500 | 1413 |
| Parkview at Long Lake Ranch Community Development District, Special Assessment, 4.00%, 05/01/2051 | 800 | 640 |
| Parrish Lakes Community Development District, Special Assessment, 5.00%, 05/01/2031 | 435 | 439 |
| Pasco County School Board, Series A, COP, BAM, 5.00%, 08/01/2036 | 1720 | 1786 |
| Pine Island Community Development District, Special Assessment, 5.75%, 05/01/2035 | 3200 | 3200 |
| Putnam County Development Authority/FL, Rev., 5.00%, 03/15/2042 | 4000 | 4060 |
| Reunion East Community Development District |  |  |
| Special Assessment, 2.40%, 05/01/2026 (e) | 25 | 25 |
| Special Assessment, 2.85%, 05/01/2031 | 25 | 24 |
| Saddle Creek Preserve of Polk County Community Development District |  |  |
| Special Assessment, 4.00%, 06/15/2040 | 500 | 475 |
| Special Assessment, 4.00%, 12/15/2051 | 1315 | 1051 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Sarasota County Health Facilities Authority, Sunnyside Village Project, Rev., 5.00%, 05/15/2048 | 425 | 410 |
| Sarasota County Public Hospital District, Sarasota Memorial Hospital Project |  |  |
| Rev., 4.00%, 07/01/2052 | 6000 | 5110 |
| Rev., 5.00%, 07/01/2052 | 1175 | 1179 |
| Sarasota County School Board, Series A, COP, 5.00%, 07/01/2033 | 1000 | 1123 |
| Sarasota National Community Development District, Special Assessment, 4.00%, 05/01/2039 | 615 | 594 |
| Sawyers Landing Community Development District, Special Assessment, 3.75%, 05/01/2031 | 400 | 397 |
| School District of Broward County, Series A, COP, 5.00%, 07/01/2027 | 1500 | 1541 |
| Somerset Community Development District, Special Assessment, 4.00%, 05/01/2032 | 845 | 837 |
| South Broward Hospital District |  |  |
| Rev., 4.00%, 05/01/2048 | 6500 | 5904 |
| Series A, Rev., 4.00%, 05/01/2044 | 4000 | 3647 |
| South Kendall Community Development District, Special Assessment, 4.25%, 11/01/2037 | 1575 | 1549 |
| Southeast Overtown/Park West Community Redevelopment Agency, Series A, Tax Allocation, 5.00%, 03/01/2038 | 2200 | 2361 |
| St. John's County School Board |  |  |
| Series A, COP, 5.25%, 07/01/2046 | 1500 | 1582 |
| Series A, COP, 5.25%, 07/01/2047 | 3000 | 3128 |
| State Board of Administration Finance Corp., Taxable, Series A, Rev., 1.71%, 07/01/2027 | 4000 | 3891 |
| State of Florida, Series G, GO, 4.00%, 06/01/2040 (p) | 1280 | 1303 |
| State of Florida Department of Transportation Turnpike System Revenue, Department Of Transportation, Rev., 4.00%, 07/01/2041 | 1000 | 1007 |
| State of Florida Department of Transportation Turnpike System Revenue, Turnpike Revenue, Series B, Rev., 3.00%, 07/01/2033 | 2390 | 2335 |
| State of Florida Department of Transportation Turnpike System, Revenue Refunding, Series A, Rev., 5.00%, 07/01/2026 | 1000 | 1006 |
| State of Florida, Capital Outlay, Series C, GO, 5.00%, 06/01/2027 | 1060 | 1064 |
| State of Florida, Department of Transportation Turnpike Revenue |  |  |
| Series A, Rev., 5.00%, 07/01/2030 | 1265 | 1384 |
| Series C, Rev., 5.00%, 07/01/2033 | 5070 | 5738 |
| State of Florida, Department of Transportation, Turnpike System Revenue, Series A, Rev., 5.00%, 07/01/2029 | 500 | 538 |
| Stellar North Community Development District, Special Assessment, 4.00%, 05/01/2052 | 1440 | 1159 |
| Stillwater Community Development District, Project 2021, Special Assessment, 3.00%, 06/15/2031 (e) | 225 | 210 |
| Stonegate Preserve Community Development District, 2023 Project Area, Special Assessment, 5.88%, 12/15/2043 | 995 | 1057 |
| Stoneybrook South Community Development District, Fox South Assessment Area |  |  |
| Special Assessment, 3.00%, 12/15/2030 (e) | 475 | 465 |
| Special Assessment, 3.50%, 12/15/2040 (e) | 1030 | 953 |
| Storey Park Community Development District, Assessment Area Four Project |  |  |
| Special Assessment, 2.38%, 06/15/2026 (e) | 10 | 10 |
| Special Assessment, 2.88%, 06/15/2031 (e) | 60 | 58 |
| Summit View Community Development District, Assessment Area Two, Special Assessment, 5.63%, 05/01/2044 | 945 | 964 |
| Tampa Bay Water, Rev., 5.25%, 10/01/2054 | 20000 | 21001 |
| Tolomato Community Development District, Senior Lien, Special Assessment, 3.75%, 05/01/2039 | 815 | 773 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Florida — continued** |  |  |
| Touchstone Community Development District, Senior Lien, Series A1, Special Assessment, 5.38%, 05/01/2042 | 1000 | 1021 |
| Tradition Community Development District No. 9, Special Assessment, 3.00%, 05/01/2041 | 130 | 104 |
| Turtle Run Community Development District, Special Assessment, Series 2, 5.00%, 05/01/2047 | 1500 | 1495 |
| Two Lakes Community Development District, Special Assessment, 5.00%, 05/01/2044 | 1500 | 1518 |
| Two Rivers West Community Development District, Special Assessment, 5.63%, 05/01/2044 | 580 | 592 |
| V-Dana Community Development District, CDD Assessment Area One 2021, Special Assessment, 4.00%, 05/01/2052 | 1000 | 800 |
| Village Community Development District No. 12, Special Assessment, 4.25%, 05/01/2043 | 1985 | 1871 |
| Village Community Development District No. 13, Special Assessment, 2.63%, 05/01/2030 (e) | 1440 | 1391 |
| Village Community Development District No. 13, Special Assessment Revenue, Special Assessment, 2.85%, 05/01/2036 | 295 | 261 |
| Village Community Development District No. 15 |  |  |
| Special Assessment, 4.00%, 05/01/2034 (e) | 120 | 120 |
| Special Assessment, 4.20%, 05/01/2039 (e) | 500 | 484 |
| Village Community Development District No. 16 |  |  |
| Special Assessment, 4.50%, 05/01/2040 | 2045 | 2047 |
| Special Assessment, 4.88%, 05/01/2045 | 1350 | 1348 |
| Villamar Community Development District, Special Assessment, 3.75%, 05/01/2040 | 655 | 597 |
| Volusia County Educational Facility Authority, Educational Facilities Embry Riddle, Rev., 5.00%, 10/15/2029 | 1000 | 1031 |
| West Hillcrest Community Development District, Series 2023, Special Assessment, 5.50%, 06/15/2053 | 1250 | 1262 |
| West Villages Improvement District, Special Assessment, Unit Of Development #8, Special Assessment, 5.38%, 05/01/2042 | 1875 | 1940 |
| Wildwood Utility Dependent District, Senior South Sumter Utilities Project |  |  |
| Rev., BAM, 5.00%, 10/01/2031 | 1300 | 1434 |
| Rev., BAM, 5.00%, 10/01/2033 | 1150 | 1253 |
| Rev., BAM, 5.00%, 10/01/2039 | 1490 | 1575 |
| Rev., BAM, 5.00%, 10/01/2040 | 1610 | 1694 |
| Wildwood Utility Dependent District, Senior South Sumter Utility Project, Rev., BAM, 5.00%, 10/01/2052 | 1640 | 1652 |
| Wildwood Utility Dependent District, Subordinate South Sumter Utilities Project, Rev., BAM, 5.00%, 10/01/2041 | 650 | 684 |
|  |  | 783664 |
|  **Georgia — 3.1%** |  |  |
| Athens Housing Authority, Rev., 3.23%, 06/01/2045 (z) | 1680 | 1686 |
| Atlanta Urban Residential Finance Authority, Rev., 3.20%, 05/01/2029 (z) | 585 | 586 |
| Bartow County Development Authority, Georgia Power Co. Pollution Bowen Project, Rev., 1.80%, 09/01/2029 (z) | 4425 | 4098 |
| Bartow County Tax Allocation District No. 3, Senior Convertible Highway 411, Tax Allocation, 0.00%, 04/01/2051 (e) | 5000 | 3909 |
| Board of Water Light & Sinking Fund Commissioners of The City of Dalton, Combined Utilities Revenue Bonds |  |  |
| Rev., 4.00%, 03/01/2035 | 1100 | 1108 |
| Rev., 4.00%, 03/01/2036 | 1000 | 1003 |
| Rev., 4.00%, 03/01/2037 | 1135 | 1136 |
| Rev., 4.00%, 03/01/2038 | 1000 | 994 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Georgia — continued** |  |  |
| Brookhaven Development Authority, Children's Healthcare of Atlanta |  |  |
| Rev., 5.00%, 07/01/2036 | 2425 | 2556 |
| Rev., 5.00%, 07/01/2037 | 2400 | 2520 |
| Series A, Rev., 4.00%, 07/01/2044 | 3000 | 2884 |
| Brookhaven Urban Redevelopment Agency, Series A, Rev., 4.00%, 07/01/2045 | 3260 | 3172 |
| Bulloch County Board of Education |  |  |
| GO, 5.00%, 11/01/2027 | 1250 | 1298 |
| GO, 5.00%, 11/01/2028 | 1415 | 1499 |
| City of Atlanta Airport Passenger Facility Charge, Airport Revenue Subordinated, Rev., AMT, 4.00%, 07/01/2038 | 2825 | 2738 |
| City of Atlanta Department of Aviation |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2028 | 3300 | 3447 |
| Series C, Rev., AMT, 5.00%, 07/01/2034 | 540 | 581 |
| Series C, Rev., AMT, 5.00%, 07/01/2048 | 1000 | 1006 |
| City of Atlanta Department of Aviation, Sustainable Bonds, Series B1, Rev., AMT, 5.00%, 07/01/2035 | 2105 | 2331 |
| City of Atlanta GA Department of Aviation |  |  |
| Rev., AMT, 5.25%, 07/01/2041 | 1775 | 1933 |
| Series B1, Rev., AMT, 5.00%, 07/01/2036 | 700 | 767 |
| Series B1, Rev., AMT, 5.00%, 07/01/2037 | 1290 | 1403 |
| City of Atlanta Water & Wastewater Revenue, Series B, Rev., 4.00%, 11/01/2037 | 1000 | 1003 |
| City of Atlanta, Airport Passenger Facility, Subordinated Lien, Series C, Rev., 5.00%, 07/01/2040 | 2000 | 2083 |
| City of Atlanta, Department of Aviation, Airport Revenue, Series B, Rev., AMT, 5.00%, 07/01/2031 | 1155 | 1221 |
| City of Atlanta, Water & Wastewater Revenue, Series B, Rev., 5.00%, 11/01/2047 | 4000 | 4054 |
| Cobb County Hospital Authority, Rev., VRDO, LOC: Truist Bank, 2.45%, 04/07/2026 (z) | 8000 | 8000 |
| Cobb County Kennestone Hospital Authority, Revenue Anticipation Certificates, Rev., 5.00%, 04/01/2036 | 500 | 507 |
| Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Rev., 3.00%, 04/01/2037 | 700 | 635 |
| Cobb-Marietta Coliseum & Exhibit Hall Authority |  |  |
| Rev., 5.25%, 10/01/2043 | 2760 | 3054 |
| Rev., 5.25%, 10/01/2044 | 1355 | 1487 |
| Columbia County Hospital Authority, Anticipation Certificate Wellstar, Rev., 5.13%, 04/01/2053 | 3625 | 3670 |
| DeKalb County Housing Authority, Kensington Station Project, Series A, Rev., 4.00%, 12/01/2033 | 10000 | 10061 |
| Development Authority of Burke County (The) |  |  |
| Rev., 2.90%, 12/01/2049 (z) | 3515 | 3491 |
| Rev., 3.30%, 12/01/2049 (z) | 515 | 518 |
| Development Authority of Burke County, Georgia Power Co. Plant Vogtle Project, Rev., 3.38%, 11/01/2053 (z) | 1000 | 1003 |
| Development Authority of Cobb County, The Northwest Classical Academy Project, Rev., 5.70%, 06/15/2038 (e) | 605 | 611 |
| Development Authority of Monroe County/The, Georgia Power Co. Plant Scherer, Rev., 1.00%, 07/01/2049 (z) | 1785 | 1770 |
| Fayette County Development Authority |  |  |
| Rev., 5.00%, 10/01/2036 | 900 | 961 |
| Rev., 5.00%, 10/01/2037 | 925 | 981 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Georgia — continued** |  |  |
| Rev., 5.00%, 10/01/2041 | 950 | 985 |
| Rev., 5.00%, 10/01/2043 | 1400 | 1434 |
| Rev., 5.00%, 10/01/2044 | 1250 | 1268 |
| Fulton County Residential Care Facilities for the Elderly Authority, Rev., 5.00%, 07/01/2036 | 525 | 525 |
| Gainesville & Hall County Development Authority, Rev., VRDO, 2.80%, 04/01/2026 (z) | 14340 | 14340 |
| Gainesville & Hall County Hospital Authority |  |  |
| Rev., 5.00%, 10/15/2030 | 3500 | 3800 |
| Rev., 5.00%, 10/15/2034 | 7545 | 8444 |
| George L Smith II Congress Center Authority, Convention Center Hotel, Series 2, Rev., 5.00%, 01/01/2054 (e) | 1000 | 921 |
| George L Smith II Congress Center Authority, Convention Center Hotel First |  |  |
| Rev., 4.00%, 01/01/2054 | 7850 | 6460 |
| Series 1, Rev., 4.00%, 01/01/2036 | 2750 | 2708 |
| Georgia Housing & Finance Authority |  |  |
| Rev., 4.70%, 12/01/2054 | 15000 | 14665 |
| Series A, Rev., 2.75%, 12/01/2035 | 500 | 443 |
| Series A, Rev., 4.50%, 12/01/2045 | 2000 | 1985 |
| Series E, Rev., GNMA/FNMA/FHLMC, 4.85%, 12/01/2040 | 1000 | 1026 |
| Georgia Ports Authority, Rev., 5.25%, 07/01/2043 | 2705 | 2915 |
| Georgia State Road & Tollway Authority |  |  |
| Rev., 5.00%, 06/01/2027 | 5250 | 5403 |
| Rev., 5.00%, 06/01/2028 | 5500 | 5779 |
| Rev., 5.00%, 06/01/2030 | 6205 | 6763 |
| Homerville Housing Authority, Brookwood Apartments, Rev., 3.45%, 01/01/2028 (z) | 530 | 532 |
| Main Street Energy, Inc., Energy Project, Series D, Rev., 5.00%, 12/01/2033 | 6870 | 7197 |
| Main Street Natural Gas, Inc. |  |  |
| Rev., 5.00%, 12/01/2054 (z) | 1730 | 1826 |
| Series A, Rev., 4.00%, 07/01/2052 (z) | 14500 | 14669 |
| Series A, Rev., 5.00%, 05/15/2033 | 4950 | 5117 |
| Series A, Rev., 5.00%, 05/15/2043 | 8000 | 8059 |
| Series A, Rev., 5.00%, 06/01/2053 (z) | 15000 | 15695 |
| Series A, Rev., 5.00%, 05/01/2054 (z) | 15925 | 16875 |
| Series A, Rev., 5.00%, 06/01/2055 (z) | 19755 | 21126 |
| Series A, Rev., 5.50%, 09/15/2028 | 1000 | 1049 |
| Series B, Rev., 5.00%, 06/01/2028 | 2500 | 2572 |
| Series B, Rev., 5.00%, 06/01/2029 | 1500 | 1563 |
| Series B, Rev., 5.00%, 12/01/2052 (z) | 5000 | 5217 |
| Series B, Rev., 5.00%, 07/01/2053 (z) | 6910 | 7245 |
| Series B, Rev., 5.00%, 12/01/2054 (z) | 11185 | 11939 |
| Series B, Rev., 5.00%, 12/01/2055 (z) | 5000 | 5249 |
| Series C, Rev., 4.00%, 03/01/2050 (z) | 6350 | 6368 |
| Series C, Rev., 4.00%, 05/01/2052 (z) | 5440 | 5495 |
| Series C, Rev., 5.00%, 09/01/2053 (z) | 1930 | 2029 |
| Series D, Rev., 5.00%, 05/01/2054 (z) | 9500 | 9977 |
| Main Street Natural Gas, Inc., Gas Supply, Series C, Rev., 4.00%, 08/01/2052 (e) (z) | 30600 | 30534 |
| Main Street Natural Gas, Inc. |  |  |
| Series D, Rev., 5.00%, 04/01/2054 (z) | 28910 | 30696 |
| Series E, Rev., 5.00%, 05/01/2055 (z) | 25990 | 27265 |
| Metropolitan Atlanta Rapid Transit Authority |  |  |
| Rev., 5.00%, 07/01/2036 | 8500 | 9519 |
| Series A, Rev., 5.25%, 07/01/2050 | 4270 | 4525 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Georgia — continued** |  |  |
| Metropolitan Atlanta Rapid Transit Authority, Sustainable Bond |  |  |
| Series A, Rev., 5.00%, 07/01/2043 | 3000 | 3256 |
| Series A, Rev., 5.00%, 07/01/2044 | 3000 | 3231 |
| Milledgeville & Baldwin County Development Authority, Georgia College & State University Projects, Rev., 4.00%, 06/15/2037 | 500 | 502 |
| Municipal Electric Authority of Georgia |  |  |
| Rev., 5.00%, 01/01/2029 | 1000 | 1058 |
| Rev., 5.00%, 01/01/2049 | 2800 | 2795 |
| Rev., 5.00%, 01/01/2056 | 1350 | 1345 |
| Rev., 5.00%, 01/01/2059 | 3855 | 3751 |
| Municipal Electric Authority of Georgia, Combined Cycle Project |  |  |
| Series A, Rev., 5.00%, 11/01/2027 | 250 | 259 |
| Series A, Rev., 5.00%, 11/01/2029 | 250 | 269 |
| Municipal Electric Authority of Georgia, General Resolution Project, Series A, Rev., 4.00%, 01/01/2037 | 1125 | 1122 |
| Municipal Electric Authority of Georgia, General Resolution Projects, Subordinated, Rev., 5.00%, 01/01/2028 | 2830 | 2846 |
| Municipal Electric Authority of Georgia, Plant Vogtle Unis 3&4 Project, Rev., 5.00%, 01/01/2059 | 3000 | 2989 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project |  |  |
| Series A, Rev., 5.00%, 07/01/2033 | 1610 | 1774 |
| Series A, Rev., 5.00%, 07/01/2035 | 1300 | 1418 |
| Series A, Rev., 5.00%, 07/01/2036 | 2795 | 3032 |
| Municipal Electric Authority of Georgia, Plant Vogtle Units 3&4 Project |  |  |
| Rev., 4.00%, 01/01/2036 | 330 | 333 |
| Rev., 4.00%, 01/01/2041 | 1000 | 978 |
| Rev., 5.00%, 07/01/2027 | 500 | 516 |
| Rev., 5.00%, 01/01/2039 | 1310 | 1332 |
| Rev., BAM, 5.00%, 01/01/2049 | 13455 | 13556 |
| Rev., 5.00%, 07/01/2053 | 3675 | 3720 |
| Rev., 5.00%, 07/01/2055 | 4615 | 4665 |
| Rev., 5.00%, 07/01/2060 | 2000 | 1973 |
| Rev., 5.50%, 07/01/2063 | 2500 | 2542 |
| Municipal Electric Authority of Georgia, Power Revenue |  |  |
| Series HH, Rev., 5.00%, 01/01/2033 | 1000 | 1032 |
| Series HH, Rev., 5.00%, 01/01/2034 | 1000 | 1031 |
| Municipal Electric Authority of Georgia, Project One Subordinated |  |  |
| Rev., 5.00%, 01/01/2029 | 1110 | 1174 |
| Rev., 5.00%, 01/01/2037 | 1250 | 1328 |
| Municipal Electric Authority of Georgia, Project One, Subordinated, Series B, Rev., 4.00%, 01/01/2039 | 1400 | 1380 |
| Municipal Electric Authority of Georgia, Subordinate General Resolution, Rev., 5.00%, 01/01/2033 | 1010 | 1108 |
| Municipal Electric Authority of Georgia, Subordinate Project One |  |  |
| Series A, Rev., 5.00%, 01/01/2030 | 705 | 758 |
| Series A, Rev., 5.00%, 01/01/2031 | 1715 | 1870 |
| Paulding County Hospital Authority, Anticipation Certificates Wellstar Health |  |  |
| Rev., 5.00%, 04/01/2036 | 325 | 351 |
| Rev., 5.00%, 04/01/2038 | 500 | 534 |
| Private Colleges & Universities Authority, Emory University, Series B, Rev., 4.00%, 10/01/2038 | 13500 | 13291 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Georgia — continued** |  |  |
| Private Colleges & Universities Authority, Savannah College of Art And Design |  |  |
| Rev., 4.00%, 04/01/2038 | 1400 | 1402 |
| Rev., 5.00%, 04/01/2027 | 400 | 409 |
| Savannah Georgia Convention Center Authority |  |  |
| Rev., 5.25%, 06/01/2061 | 3135 | 3032 |
| Rev., 5.50%, 06/01/2040 (e) | 5935 | 5966 |
| Rev., 5.50%, 06/01/2050 | 1220 | 1280 |
| Rev., 6.25%, 06/01/2061 (e) | 2400 | 2372 |
| State of Georgia, Series E, GO, 5.00%, 12/01/2027 | 1570 | 1596 |
| State of Georgia, Bidding Group 1, Series A, GO, 5.00%, 07/01/2033 | 2000 | 2208 |
| State of Georgia, Bidding Group 2, Series A, GO, 4.00%, 07/01/2035 | 750 | 776 |
| State of Georgia, Tranche 2, Series A, GO, 5.00%, 07/01/2030 | 2000 | 2148 |
|  |  | 524275 |
|  **Guam — 0.1%** |  |  |
| Antonio B Won Pat International Airport Authority |  |  |
| Rev., AMT, 5.00%, 10/01/2031 | 250 | 264 |
| Rev., AMT, 5.25%, 10/01/2035 | 550 | 595 |
| Antonio B. Won Pat International Airport Authority, Rev., AMT, 5.25%, 10/01/2030 | 750 | 794 |
| Territory of Guam |  |  |
| Series F, Rev., 4.00%, 01/01/2042 | 1000 | 952 |
| Series G, Rev., 5.00%, 01/01/2034 | 1000 | 1087 |
| Series G, Rev., 5.00%, 01/01/2035 | 875 | 953 |
| Series G, Rev., 5.00%, 01/01/2036 | 1000 | 1081 |
| Series G, Rev., 5.25%, 01/01/2038 | 2000 | 2168 |
| Series G, Rev., 5.25%, 01/01/2039 | 900 | 969 |
|  |  | 8863 |
|  **Hawaii — 0.4%** |  |  |
| City & County Honolulu HI Wastewater System Revenue |  |  |
| Rev., 5.00%, 07/01/2032 | 290 | 326 |
| Rev., 5.00%, 07/01/2039 | 1470 | 1614 |
| Rev., 5.00%, 07/01/2041 | 2945 | 3212 |
| Rev., 5.25%, 07/01/2054 | 6900 | 7219 |
| City & County Honolulu Wastewater System Revenue, Green Bonds Senior Lien, Rev., 5.00%, 07/01/2040 | 540 | 582 |
| City & County Honolulu Wastewater System Revenue, Senior First Bond Resolution, Series A, Rev., 5.00%, 07/01/2035 | 2110 | 2175 |
| City & County of Honolulu |  |  |
| Series A, GO, 5.00%, 09/01/2027 | 30 | 31 |
| Series C, GO, 5.00%, 10/01/2028 | 1450 | 1537 |
| Series C, GO, 5.00%, 10/01/2029 | 1000 | 1080 |
| City & County of Honolulu Wastewater System Revenue Bonds, Junior Second Bond Resolution, Rev., 5.00%, 07/01/2034 | 1000 | 1145 |
| City & County of Honolulu, Rail Transit Project |  |  |
| GO, 3.00%, 07/01/2032 | 430 | 425 |
| GO, 3.00%, 07/01/2035 | 1000 | 946 |
| State of Hawaii |  |  |
| Series FG, GO, 4.00%, 10/01/2032 | 2000 | 2009 |
| Series FG, GO, 4.00%, 10/01/2033 | 3000 | 3010 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Hawaii — continued** |  |  |
| State of Hawaii Airports System Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2032 | 1500 | 1556 |
| Series A, Rev., AMT, 5.00%, 07/01/2033 | 1630 | 1687 |
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 2000 | 2121 |
| Series A, Rev., AMT, 5.00%, 07/01/2035 | 1000 | 1031 |
| Series A, Rev., AMT, 5.00%, 07/01/2051 | 1905 | 1912 |
| Series A, Rev., AMT, 5.25%, 07/01/2051 | 8630 | 8869 |
| Series B, Rev., 5.00%, 07/01/2026 | 625 | 628 |
| Series C, Rev., AMT, 5.00%, 07/01/2040 | 1000 | 1068 |
| State of Hawaii Department of Budget & Finance |  |  |
| Rev., 3.20%, 07/01/2039 | 11685 | 9844 |
| Rev., 5.00%, 07/01/2034 (e) | 1350 | 1372 |
| State of Hawaii Harbor System Revenue |  |  |
| Series A, Rev., AMT, 4.00%, 07/01/2031 | 250 | 255 |
| Series A, Rev., AMT, 4.00%, 07/01/2032 | 500 | 507 |
| Series A, Rev., AMT, 4.00%, 07/01/2033 | 750 | 758 |
| Series A, Rev., AMT, 4.00%, 07/01/2034 | 3555 | 3581 |
| Series A, Rev., AMT, 5.00%, 07/01/2027 | 250 | 256 |
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 500 | 520 |
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 250 | 264 |
| Series C, Rev., 4.00%, 07/01/2032 | 200 | 207 |
| State of Hawaii State Highway Fund, Rev., 5.00%, 01/01/2029 | 1000 | 1065 |
| State of Hawaii, Airports System Revenue, Series D, Rev., 5.00%, 07/01/2030 | 1000 | 1090 |
|  |  | 63902 |
|  **Idaho — 0.1%** |  |  |
| Idaho Health Facilities Authority, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2043 | 4460 | 4219 |
| Series A, Rev., 5.00%, 12/01/2047 | 1715 | 1729 |
| Idaho Housing & Finance Association |  |  |
| Series A, Rev., 5.00%, 08/15/2034 | 1130 | 1276 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 4180 | 4589 |
| Idaho Housing & Finance Association, Garvee |  |  |
| Series A, Rev., 4.00%, 07/15/2039 | 1440 | 1433 |
| Series A, Rev., 5.00%, 07/15/2030 | 1250 | 1355 |
| Idaho Housing & Finance Association, Transportation Expansion & Congestion Mitigation |  |  |
| Rev., 5.00%, 08/15/2038 | 1245 | 1386 |
| Rev., 5.00%, 08/15/2041 | 1545 | 1656 |
| Idaho Housing & Finance Association, Transportation Expansion & Mitigation, Rev., 5.00%, 08/15/2037 | 165 | 180 |
| Idaho Housing and Finance Association, Series C, Rev., GNMA/FNMA/FHLMC, 5.15%, 07/01/2045 | 1500 | 1534 |
| Spring Valley Community Infrastructure District No. 1, Assessment Area Two, Special Assessment, 6.25%, 09/01/2053 (e) | 1120 | 1142 |
|  |  | 20499 |
|  **Illinois — 5.3%** |  |  |
| Board of Trustees of the University of Illinois (The), Series A, Rev., 4.00%, 04/01/2036 | 4730 | 4730 |
| Chicago Board of Education |  |  |
| GO, 5.00%, 12/01/2032 | 600 | 609 |
| Series A, GO, 5.00%, 12/01/2026 | 10 | 10 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| Series A, GO, 5.00%, 12/01/2041 | 1000 | 960 |
| Series A, GO, 5.00%, 12/01/2042 | 10000 | 9448 |
| Series D, GO, 5.00%, 12/01/2046 | 7500 | 6849 |
| Chicago Board of Education Dedicated Capital Improvement Tax |  |  |
| Rev., 5.75%, 04/01/2048 | 4000 | 4185 |
| Rev., 6.00%, 04/01/2046 | 3480 | 3518 |
| Chicago Board of Education, Capital Appreciation School Reform |  |  |
| Series A, GO, NATL, Zero Coupon, 12/01/2029 | 1220 | 1059 |
| Series B1, GO, NATL, Zero Coupon, 12/01/2028 | 500 | 453 |
| Series B1, GO, NATL, Zero Coupon, 12/01/2029 | 1105 | 960 |
| Chicago Board of Education, Dedicated |  |  |
| Series H, GO, 5.00%, 12/01/2036 | 2000 | 1930 |
| Series H, GO, 5.00%, 12/01/2046 | 1000 | 913 |
| Chicago Midway International Airport, Series B, Rev., 5.00%, 01/01/2045 | 7225 | 7580 |
| Chicago Midway International Airport, Senior |  |  |
| Series C, Rev., AMT, 5.00%, 01/01/2028 | 2825 | 2923 |
| Series C, Rev., AMT, 5.00%, 01/01/2034 | 6000 | 6499 |
| Series C, Rev., AMT, 5.00%, 01/01/2040 | 2610 | 2725 |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series A, Rev., BAM, AMT, 5.00%, 01/01/2033 | 2400 | 2620 |
| Series A, Rev., AMT, 5.00%, 01/01/2034 | 1660 | 1798 |
| Chicago O'Hare International Airport |  |  |
| Rev., 5.00%, 01/01/2052 | 4030 | 4037 |
| Rev., 5.25%, 01/01/2053 | 5000 | 5159 |
| Series C, Rev., AMT, 5.00%, 01/01/2032 | 4000 | 4348 |
| Series C, Rev., AMT, 5.00%, 01/01/2036 | 1500 | 1626 |
| Series D, Rev., 5.25%, 01/01/2042 | 6670 | 6740 |
| Chicago O'Hare International Airport, General Senior Lien, Series B, Rev., 5.00%, 01/01/2053 | 4895 | 4918 |
| Chicago O'Hare International Airport, Senior Lien |  |  |
| Series A, Rev., 4.00%, 01/01/2035 | 3500 | 3542 |
| Series A, Rev., AMT, 5.00%, 01/01/2039 | 2000 | 2044 |
| Series A, Rev., 5.00%, 01/01/2048 | 6190 | 6336 |
| Series A, Rev., AMT, 5.00%, 01/01/2053 | 3000 | 2989 |
| Series A, Rev., 5.25%, 01/01/2061 | 5000 | 5153 |
| Series E, Rev., BAM, AMT, 5.00%, 01/01/2060 | 15290 | 15059 |
| Series E, Rev., AMT, 5.50%, 01/01/2048 | 15850 | 16735 |
| Series F, Rev., BAM, 4.25%, 01/01/2047 | 2180 | 2048 |
| Chicago O'Hare International Airport, Senior Lien Customer Facility, Rev., BAM, 5.25%, 01/01/2042 | 1465 | 1557 |
| Chicago Park District |  |  |
| GO, 5.00%, 01/01/2047 | 1750 | 1797 |
| Series C, GO, BAM, 4.00%, 01/01/2041 | 1485 | 1426 |
| Chicago Transit Authority Capital Grant Receipts Revenue, Section 5357, Rev., 5.00%, 06/01/2028 | 1000 | 1044 |
| Chicago Transit Authority Sales Tax Receipts Fund |  |  |
| Rev., 5.00%, 12/01/2046 | 4780 | 4793 |
| Series A, Rev., 5.00%, 12/01/2037 | 2000 | 2185 |
| Series A, Rev., 5.00%, 12/01/2045 | 6500 | 6628 |
| Series A, Rev., BAM, 5.00%, 12/01/2046 | 4500 | 4618 |
| Series A, Rev., 5.00%, 12/01/2049 | 5000 | 5068 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| Chicago Transit Authority Sales Tax Receipts Fund, Second Lien |  |  |
| Rev., 5.00%, 12/01/2051 | 4750 | 4754 |
| Series A, Rev., 4.00%, 12/01/2049 | 4000 | 3453 |
| Series A, Rev., 5.00%, 12/01/2055 | 2000 | 2008 |
| Series A, Rev., 5.00%, 12/01/2059 | 10860 | 10907 |
| Series A, Rev., 5.25%, 12/01/2051 | 1500 | 1558 |
| Series A, Rev., 5.50%, 12/01/2056 | 10450 | 10941 |
| City of Aurora Waterworks & Sewerage Revenue, Series B, Rev., 4.00%, 12/01/2034 | 1565 | 1565 |
| City of Berwyn, Series A, GO, 5.00%, 12/01/2029 | 1000 | 1003 |
| City of Chicago |  |  |
| Series A, GO, 5.00%, 01/01/2027 | 5500 | 5553 |
| Series A, GO, 5.00%, 01/01/2034 | 4500 | 4617 |
| Series A, GO, 5.50%, 01/01/2049 | 6325 | 6210 |
| Series A, GO, 6.00%, 01/01/2050 | 2000 | 2065 |
| Series B, GO, 4.00%, 01/01/2038 (e) | 521 | 476 |
| Series B, GO, 5.00%, 01/01/2029 | 1000 | 1030 |
| Series B, GO, 5.00%, 01/01/2034 | 3555 | 3696 |
| Series C, GO, Zero Coupon, 01/01/2027 (p) | 500 | 489 |
| Series E, GO, 6.00%, 01/01/2045 | 1500 | 1595 |
| City of Chicago IL, Series A, GO, 5.00%, 01/01/2042 | 2000 | 1976 |
| City of Chicago IL Wastewater Transmission Revenue |  |  |
| Rev., 5.00%, 01/01/2036 | 1000 | 1084 |
| Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1070 |
| Rev., BAM, 5.00%, 01/01/2042 | 785 | 836 |
| Rev., BAM, 5.00%, 01/01/2043 | 1125 | 1194 |
| Rev., 5.25%, 01/01/2058 | 1910 | 1950 |
| City of Chicago IL Waterworks Revenue |  |  |
| Rev., 5.00%, 11/01/2031 | 665 | 728 |
| Rev., 5.00%, 11/01/2037 | 1000 | 1071 |
| City of Chicago Special Assessment Revenue, Lakeshore East Project |  |  |
| Special Assessment, 2.69%, 12/01/2026 (e) | 210 | 208 |
| Special Assessment, 3.04%, 12/01/2028 (e) | 270 | 264 |
| City of Chicago Wastewater Transmission Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 01/01/2042 | 2300 | 2321 |
| Series B, Rev., 5.00%, 01/01/2037 | 1050 | 1130 |
| Series B, Rev., 5.00%, 01/01/2039 | 2000 | 2128 |
| City of Chicago Wastewater Transmission Revenue, Second Lien Wastewater Transmission Revenue Bonds, Rev., BAM, 5.00%, 01/01/2044 | 1500 | 1580 |
| City of Chicago Waterworks Revenue, Second Lien |  |  |
| Series 2017-2, Rev., 5.00%, 11/01/2038 | 3500 | 3569 |
| Series B, Rev., 5.00%, 11/01/2032 | 1000 | 1104 |
| Series B, Rev., 5.00%, 11/01/2038 | 1000 | 1066 |
| Series B, Rev., 5.00%, 11/01/2039 | 1000 | 1062 |
| City of Chicago, Chicago Recovery Plan, Series A, GO, 5.00%, 01/01/2044 | 9415 | 9071 |
| City of Chicago, Chicago Works |  |  |
| Series A, GO, 5.50%, 01/01/2039 | 1180 | 1222 |
| Series A, GO, 5.50%, 01/01/2040 | 1000 | 1031 |
| Series A, GO, 5.50%, 01/01/2041 | 1000 | 1020 |
| Series A, GO, 5.50%, 01/01/2043 | 1500 | 1520 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| City of Chicago, Wastewater Transmission Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 01/01/2048 | 7260 | 7540 |
| Series B, Rev., 5.00%, 01/01/2027 | 1000 | 1018 |
| Series B, Rev., 5.00%, 01/01/2029 | 300 | 317 |
| Series B, Rev., 5.00%, 01/01/2038 | 1940 | 2077 |
| City of Chicago, Waterworks Revenue, Second Lien |  |  |
| Series A, Rev., 5.25%, 11/01/2048 | 1500 | 1553 |
| Series B, Rev., 4.00%, 11/01/2040 | 4320 | 4285 |
| Series B, Rev., 5.00%, 11/01/2028 | 300 | 316 |
| Series B, Rev., 5.00%, 11/01/2031 | 400 | 439 |
| Series B, Rev., 5.00%, 11/01/2033 | 2350 | 2581 |
| City of Granite City, Waste Management, Inc., Rev., AMT, 1.25%, 05/01/2027 | 5000 | 4857 |
| City of Joliet IL Waterworks & Sewerage Revenue |  |  |
| Rev., BAM, 5.00%, 01/01/2041 | 1000 | 1067 |
| Rev., BAM, 5.00%, 01/01/2042 | 800 | 848 |
| Rev., BAM, 5.00%, 01/01/2043 | 695 | 736 |
| Cook County Community College District No. 508, GO, BAM, 5.50%, 12/01/2051 | 1275 | 1346 |
| Cook County Community College District No. 508, City Colleges of Chicago |  |  |
| GO, BAM, 5.00%, 12/01/2041 | 3000 | 3187 |
| GO, BAM, 5.00%, 12/01/2042 | 2000 | 2114 |
| Cook County Community Consolidated School District No. 34 Glenview, GO, 4.00%, 12/01/2029 | 2000 | 2088 |
| Cook County High School District No. 214 Arlington Heights, GO, 4.00%, 12/01/2026 | 1910 | 1928 |
| Cook County School District No. 87 Berkeley, GO, 3.00%, 12/01/2034 | 1500 | 1417 |
| Cook County Township High School District No. 201 J. Sterling Morton |  |  |
| GO, 5.00%, 06/01/2037 | 1000 | 1115 |
| GO, 5.00%, 06/01/2038 | 1150 | 1270 |
| GO, 5.00%, 06/01/2040 | 2680 | 2915 |
| GO, 5.00%, 06/01/2042 | 1400 | 1502 |
| Cook County, Community School District No. 97, Oak Park, GO, 4.00%, 01/01/2034 | 2000 | 2034 |
| County of Cook |  |  |
| Series A, GO, 5.00%, 11/15/2026 | 4900 | 4970 |
| Series A, GO, 5.00%, 11/15/2033 | 250 | 276 |
| County of Cook IL Sales Tax Revenue, Rev., 5.00%, 11/15/2031 | 2000 | 2207 |
| County of Cook Sales Tax Revenue |  |  |
| Rev., 4.00%, 11/15/2037 | 3500 | 3502 |
| Rev., 4.00%, 11/15/2038 | 1545 | 1520 |
| Series A, Rev., 4.00%, 11/15/2039 | 2000 | 1943 |
| Series A, Rev., 4.00%, 11/15/2040 | 5250 | 5046 |
| Series A, Rev., 5.25%, 11/15/2045 | 2500 | 2616 |
| County of Cook, Sales Tax Revenue, Series A, Rev., 5.00%, 11/15/2038 | 1240 | 1304 |
| County of Will, GO, 4.00%, 11/15/2047 | 7000 | 6291 |
| Du Page & Will Counties Community School District No. 204 Indian Prairie, GO, 5.00%, 01/15/2045 | 5000 | 5219 |
| Illinois Development Finance Authority, Rev., AMT, 3.45%, 11/01/2044 (z) | 1225 | 1226 |
| Illinois Development Finance Authority, State Vincent De Paul Center Project, Rev., 2.85%, 11/15/2039 (z) | 2000 | 1963 |
| Illinois Finance Authority |  |  |
| Rev., 4.00%, 02/15/2041 (p) | 1730 | 1751 |
| Rev., 4.25%, 07/01/2041 | 690 | 684 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| Rev., AMT, 4.80%, 12/01/2043 (e) (z) | 14225 | 14321 |
| Rev., 5.00%, 04/01/2036 | 3000 | 3313 |
| Rev., 5.00%, 07/01/2042 | 750 | 818 |
| Rev., 5.13%, 11/01/2046 (e) | 1000 | 1007 |
| Rev., 5.25%, 04/01/2038 | 3250 | 3596 |
| Rev., 5.25%, 04/01/2040 | 1660 | 1713 |
| Rev., 5.25%, 04/01/2043 | 1200 | 1213 |
| Series A, Rev., 4.00%, 07/15/2036 | 710 | 718 |
| Series A, Rev., 4.00%, 07/15/2039 | 3000 | 2898 |
| Series A, Rev., 5.00%, 07/01/2034 (p) | 2500 | 2515 |
| Series A, Rev., 5.00%, 11/15/2035 | 4615 | 5140 |
| Series A, Rev., 5.00%, 08/15/2047 | 3005 | 3036 |
| Series B2, Rev., 5.00%, 05/15/2050 (z) | 2550 | 2555 |
| Series B, Rev., 5.00%, 07/01/2034 | 2170 | 2468 |
| Illinois Finance Authority, Acero Charter Schools, Inc., Rev., 4.00%, 10/01/2042 (e) | 500 | 438 |
| Illinois Finance Authority, Advocate Health Care Network Project, Rev., 4.00%, 11/01/2030 | 1290 | 1311 |
| Illinois Finance Authority, Ann & Robert H. Lurie Child, Rev., 4.00%, 08/15/2037 | 500 | 488 |
| Illinois Finance Authority, Ann & Robert H. Lurie Children's Hospital of Chicago, Rev., 5.00%, 08/15/2035 | 1610 | 1631 |
| Illinois Finance Authority, CenterPoint Intermodal Center, Rev., AMT, 4.13%, 12/01/2043 (e) (z) | 15000 | 14635 |
| Illinois Finance Authority, DePaul College Prep Foundation, Rev., 5.50%, 08/01/2043 (e) | 1360 | 1433 |
| Illinois Finance Authority, Edward Elmhurst Healthcare, Rev., 5.00%, 01/01/2032 (p) | 1690 | 1720 |
| Illinois Finance Authority, Green Bond, Rev., 4.00%, 07/01/2038 | 4160 | 4180 |
| Illinois Finance Authority, Green Bonds |  |  |
| Rev., 4.00%, 01/01/2033 | 8190 | 8419 |
| Rev., 4.00%, 07/01/2040 | 1500 | 1494 |
| Illinois Finance Authority, Health Services Facility Lease Revenue, Provident Group UIC Surgery |  |  |
| Rev., 4.00%, 10/01/2040 | 1750 | 1620 |
| Rev., 5.00%, 10/01/2032 | 750 | 782 |
| Illinois Finance Authority, Illinois State Clean Water Initiative, Green Bond, Rev., 5.00%, 01/01/2028 | 100 | 104 |
| Illinois Finance Authority, Mercy Health Corp., Rev., 5.00%, 12/01/2040 | 3080 | 3092 |
| Illinois Finance Authority, Mercy Health System Corporation, Rev., 5.00%, 12/01/2046 | 4000 | 4016 |
| Illinois Finance Authority, Northshore University Health System |  |  |
| Rev., 4.00%, 08/15/2037 | 1000 | 972 |
| Rev., 5.00%, 08/15/2035 | 750 | 794 |
| Illinois Finance Authority, Northwestern Memorial HealthCare |  |  |
| Rev., VRDO, 2.80%, 04/01/2026 (z) | 8790 | 8790 |
| Rev., 4.00%, 07/15/2047 | 14000 | 12302 |
| Illinois Finance Authority, OSF Healthcare System |  |  |
| Rev., 4.00%, 05/15/2050 | 1000 | 832 |
| Series A, Rev., 5.00%, 11/15/2045 | 11255 | 11255 |
| Illinois Finance Authority, Plymouth Place, Inc., Rev., 5.00%, 05/15/2041 | 400 | 386 |
| Illinois Finance Authority, Presbyterian Homes, Series B, Rev., (SIFMA Municipal Swap Index + 0.70%), 3.12%, 05/01/2042 (aa) | 180 | 180 |
| Illinois Finance Authority, Southern Illinois Healthcare, Rev., 5.00%, 03/01/2031 | 2135 | 2162 |
| Illinois Finance Authority, Swedish Covenant Hospital, Rev., 5.00%, 08/15/2032 (p) | 4000 | 4035 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| Illinois Finance Authority, The Carle Foundation |  |  |
| Series A, Rev., 3.00%, 08/15/2048 | 2850 | 2144 |
| Series A, Rev., 4.00%, 08/15/2038 | 1615 | 1566 |
| Series B, Rev., 5.00%, 08/15/2053 (z) | 285 | 307 |
| Illinois Finance Authority, UChicago Medicine |  |  |
| Rev., 5.00%, 08/15/2052 (z) | 875 | 895 |
| Series A, Rev., 5.00%, 08/15/2047 | 28845 | 29069 |
| Illinois Finance Authority, University of Chicago |  |  |
| Series A, Rev., 5.00%, 10/01/2034 | 1750 | 1973 |
| Series A, Rev., 5.00%, 10/01/2035 | 1400 | 1585 |
| Series A, Rev., 5.25%, 05/15/2048 | 2000 | 2084 |
| Illinois Housing Development Authority |  |  |
| Rev., HUD, 3.15%, 07/01/2029 (z) | 425 | 426 |
| Series B, Rev., 3.15%, 08/01/2029 (z) | 145 | 145 |
| Series C, Rev., FHA, 0.80%, 07/01/2026 | 270 | 268 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.75%, 04/01/2050 | 735 | 735 |
| Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2056 | 3665 | 4145 |
| Illinois Housing Development Authority, Island Terrace Apartments, Rev., 2.80%, 08/01/2028 (z) | 695 | 692 |
| Illinois Housing Development Authority, Social Bonds |  |  |
| Series A, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 2210 | 2181 |
| Series B, Rev., GNMA FNMA FHLMC COLL, 3.00%, 04/01/2051 | 245 | 241 |
| Series H, Rev., GNMA FNMA FHLMC COLL, 5.75%, 10/01/2053 | 560 | 596 |
| Illinois Housing Development Authority, Sustainable Bond |  |  |
| Series A, Rev., VRDO, FHA, 2.45%, 04/07/2026 (z) | 4000 | 4000 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2054 | 710 | 765 |
| Series D, Rev., GNMA/FNMA/FHLMC COLL, 5.50%, 10/01/2053 | 1445 | 1548 |
| Illinois Housing Development Authority, Sustainable Bonds |  |  |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.85%, 04/01/2049 | 4885 | 4895 |
| Series I, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/01/2055 | 1095 | 1209 |
| Series N, Rev., GNMA/FNMA/FHLMC, 6.25%, 04/01/2054 | 8505 | 9201 |
| Illinois Municipal Electric Agency, Series A, Rev., 5.00%, 02/01/2035 | 10000 | 11326 |
| Illinois Sports Facilities Authority (The), State Tax Supported |  |  |
| Rev., 5.00%, 06/15/2030 | 500 | 526 |
| Rev., 5.25%, 06/15/2031 | 225 | 229 |
| Rev., 5.25%, 06/15/2032 | 5000 | 5083 |
| Illinois State Toll Highway Authority |  |  |
| Rev., 5.00%, 01/01/2047 | 1000 | 1046 |
| Series A, Rev., 4.00%, 01/01/2044 | 1000 | 952 |
| Series A, Rev., 4.00%, 01/01/2046 | 14950 | 13779 |
| Series A, Rev., 5.00%, 01/01/2028 | 100 | 104 |
| Series A, Rev., 5.00%, 01/01/2040 | 4500 | 4500 |
| Series A, Rev., 5.00%, 01/01/2043 | 4000 | 4195 |
| Series A, Rev., 5.00%, 01/01/2044 | 6580 | 6754 |
| Series B, Rev., 5.00%, 01/01/2029 | 100 | 100 |
| Series B, Rev., 5.00%, 01/01/2040 | 8480 | 8479 |
| Series C, Rev., 5.00%, 01/01/2039 | 6750 | 6757 |
| Illinois State Toll Highway Authority, Senior |  |  |
| Series A, Rev., 5.00%, 01/01/2029 | 800 | 850 |
| Series A, Rev., 5.00%, 12/01/2031 | 5115 | 5124 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| Series A, Rev., 5.00%, 01/01/2036 | 1300 | 1446 |
| Series A, Rev., 5.00%, 01/01/2037 | 800 | 882 |
| Series A, Rev., 5.25%, 01/01/2043 | 2315 | 2507 |
| Series B, Rev., 5.00%, 01/01/2028 | 4000 | 4172 |
| Series B, Rev., 5.00%, 01/01/2041 | 3870 | 3881 |
| Illinois State Toll Highway Authority, Toll Highway Revenue |  |  |
| Series A, Rev., 5.00%, 01/01/2036 | 1000 | 1071 |
| Series A, Rev., 5.00%, 01/01/2037 | 1555 | 1659 |
| Kane & DuPage Counties Community Unit School District No. 303 St Charles |  |  |
| GO, 4.00%, 01/01/2041 | 2110 | 2101 |
| GO, 4.00%, 01/01/2042 | 2210 | 2185 |
| Macon County School District No. 61 Decatur, Series A, GO, 4.00%, 12/01/2036 | 5000 | 5014 |
| Macon County, School District No. 61 Decatur |  |  |
| GO, 4.00%, 01/01/2040 | 1420 | 1405 |
| GO, 4.00%, 01/01/2045 | 3000 | 2873 |
| Metropolitan Pier & Exposition Authority |  |  |
| Rev., NATL, Zero Coupon, 06/15/2031 | 1500 | 1250 |
| Rev., NATL, Zero Coupon, 12/15/2031 | 5000 | 4089 |
| Rev., NATL, Zero Coupon, 12/15/2034 | 500 | 359 |
| Rev., 5.00%, 12/15/2036 | 540 | 583 |
| Rev., 5.00%, 12/15/2037 | 1090 | 1168 |
| Rev., 5.00%, 06/15/2050 | 11550 | 11494 |
| Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion, Rev., 5.00%, 06/15/2042 | 5645 | 5800 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick |  |  |
| Rev., NATL, Zero Coupon, 12/15/2035 | 500 | 341 |
| Rev., NATL, Zero Coupon, 06/15/2036 | 6000 | 3975 |
| Rev., NATL, Zero Coupon, 06/15/2037 | 500 | 314 |
| Rev., Zero Coupon, 06/15/2044 | 500 | 218 |
| Series B, Rev., Zero Coupon, 06/15/2027 | 4310 | 4156 |
| Metropolitan Pier & Exposition Authority, Capital Appreciation McCormick Project, Rev., NATL, Zero Coupon, 06/15/2028 | 4250 | 3960 |
| Metropolitan Pier & Exposition Authority, McCormick Expansion Project, Series B, Rev., 5.00%, 12/15/2027 | 125 | 125 |
| Metropolitan Pier & Exposition Authority, McCormick Place |  |  |
| Rev., Zero Coupon, 06/15/2037 | 1175 | 738 |
| Rev., Zero Coupon, 06/15/2041 | 1750 | 885 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion |  |  |
| Rev., Zero Coupon, 12/15/2035 | 3200 | 2181 |
| Rev., 4.00%, 12/15/2042 | 1000 | 942 |
| Rev., 4.00%, 06/15/2050 | 1000 | 892 |
| Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project |  |  |
| Rev., 5.00%, 06/15/2053 | 3000 | 2945 |
| Rev., 5.00%, 06/15/2057 | 1760 | 1713 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bond, Series C, GO, 5.00%, 12/01/2045 | 3000 | 3012 |
| Metropolitan Water Reclamation District of Greater Chicago, Green Bonds, Series E, GO, 5.00%, 12/01/2036 | 2065 | 2086 |
| Northeastern Illinois University |  |  |
| COP, BAM, 5.00%, 07/01/2027 | 1195 | 1220 |
| COP, BAM, 5.00%, 07/01/2029 | 1075 | 1132 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| COP, BAM, 5.00%, 07/01/2034 | 1310 | 1413 |
| COP, BAM, 5.00%, 07/01/2035 | 1035 | 1112 |
| COP, BAM, 5.50%, 07/01/2040 | 1150 | 1235 |
| Northern Illinois University, Auxiliary Facilities Systems Revenue Bonds, Rev., BAM, 4.00%, 10/01/2041 | 825 | 770 |
| Northern Illinois University, Board of Trustees Auxiliary Facilities, Rev., BAM, 4.00%, 10/01/2033 | 1000 | 1008 |
| Northern Illinois University, Sustainable Bond |  |  |
| COP, BAM, 4.25%, 04/01/2044 | 1000 | 937 |
| COP, BAM, 5.50%, 04/01/2049 | 1250 | 1291 |
| Railsplitter Tobacco Settlement Authority, Rev., 5.00%, 06/01/2027 (p) | 2230 | 2239 |
| Regional Transportation Authority, Series A, Rev., NATL, 6.00%, 07/01/2029 | 8600 | 9062 |
| Sales Tax Securitization Corp. |  |  |
| Series A, Rev., 5.00%, 01/01/2036 | 5000 | 5501 |
| Series A, Rev., 5.00%, 01/01/2040 | 5000 | 5398 |
| Series A, Rev., 5.00%, 01/01/2041 | 4000 | 4275 |
| Series A, Rev., 5.00%, 01/01/2048 | 2000 | 2006 |
| Sales Tax Securitization Corp., Second Lien |  |  |
| Series A, Rev., 4.00%, 01/01/2039 | 3000 | 2875 |
| Series A, Rev., 5.00%, 01/01/2036 | 5000 | 5458 |
| Series A, Rev., BAM, 5.00%, 01/01/2037 | 750 | 786 |
| Series A, Rev., 5.00%, 01/01/2037 | 3370 | 3660 |
| Series C, Rev., 5.00%, 01/01/2029 | 850 | 896 |
| Series C, Rev., 5.00%, 01/01/2032 | 1400 | 1528 |
| Southwestern Illinois Development Authority, Southwestern Il Flood Prevention, Rev., 4.00%, 10/15/2035 | 1215 | 1227 |
| State of Illinois |  |  |
| GO, 4.00%, 06/01/2032 | 1980 | 1980 |
| GO, 4.00%, 06/01/2034 | 4485 | 4465 |
| GO, 4.00%, 06/01/2035 | 1000 | 990 |
| GO, 4.00%, 06/01/2036 | 485 | 477 |
| GO, 5.00%, 01/01/2028 | 6810 | 6821 |
| GO, 5.00%, 02/01/2028 | 1050 | 1067 |
| GO, 5.00%, 01/01/2029 | 2085 | 2088 |
| GO, 5.00%, 02/01/2029 | 1450 | 1490 |
| GO, 5.00%, 02/01/2030 | 1460 | 1562 |
| GO, 5.00%, 05/01/2041 | 850 | 890 |
| GO, 5.50%, 05/01/2030 | 2000 | 2120 |
| Series A, GO, 4.00%, 03/01/2041 | 250 | 232 |
| Series A, GO, 5.00%, 11/01/2026 | 1360 | 1377 |
| Series A, GO, 5.00%, 03/01/2027 | 855 | 872 |
| Series A, GO, 5.00%, 03/01/2028 | 1500 | 1559 |
| Series A, GO, 5.00%, 03/01/2030 | 1000 | 1071 |
| Series A, GO, 5.00%, 03/01/2046 | 1000 | 1009 |
| Series A, GO, 5.50%, 03/01/2042 | 1500 | 1592 |
| Series A, GO, 5.50%, 03/01/2047 | 2690 | 2787 |
| Series B, GO, 4.00%, 10/01/2033 | 2000 | 2014 |
| Series B, GO, 5.00%, 10/01/2029 | 1000 | 1066 |
| Series B, GO, 5.00%, 10/01/2031 | 5000 | 5365 |
| Series B, GO, 5.00%, 05/01/2040 | 11000 | 11594 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Illinois — continued** |  |  |
| Series B, GO, 5.50%, 05/01/2039 | 250 | 263 |
| Series B, GO, 5.50%, 05/01/2047 | 2500 | 2591 |
| Series C, GO, 4.00%, 10/01/2037 | 2000 | 1935 |
| Series C, GO, 5.00%, 11/01/2029 | 4200 | 4318 |
| Series C, GO, 5.25%, 04/01/2044 (w) | 5000 | 5275 |
| Series C, GO, 5.25%, 10/01/2047 | 3000 | 3059 |
| Series D, GO, 5.00%, 11/01/2026 | 1980 | 2005 |
| Series D, GO, 5.00%, 11/01/2027 | 6080 | 6282 |
| Series D, GO, 5.00%, 11/01/2028 | 2500 | 2574 |
| State of Illinois Sales Tax Revenue, Series A, Rev., BAM, 4.00%, 06/15/2029 | 2250 | 2332 |
| State of Illinois Sales Tax Revenue, Junior Obligation |  |  |
| Series A, Rev., BAM, 4.00%, 06/15/2026 | 505 | 507 |
| Series A, Rev., BAM, 4.00%, 06/15/2031 | 1500 | 1571 |
| Series B, Rev., 5.00%, 06/15/2040 | 5000 | 5346 |
| State of Illinois, Build America Bonds |  |  |
| GO, 6.90%, 03/01/2035 | 1000 | 1083 |
| GO, 7.35%, 07/01/2035 | 2857 | 3072 |
| State of Illinois, Rebuild Illinois Program, Series B, GO, 4.00%, 11/01/2039 | 1500 | 1420 |
| University of Illinois Auxiliary Facilities System, Rev., 5.25%, 04/01/2041 | 4390 | 4809 |
| Village of Rosemont, Series A, GO, BAM, 5.00%, 12/01/2042 | 10000 | 10313 |
| Will County Community High School District No. 210 Lincoln-Way, GO, BAM, 4.00%, 01/01/2037 | 13775 | 13907 |
| Will County Community Unit School District No. 209-U Wilmington, GO, 5.50%, 02/01/2038 | 1195 | 1261 |
|  |  | 897530 |
|  **Indiana — 1.2%** |  |  |
| City of Carmel IN Waterworks Revenue, Rev., BAM, 5.25%, 05/01/2051 | 1375 | 1413 |
| City of Fishers Sewage Works Revenue, Rev., BAM, 4.00%, 07/01/2047 | 1000 | 927 |
| City of Valparaiso, Pratt Paper (In) LLC, Rev., AMT, 4.88%, 01/01/2044 (e) | 3000 | 3015 |
| City of Whiting, BP Products North America |  |  |
| Rev., AMT, 4.40%, 11/01/2045 (z) | 6000 | 6243 |
| Rev., AMT, 4.40%, 03/01/2046 (z) | 4500 | 4684 |
| Evansville Waterworks District, Series A, Rev., BAM, 5.00%, 07/01/2042 | 925 | 972 |
| Indiana Finance Authority |  |  |
| Rev., 5.00%, 11/15/2038 | 4000 | 4408 |
| Rev., 5.00%, 11/15/2040 | 6000 | 6523 |
| Rev., 5.00%, 02/01/2041 | 725 | 795 |
| Rev., 5.00%, 08/15/2051 | 2500 | 2507 |
| Rev., 5.25%, 10/01/2044 | 5000 | 5376 |
| Series E, Rev., 5.00%, 10/01/2035 | 5000 | 5666 |
| Series E, Rev., 5.00%, 10/01/2038 | 6000 | 6636 |
| Indiana Finance Authority, Citizens Water Westfield Project, Series A, Rev., 4.00%, 10/01/2048 | 1500 | 1339 |
| Indiana Finance Authority, Community Foundation of Northwest Industry, Rev., 5.00%, 09/01/2036 | 1000 | 1006 |
| Indiana Finance Authority, DePauw University Project, Series A, Rev., 5.00%, 07/01/2047 | 8000 | 7778 |
| Indiana Finance Authority, Duke Energy Indian, Rev., AMT, 4.50%, 05/01/2035 (z) | 3305 | 3327 |
| Indiana Finance Authority, First Lien CWA Authority Project |  |  |
| Rev., 5.00%, 10/01/2033 | 1250 | 1410 |
| Rev., 5.00%, 10/01/2034 | 955 | 1083 |
| Rev., 5.00%, 10/01/2035 | 1250 | 1406 |
| Rev., 5.00%, 10/01/2040 | 1250 | 1364 |
| Rev., 5.00%, 10/01/2041 | 500 | 544 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Indiana — continued** |  |  |
| Indiana Finance Authority, Green Bonds CWA Authority Project, Rev., 4.00%, 10/01/2037 | 1440 | 1448 |
| Indiana Finance Authority, IN University Health Obligation Group, Rev., 4.00%, 12/01/2040 | 7000 | 6653 |
| Indiana Finance Authority, Indiana University Health, Series A, Rev., 5.00%, 10/01/2053 | 3000 | 3022 |
| Indiana Finance Authority, Indianapolis Power |  |  |
| Series A, Rev., 0.75%, 12/01/2038 (z) | 4875 | 4875 |
| Series B, Rev., AMT, 0.95%, 12/01/2038 (z) | 7025 | 7025 |
| Indiana Finance Authority, Margaret Mary Health |  |  |
| Rev., 5.50%, 03/01/2044 | 2650 | 2755 |
| Rev., 5.75%, 03/01/2054 | 4050 | 4128 |
| Indiana Finance Authority, Marion General Hospital, Series A, Rev., 4.00%, 07/01/2040 | 5060 | 4779 |
| Indiana Finance Authority, Ohio Valley Electric Corp., Rev., 3.00%, 11/01/2030 | 1230 | 1197 |
| Indiana Finance Authority, Ohio Valley Electric Corp. Project |  |  |
| Series A, Rev., 4.25%, 11/01/2030 | 2000 | 2051 |
| Series B, Rev., 2.50%, 11/01/2030 | 1000 | 953 |
| Indiana Finance Authority, Second Lien, CWA Authority Project, Rev., 5.00%, 10/01/2035 | 3000 | 3233 |
| Indiana Finance Authority, United States Steel Corp., Series A, Rev., 4.13%, 12/01/2026 | 145 | 146 |
| Indiana Finance Authority, University of Evansville, Rev., 5.25%, 09/01/2037 | 1150 | 1177 |
| Indiana Finance Authority, Valley Electric Corporation Project, Series B, Rev., 3.00%, 11/01/2030 | 1000 | 973 |
| Indiana Finance Authority, Valparaiso University Project, Rev., 4.00%, 10/01/2034 | 1315 | 1187 |
| Indiana Health & Educational Facilities Financing Authority, Rev., 4.00%, 11/15/2046 | 3400 | 3095 |
| Indiana Housing & Community Development Authority |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 390 | 385 |
| Series B1, Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2045 | 2265 | 2308 |
| Indiana Housing & Community Development Authority, Social Bonds |  |  |
| Series A1, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 07/01/2053 | 195 | 206 |
| Series A, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2052 | 640 | 627 |
| Series C1, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 30 | 29 |
| Indiana Housing & Community Development Authority, Sustainable Bond, Series A1, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 4000 | 3977 |
| Indiana Municipal Power Agency |  |  |
| Series A, Rev., 5.00%, 01/01/2029 | 400 | 424 |
| Series A, Rev., 5.00%, 01/01/2042 | 8435 | 8442 |
| Indiana Secondary Market for Education Loans, Inc., Series 1A, Rev., AMT, 4.00%, 06/01/2046 | 510 | 485 |
| Indiana University, Rev., 5.00%, 06/01/2034 | 2665 | 3036 |
| Indianapolis Local Public Improvement Bond Bank |  |  |
| Rev., AMT, 5.00%, 01/01/2033 | 3750 | 4104 |
| Rev., 5.00%, 01/15/2040 | 3350 | 3629 |
| Series A, Rev., 3.84%, 02/01/2054 | 1000 | 874 |
| Series A, Rev., 4.00%, 06/01/2036 | 5000 | 5097 |
| Series A, Rev., 4.00%, 06/01/2041 | 9000 | 8775 |
| Indianapolis Local Public Improvement Bond Bank, Airport Authority, Series A1, Rev., AMT, 5.00%, 01/01/2028 | 200 | 201 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport, Rev., AMT, 5.00%, 01/01/2029 | 2855 | 3004 |
| Indianapolis Local Public Improvement Bond Bank, Indianapolis Airport Authority |  |  |
| Rev., AMT, 5.00%, 01/01/2029 | 4245 | 4467 |
| Rev., AMT, 5.00%, 01/01/2031 | 3500 | 3765 |
| Indianapolis Local Public Improvement Bond Bank, Metropolitan Thoroughfare District, Series D, Rev., 4.00%, 01/01/2041 | 10000 | 10040 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Indiana — continued** |  |  |
| Indianapolis Local Public Improvement Bond Bank, Senior, Convention Center Hotel |  |  |
| Rev., 5.50%, 03/01/2038 | 2150 | 2295 |
| Rev., 6.00%, 03/01/2053 | 2050 | 2109 |
| IPS Multi-School Building Corp. |  |  |
| Rev., 5.00%, 07/15/2043 | 1275 | 1343 |
| Rev., 5.00%, 07/15/2044 | 1175 | 1233 |
| Northern Indiana Commuter Transportation District, Rev., 5.25%, 01/01/2049 | 1500 | 1572 |
| Northwestern School Building Corp. |  |  |
| Rev., 6.00%, 07/15/2040 | 700 | 769 |
| Rev., 6.00%, 07/15/2041 | 900 | 982 |
| Purdue University |  |  |
| Series A, Rev., 5.00%, 07/01/2027 | 1500 | 1546 |
| Series A, Rev., 5.00%, 07/01/2036 | 405 | 458 |
| Westfield-Washington Multi-School Building Corp., Series A, Rev., BAM, 5.25%, 07/15/2043 | 1550 | 1678 |
|  |  | 194979 |
|  **Iowa — 0.5%** |  |  |
| Iowa Finance Authority |  |  |
| Rev., VRDO, GNMA/FNMA/FHLMC, 2.42%, 04/07/2026 (z) | 2000 | 2000 |
| Rev., GNMA/FNMA/FHLMC, 4.00%, 07/01/2039 | 3545 | 3480 |
| Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 5665 | 5632 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.50%, 01/01/2049 | 175 | 175 |
| Iowa Finance Authority, Alcoa, Inc. Project, Rev., 4.75%, 08/01/2042 | 16000 | 16001 |
| Iowa Finance Authority, Iowa Fertilizer Company Project |  |  |
| Rev., 4.00%, 12/01/2050 (p) (z) | 5905 | 6294 |
| Rev., 5.00%, 12/01/2050 (p) | 19910 | 22423 |
| Iowa Finance Authority, Lifespace Communities, Inc., Rev., 5.00%, 05/15/2044 | 3000 | 2988 |
| Iowa Finance Authority, Social Bond, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1305 | 1278 |
| Iowa Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2047 | 1015 | 1001 |
| Iowa Finance Authority, Sustainable Bond Mortgage Backed, Rev., GNMA/FNMA/FHLMC, 4.50%, 07/01/2044 | 2000 | 1988 |
| Iowa Finance Authority, Sustainable Bond Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2045 | 1220 | 1217 |
| Iowa Student Loan Liquidity Corp. |  |  |
| Series B, Rev., AMT, 4.50%, 12/01/2045 | 2565 | 2570 |
| Series B, Rev., AMT, 5.00%, 12/01/2030 | 1000 | 1044 |
| PEFA, Inc., Rev., 5.00%, 09/01/2049 (z) | 7855 | 7914 |
| Southeast Polk Community School District, Series A, GO, 5.00%, 05/01/2028 | 5185 | 5429 |
|  |  | 81434 |
|  **Kansas — 0.2%** |  |  |
| Butler County Unified School District No. 385 Andover, Refunding and School Building, GO, 5.00%, 09/01/2032 (p) | 1000 | 1034 |
| City of Lawrence KS, Rev., 4.00%, 07/01/2036 | 1500 | 1492 |
| City of Manhattan, Meadowlark Hills, Series A, Rev., 4.00%, 06/01/2036 | 1000 | 950 |
| City of Wichita KS, Rev., 5.25%, 05/15/2039 | 2460 | 2448 |
| Johnson County Unified School District No. 512 Shawnee Mission, Series A, GO, 4.00%, 10/01/2043 | 2000 | 1959 |
| Kansas Development Finance Authority, Series F, Rev., 2.95%, 09/01/2059 (z) | 2240 | 2235 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Kansas — continued** |  |  |
| Riley County Unified School District No. 383 Manhattan-Ogden, Series A, GO, 5.00%, 09/01/2034 (p) | 1000 | 1034 |
| State of Kansas Department of Transportation, Series A, Rev., 5.00%, 09/01/2029 | 9000 | 9699 |
| University of Kansas Hospital Authority, Improvement KU Health System, Rev., 5.00%, 09/01/2045 | 3800 | 3801 |
| University of Kansas Hospital Authority, University Kansas Health System, Rev., 5.00%, 03/01/2047 (p) | 3865 | 3947 |
| University of Kansas Hospital Authority, Unrefunded University Kansas Health System, Rev., 5.00%, 03/01/2047 | 7350 | 7366 |
| Wyandotte County Unified School District No. 203 Piper |  |  |
| Series A, GO, 5.00%, 09/01/2040 | 900 | 956 |
| Series A, GO, 5.25%, 09/01/2052 | 1000 | 1030 |
|  |  | 37951 |
|  **Kentucky — 1.5%** |  |  |
| City of Henderson, Pratt Paper LLC Project, Rev., AMT, 4.45%, 01/01/2042 (e) | 1685 | 1638 |
| County of Carroll, Kentucky Utilities Company Project |  |  |
| Rev., 1.55%, 09/01/2042 (z) | 2000 | 1977 |
| Rev., AMT, 1.75%, 10/01/2034 (z) | 1000 | 990 |
| County of Carroll, Utilities Company Project, Rev., AMT, 2.00%, 02/01/2032 | 8620 | 7601 |
| County of Trimble, Kentucky Utilities Co., Rev., AMT, 4.70%, 06/01/2054 (z) | 8000 | 8048 |
| County of Trimble, Louisville Gas & Electric, Rev., 0.63%, 09/01/2026 | 605 | 598 |
| County of Trimble, Louisville Gas & Electricity, Rev., AMT, 1.35%, 11/01/2027 | 8100 | 7819 |
| County of Trimble, Louisville Gas and Electric, Rev., AMT, 4.70%, 06/01/2054 (z) | 6665 | 6745 |
| County of Trimble, Louisville Gas and Electric Company, Rev., AMT, 1.30%, 09/01/2044 (z) | 4500 | 4362 |
| County of Warren, Bowling Green Warren County, Rev., 5.25%, 04/01/2049 | 5000 | 5163 |
| Fayette County School District, Series A, GO, BAM, 5.00%, 06/01/2042 | 10000 | 10721 |
| Fayette County School District Finance Corp., Series A, Rev., 4.00%, 05/01/2038 | 3000 | 2930 |
| Kenton County Airport Board, Rev., AMT, 5.00%, 01/01/2032 | 1175 | 1277 |
| Kentucky Bond Development Corp., Baptist Healthcare System, Rev., 5.00%, 08/15/2055 (z) | 1650 | 1801 |
| Kentucky Bond Development Corp., Centre College, Rev., 4.00%, 06/01/2040 | 420 | 406 |
| Kentucky Economic Development Finance Authority, Series A, Rev., 5.00%, 08/01/2044 | 4090 | 4153 |
| Kentucky Economic Development Finance Authority, Baptist Healthcare System, Series B, Rev., 5.00%, 08/15/2041 | 9550 | 9679 |
| Kentucky Economic Development Finance Authority, Commonspirit Health, Series A, Rev., 5.00%, 08/01/2044 | 3500 | 3555 |
| Kentucky Economic Development Finance Authority, Norton Healthcare, Inc. |  |  |
| Series B, Rev., NATL, Zero Coupon, 10/01/2026 | 4305 | 4222 |
| Series B, Rev., NATL, Zero Coupon, 10/01/2027 | 2195 | 2069 |
| Kentucky Economic Development Finance Authority, Owensboro Health, Series A, Rev., 5.00%, 06/01/2045 | 1000 | 988 |
| Kentucky Economic Development Finance Authority, Senior Next Generation Information |  |  |
| Rev., 4.25%, 07/01/2035 | 2645 | 2646 |
| Rev., 5.00%, 07/01/2040 | 5000 | 5002 |
| Rev., 5.00%, 01/01/2045 | 3295 | 3296 |
| Kentucky Higher Education Student Loan Corporation, Series A1, Rev., AMT, 4.75%, 06/01/2040 | 1170 | 1192 |
| Kentucky Housing Corp. |  |  |
| Rev., HUD, 3.15%, 05/01/2030 (z) | 4125 | 4133 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 1015 | 1104 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Kentucky — continued** |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2056 | 5000 | 5517 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 2185 | 2416 |
| Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2440 | 2671 |
| Kentucky Housing Corp., Beecher Terrace Phase IV, Rev., HUD, 5.00%, 09/01/2043 (z) | 1015 | 1017 |
| Kentucky Public Energy Authority |  |  |
| Rev., 5.00%, 01/01/2055 (z) | 5510 | 5833 |
| Series A1, Rev., 4.00%, 08/01/2052 (z) | 2570 | 2598 |
| Series A1, Rev., 5.25%, 04/01/2054 (z) | 24200 | 25912 |
| Series A2, Rev., (United States SOFR \* 0.67 + 1.20%), 3.63%, 08/01/2052 (aa) | 2500 | 2501 |
| Series A, Rev., 5.00%, 05/01/2055 (z) | 10285 | 10782 |
| Series C, Rev., 4.00%, 02/01/2050 (z) | 10885 | 10985 |
| Series C, Rev., 5.00%, 05/01/2036 | 18000 | 18944 |
| Kentucky State Property & Building Commission |  |  |
| Series A, Rev., 5.00%, 09/01/2042 | 4000 | 4351 |
| Series A, Rev., 5.00%, 09/01/2043 | 12000 | 12969 |
| Kentucky State Property & Building Commission, Project No. 131, Series A, Rev., 5.00%, 10/01/2041 | 1500 | 1635 |
| Kentucky State Property & Buildings Commission, Project No. 132, Series A, Rev., 5.00%, 04/01/2044 | 9000 | 9618 |
| Kentucky State University, Kentucky State University Project |  |  |
| COP, BAM, 4.00%, 11/01/2033 | 145 | 150 |
| COP, BAM, 4.00%, 11/01/2035 | 135 | 139 |
| COP, BAM, 4.00%, 11/01/2036 | 155 | 158 |
| COP, BAM, 4.00%, 11/01/2038 | 650 | 655 |
| Louisville and Jefferson County Metropolitan Government, Louisville Gas And Electric Co. Project, Series A, Rev., 0.90%, 09/01/2026 | 2750 | 2718 |
| Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2031 | 670 | 676 |
| Louisville and Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2052 | 11345 | 10709 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric, Rev., 2.00%, 10/01/2033 | 1000 | 852 |
| Louisville/Jefferson County Metropolitan Government, Louisville Gas & Electric Co. Project, Rev., AMT, 1.35%, 11/01/2027 | 2000 | 1926 |
| Louisville/Jefferson County Metropolitan Government, UofL Health Project, Series A, Rev., 5.00%, 05/15/2047 | 3180 | 3116 |
| Louisville-Jefferson County Metropolitan Government, Norton Healthcare, Inc., Rev., 5.00%, 10/01/2033 | 2000 | 2014 |
| Public Energy Authority of Kentucky, Series A, Rev., 5.25%, 06/01/2055 (z) | 6095 | 6450 |
| Rural Water Financing Agency, Public Projects Construction, Rev., 3.70%, 05/01/2027 | 4000 | 3978 |
| University of Kentucky, Rev., 4.00%, 10/01/2036 | 5000 | 5000 |
|  |  | 260405 |
| **Louisiana — 0.9%** |  |  |
| City of Lafayette, Utilities Revenue Electric Project, Rev., 5.00%, 11/01/2046 | 5000 | 5279 |
| City of New Orleans LA, GO, 5.00%, 12/01/2039 | 2000 | 2087 |
| City of Shreveport LA Water & Sewer Revenue |  |  |
| Rev., 5.00%, 12/01/2036 | 2260 | 2523 |
| Rev., 5.00%, 12/01/2039 | 2300 | 2510 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Louisiana — continued** |  |  |
| Consolidated Government of the City of Baton Rouge & Parish of East Baton Rouge, Sales Tax, Rev., 5.00%, 08/01/2027 | 1400 | 1446 |
| East Baton Rouge Sewerage Commission, Series A, Rev., 1.30%, 02/01/2041 (z) | 4500 | 4269 |
| Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax, 5.25%, 07/15/2048 | 6000 | 6119 |
| Lakeshore Villages Master Community Development District, Parish of St. Tammany, Special Assessment, 3.20%, 06/01/2041 (e) | 630 | 505 |
| Louisiana Housing Corp. |  |  |
| Rev., FHA, 3.15%, 04/01/2030 (z) | 650 | 651 |
| Rev., HUD, 3.20%, 08/01/2029 (z) | 310 | 311 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.25%, 06/01/2055 | 1600 | 1771 |
| Louisiana Housing Corp., Home Ownership Program, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 06/01/2054 | 375 | 404 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Entergy Louisiana LLC Project |  |  |
| Rev., 2.00%, 06/01/2030 | 2755 | 2573 |
| Rev., 2.50%, 04/01/2036 | 6185 | 5268 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Subordinate, East Baton Rouge |  |  |
| Rev., 5.00%, 02/01/2036 | 640 | 699 |
| Rev., 5.00%, 02/01/2041 | 1560 | 1655 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Rev., 3.50%, 11/01/2032 | 3685 | 3579 |
| Louisiana Local Government Environmental Facilities & Community Development Authority, Woman's Hospital Foundation Project, Rev., 5.00%, 10/01/2044 | 1050 | 1060 |
| Louisiana Public Facilities Authority |  |  |
| Rev., AMT, 4.38%, 05/01/2053 (e) (z) | 10000 | 10068 |
| Rev., 5.25%, 07/01/2050 | 3500 | 3633 |
| Rev., AMT, 5.50%, 09/01/2054 | 4000 | 4049 |
| Rev., AMT, 5.75%, 09/01/2064 | 8000 | 8201 |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge, Rev., AMT, 5.00%, 09/01/2066 | 3830 | 3607 |
| Louisiana Public Facilities Authority, Loyola University Project |  |  |
| Rev., 4.00%, 10/01/2038 | 2560 | 2379 |
| Rev., 5.25%, 10/01/2048 | 5100 | 5100 |
| Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| Rev., 5.00%, 05/15/2042 | 1000 | 1007 |
| Rev., 5.00%, 05/15/2047 | 805 | 805 |
| Louisiana Stadium & Exposition District, Series A, Rev., 5.00%, 07/01/2043 | 4995 | 5252 |
| Louisiana Stadium & Exposition District, Senior Bonds |  |  |
| Series A, Rev., 5.00%, 07/01/2042 | 5460 | 5776 |
| Series A, Rev., 5.00%, 07/01/2048 | 2500 | 2567 |
| Series A, Rev., 5.25%, 07/01/2053 | 7500 | 7715 |
| New Orleans Aviation Board |  |  |
| Rev., AMT, 5.00%, 01/01/2032 | 1440 | 1554 |
| Rev., AMT, 5.00%, 01/01/2033 | 1000 | 1085 |
| Rev., AMT, 5.25%, 01/01/2041 | 3500 | 3723 |
| New Orleans Aviation Board, General Airport, Series D2, Rev., AMT, 5.00%, 01/01/2033 | 1100 | 1111 |
| New Orleans Aviation Board, General Airport North Terminal |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2038 | 1000 | 1007 |
| Series B, Rev., AMT, 5.00%, 01/01/2048 | 5000 | 4998 |
| Parish of St James LA, Rev., 3.70%, 08/01/2041 (e) (z) | 3320 | 3360 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Louisiana — continued** |  |  |
| Parish of St John the Baptist, Marathon Oil Corporation Project, Rev., 4.05%, 06/01/2037 (z) | 2625 | 2633 |
| Parish of St. John the Baptist, Marathon Oil Corporation, Rev., 3.30%, 06/01/2037 (z) | 10430 | 10518 |
| Parish of St. John the Baptist, Marathon Oil Corporation Project, Rev., 2.38%, 06/01/2037 (z) | 3000 | 2997 |
| Port New Orleans Board of Commissioners, Series E, Rev., AMT, 5.00%, 04/01/2039 | 1170 | 1198 |
| St. Tammany Parish Hospital Service District No. 1 |  |  |
| Series A, Rev., 5.00%, 07/01/2032 | 1615 | 1671 |
| Series A, Rev., 5.00%, 07/01/2034 | 1655 | 1706 |
| State of Louisiana, Series A, GO, 5.00%, 03/01/2037 | 9555 | 9968 |
|  |  | 150397 |
|  **Maine — 0.2%** |  |  |
| Finance Authority of Maine, Casella Waste Systems, Rev., AMT, 4.63%, 12/01/2047 (e) (z) | 745 | 769 |
| Finance Authority of Maine, Supplemental Educational Loan Program, Series A1, Rev., AMT, 2.38%, 12/01/2033 | 705 | 607 |
| Maine Health & Higher Educational Facilities Authority |  |  |
| Series A, Rev., 4.38%, 07/01/2048 | 2100 | 2028 |
| Series A, Rev., 5.25%, 07/01/2049 | 1930 | 2012 |
| Maine Health & Higher Educational Facilities Authority, Maine Healthcare |  |  |
| Series A, Rev., 4.00%, 07/01/2046 | 4000 | 3106 |
| Series A, Rev., 5.00%, 07/01/2041 | 6030 | 5690 |
| Series A, Rev., 5.00%, 07/01/2046 | 7645 | 6993 |
| Maine State Housing Authority, Social Bonds, Series D, Rev., 3.00%, 11/15/2051 | 540 | 533 |
| Maine State Housing Authority, Sustainable Bonds |  |  |
| Series A, Rev., 4.15%, 11/15/2041 | 3000 | 2955 |
| Series A, Rev., 6.00%, 11/15/2056 | 3055 | 3381 |
| Maine Turnpike Authority |  |  |
| Rev., 4.00%, 07/01/2045 | 9000 | 8516 |
| Rev., 5.00%, 07/01/2028 | 2000 | 2106 |
|  |  | 38696 |
|  **Maryland — 1.8%** |  |  |
| City of Baltimore MD, Rev., 4.88%, 06/01/2042 | 1275 | 1295 |
| City of Baltimore, Wastewater Projects, Series A, Rev., 5.00%, 07/01/2049 | 5000 | 5060 |
| City of Baltimore, Water Project, Series A, Rev., 5.00%, 07/01/2050 | 3200 | 3244 |
| City of Brunswick, Brunswick Crossing Special Tax, Special Tax, 4.00%, 07/01/2029 | 415 | 415 |
| City of Hyattsville MD, Special Tax, 5.00%, 07/01/2031 | 2120 | 2121 |
| County of Baltimore, GO, 4.00%, 03/01/2042 | 10300 | 10292 |
| County of Baltimore MD, GO, 5.00%, 02/01/2046 | 5000 | 5007 |
| County of Harford |  |  |
| Series A, GO, 5.00%, 10/01/2033 | 5485 | 6249 |
| Series B, GO, 5.00%, 09/15/2032 | 2150 | 2425 |
| Series B, GO, 5.00%, 09/15/2033 | 2190 | 2494 |
| County of Howard, Series D, GO, 5.00%, 02/15/2030 | 3000 | 3132 |
| County of Montgomery, Series B, GO, 4.00%, 11/01/2028 | 1500 | 1554 |
| County of Montgomery MD |  |  |
| GO, 2.00%, 08/01/2039 | 2000 | 1497 |
| Rev., 5.00%, 12/01/2045 | 5000 | 5001 |
| County of Montgomery, Che Trinity Health Credit Group, Rev., 2.40%, 12/01/2041 (z) | 14540 | 14540 |
| County of Montgomery, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2044 | 3000 | 2821 |
| Rev., 5.00%, 12/01/2044 | 1650 | 1650 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Maryland — continued** |  |  |
| County of Prince George's MD, Series A, GO, 5.00%, 08/01/2041 | 2435 | 2688 |
| Maryland Community Development Administration |  |  |
| Series B, Rev., 3.00%, 09/01/2051 | 90 | 89 |
| Series D, Rev., 3.25%, 09/01/2050 | 1265 | 1255 |
| Maryland Community Development Administration, Community Dev Admin Social Bonds, Rev., GNMA/FNMA/FHLMC COLL, 4.95%, 09/01/2042 | 1430 | 1485 |
| Maryland Community Development Administration, Residential |  |  |
| Series A, Rev., 3.75%, 03/01/2050 | 715 | 716 |
| Series B, Rev., AMT, 4.50%, 09/01/2048 | 610 | 616 |
| Maryland Community Development Administration, Social Bonds |  |  |
| Series C, Rev., 3.00%, 09/01/2051 | 3451 | 3392 |
| Series C, Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 09/01/2054 | 375 | 399 |
| Maryland Community Development Administration, Sustainable Bonds, Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2054 | 4130 | 4482 |
| Maryland Economic Development Corp., Rev., 5.00%, 06/01/2043 | 5000 | 5379 |
| Maryland Economic Development Corp., Core Natural Resources, Inc., Rev., 5.00%, 07/01/2048 (e) (z) | 1510 | 1610 |
| Maryland Economic Development Corp., Green Bond Purple Line Light, Rev., AMT, 5.25%, 06/30/2052 | 2000 | 1974 |
| Maryland Economic Development Corp., Green Bond, Purple Line, Rev., AMT, 5.25%, 06/30/2047 | 1300 | 1308 |
| Maryland Economic Development Corp., Morgan State University Project |  |  |
| Rev., 4.00%, 07/01/2040 | 665 | 620 |
| Rev., 5.38%, 07/01/2038 | 1250 | 1327 |
| Maryland Economic Development Corp., Port Covington Project |  |  |
| Tax Allocation, 3.25%, 09/01/2030 | 1105 | 1067 |
| Tax Allocation, 4.00%, 09/01/2040 | 2280 | 2068 |
| Maryland Economic Development Corp., Transportation Facilities Project, Series A, Rev., 5.00%, 06/01/2035 | 1000 | 1026 |
| Maryland Health & Higher Educational Facilities Authority |  |  |
| Series C, Rev., 5.25%, 07/01/2050 | 8650 | 8946 |
| Series C, Rev., 5.50%, 07/01/2055 | 1500 | 1581 |
| Maryland Health & Higher Educational Facilities Authority, Adventist Healthcare |  |  |
| Rev., 4.00%, 01/01/2038 | 2020 | 1942 |
| Rev., 5.00%, 01/01/2036 | 4580 | 4738 |
| Maryland Health & Higher Educational Facilities Authority, Doctors Community Hospital, Rev., 5.00%, 07/01/2034 | 2000 | 2025 |
| Maryland Health & Higher Educational Facilities Authority, Lifebridge Health, Rev., 4.00%, 07/01/2041 | 2315 | 2261 |
| Maryland Health & Higher Educational Facilities Authority, Medstar Health Issue |  |  |
| Series A, Rev., 5.00%, 05/15/2042 | 3000 | 3026 |
| Series A, Rev., 5.00%, 05/15/2045 | 9565 | 9612 |
| Maryland Health & Higher Educational Facilities Authority, UPMC Health System, Series B, Rev., 4.00%, 04/15/2050 | 3000 | 2553 |
| Maryland Stadium Authority, Built To Learn Act |  |  |
| Rev., 5.00%, 06/01/2039 | 4135 | 4525 |
| Rev., 5.00%, 06/01/2040 | 4150 | 4516 |
| Maryland State Transportation Authority Passenger Facility Charge Revenue, Rev., AMT, 4.00%, 06/01/2039 | 5145 | 4953 |
| State of Maryland |  |  |
| GO, 5.00%, 06/01/2036 | 5000 | 5646 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Maryland — continued** |  |  |
| Series A, GO, 5.00%, 06/01/2029 | 4000 | 4292 |
| Series A, GO, 5.00%, 06/01/2040 | 12000 | 13308 |
| State of Maryland Department of Transportation |  |  |
| Rev., 3.00%, 10/01/2030 | 1500 | 1495 |
| Rev., 5.00%, 10/01/2031 | 2330 | 2547 |
| Series C, Rev., 5.00%, 11/01/2029 | 1730 | 1872 |
| State of Maryland Department of Transportation, Baltimore Washington International |  |  |
| Rev., AMT, 4.00%, 08/01/2038 | 965 | 942 |
| Rev., AMT, 4.00%, 08/01/2039 | 1160 | 1121 |
| State of Maryland, Bidding Group 1 |  |  |
| Series B, GO, 5.00%, 08/01/2026 | 4000 | 4033 |
| Series B, GO, 5.00%, 08/01/2027 | 1030 | 1064 |
| State of Maryland, Bidding Group 2 |  |  |
| Series A, GO, 5.00%, 06/01/2038 | 5495 | 6179 |
| Series B, GO, 5.00%, 08/01/2028 | 695 | 735 |
| Series B, GO, 5.00%, 08/01/2029 | 3000 | 3229 |
| State of Maryland, Department of Transportation, Series A, Rev., 4.00%, 04/01/2038 | 9215 | 9343 |
| State of Maryland, Group 1, Series A, GO, 5.00%, 08/01/2028 | 1500 | 1585 |
| State of Maryland, Local Facilities Loan, Series A, GO, 5.00%, 08/01/2028 | 5000 | 5283 |
| State of Maryland, State & Local Facilities Loan of 2022, GO, 5.00%, 06/01/2033 | 1000 | 1117 |
| State of Maryland, State & Local Facilities Loan of 2025, GO, 5.00%, 06/01/2031 | 4150 | 4598 |
| University System of Maryland |  |  |
| Series A, Rev., 4.00%, 04/01/2051 | 1500 | 1364 |
| Series A, Rev., 5.00%, 04/01/2027 | 4160 | 4264 |
| Series A, Rev., 5.00%, 04/01/2028 | 2135 | 2238 |
| Series B, Rev., 5.00%, 04/01/2027 | 9650 | 9892 |
| Series B, Rev., 5.00%, 04/01/2028 | 7105 | 7447 |
| Washington Suburban Sanitary Commission |  |  |
| Rev., CNTY GTD, 2.13%, 06/01/2036 | 7885 | 6511 |
| Rev., CNTY GTD, 3.00%, 06/01/2038 | 4550 | 4159 |
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 2000 | 2149 |
| Rev., CNTY GTD, 5.00%, 06/01/2036 | 6575 | 7601 |
| Rev., CNTY GTD, 5.00%, 06/01/2039 | 14160 | 15671 |
| Washington Suburban Sanitary Commission, Consolidated Public Improvement |  |  |
| Rev., CNTY GTD, 3.00%, 06/01/2035 | 3045 | 2923 |
| Rev., CNTY GTD, 3.00%, 06/01/2037 | 5180 | 4814 |
| Rev., CNTY GTD, 5.00%, 06/01/2029 | 1500 | 1578 |
| Rev., CNTY GTD, 5.00%, 06/01/2038 | 5000 | 5564 |
|  |  | 295540 |
|  **Massachusetts — 1.8%** |  |  |
| Boston Water & Sewer Commission, Senior Bonds, Series B, Rev., 4.00%, 11/01/2039 | 1570 | 1601 |
| City of Brockton, GO, 4.00%, 08/01/2047 | 3145 | 2906 |
| Collegiate Charter School of Lowell, Rev., 5.00%, 06/15/2049 | 1250 | 1182 |
| Commonwealth of Massachusetts |  |  |
| GO, 4.00%, 09/01/2036 | 11765 | 11768 |
| GO, 4.00%, 07/01/2037 | 10000 | 10001 |
| GO, 4.00%, 09/01/2044 | 13020 | 12447 |
| GO, 4.00%, 05/01/2045 | 10000 | 9455 |
| Rev., NATL, 5.50%, 01/01/2034 (p) | 1500 | 1715 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Massachusetts — continued** |  |  |
| Series B, GO, 5.00%, 11/01/2041 | 9000 | 9835 |
| Series C, GO, 5.00%, 10/01/2049 | 10000 | 10352 |
| Series D, GO, 5.00%, 10/01/2053 | 10000 | 10263 |
| Series E, GO, 4.00%, 09/01/2043 | 10000 | 9704 |
| Series E, GO, 5.00%, 11/01/2047 | 5000 | 5196 |
| Series G, GO, 5.00%, 12/01/2042 | 2090 | 2297 |
| Commonwealth of Massachusetts Transportation Fund Revenue |  |  |
| Series A, Rev., 4.00%, 06/01/2038 | 3525 | 3530 |
| Series A, Rev., 5.00%, 06/01/2044 | 4935 | 5304 |
| Commonwealth of Massachusetts, Consolidated Loan |  |  |
| Series A, GO, 5.00%, 01/01/2041 | 1500 | 1634 |
| Series A, GO, 5.00%, 01/01/2054 | 2000 | 2052 |
| Commonwealth of Massachusetts, Consolidated Loans, Series E, GO, 5.00%, 11/01/2050 | 17175 | 17535 |
| Massachusetts Bay Transportation Authority Sales Tax Revenue, Series B, Rev., 5.00%, 07/01/2044 | 4235 | 4597 |
| Massachusetts Bay Transportation Authority Senior Sales Tax Bond, Senior, Series A1, Rev., 4.00%, 07/01/2053 | 2750 | 2447 |
| Massachusetts Bay Transportation Authority, Subordinated Sales Tax Bonds, Series A1, Rev., 4.00%, 07/01/2051 | 5000 | 4457 |
| Massachusetts Clean Water Trust (The), Sustainable Bonds |  |  |
| Rev., 5.00%, 02/01/2033 | 1000 | 1141 |
| Rev., 5.00%, 02/01/2035 | 3760 | 4234 |
| Rev., 5.00%, 02/01/2038 | 250 | 277 |
| Massachusetts Development Finance Agency |  |  |
| Rev., 4.00%, 02/15/2036 (w) | 3530 | 3749 |
| Rev., 5.00%, 07/01/2050 | 4045 | 4179 |
| Rev., 5.50%, 10/01/2045 | 2000 | 2051 |
| Rev., 5.50%, 07/01/2050 | 7500 | 8040 |
| Series E, Rev., 5.00%, 07/01/2031 | 1980 | 1986 |
| Series E, Rev., 5.00%, 07/01/2034 | 5000 | 5009 |
| Massachusetts Development Finance Agency, Beth Israel Lahey Health Issue, Rev., 5.00%, 07/01/2032 | 4385 | 4852 |
| Massachusetts Development Finance Agency, Boston Medical Center, Rev., 5.25%, 07/01/2052 | 5100 | 4904 |
| Massachusetts Development Finance Agency, Emerson College, Series A, Rev., 5.00%, 01/01/2047 | 5075 | 4904 |
| Massachusetts Development Finance Agency, Gingercare Living, Inc., Rev., 4.75%, 12/01/2029 (e) | 1700 | 1700 |
| Massachusetts Development Finance Agency, Green Bond, Boston Medical Center, Rev., 5.00%, 07/01/2044 | 2840 | 2841 |
| Massachusetts Development Finance Agency, Lahey Health System, Series F, Rev., 5.00%, 08/15/2045 | 10000 | 10003 |
| Massachusetts Development Finance Agency, Lowell General Hospital, Series G, Rev., 5.00%, 07/01/2044 | 4000 | 3838 |
| Massachusetts Development Finance Agency, Mass General Brigham |  |  |
| Series D, Rev., 5.00%, 07/01/2047 | 8010 | 8312 |
| Series D, Rev., 5.00%, 07/01/2054 | 8000 | 8101 |
| Massachusetts Development Finance Agency, Milford Regional Medical Center, Rev., 5.00%, 07/15/2046 (p) | 1000 | 1090 |
| Massachusetts Development Finance Agency, Northeastern University Issue, Rev., 5.00%, 10/01/2044 | 2000 | 2120 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Massachusetts — continued** |  |  |
| Massachusetts Development Finance Agency, Suffolk University Project, Rev., 4.00%, 07/01/2051 | 1250 | 1013 |
| Massachusetts Development Finance Agency, UMass Memorial Health Care, Rev., 5.00%, 07/01/2044 | 1000 | 1002 |
| Massachusetts Educational Financing Authority |  |  |
| Rev., AMT, 4.25%, 07/01/2032 | 80 | 81 |
| Rev., AMT, 5.00%, 07/01/2029 | 2250 | 2389 |
| Rev., AMT, 5.00%, 07/01/2032 | 585 | 620 |
| Rev., AMT, 5.50%, 07/01/2055 | 4000 | 4003 |
| Massachusetts Educational Financing Authority, Educational Loan Revenue Bonds, Rev., AMT, 2.00%, 07/01/2037 | 130 | 106 |
| Massachusetts Educational Financing Authority, Senior, Series B, Rev., AMT, 5.00%, 07/01/2029 | 1400 | 1487 |
| Massachusetts Educational Financing Authority, Senior Bonds, Series B, Rev., AMT, 5.00%, 07/01/2029 | 2650 | 2814 |
| Massachusetts Educational Financing Authority, Senior Issue M, Series B, Rev., AMT, 3.63%, 07/01/2038 | 1135 | 1110 |
| Massachusetts Health & Educational Facilities Authority, Series F3, Rev., VRDO, LOC: TD Bank NA, 1.50%, 04/07/2026 (z) | 5550 | 5550 |
| Massachusetts Housing Finance Agency, Social Bond, Series 220, Rev., GNMA/FNMA/FHLMC, 3.00%, 12/01/2050 | 2390 | 2360 |
| Massachusetts Housing Finance Agency, Social Bonds |  |  |
| Series 223, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2047 | 805 | 795 |
| Series 227, Rev., GNMA/FNMA/FHLMC COLL, 4.70%, 12/01/2043 | 2250 | 2282 |
| Massachusetts Housing Finance Agency, Sustainability Bond |  |  |
| Series C1, Rev., 2.65%, 12/01/2034 | 1000 | 867 |
| Series D3, Rev., FHA HUD, 3.35%, 06/01/2027 | 650 | 650 |
| Massachusetts Housing Finance Agency, Sustainable Bond, Series 234, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/01/2044 | 575 | 571 |
| Massachusetts Port Authority |  |  |
| Rev., AMT, 4.00%, 07/01/2046 | 8000 | 7227 |
| Rev., AMT, 5.00%, 07/01/2049 | 2735 | 2748 |
| Series E, Rev., AMT, 5.00%, 07/01/2031 | 1495 | 1622 |
| Series E, Rev., AMT, 5.00%, 07/01/2032 | 2000 | 2162 |
| Series E, Rev., AMT, 5.00%, 07/01/2051 | 3000 | 3011 |
| Massachusetts Port Authority, Green Bonds |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2031 | 925 | 1004 |
| Series A, Rev., AMT, 5.00%, 07/01/2038 | 2580 | 2738 |
| Series A, Rev., AMT, 5.00%, 07/01/2040 | 3500 | 3676 |
| Massachusetts School Building Authority |  |  |
| Rev., 4.00%, 02/15/2042 | 5700 | 5706 |
| Rev., 5.00%, 02/15/2038 | 1105 | 1252 |
| Massachusetts Water Resources Authority, Sustainable Bond, Rev., 5.00%, 08/01/2026 (p) | 515 | 519 |
| Massachusetts Water Resources Authority, Unrefunded Sustainable Bond, Rev., 5.00%, 08/01/2026 | 485 | 489 |
| Tender Option Bond Trust Receipts/Certificates, Series 2016-XM0232, Rev., LIQ: Bank of America NA, 2.49%, 07/01/2032 (e) (z) | 6010 | 6010 |
| Town of Tyngsborough, GO, 4.00%, 10/15/2045 | 1955 | 1886 |
| Town of Watertown MA, GO, 4.00%, 06/15/2050 | 1850 | 1722 |
| University of Massachusetts Building Authority, Series 2021, Rev., 5.00%, 11/01/2026 | 5000 | 5073 |
|  |  | 298154 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Michigan — 1.8%** |  |  |
| City of Detroit Sewage Disposal System Revenue, Floating Rate Notes Refunding System Libor D, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.60%), 3.23%, 07/01/2032 (aa) | 1000 | 996 |
| City of Detroit, Social Bonds |  |  |
| Series A, GO, 4.00%, 04/01/2041 | 500 | 479 |
| Series A, GO, 5.00%, 04/01/2039 | 115 | 120 |
| Series A, GO, 5.00%, 04/01/2046 | 35 | 35 |
| Series A, GO, 5.00%, 04/01/2050 | 30 | 30 |
| City of Grand Rapids MI, GO, 5.00%, 04/01/2054 | 2700 | 2754 |
| City of Warren |  |  |
| GO, 5.00%, 11/01/2043 | 1430 | 1515 |
| GO, 5.00%, 11/01/2044 | 1015 | 1070 |
| Detroit Downtown Development Authority, Tax Allocation, 5.00%, 07/01/2048 | 995 | 1017 |
| East Grand Rapids Public School District, Series II, GO, Q-SBLF, 5.00%, 05/01/2043 | 1155 | 1252 |
| Gerald R Ford International Airport Authority |  |  |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2027 | 350 | 355 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2028 | 275 | 285 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2029 | 600 | 634 |
| Rev., CNTY GTD, AMT, 5.00%, 01/01/2034 | 1140 | 1234 |
| Grand Rapids Public Schools |  |  |
| GO, 5.00%, 05/01/2042 | 1225 | 1311 |
| GO, 5.00%, 05/01/2043 | 1700 | 1809 |
| GO, 5.00%, 05/01/2044 | 1450 | 1531 |
| GO, 5.00%, 05/01/2046 | 4000 | 4168 |
| Great Lakes Water Authority Sewage Disposal System Revenue |  |  |
| Series B, Rev., 5.00%, 07/01/2031 | 2085 | 2295 |
| Series B, Rev., 5.00%, 07/01/2035 | 14010 | 15881 |
| Series B, Rev., 5.00%, 07/01/2036 | 1000 | 1122 |
| Great Lakes Water Authority Sewage Disposal System Revenue, Senior Lien |  |  |
| Series A, Rev., 5.00%, 07/01/2030 | 4140 | 4513 |
| Series A, Rev., 5.00%, 07/01/2038 | 645 | 705 |
| Series B, Rev., 5.00%, 07/01/2028 | 140 | 147 |
| Series C, Rev., 5.00%, 07/01/2037 | 850 | 935 |
| Series C, Rev., 5.00%, 07/01/2038 | 725 | 790 |
| Series C, Rev., 5.00%, 07/01/2040 | 1150 | 1241 |
| Series C, Rev., 5.00%, 07/01/2041 | 1140 | 1227 |
| Series C, Rev., 5.00%, 07/01/2042 | 1200 | 1287 |
| Series C, Rev., 5.00%, 07/01/2043 | 875 | 932 |
| Great Lakes Water Authority Water Supply System Revenue |  |  |
| Rev., 5.00%, 07/01/2036 | 10625 | 11812 |
| Rev., 5.00%, 07/01/2037 | 1570 | 1729 |
| Rev., 5.25%, 07/01/2052 | 3000 | 3084 |
| Series B, Rev., 5.00%, 07/01/2034 | 3500 | 3954 |
| Series B, Rev., 5.00%, 07/01/2046 | 8500 | 8516 |
| Series C, Rev., 5.25%, 07/01/2055 | 3605 | 3724 |
| Great Lakes Water Authority Water Supply System Revenue, Senior Lien Bonds |  |  |
| Series A, Rev., 5.00%, 07/01/2037 | 2510 | 2763 |
| Series A, Rev., 5.00%, 07/01/2038 | 2000 | 2185 |
| Series B, Rev., 5.00%, 07/01/2037 | 550 | 605 |
| Series B, Rev., 5.00%, 07/01/2038 | 500 | 546 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Michigan — continued** |  |  |
| Lansing Board of Water & Light |  |  |
| Series A, Rev., 5.00%, 07/01/2037 | 1625 | 1795 |
| Series A, Rev., 5.00%, 07/01/2039 | 405 | 443 |
| Series A, Rev., 5.00%, 07/01/2041 | 1500 | 1622 |
| Series A, Rev., 5.00%, 07/01/2048 | 1675 | 1698 |
| Series A, Rev., 5.00%, 07/01/2051 (z) | 8500 | 9286 |
| Series A, Rev., 5.25%, 07/01/2054 | 7000 | 7235 |
| Series B, Rev., 5.00%, 07/01/2038 | 1250 | 1410 |
| Lincoln Consolidated School District, Series A, GO, Q-SBLF, 5.00%, 05/01/2029 | 1430 | 1433 |
| Livonia Public Schools, GO, 5.00%, 05/01/2045 | 1835 | 1839 |
| Michigan Finance Authority |  |  |
| Rev., 5.00%, 12/01/2045 (p) | 7250 | 7252 |
| Series A, Rev., 4.00%, 12/01/2049 | 1000 | 861 |
| Michigan Finance Authority, Aquinas College Project |  |  |
| Rev., 5.00%, 05/01/2036 | 300 | 244 |
| Rev., 5.00%, 05/01/2046 | 2000 | 1560 |
| Michigan Finance Authority, Beaumont Health Credit Group, Rev., 5.00%, 11/01/2044 | 8090 | 8090 |
| Michigan Finance Authority, Beaumont Spectrum |  |  |
| Rev., 4.00%, 04/15/2042 | 2500 | 2393 |
| Rev., 5.00%, 04/15/2030 | 3000 | 3242 |
| Michigan Finance Authority, Beaumont Spectrum Consolidated, Rev., 4.00%, 04/15/2038 | 1175 | 1177 |
| Michigan Finance Authority, Bronson Healthcare Group, Inc., Rev., 5.00%, 05/15/2036 | 5000 | 5015 |
| Michigan Finance Authority, Che Trinity Health, Rev., 4.00%, 12/01/2040 (p) | 95 | 99 |
| Michigan Finance Authority, Henry Ford Health System |  |  |
| Rev., 5.00%, 11/15/2041 | 3145 | 3164 |
| Series A, Rev., 5.00%, 11/15/2048 | 7000 | 7064 |
| Michigan Finance Authority, Higher Educational Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2032 | 690 | 742 |
| Rev., 5.00%, 09/01/2033 | 800 | 856 |
| Rev., 5.00%, 09/01/2034 | 570 | 607 |
| Rev., 5.00%, 09/01/2035 | 1200 | 1270 |
| Michigan Finance Authority, Hospital CHE Trinity Health Credit Group, Rev., 2.40%, 12/01/2034 (z) | 9665 | 9665 |
| Michigan Finance Authority, Multi Modal McLaren Health Care |  |  |
| Rev., 4.00%, 02/15/2044 | 9625 | 8870 |
| Rev., 4.00%, 02/15/2047 | 3000 | 2632 |
| Rev., 4.00%, 02/15/2050 | 2500 | 2125 |
| Michigan Finance Authority, Senior Turbo, Series A2, Rev., 5.00%, 06/01/2040 | 1655 | 1702 |
| Michigan Finance Authority, State Aid Note Loan Program, Rev., 5.00%, 11/01/2029 | 2755 | 2964 |
| Michigan Finance Authority, State Revolving Fund Program, Rev., 5.00%, 10/01/2042 | 8000 | 8740 |
| Michigan Finance Authority, Trinity Health Credit Group |  |  |
| Rev., 4.00%, 12/01/2040 | 9130 | 8680 |
| Rev., 4.00%, 12/01/2048 | 1300 | 1132 |
| Rev., 5.00%, 12/01/2036 | 1000 | 1068 |
| Michigan State Building Authority |  |  |
| Series I, Rev., 5.00%, 10/15/2027 | 2500 | 2594 |
| Series I, Rev., 5.00%, 04/15/2042 | 2500 | 2726 |
| Michigan State Building Authority, Facilities Multi Mod Program, Rev., VRDO, 2.52%, 04/01/2026 (z) | 10955 | 10955 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Michigan — continued** |  |  |
| Michigan State Building Authority, Facilities Program |  |  |
| Series II, Rev., 4.00%, 10/15/2043 | 1000 | 975 |
| Series II, Rev., 5.00%, 10/15/2026 | 3500 | 3547 |
| Series II, Rev., 5.00%, 10/15/2042 | 1350 | 1455 |
| Michigan State Hospital Finance Authority, Bronson Healthcare Group, Inc. |  |  |
| Rev., 5.00%, 11/15/2029 | 3930 | 4187 |
| Rev., 5.00%, 05/15/2033 | 6010 | 6626 |
| Michigan State Hospital Finance Authority, Hospital Trinity Health Credit, Series C, Rev., 5.00%, 12/01/2027 | 100 | 104 |
| Michigan State Housing Development Authority |  |  |
| Rev., 2.90%, 09/01/2045 (z) | 2000 | 1990 |
| Rev., HUD, 4.45%, 10/01/2044 | 1500 | 1485 |
| Series A, Rev., 5.10%, 10/01/2053 | 5000 | 5025 |
| Series C, Rev., 3.00%, 06/01/2051 | 1220 | 1207 |
| Michigan State Housing Development Authority, Clark Road Senior Apartments Project |  |  |
| Rev., 0.00%, 12/01/2042 (w) (z) | 2980 | 2980 |
| Michigan State Housing Development Authority, Social Bond |  |  |
| Series A, Rev., 3.00%, 06/01/2052 | 2190 | 2157 |
| Series A, Rev., 5.00%, 06/01/2053 | 1585 | 1648 |
| Michigan State Housing Development Authority, Social Bonds, Series D, Rev., 5.50%, 06/01/2053 | 260 | 274 |
| Michigan State Housing Development Authority, Sustainable Bond, Series D, Rev., 6.25%, 06/01/2055 | 785 | 858 |
| Michigan State University, Series C, Rev., 4.00%, 02/15/2039 | 2000 | 2010 |
| Michigan Strategic Fund |  |  |
| Rev., AMT, 3.35%, 10/01/2049 (z) | 1000 | 998 |
| Rev., AMT, 5.00%, 12/31/2043 | 3000 | 3013 |
| Michigan Strategic Fund, Consumers Energy Co. Project, Rev., AMT, 0.88%, 04/01/2035 (z) | 1620 | 1593 |
| Michigan Strategic Fund, Detroit Edison Co. Exempt, Rev., 1.35%, 08/01/2029 | 3450 | 3143 |
| Michigan Strategic Fund, Detroit Edison Company, Rev., 1.45%, 09/01/2030 | 810 | 717 |
| Michigan Strategic Fund, Green Bond Recycling, Rev., AMT, 4.00%, 10/01/2061 (z) | 1685 | 1685 |
| Michigan Strategic Fund, I-75 Improvement Project, Rev., AMT, 5.00%, 12/31/2032 | 1250 | 1285 |
| Okemos Public Schools, Series II, GO, Q-SBLF, 5.00%, 05/01/2046 | 1200 | 1254 |
| State of Michigan Trunk Line Revenue, State Trunk Line Fund Bonds, Rev., 4.00%, 11/15/2037 | 2015 | 2065 |
| State of Michigan Trunk Line Revenue, State Trunkline Fund Bonds, Series A, Rev., 4.00%, 11/15/2046 | 8125 | 7561 |
| State of Michigan, Environmental Program Bonds, Series A, GO, 5.00%, 05/15/2030 | 400 | 435 |
| State of Michigan, Gans Garvee, Rev., GAN, 5.00%, 03/15/2027 | 2210 | 2261 |
| Troy School District, GO, Q-SBLF, 5.00%, 05/01/2039 | 1025 | 1112 |
| Warren Consolidated Schools, School Building & Site, GO, Q-SBLF, 5.00%, 05/01/2028 | 4100 | 4108 |
| Wayne County Airport Authority |  |  |
| Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1095 |
| Rev., AMT, 5.00%, 12/01/2034 | 6025 | 6617 |
| Rev., 5.00%, 12/01/2041 | 2250 | 2456 |
| Rev., 5.00%, 12/01/2042 | 2650 | 2870 |
| Series B, Rev., AMT, 5.00%, 12/01/2032 | 2160 | 2210 |
|  |  | 307844 |
|  **Minnesota — 1.1%** |  |  |
| Brainerd Independent School District No. 181, GO, 4.00%, 02/01/2039 | 6760 | 6770 |
| City of Minneapolis MN, Series A, Rev., 5.00%, 11/15/2044 | 1000 | 1000 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Minnesota — continued** |  |  |
| City of Minneapolis, Allina Health System |  |  |
| Rev., 4.00%, 11/15/2040 | 2860 | 2733 |
| Series B, Rev., 5.00%, 11/15/2053 (z) | 2650 | 2852 |
| City of Minneapolis, Fairview Health Services |  |  |
| Series A, Rev., 4.00%, 11/15/2048 | 4120 | 3414 |
| Series A, Rev., 5.00%, 11/15/2049 | 7000 | 6781 |
| Series AA, Rev., 5.00%, 11/15/2036 | 3000 | 3105 |
| City of Rochester MN |  |  |
| Series A, Rev., 4.38%, 11/15/2053 | 4485 | 4262 |
| Series C, Rev., VRDO, 2.30%, 04/01/2026 (z) | 2600 | 2600 |
| City of St Cloud MN, Rev., 5.00%, 05/01/2048 | 1500 | 1513 |
| County of Hennepin, Series C, GO, 5.00%, 12/15/2032 | 1500 | 1614 |
| Duluth Economic Development Authority, Essentia Health, Rev., 5.00%, 02/15/2058 | 6115 | 5770 |
| Duluth Economic Development Authority, Essentia Health Obligation Group |  |  |
| Rev., 5.00%, 02/15/2048 | 3000 | 2995 |
| Rev., 5.25%, 02/15/2058 | 10000 | 10001 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Fairview Health Services, Series A, Rev., 5.00%, 11/15/2047 | 9000 | 8736 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, Hope Community Academy Project, Series A, Rev., 5.00%, 12/01/2043 | 1000 | 809 |
| Housing & Redevelopment Authority of The City of St. Paul Minnesota, System Fairview Health Services, Series 2015, Rev., 5.00%, 11/15/2047 | 4500 | 4526 |
| Minneapolis St. Paul Metropolitan Airports Commission, Subordinate |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2034 | 1345 | 1448 |
| Series B, Rev., AMT, 5.25%, 01/01/2047 | 1845 | 1883 |
| Minneapolis-St Paul Metropolitan Airports Commission |  |  |
| Rev., AMT, 5.00%, 01/01/2035 | 5000 | 5475 |
| Rev., AMT, 5.00%, 01/01/2038 | 5000 | 5368 |
| Rev., AMT, 5.00%, 01/01/2040 | 1800 | 1911 |
| Rev., AMT, 5.25%, 01/01/2049 | 6000 | 6097 |
| Minnesota Agricultural & Economic Development Board, Healthpartners Obligated Group |  |  |
| Rev., 5.25%, 01/01/2047 | 5000 | 5216 |
| Rev., 5.25%, 01/01/2054 | 6750 | 6890 |
| Minnesota Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 3175 | 3530 |
| Series B, Rev., GNMA/FNMA/FHLMC, 2.63%, 01/01/2040 | 1920 | 1582 |
| Series B, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 640 | 630 |
| Series C, Rev., 5.00%, 08/01/2032 | 2365 | 2594 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2052 | 1170 | 1150 |
| Series G, Rev., GNMA/FNMA/FHLMC, 3.00%, 01/01/2051 | 1940 | 1919 |
| Series I, Rev., GNMA/FNMA/FHLMC, 2.80%, 12/01/2047 | 263 | 225 |
| Series I, Rev., 3.00%, 01/01/2051 | 1055 | 1042 |
| Minnesota Housing Finance Agency, Social Bond, Series H, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 270 | 265 |
| Minnesota Housing Finance Agency, Social Bonds |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 835 | 819 |
| Series F, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2052 | 175 | 172 |
| Series F, Rev., GNMA/FNMA/FHLMC, 5.75%, 07/01/2053 | 325 | 345 |
| Minnesota Housing Finance Agency, State Appropriation Bond Housing, Rev., 5.00%, 08/01/2029 | 1245 | 1333 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Minnesota — continued** |  |  |
| Minnesota Housing Finance Agency, Sustainable Bond, Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2056 | 10375 | 11644 |
| Minnesota Housing Finance Agency, Sustainable Bonds, Series R, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2054 | 4275 | 4626 |
| Minnesota Office of Higher Education, Senior, Rev., AMT, 2.65%, 11/01/2038 | 1000 | 922 |
| Minnesota Office of Higher Education, Supplemental Student Loan, Rev., AMT, 4.00%, 11/01/2037 | 665 | 663 |
| Minnesota Rural Water Finance Authority, Inc., Rev., BAN, 3.30%, 08/01/2026 | 2000 | 2001 |
| St. Paul Port Authority, Solid Gerdau St. Paul Steel Mill Project, Rev., AMT, 4.50%, 10/01/2037 (e) | 4600 | 4424 |
| State of Minnesota |  |  |
| Series A, GO, 4.00%, 09/01/2037 | 690 | 703 |
| Series A, GO, 5.00%, 08/01/2026 | 250 | 252 |
| Series A, GO, 5.00%, 10/01/2029 | 45 | 47 |
| Series A, GO, 5.00%, 10/01/2032 | 1000 | 1032 |
| Series A, GO, 5.00%, 08/01/2033 | 2000 | 2015 |
| Series A, GO, 5.00%, 08/01/2034 | 2000 | 2090 |
| Series A, GO, 5.00%, 08/01/2037 | 10010 | 11281 |
| Series A, GO, 5.00%, 08/01/2038 | 5755 | 6441 |
| Series D, GO, 5.00%, 08/01/2034 | 4460 | 5080 |
| Series E, GO, 3.00%, 08/01/2026 | 710 | 711 |
| Series E, GO, 5.00%, 08/01/2031 | 5000 | 5563 |
| State of Minnesota, Trunk Highways, Series B, GO, 3.00%, 08/01/2030 | 5000 | 5009 |
| University of Minnesota |  |  |
| Series A, Rev., 5.00%, 01/01/2040 | 405 | 443 |
| Series A, Rev., 5.00%, 01/01/2041 | 2500 | 2719 |
| Series A, Rev., 5.00%, 01/01/2042 | 2750 | 2974 |
|  |  | 190015 |
|  **Mississippi — 0.3%** |  |  |
| County of Warren MS, Rev., 4.00%, 09/01/2032 | 12615 | 12848 |
| Mississippi Business Finance Corp, Chevron U.SA, Inc., Series A, Rev., VRDO, 2.80%, 04/01/2026 (z) | 25000 | 25000 |
| Mississippi Business Finance Corp., System Energy Resources Inc Project, Rev., 2.38%, 06/01/2044 | 175 | 113 |
| Mississippi Development Bank |  |  |
| Rev., 5.25%, 06/01/2042 | 850 | 931 |
| Rev., 5.25%, 06/01/2043 | 1000 | 1088 |
| Rev., 5.25%, 06/01/2044 | 2180 | 2354 |
| Mississippi Development Bank, Hinds County School District Project, Rev., 5.00%, 03/01/2048 | 1360 | 1370 |
| Mississippi Hospital Equipment & Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2036 | 1250 | 1253 |
| Rev., 5.00%, 09/01/2046 | 1500 | 1471 |
| State of Mississippi, ABC Warehouse Construction |  |  |
| Rev., 4.00%, 10/01/2045 | 1000 | 931 |
| Rev., 5.00%, 10/01/2041 | 1000 | 1076 |
| Rev., 5.00%, 10/01/2043 | 1035 | 1101 |
| Rev., 5.00%, 10/01/2044 | 1000 | 1055 |
|  |  | 50591 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Missouri — 0.9%** |  |  |
| Cape Girardeau County Industrial Development Authority, Rev., 4.00%, 06/01/2043 | 5305 | 5127 |
| Cape Girardeau County Industrial Development Authority, Southeasthealth, Rev., 4.00%, 03/01/2041 | 870 | 845 |
| City of Kansas City Sanitary Sewer System Revenue, Series A, Rev., 5.00%, 01/01/2041 | 1000 | 1079 |
| City of St Louis MO Airport Revenue, Rev., 5.00%, 07/01/2032 | 1000 | 1113 |
| Health & Educational Facilities Authority of the State of Missouri |  |  |
| Rev., 5.00%, 11/15/2036 | 1725 | 1903 |
| Rev., 5.00%, 11/15/2044 | 650 | 682 |
| Health & Educational Facilities Authority of the State of Missouri, BJC Health System |  |  |
| Series A, Rev., 5.00%, 04/01/2033 (w) | 12000 | 13412 |
| Series A, Rev., 5.00%, 04/01/2036 (w) | 13000 | 14722 |
| Health & Educational Facilities Authority of the State of Missouri, Brookside Charter School, Rev., 5.25%, 06/01/2036 (e) | 3565 | 3496 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Service Projects, Series A, Rev., 5.00%, 02/01/2029 | 1120 | 1143 |
| Health & Educational Facilities Authority of the State of Missouri, Lutheran Senior Services, Rev., 4.00%, 02/01/2034 | 500 | 500 |
| Kansas City Industrial Development Authority, Rev., AMT, 5.00%, 03/01/2032 | 900 | 950 |
| Kansas City Industrial Development Authority, Kansas City International Airport |  |  |
| Rev., AMT, 4.00%, 03/01/2036 | 1250 | 1226 |
| Rev., AMT, 5.00%, 03/01/2029 | 3050 | 3205 |
| Rev., AMT, 5.00%, 03/01/2038 | 2480 | 2546 |
| Rev., AMT, 5.00%, 03/01/2057 | 5000 | 4966 |
| Kansas City Industrial Development Authority, Kansas City International Airport, Rev., AMT, 5.00%, 03/01/2044 | 5000 | 5062 |
| Kansas City Planned Industrial Expansion Authority, The Depot On Old Santa Fe, Rev., 5.00%, 07/01/2045 (z) | 5722 | 5807 |
| Metropolitan St. Louis Sewer District, Series A, Rev., 5.00%, 05/01/2046 (w) | 7500 | 7988 |
| Missouri Development Finance Board, Series A, Rev., 6.00%, 06/15/2040 (e) | 2595 | 2585 |
| Missouri Development Finance Board, Procter & Gamble Paper Products, Rev., AMT, 5.20%, 03/15/2029 | 370 | 390 |
| Missouri Highway & Transportation Commission, State Appropriations Mega Projects, Rev., 5.00%, 05/01/2026 | 16075 | 16108 |
| Missouri Housing Development Commission |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 4435 | 4386 |
| Rev., GNMA/FNMA/FHLMC, 4.55%, 11/01/2044 | 995 | 990 |
| Rev., GNMA/FNMA/FHLMC, 4.80%, 11/01/2040 | 3000 | 3088 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2055 | 9435 | 10397 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 1420 | 1563 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2056 | 7250 | 8062 |
| Missouri Housing Development Commission, First Place Homeownership Loan |  |  |
| Rev., GNMA/FNMA/FHLMC, 3.00%, 05/01/2052 | 2600 | 2561 |
| Rev., GNMA/FNMA/FHLMC, 3.25%, 11/01/2052 | 280 | 278 |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 1690 | 1671 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2055 | 2560 | 2782 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2056 | 5955 | 6448 |
| Rev., GNMA/FNMA/FHLMC, 5.75%, 05/01/2057 | 3775 | 4178 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 05/01/2056 | 1755 | 1912 |
| Rev., GNMA/FNMA/FHLMC, 6.50%, 05/01/2054 | 2310 | 2575 |
| Series D, Rev., GNMA/FNMA/FHLMC, 3.25%, 05/01/2051 | 5 | 5 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Missouri — continued** |  |  |
| Missouri State Environmental Improvement & Energy Resources Authority, Rev., AMT, 4.05%, 05/01/2038 (z) | 1600 | 1619 |
| Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Company Project, Series AR, Rev., 2.90%, 09/01/2033 | 2000 | 1867 |
| Plaza at Noah's Ark Community Improvement District, Rev., 3.00%, 05/01/2030 | 575 | 551 |
| St. Louis Municipal Finance Corp., Convention Center Expansion, Rev., 5.00%, 10/01/2045 | 3215 | 3279 |
|  |  | 153067 |
|  **Montana — 0.1%** |  |  |
| City of Forsyth, Northwestern Corp. Colstrip, Rev., 3.88%, 07/01/2028 | 3275 | 3325 |
| Montana Board of Housing |  |  |
| Rev., 3.00%, 12/01/2050 | 1520 | 1504 |
| Rev., 4.60%, 12/01/2049 | 2775 | 2706 |
| Rev., 6.00%, 12/01/2054 | 390 | 420 |
| Series A, Rev., 3.00%, 06/01/2052 | 225 | 222 |
| Series B, Rev., 3.00%, 12/01/2051 | 715 | 707 |
| Series C, Rev., 6.25%, 06/01/2054 | 1400 | 1512 |
| Montana Facility Finance Authority, Rev., 5.00%, 02/15/2033 | 1000 | 1014 |
| Montana Facility Finance Authority, Bozeman Deaconess Health Services, Rev., 5.00%, 06/01/2048 | 2700 | 2711 |
|  |  | 14121 |
|  **Nebraska — 0.4%** |  |  |
| Central Plains Energy Project, Series A1, Rev., 5.00%, 08/01/2055 (z) | 32170 | 34054 |
| Douglas County Hospital Authority No. 2, Rev., 5.50%, 11/01/2049 | 4665 | 4957 |
| Douglas County Hospital Authority No. 2, Children's Hospital Obligation, Rev., 4.00%, 11/15/2038 | 1125 | 1115 |
| Douglas County Hospital Authority No. 2, Health Facilities Children's Hospital, Rev., 5.00%, 11/15/2047 | 2000 | 2006 |
| Douglas County Hospital Authority No. 2, Madonna Rehabilitation Hospital, Rev., 4.00%, 05/15/2033 | 2100 | 2034 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Rev., 4.00%, 01/01/2044 | 1625 | 1511 |
| Nebraska Educational Health Cultural & Social Services Finance Authority, Immanuel Obligated Group, Rev., 4.00%, 01/01/2037 | 1000 | 985 |
| Nebraska Investment Finance Authority, Sustainable Bonds, Series A, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055 | 2000 | 2235 |
| Nebraska Public Power District, Series A, Rev., 5.00%, 07/01/2028 | 300 | 312 |
| Omaha Airport Authority, Airport Facilities, Rev., AMT, 5.00%, 12/15/2036 | 1250 | 1359 |
| Omaha Public Power District, Rev., 5.00%, 02/01/2038 | 5505 | 6036 |
| Omaha School District, GO, 4.00%, 12/15/2038 | 5000 | 4889 |
| University of Nebraska, Rev., 3.00%, 07/01/2035 (p) | 1030 | 1031 |
|  |  | 62524 |
|  **Nevada — 1.1%** |  |  |
| City of Carson City, Carson Tahoe Regional Medical Center, Rev., 5.00%, 09/01/2047 | 1000 | 975 |
| City of Henderson, Series A1, GO, 4.00%, 06/01/2045 | 2000 | 1932 |
| City of Las Vegas |  |  |
| Series A, Rev., 5.00%, 06/01/2043 | 1500 | 1628 |
| Series A, Rev., 5.00%, 06/01/2045 | 2360 | 2516 |
| Series A, Rev., 5.00%, 06/01/2051 | 8000 | 8256 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Nevada — continued** |  |  |
| City of Las Vegas Special Improvement District No. 612 Skye Hills, Special Assessment, 3.50%, 06/01/2035 | 190 | 175 |
| City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Improvement No. 817, Summerlin Village |  |  |
| Special Assessment, 5.50%, 06/01/2038 | 395 | 422 |
| Special Assessment, 5.75%, 06/01/2043 | 495 | 526 |
| City of North Las Vegas, GO, BAM, 5.00%, 06/01/2027 | 2000 | 2056 |
| Clark County School District |  |  |
| Series A, GO, 4.00%, 06/15/2040 | 1375 | 1361 |
| Series A, GO, 4.25%, 06/15/2042 | 11000 | 11069 |
| Series B, GO, 5.00%, 06/15/2030 | 1445 | 1569 |
| Series B, GO, 5.00%, 06/15/2039 | 5000 | 5456 |
| Series B, GO, 5.00%, 06/15/2041 | 5000 | 5400 |
| Series C, GO, 5.00%, 06/15/2026 | 1250 | 1256 |
| Clark County School District, Building |  |  |
| Series A, GO, 5.00%, 06/15/2029 | 500 | 524 |
| Series B, GO, 5.00%, 06/15/2033 | 3000 | 3143 |
| County of Clark, GO, 4.00%, 06/01/2038 | 4300 | 4310 |
| County of Clark Department of Aviation, Airport Systems, Subordinate, Rev., 5.00%, 07/01/2033 | 1010 | 1109 |
| County of Clark Department of Aviation, Subordinate, Series B, Rev., AMT, 5.00%, 07/01/2027 | 6000 | 6156 |
| County of Clark Department of Aviation, System Senior, Series A, Rev., 5.00%, 07/01/2040 | 4000 | 4007 |
| County of Clark Passenger Facility Charge Revenue, McCarran International |  |  |
| Rev., 5.00%, 07/01/2029 | 5000 | 5367 |
| Rev., 5.00%, 07/01/2031 | 1950 | 2079 |
| County of Clark, Detention Center, GO, 4.00%, 06/01/2034 | 3335 | 3411 |
| County of Clark, Passenger Facility Charge Revenue, Las Vegas McCarran International Airport, Rev., 5.00%, 07/01/2030 | 1425 | 1525 |
| County of Clark, Southern CA Edison Company, Rev., 2.10%, 06/01/2031 | 1000 | 908 |
| County of Clark, Streets and Highway Project, Rev., 4.00%, 07/01/2043 | 4465 | 4471 |
| County of Washoe, Sierra Pacific Power Company, Rev., AMT, 4.13%, 03/01/2036 (z) | 9000 | 9115 |
| Las Vegas Convention & Visitors Authority |  |  |
| Series A, Rev., 5.00%, 07/01/2027 | 900 | 927 |
| Series A, Rev., 5.00%, 07/01/2028 | 1250 | 1315 |
| Series A, Rev., 5.00%, 07/01/2040 | 250 | 268 |
| Series B, Rev., 4.00%, 07/01/2049 | 10765 | 9529 |
| Series B, Rev., 5.00%, 07/01/2029 | 1345 | 1440 |
| Series B, Rev., 5.00%, 07/01/2034 | 1275 | 1397 |
| Series B, Rev., 5.00%, 07/01/2038 | 1000 | 1072 |
| Series B, Rev., 5.00%, 07/01/2043 | 5150 | 5263 |
| Las Vegas Convention and Visitors Authority, Rev., 5.00%, 07/01/2049 | 1950 | 1995 |
| Las Vegas Valley Water District |  |  |
| Series A, GO, 4.00%, 06/01/2043 | 20805 | 19842 |
| Series A, GO, 5.00%, 06/01/2026 | 1500 | 1507 |
| Series A, GO, 5.00%, 06/01/2043 | 5000 | 5444 |
| Series A, GO, 5.00%, 06/01/2044 | 5000 | 5392 |
| Series D, GO, 5.00%, 06/01/2027 | 2025 | 2084 |
| Las Vegas Valley Water District, Water Improvement, Series A, GO, 5.00%, 06/01/2046 | 5000 | 5020 |
| Sparks Tourism Improvement District No. 1, Rev., 3.88%, 06/15/2028 | 890 | 893 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Nevada — continued** |  |  |
| State of Nevada |  |  |
| Series A, GO, 5.00%, 05/01/2031 | 4770 | 5277 |
| Series A, GO, 5.00%, 05/01/2042 | 8400 | 9085 |
| Series C, GO, 5.00%, 05/01/2029 | 3470 | 3718 |
| State of Nevada Department of Business & Industry, Republic Services Project, Rev., AMT, 3.45%, 12/01/2026 (e) (z) | 1000 | 1000 |
| Truckee Meadows Water Authority |  |  |
| Rev., 5.00%, 07/01/2033 (p) | 2915 | 2932 |
| Rev., 5.00%, 07/01/2034 | 2000 | 2277 |
|  |  | 178399 |
|  **New Hampshire — 0.8%** |  |  |
| New Hampshire Business Finance Authority |  |  |
| Rev., Zero Coupon, 12/15/2033 (e) | 1560 | 941 |
| Rev., 0.00%, 02/20/2041 (z) | 7430 | 7604 |
| Rev., 3.58%, 07/20/2039 (z) | 7913 | 7594 |
| Rev., 3.63%, 08/20/2039 | 10425 | 9797 |
| Rev., 3.81%, 11/20/2039 (z) | 4568 | 4467 |
| Rev., AMT, 4.00%, 10/01/2033 (z) | 18000 | 18023 |
| Rev., 4.13%, 01/20/2034 | 1350 | 1353 |
| Rev., 4.25%, 07/20/2041 | 5002 | 4917 |
| Rev., 4.38%, 09/20/2036 | 631 | 634 |
| Rev., AMT, 4.88%, 11/01/2042 (e) | 2000 | 1786 |
| Rev., 5.00%, 12/01/2035 | 4105 | 4496 |
| Rev., 5.05%, 06/15/2035 (e) | 2055 | 2080 |
| Rev., 5.25%, 06/01/2043 | 4000 | 4216 |
| New Hampshire Business Finance Authority, Caritas Oregon Project, Series A, Rev., 4.13%, 08/15/2040 (e) | 2000 | 1823 |
| New Hampshire Business Finance Authority, Centurion Foundation Woodway Drive, Rev., 4.53%, 10/15/2034 (e) | 4060 | 4083 |
| New Hampshire Business Finance Authority, Forestar Group Houston Area Project, Rev., 6.50%, 12/01/2034 (e) | 3500 | 3502 |
| New Hampshire Business Finance Authority, Presbyterian Senior Living Project, Rev., 5.25%, 07/01/2048 | 1750 | 1759 |
| New Hampshire Business Finance Authority, Saint Luke's University Health, Rev., 4.00%, 08/15/2036 | 720 | 712 |
| New Hampshire Business Finance Authority, Springpoint Senior Living |  |  |
| Rev., 4.00%, 01/01/2027 | 250 | 251 |
| Rev., 4.00%, 01/01/2028 | 290 | 292 |
| Rev., 4.00%, 01/01/2029 | 300 | 302 |
| Rev., 4.00%, 01/01/2030 | 280 | 282 |
| Rev., 4.00%, 01/01/2031 | 870 | 874 |
| New Hampshire Business Finance Authority, Sustainable Bond |  |  |
| Series 1, Rev., 4.13%, 04/20/2043 (z) | 3500 | 3400 |
| Series B, Rev., AMT, 3.75%, 07/01/2045 (e) (z) | 3000 | 2444 |
| New Hampshire Business Finance Authority, Sustainable Bonds Municipal Certificates, Rev., 3.92%, 01/20/2041 | 6540 | 6330 |
| New Hampshire Business Finance Authority, Sustainable Certificates |  |  |
| Rev., HUD, 4.15%, 10/20/2040 (z) | 4948 | 4895 |
| Series 2, Rev., 3.88%, 01/20/2038 | 1209 | 1157 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New Hampshire — continued** |  |  |
| New Hampshire Business Finance Authority, Taxable Virginia Birmingham Care Center, Rev., 3.78%, 01/01/2036 | 2000 | 1472 |
| New Hampshire Business Finance Authority, The Astro Sunterra Project, Rev., Zero Coupon, 12/15/2034 (e) | 2425 | 1370 |
| New Hampshire Business Finance Authority, University of Nevada, Reno Project, Rev., BAM, 5.25%, 06/01/2051 | 1875 | 1943 |
| New Hampshire Health and Education Facilities Authority Act |  |  |
| Rev., 3.30%, 06/01/2040 (z) | 2500 | 2506 |
| Rev., 4.00%, 08/01/2043 | 5000 | 4668 |
| Series B, Rev., AMT, 5.00%, 11/01/2043 | 995 | 1024 |
| New Hampshire Health and Education Facilities Authority Act, Granite Edvance Corporation, Rev., AMT, 4.00%, 11/01/2044 | 645 | 601 |
| New Hampshire Health and Education Facilities Authority Act, University System of New Hampshire |  |  |
| Rev., BAM, 5.00%, 07/01/2043 | 3215 | 3472 |
| Rev., BAM, 5.00%, 07/01/2044 | 6755 | 7230 |
| New Hampshire Housing Finance Authority, Social Bonds, Series A, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 07/01/2053 | 335 | 356 |
| New Hampshire Housing Finance Authority, Sustainable Bond, Series C, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 2200 | 2465 |
| New Hampshire Housing Finance Authority, Sustainable Bonds, Series D, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 1840 | 2007 |
|  |  | 129128 |
|  **New Jersey — 1.9%** |  |  |
| Camden County Improvement Authority, Social Bonds, KIPP Cooper Norcross Academy |  |  |
| Rev., 6.00%, 06/15/2042 | 530 | 555 |
| Rev., 6.00%, 06/15/2047 | 1000 | 1034 |
| City of Bayonne, Qualified General Improvement, GO, BAM, 5.00%, 07/01/2034 (p) | 1000 | 1006 |
| City of Newark, Series A, GO, 5.00%, 10/01/2028 | 750 | 790 |
| Garden State Preservation Trust, Capital Appreciation, Series B, Rev., Zero Coupon, 11/01/2026 | 1000 | 982 |
| Gloucester County Improvement Authority, The Rowan University Fossil Park |  |  |
| Rev., BAM, 4.00%, 07/01/2046 | 725 | 691 |
| Rev., BAM, 4.00%, 07/01/2051 | 1000 | 902 |
| New Brunswick Parking Authority, City Guaranteed Parking, Series A, Rev., BAM, 5.00%, 09/01/2026 | 1000 | 1010 |
| New Jersey Economic Development Authority |  |  |
| Rev., 5.00%, 03/01/2028 | 785 | 821 |
| Series A, Rev., 5.00%, 11/01/2027 | 2500 | 2594 |
| Series AAA, Rev., 5.00%, 06/15/2036 (p) | 1000 | 1018 |
| Series AAA, Rev., 5.00%, 06/15/2041 (p) | 500 | 509 |
| Series AAA, Rev., 5.50%, 06/15/2028 | 5000 | 5098 |
| Series AAA, Rev., 5.50%, 06/15/2032 (p) | 2000 | 2043 |
| Series BBB, Rev., 5.50%, 06/15/2030 (p) | 1225 | 1251 |
| Series DDD, Rev., 5.00%, 06/15/2031 (p) | 2000 | 2061 |
| New Jersey Economic Development Authority, Middlesex Water Company |  |  |
| Rev., AMT, 4.00%, 08/01/2059 | 4200 | 3529 |
| Rev., AMT, 5.00%, 08/01/2059 | 3000 | 3018 |
| New Jersey Economic Development Authority, New Jersey American Water Company, Inc., Rev., AMT, 1.10%, 11/01/2029 (z) | 2610 | 2472 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New Jersey — continued** |  |  |
| New Jersey Economic Development Authority, Port Newark Container, Rev., AMT, 5.00%, 10/01/2037 | 1000 | 1012 |
| New Jersey Economic Development Authority, Portal North Bridge NJ Transit |  |  |
| Rev., 5.00%, 11/01/2038 | 5345 | 5757 |
| Rev., 5.00%, 11/01/2052 | 6190 | 6306 |
| Rev., 5.25%, 11/01/2041 | 6000 | 6479 |
| New Jersey Economic Development Authority, School Facilities Construction |  |  |
| Series EEE, Rev., 5.00%, 06/15/2032 | 1500 | 1582 |
| Series GGG, Rev., 5.25%, 09/01/2026 (e) | 8000 | 8089 |
| New Jersey Economic Development Authority, Self Designated Social Bonds |  |  |
| Series QQQ, Rev., 5.00%, 06/15/2026 | 555 | 558 |
| Series QQQ, Rev., 5.00%, 06/15/2027 | 410 | 422 |
| Series QQQ, Rev., 5.00%, 06/15/2028 | 400 | 420 |
| New Jersey Economic Development Authority, State House Project |  |  |
| Series B, Rev., 5.00%, 06/15/2027 | 10690 | 10999 |
| Series B, Rev., 5.00%, 06/15/2028 | 8635 | 9068 |
| New Jersey Economic Development Authority, Sustainable Bonds, Series QQQ, Rev., 4.00%, 06/15/2037 | 2400 | 2412 |
| New Jersey Educational Facilities Authority, Series A, Rev., 5.00%, 07/01/2064 (z) | 19670 | 22661 |
| New Jersey Educational Facilities Authority, Higher Education Capital Improvement Fund Issue |  |  |
| Rev., 5.00%, 09/01/2038 | 1000 | 1086 |
| Rev., 5.00%, 09/01/2040 | 2200 | 2368 |
| New Jersey Educational Facilities Authority, Princeton University, Series I, Rev., 5.00%, 07/01/2036 | 1015 | 1037 |
| New Jersey Educational Facilities Authority, Princeton University Revenue, Rev., 5.00%, 03/01/2044 | 2250 | 2425 |
| New Jersey Educational Facilities Authority, Ramapo College of New Jersey, Series A, Rev., 5.00%, 07/01/2035 | 200 | 219 |
| New Jersey Health Care Facilities Financing Authority |  |  |
| Rev., 5.00%, 07/01/2036 | 7500 | 8366 |
| Rev., 5.00%, 07/01/2037 | 285 | 291 |
| Rev., 5.00%, 07/01/2038 | 630 | 641 |
| Rev., 5.00%, 07/01/2039 | 365 | 371 |
| New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligated, Rev., 5.00%, 07/01/2032 | 2070 | 2242 |
| New Jersey Health Care Facilities Financing Authority, Atlanticare Health System Obligation, Rev., 3.00%, 07/01/2051 | 1715 | 1232 |
| New Jersey Health Care Facilities Financing Authority, RWJ Barnabas Health Obligated Group |  |  |
| Rev., 4.25%, 07/01/2054 | 1875 | 1737 |
| Rev., 5.25%, 07/01/2044 | 8780 | 9537 |
| New Jersey Higher Education Student Assistance Authority |  |  |
| Series 1B, Rev., AMT, 4.50%, 12/01/2045 | 5715 | 5722 |
| Series 1A, Rev., AMT, 5.00%, 12/01/2034 | 3000 | 3176 |
| Series B, Rev., AMT, 5.00%, 12/01/2027 | 1340 | 1382 |
| Series B, Rev., AMT, 5.00%, 12/01/2028 | 1480 | 1549 |
| Series B, Rev., AMT, 5.00%, 12/01/2029 | 1440 | 1526 |
| New Jersey Higher Education Student Assistance Authority, Senior |  |  |
| Series A, Rev., AMT, 3.50%, 12/01/2039 | 1435 | 1397 |
| Series B, Rev., AMT, 4.00%, 12/01/2041 | 965 | 951 |
| Series B, Rev., AMT, 4.00%, 12/01/2044 | 1890 | 1777 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New Jersey — continued** |  |  |
| Series B, Rev., AMT, 4.25%, 12/01/2045 | 4450 | 4396 |
| Series B, Rev., AMT, 5.00%, 12/01/2027 | 1060 | 1093 |
| New Jersey Higher Education Student Assistance Authority, Subordinated, Series C, Rev., AMT, 4.00%, 12/01/2048 | 1195 | 1008 |
| New Jersey Housing & Mortgage Finance Agency |  |  |
| Series E, Rev., 3.50%, 04/01/2051 | 1385 | 1383 |
| Series K, Rev., 6.00%, 10/01/2055 | 3710 | 3998 |
| Series M, Rev., 4.75%, 10/01/2040 | 3500 | 3579 |
| Series M, Rev., 6.50%, 04/01/2056 | 8085 | 9022 |
| New Jersey Housing & Mortgage Finance Agency, Social Bond, Rev., 5.00%, 10/01/2053 | 145 | 150 |
| New Jersey Housing & Mortgage Finance Agency, Social Bonds, Series H, Rev., 3.00%, 10/01/2052 | 560 | 548 |
| New Jersey Housing & Mortgage Finance Agency, Sustainable Bond, Series K, Rev., 4.55%, 10/01/2044 | 665 | 661 |
| New Jersey Transportation Trust Fund Authority |  |  |
| Rev., 4.08%, 06/15/2039 | 7095 | 6450 |
| Rev., 5.00%, 06/15/2046 | 5000 | 5106 |
| Rev., 5.25%, 06/15/2046 (p) | 14455 | 15935 |
| Series A, Rev., 5.00%, 06/15/2029 | 1550 | 1660 |
| Series A, Rev., 5.00%, 06/15/2030 | 3000 | 3266 |
| Series A, Rev., 5.00%, 06/15/2034 | 5780 | 6542 |
| Series AA, Rev., 4.00%, 06/15/2040 | 3750 | 3720 |
| Series AA, Rev., 5.00%, 06/15/2045 | 660 | 681 |
| Series AA, Rev., 5.25%, 06/15/2041 | 1250 | 1378 |
| Series BB, Rev., 5.00%, 06/15/2032 | 2000 | 2106 |
| Series CC, Rev., 5.25%, 06/15/2050 | 5700 | 5971 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation |  |  |
| Series A, Rev., TRAN, BAM, Zero Coupon, 12/15/2038 | 1000 | 601 |
| Series C, Rev., TRAN, AMBAC, Zero Coupon, 12/15/2026 | 1455 | 1426 |
| New Jersey Transportation Trust Fund Authority, Capital Appreciation Transportation System, Series C, Rev., TRAN, Zero Coupon, 12/15/2033 | 4765 | 3659 |
| New Jersey Transportation Trust Fund Authority, Program B, Rev., 5.00%, 06/15/2037 | 2000 | 2175 |
| New Jersey Transportation Trust Fund Authority, Transportation Program |  |  |
| Series BB, Rev., 5.00%, 06/15/2036 | 3000 | 3322 |
| Series BB, Rev., 5.00%, 06/15/2040 | 8120 | 8762 |
| Series CC, Rev., 5.00%, 06/15/2041 | 3500 | 3794 |
| New Jersey Transportation Trust Fund Authority, Transportation Program Bonds, Rev., 5.00%, 06/15/2035 | 500 | 545 |
| New Jersey Transportation Trust Fund Authority, Transportation System, Series A, Rev., 5.00%, 06/15/2038 | 500 | 543 |
| New Jersey Transportation Trust Fund Authority, Transportation System Bond |  |  |
| Rev., 4.00%, 12/15/2039 | 2000 | 1988 |
| Rev., 5.00%, 12/15/2028 | 1000 | 1061 |
| Rev., 5.00%, 12/15/2031 | 1560 | 1675 |
| New Jersey Turnpike Authority |  |  |
| Rev., 5.00%, 01/01/2042 | 10000 | 10778 |
| Series A, Rev., 5.00%, 01/01/2045 | 2500 | 2676 |
| Series B, Rev., 4.50%, 01/01/2048 | 1750 | 1753 |
| Series D, Rev., 5.00%, 01/01/2028 | 1300 | 1335 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New Jersey — continued** |  |  |
| Newark Board of Education, Sustainability Bonds |  |  |
| GO, BAM, 4.00%, 07/15/2034 | 400 | 412 |
| GO, BAM, 4.00%, 07/15/2035 | 410 | 420 |
| GO, BAM, 4.00%, 07/15/2036 | 425 | 432 |
| GO, BAM, 4.00%, 07/15/2037 | 430 | 435 |
| North Hudson Sewerage Authority, Senior Lien Lease Certificates |  |  |
| Rev., 5.00%, 06/01/2039 | 1100 | 1239 |
| Rev., 5.00%, 06/01/2040 | 1100 | 1226 |
| Rev., 5.00%, 06/01/2041 | 1000 | 1103 |
| Rev., 5.00%, 06/01/2042 | 1000 | 1093 |
| South Jersey Port Corp., Marine Terminal, Subordinated, Series B, Rev., AMT, 5.00%, 01/01/2037 | 1000 | 1016 |
| South Jersey Port Corp., Subordinate Marine Term, Series B, Rev., AMT, 5.00%, 01/01/2032 | 2140 | 2193 |
| South Jersey Port Corp., Subordinate, Marine Terminal |  |  |
| Series B, Rev., AMT, 5.00%, 01/01/2033 | 1220 | 1247 |
| Series B, Rev., AMT, 5.00%, 01/01/2034 | 1250 | 1276 |
| Series B, Rev., AMT, 5.00%, 01/01/2036 | 1000 | 1018 |
| South Jersey Transportation Authority |  |  |
| Series A, Rev., 5.00%, 11/01/2030 | 500 | 540 |
| Series A, Rev., 5.00%, 11/01/2033 | 1215 | 1298 |
| Series A, Rev., BAM, 5.00%, 11/01/2041 | 2925 | 3071 |
| South Jersey Transportation Authority, Transportation System, Rev., BAM, 5.25%, 11/01/2052 | 3100 | 3205 |
| State of New Jersey, Covid-19 Emergency Bonds, General Obligations |  |  |
| Series A, GO, 4.00%, 06/01/2030 | 2000 | 2104 |
| Series A, GO, 5.00%, 06/01/2028 | 4245 | 4469 |
| Tender Option Bond Trust Receipts/Certificates, Series 2016-XM0226, Rev., BHAC-CR, NATL-RE, LIQ: Bank of America NA, 2.46%, 07/01/2026 (e) (z) | 5220 | 5220 |
| The Gloucester County Improvement Authority, Rowan University Project, Rev., BAM, 5.00%, 07/01/2044 | 900 | 941 |
|  |  | 314885 |
|  **New Mexico — 0.2%** |  |  |
| City of Farmington NM |  |  |
| Rev., 3.88%, 06/01/2040 (z) | 6750 | 6902 |
| City of Farmington, Four Corners Project, Rev., 1.80%, 04/01/2029 | 3000 | 2815 |
| City of Farmington, Public Service Company, San Juan, Rev., 3.90%, 06/01/2040 (z) | 1000 | 1016 |
| City of Farmington, San Juan and Four Corners |  |  |
| Rev., 2.15%, 04/01/2033 | 4890 | 4230 |
| New Mexico Educational Assistance Foundation, Series 1A, Rev., AMT, 2.05%, 09/01/2051 | 170 | 153 |
| New Mexico Finance Authority, Senior Lien Public Project, Series C, Rev., 4.00%, 06/01/2028 | 1070 | 1072 |
| New Mexico Hospital Equipment Loan Council |  |  |
| Rev., 5.00%, 06/01/2030 | 1050 | 1106 |
| Rev., 5.00%, 06/01/2032 | 1000 | 1039 |
| Series A, Rev., 5.00%, 08/01/2044 | 3185 | 3224 |
| New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare, Rev., 4.00%, 08/01/2037 | 500 | 484 |
| New Mexico Mortgage Finance Authority |  |  |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.70%, 09/01/2049 | 1955 | 1924 |
| Series G3, Rev., GNMA/FNMA/FHLMC, 3.00%, 09/01/2057 (z) | 1915 | 1916 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New Mexico — continued** |  |  |
| New Mexico Mortgage Finance Authority, Mountain View II & III Apartments, Rev., HUD, 2.92%, 02/01/2042 (z) | 375 | 375 |
| New Mexico Mortgage Finance Authority, Single Family Mortgage Program |  |  |
| Rev., GNMA/FNMA/FHLMC COLL, 5.75%, 03/01/2054 | 515 | 552 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.00%, 01/01/2049 | 90 | 91 |
| Santa Fe Public School District, GO, 5.00%, 08/01/2029 | 1375 | 1447 |
| State of New Mexico, Capital Project, GO, 5.00%, 03/01/2027 (p) | 7500 | 7669 |
| State of New Mexico, Severance Tax Permanent Fund, Series A, Rev., 5.00%, 07/01/2033 | 1875 | 2024 |
| Winrock Town Center, Increment Development District No 1, Senior Lien, Tax Allocation, 4.25%, 05/01/2040 (e) | 1750 | 1651 |
|  |  | 39690 |
|  **New York — 11.1%** |  |  |
| Albany Capital Resource Corp., Rev., 5.25%, 05/01/2050 | 5000 | 5231 |
| Battery Park City Authority |  |  |
| Rev., 5.00%, 11/01/2044 | 1750 | 1915 |
| Series B, Rev., 5.00%, 11/01/2036 | 2000 | 2265 |
| Broome County, Local Development Corp., United Health Services Hospital |  |  |
| Rev., 4.00%, 04/01/2039 | 2750 | 2698 |
| Rev., 5.00%, 04/01/2026 | 500 | 500 |
| Build C Resource Corp., Success Academy Charter School |  |  |
| Rev., 4.00%, 09/01/2042 | 1200 | 1129 |
| Rev., 4.00%, 09/01/2043 | 1000 | 935 |
| Rev., 5.00%, 09/01/2036 | 1660 | 1758 |
| Rev., 5.00%, 09/01/2037 | 1475 | 1555 |
| Rev., 5.00%, 09/01/2039 | 1125 | 1175 |
| Build NYC Resource Corp. |  |  |
| Rev., 5.00%, 07/01/2026 | 325 | 326 |
| Rev., 5.50%, 06/15/2050 | 1250 | 1221 |
| Build NYC Resource Corp., 261 Walton Facility Zeta LLC, Rev., 5.00%, 06/01/2036 (e) | 10000 | 10275 |
| Build NYC Resource Corp., Family Life Academy Charter, Series A1, Rev., 5.25%, 06/01/2040 (e) | 1220 | 1185 |
| Build NYC Resource Corp., Family Life Academy Charter Project, Rev., 7.25%, 06/01/2055 (e) | 250 | 259 |
| Build NYC Resource Corp., Friends of Hellenic Classical, Series A, Rev., 4.00%, 12/01/2031 (e) | 700 | 685 |
| Build NYC Resource Corp., Grand Concourse Academy Charter School |  |  |
| Rev., 5.00%, 07/01/2042 | 555 | 554 |
| Rev., 5.00%, 07/01/2052 | 700 | 650 |
| City of Long Beach, Series A, GO, 5.00%, 09/01/2027 | 1500 | 1550 |
| City of New York |  |  |
| Series A1, GO, 4.00%, 08/01/2034 | 3000 | 3067 |
| Series A1, GO, 4.00%, 08/01/2036 | 1000 | 1013 |
| Series A1, GO, 5.00%, 08/01/2029 | 2900 | 3106 |
| Series A1, GO, 5.00%, 09/01/2034 | 2000 | 2203 |
| Series A1, GO, 5.00%, 08/01/2041 | 3000 | 3123 |
| Series A1, GO, 5.25%, 09/01/2042 | 8715 | 9338 |
| Series A4, GO, 5.00%, 08/01/2026 | 1000 | 1009 |
| Series B1, GO, 5.00%, 08/01/2026 | 1120 | 1129 |
| Series B1, GO, 5.00%, 08/01/2031 | 1000 | 1100 |
| Series B1, GO, 5.00%, 10/01/2031 | 500 | 551 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| Series B1, GO, 5.00%, 08/01/2035 | 90 | 98 |
| Series B1, GO, 5.25%, 10/01/2047 | 3000 | 3122 |
| Series C1, GO, 5.00%, 08/01/2031 | 500 | 542 |
| Series C4, GO, 5.00%, 10/01/2027 | 5000 | 5191 |
| Series C, GO, 5.00%, 08/01/2027 | 2000 | 2065 |
| Series C, GO, 5.00%, 03/01/2042 | 1340 | 1427 |
| Series C, GO, 5.25%, 03/01/2053 | 15140 | 15641 |
| Series D1, GO, 5.00%, 12/01/2031 | 1380 | 1456 |
| Series D1, GO, 5.00%, 12/01/2036 | 11955 | 12484 |
| Series E, GO, 5.00%, 08/01/2028 | 1625 | 1709 |
| Series E, GO, 5.00%, 08/01/2033 | 2000 | 2107 |
| Series F1, GO, 3.00%, 03/01/2035 | 2135 | 2025 |
| Series F1, GO, 5.00%, 03/01/2043 | 1000 | 1047 |
| Series G1, GO, 5.00%, 02/01/2043 | 1000 | 1064 |
| City of New York NY |  |  |
| GO, 5.00%, 08/01/2031 | 6000 | 6599 |
| GO, 5.00%, 09/01/2041 | 1000 | 1075 |
| Series D, GO, 5.00%, 10/01/2039 | 6000 | 6550 |
| Series D, GO, 5.00%, 10/01/2041 | 3000 | 3249 |
| City of New York, Fiscal 2001 |  |  |
| Series 2, GO, VRDO, 2.90%, 04/07/2026 (z) | 120 | 120 |
| Series 3, GO, VRDO, 2.90%, 04/01/2026 (z) | 90 | 90 |
| City of New York, Fiscal 2020, Series B1, GO, 5.00%, 10/01/2038 | 5000 | 5246 |
| City of New York, Fiscal 2021 |  |  |
| Series C, GO, 4.00%, 08/01/2037 | 450 | 453 |
| Series C, GO, 5.00%, 08/01/2035 | 4740 | 5061 |
| City of New York, Fiscal 2022 |  |  |
| GO, 5.25%, 05/01/2039 | 200 | 217 |
| GO, 5.25%, 05/01/2041 | 2000 | 2151 |
| GO, 5.50%, 05/01/2044 | 1000 | 1070 |
| City of New York, Fiscal 2024, Series A, GO, 5.00%, 08/01/2028 | 360 | 379 |
| City of New York, Fiscal 2025, GO, 5.00%, 08/01/2027 | 2080 | 2147 |
| City of New York, Fiscal 2026 |  |  |
| Series A1, GO, 5.00%, 08/01/2041 | 1500 | 1628 |
| Series A1, GO, 5.00%, 08/01/2042 | 1500 | 1616 |
| City of New York, Subordinated |  |  |
| Series E1, GO, 4.00%, 04/01/2050 | 8500 | 7629 |
| Series F1, GO, 5.00%, 08/01/2027 | 1750 | 1806 |
| Series F1, GO, 5.00%, 08/01/2028 | 350 | 368 |
| City of Yonkers |  |  |
| Series F, GO, BAM, 5.00%, 11/15/2038 | 500 | 541 |
| Series F, GO, BAM, 5.00%, 11/15/2039 | 1000 | 1079 |
| County of Nassau |  |  |
| Series A, GO, 4.00%, 04/01/2046 | 1300 | 1221 |
| Series B, GO, BAM, 5.00%, 10/01/2027 | 1450 | 1467 |
| Dutchess County, Local Development Corp., Health Quest System Inc Project, Series B, Rev., 5.00%, 07/01/2046 | 6250 | 6074 |
| Empire State Development Corp., Series A, Rev., 5.00%, 03/15/2051 | 4525 | 4654 |
| Empire State Development Corporation, Series E, Rev., 4.00%, 03/15/2039 | 3930 | 3897 |
| Hempstead Town Local Development Corp., Evergreen Charter School Project, Series A, Rev., 5.25%, 06/15/2042 | 4000 | 4043 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| Hudson Yards Infrastructure Corp. |  |  |
| Series A, Rev., 4.00%, 02/15/2047 | 9335 | 8512 |
| Series A, Rev., 5.00%, 02/15/2045 | 2210 | 2231 |
| Long Island Power Authority |  |  |
| Rev., 5.00%, 09/01/2042 | 2070 | 2114 |
| Series A, Rev., 5.00%, 09/01/2037 | 1250 | 1331 |
| Series B, Rev., 1.50%, 09/01/2051 (z) | 8200 | 8144 |
| Series B, Rev., 3.00%, 09/01/2055 (z) | 1500 | 1501 |
| Long Island Power Authority, Green Bond, Series E, Rev., 5.00%, 09/01/2048 | 2440 | 2526 |
| Metropolitan Transportation Authority |  |  |
| Rev., (United States SOFR \* 0.67 + 0.80%), 3.23%, 11/01/2032 (aa) | 430 | 430 |
| Rev., BAM, 4.00%, 11/15/2048 | 4415 | 3963 |
| Rev., 5.00%, 11/15/2049 | 2000 | 2016 |
| Special Tax, 5.25%, 11/15/2042 | 2140 | 2358 |
| Special Tax, 5.25%, 11/15/2045 | 8500 | 9179 |
| Series A2, Rev., 5.00%, 11/15/2045 (z) | 4500 | 4799 |
| Series A, Rev., 5.25%, 11/15/2030 | 1475 | 1497 |
| Series A, Rev., 5.25%, 11/15/2034 | 8000 | 8101 |
| Series C1, Rev., 5.00%, 11/15/2056 | 3100 | 3051 |
| Series D, Rev., BAM, 4.00%, 11/15/2042 | 3295 | 3054 |
| Series D, Rev., 5.00%, 11/15/2027 | 1200 | 1215 |
| Metropolitan Transportation Authority Dedicated Tax Fund, Sustainable Bond, Series A, Special Tax, 5.25%, 11/15/2054 | 2790 | 2904 |
| Metropolitan Transportation Authority, Build America Bonds, Rev., 6.67%, 11/15/2039 | 2500 | 2670 |
| Metropolitan Transportation Authority, Green Bond |  |  |
| Series A2, Rev., 5.00%, 11/15/2027 | 1085 | 1099 |
| Series C2, Rev., Zero Coupon, 11/15/2032 | 500 | 398 |
| Series C, Rev., 5.00%, 11/15/2040 | 2465 | 2522 |
| Series E, Rev., 4.00%, 11/15/2045 | 60 | 55 |
| Series E, Rev., 5.00%, 11/15/2029 | 250 | 270 |
| Metropolitan Transportation Authority, Green Bonds |  |  |
| Series B1, Rev., 5.00%, 11/15/2046 | 2000 | 2009 |
| Series D1, Rev., 5.00%, 11/15/2043 | 2000 | 2067 |
| Series D3, Rev., 4.00%, 11/15/2049 | 1000 | 868 |
| Metropolitan Transportation Authority, Green Bonds, Subordinated, Series B1, Rev., 5.00%, 11/15/2036 | 10000 | 10097 |
| Metropolitan Transportation Authority, Sustainable Bond |  |  |
| Series A, Rev., 5.25%, 11/15/2049 | 2000 | 2066 |
| Series C1, Rev., 4.00%, 11/15/2031 | 2450 | 2495 |
| Series E, Rev., 5.00%, 11/15/2033 | 2400 | 2602 |
| Metropolitan Transportation Authority, Transportation Green Bonds, Series B, Rev., 5.00%, 11/15/2026 | 1720 | 1746 |
| Monroe County Industrial Development Corp., Andrews Terrace Community |  |  |
| Rev., HUD, 5.00%, 07/01/2028 (z) | 3915 | 4011 |
| Monroe County Industrial Development Corp., Rochester Regional Health Project |  |  |
| Rev., 5.00%, 12/01/2027 | 1000 | 1030 |
| Rev., 5.00%, 12/01/2028 | 1700 | 1777 |
| Rev., 5.00%, 12/01/2029 | 1900 | 2009 |
| Monroe County Industrial Development Corp., University of Rochester Project, Series A, Rev., 5.00%, 07/01/2053 | 13650 | 13969 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| MTA Hudson Rail Yards Trust Obligations |  |  |
| Series A, Rev., 5.00%, 11/15/2051 | 10000 | 9934 |
| Series A, Rev., 5.00%, 11/15/2056 | 4000 | 3937 |
| New York City Health and Hospitals Corp., Series A, Rev., 5.00%, 02/15/2027 | 2675 | 2734 |
| New York City Housing Development Corp. |  |  |
| Rev., HUD, 3.70%, 05/01/2064 (z) | 2450 | 2472 |
| Rev., 3.75%, 05/01/2065 (z) | 15550 | 15748 |
| Rev., 4.00%, 12/15/2031 | 205 | 209 |
| New York City Housing Development Corp., 8 Spruce Street, Rev., 5.25%, 12/15/2031 | 1000 | 1026 |
| New York City Housing Development Corp., Sustainable Bond |  |  |
| Series A2, Rev., 3.25%, 11/01/2064 (z) | 2725 | 2736 |
| Series E2, Rev., 3.80%, 11/01/2063 (z) | 1300 | 1311 |
| New York City Industrial Development Agency, Queens Baseball Stadium Project |  |  |
| Rev., 2.00%, 01/01/2038 | 675 | 507 |
| Rev., 3.00%, 01/01/2040 | 250 | 211 |
| Series A, Rev., 4.00%, 01/01/2032 | 1000 | 1038 |
| Series A, Rev., 5.00%, 01/01/2027 | 625 | 635 |
| Series A, Rev., 5.00%, 01/01/2029 | 1000 | 1057 |
| Series A, Rev., 5.00%, 01/01/2030 | 1500 | 1610 |
| New York City Industrial Development Agency, Yankee Stadium Project Pilot |  |  |
| Rev., 4.00%, 03/01/2045 | 7430 | 6911 |
| Rev., 5.00%, 03/01/2028 | 1250 | 1303 |
| Rev., 5.00%, 03/01/2029 | 1500 | 1591 |
| Rev., 5.00%, 03/01/2030 | 4400 | 4732 |
| New York City Municipal Water Finance Authority |  |  |
| Rev., VRDO, 2.70%, 04/01/2026 (z) | 7815 | 7815 |
| Rev., 5.00%, 06/15/2035 | 2735 | 3133 |
| Rev., 5.00%, 06/15/2037 | 2000 | 2243 |
| Rev., 5.00%, 06/15/2046 | 5000 | 5061 |
| Series AA1, Rev., 5.25%, 06/15/2052 | 4610 | 4812 |
| Series AA3, Rev., 5.00%, 06/15/2047 | 4065 | 4233 |
| Series BB, Rev., 2.85%, 06/15/2049 (z) | 29190 | 29190 |
| Series CC1, Rev., 4.00%, 06/15/2052 | 5000 | 4408 |
| Series DD, Rev., 5.00%, 06/15/2034 | 1920 | 2162 |
| New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| Rev., VRDO, 2.70%, 04/01/2026 (z) | 8195 | 8195 |
| Rev., VRDO, 2.75%, 04/01/2026 (z) | 8000 | 8000 |
| Rev., 4.00%, 06/15/2051 | 9205 | 8177 |
| Rev., 5.00%, 06/15/2044 | 2755 | 2924 |
| Rev., 5.00%, 06/15/2048 | 10970 | 11441 |
| Rev., 5.25%, 06/15/2054 | 5000 | 5196 |
| Series BB, Rev., 5.00%, 06/15/2043 | 5535 | 5983 |
| Series CC1, Rev., 5.00%, 06/15/2049 | 5000 | 5108 |
| New York City Municipal Water Finance Authority, Subordinate Fiscal 2025 |  |  |
| Rev., 5.00%, 06/15/2048 | 5105 | 5295 |
| Series AA, Rev., 5.25%, 06/15/2053 | 15890 | 16593 |
| New York City Municipal Water Finance Authority, Subordinated Second General Resolution, |  |  |
| Rev., VRDO, 2.85%, 04/01/2026 (z) | 4300 | 4300 |
| New York City Transitional Finance Authority Building Aid Revenue, Subordinate, Series S1, |  |  |
| Rev., 4.00%, 07/15/2034 | 1000 | 1032 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| New York City Transitional Finance Authority Future Tax Secured, Rev., 5.00%, 08/01/2029 | 1000 | 1075 |
| New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| Rev., VRDO, 2.70%, 04/01/2026 (z) | 11100 | 11100 |
| Rev., VRDO, 2.78%, 04/01/2026 (z) | 10000 | 10000 |
| Rev., 4.00%, 08/01/2036 | 11260 | 11296 |
| Rev., 5.00%, 11/01/2027 | 6460 | 6708 |
| Rev., 5.00%, 11/01/2028 | 600 | 636 |
| Rev., 5.00%, 05/01/2030 | 2000 | 2176 |
| Rev., 5.00%, 11/01/2032 | 1315 | 1470 |
| Rev., 5.00%, 11/01/2034 | 4430 | 5019 |
| Rev., 5.00%, 05/01/2038 | 4900 | 5371 |
| Rev., 5.00%, 11/01/2038 | 7585 | 8346 |
| Rev., 5.00%, 05/01/2039 | 1500 | 1624 |
| Rev., 5.00%, 11/01/2039 | 5420 | 5924 |
| Rev., 5.00%, 11/01/2040 | 950 | 1041 |
| Rev., 5.00%, 05/01/2041 | 6000 | 6481 |
| Rev., 5.00%, 11/01/2041 | 1250 | 1368 |
| Rev., 5.00%, 05/01/2050 | 5000 | 5137 |
| Rev., 5.25%, 05/01/2048 | 5165 | 5416 |
| Rev., 5.25%, 05/01/2049 | 3000 | 3139 |
| Series A4, Rev., VRDO, 2.85%, 04/01/2026 (z) | 11200 | 11200 |
| Series A, Rev., 5.00%, 05/01/2044 | 5000 | 5329 |
| Series B1, Rev., 4.00%, 08/01/2042 | 17500 | 16865 |
| Series B, Rev., 5.25%, 05/01/2048 | 20000 | 21125 |
| Series CS, Rev., 5.00%, 05/01/2045 | 5000 | 5255 |
| Series D1, Rev., 5.00%, 11/01/2034 | 4410 | 4981 |
| Series D1, Rev., 5.00%, 11/01/2039 | 3000 | 3254 |
| Series D, Rev., 5.00%, 05/01/2035 | 900 | 1018 |
| Series D, Rev., 5.00%, 05/01/2036 | 1540 | 1727 |
| Series E1, Rev., 3.00%, 02/01/2028 | 730 | 735 |
| Series E, Rev., 5.00%, 11/01/2039 | 6000 | 6534 |
| Series E, Rev., 5.00%, 11/01/2042 | 900 | 967 |
| Series E, Rev., 5.00%, 11/01/2043 | 2485 | 2656 |
| Series E, Rev., 5.00%, 11/01/2053 | 4500 | 4607 |
| Series F1, Rev., 5.00%, 02/01/2039 | 3000 | 3198 |
| Series F1, Rev., 5.00%, 02/01/2041 | 2000 | 2153 |
| Series F1, Rev., 5.00%, 02/01/2045 | 5000 | 5238 |
| Series F1, Rev., 5.00%, 02/01/2046 | 3335 | 3466 |
| Series H, Rev., 5.00%, 11/01/2042 | 1000 | 1078 |
| Series H, Rev., 5.25%, 11/01/2045 | 1500 | 1615 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Fiscal 2025, Series D, Rev., 5.00%, 05/01/2030 | 2340 | 2546 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Fiscal 2026 |  |  |
| Series B, Rev., 5.00%, 05/01/2034 | 1010 | 1141 |
| Series B, Rev., 5.25%, 05/01/2047 | 4000 | 4248 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured |  |  |
| Rev., 4.00%, 11/01/2035 | 7000 | 7088 |
| Series A3, Rev., 4.00%, 08/01/2043 | 5645 | 5363 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Secured Subordinate, Series B1, Rev., 5.00%, 08/01/2038 | 1000 | 1006 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Future Tax Subordinated |  |  |
| Series A3, Rev., 4.00%, 08/01/2042 | 2500 | 2409 |
| Series E1, Rev., 4.00%, 02/01/2041 | 8475 | 8300 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate |  |  |
| Rev., 4.00%, 05/01/2038 | 2000 | 2006 |
| Series B1, Rev., 4.00%, 08/01/2036 | 7415 | 7497 |
| Series DS, Rev., 4.00%, 11/01/2038 | 4000 | 4005 |
| Series E1, Rev., 4.00%, 02/01/2046 | 2000 | 1856 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Fiscal 2025, Rev., 5.00%, 11/01/2035 | 3590 | 4076 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Fiscal 2026 |  |  |
| Rev., 5.00%, 11/01/2033 | 22840 | 25727 |
| Rev., 5.00%, 11/01/2034 | 16345 | 18517 |
| Rev., 5.00%, 02/01/2046 | 7250 | 7596 |
| Rev., 5.50%, 02/01/2050 | 5000 | 5366 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Future Tax Secured, Rev., 4.00%, 11/01/2040 | 5000 | 4885 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinate Multi Modal, Series A, Rev., 5.00%, 05/01/2040 | 1000 | 1074 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated |  |  |
| Rev., 5.00%, 11/01/2026 | 1000 | 1014 |
| Rev., 5.00%, 05/01/2031 | 1000 | 1090 |
| Rev., 5.25%, 08/01/2042 | 3000 | 3214 |
| Series A3, Rev., 4.00%, 05/01/2042 | 2000 | 1942 |
| Series A3, Rev., 5.00%, 08/01/2040 | 1720 | 1751 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Subordinated Future Tax Secure, Rev., 4.00%, 05/01/2043 | 2000 | 1937 |
| New York City Transitional Finance Authority, Building Aid Revenue |  |  |
| Series S2, Rev., 5.00%, 07/15/2031 | 4055 | 4516 |
| Series S2, Rev., 5.00%, 07/15/2042 | 1250 | 1376 |
| New York City Trust for Cultural Resources, Refunding Lincoln Center, Series A, Rev., 5.00%, 12/01/2032 | 500 | 543 |
| New York City Water & Sewer System |  |  |
| Series BB1, Rev., 5.00%, 06/15/2049 | 500 | 511 |
| Series FF, Rev., 5.00%, 06/15/2041 | 2000 | 2110 |
| New York City Water & Sewer System, Second General Resolution |  |  |
| Rev., 5.00%, 06/15/2026 | 2205 | 2217 |
| Series CC1, Rev., 5.00%, 06/15/2048 | 2730 | 2758 |
| Series CC1, Rev., 5.25%, 06/15/2037 | 2345 | 2381 |
| Series DD1, Rev., 5.00%, 06/15/2048 | 3115 | 3160 |
| Series DD2, Rev., 5.00%, 06/15/2040 | 2000 | 2060 |
| Series DD, Rev., 5.00%, 06/15/2047 | 6680 | 6714 |
| New York City Water & Sewer System, Various Second General Resolution, Series BB4, Rev., VRDO, 2.85%, 04/01/2026 (z) | 12800 | 12800 |
| New York City Water & Sewer System, Water and Sewer System Revenue Second General Resolution, Series BB2, Rev., 4.00%, 06/15/2042 | 1180 | 1155 |
| New York Energy Finance Development Corporation, Rev., 5.00%, 07/01/2056 (z) | 8835 | 9020 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| New York Liberty Development Corp. |  |  |
| Rev., 5.25%, 10/01/2035 | 19150 | 21759 |
| Series 1WTC, Rev., 3.00%, 02/15/2042 | 1755 | 1466 |
| Series 1WTC, Rev., 4.00%, 02/15/2043 | 4985 | 4700 |
| New York Liberty Development Corp., 3 World Trade Center, Rev., 5.38%, 11/15/2040 (e) | 1945 | 1934 |
| New York Liberty Development Corp., 7 World Trade Center Project, Rev., 3.13%, 09/15/2050 | 3000 | 2196 |
| New York Liberty Development Corp., World Trade Center Project, Series 1, Rev., 5.00%, 11/15/2044 (e) | 32600 | 32601 |
| New York Power Authority |  |  |
| Rev., 4.00%, 11/15/2049 | 2000 | 1802 |
| Rev., 5.00%, 11/15/2041 | 1500 | 1638 |
| Rev., 5.13%, 11/15/2063 | 4000 | 4128 |
| New York Power Authority, Green Transmission Project |  |  |
| Rev., 5.00%, 11/15/2028 | 1000 | 1067 |
| Rev., 5.00%, 11/15/2034 | 635 | 701 |
| Rev., 5.00%, 11/15/2035 | 1250 | 1371 |
| New York State Dormitory Authority |  |  |
| Rev., 5.00%, 10/01/2026 | 875 | 886 |
| Rev., 5.00%, 07/01/2035 | 750 | 853 |
| Rev., 5.00%, 10/01/2037 | 1000 | 1095 |
| Rev., 5.00%, 10/01/2039 | 860 | 931 |
| Rev., 5.00%, 07/01/2042 | 5000 | 5064 |
| Rev., 5.25%, 07/01/2050 | 6000 | 5945 |
| Rev., 5.50%, 07/01/2050 | 2500 | 2668 |
| Series A1, Rev., 5.00%, 03/15/2036 | 2500 | 2779 |
| Series A, Rev., 4.00%, 03/15/2039 | 1000 | 1001 |
| Series A, Rev., 4.00%, 03/15/2040 | 4500 | 4455 |
| Series A, Rev., 4.00%, 03/15/2054 | 8090 | 7080 |
| Series A, Rev., 5.00%, 03/15/2028 | 1175 | 1231 |
| Series A, Rev., 5.00%, 03/15/2029 (p) | 3000 | 3201 |
| Series A, Rev., 5.00%, 03/15/2034 | 2000 | 2019 |
| Series A, Rev., 5.00%, 03/15/2036 | 1765 | 1974 |
| Series A, Rev., 5.00%, 03/15/2037 | 9880 | 11167 |
| Series A, Rev., 5.00%, 03/15/2040 | 17000 | 18687 |
| Series A, Rev., 5.00%, 03/15/2042 | 3750 | 4094 |
| Series A, Rev., 5.00%, 02/15/2043 | 3000 | 3011 |
| Series A, Rev., 5.00%, 03/15/2044 | 2460 | 2613 |
| Series C, Rev., 5.00%, 03/15/2041 | 690 | 754 |
| Series C, Rev., 5.00%, 03/15/2042 | 1060 | 1152 |
| Series C, Rev., 5.00%, 03/15/2043 | 1435 | 1550 |
| New York State Dormitory Authority, Bidding Group 3, Series A, Rev., 5.00%, 03/15/2054 | 14205 | 14543 |
| New York State Dormitory Authority, Cornell University, Series A, Rev., 5.50%, 07/01/2054 | 5000 | 5345 |
| New York State Dormitory Authority, Exchange Bonds, Series C, Rev., 5.00%, 07/01/2031 | 1227 | 1350 |
| New York State Dormitory Authority, Green Bond, Cornell University, Rev., 5.00%, 07/01/2034 | 1100 | 1266 |
| New York State Dormitory Authority, Group 2 |  |  |
| Series A, Rev., 5.00%, 03/15/2033 | 2000 | 2171 |
| Series A, Rev., 5.00%, 03/15/2036 | 2015 | 2122 |
| New York State Dormitory Authority, Group 3, Series A, Rev., 5.00%, 03/15/2037 | 5000 | 5257 |
| New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai, Rev., 5.00%, 07/01/2040 | 1500 | 1501 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| New York State Dormitory Authority, Montefiore Obligated Group |  |  |
| Series A, Rev., 5.00%, 08/01/2026 | 900 | 905 |
| Series A, Rev., 5.00%, 08/01/2031 | 1010 | 1041 |
| New York State Dormitory Authority, Northwell Health Obligated |  |  |
| Rev., 5.00%, 05/01/2034 | 13180 | 14757 |
| Rev., 5.25%, 05/01/2054 | 5000 | 5086 |
| New York State Dormitory Authority, Northwell Health Obligated Group |  |  |
| Rev., 4.00%, 05/01/2045 | 6500 | 5890 |
| Rev., 4.25%, 05/01/2052 | 4930 | 4355 |
| Rev., 5.00%, 05/01/2052 | 3000 | 3009 |
| New York State Dormitory Authority, Second Bond Financing Program |  |  |
| Rev., 5.00%, 10/01/2029 | 2000 | 2168 |
| Rev., 5.00%, 10/01/2030 | 2670 | 2946 |
| New York State Dormitory Authority, St John's University, Series A, Rev., 4.00%, 07/01/2048 | 1000 | 870 |
| New York State Dormitory Authority, Unrefunded 2024 Bidding Group, Rev., 5.00%, 03/15/2029 | 2000 | 2141 |
| New York State Dormitory Authority, Unrefunded Group 2, Series E, Rev., 5.00%, 03/15/2028 (p) | 1000 | 1049 |
| New York State Dormitory Authority, White Plains Hospital Obligated |  |  |
| Rev., 5.00%, 10/01/2039 | 750 | 805 |
| Rev., 5.25%, 10/01/2040 | 500 | 542 |
| Rev., 5.25%, 10/01/2041 | 525 | 567 |
| Rev., 5.25%, 10/01/2049 | 2025 | 2033 |
| New York State Dormitory Authority, Yeshiva University, Series A, Rev., 5.00%, 07/15/2037 | 2500 | 2575 |
| New York State Energy Research & Development Authority |  |  |
| Series A, Rev., 3.80%, 08/01/2032 | 6710 | 6804 |
| Series B, Rev., 3.80%, 08/01/2032 | 6240 | 6328 |
| Series C, Rev., 3.80%, 08/01/2032 | 6750 | 6845 |
| New York State Environmental Facilities Corp., Green Bond 2010 Master Financing Project |  |  |
| Rev., 5.00%, 09/15/2028 | 575 | 610 |
| Rev., 5.00%, 09/15/2031 | 250 | 281 |
| New York State Environmental Facilities Corp., Solid Waste Disposal Revenue, Casella Waste System, Inc. Project, Rev., AMT, 4.25%, 09/01/2050 (e) (z) | 1100 | 1115 |
| New York State Housing Finance Agency |  |  |
| Series B2, Rev., HUD, SONYMA, 3.60%, 11/01/2064 (z) | 11000 | 11057 |
| Series D2, Rev., SONYMA, 3.38%, 05/01/2065 (z) | 2500 | 2503 |
| New York State Housing Finance Agency, Housing 160 West 62nd Street, Rev., 3.60%, 11/01/2044 (z) | 2805 | 2815 |
| New York State Housing Finance Agency, Sustainability Bonds |  |  |
| Series B, Rev., HUD, SONYMA, 3.60%, 11/01/2062 (z) | 1705 | 1705 |
| Series J, Rev., HUD, SONYMA, 1.10%, 11/01/2061 (z) | 2180 | 2121 |
| New York State Thruway Authority |  |  |
| Series A1, Rev., 4.00%, 03/15/2041 | 500 | 484 |
| Series A1, Rev., 5.00%, 03/15/2033 | 1000 | 1092 |
| Series A, Rev., 5.00%, 01/01/2035 | 2470 | 2827 |
| Series A, Rev., 5.00%, 03/15/2051 | 5000 | 5144 |
| New York State Thruway Authority, Group 2, Series N, Rev., 4.00%, 01/01/2041 | 3120 | 3096 |
| New York State Urban Development Corp. |  |  |
| Series A, Rev., 4.00%, 03/15/2042 | 2000 | 1942 |
| Series E, Rev., 4.00%, 03/15/2046 | 10000 | 9234 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| New York State Urban Development Corp., Bidding Group 4, Series A, Rev., 3.00%, 03/15/2050 | 4000 | 2895 |
| New York State Urban Development Corp., Group 2, Series E, Rev., 4.00%, 03/15/2038 | 1000 | 1003 |
| New York State Urban Development Corp., Personal Income Tax |  |  |
| Rev., 4.00%, 03/15/2037 | 2000 | 2023 |
| Rev., 4.00%, 03/15/2041 | 5000 | 4857 |
| Rev., 5.00%, 03/15/2030 | 500 | 545 |
| Series C3, Rev., 5.00%, 03/15/2038 | 1860 | 1900 |
| New York State Urban Development Corp., State Personal Income Tax |  |  |
| Rev., 4.00%, 03/15/2042 | 2000 | 1932 |
| Series AG, Rev., 5.00%, 03/15/2038 | 5000 | 5071 |
| New York State Urban Development Corp., State Personal Income Tax, General Purpose |  |  |
| Series A, Rev., 5.00%, 03/15/2042 | 5000 | 5159 |
| Series B, Rev., 3.54%, 03/15/2028 (p) | 7000 | 6952 |
| New York State Urban Development Corp., Sustainable Bond State Person, Rev., 5.00%, 03/15/2063 | 25905 | 26256 |
| New York Transportation Development Corp. |  |  |
| Rev., AMT, 5.00%, 01/01/2036 | 5405 | 5489 |
| Rev., AMT, 5.00%, 12/01/2036 | 4000 | 4221 |
| Rev., AMT, 5.00%, 10/01/2040 | 5335 | 5410 |
| Rev., AMT, 5.00%, 06/30/2049 | 12000 | 11928 |
| Rev., AMT, 5.00%, 06/30/2054 | 5000 | 4949 |
| Rev., AMT, 5.25%, 06/30/2049 | 5000 | 4997 |
| Rev., AMT, 5.25%, 12/31/2054 | 10000 | 10056 |
| Rev., AMT, 5.50%, 06/30/2060 | 13500 | 13521 |
| Rev., AMT, 6.00%, 06/30/2043 | 2000 | 2235 |
| Rev., AMT, 6.00%, 06/30/2044 | 2650 | 2888 |
| Rev., AMT, 6.00%, 06/30/2050 | 8000 | 8480 |
| New York Transportation Development Corp., American Airlines Inc |  |  |
| Rev., AMT, 2.25%, 08/01/2026 | 200 | 199 |
| Rev., AMT, 5.00%, 08/01/2026 | 1880 | 1882 |
| New York Transportation Development Corp., Delta Air Lines, Inc, LaGuardia |  |  |
| Rev., AMT, 4.38%, 10/01/2045 | 9130 | 8501 |
| Rev., AMT, 5.00%, 01/01/2032 | 3000 | 3067 |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 4.00%, 10/01/2030 | 2500 | 2539 |
| New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia, Rev., AMT, 5.00%, 10/01/2035 | 11000 | 11462 |
| New York Transportation Development Corp., John F. Kennedy International Airport, Rev., AMT, 5.38%, 08/01/2036 | 2000 | 2064 |
| New York Transportation Development Corp., LaGuardia Airport Terminal |  |  |
| Rev., AMT, 5.63%, 04/01/2040 | 15355 | 16135 |
| Rev., AMT, 6.00%, 04/01/2035 | 5000 | 5482 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B |  |  |
| Rev., AMT, 4.00%, 07/01/2033 | 2500 | 2476 |
| Rev., AMT, 4.00%, 07/01/2037 | 3000 | 2901 |
| Rev., AMT, 5.00%, 07/01/2046 | 23370 | 23369 |
| Rev., AMT, 5.25%, 01/01/2050 | 19695 | 19695 |
| New York Transportation Development Corp., LaGuardia Airport Terminal B Redevelopment |  |  |
| Rev., AMT, 4.00%, 07/01/2031 | 4500 | 4481 |
| Rev., AMT, 4.00%, 07/01/2032 | 11200 | 11200 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| Rev., AMT, 4.00%, 07/01/2035 | 7580 | 7486 |
| Rev., AMT, 5.00%, 07/01/2041 | 1000 | 1001 |
| New York Transportation Development Corp., New York State Thruway, Rev., AMT, 4.00%, 10/31/2034 | 600 | 602 |
| New York Transportation Development Corp., Sustainable Bond, JFK International Airport |  |  |
| Rev., AMT, 4.50%, 12/31/2054 | 3000 | 2790 |
| Rev., AMT, 5.00%, 06/30/2049 | 30070 | 29889 |
| Rev., AMT, 5.13%, 06/30/2060 | 4500 | 4466 |
| Rev., AMT, 5.38%, 06/30/2060 | 3920 | 3885 |
| Rev., AMT, 5.50%, 06/30/2043 | 1585 | 1666 |
| Rev., AMT, 5.50%, 06/30/2054 | 4500 | 4535 |
| Rev., AMT, 5.50%, 12/31/2054 | 12000 | 12083 |
| Rev., AMT, 5.50%, 12/31/2060 | 5000 | 5026 |
| Rev., AMT, 6.00%, 06/30/2054 | 14075 | 14580 |
| New York Transportation Development Corp., Terminal 4 JFK International |  |  |
| Rev., AMT, 5.00%, 12/01/2030 | 1710 | 1824 |
| Rev., AMT, 5.00%, 12/01/2032 | 9265 | 10014 |
| Rev., AMT, 5.00%, 12/01/2033 | 1000 | 1054 |
| Rev., AMT, 5.00%, 12/01/2037 | 3500 | 3673 |
| Rev., AMT, 5.00%, 12/01/2038 | 3000 | 3133 |
| New York Transportation Development Corp., Terminal 4 JFK International Airport |  |  |
| Rev., AMT, 5.00%, 12/01/2030 | 1270 | 1355 |
| Rev., AMT, 5.00%, 12/01/2035 | 1000 | 1062 |
| New York Transportation Development Corp., Terminal 4 John F Kennedy International |  |  |
| Rev., AMT, 4.00%, 12/01/2038 | 300 | 286 |
| Rev., AMT, 4.00%, 12/01/2039 | 300 | 283 |
| Rev., AMT, 4.00%, 12/01/2040 | 1475 | 1374 |
| Rev., AMT, 4.00%, 12/01/2041 | 300 | 278 |
| Rev., AMT, 4.00%, 12/01/2042 | 300 | 274 |
| Rev., 5.00%, 12/01/2026 | 995 | 1009 |
| Rev., 5.00%, 12/01/2027 | 200 | 207 |
| Rev., 5.00%, 12/01/2028 | 200 | 211 |
| Rev., 5.00%, 12/01/2037 | 250 | 263 |
| Rev., 5.00%, 12/01/2038 | 2250 | 2355 |
| Onondaga Civic Development Corp. |  |  |
| Rev., 5.00%, 12/01/2039 | 1000 | 1116 |
| Rev., 5.25%, 12/01/2042 | 1000 | 1117 |
| Port Authority of New York & New Jersey |  |  |
| Rev., AMT, 5.00%, 11/15/2042 | 1500 | 1518 |
| Series 207, Rev., AMT, 5.00%, 09/15/2027 | 2210 | 2275 |
| Series 207, Rev., AMT, 5.00%, 09/15/2028 | 1080 | 1120 |
| Series 207, Rev., AMT, 5.00%, 09/15/2031 | 5000 | 5163 |
| Series 226, Rev., AMT, 5.00%, 10/15/2031 | 4500 | 4923 |
| Series 226, Rev., AMT, 5.00%, 10/15/2032 | 1250 | 1344 |
| Series 226, Rev., AMT, 5.00%, 10/15/2036 | 2040 | 2153 |
| Series 242, Rev., AMT, 5.00%, 12/01/2042 | 7000 | 7356 |
| Port Authority of New York & New Jersey, Consolidated |  |  |
| Series 197, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3033 |
| Series 206, Rev., AMT, 5.00%, 11/15/2032 | 3000 | 3073 |
| Series 221, Rev., AMT, 5.00%, 07/15/2031 | 1620 | 1729 |
| Series 221, Rev., AMT, 5.00%, 07/15/2032 | 2620 | 2788 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| Port Authority of New York & New Jersey, Consolidated 211, Rev., 4.00%, 09/01/2043 | 18590 | 18150 |
| Port Authority of New York & New Jersey, Consolidated Bond 233, Rev., 5.00%, 08/01/2038 | 670 | 728 |
| Port Authority of New York & New Jersey, Consolidated Bond Two, Rev., AMT, 5.50%, 08/01/2052 | 8500 | 8874 |
| Port Authority of New York & New Jersey, Consolidated Bond Two Hund, Rev., AMT, 5.00%, 01/15/2039 | 1250 | 1328 |
| Port Authority of New York & New Jersey, Consolidated Bonds |  |  |
| Series 221, Rev., AMT, 4.00%, 07/15/2039 | 5000 | 4773 |
| Series 221, Rev., AMT, 4.00%, 07/15/2040 | 3715 | 3482 |
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty, Series 222, Rev., 4.00%, 07/15/2036 | 10250 | 10393 |
| Port Authority of New York & New Jersey, Consolidated One Hundred Eighty Third, Rev., 4.00%, 12/15/2039 | 6000 | 5865 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Social Bonds, Series 253, Rev., SONYMA, AMT, 4.70%, 10/01/2038 | 1980 | 2007 |
| State of New York Mortgage Agency Homeowner Mortgage Revenue, Sustainable Bonds, Series 274, Rev., SONYMA, 6.25%, 10/01/2056 | 1775 | 1989 |
| State of New York Mortgage Agency, Social Bonds, Series 233, Rev., 3.00%, 10/01/2045 | 1315 | 1295 |
| State of New York Mortgage Agency, Social Bonds 242, Rev., SONYMA, 3.50%, 10/01/2052 | 75 | 75 |
| Suffolk Regional Off-Track Betting Co., Rev., 6.00%, 12/01/2053 | 1000 | 1017 |
| Triborough Bridge & Tunnel Authority |  |  |
| Rev., BAN, 5.00%, 03/15/2027 | 1300 | 1330 |
| Rev., 5.25%, 05/15/2054 | 9940 | 10361 |
| Series A2, Rev., 2.00%, 05/15/2045 (z) | 4250 | 4104 |
| Series A, Rev., 5.00%, 11/15/2041 | 1975 | 1977 |
| Series A, Rev., 5.00%, 11/15/2042 | 2000 | 2172 |
| Series A, Rev., 5.00%, 11/15/2043 | 3500 | 3777 |
| Series A, Rev., 5.00%, 11/15/2045 | 2000 | 2121 |
| Series A, Rev., 5.00%, 11/15/2047 | 2500 | 2585 |
| Series A, Rev., 5.00%, 11/15/2049 | 3040 | 3112 |
| Series C, Rev., 5.00%, 05/15/2047 | 1000 | 1030 |
| Triborough Bridge & Tunnel Authority Sales Tax Revenue |  |  |
| Series A1, Rev., 5.00%, 05/15/2049 | 2600 | 2682 |
| Series A1, Rev., 5.00%, 05/15/2054 | 2355 | 2404 |
| Series A1, Rev., 5.25%, 05/15/2059 | 16710 | 17311 |
| Series A1, Rev., 5.25%, 05/15/2064 | 5000 | 5159 |
| Series A2, Rev., 5.25%, 05/15/2064 | 24000 | 24686 |
| Triborough Bridge & Tunnel Authority, Green Bond |  |  |
| Series E1, Rev., 5.00%, 11/15/2027 | 1155 | 1194 |
| Series E-2B, Rev., 5.00%, 11/15/2032 | 575 | 646 |
| Triborough Bridge & Tunnel Authority, MTA Bridges & Tunnels, Rev., 5.00%, 05/15/2047 | 5250 | 5398 |
| Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Rev., 5.00%, 11/15/2026 | 2440 | 2479 |
| Triborough Bridge & Tunnel Authority, MTA Bridges and Tunnels, Green Bonds, Rev., 5.00%, 11/15/2029 | 1615 | 1752 |
| Triborough Bridge & Tunnel Authority, Payroll Mobility Tax Bond Anticipation |  |  |
| Rev., BAN, 5.00%, 02/01/2028 | 26495 | 27648 |
| Rev., BAN, 5.00%, 02/01/2029 | 3000 | 3194 |
| Triborough Bridge & Tunnel Authority, Sales Tax Revenue, MTA Bridges & Tunnels TBTA Capital Lockbox Fund, Rev., 5.25%, 05/15/2062 | 7500 | 7723 |
| Triborough Bridge & Tunnel Authority, Senior, Series C, Rev., 5.00%, 05/15/2040 | 5000 | 5359 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **New York — continued** |  |  |
| Triborough Bridge & Tunnel Authority, Senior Lien |  |  |
| Rev., 5.00%, 05/15/2050 (z) | 7000 | 7021 |
| Series C, Rev., 5.25%, 05/15/2052 | 10000 | 10336 |
| Series C1-A, Rev., 5.00%, 05/15/2038 | 2000 | 2146 |
| Triborough Bridge & Tunnel Authority, Senior Lien MTA Bridges & Tunnels |  |  |
| Rev., 5.00%, 05/15/2035 | 2000 | 2206 |
| Rev., 5.00%, 05/15/2036 | 2000 | 2185 |
| Rev., 5.00%, 05/15/2038 | 4240 | 4578 |
| Triborough Bridge & Tunnel Authority, TBTA Capital Lockbox Fund |  |  |
| Rev., 4.50%, 12/01/2056 | 4085 | 3876 |
| Rev., 5.00%, 12/01/2036 | 500 | 570 |
| Rev., 5.00%, 12/01/2043 | 1400 | 1510 |
| Troy Capital Resource Corp., Rensselaer Polytechnic Institute, Rev., 4.00%, 09/01/2036 | 750 | 749 |
| TSASC, Inc., Series B, Rev., 5.00%, 06/01/2048 | 6780 | 6211 |
| Utility Debt Securitization Authority |  |  |
| Series 1, Rev., 5.00%, 12/15/2031 | 3000 | 3247 |
| Series 1, Rev., 5.00%, 12/15/2039 | 1000 | 1116 |
| Series TE2, Rev., 5.00%, 06/15/2033 | 2370 | 2626 |
| Series TE2, Rev., 5.00%, 12/15/2040 | 400 | 450 |
| Series TE2, Rev., 5.00%, 12/15/2041 | 830 | 932 |
| Utility Debt Securitization Authority, Restructuring Bonds, Series TE, Rev., 5.00%, 12/15/2029 | 1500 | 1617 |
| Westchester County Local Development Corp., Rev., 5.00%, 07/01/2056 (e) | 2000 | 1762 |
| Westchester County Local Development Corp., Westchester Med. Ctr. Obligated |  |  |
| Rev., 5.00%, 11/01/2047 | 5610 | 5688 |
| Rev., 5.75%, 11/01/2048 | 1400 | 1497 |
| Rev., 5.75%, 11/01/2049 | 2000 | 2134 |
| Rev., 6.25%, 11/01/2052 | 420 | 432 |
| Westchester County Local Development Corp., Westchester Medical Center |  |  |
| Rev., 5.00%, 11/01/2032 | 1500 | 1496 |
| Rev., 5.00%, 11/01/2046 | 3500 | 3211 |
| Western Regional Off-Track Betting Corp., Rev., 3.00%, 12/01/2026 (e) | 140 | 139 |
|  |  | 1864282 |
|  **North Carolina — 1.2%** |  |  |
| Charlotte-Mecklenburg Hospital Authority, Atrium Health, Series B, Rev., 1.95%, 01/15/2048 (z) | 2285 | 2153 |
| Charlotte-Mecklenburg Hospital Authority, The Atrium Health, Series D, Rev., 3.63%, 01/15/2048 (z) | 2200 | 2220 |
| City of Charlotte, Series B, GO, 5.00%, 07/01/2029 | 6445 | 6938 |
| City of Charlotte Airport Revenue, Rev., 5.00%, 07/01/2040 | 2375 | 2572 |
| City of Charlotte Airport Revenue, Charlotte Douglas International, Rev., AMT, 5.00%, 07/01/2026 | 1315 | 1322 |
| City of Charlotte Airport Special Facilities Revenue, Charlotte Douglas International |  |  |
| Rev., 5.00%, 07/01/2049 | 5000 | 5065 |
| Rev., AMT, 5.00%, 07/01/2049 | 7335 | 7355 |
| City of Charlotte NC Water & Sewer System Revenue, Rev., 5.00%, 07/01/2041 | 500 | 550 |
| City of Charlotte, Airport Special Facilities Revenue, Series B, Rev., AMT, 5.00%, 07/01/2027 | 1315 | 1348 |
| City of Greensboro, GO, 5.00%, 02/01/2027 | 1000 | 1008 |
| City of Mebane, Combined Utilities Revenue, Rev., 4.00%, 08/01/2044 | 1175 | 1127 |
| City of Raleigh, GO, 5.00%, 04/01/2028 | 2125 | 2229 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **North Carolina — continued** |  |  |
| City of Raleigh Combined Enterprise System Revenue |  |  |
| Rev., 5.00%, 12/01/2040 | 800 | 897 |
| Rev., 5.00%, 12/01/2041 | 875 | 976 |
| Rev., 5.00%, 12/01/2042 | 1500 | 1663 |
| Rev., 5.00%, 12/01/2043 | 1500 | 1652 |
| Columbus County Industrial Facilities & Pollution Control Financing Authority |  |  |
| Rev., 3.45%, 11/01/2033 (z) | 2500 | 2481 |
| Rev., 4.20%, 05/01/2034 | 1000 | 1031 |
| County of Macon NC, Rev., 4.00%, 10/01/2043 | 650 | 635 |
| Greater Asheville Regional Airport Authority |  |  |
| Rev., AMT, 5.25%, 07/01/2040 | 500 | 537 |
| Rev., AMT, 5.25%, 07/01/2041 | 415 | 444 |
| Rev., AMT, 5.25%, 07/01/2048 | 13150 | 13473 |
| Inlivian, Rev., 3.30%, 11/10/2043 (z) | 1130 | 1137 |
| North Carolina Capital Facilities Finance Agency, Republic Services Project, Rev., 2.55%, 07/01/2034 (z) | 2345 | 2344 |
| North Carolina Department of Transportation, I-77 Hot Lanes Project, Rev., AMT, 5.00%, 06/30/2054 | 5325 | 5078 |
| North Carolina Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.35%, 01/01/2044 | 1045 | 1035 |
| Rev., GNMA/FNMA/FHLMC, 4.55%, 07/01/2044 | 835 | 831 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 900 | 998 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 5780 | 6314 |
| Series 44, Rev., 2.30%, 01/01/2031 | 1030 | 958 |
| Series 44, Rev., 4.00%, 07/01/2050 | 150 | 151 |
| Series 45, Rev., GNMA/FNMA/FHLMC, 1.90%, 01/01/2032 | 1525 | 1346 |
| Series 45, Rev., GNMA/FNMA/FHLMC, 3.00%, 07/01/2051 | 300 | 297 |
| Series 59A, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2057 | 4020 | 4546 |
| North Carolina Housing Finance Agency, 1998 Trust Agreement, Series 60, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2057 (w) | 4410 | 5015 |
| North Carolina Housing Finance Agency, Home Ownership, Series 47, Rev., GNMA/FNMA/FHLMC COLL, 3.00%, 07/01/2051 | 545 | 538 |
| North Carolina Housing Finance Agency, Sustainable Bond 1998 Trust Agency, Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 1995 | 2156 |
| North Carolina Housing Finance Agency, Sustainable Bonds 1998 Trust |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.90%, 07/01/2043 | 4915 | 5000 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 01/01/2055 | 4435 | 4786 |
| North Carolina Medical Care Commission |  |  |
| Rev., 5.00%, 10/01/2050 | 1000 | 1001 |
| Rev., 5.13%, 10/01/2045 | 535 | 557 |
| Rev., 5.13%, 10/01/2056 | 2000 | 2011 |
| North Carolina Medical Care Commission, Lutheran Services for the Aging, Rev., 4.00%, 03/01/2041 | 1050 | 991 |
| North Carolina Medical Care Commission, Penick Village Project, Series A, Rev., 5.50%, 09/01/2054 | 460 | 454 |
| North Carolina Medical Care Commission, Presbyterian Homes Obligations |  |  |
| Series A, Rev., 4.00%, 10/01/2027 | 600 | 605 |
| Series A, Rev., 4.00%, 10/01/2040 | 1600 | 1510 |
| Series A, Rev., 4.00%, 10/01/2045 | 2250 | 1968 |
| North Carolina Medical Care Commission, Rex Healthcare, Series A, Rev., 5.00%, 07/01/2031 | 1760 | 1888 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **North Carolina — continued** |  |  |
| North Carolina Medical Care Commission, The Forest at Duke Project, Rev., 4.00%, 09/01/2041 | 830 | 766 |
| North Carolina Medical Care Commission, Vidant Health, Rev., 5.00%, 06/01/2045 | 1145 | 1145 |
| North Carolina State Education Assistance Authority, Series A, Rev., AMT, 5.00%, 06/01/2045 | 3820 | 3899 |
| North Carolina State Education Assistance Authority, Senior Bonds, Series A, Rev., AMT, 5.00%, 06/01/2043 | 1230 | 1253 |
| North Carolina Turnpike Authority, Senior Lien, Rev., 5.00%, 01/01/2038 | 2375 | 2447 |
| North Carolina Turnpike Authority, Triangle Expressway System |  |  |
| Rev., 5.00%, 01/01/2053 | 2000 | 2004 |
| Rev., 5.00%, 01/01/2058 | 14995 | 14988 |
| North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien, Rev., 5.00%, 01/01/2049 | 1000 | 1009 |
| Raleigh Durham Airport Authority, Series A, Rev., AMT, 5.00%, 05/01/2032 | 505 | 514 |
| State of North Carolina |  |  |
| Series A, GO, 5.00%, 06/01/2027 | 11500 | 11845 |
| Series A, GO, 5.00%, 06/01/2028 | 5250 | 5529 |
| Series A, GO, 5.00%, 06/01/2032 | 1400 | 1576 |
| Series B, Rev., 5.00%, 05/01/2030 | 2080 | 2268 |
| Series C, GO, 5.00%, 06/01/2033 | 2060 | 2343 |
| Series C, GO, 5.00%, 06/01/2034 | 10000 | 11448 |
| State of North Carolina, Build Nc Programs, Series B, Rev., 5.00%, 05/01/2027 | 2750 | 2824 |
| State of North Carolina, Grant Anticipation Revenue, Rev., 5.00%, 03/01/2029 | 1000 | 1067 |
| The Charlotte-Mecklenburg Hospital Authority, Atrium Health, Rev., VRDO, LOC: Royal Bank of Canada, 2.75%, 04/01/2026 (z) | 14120 | 14120 |
| University of North Carolina at Chapel Hill, Series A, Rev., (United States SOFR \* 0.67 + 1.05%), 3.48%, 12/01/2041 (aa) | 3000 | 3008 |
| University of North Carolina at Wilmington, Rev., 5.00%, 06/01/2028 | 1400 | 1402 |
| Western Carolina University, Series B, Rev., 5.00%, 04/01/2031 | 2120 | 2282 |
| Wilmington Housing Authority, Rev., 2.95%, 05/01/2044 (z) | 720 | 719 |
|  |  | 199647 |
|  **North Dakota — 0.3%** |  |  |
| Cass County Joint Water Resource District, Series A, Rev., CNTY GTD, 3.45%, 04/01/2027 | 17250 | 17254 |
| City of Grand Forks, Altru Health System |  |  |
| Rev., 5.00%, 12/01/2031 | 1500 | 1578 |
| Series A, Rev., 5.00%, 12/01/2041 | 1000 | 1052 |
| City of Horace |  |  |
| Series A, GO, BAM, 4.75%, 05/01/2052 | 1000 | 962 |
| Series C, GO, 4.50%, 05/01/2039 | 1780 | 1793 |
| Series C, GO, 4.75%, 05/01/2044 | 1885 | 1874 |
| City of Horace ND, Series C, GO, 5.00%, 05/01/2050 | 1350 | 1311 |
| County of Ward, Trinity Obligation Group |  |  |
| Series C, Rev., 5.00%, 06/01/2043 | 3000 | 2815 |
| Series C, Rev., 5.00%, 06/01/2048 | 5000 | 4347 |
| Series C, Rev., 5.00%, 06/01/2053 | 2000 | 1666 |
| North Dakota Housing Finance Agency |  |  |
| Rev., 4.65%, 07/01/2044 | 5000 | 5006 |
| Series B, Rev., 3.00%, 07/01/2051 | 1070 | 1057 |
| Series C, Rev., 4.00%, 01/01/2050 | 400 | 404 |
| North Dakota Housing Finance Agency, Home Mortgage Financing Program, Series A, Rev., 3.00%, 01/01/2052 | 35 | 34 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **North Dakota — continued** |  |  |
| North Dakota Housing Finance Agency, Housing Finance Program, Home Mortgage Finance, Series D, Rev., 4.25%, 01/01/2049 | 1270 | 1277 |
| North Dakota Housing Finance Agency, Social Bonds, Series B, Rev., 3.00%, 07/01/2052 | 665 | 651 |
| North Dakota Housing Finance Agency, Social Bonds Home Mortgage Finance Program, Rev., 5.75%, 01/01/2054 | 425 | 452 |
| North Dakota Housing Finance Agency, Social Bonds Home Mortgage Financing, Rev., 5.75%, 07/01/2053 | 1010 | 1069 |
| North Dakota Housing Finance Agency, Sustainable Bonds Home Mortgage, Rev., 6.25%, 01/01/2054 | 3320 | 3593 |
| North Dakota Public Finance Authority, Rev., 5.00%, 10/01/2038 | 4840 | 5387 |
| University of North Dakota, Series A, COP, 4.00%, 06/01/2046 | 1480 | 1360 |
| West Fargo Public School District No. 6, Series C, GO, 4.00%, 08/01/2026 | 300 | 301 |
|  |  | 55243 |
|  **Ohio — 2.8%** |  |  |
| Akron Bath Copley Joint Township Hospital District |  |  |
| Rev., 4.00%, 11/15/2036 (p) | 1000 | 1052 |
| Rev., 4.00%, 11/15/2037 (p) | 1600 | 1683 |
| Rev., 5.00%, 11/15/2030 (p) | 700 | 767 |
| Rev., 5.25%, 11/15/2046 (p) | 6275 | 6377 |
| Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical, Rev., 4.00%, 11/15/2042 | 1265 | 1213 |
| Akron Bath Copley Joint Township Hospital District, Summa Health Obligations |  |  |
| Rev., 4.00%, 11/15/2034 (p) | 500 | 526 |
| Rev., 4.00%, 11/15/2035 (p) | 1000 | 1052 |
| Rev., 4.00%, 11/15/2038 (p) | 750 | 789 |
| Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group, Rev., 3.00%, 11/15/2040 (p) | 4500 | 4537 |
| American Municipal Power, Inc., Fremont Energy Center Project, Rev., 4.00%, 02/15/2036 | 1750 | 1772 |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series B2, Rev., 5.00%, 06/01/2055 | 19415 | 15655 |
| Series B, Rev., Zero Coupon, 06/01/2057 | 14000 | 1021 |
| City of Chillicothe, Adena Health System, Rev., 5.00%, 12/01/2047 | 10410 | 10079 |
| City of Cincinnati, Mercer Commons Phase 2 Project, Rev., 5.00%, 11/01/2035 | 1085 | 1086 |
| Columbus City School District |  |  |
| Series A, GO, 5.00%, 12/01/2028 | 1775 | 1886 |
| Series A, GO, 5.00%, 12/01/2029 | 5500 | 5943 |
| Columbus Metropolitan Housing Authority, Rev., 4.00%, 06/01/2034 | 2000 | 1975 |
| Columbus Regional Airport Authority, Rev., AMT, 5.00%, 01/01/2033 | 4275 | 4676 |
| Columbus Regional Airport Authority, John Glenn Columbus International Airport |  |  |
| Rev., 5.00%, 01/01/2044 | 2700 | 2860 |
| Rev., AMT, 5.25%, 01/01/2041 | 6500 | 6953 |
| Columbus-Franklin County Finance Authority |  |  |
| Rev., 5.00%, 12/01/2029 (e) | 720 | 750 |
| Rev., 5.00%, 12/01/2038 (e) | 1345 | 1380 |
| Columbus-Franklin County Finance Authority, Bridge Park D Block Project, Series A, Rev., 5.00%, 12/01/2051 | 1750 | 1714 |
| Columbus-Franklin County Finance Authority, Dering Family Homes Project, Rev., HUD, 5.00%, 07/01/2045 (z) | 2200 | 2221 |
| County of Allen OH Hospital Facilities Revenue, Rev., 4.00%, 12/01/2040 | 1415 | 1350 |
| County of Allen, Hospital Facilities Revenue, Series A, Rev., 5.00%, 08/01/2027 | 50 | 51 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Ohio — continued** |  |  |
| County of Butler, UC Health, Rev., 5.00%, 11/15/2030 | 1300 | 1326 |
| County of Franklin, Hospital Facility Authority, OhioHealth Corporation, Rev., 5.00%, 05/15/2045 | 4310 | 4310 |
| County of Franklin, Nationwide Children's Hospital |  |  |
| Rev., 4.00%, 11/01/2040 | 2000 | 1938 |
| Rev., 5.00%, 11/01/2031 | 1000 | 1096 |
| County of Hamilton OH, Rev., 5.00%, 09/15/2050 | 9255 | 8711 |
| County of Hamilton OH Sewer System Revenue, Rev., 5.00%, 12/01/2049 | 2915 | 2994 |
| County of Hamilton, Trihealth, Inc. Obligated Group, Rev., 5.00%, 08/15/2040 | 1510 | 1579 |
| County of Hamilton, Uc Health |  |  |
| Series A, Rev., 5.50%, 08/01/2039 | 1000 | 1077 |
| Series A, Rev., 5.50%, 08/01/2042 | 3000 | 3143 |
| Series A, Rev., 5.50%, 08/01/2051 | 1000 | 1008 |
| County of Lucas, ProMedica Healthcare Obligated Group, Rev., 5.25%, 11/15/2048 | 5120 | 5014 |
| County of Miami, Improvement, Kettering Health Network, Rev., 5.00%, 08/01/2049 | 2000 | 2008 |
| County of Montgomery, Dayton Children's Hospital |  |  |
| Rev., 5.00%, 08/01/2027 | 725 | 745 |
| Rev., 5.00%, 08/01/2029 | 145 | 154 |
| Rev., 5.00%, 08/01/2033 | 230 | 248 |
| County of Montgomery, Kettering Health Network Obligations, Rev., 4.00%, 08/01/2041 | 1200 | 1136 |
| County of Van Wert, Van Wert Health Obligated, Rev., 6.13%, 12/01/2049 (p) | 1800 | 1981 |
| County of Warren, Otterbein Homes Obligated Group |  |  |
| Rev., 5.00%, 07/01/2031 | 845 | 914 |
| Rev., 5.00%, 07/01/2032 | 800 | 876 |
| Rev., 5.00%, 07/01/2042 | 1380 | 1420 |
| Cuyahoga Metropolitan Housing Authority, Rev., HUD, 3.32%, 12/01/2027 (z) | 800 | 801 |
| EHOVE Joint Vocational School District, GO, 5.25%, 12/01/2061 | 5000 | 5048 |
| Franklin County Convention Facilities Authority, Greater Columbus Convention Center, Rev., 5.00%, 12/01/2044 | 1000 | 994 |
| Jefferson County Port Authority, JSW Steel USA Ohio, Rev., AMT, 5.00%, 12/01/2053 (e) (z) | 5835 | 5953 |
| JobsOhio Beverage System |  |  |
| Rev., 5.00%, 01/01/2041 | 2500 | 2743 |
| Rev., 5.00%, 01/01/2042 | 2550 | 2780 |
| Rev., 5.00%, 01/01/2043 | 2500 | 2707 |
| Rev., 5.00%, 01/01/2044 | 2500 | 2685 |
| Rev., 5.00%, 01/01/2053 | 4210 | 4323 |
| Series A, Rev., 2.83%, 01/01/2038 | 395 | 331 |
| Jonathan Alder Local School District, GO, 5.00%, 12/01/2055 | 4875 | 5002 |
| Miami University |  |  |
| Series A, Rev., 5.00%, 09/01/2028 | 515 | 543 |
| Series A, Rev., 5.00%, 09/01/2030 | 1005 | 1097 |
| Series A, Rev., 5.00%, 09/01/2037 | 925 | 1017 |
| Northeast Ohio Medical University, Rev., BAM, 5.00%, 12/01/2043 | 1475 | 1496 |
| Ohio Air Quality Development Authority |  |  |
| Rev., AMT, 3.70%, 04/01/2028 | 3345 | 3366 |
| Rev., AMT, 3.70%, 10/01/2028 | 3345 | 3370 |
| Ohio Air Quality Development Authority, American Electric Power Co. Project, Rev., AMT, 2.50%, 08/01/2040 (z) | 2500 | 2396 |
| Ohio Air Quality Development Authority, AMG Vanadium Project, Rev., AMT, 5.00%, 07/01/2049 (e) | 9000 | 8147 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Ohio — continued** |  |  |
| Ohio Air Quality Development Authority, Dayton Power & Light, Rev., AMT, 4.25%, 11/01/2040 (z) | 7000 | 7090 |
| Ohio Air Quality Development Authority, Duke Energy, Rev., AMT, 4.25%, 11/01/2039 (z) | 7205 | 7267 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corp., Rev., AMT, 2.50%, 11/01/2042 (z) | 1000 | 958 |
| Ohio Air Quality Development Authority, Ohio Valley Electric Corporation |  |  |
| Rev., 3.88%, 01/01/2036 | 585 | 578 |
| Rev., AMT, 4.13%, 01/01/2036 | 845 | 834 |
| Ohio Higher Educational Facility Commission, Rev., 4.00%, 10/01/2050 | 1500 | 1158 |
| Ohio Higher Educational Facility Commission, Case Western Reserve, Rev., (SIFMA Municipal Swap Index + 0.23%), 2.65%, 12/01/2042 (aa) | 155 | 154 |
| Ohio Higher Educational Facility Commission, Case Western Reserve University, Rev., 5.00%, 12/01/2040 | 1065 | 1072 |
| Ohio Higher Educational Facility Commission, Senior University Circle, Inc., Rev., 5.00%, 01/15/2050 | 1000 | 1004 |
| Ohio Higher Educational Facility Commission, University of Dayton, Rev., 5.00%, 02/01/2034 | 1125 | 1192 |
| Ohio Housing Finance Agency |  |  |
| Rev., 3.15%, 01/01/2044 (z) | 6375 | 6351 |
| Rev., 3.20%, 01/01/2046 (z) | 1500 | 1505 |
| Rev., 3.35%, 07/01/2043 (z) | 5000 | 5031 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2055 | 1175 | 1284 |
| Rev., GNMA/FNMA/FHLMC, 6.38%, 03/01/2056 | 5725 | 6506 |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 09/01/2048 | 610 | 616 |
| Ohio Housing Finance Agency, Mortgage Backed Securities Program, Rev., GNMA/FNMA/FHLMC, 3.25%, 09/01/2052 | 4895 | 4844 |
| Ohio Housing Finance Agency, Palmer Gardens Apartments, Rev., HUD, 2.68%, 07/01/2029 (z) | 1000 | 988 |
| Ohio Housing Finance Agency, The Scarborough Project, Series B, Rev., 2.75%, 10/01/2029 (z) | 645 | 638 |
| Ohio State University (The), Rev., 5.00%, 06/01/2035 | 10200 | 11700 |
| Ohio State University (The), Sustainable Bonds Multiyear Debt, Rev., 4.00%, 12/01/2041 | 2060 | 2061 |
| Ohio Turnpike & Infrastructure Commission, Infrastructure Projects, Series A, Rev., 4.00%, 02/15/2038 | 1500 | 1509 |
| Ohio Turnpike & Infrastructure Commission, Junior Lien Infrastructure |  |  |
| Rev., 5.00%, 02/15/2028 | 500 | 522 |
| Rev., 5.00%, 02/15/2033 | 365 | 411 |
| Ohio Water Development Authority |  |  |
| Series A, Rev., 5.00%, 06/01/2029 | 500 | 534 |
| Series A, Rev., 5.00%, 12/01/2039 | 4000 | 4449 |
| Series A, Rev., 5.00%, 12/01/2043 | 2250 | 2442 |
| Ohio Water Development Authority Water Pollution Control Loan Fund |  |  |
| Series A, Rev., 5.00%, 12/01/2030 | 3000 | 3304 |
| Series B, Rev., 3.00%, 12/01/2034 | 125 | 120 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Sustainable Bonds Water Pollution, Rev., 5.00%, 12/01/2033 | 4420 | 5021 |
| Ohio Water Development Authority, Sustainability Bond, Series A, Rev., 5.00%, 06/01/2031 | 300 | 333 |
| Ohio Water Development Authority, Sustainable Bonds, Series A, Rev., 5.00%, 12/01/2033 | 7835 | 8900 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, Rev., 5.00%, 12/01/2035 | 13000 | 14902 |
| Ohio Water Development Authority, Water Pollution Control Loan Fund, Sustainable Bond, Series D, Rev., 5.00%, 12/01/2038 | 1400 | 1561 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Ohio — continued** |  |  |
| Port of Greater Cincinnati Development Authority |  |  |
| Rev., 4.25%, 12/01/2048 | 4865 | 4535 |
| Rev., 5.00%, 12/01/2053 | 5985 | 5999 |
| Rev., 5.00%, 12/01/2060 | 7400 | 7415 |
| Port of Greater Cincinnati Development Authority, Subordinated Duke Energy, Rev., 5.00%, 12/01/2063 | 2000 | 1985 |
| State of Ohio |  |  |
| Rev., VRDO, 2.65%, 04/07/2026 (z) | 20250 | 20250 |
| Rev., 5.00%, 01/15/2035 | 6000 | 6668 |
| Rev., 5.00%, 01/15/2036 | 2230 | 2441 |
| Rev., 5.00%, 01/01/2039 (p) | 570 | 615 |
| Rev., 5.00%, 10/01/2042 | 4595 | 4971 |
| Rev., 5.25%, 08/15/2048 | 3000 | 3158 |
| Series A, GO, 5.00%, 03/01/2031 | 5330 | 5886 |
| Series A, GO, 5.00%, 03/01/2033 | 8410 | 9516 |
| Series A, GO, 5.00%, 06/15/2033 | 7445 | 8447 |
| Series A, GO, 5.00%, 03/01/2034 | 1000 | 1126 |
| Series A, GO, 5.00%, 03/01/2037 | 6635 | 7593 |
| Series A, GO, 5.00%, 03/01/2040 | 6500 | 7256 |
| Series A, GO, 5.00%, 03/01/2041 | 4250 | 4703 |
| Series C, GO, 5.00%, 11/01/2033 | 2325 | 2647 |
| Series C, GO, 5.00%, 11/01/2043 | 10000 | 10838 |
| Series X, GO, 5.00%, 05/01/2035 | 300 | 332 |
| Series Z, GO, 5.00%, 05/01/2039 | 5000 | 5629 |
| State of Ohio, Cleveland Clinic Health System |  |  |
| Rev., 5.00%, 01/01/2029 | 15525 | 16449 |
| Rev., 5.00%, 01/01/2033 | 2410 | 2640 |
| Rev., 5.00%, 01/01/2034 | 2425 | 2644 |
| Series A, Rev., 5.00%, 01/01/2027 | 940 | 957 |
| State of Ohio, Common Schools, Series C, GO, 5.00%, 03/15/2030 | 125 | 136 |
| State of Ohio, Conservation Projects, Series A, GO, 5.00%, 03/01/2033 | 1950 | 2173 |
| State of Ohio, Garvee |  |  |
| Series 1A, Rev., 5.00%, 12/15/2028 | 1000 | 1064 |
| Series 2022-1, Rev., 5.00%, 12/15/2028 | 1000 | 1064 |
| Series 2022-1, Rev., 5.00%, 12/15/2031 | 1000 | 1098 |
| State of Ohio, Higher Education, Series C, GO, 5.00%, 08/01/2028 (p) | 350 | 370 |
| State of Ohio, Infrastructure Improvement, GO, 5.00%, 03/01/2034 | 1000 | 1109 |
| State of Ohio, Portsmouth Bypass Project, Rev., AMT, 5.00%, 06/30/2053 | 2590 | 2530 |
| State of Ohio, Premier Health Partners |  |  |
| Rev., 4.00%, 11/15/2039 | 1320 | 1242 |
| Rev., 4.00%, 11/15/2041 | 1450 | 1303 |
| Rev., 5.00%, 11/15/2028 | 680 | 704 |
| State of Ohio, University Hospital Health, Rev., VRDO, 2.65%, 04/01/2026 (z) | 1500 | 1500 |
| State of Ohio, University Hospitals Health, Rev., 4.00%, 01/15/2037 | 1000 | 995 |
| State of Ohio, University Hospitals Health System, Inc., Rev., 4.00%, 01/15/2046 | 2280 | 2067 |
| Summit County Development Finance Authority, University of Akron Parking Project, Rev., 5.63%, 12/01/2048 | 4645 | 4843 |
| Tender Option Bond Trust Receipts/Certificates, Series 2025-BAML-6046, Rev., LOC: Bank of America NA, LIQ: Bank of America NA, 2.45%, 05/01/2065 (e) (z) | 20000 | 20000 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Ohio — continued** |  |  |
| University of Cincinnati |  |  |
| Series A, Rev., 5.00%, 06/01/2042 | 3500 | 3747 |
| Series A, Rev., 5.25%, 06/01/2044 | 3545 | 3807 |
|  |  | 477136 |
|  **Oklahoma — 0.6%** |  |  |
| Creek County Educational Facilities Authority, Sapulpa Public Schools Project, Rev., BAM, 4.13%, 09/01/2048 | 4250 | 3946 |
| Grand River Dam Authority, Rev., 5.00%, 06/01/2037 | 1850 | 2018 |
| Lawton Industrial Development Authority, Series A, Rev., 5.00%, 07/01/2051 | 2000 | 2031 |
| Oklahoma Capitol Improvement Authority |  |  |
| Rev., 5.00%, 07/01/2043 | 1000 | 1080 |
| Rev., 5.00%, 07/01/2044 | 1250 | 1339 |
| Oklahoma City Economic Development Trust, Increment District #8 Project |  |  |
| Rev., 4.00%, 03/01/2032 | 1640 | 1704 |
| Rev., 4.00%, 03/01/2033 | 5000 | 5159 |
| Rev., 4.00%, 03/01/2034 | 4440 | 4550 |
| Oklahoma City Water Utilities Trust, Rev., 5.25%, 07/01/2059 | 10000 | 10426 |
| Oklahoma Development Finance Authority, Integris, Series A, Rev., 4.00%, 08/15/2038 | 2000 | 1898 |
| Oklahoma Development Finance Authority, Integris Obligated Group, Rev., VRDO, 2.85%, 04/07/2026 (z) | 1610 | 1610 |
| Oklahoma Development Finance Authority, OU Health Project, Series A, Rev., 5.50%, 08/15/2037 (e) | 1110 | 1149 |
| Oklahoma Development Finance Authority, OU Medicine Project, Series B, Rev., 5.50%, 08/15/2057 | 4000 | 3894 |
| Oklahoma Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 09/01/2055 | 740 | 820 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.50%, 03/01/2057 | 1995 | 2273 |
| Series E, Rev., GNMA/FNMA/FHLMC, 6.25%, 03/01/2057 | 4375 | 4948 |
| Oklahoma Housing Finance Agency, Home Ownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.50%, 09/01/2054 | 2365 | 2641 |
| Oklahoma Housing Finance Agency, Homeownership Loan Program, Rev., GNMA/FNMA/FHLMC, 6.00%, 09/01/2057 | 1375 | 1542 |
| Oklahoma Municipal Power Authority, Series A, Rev., 5.25%, 01/01/2051 | 4000 | 4211 |
| Oklahoma Turnpike Authority, Series A, Rev., 3.75%, 01/01/2033 | 1000 | 1001 |
| Oklahoma Turnpike Authority, Senior Bonds |  |  |
| Series A, Rev., 5.00%, 01/01/2039 | 2500 | 2753 |
| Series A, Rev., 5.25%, 01/01/2046 | 5000 | 5344 |
| Series A, Rev., 5.25%, 01/01/2047 | 3000 | 3179 |
| Series B, Rev., 5.00%, 01/01/2041 | 1750 | 1914 |
| Oklahoma Water Resources Board |  |  |
| Rev., 4.25%, 10/01/2050 | 4200 | 4058 |
| Series B, Rev., 5.00%, 10/01/2026 | 1255 | 1270 |
| Series C, Rev., 5.00%, 10/01/2046 | 1285 | 1353 |
| Oklahoma Water Resources Board, Drinking Water Program 2019 Master, Rev., 4.00%, 04/01/2048 | 13950 | 12814 |
| Osage County Industrial Authority, Rev., 5.75%, 09/01/2053 | 1000 | 985 |
| Tulsa County Independent School District No. 1 Tulsa, Series B, GO, 2.00%, 09/01/2026 | 1500 | 1492 |
| University of Oklahoma, Series A, Rev., BAM, 5.00%, 07/01/2042 | 1740 | 1867 |
|  |  | 95269 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Oregon — 1.5%** |  |  |
| Astoria Hospital Facilities Authority, Rev., 5.25%, 08/01/2054 | 1340 | 1297 |
| City of Portland Sewer System Revenue, Second Lien |  |  |
| Series A, Rev., 5.00%, 03/01/2030 | 1110 | 1207 |
| Series A, Rev., 5.00%, 12/01/2031 | 1335 | 1491 |
| Series A, Rev., 5.00%, 10/01/2039 | 3500 | 3884 |
| Series A, Rev., 5.00%, 10/01/2043 | 1125 | 1224 |
| City of Portland Water System Revenue, Second Lien, Series A, Rev., 4.00%, 05/01/2039 | 500 | 502 |
| Jackson County School District No. 5 Ashland, GO, SCH BD GTY, 5.00%, 06/15/2030 | 1000 | 1070 |
| Medford Hospital Facilities Authority, Asante Project, Series A, Rev., 4.00%, 08/15/2045 | 9740 | 8917 |
| Multnomah County School District No. 1 Portland, GO, SCH BD GTY, 5.00%, 06/15/2028 | 1850 | 1949 |
| Multnomah County School District No. 1J Portland, Bidding Group 1 |  |  |
| GO, SCH BD GTY, 5.00%, 06/15/2028 | 30000 | 31600 |
| GO, SCH BD GTY, 5.00%, 06/15/2033 | 4740 | 5366 |
| Multnomah County School District No. 1J Portland, Bidding Group 3 |  |  |
| GO, SCH BD GTY, 5.00%, 06/15/2048 | 23000 | 24104 |
| GO, SCH BD GTY, 5.00%, 06/15/2049 | 15000 | 15667 |
| Oregon Health & Science University, Series B1, Rev., 5.00%, 07/01/2046 (z) | 1500 | 1593 |
| Oregon State Facilities Authority, Samaritan Health Services, Rev., 5.00%, 10/01/2040 | 1750 | 1775 |
| Oregon State Facilities Authority, Samaritan Health Services Project, Rev., 5.00%, 10/01/2031 | 1740 | 1741 |
| Oregon State Lottery, Series A, Rev., 5.00%, 04/01/2033 | 1000 | 1133 |
| Port of Portland Airport Revenue |  |  |
| Series 24B, Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1009 |
| Series 27A, Rev., AMT, 5.00%, 07/01/2028 | 1595 | 1666 |
| Port of Portland Airport Revenue, Green Bonds, Rev., AMT, 5.00%, 07/01/2036 | 500 | 541 |
| Port of Portland Airport Revenue, Portland International Air, Rev., AMT, 5.00%, 07/01/2035 | 1270 | 1326 |
| Port of Portland Airport Revenue, Portland International Airport |  |  |
| Rev., AMT, 5.00%, 07/01/2026 | 1145 | 1151 |
| Rev., AMT, 5.00%, 07/01/2031 | 2230 | 2354 |
| Series 25B, Rev., AMT, 5.00%, 07/01/2039 | 1020 | 1051 |
| Port of Portland OR Airport Revenue |  |  |
| Rev., AMT, 5.00%, 07/01/2047 | 5000 | 5000 |
| Rev., AMT, 5.25%, 07/01/2040 | 2000 | 2172 |
| Rev., AMT, 5.25%, 07/01/2041 | 1895 | 2050 |
| Rev., AMT, 5.25%, 07/01/2049 | 23500 | 24219 |
| Rev., AMT, 5.25%, 07/01/2054 | 16250 | 16577 |
| RBC Municipal Products Trust, Inc., Series 2025-E, Rev., LOC: Royal Bank of Canada, LIQ: Royal Bank of Canada, 2.45%, 09/01/2026 (e) (z) | 12475 | 12475 |
| Salem Hospital Facility Authority, Capital Manor Project |  |  |
| Rev., 4.00%, 05/15/2032 | 185 | 187 |
| Rev., 4.00%, 05/15/2040 | 750 | 705 |
| Salem Hospital Facility Authority, Salem Health Projects, Series A, Rev., 5.00%, 05/15/2046 | 3000 | 3002 |
| State of Oregon, GO, 5.25%, 05/01/2042 | 500 | 559 |
| State of Oregon Department of Transportation, Subordinate, Series A, Rev., 5.00%, 11/15/2036 | 9095 | 9629 |
| State of Oregon Department of Transportation, Subordinated Lien, Rev., 5.00%, 11/15/2034 | 10000 | 11478 |
| State of Oregon Housing & Community Services Department, Series C, Rev., 3.00%, 01/01/2052 | 2680 | 2647 |
| State of Oregon Housing & Community Services Department, Single Family Mortgage Program, Series A, Rev., 3.00%, 07/01/2052 | 385 | 379 |
| State of Oregon, Article XI Q, Series F, GO, 5.00%, 05/01/2030 | 100 | 100 |
| State of Oregon, Article XI Q State Project, GO, 5.00%, 05/01/2030 | 405 | 442 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Oregon — continued** |  |  |
| State of Oregon, Article Xi-G Projects |  |  |
| GO, 5.00%, 08/01/2034 | 1455 | 1662 |
| GO, 5.00%, 08/01/2040 | 1275 | 1411 |
| State of Oregon, Article XI-Q State Project, Series A, GO, 5.00%, 05/01/2027 | 1220 | 1253 |
| State of Oregon, Article Xi-Q State Projects |  |  |
| GO, 5.00%, 05/01/2031 | 8000 | 8866 |
| GO, 5.00%, 05/01/2032 | 6000 | 6728 |
| GO, 5.00%, 05/01/2033 | 5000 | 5654 |
| GO, 5.00%, 05/01/2034 | 6285 | 7167 |
| GO, 5.00%, 05/01/2035 | 5000 | 5738 |
| GO, 5.00%, 05/01/2037 | 2800 | 3160 |
| State of Oregon, Veterans Welfare Bonds, GO, 5.50%, 12/01/2053 | 225 | 241 |
| State of Oregon, Veterans Welfare Bonds Series, GO, 3.00%, 12/01/2051 | 920 | 900 |
| Yamhill Clackamas & Washington Counties School District No. 29J Newberg, Series B, GO, SCH BD GTY, 4.00%, 06/15/2039 | 3620 | 3647 |
|  |  | 251666 |
|  **Other Territory — 0.2%** |  |  |
| FHLMC Multifamily ML Certificates |  |  |
| Rev., 0.00%, 12/25/2036 (z) | 1732 | 1719 |
| Rev., 0.00%, 11/25/2038 (z) | 11798 | 11171 |
| Rev., 0.00%, 12/25/2038 (z) | 3947 | 3449 |
| Rev., 0.00%, 01/25/2040 (z) | 1876 | 1858 |
| Rev., 0.00%, 08/25/2040 (z) | 4503 | 4524 |
| Rev., 0.00%, 04/25/2042 (z) | 6459 | 6765 |
| Rev., 4.33%, 08/25/2041 (z) | 1805 | 1850 |
| Series 2021-ML10, Class AUS, Rev., 2.03%, 01/25/2038 (e) | 324 | 260 |
| FHLMC Multifamily Various Rate Certificates, Sustainable Bonds, Series ML3, Rev., 4.64%, 10/25/2040 (z) | 2690 | 2778 |
| FHLMC Multifamily VRD Certificates, Series A, Rev., 2.25%, 12/15/2037 | 935 | 737 |
|  |  | 35111 |
|  **Pennsylvania — 4.3%** |  |  |
| Adams County General Authority, Rev., 5.00%, 06/01/2039 | 1750 | 1822 |
| Allegheny County Airport Authority |  |  |
| Series A, Rev., AMT, 4.00%, 01/01/2046 | 11800 | 10619 |
| Series A, Rev., AMT, 4.00%, 01/01/2056 | 8920 | 7505 |
| Series B, Rev., 4.00%, 01/01/2039 | 2635 | 2650 |
| Allegheny County Hospital Development Authority, Health Network Obligations |  |  |
| Rev., 5.00%, 04/01/2033 | 1000 | 1034 |
| Series A, Rev., 5.00%, 04/01/2047 | 1560 | 1566 |
| Allegheny County Hospital Development Authority, University of Pittsburgh Medical Center, Rev., 4.00%, 07/15/2037 | 1000 | 985 |
| Allegheny County Sanitary Authority, Rev., 5.75%, 06/01/2047 | 2250 | 2429 |
| Allegheny County, Hospital Development Authority, Pittsburg University Medical Center |  |  |
| Series A, Rev., 4.00%, 07/15/2036 | 4795 | 4793 |
| Series A, Rev., 5.00%, 07/15/2027 | 765 | 785 |
| Allegheny County, Sanitary Authority |  |  |
| Series B, Rev., 4.00%, 06/01/2035 | 400 | 410 |
| Series B, Rev., 4.00%, 06/01/2036 | 675 | 690 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| Allentown Commercial and Industrial Development Authority, Executive Education Academy, Rev., 5.00%, 07/01/2040 (e) | 2000 | 1996 |
| Allentown Neighborhood Improvement Zone Development Authority |  |  |
| Rev., 5.25%, 05/01/2032 (e) | 500 | 511 |
| Rev., 5.50%, 05/01/2032 (e) | 1250 | 1343 |
| Allentown Neighborhood Improvement Zone Development Authority, Forward Delivery, Rev., 5.00%, 05/01/2042 | 1000 | 1034 |
| Allentown Neighborhood Improvement Zone Development Authority, Neuweiler Lofts Project, Rev., 6.25%, 05/01/2042 (e) | 2010 | 2031 |
| Allentown Neighborhood Improvement Zone Development Authority, Senior Tax Revenue, Rev., 6.00%, 05/01/2042 (e) | 180 | 188 |
| Berks County Municipal Authority (The) |  |  |
| Rev., 0.00%, 06/30/2044 | 1647 | 1145 |
| Rev., 5.00%, 06/30/2039 | 3054 | 2873 |
| Rev., 6.00%, 06/30/2034 | 243 | 259 |
| Rev., 7.00%, 06/30/2039 | 700 | 588 |
| Rev., 8.00%, 06/30/2034 | 510 | 520 |
| Capital Region Water, Water Revenue, Rev., 5.00%, 07/15/2032 | 1000 | 1047 |
| Chester County Industrial Development Authority, Avon Grove Charter School, Rev., 5.00%, 03/01/2027 | 185 | 186 |
| Chester County School Authority, Chester County Intermediate Unit |  |  |
| Rev., BAM, 5.00%, 04/01/2037 | 1000 | 1073 |
| Rev., BAM, 5.00%, 04/01/2039 | 1000 | 1064 |
| Rev., BAM, 5.00%, 04/01/2040 | 1550 | 1646 |
| Rev., BAM, 5.00%, 04/01/2043 | 1000 | 1049 |
| City of Lancaster, GO, BAM, 5.00%, 11/01/2047 | 6665 | 6761 |
| City of Philadelphia Airport Revenue |  |  |
| Series A, Rev., 5.00%, 07/01/2047 | 8270 | 8321 |
| Series B, Rev., AMT, 5.00%, 07/01/2034 | 5680 | 5781 |
| Series B, Rev., AMT, 5.00%, 07/01/2035 | 2235 | 2272 |
| Series C, Rev., AMT, 4.00%, 07/01/2050 | 1500 | 1279 |
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 10000 | 10447 |
| City of Philadelphia Airport Revenue, Private Activity, Rev., AMT, 4.00%, 07/01/2041 | 1100 | 1048 |
| City of Philadelphia PA Airport Revenue |  |  |
| Rev., AMT, 5.00%, 07/01/2029 | 1435 | 1521 |
| Rev., AMT, 5.00%, 07/01/2042 | 4440 | 4474 |
| Series B, Rev., AMT, 5.25%, 07/01/2042 | 1900 | 2040 |
| Series B, Rev., AMT, 5.25%, 07/01/2043 | 2400 | 2562 |
| City of Philadelphia Water & Wastewater Revenue |  |  |
| Series A, Rev., 5.00%, 11/01/2040 | 2790 | 2945 |
| Series A, Rev., 5.00%, 11/01/2045 | 7000 | 7239 |
| Series C, Rev., 5.00%, 06/01/2042 | 4650 | 4925 |
| Commonwealth Financing Authority, Tobacco Master Settlement Payment, Rev., 4.00%, 06/01/2039 | 37340 | 35875 |
| Commonwealth of Pennsylvania |  |  |
| GO, 5.00%, 04/01/2036 | 10000 | 11444 |
| Series 1, GO, 4.00%, 03/01/2035 | 3650 | 3691 |
| Commonwealth of Pennsylvania, Bidding Group C First Series, Series 1, GO, 4.00%, 09/01/2040 | 5000 | 5038 |
| County of Lehigh, Lehigh Valley Health Network, Rev., 5.00%, 07/01/2044 | 1350 | 1361 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| County of Lehigh, St. Luke's Hospital Project, Rev., (SIFMA Municipal Swap Index + 1.10%), 3.52%, 08/15/2038 (aa) | 355 | 350 |
| Cumberland County Municipal Authority, Rev., 5.00%, 05/01/2030 | 1000 | 1002 |
| Cumberland County Municipal Authority, Unrefunded Diakon Lutheran, Rev., 5.00%, 01/01/2038 | 2035 | 2036 |
| Delaware Valley Regional Finance Authority |  |  |
| Series A, Rev., AMBAC, 5.50%, 08/01/2028 | 2795 | 2961 |
| Series C, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.75%), 3.38%, 06/01/2037 (aa) | 250 | 242 |
| Doylestown Hospital Authority, Rev., 5.00%, 07/01/2046 | 11195 | 11211 |
| DuBois Hospital Authority, Penn Highlands Healthcare Bay, Rev., BAM, 4.00%, 07/15/2043 | 6450 | 5998 |
| Erie Sewer Authority |  |  |
| Rev., BAM, 5.00%, 12/01/2043 | 1440 | 1501 |
| Rev., BAM, 5.00%, 12/01/2046 | 2500 | 2543 |
| Geisinger Authority |  |  |
| Rev., 4.00%, 02/15/2039 | 3150 | 3085 |
| Rev., 4.00%, 02/15/2047 | 2500 | 2185 |
| Rev., 5.00%, 02/15/2039 | 2155 | 2178 |
| Geisinger Authority, Geisinger Health System Obligated Group, Rev., 5.00%, 04/01/2050 | 7000 | 7021 |
| Geisinger Authority, Geisinger Health System Obligation Group, Rev., 4.00%, 04/01/2039 | 10500 | 10220 |
| Geisinger Authority, Geisinger Health System Se, Rev., 5.00%, 02/15/2045 | 5560 | 5593 |
| Hospitals & Higher Education Facilities Authority of Philadelphia (The) |  |  |
| Rev., 5.00%, 07/01/2032 | 1000 | 1010 |
| Rev., 5.00%, 07/01/2033 | 2950 | 2975 |
| Rev., 5.00%, 07/01/2034 | 1000 | 1007 |
| Lancaster County Hospital Authority, Auth Masonic Villages Project, Rev., 5.13%, 11/01/2038 | 1675 | 1791 |
| Lancaster County Hospital Authority, Penn State Health |  |  |
| Rev., 5.00%, 11/01/2037 | 600 | 622 |
| Rev., 5.00%, 11/01/2046 | 3500 | 3539 |
| Lancaster County Hospital Authority/PA, Rev., 5.00%, 08/15/2046 | 1960 | 1963 |
| Lancaster Industrial Development Authority, Landis Homes Retirement Community, Rev., 4.00%, 07/01/2056 | 765 | 597 |
| Lancaster Municipal Authority, Rev., 5.00%, 05/01/2049 | 900 | 886 |
| Lehigh County Industrial Development Authority, PPL Electric Utilities Project, Series A, Rev., 3.00%, 09/01/2029 | 3455 | 3449 |
| Monroe County Hospital Authority/PA, Rev., 5.10%, 06/15/2039 (e) | 4890 | 4786 |
| Monroeville Finance Authority |  |  |
| Series B, Rev., 5.00%, 02/15/2029 | 1425 | 1500 |
| Series B, Rev., 5.00%, 02/15/2038 | 1200 | 1271 |
| Series B, Rev., 5.00%, 02/15/2039 | 2000 | 2109 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University |  |  |
| Rev., 4.00%, 05/01/2038 | 250 | 245 |
| Rev., 5.00%, 05/01/2057 | 4000 | 3943 |
| Montgomery County Higher Education and Health Authority, Thomas Jefferson University Project, Rev., 4.00%, 09/01/2044 | 1610 | 1478 |
| Montgomery County Industrial Development Authority, ACTS Retirement-Life Communities, Rev., 5.00%, 11/15/2049 | 5000 | 4958 |
| Montgomery County Industrial Development Authority, Constellation Energy, Rev., 4.10%, 04/01/2053 (z) | 8435 | 8612 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| Montgomery County Industrial Development Authority, Retirement Life Communities |  |  |
| Rev., 5.00%, 11/15/2033 | 1500 | 1513 |
| Series C, Rev., 5.00%, 11/15/2045 | 2780 | 2812 |
| New Castle Sanitation Authority, Series A, Rev., 3.00%, 06/01/2029 | 500 | 501 |
| Norristown Area School District, GO, 5.00%, 09/01/2026 | 1500 | 1513 |
| Northampton County General Purpose Authority, Rev., 5.00%, 08/15/2048 | 1125 | 1127 |
| Northampton County General Purpose Authority, St. Luke's University Health Network |  |  |
| Rev., 5.00%, 08/15/2046 | 5030 | 5035 |
| Rev., 5.00%, 08/15/2049 | 4000 | 4073 |
| Penn Manor School District, Series A, GO, 4.00%, 03/01/2039 | 3205 | 3144 |
| Pennsylvania Economic Development Financing Authority |  |  |
| Rev., AMT, 2.88%, 06/01/2049 (z) | 8960 | 8955 |
| Rev., AMT, 3.00%, 08/01/2045 (z) | 4710 | 4709 |
| Rev., AMT, 3.25%, 04/01/2034 (z) | 2270 | 2270 |
| Rev., 4.00%, 03/15/2040 | 4000 | 3840 |
| Rev., 4.00%, 05/15/2048 | 2055 | 1783 |
| Rev., AMT, 4.25%, 07/01/2041 (z) | 8000 | 8071 |
| Rev., AMT, 5.00%, 12/31/2038 | 1890 | 1892 |
| Rev., 5.25%, 12/01/2038 (z) | 1500 | 1503 |
| Pennsylvania Economic Development Financing Authority Parking System Revenue, Senior Insured Capitol |  |  |
| Rev., 4.00%, 01/01/2041 | 1000 | 972 |
| Rev., 4.00%, 01/01/2042 | 1035 | 993 |
| Rev., 4.13%, 01/01/2043 | 1070 | 1047 |
| Rev., 5.00%, 01/01/2034 | 2000 | 2170 |
| Pennsylvania Economic Development Financing Authority, Core Natural Resources, Inc., Rev., AMT, 5.45%, 01/01/2051 (e) (z) | 500 | 543 |
| Pennsylvania Economic Development Financing Authority, Covanta Project Sustainable, Rev., AMT, 3.25%, 08/01/2039 (e) | 2515 | 1903 |
| Pennsylvania Economic Development Financing Authority, Pennsylvania Bridges Finco LP P3 Project |  |  |
| Rev., AMT, 5.00%, 12/31/2034 | 10670 | 10693 |
| Rev., AMT, 5.00%, 06/30/2042 | 1250 | 1251 |
| Pennsylvania Economic Development Financing Authority, Philadelphia Biosolids Facility |  |  |
| Rev., 4.00%, 01/01/2028 | 1590 | 1606 |
| Rev., 4.00%, 01/01/2029 | 450 | 457 |
| Rev., 4.00%, 01/01/2031 | 800 | 816 |
| Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges |  |  |
| Rev., AMT, 5.00%, 12/31/2057 | 9730 | 9708 |
| Rev., AMT, 5.25%, 06/30/2035 | 1500 | 1625 |
| Rev., AMT, 5.50%, 06/30/2042 | 5640 | 5985 |
| Rev., AMT, 5.75%, 06/30/2048 | 3750 | 3896 |
| Rev., AMT, 5.75%, 12/31/2062 | 2500 | 2590 |
| Rev., AMT, 6.00%, 06/30/2061 | 1150 | 1200 |
| Pennsylvania Economic Development Financing Authority, The PennDOT Major Bridges, Rev., AMT, 5.25%, 06/30/2053 | 2000 | 1996 |
| Pennsylvania Economic Development Financing Authority, UPMC |  |  |
| Rev., 4.00%, 04/15/2040 | 2500 | 2390 |
| Series A1, Rev., 4.00%, 04/15/2045 | 5440 | 4888 |
| Series A, Rev., 4.00%, 02/15/2042 | 1330 | 1258 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| Pennsylvania Economic Development Financing Authority, UPMC Obligated Group, Series B, Rev., 5.00%, 03/15/2050 | 6000 | 6036 |
| Pennsylvania Economic Development Financing Authority, Villanova University Project, Rev., 5.00%, 08/01/2049 | 2525 | 2603 |
| Pennsylvania Economic Development Financing Authority, Waste Management Project, Rev., 0.95%, 12/01/2033 (z) | 2000 | 1967 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Rev., AMT, 1.10%, 06/01/2031 (z) | 2000 | 1973 |
| Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project, Rev., AMT, 4.60%, 10/01/2046 (z) | 10000 | 10030 |
| Pennsylvania Higher Education Assistance Agency |  |  |
| Rev., AMT, 5.00%, 06/01/2031 | 1270 | 1336 |
| Series 1A, Rev., AMT, 4.75%, 06/01/2046 | 2175 | 2116 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2030 | 700 | 732 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2031 | 2130 | 2240 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2032 | 4150 | 4385 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2033 | 8810 | 9321 |
| Series 1A, Rev., AMT, 5.00%, 06/01/2034 | 3500 | 3692 |
| Series A, Rev., AMT, 2.45%, 06/01/2041 | 75 | 68 |
| Series A, Rev., AMT, 5.00%, 06/01/2026 | 95 | 95 |
| Pennsylvania Higher Education Assistance Agency, Senior |  |  |
| Rev., AMT, 4.13%, 06/01/2045 | 545 | 526 |
| Series A, Rev., AMT, 5.00%, 06/01/2028 | 3775 | 3878 |
| Pennsylvania Higher Educational Facilities Authority |  |  |
| Rev., 4.00%, 08/15/2049 | 4000 | 3508 |
| Rev., 5.50%, 08/15/2055 | 2500 | 2654 |
| Series AT1, Rev., 4.00%, 06/15/2035 | 2000 | 1918 |
| Pennsylvania Higher Educational Facilities Authority, The Trustees University of Pennsylvania, Rev., 4.00%, 08/15/2041 | 8000 | 7709 |
| Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University |  |  |
| Rev., 4.00%, 11/01/2042 | 3750 | 3508 |
| Rev., 5.00%, 11/01/2051 | 2000 | 2019 |
| Pennsylvania Higher Educational Facilities Authority, Trustees University, Series A, Rev., 4.00%, 02/15/2043 | 1000 | 964 |
| Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System |  |  |
| Rev., 5.00%, 08/15/2042 | 2500 | 2530 |
| Rev., 5.00%, 08/15/2049 | 3000 | 3050 |
| Pennsylvania Higher Educational Facilities Authority, University Pennsylvania Health System, Series A, Rev., 4.00%, 08/15/2035 | 1170 | 1176 |
| Pennsylvania Higher Educational Facilities Authority, Unrefunded 2024, Series AT1, Rev., 4.00%, 06/15/2032 | 2790 | 2769 |
| Pennsylvania Housing Finance Agency |  |  |
| Rev., HUD, 3.15%, 01/01/2046 (z) | 900 | 902 |
| Rev., 4.50%, 10/01/2044 | 5000 | 4964 |
| Rev., 4.60%, 10/01/2044 | 7500 | 7442 |
| Rev., 6.00%, 10/01/2054 | 7915 | 8550 |
| Series 124B, Rev., 3.65%, 10/01/2042 | 1870 | 1746 |
| Series 129, Rev., 3.40%, 10/01/2049 | 1400 | 1126 |
| Series 133, Rev., 3.00%, 10/01/2050 | 2010 | 1988 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| Series 149A, Rev., 6.50%, 10/01/2055 | 1875 | 2131 |
| Series 150A, Rev., 4.90%, 10/01/2040 | 7500 | 7751 |
| Pennsylvania Housing Finance Agency, Monarch PA Portfolio, Rev., 2.65%, 09/01/2029 (z) | 850 | 838 |
| Pennsylvania Housing Finance Agency, Social Bond |  |  |
| Series A, Rev., 4.85%, 10/01/2043 | 4000 | 4073 |
| Series A, Rev., 5.50%, 10/01/2053 | 1285 | 1354 |
| Pennsylvania Housing Finance Agency, Social Bonds, Series 141A, Rev., 5.75%, 10/01/2053 | 2445 | 2585 |
| Pennsylvania Housing Finance Agency, Sustainable Bond |  |  |
| Series 144A, Rev., 4.45%, 10/01/2044 | 2000 | 1978 |
| Series 144A, Rev., 6.00%, 10/01/2054 | 135 | 145 |
| Pennsylvania Housing Finance Agency, Sustainable Bonds |  |  |
| Series 2022, Rev., 4.25%, 10/01/2052 | 1410 | 1431 |
| Series A, Rev., 4.60%, 10/01/2045 | 6415 | 6398 |
| Pennsylvania Turnpike Commission |  |  |
| Rev., VRDO, LOC: Bank of America NA, 2.42%, 04/07/2026 (z) | 5000 | 5000 |
| Rev., 5.00%, 12/01/2037 | 2100 | 2354 |
| Rev., 5.00%, 12/01/2043 | 715 | 774 |
| Rev., 5.00%, 12/01/2045 (z) | 1440 | 1597 |
| Series 1, Rev., 5.00%, 12/01/2027 | 3935 | 4084 |
| Series 1, Rev., 5.00%, 12/01/2028 | 1795 | 1907 |
| Series A1, Rev., 5.00%, 12/01/2027 | 1000 | 1038 |
| Series A1, Rev., 5.00%, 12/01/2034 | 1000 | 1031 |
| Series A1, Rev., 5.00%, 12/01/2046 | 1000 | 1004 |
| Series A, Rev., 4.00%, 12/01/2041 | 1250 | 1247 |
| Series A, Rev., 5.00%, 12/01/2027 | 1150 | 1194 |
| Series A, Rev., 5.00%, 12/01/2028 | 585 | 622 |
| Series A, Rev., 5.00%, 12/01/2053 | 6380 | 6533 |
| Series A, Rev., 5.25%, 12/01/2044 | 2500 | 2582 |
| Series B1, Rev., 5.25%, 06/01/2047 | 2465 | 2491 |
| Series B, Rev., 4.00%, 12/01/2039 | 3000 | 3016 |
| Series B, Rev., 5.00%, 12/01/2026 | 400 | 406 |
| Series B, Rev., 5.00%, 12/01/2027 | 500 | 519 |
| Series B, Rev., 5.00%, 12/01/2039 | 1305 | 1410 |
| Series B, Rev., 5.00%, 12/01/2041 | 1680 | 1848 |
| Series B, Rev., 5.00%, 12/01/2043 | 460 | 499 |
| Series B, Rev., 5.25%, 12/01/2047 | 3000 | 3151 |
| Series C, Rev., 4.00%, 12/01/2040 | 1400 | 1406 |
| Series C, Rev., 4.00%, 12/01/2042 | 1555 | 1535 |
| Series C, Rev., 5.00%, 12/01/2027 | 345 | 358 |
| Series C, Rev., 5.00%, 12/01/2041 | 1560 | 1662 |
| Series C, Rev., 5.00%, 12/01/2046 | 2110 | 2190 |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Subordinate, Series B, Rev., 5.00%, 12/01/2038 | 1500 | 1554 |
| Pennsylvania Turnpike Commission, Motor License, Rev., 5.00%, 12/01/2040 | 1000 | 1021 |
| Pennsylvania Turnpike Commission, Subordinate, Rev., 5.00%, 12/01/2030 | 1750 | 1813 |
| Pennsylvania Turnpike Commission, Subordinated, Series B2, Rev., 5.00%, 06/01/2027 | 2480 | 2544 |
| Philadelphia Authority for Industrial Development |  |  |
| Rev., 5.00%, 05/01/2033 | 1250 | 1297 |
| Rev., 5.00%, 06/15/2039 (e) | 740 | 746 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| Philadelphia Authority for Industrial Development, Children's Hospital of Philadelphia, Rev., 4.00%, 07/01/2037 | 2000 | 1938 |
| Philadelphia Authority for Industrial Development, String Theory Charter School, Rev., 5.00%, 06/15/2040 (e) | 900 | 897 |
| Philadelphia Authority for Industrial Development, Thomas Jefferson University |  |  |
| Series A, Rev., 5.00%, 09/01/2035 | 1105 | 1117 |
| Series A, Rev., 5.00%, 09/01/2047 | 1000 | 1000 |
| Philadelphia Gas Works Co., Series A, Rev., 4.00%, 08/01/2045 | 5000 | 4708 |
| Phoenixville Area School District, GO, 4.00%, 11/15/2040 | 695 | 686 |
| Pittsburgh School District, GO, BAM, 4.00%, 09/01/2042 | 2240 | 2182 |
| Pittsburgh Water & Sewer Authority |  |  |
| Series B, Rev., 4.00%, 09/01/2036 | 500 | 507 |
| Series B, Rev., 4.00%, 09/01/2038 | 500 | 503 |
| Series B, Rev., 4.00%, 09/01/2045 | 2250 | 2113 |
| Pittsburgh Water & Sewer Authority, First Lien |  |  |
| Series A, Rev., 5.00%, 09/01/2048 | 1000 | 1028 |
| Series A, Rev., 5.00%, 09/01/2052 | 1500 | 1538 |
| Series A, Rev., 5.00%, 09/01/2056 | 4000 | 4074 |
| Ridley School District, GO, BAM, 5.25%, 11/15/2039 | 4545 | 4762 |
| School District of Philadelphia, Series A, GO, BAM, 4.00%, 09/01/2039 | 7500 | 7544 |
| School District of Philadelphia (The) |  |  |
| GO, 4.00%, 09/01/2046 | 2000 | 1812 |
| GO, BAM, 4.00%, 09/01/2046 | 6610 | 5981 |
| Series A, GO, 5.00%, 09/01/2027 | 610 | 630 |
| Series A, GO, 5.00%, 09/01/2031 | 245 | 268 |
| Series A, GO, 5.00%, 09/01/2035 | 3000 | 3122 |
| Series F, GO, 5.00%, 09/01/2035 | 5000 | 5037 |
| Series F, GO, 5.00%, 09/01/2037 | 2000 | 2013 |
| School District of Philadelphia (The), Green Bond |  |  |
| Series B, GO, 5.00%, 09/01/2027 | 895 | 924 |
| Series B, GO, 5.00%, 09/01/2028 | 485 | 510 |
| Series B, GO, 5.00%, 09/01/2029 | 450 | 481 |
| Scranton School District, Series E, GO, BAM, 4.00%, 12/01/2037 | 1025 | 1007 |
| Southeastern Pennsylvania Transportation Authority, Asset Improvement Program |  |  |
| Rev., 5.25%, 06/01/2041 | 3000 | 3232 |
| Rev., 5.25%, 06/01/2042 | 1500 | 1609 |
| Rev., 5.25%, 06/01/2047 | 7750 | 8072 |
| Sports & Exhibition Authority of Pittsburgh and Allegheny County |  |  |
| Rev., 5.00%, 02/01/2027 | 2250 | 2291 |
| Rev., 5.00%, 02/01/2028 | 2590 | 2690 |
| State College Area School District, GO, 5.00%, 03/15/2040 | 2500 | 2501 |
| State Public School Building Authority |  |  |
| Rev., 5.00%, 06/01/2032 | 4520 | 4580 |
| Rev., 5.00%, 06/01/2033 | 3320 | 3362 |
| State Public School Building Authority, Northampton County Area Community |  |  |
| Rev., BAM, 4.00%, 03/01/2029 | 1000 | 1023 |
| Rev., BAM, 4.00%, 03/01/2030 | 640 | 653 |
| Rev., BAM, 4.00%, 03/01/2031 | 500 | 509 |
| Rev., BAM, 5.00%, 03/01/2027 | 715 | 730 |
| Rev., BAM, 5.00%, 03/01/2028 | 755 | 783 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Pennsylvania — continued** |  |  |
| State Public School Building Authority, Philadelphia Community College, Rev., BAM, 5.00%, 06/15/2028 | 5505 | 5511 |
| State Public School Building Authority, Philadelphia School District, Rev., 5.00%, 06/01/2030 | 3480 | 3530 |
| The Pennsylvania State University, Rev., 5.00%, 09/01/2043 | 1570 | 1703 |
| The School District of Philadelphia, Series A, GO, 5.00%, 09/01/2044 | 16500 | 16903 |
| Union County Hospital Authority, Evangelical Community Hospital, Rev., 5.00%, 08/01/2048 | 7500 | 7327 |
| University of Pittsburgh-of the Commonwealth System of Higher Education, Rev., 5.00%, 02/15/2036 | 7840 | 9027 |
| Westmoreland County Industrial Development Authority, Excela Health Project, Series A, Rev., 5.00%, 07/01/2028 | 1400 | 1441 |
|  |  | 720957 |
|  **Puerto Rico — 0.5%** |  |  |
| Commonwealth of Puerto Rico, Note Claims, 0.00%, 11/01/2051 (z) | 9754 | 5950 |
| Commonwealth of Puerto Rico, Restructured |  |  |
| Series A1, GO, 4.00%, 07/01/2033 | 481 | 480 |
| Series A1, GO, 5.63%, 07/01/2027 | 5045 | 5143 |
| Series A1, GO, 5.63%, 07/01/2029 | 2000 | 2112 |
| Series A1, GO, 5.75%, 07/01/2031 | 2008 | 2192 |
| Series A, GO, Zero Coupon, 07/01/2033 | 7410 | 5377 |
| Commonwealth of Puerto Rico, Subordinate, Note Claims, Series CW, 0.00%, 11/01/2043 (z) | 15836 | 10610 |
| Commonwealth of Puerto Rico, Subordinated, Note Claims, Series CL, 0.00%, 11/01/2051 (z) | 4180 | 2895 |
| Puerto Rico Electric Power Authority |  |  |
| Series AAA, Rev., 5.25%, 07/01/2023 (d) | 100 | 66 |
| Series CCC, Rev., 4.63%, 07/01/2025 (d) | 100 | 66 |
| Series DDD, Rev., 5.00%, 07/01/2020 (d) | 570 | 379 |
| Series NN, Rev., NATL, 4.75%, 07/01/2033 | 30 | 30 |
| Series TT, Rev., 5.00%, 07/01/2020 (d) | 285 | 190 |
| Series TT, Rev., 5.00%, 07/01/2021 (d) | 100 | 66 |
| Series TT, Rev., 5.00%, 07/01/2037 (d) | 1200 | 796 |
| Series XX, Rev., 4.63%, 07/01/2025 (d) | 100 | 66 |
| Series XX, Rev., 4.75%, 07/01/2026 (d) | 295 | 196 |
| Series ZZ, Rev., 4.25%, 07/01/2020 (d) | 470 | 313 |
| Series ZZ, Rev., 5.25%, 07/01/2019 (d) | 580 | 386 |
| Series ZZ, Rev., 5.25%, 07/01/2023 (d) | 500 | 333 |
| Puerto Rico Electric Power Authority, Libor, Series UU, Rev., (CME Term SOFR 3 Month \* 0.67 + 0.52%), 3.15%, 07/01/2029 (aa) | 365 | 356 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue |  |  |
| Series A1, Rev., 4.75%, 07/01/2053 | 4450 | 4144 |
| Series A2, Rev., 4.78%, 07/01/2058 | 5279 | 4874 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Restructured |  |  |
| Series A1, Rev., Zero Coupon, 07/01/2031 | 2925 | 2431 |
| Series A1, Rev., 5.00%, 07/01/2058 | 22950 | 21818 |
| Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Restructured |  |  |
| Series A1, Rev., 4.55%, 07/01/2040 | 1385 | 1380 |
| Series A2, Rev., 4.33%, 07/01/2040 | 13868 | 13667 |
|  |  | 86316 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Rhode Island — 0.2%** |  |  |
| Rhode Island Health and Educational Building Corp., Rev., 5.25%, 05/15/2054 | 1000 | 980 |
| Rhode Island Health and Educational Building Corp., Brown University, Series A, Rev., 4.00%, 09/01/2037 | 1000 | 1000 |
| Rhode Island Health and Educational Building Corp., Lifespan Health System, Rev., 5.00%, 05/15/2039 | 5500 | 5516 |
| Rhode Island Health and Educational Building Corp., RI Properties LLC, Series A, Rev., 5.00%, 07/01/2060 | 5500 | 5239 |
| Rhode Island Housing & Mortgage Finance Corp., Rev., FHA, 3.60%, 10/01/2054 (z) | 1000 | 1000 |
| Rhode Island Housing & Mortgage Finance Corp., Sustainable Bonds, Series 81A, Rev., GNMA COLL, 6.25%, 10/01/2053 | 665 | 717 |
| Rhode Island Housing and Mortgage Finance Corp., Series 71, Rev., GNMA COLL, 3.75%, 10/01/2049 | 180 | 180 |
| Rhode Island Housing and Mortgage Finance Corp., Homeownership Opportunity |  |  |
| Series 73A, Rev., 0.95%, 04/01/2026 | 500 | 500 |
| Series 73A, Rev., 1.10%, 04/01/2027 | 300 | 292 |
| Series 73A, Rev., 1.65%, 10/01/2029 | 715 | 664 |
| Series 73A, Rev., 3.00%, 10/01/2050 | 665 | 657 |
| Rhode Island Housing and Mortgage Finance Corp., Social Bonds, Series 75A, Rev., 3.00%, 10/01/2051 | 1630 | 1606 |
| Rhode Island Infrastructure Bank State Revolving Fund, Master Trust |  |  |
| Series B, Rev., 5.00%, 10/01/2027 | 5125 | 5312 |
| Series B, Rev., 5.00%, 10/01/2028 | 565 | 598 |
| Series B, Rev., 5.00%, 10/01/2033 | 3250 | 3689 |
| Series B, Rev., 5.00%, 10/01/2034 | 1250 | 1427 |
| Rhode Island Student Loan Authority |  |  |
| Rev., AMT, 3.63%, 12/01/2037 | 690 | 657 |
| Rev., AMT, 4.13%, 12/01/2041 | 1110 | 1070 |
| Rev., AMT, 4.13%, 12/01/2043 | 1345 | 1275 |
| Series A, Rev., AMT, 5.00%, 12/01/2044 | 3895 | 3820 |
| Rhode Island Student Loan Authority, Senior Bond |  |  |
| Series A, Rev., AMT, 5.00%, 12/01/2029 | 370 | 389 |
| Series B, Rev., AMT, 4.13%, 12/01/2043 | 1835 | 1682 |
| Rhode Island Turnpike & Bridge Authority, Rev., 5.00%, 10/01/2040 | 1000 | 1001 |
| Tobacco Settlement Financing Corp., Series B, Rev., 4.50%, 06/01/2045 | 1945 | 1889 |
|  |  | 41160 |
|  **South Carolina — 0.9%** |  |  |
| Charleston County Airport District, Rev., 5.00%, 07/01/2042 | 1650 | 1778 |
| City of Columbia Waterworks & Sewer System Revenue |  |  |
| Rev., 5.00%, 02/01/2047 | 2625 | 2720 |
| Series B, Rev., 4.00%, 02/01/2041 | 5000 | 4911 |
| Series B, Rev., 5.00%, 02/01/2036 | 1085 | 1203 |
| Series B, Rev., 5.00%, 02/01/2037 | 1500 | 1651 |
| Series B, Rev., 5.00%, 02/01/2038 | 1500 | 1639 |
| Lexington County Health Services District, Inc., Lexmed Obligated Group |  |  |
| Rev., 4.00%, 11/01/2030 | 1000 | 1011 |
| Rev., 4.00%, 11/01/2031 | 1000 | 1010 |
| Medical University Hospital Authority |  |  |
| Rev., FHA, 5.25%, 05/15/2043 | 5105 | 5398 |
| Rev., FHA, 5.25%, 05/15/2044 | 4380 | 4602 |
| Rev., FHA, 5.25%, 11/15/2050 | 2500 | 2560 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **South Carolina — continued** |  |  |
| Patriots Energy Group Financing Agency, Series B1, Rev., 5.25%, 02/01/2054 (z) | 14400 | 15372 |
| South Carolina Jobs-Economic Development Authority |  |  |
| Rev., 4.50%, 11/01/2054 | 2300 | 2173 |
| Rev., 5.00%, 02/01/2038 | 3975 | 3978 |
| Rev., 5.25%, 07/01/2047 | 7480 | 7231 |
| Rev., 5.50%, 06/15/2033 | 9500 | 9342 |
| Rev., 5.75%, 12/01/2060 (e) | 1585 | 1550 |
| South Carolina Jobs-Economic Development Authority, Beaufort Memorial Hospital & South of Broad Healthcare Projects, Rev., 5.50%, 11/15/2044 | 500 | 512 |
| South Carolina Jobs-Economic Development Authority, McLeod Health Projects, Rev., 5.00%, 11/01/2048 | 1000 | 1008 |
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group, Series A, Rev., 5.00%, 05/01/2030 | 1500 | 1562 |
| South Carolina Jobs-Economic Development Authority, Prisma Health Obligation Group, Rev., 5.00%, 05/01/2043 | 2000 | 2031 |
| South Carolina Ports Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2043 | 5680 | 5738 |
| Rev., AMT, 5.00%, 07/01/2055 | 2000 | 1934 |
| South Carolina Public Service Authority |  |  |
| Rev., 5.00%, 12/01/2039 | 4000 | 4256 |
| Rev., 5.00%, 12/01/2042 | 3250 | 3497 |
| Rev., 5.00%, 12/01/2043 | 2800 | 2980 |
| Series A, Rev., 4.00%, 12/01/2033 | 1000 | 1023 |
| Series A, Rev., 4.00%, 12/01/2034 | 2000 | 2038 |
| Series A, Rev., 4.00%, 12/01/2037 | 2000 | 2012 |
| Series A, Rev., 4.00%, 12/01/2038 | 520 | 520 |
| Series A, Rev., 5.00%, 12/01/2027 | 1525 | 1585 |
| Series A, Rev., 5.00%, 12/01/2029 | 85 | 91 |
| Series A, Rev., 5.00%, 12/01/2031 | 4500 | 4894 |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1084 |
| Series A, Rev., 5.00%, 12/01/2037 | 2025 | 2241 |
| Series A, Rev., 5.00%, 12/01/2043 | 1500 | 1601 |
| Series A, Rev., 5.25%, 12/01/2050 | 3000 | 3147 |
| Series B, Rev., 5.00%, 12/01/2036 | 2200 | 2460 |
| Series B, Rev., 5.00%, 12/01/2040 | 1000 | 1056 |
| Series B, Rev., 5.00%, 12/01/2041 | 2000 | 2013 |
| South Carolina Public Service Authority, Bond Exchange, Series A, Rev., 5.00%, 12/01/2050 | 4290 | 4255 |
| South Carolina Public Service Authority, Obligations, Series C, Rev., 5.00%, 12/01/2027 | 1600 | 1623 |
| South Carolina Public Service Authority, Unrefunded Obligations, Series E, Rev., 5.25%, 12/01/2055 | 7000 | 7000 |
| South Carolina State Housing Finance & Development Authority |  |  |
| Rev., 3.25%, 01/01/2046 (z) | 4120 | 4119 |
| Rev., 6.00%, 01/01/2055 | 3215 | 3540 |
| Series A, Rev., 3.00%, 01/01/2052 | 415 | 410 |
| Series A, Rev., 4.00%, 01/01/2052 | 570 | 576 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2056 | 3400 | 3781 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 3270 | 3689 |
| Series B, Rev., 3.25%, 01/01/2052 | 3380 | 3355 |
| South Carolina Transportation Infrastructure Bank, Rev., 5.00%, 10/01/2039 | 5000 | 5101 |
|  |  | 154861 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **South Dakota — 0.2%** |  |  |
| County of Lincoln, GO, 5.00%, 12/01/2048 | 3000 | 3081 |
| County of Lincoln, Augustana College Association, Rev., 4.00%, 08/01/2041 | 250 | 221 |
| South Dakota Health & Educational Facilities Authority |  |  |
| Rev., 5.00%, 11/01/2045 | 2525 | 2531 |
| Rev., 5.00%, 07/01/2046 | 2000 | 2008 |
| South Dakota Health & Educational Facilities Authority, Avera Health, Series A, Rev., 5.25%, 07/01/2054 | 10000 | 10336 |
| South Dakota Health & Educational Facilities Authority, Monument Health |  |  |
| Rev., 5.00%, 09/01/2043 | 1000 | 1059 |
| Rev., 5.00%, 09/01/2044 | 1440 | 1512 |
| Rev., 5.00%, 09/01/2045 | 1000 | 1040 |
| Rev., 5.00%, 09/01/2046 | 1125 | 1160 |
| South Dakota Housing Development Authority |  |  |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 11/01/2055 | 3180 | 3536 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 11/01/2055 | 460 | 520 |
| Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 05/01/2051 | 580 | 578 |
| Series G, Rev., GNMA/FNMA/FHLMC, 6.25%, 05/01/2055 | 3945 | 4255 |
| South Dakota Housing Development Authority, Homeownership Mortgage, Series B, Rev., 3.00%, 11/01/2051 | 1760 | 1735 |
|  |  | 33572 |
|  **Tennessee — 1.0%** |  |  |
| Chattanooga Health Educational & Housing Facility Board, Commonspirit Health |  |  |
| Series A1, Rev., 5.00%, 08/01/2028 | 305 | 318 |
| Series A, Rev., 5.00%, 08/01/2044 | 1000 | 1016 |
| City of Memphis Storm Water System Revenue, Rev., 5.00%, 10/01/2044 | 3365 | 3410 |
| City of Memphis TN Memphis Light Gas & Water Division Electric System Revenue |  |  |
| Rev., 5.00%, 12/01/2031 | 600 | 665 |
| Rev., 5.00%, 12/01/2032 | 850 | 952 |
| Series A, Rev., 4.00%, 12/01/2050 | 1225 | 1077 |
| Cleveland Health & Educational Facilities Board, Rev., 5.25%, 08/15/2054 | 14700 | 14956 |
| County of Coffee, GO, 5.00%, 06/01/2026 | 250 | 251 |
| County of Rutherford TN, GO, 3.00%, 04/01/2033 | 6625 | 6632 |
| Johnson City Health & Educational Facilities Board, Tapestry at Roan Hill, Rev., HUD, 3.60%, 12/01/2027 (z) | 3065 | 3080 |
| Knox County Health Educational & Housing Facility Board, University of Tennessee Project |  |  |
| Series A1, Rev., BAM, 5.00%, 07/01/2039 | 500 | 533 |
| Series A1, Rev., BAM, 5.25%, 07/01/2049 | 1365 | 1407 |
| Knoxville's Community Development Corp., Willow Place Project, Rev., HUD, 3.75%, 12/01/2027 (z) | 2400 | 2403 |
| Memphis-Shelby County Airport Authority |  |  |
| Rev., AMT, 5.00%, 07/01/2032 | 270 | 278 |
| Rev., AMT, 5.00%, 07/01/2043 | 2055 | 2072 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Belmont University, Rev., 5.25%, 05/01/2048 | 1250 | 1288 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, Vanderbilt University Medical Center, Rev., 5.00%, 07/01/2046 | 1285 | 1286 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Bond, Vanderbilt University Medical Center, Series A, Rev., 5.00%, 07/01/2040 | 7555 | 7573 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Tennessee — continued** |  |  |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd |  |  |
| Rev., 3.15%, 12/01/2042 (z) | 1000 | 1002 |
| Rev., 3.35%, 06/01/2044 (z) | 1550 | 1551 |
| Metropolitan Government Nashville & Davidson County Sports Authority, Series A, Rev., 5.25%, 07/01/2053 | 4000 | 4132 |
| Metropolitan Government Nashville & Davidson County Sports Authority, Stadium Project Senior Lien, Series A, Rev., 5.25%, 07/01/2048 | 2925 | 3071 |
| Metropolitan Government of Nashville & Davidson County Electric Revenue, Series A, Rev., 5.00%, 05/15/2043 | 1500 | 1617 |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue, Rev., 5.00%, 07/01/2039 | 2045 | 2243 |
| Metropolitan Knoxville Airport Authority, Series A, Rev., 5.25%, 06/01/2054 | 4235 | 4354 |
| Metropolitan Nashville Airport Authority (The) |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2026 | 70 | 71 |
| Series B, Rev., AMT, 5.00%, 07/01/2027 | 170 | 174 |
| Series B, Rev., AMT, 5.25%, 07/01/2033 | 270 | 297 |
| Series B, Rev., AMT, 5.25%, 07/01/2047 | 3500 | 3599 |
| Series B, Rev., AMT, 5.50%, 07/01/2038 | 1625 | 1780 |
| Rutherford County Health & Educational Facilities Board, Rev., 5.00%, 11/15/2048 (z) | 5685 | 6141 |
| State of Tennessee, GO, 5.00%, 05/01/2041 | 7470 | 8122 |
| Tennergy Corp., Series A, Rev., 4.00%, 12/01/2051 (z) | 5500 | 5554 |
| Tennergy Corp., Gas Supply Bonds, Series A, Rev., 5.50%, 10/01/2053 (z) | 5000 | 5315 |
| Tennessee Energy Acquisition Corp. |  |  |
| Rev., 5.00%, 05/01/2052 (z) | 18000 | 19031 |
| Series A, Rev., 5.00%, 12/01/2035 | 28305 | 29970 |
| Tennessee Energy Acquisition Corp., Gas Project, Series A1, Rev., 5.00%, 05/01/2053 (z) | 9000 | 9283 |
| Tennessee Housing Development Agency, Series 2A, Rev., 6.00%, 01/01/2056 | 1295 | 1445 |
| Tennessee Housing Development Agency, Sustainable Bonds, Series 1A, Rev., 4.50%, 07/01/2044 | 1220 | 1213 |
| The Metropolitan Nashville Airport Authority |  |  |
| Series B, Rev., AMT, 5.00%, 07/01/2042 | 2100 | 2231 |
| Series B, Rev., AMT, 5.00%, 07/01/2043 | 3160 | 3336 |
| Williamson County Industrial Development Board, Wood Duck Court Apartments, Rev., HUD, 5.00%, 05/01/2042 (z) | 1460 | 1477 |
|  |  | 166206 |
|  **Texas — 11.5%** |  |  |
| Alamo Community College District |  |  |
| GO, 5.00%, 08/15/2042 | 2505 | 2703 |
| GO, 5.00%, 08/15/2045 | 6740 | 7132 |
| Alief Independent School District, GO, PSF-GTD, 2.00%, 02/15/2038 | 1890 | 1439 |
| Allen Independent School District, GO, PSF-GTD, 4.38%, 02/15/2050 | 2600 | 2486 |
| Alvin Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2034 | 7245 | 8193 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 5470 | 6224 |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 4375 | 5006 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 6350 | 7101 |
| Anson Education Facilities Corp., Arlington Classics Academy, Rev., 5.00%, 08/15/2045 | 1370 | 1326 |
| Arlington Higher Education Finance Corp. |  |  |
| Rev., 4.88%, 06/15/2054 (e) | 1050 | 933 |
| Rev., 5.00%, 06/15/2035 (e) | 2500 | 2608 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Series A, Rev., PSF-GTD, 4.00%, 08/15/2026 | 265 | 266 |
| Series A, Rev., PSF-GTD, 4.00%, 08/15/2030 | 425 | 435 |
| Series A, Rev., PSF-GTD, 5.00%, 08/15/2031 | 555 | 608 |
| Arlington Higher Education Finance Corp., Legacy Traditional Schools |  |  |
| Rev., 4.13%, 02/15/2041 | 815 | 659 |
| Rev., 6.00%, 02/15/2042 (e) | 250 | 245 |
| Athens Independent School District, GO, PSF-GTD, 5.00%, 02/15/2048 | 2075 | 2162 |
| Austin Community College District |  |  |
| GO, 5.00%, 08/01/2048 | 3500 | 3604 |
| GO, 5.25%, 08/01/2053 | 1500 | 1560 |
| Austin Convention Enterprises, Inc., First Tier Convention Center, Rev., 5.00%, 01/01/2033 | 1125 | 1129 |
| Austin Independent School District |  |  |
| GO, 5.00%, 08/01/2026 | 1000 | 1008 |
| GO, 5.00%, 08/01/2038 | 500 | 545 |
| Barbers Hill Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2032 | 500 | 556 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 3000 | 3268 |
| Bastrop Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 2000 | 2147 |
| Beaumont Independent School District |  |  |
| GO, PSF-GTD, 3.00%, 02/15/2033 | 2500 | 2387 |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1535 | 1538 |
| Bells Independent School District, GO, PSF-GTD, 4.25%, 02/15/2053 | 2310 | 2113 |
| Bexar County Hospital District, Certificates Obligation |  |  |
| GO, 4.00%, 02/15/2039 | 1090 | 1080 |
| GO, 5.00%, 02/15/2043 | 2750 | 2887 |
| Bexar County Hospital District, Certificates of Obligation |  |  |
| GO, 5.00%, 02/15/2036 | 370 | 399 |
| GO, 5.00%, 02/15/2037 | 230 | 246 |
| Bexar Management and Development Corp., Miller's Pond Apartments, Rev., FHA, 2.65%, 03/01/2029 (z) | 575 | 570 |
| Board of Regents of the University of Texas System |  |  |
| Rev., 5.00%, 08/15/2035 | 375 | 429 |
| Rev., 5.00%, 08/15/2036 | 310 | 355 |
| Series A, Rev., 5.00%, 08/15/2030 | 1000 | 1094 |
| Series A, Rev., 5.00%, 08/15/2033 | 1500 | 1670 |
| Series A, Rev., 5.00%, 08/15/2037 | 3125 | 3552 |
| Series A, Rev., 5.00%, 08/15/2038 | 4000 | 4584 |
| Series A, Rev., 5.00%, 08/15/2039 | 13040 | 14634 |
| Series A, Rev., 5.00%, 08/15/2042 | 15500 | 17087 |
| Series A, Rev., 5.00%, 08/15/2043 | 8570 | 9382 |
| Series B, Rev., 5.00%, 08/15/2029 | 3625 | 3906 |
| Series E, Rev., 5.00%, 08/15/2027 | 1000 | 1033 |
| Boerne Independent School District, GO, PSF-GTD, 3.13%, 02/01/2053 (z) | 1710 | 1712 |
| Brazoria County Municipal Utility District No. 40 |  |  |
| GO, 4.00%, 09/01/2038 | 685 | 680 |
| GO, 4.13%, 09/01/2039 | 720 | 717 |
| Brazoria County Toll Road Authority, Subordinated Lien, Series A, Rev., CNTY GTD, 5.00%, 03/01/2033 | 1670 | 1699 |
| Brazos Higher Education Authority, Inc. |  |  |
| Rev., AMT, 4.00%, 04/01/2045 | 2110 | 1883 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Series 1A, Rev., AMT, 4.50%, 04/01/2046 | 7320 | 7256 |
| Brazosport Independent School District, GO, PSF-GTD, 5.00%, 02/15/2030 | 1925 | 2047 |
| Burleson Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/01/2027 | 2250 | 2324 |
| Series A, GO, PSF-GTD, 4.00%, 08/01/2040 | 5300 | 5078 |
| Capital Area Housing Finance Corp., Redwood Apartments, Rev., 3.20%, 01/01/2041 (z) | 720 | 721 |
| Carrollton-Farmers Branch Independent School District, GO, PSF-GTD, 4.00%, 02/15/2053 | 5000 | 4441 |
| Castleberry Independent School District, GO, PSF-GTD, 5.00%, 02/15/2041 | 700 | 754 |
| Celina Independent School District, GO, PSF-GTD, 5.00%, 02/15/2031 | 500 | 549 |
| Central Texas Regional Mobility Authority |  |  |
| Rev., 5.00%, 01/01/2037 | 1285 | 1351 |
| Series A, Rev., 5.00%, 01/01/2032 | 2750 | 3036 |
| Series B, Rev., 4.00%, 01/01/2040 | 800 | 782 |
| Series B, Rev., 4.00%, 01/01/2051 | 1250 | 1094 |
| Series B, Rev., 5.00%, 01/01/2037 | 2000 | 2180 |
| Series B, Rev., 5.00%, 01/01/2038 | 1000 | 1108 |
| Series B, Rev., 5.00%, 01/01/2046 | 7800 | 7999 |
| Series C, Rev., BAN, 5.00%, 01/01/2027 | 2000 | 2012 |
| Central Texas Regional Mobility Authority, Senior Lien |  |  |
| Series B, Rev., 4.00%, 01/01/2039 | 600 | 600 |
| Series B, Rev., 4.00%, 01/01/2040 | 500 | 490 |
| Series B, Rev., 5.00%, 01/01/2045 | 3595 | 3682 |
| Series D, Rev., 5.00%, 01/01/2033 | 480 | 523 |
| Series E, Rev., 5.00%, 01/01/2045 | 2665 | 2729 |
| Central Texas Turnpike System |  |  |
| Rev., 5.00%, 08/15/2037 | 10000 | 11003 |
| Rev., 5.00%, 08/15/2038 | 7690 | 8424 |
| Rev., 5.00%, 08/15/2040 | 2500 | 2696 |
| Chapel Hill Independent School District/Smith County, GO, PSF-GTD, 5.00%, 02/15/2039 | 700 | 758 |
| City Austin, Certificates Obligation |  |  |
| GO, 5.00%, 09/01/2032 | 1750 | 1899 |
| GO, 5.00%, 09/01/2033 | 1100 | 1188 |
| GO, 5.00%, 09/01/2034 | 1750 | 1883 |
| City of Arlington TX Water & Wastewater System Revenue |  |  |
| Rev., 5.00%, 06/01/2037 | 1445 | 1591 |
| Rev., 5.00%, 06/01/2039 | 1445 | 1574 |
| City of Arlington, Tax, Increment Reinvestment Zone, Tax Allocation, 4.00%, 08/15/2041 | 1000 | 888 |
| City of Austin |  |  |
| GO, 5.00%, 09/01/2039 | 2675 | 2960 |
| GO, 5.00%, 09/01/2040 | 1000 | 1100 |
| GO, 5.00%, 09/01/2041 | 2430 | 2667 |
| City of Austin Electric Utility Revenue, Rev., 5.00%, 11/15/2048 | 6210 | 6376 |
| City of Austin TX Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 11/15/2041 | 1500 | 1595 |
| Rev., AMT, 5.00%, 11/15/2043 | 3500 | 3673 |
| Rev., AMT, 5.00%, 11/15/2044 | 2500 | 2602 |
| City of Austin TX Water & Wastewater System Revenue, Rev., 5.00%, 11/15/2041 | 6500 | 7057 |
| City of Austin Water & Wastewater System Revenue |  |  |
| Rev., 4.00%, 11/15/2036 | 185 | 189 |
| Rev., 4.00%, 11/15/2041 | 1510 | 1499 |
| Rev., 5.00%, 11/15/2041 | 7000 | 7044 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Series C, Rev., 5.00%, 11/15/2032 | 1000 | 1086 |
| City of Austin Water & Water System Revenue, Rev., 5.00%, 11/15/2034 (w) | 3250 | 3689 |
| City of Austin, Airport System Revenue |  |  |
| Rev., AMT, 5.00%, 11/15/2029 | 1400 | 1492 |
| Rev., AMT, 5.00%, 11/15/2040 | 1500 | 1572 |
| Series B, Rev., AMT, 5.00%, 11/15/2030 | 1000 | 1060 |
| Series B, Rev., AMT, 5.00%, 11/15/2033 | 1130 | 1140 |
| Series B, Rev., AMT, 5.00%, 11/15/2036 | 3335 | 3400 |
| Series B, Rev., AMT, 5.00%, 11/15/2044 | 1335 | 1354 |
| City of Austin, Electric Utility Revenue |  |  |
| Series B, Rev., 5.00%, 11/15/2037 | 1505 | 1578 |
| Series B, Rev., 5.00%, 11/15/2038 | 1340 | 1401 |
| City of Austin, Public Improvement |  |  |
| GO, 5.00%, 09/01/2033 | 5000 | 5646 |
| GO, 5.00%, 09/01/2034 | 2800 | 3181 |
| City of Austin, Refunding & Public Improvement, GO, 5.00%, 09/01/2033 | 620 | 670 |
| City of Beaumont TX Waterworks & Sewer System Revenue, Rev., BAM, 5.00%, 09/01/2049 | 2000 | 2041 |
| City of Celina TX |  |  |
| Special Assessment, BAM, 5.00%, 09/01/2040 | 1200 | 1247 |
| Special Assessment, 5.25%, 09/01/2046 (e) | 1120 | 1122 |
| City of Celina, Cross Creek Meadows Public Improvement District, Special Assessment, 5.38%, 09/01/2053 (e) | 1085 | 1069 |
| City of Celina, Mosaic Public Improvement District |  |  |
| Special Assessment, 5.13%, 09/01/2044 (e) | 2150 | 2176 |
| City of Corpus Christi TX Utility System Revenue |  |  |
| Rev., 5.00%, 07/15/2041 | 2110 | 2279 |
| Rev., 5.00%, 07/15/2042 | 2750 | 2954 |
| City of Corpus Christi, Utility System Revenue |  |  |
| Rev., 5.00%, 07/15/2028 | 1885 | 1972 |
| Rev., 5.00%, 07/15/2039 | 1000 | 1071 |
| City of Dallas Housing Finance Corp., Rev., FHA, 5.00%, 08/01/2027 (z) | 350 | 352 |
| City of Dallas Housing Finance Corp., Estates at Ferguson, Rev., 5.00%, 07/01/2042 (z) | 1010 | 1025 |
| City of Dallas TX, GO, 4.00%, 02/15/2043 | 6000 | 5726 |
| City of Dallas Waterworks & Sewer System Revenue |  |  |
| Series A, Rev., 5.00%, 10/01/2032 | 1250 | 1264 |
| Series A, Rev., 5.00%, 10/01/2047 | 5000 | 5199 |
| Series C, Rev., 4.00%, 10/01/2031 | 1500 | 1535 |
| City of Dallas, Fair Park Venue Project Senior, Special Tax, 6.25%, 08/15/2053 (e) (z) | 3400 | 3404 |
| City of Dallas, Waterworks & Sewer System Revenue |  |  |
| Series C, Rev., 4.00%, 10/01/2039 | 7470 | 7494 |
| Series C, Rev., 4.00%, 10/01/2040 | 1000 | 1000 |
| Series C, Rev., 5.00%, 10/01/2029 | 1125 | 1210 |
| City of Denton, GO, 2.00%, 02/15/2032 | 1345 | 1223 |
| City of Denton, Certificates Obligation |  |  |
| GO, 2.00%, 02/15/2034 | 2565 | 2219 |
| GO, 2.00%, 02/15/2035 | 2625 | 2213 |
| City of Eagle Pass, Certificates Obligation |  |  |
| GO, 4.00%, 03/01/2039 | 500 | 501 |
| GO, 4.00%, 03/01/2041 | 680 | 671 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| City of El Paso TX |  |  |
| GO, BAM, 4.00%, 08/15/2042 (p) | 10900 | 10591 |
| City of Fort Worth |  |  |
| GO, 4.00%, 03/01/2030 | 1150 | 1189 |
| GO, 5.00%, 03/01/2033 | 5175 | 5812 |
| City of Fort Worth TX Water & Sewer System Revenue |  |  |
| Rev., 5.00%, 02/15/2037 | 2305 | 2520 |
| Rev., 5.00%, 02/15/2038 | 1390 | 1512 |
| Rev., 5.00%, 02/15/2041 | 710 | 762 |
| City of Galveston TX Wharves & Terminal Revenue |  |  |
| Rev., AMT, 5.25%, 08/01/2039 | 750 | 789 |
| Rev., AMT, 5.50%, 08/01/2041 | 1050 | 1114 |
| Rev., AMT, 5.50%, 08/01/2042 | 700 | 740 |
| Rev., AMT, 5.50%, 08/01/2043 | 1100 | 1156 |
| Rev., AMT, 5.50%, 08/01/2044 | 700 | 731 |
| City of Haslet, Improvement Area Second Project, Special Assessment, 3.25%, 09/01/2031 (e) | 500 | 457 |
| City of Houston, Series A, GO, 5.00%, 03/01/2039 | 2445 | 2654 |
| City of Houston Airport System Revenue |  |  |
| Series B, Rev., 5.00%, 07/01/2029 | 3605 | 3786 |
| Series B, Rev., AMT, 5.25%, 07/15/2033 | 3000 | 3151 |
| Series C, Rev., AMT, 5.00%, 07/01/2028 | 470 | 491 |
| City of Houston Airport System Revenue, Subordinated Lien |  |  |
| Series A, Rev., AMT, 4.00%, 07/01/2035 | 1000 | 993 |
| Series A, Rev., AMT, 4.00%, 07/01/2040 | 3570 | 3390 |
| Series A, Rev., AMT, 5.00%, 07/01/2028 | 1440 | 1504 |
| Series A, Rev., AMT, 5.00%, 07/01/2029 | 1580 | 1678 |
| Series A, Rev., AMT, 5.00%, 07/01/2034 | 2500 | 2636 |
| Series A, Rev., AMT, 5.00%, 07/01/2037 | 2000 | 2150 |
| Series B, Rev., 5.00%, 07/01/2026 | 1000 | 1006 |
| Series B, Rev., 5.00%, 07/01/2027 | 995 | 1024 |
| City of Houston Airport System Revenue, United Airlines, Inc. |  |  |
| Series B, Rev., AMT, 5.50%, 07/15/2037 | 8565 | 8965 |
| Series B, Rev., AMT, 5.50%, 07/15/2039 | 2000 | 2072 |
| City of Houston Airport System Revenue, United Airlines, Inc. Terminal, Rev., AMT, 4.00%, 07/15/2041 | 4365 | 3970 |
| City of Houston Combined Utility System Revenue, First Lien, Series A, Rev., 4.00%, 11/15/2033 | 1200 | 1238 |
| City of Houston Hotel Occupancy Tax & Special Revenue, First Lien |  |  |
| Rev., 5.00%, 09/01/2043 (w) | 1200 | 1292 |
| Rev., 5.50%, 09/01/2058 (w) | 8270 | 8776 |
| City of Houston TX, GO, 5.25%, 03/01/2049 | 16000 | 16802 |
| City of Houston TX Airport System Revenue |  |  |
| Rev., AMT, 5.25%, 07/15/2033 | 6000 | 6302 |
| Rev., AMT, 5.25%, 07/15/2034 | 4000 | 4174 |
| Rev., AMT, 5.50%, 07/15/2035 | 6240 | 6585 |
| Series A, Rev., AMT, 5.25%, 07/01/2040 | 2850 | 3102 |
| Series A, Rev., AMT, 5.50%, 07/01/2043 | 2500 | 2748 |
| City of Houston, Airport System Revenue, Special Facilities, United Airlines, Inc., Rev., AMT, 5.00%, 07/15/2028 | 600 | 615 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| City of Houston, Combined Utility System Revenue, First Lien |  |  |
| Series A, Rev., 5.00%, 11/15/2029 | 1100 | 1185 |
| Series C, Rev., 5.00%, 11/15/2029 | 3335 | 3592 |
| City of Hutto TX |  |  |
| GO, BAM, 4.13%, 08/01/2049 | 2500 | 2306 |
| GO, BAM, 5.00%, 08/01/2043 | 1220 | 1304 |
| City of Justin, Timberbrook Public Improvement, Special Assessment, 3.00%, 09/01/2031 (e) | 315 | 294 |
| City of Lavon, Elevon Public Improvement District, Special Assessment, 5.00%, 09/15/2044 (e) | 500 | 490 |
| City of Lubbock, GO, 5.00%, 02/15/2037 (w) | 1000 | 1120 |
| City of Lubbock Electric Light & Power System Revenue |  |  |
| Rev., 5.00%, 04/15/2026 | 800 | 801 |
| Rev., 5.00%, 04/15/2027 | 785 | 804 |
| Rev., 5.00%, 04/15/2035 | 1345 | 1488 |
| Rev., 5.00%, 04/15/2038 | 1045 | 1135 |
| Rev., 5.00%, 04/15/2040 | 1200 | 1291 |
| City of Mesquite TX, Special Assessment, 5.50%, 09/01/2045 (e) | 750 | 754 |
| City of Palestine, Certificates Obligation, GO, 4.00%, 02/15/2046 | 5000 | 4608 |
| City of Pflugerville, Certificates of Obligation, GO, 4.00%, 08/01/2049 | 2750 | 2456 |
| City of Plano, GO, 4.00%, 09/01/2043 | 1000 | 954 |
| City of Round Rock TX, GO, 4.13%, 08/15/2046 | 3210 | 3071 |
| City of San Antonio |  |  |
| GO, 5.00%, 02/01/2042 | 2380 | 2593 |
| GO, 5.00%, 02/01/2044 | 2250 | 2420 |
| City of San Antonio Electric & Gas Systems Revenue |  |  |
| Rev., 4.00%, 02/01/2030 | 1660 | 1724 |
| Rev., 5.00%, 02/01/2033 | 1795 | 1825 |
| Rev., 5.00%, 02/01/2035 | 1650 | 1675 |
| Series B, Rev., 5.25%, 02/01/2040 | 3000 | 3302 |
| City of San Antonio Electric & Gas Systems Revenue, Junior Lien |  |  |
| Rev., 4.00%, 02/01/2037 | 1000 | 1022 |
| Series A, Rev., 2.90%, 02/01/2055 (z) | 5175 | 5148 |
| Series A, Rev., 3.00%, 02/01/2055 (z) | 1905 | 1888 |
| Series A, Rev., 5.00%, 02/01/2035 | 2200 | 2369 |
| Series D, Rev., 1.13%, 12/01/2045 (z) | 6510 | 6388 |
| City of San Antonio TX Electric & Gas Systems Revenue |  |  |
| Rev., 5.00%, 02/01/2036 | 1680 | 1882 |
| Rev., 5.00%, 02/01/2040 | 1000 | 1093 |
| Rev., 5.25%, 02/01/2044 | 1660 | 1804 |
| Rev., 5.25%, 02/01/2049 | 4000 | 4176 |
| Series A, Rev., 3.08%, 02/01/2055 (z) | 17930 | 17898 |
| Series B, Rev., 5.00%, 02/01/2038 | 4000 | 4482 |
| Series B, Rev., 5.25%, 02/01/2049 | 5000 | 5221 |
| City of San Antonio, Electric & Gas Systems Revenue |  |  |
| Rev., 4.00%, 02/01/2027 | 2000 | 2025 |
| Series D, Rev., 5.25%, 02/01/2054 | 4500 | 4688 |
| City of Sugar Land TX, GO, 5.00%, 02/15/2037 | 1060 | 1167 |
| City of Texas City TX, GO, 5.00%, 02/15/2045 | 10455 | 10838 |
| City of Waco TX, GO, 5.00%, 02/01/2049 | 3000 | 3099 |
| Clear Creek Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 6000 | 6624 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 2875 | 3064 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2033 | 760 | 856 |
| Cleburne Independent School District, GO, PSF-GTD, 5.00%, 02/15/2036 | 215 | 215 |
| Clifton Higher Education Finance Corp. |  |  |
| Rev., PSF-GTD, 4.00%, 08/15/2044 | 4045 | 3828 |
| Rev., PSF-GTD, 4.00%, 02/15/2055 (z) | 7000 | 7238 |
| Rev., PSF-GTD, 5.00%, 08/15/2035 | 1300 | 1420 |
| Rev., PSF-GTD, 5.00%, 08/15/2037 | 500 | 540 |
| Rev., PSF-GTD, 5.00%, 08/15/2038 | 2905 | 3139 |
| Rev., PSF-GTD, 5.00%, 08/15/2041 | 2550 | 2725 |
| Rev., PSF-GTD, 5.00%, 08/15/2042 | 625 | 667 |
| Rev., PSF-GTD, 5.00%, 08/15/2044 | 2270 | 2379 |
| Rev., PSF-GTD, 5.25%, 02/15/2043 | 3900 | 4147 |
| Rev., PSF-GTD, 5.25%, 02/15/2044 | 2000 | 2121 |
| Rev., PSF-GTD, 5.25%, 02/15/2045 | 1000 | 1052 |
| Rev., PSF-GTD, 5.25%, 02/15/2049 | 2000 | 2060 |
| Clifton Higher Education Finance Corp., Idea Public School |  |  |
| Rev., PSF-GTD, 5.00%, 08/15/2026 | 1840 | 1855 |
| Series A, Rev., 4.00%, 08/15/2035 | 415 | 412 |
| Series A, Rev., 4.00%, 08/15/2047 | 1300 | 1128 |
| Series T, Rev., PSF-GTD, 4.00%, 08/15/2036 | 700 | 709 |
| Series T, Rev., PSF-GTD, 4.00%, 08/15/2047 | 1175 | 1066 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2026 | 55 | 55 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2027 | 30 | 31 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2028 | 40 | 42 |
| Series T, Rev., PSF-GTD, 5.00%, 08/15/2030 | 215 | 233 |
| Clifton Higher Education Finance Corp., International Leadership of Texas, Inc., Rev., PSF-GTD, 5.00%, 08/15/2028 | 900 | 942 |
| Collin County Community College District, Series A, GO, 4.00%, 08/15/2035 | 1600 | 1627 |
| Comal Independent School District, GO, PSF-GTD, 5.00%, 02/01/2042 | 750 | 808 |
| Conroe Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 3800 | 4223 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 4915 | 5426 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 2085 | 2255 |
| Corsicana Independent School District, GO, PSF-GTD, 5.00%, 02/15/2046 | 1000 | 1057 |
| Cotulla Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1307 |
| County of Bexar |  |  |
| GO, 4.00%, 06/15/2040 | 11085 | 10917 |
| GO, 5.00%, 06/15/2043 (p) | 2000 | 2010 |
| County of Bexar TX, GO, 4.00%, 06/15/2038 | 2205 | 2208 |
| County of Collin |  |  |
| GO, 5.00%, 02/15/2029 | 2000 | 2125 |
| GO, 5.00%, 02/15/2033 | 1000 | 1119 |
| County of Dallas, Certificates of Obligation, GO, 5.00%, 08/15/2041 | 2550 | 2725 |
| County of Denton, GO, 5.00%, 07/15/2027 | 1000 | 1031 |
| County of Denton TX, GO, 4.00%, 07/15/2043 | 2800 | 2726 |
| County of El Paso, Series A, GO, 5.00%, 02/15/2027 | 1430 | 1433 |
| County of Harris, Series A, GO, 5.00%, 10/01/2029 | 1150 | 1239 |
| County of Harris Toll Road Revenue, First Lien, Series A, Rev., 5.00%, 08/15/2035 | 2450 | 2779 |
| County of Harris, Subordinate, Series A, GO, 5.00%, 08/15/2026 | 1750 | 1766 |
| County of Montgomery, Series B, GO, 4.00%, 03/01/2043 | 4000 | 3696 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| County of Nueces, GO, 5.00%, 02/15/2029 | 460 | 487 |
| Crowley Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2043 | 5000 | 5373 |
| GO, PSF-GTD, 5.00%, 02/01/2044 | 2750 | 2927 |
| GO, PSF-GTD, 5.00%, 02/01/2045 | 2630 | 2773 |
| GO, PSF-GTD, 5.00%, 02/01/2048 | 1880 | 1941 |
| Cypress-Fairbanks Independent School District |  |  |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2037 | 2000 | 2216 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2038 | 1330 | 1461 |
| Dallas Area Rapid Transit, Senior Lien |  |  |
| Rev., 5.00%, 12/01/2032 | 1000 | 1070 |
| Series B, Rev., 4.00%, 12/01/2051 | 2000 | 1772 |
| Dallas Fort Worth International Airport |  |  |
| Series B, Rev., 5.00%, 11/01/2050 | 4000 | 4069 |
| Series C, Rev., AMT, 5.00%, 11/01/2030 | 5000 | 5392 |
| Dallas Independent School District |  |  |
| Series A2, GO, PSF-GTD, 5.00%, 02/15/2055 (z) | 550 | 560 |
| Series A5, GO, PSF-GTD, 5.00%, 02/15/2055 (z) | 5420 | 5801 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2035 | 11445 | 13014 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2036 | 3000 | 3390 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2037 | 9810 | 11001 |
| Series B, GO, PSF-GTD, 3.00%, 02/15/2034 | 1370 | 1325 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2056 (z) | 17180 | 18368 |
| Dallas Metrocare Services, Rev., 5.25%, 11/01/2050 | 2250 | 2329 |
| Del Valle Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 06/15/2031 | 3085 | 3209 |
| GO, PSF-GTD, 4.00%, 06/15/2032 | 3405 | 3533 |
| GO, PSF-GTD, 4.00%, 06/15/2033 | 5740 | 5926 |
| GO, PSF-GTD, 4.00%, 06/15/2034 | 3280 | 3368 |
| Denton Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2027 | 600 | 619 |
| GO, PSF-GTD, 5.00%, 08/15/2034 | 950 | 1068 |
| GO, PSF-GTD, 5.00%, 08/15/2038 | 5000 | 5559 |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 3000 | 3289 |
| GO, PSF-GTD, 5.00%, 08/15/2042 | 2000 | 2144 |
| Series B1, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 5000 | 5139 |
| Series B2, GO, PSF-GTD, 4.00%, 08/15/2055 (z) | 2250 | 2341 |
| Series C, GO, PSF-GTD, 5.00%, 08/15/2031 | 1335 | 1484 |
| DeSoto Independent School District, GO, PSF-GTD, 5.00%, 08/15/2033 | 2000 | 2248 |
| Dripping Springs Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039 | 3000 | 3312 |
| Eagle Mountain and Saginaw Independent School District, GO, PSF-GTD, 5.00%, 08/15/2043 | 3070 | 3298 |
| East Montgomery County Improvement District, Sales Tax Revenue, Rev., 5.00%, 08/15/2041 | 500 | 529 |
| El Paso County Community College District, Improvement Combined Fee, Rev., 5.00%, 04/01/2042 | 2370 | 2370 |
| El Paso County Hospital District |  |  |
| GO, 5.00%, 02/15/2034 | 3205 | 3561 |
| GO, 5.00%, 02/15/2035 | 1800 | 2008 |
| El Paso Independent School District, Series A, GO, PSF-GTD, 5.00%, 08/15/2036 (w) | 3500 | 3869 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Flour Bluff Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2041 | 2000 | 2164 |
| GO, PSF-GTD, 5.00%, 08/15/2042 | 3200 | 3445 |
| GO, PSF-GTD, 5.00%, 08/15/2043 | 1800 | 1925 |
| Forney Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 600 | 641 |
| GO, PSF-GTD, 5.00%, 08/15/2043 | 2075 | 2187 |
| GO, PSF-GTD, 5.25%, 08/15/2041 | 500 | 554 |
| Series A, GO, PSF-GTD, 3.00%, 08/15/2037 | 3585 | 3278 |
| Series A, GO, PSF-GTD, 3.00%, 08/15/2038 | 4950 | 4460 |
| Fort Bend Grand Parkway Toll Road Authority |  |  |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2027 | 285 | 291 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2029 | 390 | 415 |
| Series A, Rev., CNTY GTD, 5.00%, 03/01/2030 | 1000 | 1079 |
| Fort Bend Independent School District, Series B, GO, PSF-GTD, 0.72%, 08/01/2051 (z) | 595 | 589 |
| Fort Worth Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 1750 | 1876 |
| Galveston County Municipal Utility District No. 59, GO, 4.25%, 06/01/2039 | 975 | 975 |
| Garland Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 500 | 548 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2037 | 3500 | 3833 |
| Georgetown Independent School District |  |  |
| GO, PSF-GTD, 2.00%, 08/15/2034 | 6155 | 5279 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2245 |
| Grand Parkway Transportation Corp., Grand Parkway System, Rev., 4.00%, 10/01/2045 | 10125 | 9424 |
| Greater Texoma Utility Authority |  |  |
| Rev., BAM, 5.25%, 10/01/2042 | 1000 | 1081 |
| Rev., BAM, 5.25%, 10/01/2045 | 1150 | 1216 |
| Greater Texoma Utility Authority, City of Sherman Project |  |  |
| Rev., BAM, 5.00%, 10/01/2037 | 3060 | 3309 |
| Rev., BAM, 5.00%, 10/01/2038 | 1450 | 1558 |
| Rev., BAM, 5.00%, 10/01/2049 | 10000 | 10150 |
| Series A, Rev., BAM, 4.00%, 10/01/2043 | 1940 | 1848 |
| Greenwood Independent School District, GO, PSF-GTD, 4.00%, 02/15/2054 | 5315 | 4588 |
| Harris County Cultural Education Facilities Finance Corp., Series A, Rev., 5.00%, 05/15/2050 (z) | 8000 | 8625 |
| Harris County Cultural Education Facilities Finance Corp., Houston Methodist |  |  |
| Series A, Rev., 5.00%, 12/01/2029 | 21660 | 23374 |
| Series A, Rev., 5.00%, 12/01/2031 | 15000 | 16603 |
| Series A, Rev., 5.00%, 12/01/2033 | 20250 | 22745 |
| Series A, Rev., 5.00%, 12/01/2036 | 5000 | 5675 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital, Rev., 4.00%, 10/01/2041 | 1000 | 957 |
| Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital |  |  |
| Rev., LOC: TD Bank NA, 2.45%, 10/01/2045 (z) | 2400 | 2400 |
| Rev., BAM, 4.00%, 10/01/2037 | 1790 | 1794 |
| Rev., 4.00%, 10/01/2038 | 1000 | 989 |
| Rev., BAM, 4.00%, 10/01/2038 | 1000 | 999 |
| Harris County Flood Control District, Series A, GO, 5.00%, 10/01/2029 | 1700 | 1823 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Harris County Flood Control District, Sustainability Bond |  |  |
| Series A, GO, 4.00%, 09/15/2041 | 2500 | 2481 |
| Series A, GO, 4.00%, 09/15/2048 | 9000 | 8170 |
| Harris County Industrial Development Corp., Energy Transfer, Rev., 4.05%, 11/01/2050 (z) | 5000 | 5082 |
| Harris County, Toll Road Authority, First Lien, Rev., 5.00%, 08/15/2030 | 1200 | 1308 |
| Harris County-Houston Sports Authority, Senior Lien, Series A, Rev., 5.00%, 11/15/2029 | 3010 | 3218 |
| Hays Consolidated Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2042 | 18160 | 18039 |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1076 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 1250 | 1374 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1305 | 1389 |
| GO, PSF-GTD, 5.25%, 02/15/2042 | 1500 | 1647 |
| Hidalgo County Regional Mobility Authority, Senior Lien |  |  |
| Series A, Rev., 5.00%, 12/01/2032 | 1000 | 1057 |
| Series A, Rev., 5.00%, 12/01/2033 | 575 | 605 |
| Series A, Rev., 5.00%, 12/01/2034 | 750 | 784 |
| Houston Higher Education Finance Corp., Houston Baptist University, Rev., 4.00%, 10/01/2051 | 1100 | 860 |
| Houston Higher Education Finance Corp., Kipp Inc, Rev., PSF-GTD, 4.00%, 08/15/2040 | 2500 | 2433 |
| Houston Independent School District, Series A, GO, 5.00%, 07/15/2045 (z) | 20400 | 21321 |
| Hurst-Euless-Bedford Independent School District, GO, PSF-GTD, 5.00%, 08/15/2038 | 1490 | 1638 |
| Hutto Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/01/2055 (z) | 2620 | 2692 |
| GO, PSF-GTD, 5.00%, 08/01/2048 | 2400 | 2482 |
| Irving Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 500 | 523 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 2300 | 2537 |
| GO, PSF-GTD, 5.00%, 02/15/2038 | 4375 | 4726 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 250 | 266 |
| Jarrell Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 725 | 781 |
| Judson Independent School District, GO, PSF-GTD, 4.00%, 02/01/2053 | 5000 | 4422 |
| Katy Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2027 | 3000 | 3064 |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 1340 | 1445 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1077 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 1505 | 1613 |
| GO, PSF-GTD, 5.00%, 02/15/2046 | 2560 | 2692 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2036 | 2475 | 2478 |
| Klein Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 08/01/2046 | 4000 | 3751 |
| GO, PSF-GTD, 5.00%, 08/01/2028 | 4270 | 4505 |
| GO, PSF-GTD, 5.00%, 08/01/2041 | 1775 | 1923 |
| Lake Houston Redevelopment Authority, Rev., 4.00%, 09/01/2035 | 250 | 242 |
| Lake Travis Independent School District, School Building, Series A, GO, PSF-GTD, 5.00%, 02/15/2043 (p) | 1090 | 1113 |
| Lamar Consolidated Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2029 | 150 | 160 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 1500 | 1620 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 2100 | 2248 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2034 | 1500 | 1685 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2058 | 4335 | 4410 |
| Legacy Denton Public Facility Corp., Rev., 3.15%, 11/01/2043 (z) | 3000 | 3006 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Liberty Hill Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2040 | 1890 | 2039 |
| GO, PSF-GTD, 5.00%, 02/01/2041 | 2020 | 2169 |
| Llano Independent School District, GO, PSF-GTD, 5.00%, 02/15/2032 | 1350 | 1352 |
| Longview Independent School District, GO, PSF-GTD, 5.00%, 02/15/2043 | 1750 | 1868 |
| Love Field Airport Modernization Corp., Southwest Airlines Co Project, Rev., AMT, 5.00%, 11/01/2028 | 1075 | 1077 |
| Love Field Airport Modernization Corporation, Rev., AMT, 4.00%, 11/01/2039 | 2655 | 2537 |
| Lower Colorado River Authority |  |  |
| Rev., 5.00%, 05/15/2031 | 2000 | 2193 |
| Rev., 5.00%, 05/15/2032 | 5000 | 5462 |
| Rev., BAM, 5.25%, 05/15/2043 | 3500 | 3827 |
| Series A, Rev., 5.00%, 05/15/2027 | 420 | 431 |
| Series B, Rev., 5.00%, 05/15/2039 (z) | 3000 | 3112 |
| Lower Colorado River Authority, LCRA Transmission Services |  |  |
| Rev., 5.00%, 05/15/2030 | 1000 | 1080 |
| Rev., 5.00%, 05/15/2044 | 4000 | 4235 |
| Rev., 5.00%, 05/15/2051 | 3500 | 3544 |
| Lower Colorado, River Authority, Transmission Services Contract, Rev., 5.00%, 05/15/2029 | 100 | 106 |
| Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Rev., VRDO, 2.90%, 04/01/2026 (z) | 3000 | 3000 |
| Mansfield Independent School District |  |  |
| GO, PSF-GTD, 3.00%, 08/01/2036 | 1000 | 930 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 2360 | 2598 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 2650 | 2898 |
| Matagorda County Navigation District No. 1, Central Power & Light, Rev., AMT, 4.25%, 05/01/2030 | 825 | 845 |
| Matagorda County Navigation District No. 1, Central Power & Light Co., Rev., 2.60%, 11/01/2029 | 3500 | 3406 |
| Medina Valley Independent School District |  |  |
| GO, PSF-GTD, 2.85%, 02/15/2049 (z) | 235 | 234 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 3000 | 3222 |
| Midland County Hospital District, Rev., BAM, 5.25%, 05/15/2054 | 2170 | 2241 |
| Midland Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2050 (p) | 2300 | 2355 |
| Mission Economic Development Corp. |  |  |
| Rev., AMT, 0.00%, 06/01/2048 (z) | 5665 | 5711 |
| Rev., AMT, 2.88%, 05/01/2046 (z) | 2820 | 2818 |
| Rev., AMT, 4.00%, 06/01/2054 (z) | 2475 | 2470 |
| Rev., AMT, 5.00%, 12/01/2064 (z) | 1000 | 1037 |
| Mission Economic Development Corp., Republic Services, Inc. Project, Series A, Rev., AMT, 3.00%, 05/01/2050 (z) | 5120 | 5119 |
| Mission Economic Development Corp., Waste Management, Inc., Rev., AMT, 2.88%, 06/01/2055 (z) | 1000 | 999 |
| Mission Economic Development Corp., Waste Management, Inc. Project, Series B, Rev., AMT, 2.88%, 07/01/2040 (z) | 7345 | 7341 |
| Montgomery Independent School District, Series A, GO, PSF-GTD, 5.00%, 02/15/2027 | 1120 | 1145 |
| New Caney Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 625 | 689 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1375 | 1490 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2153 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 1250 | 1325 |
| New Hope Cultural Education Facilities Finance Corp. |  |  |
| Rev., 5.25%, 01/01/2036 | 1000 | 1075 |
| Rev., 5.25%, 08/15/2043 | 1375 | 1493 |
| Rev., 5.25%, 08/15/2045 | 2035 | 2163 |
| Rev., 5.50%, 08/15/2049 | 3000 | 3221 |
| Series A, Rev., 5.00%, 07/01/2047 | 2000 | 1879 |
| New Hope Cultural Education Facilities Finance Corp., Bella Vida Facility Living |  |  |
| Rev., 4.25%, 10/01/2030 | 2000 | 1980 |
| Rev., 4.63%, 10/01/2030 | 2000 | 1967 |
| New Hope Cultural Education Facilities Finance Corp., Children's Health System, Series A, Rev., 5.00%, 08/15/2047 | 1000 | 1006 |
| New Hope Cultural Education Facilities Finance Corp., NCCD College Station Project, Series A, Rev., 5.00%, 07/01/2035 | 9400 | 9193 |
| New Hope Cultural Education Facilities Finance Corp., Westminster Project, Rev., 4.00%, 11/01/2049 | 100 | 84 |
| New Hope Cultural Education Facilities Finance Corporation, Series A, Rev., 4.00%, 08/15/2040 | 3400 | 3256 |
| New Hope Higher Education Finance Corp., Texas Christian University Project |  |  |
| Rev., 5.00%, 03/15/2043 | 2125 | 2273 |
| Rev., 5.00%, 03/15/2044 | 2090 | 2219 |
| Newark Higher Education Finance Corp., Austin Achieve Public Schools, Rev., PSF-GTD, 5.00%, 06/15/2038 | 1365 | 1458 |
| North East Independent School District, GO, PSF-GTD, 3.75%, 08/01/2049 (z) | 1500 | 1514 |
| North Fort Bend Water Authority, Rev., BAM, 5.00%, 12/15/2026 | 1520 | 1546 |
| North Texas Higher Education Authority, Inc. |  |  |
| Rev., AMT, 4.13%, 06/01/2045 | 4405 | 4271 |
| Rev., AMT, 4.50%, 06/01/2046 | 3105 | 3074 |
| Rev., AMT, 5.00%, 06/01/2031 | 800 | 837 |
| Rev., AMT, 5.00%, 06/01/2032 | 500 | 525 |
| Rev., AMT, 5.00%, 06/01/2033 | 390 | 409 |
| North Texas Municipal Water District Water System Revenue, Rev., 3.00%, 09/01/2041 | 575 | 480 |
| North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System, Rev., 4.50%, 06/01/2054 | 3000 | 2950 |
| North Texas Tollway Authority |  |  |
| Rev., Zero Coupon, 01/01/2035 | 10000 | 7331 |
| Rev., 5.00%, 01/01/2031 | 3000 | 3274 |
| Rev., 5.00%, 01/01/2035 | 3250 | 3616 |
| Rev., 5.25%, 01/01/2044 | 3225 | 3511 |
| North Texas Tollway Authority, Capital Appreciation, First Tier, Rev., Zero Coupon, 01/01/2030 | 1500 | 1339 |
| North Texas Tollway Authority, First Tier Bonds |  |  |
| Series A, Rev., 4.00%, 01/01/2035 | 2000 | 2021 |
| Series A, Rev., 5.00%, 01/01/2037 | 1500 | 1625 |
| Series A, Rev., 5.00%, 01/01/2040 | 4000 | 4279 |
| North Texas Tollway Authority, Second Tier |  |  |
| Rev., 4.25%, 01/01/2049 | 4000 | 3645 |
| Rev., 5.00%, 01/01/2048 | 2335 | 2353 |
| Series B, Rev., 4.00%, 01/01/2035 | 2100 | 2140 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Series B, Rev., 4.00%, 01/01/2036 | 1000 | 1015 |
| Series B, Rev., 4.00%, 01/01/2037 | 1000 | 1010 |
| Series B, Rev., 5.00%, 01/01/2033 | 1000 | 1014 |
| Northside Independent School District, GO, PSF-GTD, 3.55%, 06/01/2050 (z) | 4000 | 4050 |
| Northwest Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1065 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2225 | 2426 |
| GO, PSF-GTD, 5.00%, 02/15/2055 | 10000 | 10276 |
| GO, PSF-GTD, 5.25%, 02/15/2055 | 3820 | 4005 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2036 | 1000 | 1089 |
| Odessa Junior College District, Consolidated Fund, Rev., 4.00%, 07/01/2026 | 1015 | 1018 |
| Pasadena Independent School District, GO, PSF-GTD, 5.00%, 02/15/2047 | 2000 | 2056 |
| Pecos Barstow Toyah Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2027 | 300 | 306 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 500 | 524 |
| Permanent University Fund - Texas A&M University System, Board of Regents, Rev., 5.00%, 07/01/2042 | 1695 | 1803 |
| Permanent University Fund - Texas A&M University System, Board Of Regents, Rev., 5.00%, 07/01/2039 | 1500 | 1616 |
| Plano Independent School District, GO, 5.00%, 02/15/2027 | 650 | 664 |
| Port Authority of Houston of Harris County Texas |  |  |
| Rev., 5.00%, 10/01/2026 | 850 | 860 |
| Rev., 5.00%, 10/01/2028 | 1250 | 1315 |
| Rev., 5.00%, 10/01/2029 | 1250 | 1336 |
| Port Authority of Houston of Harris County Texas, First Lien, Rev., 5.00%, 10/01/2048 | 8500 | 8718 |
| Port Beaumont Navigation District, Jefferson Gulf Coast Energy |  |  |
| Rev., AMT, 2.00%, 01/01/2027 (e) | 550 | 533 |
| Rev., AMT, 2.25%, 01/01/2029 (e) | 800 | 718 |
| Rev., AMT, 2.88%, 01/01/2041 (e) | 120 | 85 |
| Port of Beaumont Industrial Development Authority, Taxable Jefferson Gulf Coast Energy, Rev., 4.10%, 01/01/2028 (e) | 8000 | 7273 |
| Port of Beaumont Navigation District, Rev., AMT, 5.00%, 01/01/2039 (e) | 8500 | 8072 |
| Port of Beaumont Navigation District, Jefferson Gulf Coast Energy, Rev., AMT, 5.13%, 01/01/2044 (e) | 3250 | 3081 |
| Port of Beaumont Navigation District, Taxable Jefferson Gulf Coast, Rev., 10.00%, 07/01/2026 (e) | 4000 | 4003 |
| Prosper Independent School District |  |  |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2030 | 25 | 27 |
| Series A, GO, PSF-GTD, 5.00%, 02/15/2038 | 1000 | 1105 |
| Red River Education Finance Corp., Rev., 5.00%, 03/15/2035 | 1430 | 1618 |
| Richardson Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1400 | 1463 |
| GO, PSF-GTD, 5.00%, 02/15/2039 | 3370 | 3730 |
| Rockwall Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 1335 | 1363 |
| Round Rock Independent School District |  |  |
| Series A, GO, PSF-GTD, 5.00%, 08/01/2030 | 1180 | 1262 |
| Series A, GO, PSF-GTD, 5.00%, 08/01/2044 (z) | 10000 | 10871 |
| Series C, GO, PSF-GTD, 5.00%, 08/01/2027 | 1000 | 1033 |
| Royse City Independent School District, GO, PSF-GTD, 5.00%, 02/15/2039 | 1000 | 1081 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| San Angelo Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 5500 | 5905 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 9010 | 9613 |
| San Antonio Education Facilities Corp., University of The Incarnate Word |  |  |
| Rev., 4.00%, 04/01/2038 | 2065 | 1887 |
| Rev., 4.00%, 04/01/2041 | 1000 | 879 |
| San Antonio Water System |  |  |
| Series 2013F, Rev., 1.00%, 05/01/2043 (z) | 6000 | 5924 |
| Series A, Rev., 5.00%, 05/15/2034 | 2375 | 2467 |
| Series C, Rev., 5.00%, 05/15/2046 | 6670 | 6847 |
| San Antonio Water System, Junior Lien |  |  |
| Series A, Rev., 5.00%, 05/15/2030 | 1665 | 1810 |
| Series A, Rev., 5.00%, 05/15/2043 | 3500 | 3566 |
| San Marcos Consolidated Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/15/2027 | 1830 | 1890 |
| GO, PSF-GTD, 5.00%, 08/15/2040 | 2000 | 2158 |
| Sherman Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/15/2036 | 1335 | 1503 |
| GO, PSF-GTD, 5.00%, 02/15/2037 | 1000 | 1117 |
| Series B, GO, PSF-GTD, 5.00%, 02/15/2053 | 2000 | 2032 |
| Socorro Independent School District, GO, PSF-GTD, 4.00%, 08/15/2040 | 2575 | 2506 |
| Southwest Independent School District, GO, PSF-GTD, 5.00%, 02/01/2027 | 410 | 418 |
| Spring Branch Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 02/01/2043 | 1250 | 1342 |
| GO, PSF-GTD, 5.00%, 02/01/2044 | 1625 | 1731 |
| Spring Independent School District |  |  |
| GO, 5.00%, 08/15/2030 | 600 | 650 |
| GO, PSF-GTD, 5.25%, 08/15/2044 | 5000 | 5444 |
| GO, PSF-GTD, 5.25%, 08/15/2046 | 12500 | 13441 |
| Stanton Independent School District, GO, PSF-GTD, 5.00%, 02/15/2037 | 1100 | 1208 |
| State of Texas |  |  |
| GO, 5.00%, 10/01/2042 | 6170 | 6750 |
| Series B, GO, 4.00%, 08/01/2030 | 60 | 60 |
| State of Texas, Public Finance Authority, GO, 5.00%, 10/01/2026 | 1000 | 1013 |
| State of Texas, Transportation Commission Mobility Fund, GO, 5.00%, 10/01/2028 | 4480 | 4737 |
| Tarrant County Cultural Education Facilities Finance Corp. |  |  |
| Rev., VRDO, LOC: TD Bank NA, 2.65%, 04/01/2026 (z) | 13400 | 13400 |
| Rev., 5.00%, 07/01/2038 | 5000 | 5178 |
| Rev., 5.00%, 11/15/2051 (z) | 19900 | 21918 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health |  |  |
| Rev., 4.00%, 11/15/2042 | 15000 | 15023 |
| Series A, Rev., 5.00%, 11/15/2045 | 4195 | 4206 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project, Rev., 5.50%, 11/15/2047 | 12415 | 13071 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott And White Health, Rev., 5.00%, 11/15/2052 (z) | 1890 | 2034 |
| Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott and White Health Project |  |  |
| Rev., 5.00%, 11/15/2028 | 500 | 529 |
| Rev., 5.00%, 11/15/2029 | 700 | 753 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Rev., 5.00%, 11/15/2036 | 2500 | 2819 |
| Rev., 5.00%, 11/15/2042 | 2900 | 3140 |
| Rev., 5.00%, 11/15/2055 (z) | 5000 | 5411 |
| Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas |  |  |
| Rev., 4.00%, 10/01/2041 | 1975 | 1922 |
| Rev., 5.00%, 10/01/2030 | 1000 | 1090 |
| Rev., 5.00%, 10/01/2041 | 2200 | 2388 |
| Rev., 5.00%, 10/01/2043 | 3000 | 3207 |
| Rev., 5.00%, 10/01/2045 | 3345 | 3516 |
| Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources, Rev., 5.00%, 02/15/2041 | 5000 | 5020 |
| Tarrant Regional Water District Water Supply System Revenue, Rev., 5.00%, 03/01/2036 | 3500 | 3920 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0585, Rev., LOC: Barclays Bank plc, LIQ: Barclays Bank plc, 3.05%, 07/01/2064 (e) (z) | 24075 | 24075 |
| Series 2025-XF3424, GO, PSF-GTD, LIQ: Barclays Bank plc, 2.45%, 02/15/2055 (e) (z) | 2250 | 2250 |
| Terrell Independent School District |  |  |
| GO, PSF-GTD, 5.00%, 08/01/2039 | 1000 | 1108 |
| GO, PSF-GTD, 5.00%, 08/01/2040 | 1000 | 1097 |
| GO, PSF-GTD, 5.00%, 08/01/2041 | 1000 | 1084 |
| Texas A&M University |  |  |
| Rev., 5.00%, 05/15/2036 | 5000 | 5599 |
| Rev., 5.00%, 05/15/2037 | 1000 | 1111 |
| Rev., 5.00%, 05/15/2042 | 4830 | 5219 |
| Texas A&M University, Financing System, Series B, Rev., 4.00%, 05/15/2043 | 20595 | 20085 |
| Texas Department of Housing & Community Affairs |  |  |
| Rev., GNMA COLL, 6.00%, 07/01/2054 | 1960 | 2157 |
| Series A, Rev., GNMA COLL, 4.00%, 03/01/2050 | 245 | 247 |
| Series B, Rev., GNMA COLL, 6.00%, 03/01/2053 | 485 | 529 |
| Series C, Rev., GNMA COLL, 6.00%, 03/01/2054 | 2950 | 3227 |
| Texas Department of Housing & Community Affairs, Aspen Park Apartments, Rev., 2.50%, 03/01/2041 (z) | 740 | 739 |
| Texas Department of Housing & Community Affairs, Social Bonds, Series A, Rev., GNMA, 3.00%, 01/01/2052 | 1550 | 1522 |
| Texas Department of Housing & Community Affairs, Sustainable Bond, Series B, Rev., GNMA COLL, 5.75%, 01/01/2053 | 835 | 900 |
| Texas Department of Housing and Community Affairs, Series B, Rev., GNMA COLL, 4.90%, 07/01/2045 | 2990 | 3048 |
| Texas Municipal Gas Acquisition & Supply Corp. III |  |  |
| Rev., 5.00%, 12/15/2030 | 3300 | 3491 |
| Rev., 5.00%, 12/15/2031 | 2000 | 2131 |
| Texas Municipal Gas Acquisition & Supply Corp. IV |  |  |
| Series A, Rev., 5.50%, 01/01/2054 (z) | 14135 | 14921 |
| Series B, Rev., 5.50%, 01/01/2054 (z) | 9795 | 10694 |
| Texas Municipal Gas Acquisition & Supply Corporation V, Rev., 5.00%, 01/01/2055 (z) | 5835 | 6199 |
| Texas Municipal Gas Acquisition & Supply Corporation VI, Rev., 5.00%, 01/01/2036 | 8000 | 8494 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Series D, Rev., 6.25%, 12/15/2026 | 2840 | 2907 |
| Texas Municipal Power Agency, Rev., 3.00%, 09/01/2038 | 500 | 436 |
| Texas Private Activity Bond Surface Transportation Corp., Rev., AMT, 5.00%, 06/30/2058 | 35915 | 34775 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group |  |  |
| Rev., 4.00%, 12/31/2030 | 3970 | 4050 |
| Rev., 4.00%, 06/30/2033 | 1000 | 1010 |
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien Bond |  |  |
| Rev., AMT, 5.38%, 06/30/2037 | 1750 | 1845 |
| Rev., AMT, 5.38%, 06/30/2038 | 3955 | 4162 |
| Rev., AMT, 5.50%, 06/30/2041 | 4175 | 4376 |
| Rev., AMT, 5.50%, 06/30/2043 | 2750 | 2865 |
| Texas Private Activity Bond Surface Transportation Corp., Senior Lien North Tarrant Express Project, Rev., AMT, 5.50%, 12/31/2058 | 6000 | 6101 |
| Texas State Affordable Housing Corp., Juniper Creek Apartments, Rev., 3.75%, 07/01/2044 (z) | 485 | 486 |
| Texas State Affordable Housing Corp., Norman Commons, Rev., 3.63%, 01/01/2045 (z) | 565 | 568 |
| Texas State University System, Rev., 5.00%, 03/15/2041 | 2550 | 2760 |
| Texas Transportation Commission, Transportation Commission Mobility, GO, 0.65%, 10/01/2041 (z) | 4500 | 4500 |
| Texas Transportation Finance Corp. |  |  |
| Rev., 5.00%, 10/01/2038 | 3500 | 3889 |
| Rev., 5.00%, 10/01/2042 | 1750 | 1905 |
| Rev., 5.00%, 10/01/2044 | 1955 | 2097 |
| Rev., 5.25%, 10/01/2050 | 38000 | 40067 |
| Texas Water Development Board |  |  |
| Rev., 4.00%, 10/15/2035 | 4000 | 4000 |
| Rev., 4.00%, 10/15/2043 | 5400 | 5225 |
| Rev., 4.25%, 10/15/2041 | 2000 | 2027 |
| Rev., 5.00%, 08/01/2026 | 2250 | 2268 |
| Rev., 5.00%, 10/15/2033 | 2250 | 2554 |
| Rev., 5.00%, 10/15/2037 | 4400 | 4950 |
| Rev., 5.00%, 10/15/2038 | 8740 | 9757 |
| Rev., 5.00%, 10/15/2040 | 7535 | 8287 |
| Series A, Rev., 5.00%, 04/15/2026 | 1725 | 1727 |
| Series A, Rev., 5.00%, 10/15/2028 | 115 | 122 |
| Series A, Rev., 5.00%, 10/15/2038 | 1900 | 2101 |
| Texas Water Development Board, Master Trust |  |  |
| Rev., 4.00%, 10/15/2033 | 1000 | 1034 |
| Series A, Rev., 4.25%, 10/15/2051 | 2890 | 2689 |
| Series A, Rev., 4.38%, 10/15/2054 | 3835 | 3595 |
| Series A, Rev., 4.38%, 10/15/2059 | 1610 | 1506 |
| Series A, Rev., 5.00%, 10/15/2039 | 3000 | 3291 |
| Texas Water Development Board, Revolving Fund |  |  |
| Rev., 4.00%, 08/01/2038 | 500 | 506 |
| Rev., 5.00%, 08/01/2028 | 765 | 808 |
| Series A, Rev., 5.00%, 10/15/2028 | 100 | 105 |
| Texas Water Development Board, State Revolving Fund |  |  |
| Rev., 4.00%, 08/01/2037 | 2015 | 2047 |
| Rev., 5.00%, 08/01/2027 | 2835 | 2929 |
| Texas Water Development Board, State Water Implementation Fund |  |  |
| Rev., 3.00%, 10/15/2033 | 2000 | 1935 |
| Rev., 5.00%, 10/15/2030 | 1745 | 1842 |
| Series A, Rev., 4.00%, 10/15/2033 | 1900 | 1923 |
| Series A, Rev., 5.00%, 04/15/2026 | 100 | 100 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Texas — continued** |  |  |
| Series A, Rev., 5.00%, 10/15/2030 | 500 | 501 |
| Series A, Rev., 5.00%, 10/15/2047 | 2480 | 2502 |
| Series B, Rev., 5.00%, 04/15/2049 | 11535 | 11667 |
| Texas Water Development Board, State Water Implementation Revenue, Rev., 5.25%, 10/15/2046 | 2000 | 2004 |
| Tomball Independent School District, GO, PSF-GTD, 4.00%, 02/15/2045 | 3830 | 3605 |
| Travis County Housing Finance Corp., Airport Gateway Apartments, Rev., 4.13%, 06/01/2045 (z) | 190 | 190 |
| Trinity River Authority Central Regional Wastewater System Revenue |  |  |
| Rev., 5.00%, 08/01/2029 | 1500 | 1611 |
| Rev., 5.00%, 08/01/2030 | 1745 | 1868 |
| Trinity River Authority Denton Creek Wastewater Treatment System Revenue, Rev., 5.00%, 02/01/2036 (w) | 2710 | 3076 |
| University of Houston |  |  |
| Series A, Rev., 5.00%, 02/15/2034 | 2000 | 2198 |
| Series A, Rev., 5.00%, 02/15/2041 | 2000 | 2116 |
| University of North Texas System, Series A, Rev., 5.00%, 04/15/2026 | 1000 | 1001 |
| University of Texas, Series C, Rev., 5.00%, 08/15/2028 | 100 | 106 |
| Upper Trinity Regional Water District, Rev., BAM, 4.25%, 08/01/2049 | 1500 | 1410 |
| Uptown Development Authority |  |  |
| Tax Allocation, 4.00%, 09/01/2033 | 400 | 388 |
| Tax Allocation, 4.00%, 09/01/2035 | 995 | 945 |
| Victory Street Public Facility Corp., Rev., 3.15%, 01/01/2047 (z) | 3540 | 3547 |
| Waco Educational Finance Corp., Baylor University Issue |  |  |
| Rev., 5.00%, 03/01/2035 | 1500 | 1611 |
| Series A, Rev., 4.00%, 03/01/2036 | 750 | 754 |
| Waller Consolidated Independent School District |  |  |
| GO, BAM, 5.00%, 02/15/2040 | 2800 | 2991 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 2000 | 2169 |
| GO, BAM, 5.00%, 02/15/2042 | 6550 | 6920 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 2500 | 2694 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 4000 | 4277 |
| Waxahachie Independent School District |  |  |
| GO, PSF-GTD, 4.00%, 02/15/2049 | 2500 | 2296 |
| GO, PSF-GTD, 4.25%, 02/15/2053 | 1670 | 1549 |
| GO, PSF-GTD, 5.00%, 02/15/2028 | 1250 | 1307 |
| GO, PSF-GTD, 5.00%, 02/15/2029 | 1370 | 1456 |
| GO, PSF-GTD, 5.00%, 02/15/2035 | 1135 | 1267 |
| GO, PSF-GTD, 5.00%, 02/15/2040 | 1000 | 1082 |
| GO, PSF-GTD, 5.00%, 02/15/2041 | 1000 | 1075 |
| GO, PSF-GTD, 5.00%, 02/15/2042 | 1000 | 1069 |
| GO, PSF-GTD, 5.00%, 02/15/2043 | 1500 | 1595 |
| GO, PSF-GTD, 5.00%, 02/15/2044 | 900 | 951 |
| Weslaco Independent School District, GO, PSF-GTD, 5.00%, 02/15/2040 | 500 | 542 |
| Whitesboro Independent School District, GO, PSF-GTD, 5.00%, 02/15/2028 | 550 | 575 |
| Wink-Loving Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 1295 | 1323 |
|  |  | 1943832 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Utah — 0.8%** |  |  |
| Black Desert Public Infrastructure District, Special Assessment, 5.63%, 12/01/2053 (e) | 2135 | 2136 |
| City of Salt Lake City Airport Revenue |  |  |
| Series A, Rev., AMT, 5.00%, 07/01/2037 | 5000 | 5272 |
| Series A, Rev., AMT, 5.00%, 07/01/2046 | 5000 | 5083 |
| Series A, Rev., AMT, 5.00%, 07/01/2047 | 2560 | 2561 |
| Series A, Rev., AMT, 5.25%, 07/01/2040 | 2400 | 2588 |
| Series A, Rev., AMT, 5.25%, 07/01/2041 | 1000 | 1074 |
| Series A, Rev., AMT, 5.25%, 07/01/2042 | 2750 | 2940 |
| Series A, Rev., AMT, 5.25%, 07/01/2048 | 2750 | 2841 |
| County of Utah UT, Series A, Rev., 5.00%, 05/15/2050 | 3000 | 3046 |
| County of Utah, IHC Health Services, Inc. |  |  |
| Series A, Rev., 4.00%, 05/15/2043 | 2000 | 1892 |
| Series A, Rev., 4.00%, 05/15/2045 | 10020 | 9320 |
| Series B, Rev., 5.00%, 05/15/2060 (z) | 625 | 629 |
| Downtown Daybreak Public Infrastructure District No. 1, Tax Allocation, 5.63%, 03/01/2046 (e) | 1125 | 1133 |
| Downtown East Streetcar Sewer Public Infrastructure District, Senior Lien |  |  |
| Series A, GO, 5.75%, 03/01/2042 (e) | 1000 | 1000 |
| Series A, GO, 6.00%, 03/01/2053 (e) | 1415 | 1355 |
| Downtown Revitalization Public Infrastructure District |  |  |
| Rev., 5.00%, 07/15/2035 (e) | 1425 | 1431 |
| Rev., 5.00%, 06/01/2036 | 1650 | 1745 |
| Rev., 5.00%, 06/01/2037 | 1700 | 1791 |
| Rev., 5.00%, 06/01/2038 | 1650 | 1731 |
| Rev., 5.00%, 06/01/2039 | 2300 | 2404 |
| Rev., 5.25%, 06/01/2041 | 1425 | 1574 |
| Rev., 5.25%, 06/01/2042 | 3000 | 3302 |
| Rev., 5.25%, 06/01/2043 | 545 | 596 |
| Rev., 5.50%, 06/01/2050 | 9170 | 9856 |
| Firefly Public Infrastructure District No. 1 Assessment Area No. 1, Special Assessment, 5.63%, 12/01/2043 (e) | 503 | 511 |
| Intermountain Power Agency, Series A, Rev., 5.00%, 07/01/2030 | 500 | 543 |
| Mida Cormont Public Infrastructure District |  |  |
| GO, 0.00%, 06/01/2055 (e) | 500 | 429 |
| Series A1, GO, 6.25%, 06/01/2055 (e) | 1000 | 1041 |
| MIDA Mountain Village Public Infrastructure District, Series 1, Tax Allocation, 5.50%, 06/01/2055 (e) | 1000 | 986 |
| Mida Mountain Village Public Infrastructure District, Subordinate, Series 2, Tax Allocation, 5.75%, 06/15/2044 (e) | 3295 | 3395 |
| Point Phase 1 Public Infrastructure District No. 1, Series A1, Rev., 5.88%, 03/01/2045 | 1250 | 1295 |
| Provo School District, GO, SCH BD GTY, 5.00%, 06/15/2028 | 2000 | 2103 |
| Red Bridge Public Infrastructure District No. 1, Senior Infrastructure District, Series 1A, GO, 3.63%, 02/01/2035 (e) | 592 | 514 |
| State of Utah |  |  |
| GO, 3.00%, 07/01/2034 | 2000 | 1949 |
| Series B, GO, 5.00%, 07/01/2029 | 100 | 107 |
| Timpanogos Special Service District, Rev., 5.00%, 06/01/2054 | 11150 | 11410 |
| University of Utah (The), Series A, Rev., 5.00%, 08/01/2039 | 1505 | 1531 |
| University of Utah, Board of Regents, Series A, Rev., 4.00%, 08/01/2040 | 1750 | 1710 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Utah — continued** |  |  |
| Utah Housing Corp. |  |  |
| Rev., 3.18%, 07/01/2045 (z) | 1500 | 1504 |
| Rev., GNMA/FNMA/FHLMC, 4.60%, 07/01/2044 | 2190 | 2175 |
| Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1700 | 1870 |
| Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 2575 | 2865 |
| Series A, Rev., GNMA/FNMA/FHLMC, 6.50%, 01/01/2054 | 1310 | 1426 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.45%, 01/01/2044 | 1350 | 1335 |
| Series C, Rev., GNMA/FNMA/FHLMC, 4.65%, 01/01/2049 | 1925 | 1892 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 07/01/2054 | 1885 | 2067 |
| Series I, Rev., GNMA/FNMA/FHLMC, 6.25%, 07/01/2055 | 4645 | 5182 |
| Series J, Rev., GNMA/FNMA/FHLMC, 6.50%, 07/01/2055 | 5000 | 5697 |
| Utah Housing Corp., The Cooperative 1881, Rev., 2.65%, 03/01/2045 (z) | 915 | 900 |
| Utah Municipal Power Agency, Rev., 5.00%, 07/01/2038 | 8900 | 8921 |
| Utah Telecommunication Open Infrastructure Agency |  |  |
| Rev., 5.00%, 06/01/2027 | 130 | 134 |
| Rev., 5.00%, 06/01/2031 | 210 | 231 |
| Rev., 5.25%, 06/01/2035 | 700 | 773 |
| Rev., 5.25%, 06/01/2037 | 2250 | 2457 |
| Utah Transit Authority, Rev., 5.00%, 12/15/2043 | 950 | 1036 |
| Utah Transit Authority, Subordinated, Rev., 5.00%, 06/15/2038 | 7000 | 7723 |
|  |  | 143012 |
|  **Vermont — 0.1%** |  |  |
| University of Vermont and State Agricultural College, Rev., 4.00%, 10/01/2040 | 9090 | 9100 |
| Vermont Housing Finance Agency |  |  |
| Rev., GNMA/FNMA/FHLMC, 4.45%, 11/01/2044 | 2035 | 2012 |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/01/2049 | 160 | 162 |
| Vermont Municipal Bond Bank, Vermont State Colleges System, Series A, Rev., 4.00%, 10/01/2034 | 250 | 256 |
| Vermont Student Assistance Corp. |  |  |
| Rev., AMT, 4.13%, 06/15/2036 | 460 | 447 |
| Rev., AMT, 4.25%, 06/15/2037 | 780 | 764 |
| Rev., AMT, 4.38%, 06/15/2038 | 690 | 671 |
| Rev., AMT, 4.50%, 06/15/2039 | 735 | 714 |
| Rev., AMT, 5.25%, 06/15/2030 | 600 | 633 |
| Rev., AMT, 5.25%, 06/15/2031 | 700 | 744 |
| Rev., AMT, 5.25%, 06/15/2032 | 950 | 1015 |
| Series A, Rev., AMT, 2.38%, 06/15/2039 | 390 | 357 |
| Vermont Student Assistance Corporation |  |  |
| Series A, Rev., AMT, 5.00%, 06/15/2037 | 2225 | 2251 |
| Series A, Rev., AMT, 5.00%, 06/15/2038 | 1620 | 1617 |
| Series A, Rev., AMT, 5.00%, 06/15/2039 | 1540 | 1526 |
| Series A, Rev., AMT, 5.13%, 06/15/2040 | 1495 | 1480 |
| Series A, Rev., AMT, 5.25%, 06/15/2041 | 1355 | 1340 |
|  |  | 25089 |
|  **Virgin Islands — 0.0%** (g) |  |  |
| Virgin Islands Hotel Development Financing Corp., Rev., 5.75%, 02/01/2045 | 4600 | 4539 |
| Virgin Islands Hotel Development Financing Corp., Frenchmans Reef Hotel, Rev., 6.00%, 12/01/2055 | 3000 | 2915 |
|  |  | 7454 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Virginia — 1.9%** |  |  |
| Alexandria Redevelopment & Housing Authority, Rev., HUD, 3.20%, 12/01/2054 (z) | 1055 | 1056 |
| Arlington County Industrial Development Authority, Rev., 3.10%, 12/01/2055 (z) | 670 | 670 |
| Chesapeake Bay Bridge & Tunnel District, Rev., 5.00%, 07/01/2046 | 2930 | 2883 |
| Chesapeake Bay Bridge & Tunnel District, First Tier General Resolution, Rev., 5.00%, 07/01/2051 | 4000 | 3806 |
| City of Virginia Beach |  |  |
| Series A, GO, 5.00%, 08/01/2027 | 7335 | 7578 |
| Series A, GO, 5.00%, 08/01/2028 | 7085 | 7485 |
| Series B, GO, 5.00%, 08/01/2027 | 12595 | 13013 |
| Series B, GO, 5.00%, 08/01/2028 | 9230 | 9751 |
| Commonwealth of Virginia, Series B, GO, 5.00%, 06/01/2027 | 1000 | 1004 |
| County of Fairfax |  |  |
| Series A, GO, 5.00%, 10/01/2033 | 5250 | 5970 |
| Series A, GO, 5.00%, 10/01/2034 | 11975 | 13722 |
| Series B, GO, 5.00%, 10/01/2027 | 9270 | 9615 |
| County of Fairfax Sewer Revenue, Series A, Rev., 5.00%, 07/15/2037 | 685 | 769 |
| County of Fairfax, Public Improvement, Series A, GO, 5.00%, 10/01/2031 (p) | 945 | 945 |
| Fairfax County Industrial Development Authority, Rev., 4.00%, 05/15/2048 | 20615 | 18940 |
| Fairfax County Industrial Development Authority, Inova Health System Project, Rev., 5.00%, 05/15/2029 | 2000 | 2137 |
| Fairfax County Redevelopment & Housing Authority, Dominion Square North Project, Rev., 5.00%, 01/01/2045 (z) | 1700 | 1740 |
| Halifax County Industrial Development Authority, Rev., 3.80%, 12/01/2041 (z) | 1000 | 1011 |
| Hampton Roads Sanitation District |  |  |
| Series A, Rev., 5.00%, 11/01/2036 | 1000 | 1126 |
| Series A, Rev., 5.00%, 11/01/2037 | 1600 | 1789 |
| Series A, Rev., 5.00%, 11/01/2038 | 1500 | 1664 |
| Hampton Roads Transportation Accountability Commission, Series A, Rev., BAN, 5.00%, 07/01/2027 | 6310 | 6498 |
| Hampton Roads Transportation Accountability Commission, Senior Lien |  |  |
| Series A, Rev., BAN, 5.00%, 07/01/2026 (p) | 25260 | 25411 |
| Series A, Rev., TRAN, 5.00%, 07/01/2038 (p) | 1000 | 1043 |
| Series A, Rev., 5.00%, 07/01/2039 | 2100 | 2230 |
| Henrico County Economic Development Authority, Rev., 5.00%, 11/01/2035 | 7105 | 7999 |
| Henrico County Economic Development Authority, Westminster Canterbury Richmond, Rev., 5.00%, 10/01/2052 | 1530 | 1467 |
| Isle of Wight County Economic Development Authority, Riverside Health System |  |  |
| Rev., 5.00%, 07/01/2036 | 750 | 826 |
| Rev., 5.00%, 07/01/2037 | 500 | 548 |
| Rev., 5.25%, 07/01/2043 | 1620 | 1746 |
| Rev., 5.25%, 07/01/2053 | 5000 | 5149 |
| Isle Wight County Industrial Development Authority, Rev., 5.25%, 07/01/2048 | 3000 | 3131 |
| James City County Economic Development Authority, Williamsburg Landing, Series A, Rev., 4.00%, 12/01/2035 | 150 | 146 |
| Lynchburg Economic Development Authority, Centra Health Obligation Group |  |  |
| Rev., 3.00%, 01/01/2051 | 4750 | 3319 |
| Rev., 5.00%, 01/01/2029 | 700 | 736 |
| Norfolk Airport Authority, Rev., 5.00%, 07/01/2038 | 1175 | 1218 |
| Norfolk Redevelopment & Housing Authority, Braywood Manor Apartments Project, Rev., HUD, 5.00%, 05/01/2043 (z) | 350 | 351 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Virginia — continued** |  |  |
| Norfolk Redevelopment & Housing Authority, Fort Norfolk Retirement Community Harbor, Rev., 4.38%, 01/01/2039 | 1400 | 1339 |
| Richmond Redevelopment & Housing Authority, Rev., 3.10%, 12/01/2055 (z) | 555 | 555 |
| Roanoke Economic Development Authority, Carilion Clinic Obligation Group, Rev., 5.00%, 07/01/2047 | 2000 | 2119 |
| Tender Option Bond Trust Receipts/Certificates, Series 2024-BAML6038, Rev., AMT, LOC: Bank of America NA, LIQ: Bank of America NA, 3.05%, 08/31/2027 (e) (z) | 15120 | 15120 |
| Virginia Beach Development Authority, Temps 50Sm Westminster Canterbury, Rev., 5.38%, 09/01/2029 | 2000 | 2014 |
| Virginia Beach Development Authority, Westminster Canterbury, Rev., 5.00%, 09/01/2044 | 2215 | 2205 |
| Virginia Beach Development Authority, Westminster Canterbury on Chesapeake Bay, Rev., 6.50%, 09/01/2043 | 3300 | 3632 |
| Virginia College Building Authority |  |  |
| Rev., 4.00%, 02/01/2036 | 12500 | 12526 |
| Series A, Rev., 3.00%, 02/01/2028 | 4000 | 4000 |
| Series A, Rev., 4.00%, 02/01/2034 | 3500 | 3564 |
| Virginia College Building Authority, 21st Century College & Equipment |  |  |
| Rev., 4.00%, 02/01/2044 | 5000 | 4869 |
| Rev., 5.00%, 02/01/2028 | 1000 | 1045 |
| Virginia College Building Authority, 21st Century College & Equipment Programs, Rev., 5.00%, 02/01/2027 | 1000 | 1021 |
| Virginia College Building Authority, 21st Century College and Equipment |  |  |
| Rev., 4.00%, 02/01/2040 | 1815 | 1810 |
| Rev., 5.00%, 02/01/2029 | 1000 | 1066 |
| Rev., 5.00%, 02/01/2033 | 3750 | 4029 |
| Virginia College Building Authority, Marymount University Project, Series A, Rev., 5.00%, 07/01/2045 (e) | 1000 | 757 |
| Virginia Commonwealth University Health System Authority, Rev., VRDO, LOC: TD Bank NA, 2.70%, 04/01/2026 (z) | 14400 | 14400 |
| Virginia Housing Development Authority |  |  |
| Rev., 3.13%, 07/01/2056 (z) | 3070 | 3070 |
| Rev., 4.40%, 10/01/2044 | 1000 | 990 |
| Rev., 4.70%, 07/01/2040 | 930 | 958 |
| Series E1, Rev., 4.35%, 10/01/2044 | 685 | 675 |
| Series E, Rev., 4.50%, 07/01/2045 | 735 | 728 |
| Series G, Rev., 5.05%, 11/01/2047 | 1750 | 1773 |
| Virginia Port Authority, Series B, Rev., AMT, 5.00%, 07/01/2045 (p) | 5000 | 5024 |
| Virginia Public Building Authority, Rev., 5.00%, 08/01/2034 | 4000 | 4575 |
| Virginia Public Building Authority, Bidding Group 1, Series A, Rev., 5.00%, 08/01/2033 | 1000 | 1118 |
| Virginia Public School Authority, Series B, Rev., 5.00%, 08/01/2052 | 3670 | 3762 |
| Virginia Resources Authority, Virginia Pooled Financing, Rev., 5.00%, 11/01/2028 | 1510 | 1600 |
| Virginia Resources Authority, Virginia Pooled Financing Program, Rev., 5.00%, 11/01/2028 | 1000 | 1063 |
| Virginia Small Business Financing Authority, National Senior Campuses, Series A, Rev., 5.00%, 01/01/2032 | 1565 | 1643 |
| Virginia Small Business Financing Authority, Senior Lien 95 Express |  |  |
| Rev., AMT, 5.00%, 07/01/2032 | 400 | 428 |
| Rev., AMT, 5.00%, 07/01/2033 | 2320 | 2477 |
| Rev., AMT, 5.00%, 01/01/2036 | 200 | 209 |
| Rev., AMT, 5.00%, 07/01/2037 | 1000 | 1040 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Virginia — continued** |  |  |
| Virginia Small Business Financing Authority, Senior Lien Elizabeth River, Rev., AMT, 3.00%, 01/01/2041 | 4000 | 3269 |
| Virginia Small Business Financing Authority, Senior Lien, 495 Hot |  |  |
| Rev., AMT, 5.00%, 06/30/2040 | 3735 | 3851 |
| Rev., AMT, 5.00%, 06/30/2041 | 3470 | 3565 |
| Rev., AMT, 5.00%, 12/31/2047 | 3000 | 2984 |
| Virginia Small Business Financing Authority, Senior Lien, Elizabeth River |  |  |
| Rev., AMT, 3.00%, 01/01/2041 | 4740 | 3804 |
| Rev., AMT, 4.00%, 01/01/2030 | 3125 | 3176 |
| Rev., AMT, 4.00%, 01/01/2033 | 1500 | 1508 |
| Rev., AMT, 4.00%, 01/01/2034 | 2250 | 2252 |
| Virginia Small Business Financing Authority, Transform 66 P3 Project |  |  |
| Rev., AMT, 5.00%, 12/31/2047 | 2575 | 2508 |
| Rev., AMT, 5.00%, 12/31/2049 | 1415 | 1359 |
| Rev., AMT, 5.00%, 12/31/2052 | 8425 | 8041 |
| Rev., AMT, 5.00%, 12/31/2056 | 10750 | 10210 |
| Williamsburg Economic Development Authority, Williamsburg Properties LLC |  |  |
| Rev., 4.00%, 07/01/2048 | 1245 | 1141 |
| Rev., 5.25%, 07/01/2053 | 5100 | 5276 |
|  |  | 328640 |
|  **Washington — 3.2%** |  |  |
| Chelan County Public Utility District No. 1, Series C, Rev., AMT, 5.00%, 07/01/2026 | 1285 | 1292 |
| City of Seattle Municipal Light & Power Revenue |  |  |
| Rev., 4.00%, 09/01/2040 | 1000 | 980 |
| Rev., 5.00%, 02/01/2034 | 1500 | 1704 |
| Rev., 5.00%, 02/01/2035 | 545 | 622 |
| Rev., 5.00%, 02/01/2041 | 1000 | 1100 |
| Series B, Rev., (SIFMA Municipal Swap Index + 0.25%), 2.67%, 05/01/2045 (aa) | 2000 | 1989 |
| City of Seattle Municipal Light & Power Revenue, Green Bond, Series A, Rev., 4.00%, 07/01/2040 | 1300 | 1291 |
| City of Seattle WA Municipal Light & Power Revenue, Series A, Rev., 4.00%, 01/01/2047 | 10000 | 9202 |
| City of Seattle, Drainage & Wastewater Revenue, Rev., 4.00%, 05/01/2044 | 945 | 906 |
| City of Tacoma, Electric System Revenue, Series A, Rev., 4.00%, 01/01/2042 | 5460 | 5268 |
| Clark County Public Utility District No. 1, Rev., 4.00%, 01/01/2034 | 665 | 687 |
| County of Grant, GO, 5.25%, 12/01/2047 | 1000 | 1044 |
| County of King |  |  |
| GO, 5.00%, 12/01/2042 | 5155 | 5583 |
| Series A, GO, 5.00%, 12/01/2034 | 1335 | 1452 |
| Energy Northwest, Series A, Rev., 5.00%, 07/01/2039 | 1000 | 1099 |
| Energy Northwest Washington, Project 3 Electric Revenue, Series C, Rev., 5.00%, 07/01/2027 | 100 | 103 |
| Energy Northwest, Columbia Generating Station |  |  |
| Rev., 4.00%, 07/01/2035 | 5265 | 5266 |
| Rev., 4.00%, 07/01/2042 | 1625 | 1626 |
| Fircrest Properties, Sustainable Bonds State of Water, Rev., 5.50%, 06/01/2049 | 7070 | 7513 |
| Grant County Public Hospital District No. 2, GO, 5.50%, 12/01/2044 | 900 | 940 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project, Rev., 5.00%, 01/01/2040 | 1250 | 1337 |
| Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project, Rev., 2.92%, 01/01/2040 | 2000 | 1631 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Washington — continued** |  |  |
| Grant County, Public Utility District No. 2, Electric Revenue, Series 2017-O, Rev., 5.00%, 01/01/2047 | 4950 | 5006 |
| Jefferson County Public Hospital District No. 2, Jefferson Healthcare, Series A, Rev., 6.63%, 12/01/2043 | 7500 | 7830 |
| King & Snohomish Counties School District No. 417 Northshore |  |  |
| GO, SCH BD GTY, 5.00%, 12/01/2040 | 2000 | 2185 |
| GO, SCH BD GTY, 5.00%, 12/01/2042 | 3855 | 4185 |
| King County Housing Authority, Rev., 5.00%, 11/01/2029 | 1325 | 1391 |
| King County School District No. 401 Highline, GO, SCH BD GTY, 5.00%, 12/01/2041 | 5030 | 5365 |
| King County School District No. 405 Bellevue |  |  |
| GO, SCH BD GTY, 3.00%, 12/01/2037 | 5385 | 4944 |
| GO, SCH BD GTY, 3.00%, 12/01/2038 | 1925 | 1710 |
| Pierce County School District No. 10 Tacoma, GO, SCH BD GTY, 5.00%, 12/01/2048 | 4000 | 4157 |
| Pierce County School District No. 10 Tacoma, Social Bonds, Series B, GO, SCH BD GTY, 4.00%, 12/01/2042 | 10000 | 9742 |
| Pierce County Washington School District No. 320 Sumner, GO, SCH BD GTY, 5.00%, 12/01/2039 | 2165 | 2401 |
| Pierce County, Sumner School District No. 320, GO, SCH BD GTY, 5.00%, 12/01/2040 | 3600 | 3968 |
| Port of Seattle |  |  |
| Series A, Rev., AMT, 5.00%, 05/01/2036 | 2000 | 2028 |
| Series B, Rev., AMT, 5.00%, 05/01/2028 | 4000 | 4167 |
| Port of Seattle Industrial Development Corp., Special Facilities Delta Airline, Rev., AMT, 5.00%, 04/01/2030 | 2000 | 2002 |
| Port of Seattle WA |  |  |
| Rev., AMT, 5.00%, 07/01/2028 | 2250 | 2350 |
| Rev., AMT, 5.00%, 04/01/2029 | 3000 | 3174 |
| Rev., AMT, 5.00%, 07/01/2031 | 3450 | 3749 |
| GO, AMT, 5.00%, 06/01/2048 | 10000 | 10149 |
| Rev., AMT, 5.25%, 07/01/2043 | 5000 | 5352 |
| Rev., AMT, 5.25%, 07/01/2044 | 14000 | 14890 |
| Series C, Rev., AMT, 5.25%, 05/01/2042 | 5000 | 5054 |
| Port of Seattle, Intermediate Lien |  |  |
| Rev., AMT, 5.00%, 08/01/2026 | 1000 | 1007 |
| Rev., 5.00%, 02/01/2028 | 900 | 901 |
| Rev., AMT, 5.00%, 04/01/2028 | 2250 | 2342 |
| Rev., AMT, 5.00%, 08/01/2028 | 1000 | 1046 |
| Rev., AMT, 5.00%, 04/01/2030 | 4000 | 4211 |
| Rev., AMT, 5.00%, 08/01/2031 | 2000 | 2176 |
| Rev., AMT, 5.00%, 04/01/2032 | 2110 | 2214 |
| Rev., AMT, 5.00%, 04/01/2044 | 2000 | 2028 |
| Rev., AMT, 5.00%, 08/01/2046 | 3500 | 3560 |
| Rev., AMT, 5.00%, 08/01/2047 | 1250 | 1269 |
| Rev., AMT, 5.50%, 08/01/2047 | 1000 | 1046 |
| Series C, Rev., AMT, 5.00%, 05/01/2026 | 1000 | 1002 |
| Series C, Rev., AMT, 5.00%, 05/01/2028 | 1415 | 1446 |
| Series C, Rev., AMT, 5.00%, 05/01/2034 | 3455 | 3515 |
| Series C, Rev., AMT, 5.00%, 08/01/2034 | 5000 | 5357 |
| Port of Tacoma, Series A, Rev., AMT, 5.00%, 12/01/2031 | 1360 | 1481 |
| Skagit County Public Hospital District No. 1, Rev., 5.50%, 12/01/2054 | 8640 | 8700 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Washington — continued** |  |  |
| Skagit County Public Hospital District No. 1, Improvement Skagit Regional Health, Rev., 5.00%, 12/01/2031 | 2145 | 2161 |
| Snohomish County Public Utility District No. 1 Electric System Revenue, Series B, Rev., 5.00%, 12/01/2039 | 2260 | 2510 |
| Spokane County School District No. 81 Spokane, Series C, GO, SCH BD GTY, 5.00%, 12/01/2034 | 2000 | 2073 |
| State of Washington |  |  |
| GO, 4.00%, 06/01/2043 | 2975 | 2939 |
| GO, 5.00%, 06/01/2033 | 3820 | 4320 |
| GO, 5.00%, 06/01/2042 | 5000 | 5504 |
| GO, 5.00%, 06/01/2050 | 25000 | 26030 |
| Series 2020A, GO, 5.00%, 08/01/2038 | 1500 | 1574 |
| Series 2021A, GO, 5.00%, 06/01/2034 | 1000 | 1077 |
| Series A3, GO, 5.00%, 08/01/2044 | 1000 | 1053 |
| Series A, GO, 5.00%, 08/01/2036 | 1475 | 1578 |
| Series A, GO, 5.00%, 08/01/2040 | 3890 | 4106 |
| Series B, GO, 5.00%, 06/01/2035 | 4760 | 5107 |
| Series B, GO, 5.00%, 02/01/2042 | 1000 | 1071 |
| Series B, GO, 5.00%, 06/01/2044 | 5000 | 5302 |
| Series B, GO, 5.00%, 06/01/2045 | 2900 | 3054 |
| Series D, GO, 4.00%, 07/01/2033 | 2000 | 2082 |
| Series F, GO, AMBAC, Zero Coupon, 12/01/2029 | 1000 | 901 |
| Series R, GO, 5.00%, 02/01/2031 | 1000 | 1102 |
| Series R, GO, 5.00%, 08/01/2031 | 750 | 832 |
| Series R, GO, 5.00%, 08/01/2040 | 1545 | 1692 |
| Series RC, GO, 5.00%, 08/01/2029 | 200 | 206 |
| Series R-2017A, GO, 5.00%, 08/01/2027 | 1000 | 1008 |
| Series R-2022B, GO, 4.00%, 02/01/2035 | 500 | 514 |
| Series R-2022D, GO, 4.00%, 07/01/2028 | 3490 | 3603 |
| Series R-2023B, GO, 5.00%, 07/01/2037 | 1010 | 1113 |
| Series R-2024C, GO, 5.00%, 08/01/2034 | 6845 | 7803 |
| Series R-2024C, GO, 5.00%, 08/01/2039 | 6980 | 7686 |
| Series R-2026A, GO, 5.00%, 07/01/2034 | 5595 | 6374 |
| Series R-2026A, GO, 5.00%, 07/01/2040 | 6285 | 6976 |
| State of Washington, Bid Group 1, Series C, GO, 5.00%, 02/01/2028 | 1490 | 1557 |
| State of Washington, Bid Group 2, Series C, GO, 5.00%, 02/01/2046 | 7000 | 7370 |
| State of Washington, Bidding Group 1, Series A, GO, 5.00%, 08/01/2034 | 31630 | 36056 |
| State of Washington, Bidding Group 2, Series A, GO, 5.00%, 08/01/2047 | 5000 | 5264 |
| State of Washington, MVFT/VRF GO Bonds |  |  |
| Series F, GO, 5.00%, 06/01/2034 | 4080 | 4468 |
| Series F, GO, 5.00%, 06/01/2038 | 2775 | 2973 |
| State of Washington, Various Purpose, Series A, GO, 5.00%, 08/01/2041 | 10000 | 10293 |
| Three Rivers Regional Wastewater Authority, Sustainable Bond |  |  |
| Rev., BAM, 4.00%, 09/01/2042 | 1750 | 1723 |
| Rev., BAM, 4.00%, 09/01/2043 | 1000 | 977 |
| Thurston County School District No. 111 Olympia, GO, SCH BD GTY, 5.00%, 12/01/2026 | 1275 | 1296 |
| University of Washington |  |  |
| Rev., 5.00%, 04/01/2026 (p) | 1500 | 1500 |
| Rev., 5.00%, 12/01/2040 | 1385 | 1532 |
| Rev., 5.00%, 04/01/2048 | 15000 | 15071 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Washington — continued** |  |  |
| Washington Health Care Facilities Authority |  |  |
| Rev., 5.00%, 09/01/2040 | 805 | 857 |
| Rev., 5.00%, 09/01/2041 | 810 | 859 |
| Rev., 5.00%, 09/01/2042 | 1325 | 1397 |
| Rev., 5.00%, 09/01/2043 | 7350 | 7694 |
| Rev., 5.50%, 09/01/2055 | 5000 | 5218 |
| Washington Health Care Facilities Authority, CommonSpirit Health |  |  |
| Rev., 5.00%, 09/01/2035 | 2955 | 3251 |
| Rev., 5.00%, 09/01/2036 | 1140 | 1246 |
| Rev., 5.00%, 09/01/2038 | 1270 | 1368 |
| Rev., 5.00%, 09/01/2044 | 3315 | 3444 |
| Series A, Rev., 5.00%, 08/01/2044 | 5375 | 5460 |
| Washington Health Care Facilities Authority, Multicare Health System, Series B, Rev., 5.00%, 08/15/2037 | 1200 | 1223 |
| Washington Health Care Facilities Authority, Seattle Cancer Care Alliance, Rev., 4.00%, 12/01/2040 (e) | 1510 | 1453 |
| Washington Health Care Facilities Authority, Seattle Children's Hospital, Series A, Rev., 4.00%, 10/01/2045 | 9390 | 8879 |
| Washington Health Care Facilities Authority, Unrefunded Providence Health, Rev., 5.00%, 10/01/2041 | 9500 | 9508 |
| Washington Health Care Facilities Authority, Unrefunded Providence Health & Services, Rev., 5.00%, 10/01/2044 | 4365 | 4367 |
| Washington Health Care Facilities Authority, Virginia Mason Medical Center, Rev., 5.00%, 08/15/2036 | 5500 | 5599 |
| Washington State Convention Center Public Facilities District, Rev., 5.00%, 07/01/2058 | 11650 | 11179 |
| Washington State Convention Center Public Facilities District, Subordinated, Rev., 4.00%, 07/01/2058 | 1760 | 1367 |
| Washington State Convention Center Public Facilities District, Subordinated Sustainable Bond, Rev., 5.00%, 07/01/2032 | 1540 | 1618 |
| Washington State Housing Finance Commission |  |  |
| Rev., 3.38%, 04/20/2037 | 2365 | 2189 |
| Rev., 3.50%, 12/20/2035 | 5449 | 5222 |
| Rev., 3.81%, 03/01/2050 | 6997 | 6738 |
| Rev., BAM, 5.25%, 07/01/2055 (e) | 10600 | 10638 |
| Rev., BAM, 5.25%, 07/01/2064 (e) | 14940 | 14837 |
| Series 2025-1, Class A1, Rev., 0.00%, 11/20/2041 (z) | 5861 | 5553 |
| Washington State Housing Finance Commission, Ardea at Totem Lake Apartments, Rev., 5.00%, 12/01/2043 (z) | 6540 | 6560 |
| Washington State Housing Finance Commission, Blakeley and Laurel Villages, Rev., BAM, 5.00%, 07/01/2035 (e) | 1335 | 1447 |
| Washington State Housing Finance Commission, Downtowner Apartments Project, Rev., LIQ: FHLMC, 3.70%, 07/01/2030 | 2000 | 2031 |
| Washington State Housing Finance Commission, Social Bond, Series 2N, Rev., GNMA/FNMA/FHLMC, 3.00%, 06/01/2051 | 605 | 593 |
|  |  | 534961 |
|  **West Virginia — 0.2%** |  |  |
| County of Ohio WV Special District Excise Tax Revenue |  |  |
| Rev., 5.25%, 06/01/2045 | 1000 | 1053 |
| Rev., 5.50%, 06/01/2054 | 850 | 884 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **West Virginia — continued** |  |  |
| Monongalia County Commission Excise Tax District, Series A, Rev., 4.13%, 06/01/2043 (e) | 460 | 419 |
| Monongalia County Commission Special District, Refunding and Improvement, University Town Center, Series A, Rev., 5.50%, 06/01/2037 (e) | 1050 | 1061 |
| Monongalia County Commission Special District, University Town Center, Series A, Rev., 5.75%, 06/01/2043 (e) | 500 | 505 |
| West Virginia Economic Development Authority |  |  |
| Rev., AMT, 3.30%, 01/01/2041 (z) | 6000 | 6023 |
| Rev., AMT, 4.63%, 04/15/2055 (z) | 2600 | 2644 |
| West Virginia Economic Development Authority, Provident Group Marshall Properties |  |  |
| Rev., 5.00%, 07/01/2035 | 3150 | 3441 |
| Rev., 5.00%, 07/01/2036 | 3000 | 3256 |
| Rev., 5.00%, 07/01/2037 | 2250 | 2427 |
| West Virginia Hospital Finance Authority, Rev., 5.75%, 09/01/2043 | 5250 | 5628 |
| West Virginia Hospital Finance Authority, Cabell Huntington Hospital, Rev., 5.00%, 01/01/2043 | 3000 | 2772 |
| West Virginia Hospital Finance Authority, Improvement, University Health System Obligation, Rev., 5.00%, 06/01/2052 | 7000 | 7019 |
| West Virginia Housing Development Fund, Highlawn Place, Rev., HUD, 2.88%, 11/01/2028 (z) | 175 | 175 |
| West Virginia Housing Development Fund, Sustainable Bonds, Series A, Rev., 4.40%, 11/01/2044 | 4000 | 3935 |
| West Virginia Parkways Authority, Senior Lien, Rev., 5.00%, 06/01/2038 | 1000 | 1066 |
|  |  | 42308 |
|  **Wisconsin — 2.6%** |  |  |
| City of Milwaukee, Promissory Notes |  |  |
| Series N3, GO, 5.00%, 04/01/2031 | 5500 | 5977 |
| Series N4, GO, 5.00%, 04/01/2030 | 10150 | 10894 |
| City of Milwaukee, Sewerage System Revenue, Series S7, Rev., 5.00%, 06/01/2026 | 2665 | 2674 |
| Milwaukee Metropolitan Sewerage District, Green Bond, Series A, GO, 3.00%, 10/01/2031 | 1700 | 1675 |
| Milwaukee Metropolitan Sewerage District, Green Bond Climate Bond Certificate, GO, 4.00%, 10/01/2043 | 6150 | 6030 |
| Public Finance Authority |  |  |
| Rev., 4.13%, 01/20/2041 (z) | 6889 | 6503 |
| Rev., BAM, 5.00%, 07/01/2045 | 1275 | 1301 |
| Rev., 5.00%, 02/01/2052 | 1335 | 1282 |
| Rev., 5.00%, 02/01/2062 | 9590 | 9040 |
| Rev., 5.20%, 12/01/2037 | 2450 | 2488 |
| Rev., AMT, 5.75%, 06/30/2060 | 18750 | 19340 |
| Rev., AMT, 5.75%, 12/31/2065 | 9000 | 9184 |
| Rev., AMT, 6.50%, 06/30/2060 | 3000 | 3269 |
| Rev., AMT, 6.50%, 12/31/2065 | 3000 | 3273 |
| Public Finance Authority, A Challenge Foundation Academy |  |  |
| Rev., 6.63%, 07/01/2043 (e) | 700 | 718 |
| Rev., 6.88%, 07/01/2053 (e) | 1650 | 1670 |
| Public Finance Authority, Astro Texas Land Project, Rev., 5.00%, 12/15/2036 (e) | 1537 | 1512 |
| Public Finance Authority, Carmelite System, Social Bonds, Rev., 5.00%, 01/01/2045 | 1125 | 1128 |
| Public Finance Authority, Celanese Project, Series C, Rev., AMT, 4.30%, 11/01/2030 | 5350 | 5337 |
| Public Finance Authority, CFP3 Eastern Michigan University |  |  |
| Rev., BAM, 5.00%, 07/01/2029 | 500 | 532 |
| Rev., BAM, 5.25%, 07/01/2034 | 260 | 289 |
| Rev., BAM, 5.25%, 07/01/2042 | 5625 | 5992 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Wisconsin — continued** |  |  |
| Rev., BAM, 5.38%, 07/01/2047 | 8025 | 8391 |
| Rev., BAM, 5.50%, 07/01/2052 | 6005 | 6242 |
| Public Finance Authority, CHF Wilmington LLC University, Rev., 5.00%, 07/01/2053 | 3970 | 3974 |
| Public Finance Authority, Duke Energy Progress, Rev., 3.70%, 10/01/2046 (z) | 1565 | 1582 |
| Public Finance Authority, Givens Estates, Rev., 4.00%, 12/01/2041 | 1000 | 921 |
| Public Finance Authority, Kahala Nui Project |  |  |
| Rev., 5.00%, 11/15/2040 | 450 | 472 |
| Rev., 5.00%, 11/15/2041 | 715 | 744 |
| Public Finance Authority, KU Campus Development Corp. Project |  |  |
| Rev., 5.00%, 03/01/2041 | 3000 | 3001 |
| Rev., 5.00%, 03/01/2046 | 6495 | 6495 |
| Public Finance Authority, Lake Norman Charter School, Rev., 5.00%, 06/15/2064 | 4630 | 4127 |
| Public Finance Authority, Lenoir Rhyne University |  |  |
| Rev., 5.00%, 04/01/2036 | 1625 | 1650 |
| Rev., 5.00%, 04/01/2037 | 1705 | 1719 |
| Public Finance Authority, Maniilaq Association Employee Housing |  |  |
| Rev., 5.00%, 12/01/2036 | 3000 | 3209 |
| Rev., 5.00%, 12/01/2038 | 3100 | 3266 |
| Rev., 5.00%, 12/01/2039 | 2655 | 2762 |
| Rev., 5.25%, 12/01/2045 | 2000 | 2064 |
| Rev., 5.25%, 12/01/2046 | 3000 | 3062 |
| Rev., 5.25%, 12/01/2048 | 1000 | 1013 |
| Public Finance Authority, Miami Waterworld Center Project, Tax Allocation, 5.00%, 06/01/2041 (e) | 4570 | 4574 |
| Public Finance Authority, Point College Prep Project |  |  |
| Rev., 4.00%, 06/15/2030 (e) | 200 | 185 |
| Rev., 5.00%, 06/15/2041 (e) | 250 | 218 |
| Public Finance Authority, Renown Regional Medical Center Project |  |  |
| Rev., 5.00%, 06/01/2026 | 500 | 502 |
| Rev., 5.00%, 06/01/2027 | 425 | 435 |
| Rev., 5.00%, 06/01/2028 | 600 | 626 |
| Rev., 5.00%, 06/01/2034 | 1000 | 1053 |
| Public Finance Authority, Senior Lien, Grand Hyatt San Antonio Hotel Acquisition Project, Rev., 5.00%, 02/01/2042 | 4000 | 4079 |
| Public Finance Authority, Triad Educational Services, Inc., Rev., 5.00%, 06/15/2036 (e) (w) | 5645 | 5669 |
| Public Finance Authority, Two Steps Project, Rev., Zero Coupon, 12/15/2034 (e) | 2132 | 1259 |
| Public Finance Authority, United Methodist Retirement, Rev., 4.00%, 10/01/2026 | 60 | 60 |
| Public Finance Authority, Waste Management, Inc. Project, Rev., AMT, 1.10%, 07/01/2029 (z) | 1445 | 1439 |
| State of Wisconsin |  |  |
| GO, 5.00%, 05/01/2026 | 7000 | 7015 |
| Series 1, GO, 5.00%, 05/01/2027 | 2400 | 2465 |
| Series 1, GO, 5.00%, 05/01/2030 | 1000 | 1092 |
| Series 1, GO, 5.00%, 05/01/2033 | 9990 | 11316 |
| Series 1, GO, 5.00%, 05/01/2035 | 1375 | 1580 |
| Series 1, GO, 5.00%, 05/01/2036 | 1000 | 1132 |
| Series 1, GO, 5.00%, 05/01/2037 | 6920 | 7835 |
| Series 1, GO, 5.00%, 05/01/2039 | 5225 | 5831 |
| Series 1, GO, 5.00%, 05/01/2040 | 6650 | 7373 |
| Series 2, GO, 5.00%, 05/01/2034 | 1000 | 1126 |
| Series 3, GO, 5.00%, 05/01/2037 | 3000 | 3371 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Wisconsin — continued** |  |  |
| Series 2024-2, GO, 5.00%, 05/01/2027 | 2000 | 2054 |
| Series A, GO, 4.00%, 05/01/2029 | 2000 | 2003 |
| Series A, GO, 5.00%, 05/01/2034 | 19325 | 22077 |
| Series A, GO, 5.00%, 05/01/2038 | 35000 | 39242 |
| Series B, GO, 4.00%, 05/01/2039 | 500 | 504 |
| University of Wisconsin Hospitals & Clinics, Rev., 5.00%, 04/01/2027 | 900 | 920 |
| University of Wisconsin Hospitals & Clinics, Green Bond University of Wisconsin Hospital, Rev., 4.00%, 04/01/2035 | 440 | 447 |
| University of Wisconsin Hospitals & Clinics, Green Bonds, Rev., 4.00%, 04/01/2046 | 4120 | 3825 |
| Wisconsin Center District, Capital Appreciation Senior Dedicated |  |  |
| Series C, Rev., Zero Coupon, 12/15/2036 | 1550 | 1009 |
| Series C, Rev., Zero Coupon, 12/15/2039 | 1750 | 975 |
| Series C, Rev., Zero Coupon, 12/15/2040 | 1650 | 870 |
| Series D, Rev., Zero Coupon, 12/15/2028 | 545 | 502 |
| Wisconsin Center District, Junior Dedicated, Series D, Rev., Zero Coupon, 12/15/2045 | 8500 | 3472 |
| Wisconsin Department of Transportation, Series A, Rev., 5.00%, 07/01/2027 | 1675 | 1727 |
| Wisconsin Health & Educational Facilities Authority |  |  |
| Rev., 4.00%, 11/15/2043 (p) | 2045 | 1955 |
| Rev., 4.50%, 11/15/2039 | 4000 | 4000 |
| Rev., 5.00%, 10/01/2029 | 5940 | 6325 |
| Rev., 5.00%, 10/01/2030 | 6355 | 6856 |
| Rev., 5.00%, 08/15/2040 | 7000 | 7620 |
| Rev., 5.00%, 08/15/2052 | 5000 | 4844 |
| Wisconsin Health & Educational Facilities Authority Revenue, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2027 | 500 | 517 |
| Wisconsin Health & Educational Facilities Authority, Advocate Aurora Health Care |  |  |
| Rev., 4.00%, 08/15/2035 | 1250 | 1252 |
| Rev., 4.00%, 08/15/2037 | 1605 | 1596 |
| Rev., 4.00%, 08/15/2038 | 1680 | 1654 |
| Wisconsin Health & Educational Facilities Authority, Advocate Aurora Healthcare, Rev., 5.00%, 08/15/2054 (z) | 2590 | 2603 |
| Wisconsin Health & Educational Facilities Authority, Ascension Health Credit Group |  |  |
| Rev., 4.00%, 11/15/2039 | 10500 | 10078 |
| Rev., 5.00%, 11/15/2035 | 4500 | 4507 |
| Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group, Rev., 5.00%, 11/15/2036 | 1775 | 1777 |
| Wisconsin Health & Educational Facilities Authority, Bellin Memorial Hospital, Inc. |  |  |
| Rev., 5.00%, 12/01/2045 | 2500 | 2608 |
| Series B, Rev., 5.25%, 12/01/2048 | 3000 | 3164 |
| Wisconsin Health & Educational Facilities Authority, Beloit Health System, Inc., Rev., 4.00%, 07/01/2046 | 1870 | 1662 |
| Wisconsin Health & Educational Facilities Authority, Children's Hospital of Wisconsin, Rev., 4.00%, 08/15/2042 | 5500 | 5145 |
| Wisconsin Health & Educational Facilities Authority, Forensic Science and Protective Medicine Facility Project, Rev., 5.00%, 08/01/2027 (e) | 7000 | 7028 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Series A, Rev., 4.00%, 04/01/2039 | 2710 | 2658 |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. |  |  |
| Series A, Rev., 5.00%, 04/01/2030 | 1280 | 1382 |
| Series A, Rev., 5.00%, 04/01/2033 | 1010 | 1114 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Municipal Bonds — continued** |  |  |
|  **Wisconsin — continued** |  |  |
| Wisconsin Health & Educational Facilities Authority, Froedtert Health, Inc. Obligated |  |  |
| Rev., 4.00%, 04/01/2039 | 5000 | 4822 |
| Rev., 5.00%, 04/01/2035 | 1325 | 1344 |
| Wisconsin Health & Educational Facilities Authority, Gundersen Health System |  |  |
| Rev., 4.00%, 10/15/2035 | 545 | 549 |
| Rev., 4.00%, 10/15/2036 | 2100 | 2104 |
| Wisconsin Health & Educational Facilities Authority, Marshfield Clinic Health System |  |  |
| Rev., 5.00%, 02/15/2047 | 8955 | 8968 |
| Rev., 5.00%, 02/15/2051 (p) (z) | 2600 | 2624 |
| Series B, Rev., 5.00%, 02/15/2042 | 1000 | 1001 |
| Series B, Rev., 5.00%, 02/15/2046 | 8935 | 8936 |
| Wisconsin Health & Educational Facilities Authority, The Medical College of Wisconsin, Rev., 4.00%, 12/01/2046 | 3000 | 2686 |
| Wisconsin Health & Educational Facilities Authority, The Milwaukee Regional Medical Center, Rev., 5.00%, 04/01/2044 | 2500 | 2528 |
| Wisconsin Health & Educational Facilities Authority, Three Pillars Senior Living Communities, Rev., 4.19%, 08/15/2055 | 1000 | 565 |
| Wisconsin Housing & Economic Development Authority |  |  |
| Rev., 5.00%, 08/01/2058 (z) | 245 | 247 |
| Series D, Rev., 4.00%, 03/01/2047 | 35 | 35 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 1860 | 2011 |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue, Sustainable Bond |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.38%, 09/01/2044 | 7000 | 6952 |
| Series C, Rev., GNMA/FNMA/FHLMC, 6.00%, 03/01/2055 | 870 | 948 |
| Wisconsin Housing & Economic Development Authority Housing Revenue, Series E, Rev., HUD, 3.88%, 11/01/2054 (z) | 325 | 325 |
| Wisconsin Housing & Economic Development Authority, Home Ownership Revenue, Sustainable Bonds |  |  |
| Series A, Rev., GNMA/FNMA/FHLMC, 4.15%, 09/01/2041 | 5000 | 4928 |
| Series A, Rev., GNMA/FNMA/FHLMC, 5.75%, 09/01/2056 | 1230 | 1345 |
| Wisconsin Housing & Economic Development Authority, Social Bonds |  |  |
| Series A, Rev., 3.00%, 03/01/2052 | 440 | 433 |
| Series C, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 09/01/2052 | 720 | 708 |
|  |  | 439068 |
| **Wyoming — 0.1%** |  |  |
| Consolidated Municipalities Electric Power Systems Joint Powers Board, Rev., 5.25%, 06/01/2039 | 1000 | 1082 |
| County of Laramie, Cheyenne Regional Medical Center, Rev., 4.00%, 05/01/2026 | 615 | 615 |
| County of Sweetwater, Idaho Power Company Project, Rev., 1.70%, 07/15/2026 | 1045 | 1039 |
| Wyoming Community Development Authority |  |  |
| Rev., 6.00%, 12/01/2054 | 460 | 498 |
| Series 2, Rev., VRDO, LIQ: Royal Bank of Canada, 2.42%, 04/07/2026 (z) | 3000 | 3000 |
| Series 2, Rev., 3.00%, 06/01/2049 | 605 | 597 |
| Series 3, Rev., GNMA/FHLMC/FNMA COLL, 3.00%, 06/01/2050 | 695 | 689 |
| Series 3, Rev., GNMA/FNMA/FHLMC, 4.70%, 12/01/2043 | 5000 | 5072 |
| Series 6, Rev., 3.90%, 12/01/2034 | 1975 | 1975 |
|  |  | 14567 |
| Total Municipal Bonds<br>(Cost $16,453,549) |  | 16222988 |

---

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> WARRANTS** | **VALUE ($)** |
| **Warrant — 0.0%** (g) |  |  |
|  **Industrial — 0.0%** (g) |  |  |
|  **Transportation — 0.0%** (g) |  |  |
| BL Train Holdings West LLC, expiring 11/26/2035 (a)(bb)<br>(Cost $- (h)) | 9 | — (h) |
|  | **PRINCIPAL <br> AMOUNT ($)** |  |
| **Short-Term Investments — 3.1%** |  |  |
|  **Municipal Bonds — 0.6%** (t) |  |  |
| Alvin Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 2280 | 2329 |
| Bulloch County Board of Education, GO, 5.00%, 11/01/2026 | 5250 | 5326 |
| City of Los Angeles, Rev., TRAN, 5.00%, 06/25/2026 | 22580 | 22710 |
| City of Raleigh, GO, 5.00%, 04/01/2026 | 2075 | 2075 |
| County of Fairfax, Series B, GO, 5.00%, 10/01/2026 | 38100 | 38581 |
| Denton Independent School District, Series C, GO, PSF-GTD, 5.00%, 08/15/2026 | 1000 | 1009 |
| Hampton Roads Sanitation District, Series A, Rev., 5.00%, 07/15/2026 | 1505 | 1516 |
| Massachusetts Development Finance Agency, 5.00%, 02/15/2027 (w) | 8000 | 8167 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd, Rev., 3.35%, 04/01/2026 | 750 | 750 |
| Michigan State Hospital Finance Authority, Bronson Healthcare Group, Inc., Rev., 5.00%, 05/15/2026 | 1075 | 1078 |
| New York State Dormitory Authority, Series A, Rev., 5.00%, 03/15/2027 | 2500 | 2559 |
| Pennsylvania Turnpike Commission, Subordinated Bond, Rev., 5.00%, 06/01/2026 | 5750 | 5771 |
| Puerto Rico Electric Power Authority, Series AAA, Rev., 5.25%, 07/01/2024 (d) | 2450 | 1629 |
| Rhode Island Infrastructure Bank State Revolving Fund, Master Trust, Series B, Rev., 5.00%, 10/01/2026 | 9085 | 9200 |
| Richardson Independent School District, GO, PSF-GTD, 5.00%, 02/15/2027 | 2100 | 2146 |
| Western Maricopa Education Center District No. 402, School Improvement Project, Series A, GO, 5.00%, 07/01/2026 | 2445 | 2460 |
| Total Municipal Bonds |  | 107306 |
|  **Time Deposits — 2.5%** |  |  |
|  Australia & New Zealand Banking Group Ltd., 2.98%, 04/01/2026 | 98317 | 98317 |
|  Brown Brothers Harriman & Co., 2.98%, 04/01/2026 | — (h) | — (h) |
|  Citibank NA, 2.98%, 04/01/2026 | 300000 | 300000 |
|  Royal Bank of Canada, 2.98%, 04/01/2026 | 10350 | 10350 |
|  Sumitomo Mitsui Banking Corp., 2.98%, 04/01/2026 | 9513 | 9513 |
|  Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 | 922 | 922 |
| Total Time Deposits |  | 419102 |
| Total Short-Term Investments<br>(Cost $527,319) |  | 526408 |
| **Total Investments — 99.6%<br>(Cost—$17,034,166)** |  | **16801614** |
| **Other Assets in Excess of Liabilities — 0.4%** |  | **66755** |
| **NET ASSETS — 100.0%** |  | $**16868369** |

---

Percentages indicated are based on net assets.

------

**Six Circles Tax Aware Bond Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF MARCH 31, 2026 |
| AMBAC – Insured by American Municipal Bond Assurance Corp. |
| AMT – Alternative Minimum Tax |
| BAM – Insured by Build America Mutual |
| BAN – Bond Anticipation Note |
| BHAC – Insured by Berkshire Hathaway Assurance Corp. |
| CNTY – County |
| COLL – Collateral |
| COP – Certificate of Participation |
| CR – Custodial Receipts |
| FHA – Federal Housing Administration |
| FHLMC – Federal Home Loan Mortgage Corp. |
| FNMA – Federal National Mortgage Association |
| GAN – Grant Anticipation Note |
| GNMA – Government National Mortgage Association |
| GO – General Obligation |
| GTD – Guaranteed |
| HUD – U.S. Department of Housing and Urban Development |
| LIQ – Liquidity Agreement |
| LOC – Letter of Credit |
| NATL – Insured by National Public Finance Guarantee Corp. |
| PSF – Permanent School Fund |
| Q-SBLF – Qualified School Bond Loan Fund |
| Rev. – Revenue |
| SCH BD GTY – School Bond Guaranty |
| SONYMA – State of New York Mortgage Agency |
| SOFR – Secured Overnight Financing Rate |
| TRAN – Tax & Revenue Anticipation Note |
| VRDO – Variable Rate Demand Obligation. The interest rate shown is the rate in effect as of March 31, 2026. |
| (a) – Non-income producing security. |
| (d) – Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) – Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (g) – Amount rounds to less than 0.05%. |
| (h) – Amount rounds to less than 500 shares/principal or $500. |
| (p) – Security is prerefunded or escrowed to maturity. |
| (t) – The date shown represents the earliest of the next put date,next demand date or final maturity date. |
| (w) – All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (z) – Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2026. |
| (aa) – Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2026. |
| (bb) – Security has been valued using significant unobservable inputs. |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Asset-Backed Securities — 2.1%**  |  |  |
| **Automobile ABS — 0.8%** |  |  |
| AmeriCredit Automobile Receivables Trust, |  |  |
| Series 2023-1, Class C, 5.80%, 12/18/2028 | 240 | 243 |
| Series 2024-1, Class A3, 5.43%, 01/18/2029 | 532 | 536 |
| Bayview Opportunity Master Fund VII LLC, Series 2024-CAR1, Class A, (United States 30 Day Average SOFR + 1.10%), 4.76%, 12/26/2031 (e) (aa) | 231 | 231 |
| CarMax Auto Owner Trust, |  |  |
| Series 2023-1, Class B, 4.98%, 01/16/2029 | 1670 | 1681 |
| Series 2023-2, Class B, 5.18%, 11/15/2028 | 2200 | 2223 |
| Series 2023-4, Class B, 6.39%, 05/15/2029 | 1245 | 1282 |
| Series 2024-2, Class A3, 5.50%, 01/16/2029 | 847 | 855 |
| CarMax Select Receivables Trust, Series 2024-A, Class A2A, 5.78%, 09/15/2027 | 12 | 12 |
| Carvana Auto Receivables Trust, Series 2021-N1, Class A, 0.70%, 01/10/2028 | 12 | 12 |
| Citizens Auto Receivables Trust, |  |  |
| Series 2023-1, Class A3, 5.84%, 01/18/2028 (e) | 496 | 498 |
| Series 2023-1, Class A4, 5.78%, 10/15/2030 (e) | 1000 | 1011 |
| Series 2023-2, Class A3, 5.83%, 02/15/2028 (e) | 441 | 443 |
| CPS Auto Receivables Trust, Series 2024-A, Class D, 6.13%, 04/15/2030 (e) | 630 | 639 |
| Drive Auto Receivables Trust, Series 2025-1, Class A2, 4.87%, 08/15/2028 | 101 | 101 |
| Exeter Automobile Receivables Trust, |  |  |
| Series 2024-2A, Class C, 5.74%, 05/15/2029 | 644 | 649 |
| Series 2024-3A, Class D, 5.98%, 09/16/2030 | 120 | 123 |
| Series 2025-4A, Class A3, 4.39%, 09/17/2029 | 1780 | 1782 |
| Ford Credit Auto Lease Trust, Series 2024-A, Class B, 5.29%, 06/15/2027 | 1230 | 1233 |
| Ford Credit Auto Owner Trust, REV2, Series 2023-2, Class A, 5.28%, 02/15/2036 (e) | 185 | 189 |
| GLS Auto Receivables Issuer Trust, Series 2025-3A, Class A3, 4.44%, 03/15/2029 (e) | 1441 | 1445 |
| GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77%, 08/11/2036 (e) | 265 | 274 |
| Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, 05/20/2032 (e) | 430 | 436 |
| Kinetic Advantage Master Owner Trust, Series 2025-1A, Class A, (United States 30 Day Average SOFR + 2.20%), 5.87%, 10/15/2029 (e) (aa) | 390 | 392 |
| LAD Auto Receivables Trust, |  |  |
| Series 2023-3A, Class C, 6.43%, 12/15/2028 (e) | 1695 | 1718 |
| Series 2024-2A, Class A3, 5.61%, 08/15/2028 (e) | 485 | 487 |
| M&T Bank RV Trust, Series 2026-1A, Class A, 4.35%, 01/15/2046 (e) | 388 | 384 |
| Merchants Fleet Funding LLC, Series 2024-1A, Class A, 5.82%, 04/20/2037 (e) | 858 | 862 |
| Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93%, 03/15/2028 | 836 | 841 |
| Octane Receivables Trust, |  |  |
| Series 2024-2A, Class A2, 5.80%, 07/20/2032 (e) | 190 | 191 |
| Series 2024-3A, Class A2, 4.94%, 05/20/2030 (e) | 828 | 831 |
| Santander Drive Auto Receivables Trust, |  |  |
| Series 2022-7, Class C, 6.69%, 03/17/2031 | 1046 | 1063 |
| Series 2023-1, Class C, 5.09%, 05/15/2030 | 716 | 720 |
| Series 2023-3, Class C, 5.77%, 11/15/2030 | 975 | 989 |
| Series 2024-1, Class C, 5.45%, 03/15/2030 | 900 | 908 |
| Series 2024-2, Class B, 5.78%, 07/16/2029 | 1395 | 1407 |
| Series 2024-2, Class C, 5.84%, 06/17/2030 | 700 | 713 |
| Series 2024-3, Class B, 5.55%, 09/17/2029 | 325 | 328 |
| Series 2025-1, Class B, 4.88%, 03/17/2031 | 320 | 321 |
| SFS Auto Receivables Securitization Trust, Series 2024-1A, Class A3, 4.95%, 05/21/2029 (e) | 741 | 745 |
| US Bank NA, Series 2026-RVM1, Class B1, 4.96%, 12/25/2046 (e) | 1100 | 1095 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — (continued)** |  |  |  |
| **Automobile ABS — (continued)** |  |  |  |
| Western Funding Auto Loan Trust, Series 2025-1, Class A, 4.75%, 07/16/2035 (e) |  | 1025 | 1030 |
| Westlake Automobile Receivables Trust, |  |  |  |
| Series 2023-1A, Class D, 6.79%, 11/15/2028 (e) |  | 560 | 569 |
| Series 2023-3A, Class C, 6.02%, 09/15/2028 (e) |  | 995 | 1001 |
| Series 2024-1A, Class B, 5.55%, 11/15/2027 (e) |  | 938 | 940 |
| Series 2024-1A, Class C, 5.65%, 02/15/2029 (e) |  | 1155 | 1164 |
| Series 2024-1A, Class D, 6.02%, 10/15/2029 (e) |  | 1535 | 1563 |
| Series 2024-2A, Class D, 5.91%, 04/15/2030 (e) |  | 590 | 602 |
| Series 2025-2A, Class B, 4.63%, 01/15/2031 (e) |  | 1560 | 1566 |
| World Omni Auto Receivables Trust, Series 2023-D, Class A3, 5.79%, 02/15/2029 |  | 2547 | 2571 |
| Total Automobile ABS |  |  | 40899 |
| **Other ABS — 1.3%** |  |  |  |
| Affirm Master Trust, |  |  |  |
| Series 2025-1A, Class A, 4.99%, 02/15/2033 (e) |  | 450 | 453 |
| Series 2025-2A, Class A, 4.67%, 07/15/2033 (e) |  | 750 | 752 |
| Series 2026-1A, Class A, 4.37%, 02/15/2034 (e) |  | 800 | 797 |
| AGL CLO 1 Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.20%), 4.87%, 10/20/2034 (e) (aa) |  | 1860 | 1861 |
| AlbaCore EURO CLO I DAC, (Ireland), Series 1A, (EURIBOR 3 Month + 3.78%), 5.98%, 04/18/2039 (e) (aa) | EUR | 4000 | 4600 |
| Allegany Park CLO Ltd., (Cayman Islands), Series 2019-1A, Class ARR, (CME Term SOFR 3 Month + 1.10%), 4.77%, 01/20/2035 (e) (aa) |  | 250 | 250 |
| Barings Euro CLO 2023-1 DAC, (Ireland), Series 2023-1X, Reg. S, (EURIBOR 3 Month + 7.83%), 9.86%, 07/30/2038 (aa) | EUR | 3000 | 3198 |
| Battalion CLO IX Ltd., (Cayman Islands), Series 2015-9A, Class BRR, (CME Term SOFR 3 Month + 1.60%), 5.27%, 07/15/2031 (e) (aa) |  | 1050 | 1050 |
| Battalion CLO XI Ltd., (Cayman Islands), Series 2017-11A, Class AR2, (CME Term SOFR 3 Month + 1.13%), 4.80%, 04/24/2034 (e) (aa) |  | 607 | 606 |
| Black Diamond CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class A1AR, (CME Term SOFR 3 Month + 1.25%), 4.92%, 11/22/2034 (e) (aa) |  | 550 | 550 |
| Bridge Street CLO III Ltd., (Cayman Islands), Series 2022-1X, Reg. S, (CME Term SOFR 3 Month + 7.34%), 11.01%, 10/20/2037 (aa) |  | 2000 | 1896 |
| Carlyle Global Market Strategies CLO 2015-4 Ltd., (Cayman Islands), Series 2015-4A, Class AJR3, (CME Term SOFR 3 Month + 1.20%), 4.87%, 07/20/2032 (e) (aa) |  | 1500 | 1499 |
| Carlyle Global Market Strategies CLO 2015-5 Ltd., (Cayman Islands), Series 2015-5A, Class A2R4, (CME Term SOFR 3 Month + 1.20%), 4.87%, 01/20/2032 (e) (aa) |  | 1490 | 1488 |
| Carlyle Global Market Strategies CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R3, (CME Term SOFR 3 Month + 1.09%), 4.76%, 04/20/2034 (e) (aa) |  | 450 | 450 |
| Carlyle US CLO 2021-9 Ltd., (Cayman Islands), Series 2021-9A, Class AR, (CME Term SOFR 3 Month + 1.11%), 4.78%, 10/20/2034 (e) (aa) |  | 270 | 270 |
| Cathedral Lake VI Ltd., (Cayman Islands), Series 2021-6A, Class ANR, (CME Term SOFR 3 Month + 1.20%), 4.87%, 04/25/2034 (e) (aa) |  | 570 | 570 |
| Cedar Funding IX CLO Ltd., (Cayman Islands), Series 2018-9A, Class AR, (CME Term SOFR 3 Month + 1.42%), 5.09%, 07/20/2037 (e) (aa) |  | 760 | 760 |
| Clover CLO 2021-3 LLC, Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.07%), 4.74%, 01/25/2035 (e) (aa) |  | 380 | 380 |
| Columbia Cent CLO 30 Ltd., (Cayman Islands), Series 2020-30A, Class A1R2, (CME Term SOFR 3 Month + 1.05%), 4.72%, 01/20/2034 (e) (aa) |  | 850 | 850 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — (continued)** |  |  |
| **Other ABS — (continued)** |  |  |
| Columbia Cent CLO 32 Ltd., (Cayman Islands), Series 2022-32A, Class A1R2, (CME Term SOFR 3 Month + 1.12%), 4.79%, 07/24/2034 (e) (aa) | 940 | 940 |
| Dell Equipment Finance Trust, Series 2023-3, Class D, 6.75%, 10/22/2029 (e) | 1005 | 1009 |
| Dryden 104 CLO Ltd., (Cayman Islands), Series 2022-104A, Class A1R, (CME Term SOFR 3 Month + 1.29%), 4.95%, 08/20/2034 (e) (aa) | 980 | 979 |
| Golub Capital Partners CLO 19B-R3 Ltd., (Cayman Islands), Series 2017-19RA, Class A1R3, (CME Term SOFR 3 Month + 1.15%), 5.04%, 10/20/2036 (e) (aa) | 1750 | 1747 |
| HPEFS Equipment Trust, Series 2025-1A, Class A3, 4.43%, 09/20/2032 (e) | 560 | 561 |
| IFC Emerging Markets Securitization Ltd., (Cayman Islands), Series 2025-1A, Class A, (CME Term SOFR 3 Month + 1.30%), 4.97%, 12/31/2035 (e) (aa) | 615 | 615 |
| Invesco US CLO 2023-1 Ltd., (Jersey), Series 2023-1A, Class AR2, (CME Term SOFR 3 Month + 1.11%), 4.78%, 04/22/2037 (e) (aa) | 1300 | 1296 |
| Jamestown CLO XV Ltd., (Cayman Islands), Series 2020-15A, Class DR, (CME Term SOFR 3 Month + 3.85%), 7.52%, 07/15/2035 (e) (aa) | 2000 | 1931 |
| KKR CLO 23 Ltd., (Cayman Islands), Series 23, Class BR, (CME Term SOFR 3 Month + 1.55%), 5.22%, 10/20/2031 (e) (aa) | 1190 | 1190 |
| KKR CLO 26 Ltd., (Cayman Islands), Series 26, Class ARR, (CME Term SOFR 3 Month + 1.10%), 4.77%, 10/15/2034 (e) (aa) | 1000 | 999 |
| KKR CLO 40 Ltd., (Jersey), Series 40A, Class AR, (CME Term SOFR 3 Month + 1.30%), 4.97%, 10/20/2034 (e) (aa) | 1710 | 1710 |
| LCM Ltd., (Cayman Islands), |  |  |
| Series 33A, Class AR, (CME Term SOFR 3 Month + 1.18%), 4.85%, 07/20/2034 (e) (aa) | 640 | 640 |
| Series 35A, Class A1R, (CME Term SOFR 3 Month + 1.08%), 4.75%, 10/15/2034 (e) (aa) | 680 | 679 |
| Lendmark Funding Trust, Series 2021-2A, Class A, 2.00%, 04/20/2032 (e) | 915 | 885 |
| Madison Park Funding LVII Ltd., (Cayman Islands), Series 2022-57A, Class A1R, (CME Term SOFR 3 Month + 1.28%), 4.95%, 07/27/2034 (e) (aa) | 1770 | 1769 |
| Madison Park Funding XXX Ltd., (Cayman Islands), Series 2018-30A, Class A1R, (CME Term SOFR 3 Month + 1.36%), 5.03%, 07/16/2037 (e) (aa) | 1470 | 1471 |
| Mariner Finance Issuance Trust, |  |  |
| Series 2021-AA, Class A, 1.86%, 03/20/2036 (e) | 892 | 882 |
| Series 2021-BA, Class A, 2.10%, 11/20/2036 (e) | 1395 | 1360 |
| Navesink CLO 4 Ltd., (Cayman Islands), Series 2025-4A, Class A1, (CME Term SOFR 3 Month + 1.28%), 5.20%, 10/15/2037 (e) (aa) | 730 | 729 |
| Neuberger Berman Loan Advisers CLO 50 Ltd., (Jersey), Series 2022-50A, Class AR2, (CME Term SOFR 3 Month + 1.04%), 4.70%, 07/23/2036 (e) (aa) | 2650 | 2647 |
| Ocean Trails CLO XI, (Cayman Islands), Series 2021-11A, Class AR, (CME Term SOFR 3 Month + 1.03%), 4.70%, 07/20/2034 (e) (aa) | 1350 | 1349 |
| Octagon Investment Partners 41 Ltd., (Cayman Islands), Series 2019-2A, Class A1R2, (CME Term SOFR 3 Month + 1.09%), 4.76%, 10/15/2033 (e) (aa) | 600 | 600 |
| Octagon Investment Partners 45 Ltd., (Cayman Islands), Series 2019-1A, Class A1RR, (CME Term SOFR 3 Month + 1.15%), 4.82%, 04/15/2035 (e) (aa) | 800 | 799 |
| OFSI BSL IX Ltd., (Cayman Islands), Series 2018-1A, Class AR, (CME Term SOFR 3 Month + 1.19%), 4.86%, 07/15/2031 (e) (aa) | 1870 | 1870 |
| OneMain Financial Issuance Trust, |  |  |
| Series 2019-2A, Class A, 3.14%, 10/14/2036 (e) | 535 | 526 |
| Series 2021-1A, Class A1, 1.55%, 06/16/2036 (e) | 290 | 283 |
| Series 2022-3A, Class A, 5.94%, 05/15/2034 (e) | 75 | 75 |
| Series 2023-1A, Class A, 5.50%, 06/14/2038 (e) | 1360 | 1388 |
| Parallel Ltd., (Cayman Islands), Series 2023-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.06%, 07/20/2036 (e) (aa) | 1080 | 1079 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — (continued)** |  |  |
| **Other ABS — (continued)** |  |  |
| PEAC Solutions Receivables LLC, |  |  |
| Series 2026-1A, Class A2, 4.27%, 10/20/2028 (e) | 1385 | 1384 |
| Series 2026-1A, Class A3, 4.39%, 07/20/2033 (e) | 1270 | 1269 |
| PPM CLO 2 Ltd., (Cayman Islands), Series 2019-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 4.81%, 04/16/2037 (e) (aa) | 1850 | 1848 |
| RR 20 Ltd., (Bermuda), Series 2022-20A, Class A1R, (CME Term SOFR 3 Month + 0.99%), 4.66%, 07/15/2037 (e) (aa) | 700 | 699 |
| Saratoga Investment Corp. Senior Loan Fund Ltd, (Cayman Islands), Series 2022-1A, Class A1R, (CME Term SOFR 3 Month + 1.39%), 5.06%, 10/20/2037 (e) (aa) | 1250 | 1249 |
| SCF Equipment Leasing LLC, |  |  |
| Series 2024-1A, Class A3, 5.52%, 01/20/2032 (e) | 145 | 147 |
| Series 2025-1A, Class A3, 5.11%, 11/21/2033 (e) | 415 | 422 |
| Signal Peak CLO 4 Ltd., (Cayman Islands), Series 2017-4A, Class AR2, (CME Term SOFR 3 Month + 1.12%), 4.79%, 10/26/2034 (e) (aa) | 1170 | 1169 |
| Symphony CLO 30 Ltd., (Jersey), Series 2023-30A, Class A1R, (CME Term SOFR 3 Month + 1.54%), 5.21%, 10/20/2037 (e) (aa) | 560 | 560 |
| Trinitas CLO XII Ltd., (Cayman Islands), Series 2020-12A, Class A1R2, (CME Term SOFR 3 Month + 1.05%), 4.72%, 04/25/2033 (e) (aa) | 377 | 377 |
| Trinitas CLO XVI Ltd., (Cayman Islands), Series 2021-16A, Class A1R, (CME Term SOFR 3 Month + 1.13%), 4.80%, 07/20/2034 (e) (aa) | 850 | 850 |
| Venture 28A CLO Ltd., (Cayman Islands), Series 2017-28AA, Class A2RR, (CME Term SOFR 3 Month + 1.45%), 5.12%, 10/20/2034 (e) (aa) | 2200 | 2201 |
| Venture 45 CLO Ltd., (Jersey), Series 2022-45A, Class A1R, (CME Term SOFR 3 Month + 1.27%), 4.94%, 07/20/2035 (e) (aa) | 580 | 579 |
| Verizon Master Trust, Series 2024-7, Class A, 4.35%, 08/20/2032 (e) | 235 | 236 |
| Voya CLO 2016-1 Ltd., (Cayman Islands), Series 2016-1A, Class A1R, (CME Term SOFR 3 Month + 1.33%), 5.00%, 01/20/2031 (e) (aa) | 47 | 47 |
| Wind River 2022-1 CLO Ltd., (Cayman Islands), Series 2022-1A, Class AR, (CME Term SOFR 3 Month + 1.35%), 5.02%, 07/20/2035 (e) (aa) | 780 | 779 |
| Wingspire Equipment Finance LLC, Series 2025-1A, Class A2, 4.33%, 09/20/2033 (e) | 1390 | 1391 |
| Total Other ABS |  | 69495 |
| **Student Loan ABS — 0.0%** (g) |  |  |
| Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36%, 04/20/2062 (e) | 251 | 239 |
| Total Asset-Backed Securities |  |  |
| (Cost $110,939) |  | 110633 |
| **Collateralized Mortgage Obligations — 0.2%** |  |  |
| **WL Collateral CMO — 0.2%** |  |  |
| Connecticut Avenue Securities Series, Series 2025-R01, Class 1M1, (United States 30 Day Average SOFR + 1.10%), 4.76%, 01/25/2045 (e) (aa) | 54 | 55 |
| Connecticut Avenue Securities Trust, |  |  |
| Series 2024-R03, Class 2M1, (United States 30 Day Average SOFR + 1.15%), 4.81%, 03/25/2044 (e) (aa) | 235 | 235 |
| Series 2025-R02, Class 1A1, (United States 30 Day Average SOFR + 1.00%), 4.66%, 02/25/2045 (e) (aa) | 226 | 226 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — (continued)** |  |  |
| **WL Collateral CMO — (continued)** |  |  |
| FHLMC STACR REMIC Trust, |  |  |
| Series 2022-DNA1, Class M2, (United States 30 Day Average SOFR + 2.50%), 6.16%, 01/25/2042 (e) (aa) | 324 | 327 |
| Series 2022-DNA2, Class M2, (United States 30 Day Average SOFR + 3.75%), 7.41%, 02/25/2042 (e) (aa) | 400 | 408 |
| Series 2022-DNA3, Class M2, (United States 30 Day Average SOFR + 4.35%), 8.01%, 04/25/2042 (e) (aa) | 175 | 180 |
| Series 2022-HQA1, Class M2, (United States 30 Day Average SOFR + 5.25%), 8.91%, 03/25/2042 (e) (aa) | 500 | 517 |
| Series 2023-HQA1, Class M1A, (United States 30 Day Average SOFR + 2.00%), 5.66%, 05/25/2043 (e) (aa) | 174 | 175 |
| Series 2024-DNA2, Class A1, (United States 30 Day Average SOFR + 1.25%), 4.91%, 05/25/2044 (e) (aa) | 948 | 948 |
| Series 2024-DNA3, Class A1, (United States 30 Day Average SOFR + 1.05%), 4.71%, 10/25/2044 (e) (aa) | 253 | 253 |
| Series 2024-HQA1, Class A1, (United States 30 Day Average SOFR + 1.25%), 4.91%, 03/25/2044 (e) (aa) | 212 | 212 |
| Series 2024-HQA1, Class M1, (United States 30 Day Average SOFR + 1.25%), 4.91%, 03/25/2044 (e) (aa) | 242 | 242 |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| Series 2025-DSC3, Class A1, 4.91%, 09/25/2070 (e) (z) | 642 | 640 |
| Series 2026-DSC1, Class A1FC, SUB, 4.62%, 01/25/2071 (e) | 455 | 453 |
| NYMT Loan Trust, Series 2026-INV1, Class A1FC, SUB, 4.61%, 02/25/2061 (e) | 204 | 203 |
| OBX Trust, |  |  |
| Series 2025-NQM16, Class A1, 4.91%, 08/25/2065 (e) (z) | 335 | 334 |
| Series 2025-NQM17, Class A1FC, SUB, 4.85%, 08/25/2065 (e) | 2623 | 2614 |
| Series 2025-NQM21, Class A1FC, SUB, 4.92%, 10/25/2065 (e) | 1547 | 1542 |
| Verus Securitization Trust, |  |  |
| Series 2021-1, Class A1, 0.82%, 01/25/2066 (e) (z) | 109 | 99 |
| Series 2025-12, Class A1FC, SUB, 4.86%, 12/25/2070 (e) | 1612 | 1607 |
| Total WL Collateral CMO |  | 11270 |
| Total Collateralized Mortgage Obligations |  |  |
| (Cost $11,327) |  | 11270 |
| **Commercial Mortgage-Backed Securities — 0.8%** |  |  |
| **Commercial MBS — 0.8%** |  |  |
| Arbor Realty Commercial Real Estate Notes LLC, Series 2025-FL1, Class A, (CME Term SOFR 1 Month + 1.35%), 5.03%, 01/20/2043 (e) (aa) | 1300 | 1297 |
| ARDN Mortgage Trust, Series 2025-ARCP, Class A, (CME Term SOFR 1 Month + 1.75%), 5.42%, 06/15/2035 (e) (aa) | 140 | 139 |
| ARES Commercial Mortgage Trust, Series 2026-AZURE, Class A, (CME Term SOFR 1 Month + 1.35%), 5.00%, 03/15/2038 (e) (aa) | 450 | 450 |
| BANK5, |  |  |
| Series 2024-5YR11, Class A3, 5.89%, 11/15/2057 | 2370 | 2460 |
| Series 2024-5YR8, Class A3, 5.88%, 08/15/2057 | 450 | 467 |
| Series 2025-5YR14, Class A3, 5.65%, 04/15/2058 | 1300 | 1343 |
| BANK5 Trust, Series 2024-5YR6, Class A3, 6.23%, 05/15/2057 | 1250 | 1300 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — (continued)** |  |  |
| **Commercial MBS — (continued)** |  |  |
| BBCMS Mortgage Trust, |  |  |
| Series 2024-5C29, Class A2, 4.74%, 09/15/2057 | 695 | 698 |
| Series 2025-5C34, Class A3, 5.66%, 05/15/2058 | 550 | 568 |
| Series 2025-5C33, Class A4, 5.84%, 03/15/2058 | 310 | 322 |
| BDS LLC, |  |  |
| Series 2025-FL15, Class A, (CME Term SOFR 1 Month + 1.40%), 5.08%, 03/19/2043 (e) (aa) | 590 | 589 |
| Series 2025-FL16, Class A, (CME Term SOFR 1 Month + 1.40%), 5.08%, 06/19/2043 (e) (aa) | 550 | 549 |
| Benchmark Mortgage Trust, |  |  |
| Series 2018-B2, Class A5, 3.88%, 02/15/2051 (z) | 90 | 89 |
| Series 2019-B11, Class A5, 3.54%, 05/15/2052 | 410 | 396 |
| Series 2024-V7, Class A3, 6.23%, 05/15/2056 (z) | 690 | 719 |
| Series 2024-V9, Class A3, 5.60%, 08/15/2057 | 1000 | 1026 |
| Series 2024-V11, Class A3, 5.91%, 11/15/2057 (z) | 1020 | 1059 |
| Series 2025-V14, Class A4, 5.66%, 04/15/2057 | 700 | 723 |
| Series 2025-V16, Class A3, 5.44%, 08/15/2058 (z) | 470 | 483 |
| Series 2025-V18, Class A3, 5.18%, 10/15/2058 | 1110 | 1130 |
| BMO Mortgage Trust, |  |  |
| Series 2024-5C8, Class A3, 5.63%, 12/15/2057 (z) | 1410 | 1451 |
| Series 2025-5C11, Class A3, 5.67%, 07/15/2058 | 200 | 206 |
| BSPDF Issuer LLC, Series 2026-FL3, Class A, (CME Term SOFR 1 Month + 1.45%), 5.10%, 09/18/2043 (e) (aa) | 330 | 329 |
| BX Commercial Mortgage Trust, |  |  |
| Series 2024-XL4, Class A, (CME Term SOFR 1 Month + 1.44%), 5.11%, 02/15/2039 (e) (aa) | 176 | 176 |
| Series 2025-BCAT, Class A, (CME Term SOFR 1 Month + 1.38%), 5.05%, 08/15/2042 (e) (aa) | 393 | 393 |
| BX Trust, |  |  |
| Series 2019-OC11, Class E, 3.94%, 12/09/2041 (e) (z) | 3005 | 2777 |
| Series 2024-CNYN, Class A, (CME Term SOFR 1 Month + 1.44%), 5.11%, 04/15/2041 (e) (aa) | 813 | 813 |
| Series 2025-ROIC, Class A, (CME Term SOFR 1 Month + 1.14%), 4.82%, 03/15/2030 (e) (aa) | 273 | 272 |
| Series 2025-TAIL, Class A, (CME Term SOFR 1 Month + 1.40%), 5.07%, 06/15/2035 (e) (aa) | 310 | 310 |
| Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4, 3.01%, 01/15/2053 | 1910 | 1787 |
| Citigroup Commercial Mortgage Trust, |  |  |
| Series 2016-GC36, Class A5, 3.62%, 02/10/2049 | 245 | 243 |
| Series 2016-P4, Class A4, 2.90%, 07/10/2049 | 275 | 274 |
| CONE Trust, Series 2024-DFW1, Class A, (CME Term SOFR 1 Month + 1.64%), 5.31%, 08/15/2041 (e) (aa) | 300 | 298 |
| DBC Mortgage Trust, Series 2025-DBC, Class A, (CME Term SOFR 1 Month + 1.35%), 5.02%, 11/15/2042 (e) (aa) | 640 | 640 |
| DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/2051 | 1260 | 1251 |
| FS Rialto Issuer LLC, Series 2025-FL10, Class A, (CME Term SOFR 1 Month + 1.39%), 5.06%, 08/19/2042 (e) (aa) | 1050 | 1048 |
| GS Mortgage Securities Trust, |  |  |
| Series 2017-GS6, Class A2, 3.16%, 05/10/2050 | 637 | 630 |
| Series 2017-GS7, Class A4, 3.43%, 08/10/2050 | 910 | 897 |
| Series 2019-GSA1, Class A4, 3.05%, 11/10/2052 | 1670 | 1583 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A, 5.47%, 01/13/2040 (e) (z) | 750 | 767 |
| JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A4, 3.41%, 03/15/2050 | 565 | 560 |
| KIND Commercial Mortgage Trust, Series 2024-1, Class A, (CME Term SOFR 1 Month + 1.89%), 5.56%, 08/15/2041 (e) (aa) | 310 | 310 |
| LoanCore Issuer Ltd., (Cayman Islands), Series 2022-CRE7, Class A, (United States 30 Day Average SOFR + 1.55%), 5.22%, 01/17/2037 (e) (aa) | 96 | 95 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Commercial Mortgage-Backed Securities — (continued)** |  |  |  |
| **Commercial MBS — (continued)** |  |  |  |
| MF1 LLC, Series 2022-FL9, Class A, (CME Term SOFR 1 Month + 2.15%), 5.83%, 06/19/2037 (e) (aa) |  | 766 | 766 |
| MF1 Ltd., (Cayman Islands), Series 2021-FL7, Class A, (CME Term SOFR 1 Month + 1.19%), 4.87%, 10/16/2036 (e) (aa) |  | 21 | 21 |
| Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |
| Series 2016-C29, Class A4, 3.33%, 05/15/2049 |  | 150 | 149 |
| Series 2025-5C1, Class A3, 5.64%, 03/15/2058 |  | 640 | 660 |
| Morgan Stanley Capital I Trust, Series 2024-NSTB, Class A, 3.90%, 09/24/2057 (e) (z) |  | 880 | 868 |
| PFP Ltd., (Cayman Islands), Series 2025-12, Class A, (CME Term SOFR 1 Month + 1.49%), 5.17%, 12/18/2042 (e) (aa) |  | 790 | 790 |
| ROCK Trust, Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (e) |  | 1220 | 1240 |
| SCG Trust, Series 2025-SNIP, Class A, (CME Term SOFR 1 Month + 1.50%), 5.17%, 09/15/2042 (e) (aa) |  | 520 | 520 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, (CME Term SOFR 1 Month + 1.44%), 5.12%, 02/15/2042 (e) (aa) |  | 540 | 533 |
| UBS Commercial Mortgage Trust, |  |  |  |
| Series 2018-C9, Class A4, 4.12%, 03/15/2051 (z) |  | 660 | 650 |
| Series 2019-C18, Class A4, 3.04%, 12/15/2052 |  | 340 | 320 |
| US Bank NA, Series 2025-SUP1, Class B, 5.58%, 02/25/2032 (e) |  | 228 | 229 |
| Wells Fargo Commercial Mortgage Trust, |  |  |  |
| Series 2016-LC25, Class A4, 3.64%, 12/15/2059 |  | 500 | 498 |
| Series 2017-C42, Class A3, 3.33%, 12/15/2050 |  | 958 | 944 |
| Series 2019-C50, Class A5, 3.73%, 05/15/2052 |  | 90 | 87 |
| Series 2019-C51, Class A3, 3.06%, 06/15/2052 |  | 717 | 685 |
| Series 2025-5C4, Class A3, 5.67%, 05/15/2058 |  | 631 | 652 |
| Series 2025-5C3, Class A3, 6.10%, 01/15/2058 |  | 260 | 272 |
| Total Commercial MBS |  |  | 42801 |
| Total Commercial Mortgage-Backed Securities |  |  |  |
| (Cost $42,695) |  |  | 42801 |
| **Convertible Bonds — 0.1%** |  |  |  |
| **Communications — 0.0%** (g) |  |  |  |
| **Media — 0.0%** (g) |  |  |  |
| Cable One, Inc., 1.13%, 03/15/2028 |  | 657 | 494 |
| **Consumer Cyclical — 0.0%** (g) |  |  |  |
| **Home Builders — 0.0%** (g) |  |  |  |
| Meritage Homes Corp., 1.75%, 05/15/2028 |  | 781 | 752 |
| **Consumer Non-cyclical — 0.0%** (g) |  |  |  |
| **Commercial Services — 0.0%** (g) |  |  |  |
| Block, Inc., Zero Coupon, 05/01/2026 |  | 566 | 564 |
| Worldline SA, (France), Reg. S, Zero Coupon, 07/30/2026 | EUR | 22 | 26 |
| Total Consumer Non-cyclical |  |  | 590 |
| **Energy — 0.1%** |  |  |  |
| **Energy—Alternate Sources — 0.1%** |  |  |  |
| XPLR Infrastructure LP, 2.50%, 06/15/2026 (e) |  | 2447 | 2422 |
| **Financial — 0.0%** (g) |  |  |  |
| **REITS — 0.0%** (g) |  |  |  |
| Digital Realty Trust LP, 1.88%, 11/15/2029 (e) |  | 151 | 160 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Convertible Bonds — (continued)** |  |  |  |
| **Industrial — 0.0%** (g) |  |  |  |
| **Transportation — 0.0%** (g) |  |  |  |
| Ocado Group plc, (United Kingdom), Reg. S, 6.25%, 08/06/2029 | GBP | 200 | 231 |
| **Technology — 0.0%** (g) |  |  |  |
| **Semiconductors — 0.0%** (g) |  |  |  |
| Microchip Technology, Inc., Zero Coupon, 02/15/2030 (e) |  | 300 | 293 |
| Total Convertible Bonds |  |  |  |
| (Cost $5,084) |  |  | 4942 |
| **Corporate Bonds — 69.1%** |  |  |  |
| **Basic Materials — 2.9%** |  |  |  |
| **Chemicals — 1.3%** |  |  |  |
| Advancion Sciences, Inc., 9.25% (cash), 11/01/2026 (e) (v) |  | 42 | 34 |
| ARC Falcon I Inc / Arclin USA LLC / New Arclin US Holding Corp., 9.75%, 03/01/2033 (e) |  | 1936 | 1864 |
| Ashland, Inc., 6.88%, 05/15/2043 |  | 1225 | 1195 |
| ASK Chemicals Deutschland Holding GmbH, (Germany), Reg. S, 10.00%, 11/15/2029 | EUR | 850 | 923 |
| Axalta Coating Systems Dutch Holding B BV, (Netherlands), 7.25%, 02/15/2031 (e) |  | 206 | 214 |
| Axalta Coating Systems LLC, 3.38%, 02/15/2029 (e) |  | 144 | 136 |
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, (Multinational), 4.75%, 06/15/2027 (e) |  | 167 | 166 |
| Celanese US Holdings LLC, |  |  |  |
| 1.40%, 08/05/2026 |  | 280 | 276 |
| 6.50%, 04/15/2030 |  | 71 | 72 |
| 6.75%, 04/15/2033 |  | 625 | 641 |
| 6.85%, 11/15/2028 |  | 352 | 366 |
| 7.00%, 02/15/2031 |  | 128 | 131 |
| 7.05%, 11/15/2030 |  | 230 | 243 |
| 7.17%, 07/15/2027 |  | 122 | 124 |
| 7.20%, 11/15/2033 |  | 236 | 252 |
| 7.33%, 07/15/2029 |  | 178 | 186 |
| 7.38%, 02/15/2034 |  | 486 | 498 |
| 7.38%, 07/15/2032 |  | 235 | 245 |
| Cerdia Finanz GmbH, (Germany), 9.38%, 10/03/2031 (e) |  | 148 | 147 |
| Chemours Co. (The), |  |  |  |
| 4.63%, 11/15/2029 (e) |  | 743 | 699 |
| 5.75%, 11/15/2028 (e) |  | 1383 | 1369 |
| 7.88%, 03/15/2034 (e) |  | 1064 | 1064 |
| 8.00%, 01/15/2033 (e) |  | 75 | 75 |
| Consolidated Energy Finance SA, (Luxembourg), |  | 150 | 140 |
| 5.63%, 10/15/2028 (e) |  |  |  |
| 12.00%, 02/15/2031 (e) |  | 39 | 38 |
| CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (e) |  | 225 | 224 |
| Element Solutions, Inc., 3.88%, 09/01/2028 (e) |  | 3125 | 3043 |
| Equate Petrochemical Co. KSCC, (Kuwait), Reg. S, 4.25%, 11/03/2026 |  | 427 | 422 |
| FIS Fabbrica Italiana Sintetici SpA, (Italy), 5.25%, 02/05/2031 (e) | EUR | 1000 | 1117 |
| FMC Corp., |  |  |  |
| 3.45%, 10/01/2029 |  | 378 | 337 |
| 4.50%, 10/01/2049 |  | 103 | 64 |
| 5.65%, 05/18/2033 |  | 156 | 138 |
| 6.38%, 05/18/2053 |  | 188 | 141 |
| (CMT Index 5 Year + 4.37%), 8.45%, 11/01/2055 (aa) |  | 91 | 59 |
| GC Treasury Center Co. Ltd., (Thailand), |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Chemicals — (continued)** |  |  |  |
| (CMT Index 5 Year + 2.82%), 6.50%, 09/10/2030 (e) (x) (aa) |  | 1000 | 972 |
| (CMT Index 5 Year + 3.16%), 7.13%, 03/10/2035 (e) (x) (aa) |  | 1000 | 975 |
| HB Fuller Co., 4.25%, 10/15/2028 |  | 88 | 85 |
| Herens Holdco Sarl, (Luxembourg), 4.75%, 05/15/2028 (e) |  | 15 | 13 |
| Herens Midco Sarl, (Luxembourg), Reg. S, 5.25%, 05/15/2029 | EUR | 1000 | 480 |
| Huntsman International LLC, |  |  |  |
| 2.95%, 06/15/2031 |  | 85 | 70 |
| 4.50%, 05/01/2029 |  | 155 | 145 |
| INEOS Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 5.63%, 08/15/2030 | EUR | 606 | 609 |
| Reg. S, 6.38%, 04/15/2029 | EUR | 3431 | 3734 |
| Reg. S, 6.63%, 05/15/2028 | EUR | 1000 | 1122 |
| 6.75%, 05/15/2028 (e) |  | 43 | 41 |
| Reg. S, 7.25%, 03/31/2031 | EUR | 1040 | 1093 |
| 7.50%, 04/15/2029 (e) |  | 72 | 70 |
| INEOS Quattro Finance 2 Plc, (United Kingdom), |  |  |  |
| Reg. S, 6.75%, 04/15/2030 | EUR | 830 | 736 |
| Reg. S, 8.50%, 03/15/2029 | EUR | 1561 | 1491 |
| 9.63%, 03/15/2029 (e) |  | 39 | 32 |
| Ingevity Corp., 3.88%, 11/01/2028 (e) |  | 92 | 88 |
| Innophos Holdings, Inc., 11.50%, 06/15/2029 (e) |  | 98 | 81 |
| Itelyum Regeneration SpA, (Italy), Reg. S, 5.75%, 04/15/2030 | EUR | 1771 | 2019 |
| Lune Holdings Sarl, (Luxembourg), Reg. S, 5.63%, 11/15/2028 | EUR | 211 | 5 |
| Mativ Holdings, Inc., 8.00%, 10/01/2029 (e) |  | 73 | 68 |
| Methanex Corp., (Canada), 5.13%, 10/15/2027 |  | 260 | 258 |
| Methanex US Operations, Inc., 6.25%, 03/15/2032 (e) |  | 808 | 826 |
| Minerals Technologies, Inc., 5.00%, 07/01/2028 (e) |  | 143 | 141 |
| Nufarm Australia Ltd. / Nufarm Americas, Inc., (Australia), 5.00%, 01/27/2030 (e) |  | 190 | 171 |
| OCP SA, (Morocco), |  |  |  |
| Reg. S, 3.75%, 06/23/2031 |  | 4400 | 3997 |
| Reg. S, 5.13%, 06/23/2051 |  | 4900 | 3816 |
| Olin Corp., 6.63%, 04/01/2033 (e) |  | 106 | 104 |
| Olympus Water US Holding Corp., 4.25%, 10/01/2028 (e) |  | 607 | 580 |
| Reg. S, 5.38%, 10/01/2029 | EUR | 100 | 107 |
| 6.25%, 10/01/2029 (e) |  | 60 | 56 |
| 6.75%, 08/01/2032 (e) |  | 4209 | 4008 |
| 7.25%, 06/15/2031 (e) |  | 3997 | 3903 |
| 7.25%, 02/15/2033 (e) |  | 4567 | 4358 |
| Perimeter Holdings LLC, 6.25%, 01/15/2034 (e) |  | 2031 | 1992 |
| Sasol Financing USA LLC, Reg. S, 8.75%, 05/03/2029 |  | 3700 | 3851 |
| SCIH Salt Holdings, Inc., 4.88%, |  |  |  |
| 05/01/2028 (e) |  | 164 | 162 |
| 6.63%, 05/01/2029 (e) |  | 155 | 154 |
| SK Invictus Intermediate II Sarl, (Luxembourg), 5.00%, 10/30/2029 (e) |  | 2201 | 2146 |
| SNF Group SACA, (France), 3.38%, 03/15/2030 (e) |  | 724 | 669 |
| Solstice Advanced Materials, Inc., 5.63%, 09/30/2033 (e) |  | 844 | 830 |
| Tronox, Inc., |  |  |  |
| 4.63%, 03/15/2029 (e) |  | 138 | 110 |
| 9.13%, 09/30/2030 (e) |  | 46 | 46 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Chemicals — (continued)** |  |  |  |
| WR Grace Holdings LLC, |  |  |  |
| 5.63%, 08/15/2029 (e) |  | 3072 | 2816 |
| 6.63%, 08/15/2032 (e) |  | 1525 | 1482 |
| 7.00%, 08/01/2033 (e) |  | 1060 | 1029 |
| 7.38%, 03/01/2031 (e) |  | 43 | 43 |
|  |  |  | 68227 |
| **Forest Products & Paper — 0.0%** (g) |  |  |  |
| Ahlstrom Holding 3 Oy, (Finland), 4.88%, 02/04/2028 (e) |  | 48 | 47 |
| Domtar Corp., 6.75%, 10/01/2028 (e) |  | 62 | 40 |
| Fedrigoni SpA, (Italy), Reg. S, 6.13%, 06/15/2031 | EUR | 100 | 106 |
| Fiber Midco SpA, (Italy), Reg. S, 10.75% (PIK), 06/15/2029 (v) | EUR | 117 | 98 |
| Inversiones CMPC SA, (Chile), Reg. S, 3.85%, 01/13/2030 |  | 270 | 252 |
| Magnera Corp., |  |  |  |
| 4.75%, 11/15/2029 (e) |  | 60 | 54 |
| 7.25%, 11/15/2031 (e) |  | 886 | 813 |
| Mercer International, Inc., 5.13%, 02/01/2029 |  | 112 | 58 |
| 12.88%, 10/01/2028 (e) |  | 56 | 36 |
|  |  |  | 1504 |
| **Iron/Steel — 0.4%** |  |  |  |
| Algoma Steel, Inc., (Canada), 9.13%, 04/15/2029 (e) |  | 15 | 13 |
| Big River Steel LLC / BRS Finance Corp., 6.63%, 01/31/2029 (e) |  | 3014 | 3007 |
| Carpenter Technology Corp., 5.63%, 03/01/2034 (e) |  | 548 | 540 |
| Celsa Opco SA, (Spain), 8.25%, 12/15/2030 (e) | EUR | 2135 | 2446 |
| Champion Iron Canada, Inc., (Canada), 7.88%, 07/15/2032 (e) |  | 589 | 610 |
| Cleveland-Cliffs, Inc., |  |  |  |
| 6.25%, 10/01/2040 |  | 34 | 26 |
| 6.75%, 04/15/2030 (e) |  | 1313 | 1279 |
| 6.88%, 11/01/2029 (e) |  | 1505 | 1502 |
| 7.00%, 03/15/2032 (e) |  | 148 | 143 |
| 7.38%, 05/01/2033 (e) |  | 380 | 372 |
| 7.50%, 09/15/2031 (e) |  | 1123 | 1120 |
| 7.63%, 01/15/2034 (e) |  | 473 | 462 |
| Commercial Metals Co., |  |  |  |
| 5.75%, 11/15/2033 (e) |  | 1191 | 1178 |
| 6.00%, 12/15/2035 (e) |  | 1421 | 1401 |
| CSN Inova Ventures, (Cayman Islands), Reg. S, 6.75%, 01/28/2028 |  | 1800 | 1321 |
| Infrabuild Australia Pty Ltd., (Australia), 14.50%, 11/15/2028 (e) |  | 150 | 160 |
| Mineral Resources Ltd., (Australia), |  |  |  |
| 7.00%, 04/01/2031 (e) |  | 113 | 116 |
| 8.00%, 11/01/2027 (e) |  | 574 | 581 |
| 8.50%, 05/01/2030 (e) |  | 165 | 170 |
| 9.25%, 10/01/2028 (e) |  | 1969 | 2040 |
| United States Steel Corp., 6.88%, 03/01/2029 |  | 70 | 70 |
| Vale Overseas Ltd., (Cayman Islands), 6.40%, 06/28/2054 |  | 862 | 871 |
|  |  |  | 19428 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Mining — 1.2%** | | |
| Alcoa Nederland Holding BV, (Netherlands), 7.13%, 03/15/2031 (e) | 125 | 131 |
| Anglo American Capital plc, (United Kingdom), 4.63%, 03/19/2031 (e) | 428 | 423 |
| Antofagasta plc, (United Kingdom), Reg. S, 2.38%, 10/14/2030 | 4900 | 4393 |
| Aris Mining Corp., (Canada), 8.00%, 10/31/2029 (e) | 249 | 258 |
| Arsenal AIC Parent LLC, |  |  |
| 8.00%, 10/01/2030 (e) | 488 | 508 |
| 11.50%, 10/01/2031 (e) | 3475 | 3750 |
| Capstone Copper Corp., (Canada), 6.75%, 03/31/2033 (e) | 438 | 437 |
| Century Aluminum Co., 6.88%, 08/01/2032 (e) | 492 | 507 |
| Coeur Mining, Inc., 5.13%, 02/15/2029 (e) | 295 | 291 |
| Compass Minerals International, Inc., 8.00%, 07/01/2030 (e) | 98 | 101 |
| Constellium SE, (France), |  |  |
| 3.75%, 04/15/2029 (e) | 50 | 47 |
| 5.63%, 06/15/2028 (e) | 43 | 43 |
| 6.38%, 08/15/2032 (e) | 1814 | 1833 |
| Corp. Nacional del Cobre de Chile, (Chile), |  |  |
| Reg. S, 4.50%, 08/01/2047 | 4800 | 3822 |
| Reg. S, 5.95%, 01/08/2034 | 2200 | 2248 |
| Eldorado Gold Corp., (Canada), 6.25%, 09/01/2029 (e) | 1553 | 1542 |
| ERO Copper Corp., (Canada), 6.50%, 02/15/2030 (e) | 1543 | 1525 |
| First Quantum Minerals Ltd., (Canada), |  |  |
| 6.38%, 02/15/2036 (e) | 2750 | 2644 |
| 7.25%, 02/15/2034 (e) | 2379 | 2421 |
| 8.00%, 03/01/2033 (e) | 1551 | 1617 |
| 8.63%, 06/01/2031 (e) | 2200 | 2273 |
| Fortescue Treasury Pty Ltd., (Australia), 4.38%, 04/01/2031 (e) | 71 | 67 |
| Freeport Indonesia PT, (Indonesia), Reg. S, 4.76%, 04/14/2027 | 1400 | 1397 |
| Glencore Funding LLC, |  |  |
| 4.00%, 03/27/2027 (e) | 746 | 743 |
| 5.19%, 04/01/2030 (e) | 612 | 620 |
| 5.37%, 04/04/2029 (e) | 973 | 993 |
| 5.40%, 05/08/2028 (e) | 159 | 161 |
| 6.13%, 10/06/2028 (e) | 83 | 86 |
| 6.38%, 10/06/2030 (e) | 591 | 627 |
| Hecla Mining Co., 7.25%, 02/15/2028 | 512 | 512 |
| Hudbay Minerals, Inc., (Canada), |  |  |
| 4.50%, 04/01/2026 (e) | 2487 | 2487 |
| 6.13%, 04/01/2029 (e) | 1761 | 1760 |
| Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, (Indonesia), |  |  |
| Reg. S, 5.45%, 05/15/2030 | 3300 | 3336 |
| Reg. S, 5.80%, 05/15/2050 | 1600 | 1450 |
| Ivanhoe Mines Ltd., (Canada), 7.88%, 01/23/2030 (e) | 1200 | 1213 |
| JW Aluminum Continuous Cast Co., 10.25%, 04/01/2030 (e) | 183 | 189 |
| Kaiser Aluminum Corp., |  |  |
| 4.50%, 06/01/2031 (e) | 1685 | 1592 |
| 5.88%, 03/01/2034 (e) | 2133 | 2094 |
| New Gold, Inc., (Canada), 6.88%, 04/01/2032 (e) | 1806 | 1866 |
| Novelis Corp., |  |  |
| 3.88%, 08/15/2031 (e) | 1557 | 1387 |
| 4.75%, 01/30/2030 (e) | 2362 | 2221 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Mining — (continued)** |  |  |  |
| 6.38%, 08/15/2033 (e) |  | 2018 | 1979 |
| 6.88%, 01/30/2030 (e) |  | 788 | 795 |
| Novelis Sheet Ingot GmbH, (Germany), Reg. S, 3.38%, 04/15/2029 | EUR | 300 | 329 |
| Perenti Finance Pty Ltd., (Australia), 7.50%, 04/26/2029 (e) |  | 60 | 62 |
| Stillwater Mining Co., Reg. S, 4.00%, 11/16/2026 |  | 970 | 960 |
| Taseko Mines Ltd., (Canada), 8.25%, 05/01/2030 (e) |  | 518 | 540 |
|  |  |  | 60280 |
| Total Basic Materials |  |  | 149439 |
| **Communications — 12.3%** |  |  |  |
| **Advertising — 0.4%** |  |  |  |
| Advantage Sales & Marketing, Inc., 9.00%, 11/15/2030 (e) |  | 42 | 31 |
| Clear Channel Outdoor Holdings, Inc., |  |  |  |
| 7.13%, 02/15/2031 (e) |  | 1823 | 1910 |
| 7.50%, 06/01/2029 (e) |  | 3314 | 3328 |
| 7.50%, 03/15/2033 (e) |  | 2756 | 2918 |
| 7.75%, 04/15/2028 (e) |  | 891 | 895 |
| 7.88%, 04/01/2030 (e) |  | 1860 | 1946 |
| CMG Media Corp., 8.88%, 06/18/2029 (e) |  | 441 | 382 |
| Lamar Media Corp., |  |  |  |
| 3.63%, 01/15/2031 |  | 205 | 189 |
| 3.75%, 02/15/2028 |  | 250 | 243 |
| 4.00%, 02/15/2030 |  | 221 | 211 |
| 4.88%, 01/15/2029 |  | 119 | 117 |
| 5.38%, 11/01/2033 (e) |  | 282 | 276 |
| Neptune Bidco US, Inc., |  |  |  |
| 9.29%, 04/15/2029 (e) |  | 1210 | 1212 |
| 9.50%, 02/15/2033 (e) |  | 4820 | 4676 |
| 10.38%, 05/15/2031 (e) |  | 691 | 697 |
| Outfront Media Capital LLC / Outfront Media Capital Corp., |  |  |  |
| 4.25%, 01/15/2029 (e) |  | 619 | 597 |
| 4.63%, 03/15/2030 (e) |  | 777 | 749 |
| 5.00%, 08/15/2027 (e) |  | 119 | 119 |
| 7.38%, 02/15/2031 (e) |  | 55 | 57 |
| Stagwell Global LLC, 5.63%, 08/15/2029 (e) |  | 109 | 104 |
| Summer BC Holdco B Sarl, (Luxembourg), Reg. S, 5.88%, 02/15/2030 | EUR | 1250 | 1243 |
|  |  |  | 21900 |
| **Internet — 1.8%** |  |  |  |
| Amazon.com, Inc., |  |  |  |
| 3.85%, 03/13/2028 |  | 960 | 956 |
| 4.00%, 03/13/2029 |  | 960 | 955 |
| 4.25%, 03/13/2031 |  | 1442 | 1431 |
| ANGI Group LLC, 3.88%, 08/15/2028 (e) |  | 50 | 45 |
| Arches Buyer, Inc., |  |  |  |
| 4.25%, 06/01/2028 (e) |  | 106 | 102 |
| 6.13%, 12/01/2028 (e) |  | 104 | 100 |
| Beignet Investor LLC, 6.58%, 05/30/2049 (e) |  | 22041 | 22667 |
| Cars.com, Inc., 6.38%, 11/01/2028 (e) |  | 60 | 58 |
| Cogent Communications Group LLC / Cogent Finance, Inc., 6.50%, 07/01/2032 (e) |  | 35 | 31 |
| eDreams ODIGEO SA, (Spain), Reg. S, 4.88%, 12/30/2030 | EUR | 2650 | 2611 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Internet — (continued)** |  |  |  |
| Engineering - Ingegneria Informatica - SpA, (Italy), |  |  |  |
| Reg. S, 8.63%, 02/15/2030 | EUR | 3175 | 3521 |
| Reg. S, 11.13%, 05/15/2028 | EUR | 799 | 937 |
| Future plc, (United Kingdom), Reg. S, 6.75%, 07/10/2030 | GBP | 1475 | 1765 |
| Gen Digital, Inc., |  |  |  |
| 6.25%, 04/01/2033 (e) |  | 1094 | 1063 |
| 6.75%, 09/30/2027 (e) |  | 524 | 524 |
| 7.13%, 09/30/2030 (e) |  | 95 | 96 |
| Getty Images, Inc., |  |  |  |
| 10.50%, 11/15/2030 (e) |  | 394 | 353 |
| 11.25%, 02/21/2030 (e) |  | 51 | 45 |
| 14.00%, 03/01/2028 (e) |  | 48 | 46 |
| Go Daddy Operating Co. LLC / GD Finance Co., Inc., |  |  |  |
| 3.50%, 03/01/2029 (e) |  | 1080 | 1004 |
| 5.25%, 12/01/2027 (e) |  | 132 | 132 |
| ION Platform Finance US, Inc. / ION Platform Finance Sarl, |  |  |  |
| 4.63%, 05/01/2028 (e) |  | 405 | 378 |
| 5.00%, 05/01/2028 (e) |  | 1200 | 1121 |
| 5.75%, 05/15/2028 (e) |  | 157 | 149 |
| 8.75%, 05/01/2029 (e) |  | 1129 | 1047 |
| 9.00%, 08/01/2029 (e) |  | 154 | 143 |
| 9.50%, 05/30/2029 (e) |  | 164 | 154 |
| Match Group Holdings II LLC, |  |  |  |
|  3.63%, 10/01/2031 (e) |  | 243 | 216 |
| 4.13%, 08/01/2030 (e) |  | 185 | 171 |
| 4.63%, 06/01/2028 (e) |  | 100 | 98 |
| 5.00%, 12/15/2027 (e) |  | 93 | 92 |
| 5.63%, 02/15/2029 (e) |  | 105 | 104 |
| 6.13%, 09/15/2033 (e) |  | 902 | 876 |
| Newfold Digital Holdings Group, Inc., |  |  |  |
| 11.75%, 04/30/2029 (e) |  | 158 | 86 |
| Prosus NV, (Netherlands), |  |  |  |
| 3.26%, 01/19/2027 (e) |  | 780 | 770 |
| Reg. S, 3.26%, 01/19/2027 |  | 3100 | 3060 |
| Reg. S, 4.99%, 01/19/2052 |  | 4700 | 3591 |
|  Rakuten Group, Inc., (Japan), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.74%), 4.25%, 04/22/2027 (x) (aa) | EUR | 5028 | 5635 |
| (CMT Index 5 Year + 4.96%), 6.25%, 04/22/2031 (e) (x) (aa) |  | 204 | 188 |
| (CMT Index 5 Year + 4.25%), 8.13%, 12/15/2029 (e) (x) (aa) |  | 443 | 439 |
| 9.75%, 04/15/2029 (e) |  | 1037 | 1106 |
| 11.25%, 02/15/2027 (e) |  | 1606 | 1662 |
|  Snap, Inc., 6.88%, 03/01/2033 (e) |  | 1544 | 1458 |
| 6.88%, 03/15/2034 (e) |  | 713 | 670 |
| Uber Technologies, Inc., 4.50%, 08/15/2029 (e) |  | 1816 | 1801 |
|  United Group BV, (Netherlands), |  |  |  |
| (EURIBOR 3 Month + 3.25%), 5.23%, 01/31/2033 (e) (aa) | EUR | 4000 | 4546 |
| Reg. S, 5.25%, 02/01/2030 | EUR | 10865 | 12248 |
| Reg. S, 6.50%, 10/31/2031 | EUR | 6484 | 7383 |
| Reg. S, 6.75%, 02/15/2031 | EUR | 1700 | 1976 |
|  Wayfair LLC, 6.75%, 11/15/2032 (e) |  | 139 | 140 |
| 7.25%, 10/31/2029 (e) |  | 143 | 146 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Internet — (continued)** |  |  |  |
| 7.75%, 09/15/2030 (e) |  | 97 | 101 |
| Ziff Davis, Inc., 4.63%, 10/15/2030 (e) |  | 47 | 44 |
| ZipRecruiter, Inc., 5.00%, 01/15/2030 (e) |  | 44 | 25 |
|  |  |  | 90066 |
| **Media — 2.6%** |  |  |  |
|  AMC Networks, Inc., 4.25%, 02/15/2029 |  | 40 | 34 |
| 10.50%, 07/15/2032 (e) |  | 77 | 76 |
| Arqiva Broadcast Finance plc, (United Kingdom), Reg. S, 8.63%, 07/01/2030 | GBP | 900 | 1021 |
| Beasley Mezzanine Holdings LLC, 9.20%, 08/01/2028 (d) (e) |  | 30 | 11 |
|  Belo Corp., 7.25%, 09/15/2027 |  | 66 | 68 |
| 7.75%, 06/01/2027 |  | 63 | 65 |
| Block Communications, Inc., 10.25%, 03/01/2031 (e) |  | 103 | 94 |
| CCO Holdings LLC / CCO Holdings Capital Corp., |  |  |  |
| 4.25%, 02/01/2031 (e) |  | 4454 | 4056 |
| 4.25%, 01/15/2034 (e) |  | 1826 | 1561 |
| 4.50%, 08/15/2030 (e) |  | 892 | 833 |
| 4.50%, 05/01/2032 |  | 2039 | 1817 |
| 4.50%, 06/01/2033 (e) |  | 868 | 756 |
| 4.75%, 03/01/2030 (e) |  | 772 | 731 |
| 4.75%, 02/01/2032 (e) |  | 1103 | 997 |
| 5.00%, 02/01/2028 (e) |  | 4263 | 4228 |
| 5.13%, 05/01/2027 (e) |  | 910 | 909 |
| 5.38%, 06/01/2029 (e) |  | 618 | 610 |
| 6.38%, 09/01/2029 (e) |  | 1544 | 1549 |
| 7.00%, 02/01/2033 (e) |  | 1936 | 1935 |
| 7.38%, 03/01/2031 (e) |  | 176 | 179 |
| 7.38%, 02/01/2036 (e) |  | 2088 | 2065 |
| CSC Holdings LLC, |  |  |  |
| 3.38%, 02/15/2031 (e) |  | 141 | 83 |
| 4.13%, 12/01/2030 (e) |  | 153 | 91 |
| 4.50%, 11/15/2031 (e) |  | 217 | 129 |
| 4.63%, 12/01/2030 (e) |  | 7829 | 2772 |
| 5.00%, 11/15/2031 (e) |  | 1769 | 638 |
| 5.38%, 02/01/2028 (e) |  | 738 | 546 |
| 5.50%, 04/15/2027 (e) |  | 2593 | 2250 |
| 5.75%, 01/15/2030 (e) |  | 2310 | 877 |
| 6.50%, 02/01/2029 (e) |  | 516 | 329 |
| 7.50%, 04/01/2028 (e) |  | 146 | 80 |
| 11.25%, 05/15/2028 (e) |  | 2339 | 1911 |
| 11.75%, 01/31/2029 (e) |  | 1186 | 857 |
| Digi Romania SA, (Romania), 4.63%, 10/29/2031 (e) | EUR | 3550 | 3994 |
| Directv Financing LLC, |  |  |  |
| 8.88%, 02/01/2030 (e) |  | 1851 | 1845 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc., |  |  |  |
| 5.88%, 08/15/2027 (e) |  | 2510 | 2504 |
| 10.00%, 02/15/2031 (e) |  | 1172 | 1196 |
| Discovery Communications LLC, |  |  |  |
| 3.63%, 05/15/2030 |  | 252 | 234 |
| 3.95%, 03/20/2028 |  | 1096 | 1074 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Media — (continued)** |  |  |
| 4.13%, 05/15/2029 | 125 | 120 |
| 5.00%, 09/20/2037 | 110 | 79 |
| 5.30%, 05/15/2049 | 60 | 37 |
| 6.35%, 06/01/2040 | 155 | 113 |
| DISH DBS Corp., |  |  |
| 5.13%, 06/01/2029 | 305 | 272 |
| 5.75%, 12/01/2028 (e) | 508 | 491 |
| 7.38%, 07/01/2028 | 202 | 196 |
| 7.75%, 07/01/2026 | 10083 | 10036 |
| DISH Network Corp., 11.75%, 11/15/2027 (e) | 6087 | 6272 |
| Dotdash Meredith, Inc., 7.63%, 06/15/2032 (e) | 92 | 85 |
| EW Scripps Co. (The), 9.88%, 08/15/2030 (e) | 161 | 156 |
| Gray Media, Inc., |  |  |
| 4.75%, 10/15/2030 (e) | 107 | 83 |
| 5.38%, 11/15/2031 (e) | 1137 | 838 |
| 7.25%, 08/15/2033 (e) | 2056 | 2072 |
| 9.63%, 07/15/2032 (e) | 1378 | 1377 |
| 10.50%, 07/15/2029 (e) | 313 | 332 |
| iHeartCommunications, Inc., |  |  |
| 4.75%, 01/15/2028 (e) | 50 | 45 |
| 7.00%, 01/15/2031 (e) | 30 | 23 |
| 7.75%, 08/15/2030 (e) | 138 | 109 |
| 9.13%, 05/01/2029 (e) | 124 | 113 |
| 10.88%, 05/01/2030 (e) | 138 | 87 |
| LCPR Senior Secured Financing DAC, (Ireland), |  |  |
| 5.13%, 07/15/2029 (e) | 151 | 98 |
| 6.75%, 10/15/2027 (e) | 1360 | 907 |
| McGraw-Hill Education, Inc., |  |  |
| 5.75%, 08/01/2028 (e) | 140 | 138 |
| 7.38%, 09/01/2031 (e) | 110 | 112 |
| 8.00%, 08/01/2029 (e) | 88 | 88 |
| Midcontinent Communications, 8.00%, 08/15/2032 (e) | 71 | 66 |
| Nexstar Media, Inc., |  |  |
| 4.75%, 11/01/2028 (e) | 206 | 202 |
| 5.63%, 07/15/2027 (e) | 623 | 623 |
| 6.50%, 09/15/2033 (e) | 1536 | 1549 |
| 7.25%, 04/15/2034 (e) (w) | 296 | 297 |
| Paramount Global, |  |  |
| 2.90%, 01/15/2027 | 451 | 443 |
| 3.38%, 02/15/2028 | 670 | 649 |
| 3.70%, 06/01/2028 | 767 | 742 |
| 4.20%, 06/01/2029 | 110 | 105 |
| 4.20%, 05/19/2032 | 230 | 197 |
| 4.38%, 03/15/2043 | 402 | 243 |
| 4.60%, 01/15/2045 | 170 | 102 |
| 4.85%, 07/01/2042 | 130 | 83 |
| 4.90%, 08/15/2044 | 150 | 93 |
| 4.95%, 01/15/2031 | 280 | 260 |
| 4.95%, 05/19/2050 | 628 | 375 |
| 5.25%, 04/01/2044 | 100 | 63 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Media — (continued)** |  |  |  |
| 5.50%, 05/15/2033 |  | 100 | 87 |
| 5.85%, 09/01/2043 |  | 341 | 236 |
| 5.90%, 10/15/2040 |  | 80 | 59 |
| 6.88%, 04/30/2036 |  | 256 | 225 |
| 7.88%, 07/30/2030 |  | 635 | 663 |
| Radiate Holdco LLC / Radiate Finance, Inc., 9.25% (Blend (cash 6.00% + PIK 3.25%)), 03/25/2030 (e) (v) |  | 520 | 397 |
| Scripps Escrow II, Inc., |  |  |  |
| 3.88%, 01/15/2029 (e) |  | 59 | 54 |
| 5.38%, 01/15/2031 (e) |  | 83 | 61 |
| Sinclair Television Group, Inc., |  |  |  |
| 4.38%, 12/31/2032 (e) |  | 124 | 95 |
| 5.50%, 03/01/2030 (e) |  | 70 | 60 |
| 8.13%, 02/15/2033 (e) |  | 2814 | 2861 |
| 9.75%, 02/15/2033 (e) |  | 70 | 78 |
| Sirius XM Radio LLC, |  |  |  |
| 3.88%, 09/01/2031 (e) |  | 166 | 151 |
| 4.00%, 07/15/2028 (e) |  | 676 | 652 |
| 4.13%, 07/01/2030 (e) |  | 166 | 155 |
| 5.00%, 08/01/2027 (e) |  | 730 | 729 |
| 5.50%, 07/01/2029 (e) |  | 109 | 109 |
| 5.88%, 04/15/2032 (e) |  | 166 | 165 |
| Summer BidCo BV, (Netherlands), 8.88% (PIK), 01/31/2031 (e) (v) | EUR | 9800 | 11122 |
| Sunrise FinCo. I BV, (Netherlands), 4.88%, 07/15/2031 (e) |  | 841 | 801 |
| Tele Columbus AG, (Germany), Reg. S, 10.00% (PIK), 01/01/2029 (v) | EUR | 2462 | 1723 |
| Telenet Finance Luxembourg Notes Sarl, (Luxembourg), 5.50%, 03/01/2028 (e) |  | 200 | 196 |
| Univision Communications, Inc., |  |  |  |
| 4.50%, 05/01/2029 (e) |  | 174 | 164 |
| 7.38%, 06/30/2030 (e) |  | 180 | 177 |
| 8.00%, 08/15/2028 (e) |  | 3902 | 3956 |
| 8.50%, 07/31/2031 (e) |  | 1312 | 1318 |
| 9.38%, 08/01/2032 (e) |  | 2366 | 2433 |
| UPCB Finance VII Ltd., (Cayman Islands), Reg. S, 3.63%, 06/15/2029 | EUR | 3691 | 4125 |
| Urban One, Inc., 7.63%, 04/01/2031 (e) |  | 61 | 25 |
| Versant Media Group, Inc., 7.25%, 01/30/2031 (e) |  | 625 | 639 |
| Virgin Media Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 3.75%, 07/15/2030 | EUR | 1501 | 1468 |
| 5.00%, 07/15/2030 (e) |  | 1294 | 1060 |
| Virgin Media O2 Vendor Financing Notes VI DAC, (Ireland), 8.50%, 03/15/2033 (e) |  | 849 | 740 |
| Virgin Media O2 Vendor Financing Notes VII DAC, (Ireland), 7.50%, 07/15/2033 (e) | EUR | 2503 | 2535 |
| Virgin Media Secured Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.25%, 01/15/2030 | GBP | 2800 | 3275 |
| 4.50%, 08/15/2030 (e) |  | 513 | 455 |
| 5.50%, 05/15/2029 (e) |  | 1936 | 1859 |
| VZ Secured Financing BV, (Netherlands), |  |  |  |
| 5.00%, 01/15/2032 (e) |  | 1559 | 1337 |
| Reg. S, 5.25%, 01/15/2033 | EUR | 1906 | 2031 |
| 7.50%, 01/15/2033 (e) |  | 288 | 271 |
| VZ Vendor Financing II BV, (Netherlands), Reg. S, 2.88%, 01/15/2029 | EUR | 4354 | 4586 |
| Ziggo Bond Co. BV, (Netherlands), |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Media — (continued)** |  |  |  |
| 5.13%, 02/28/2030 (e) |  | 285 | 244 |
| 6.13%, 11/15/2032 (e) | EUR | 1696 | 1664 |
| Ziggo BV, (Netherlands), |  |  |  |
| Reg. S, 2.88%, 01/15/2030 | EUR | 5009 | 5317 |
| 4.88%, 01/15/2030 (e) |  | 602 | 562 |
|  |  |  | 136296 |
| **Telecommunications — 7.5%** |  |  |  |
| Altice Financing SA, (Luxembourg), |  |  |  |
| Reg. S, 3.00%, 01/15/2028 | EUR | 7310 | 5891 |
| Reg. S, 4.25%, 08/15/2029 | EUR | 10878 | 8774 |
| 5.00%, 01/15/2028 (e) |  | 248 | 174 |
| 5.75%, 08/15/2029 (e) |  | 430 | 297 |
| 9.63%, 07/15/2027 (e) |  | 70 | 52 |
| Altice Finco SA, (Luxembourg), Reg. S, 4.75%, 01/15/2028 | EUR | 2038 | 590 |
| Altice France Lux 3 / Altice Holdings 1, (Luxembourg), 10.00%, 01/15/2033 (e) |  | 196 | 178 |
| Altice France SA, (France), |  |  |  |
| 0.00%, 12/31/2049 (e) (bb) | EUR | 9 | — (h) |
| Reg. S, 4.75%, 10/15/2030 | EUR | 350 | 383 |
| Reg. S, 5.50%, 10/15/2031 | EUR | 1752 | 1930 |
| Reg. S, 5.63%, 07/15/2032 | EUR | 76 | 84 |
| 5.63%, 07/15/2032 (e) | EUR | 7639 | 8406 |
| 6.50%, 10/15/2031 (e) |  | 1216 | 1153 |
| 6.50%, 04/15/2032 (e) |  | 2561 | 2420 |
| 6.88%, 10/15/2030 (e) |  | 758 | 725 |
| 6.88%, 07/15/2032 (e) |  | 1881 | 1783 |
| Reg. S, 7.25%, 11/01/2029 | EUR | 1782 | 2042 |
| 9.50%, 11/01/2029 (e) |  | 1317 | 1330 |
| 12.88%, 11/01/2029 (e) | EUR | 668 | 785 |
| APLD ComputeCo. 2 LLC, 6.75%, 03/15/2031 (e) |  | 2869 | 2848 |
| APLD ComputeCo. LLC, 9.25%, 12/15/2030 (e) |  | 1437 | 1482 |
| Axiata SPV2 Bhd., (Malaysia), Reg. S, 2.16%, 08/19/2030 |  | 9000 | 8136 |
| Bell Telephone Co. of Canada or Bell Canada, (Canada), |  |  |  |
| (CMT Index 5 Year + 2.39%), 6.88%, 09/15/2055 (aa) |  | 240 | 243 |
| (CMT Index 5 Year + 2.36%), 7.00%, 09/15/2055 (aa) |  | 156 | 159 |
| Black Pearl Compute LLC, 6.13%, 02/15/2031 (e) |  | 2672 | 2720 |
| Cipher Compute LLC, 7.13%, 11/15/2030 (e) |  | 2218 | 2298 |
| Connect Finco Sarl / Connect US Finco LLC, (Multinational), 9.00%, 09/15/2029 (e) |  | 1110 | 1166 |
| Connect Holding II LLC, 10.50%, 04/03/2031 (e) |  | 2497 | 2465 |
| Deutsche Telekom International Finance BV, (Netherlands), 8.75%, 06/15/2030 |  | 602 | 691 |
| Digicel Group Holdings Ltd., (Bermuda), |  |  |  |
| Series 1B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 95 | 4 |
| Series 3B14, , Zero Coupon, 12/31/2030 (e) (bb) |  | 64 | — (h) |
| Digicel International Finance Ltd. / Difl US LLC, (Multinational), 8.63%, 08/01/2032 (e) |  | 2701 | 2747 |
| EchoStar Corp., 6.75% (cash), 11/30/2030 (v) |  | 6041 | 6100 |
| 10.75%, 11/30/2029 |  | 4471 | 4830 |
| eircom Finance DAC, (Ireland), Reg. S, 5.00%, 04/30/2031 | EUR | 10469 | 12020 |
| Embarq LLC, 8.00%, 06/01/2036 |  | 259 | 82 |
| Eutelsat Communications SACA, (France), 6.25%, 03/15/2033 (e) | EUR | 2200 | 2555 |
| Eutelsat SA, (France), Reg. S, 1.50%, 10/13/2028 | EUR | 100 | 110 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Telecommunications — (continued)** |  |  |  |
| Fibercop SpA, (Italy), 1.63%, 01/18/2029 | EUR | 5100 | 5501 |
| Reg. S, 2.38%, 10/12/2027 | EUR | 11502 | 13057 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 5.02%, 06/30/2031 (aa) | EUR | 5400 | 6239 |
| Reg. S, 5.13%, 06/30/2032 | EUR | 5008 | 5731 |
| 6.00%, 09/30/2034 (e) |  | 976 | 929 |
| Reg. S, 6.88%, 02/15/2028 | EUR | 1755 | 2107 |
| 7.20%, 07/18/2036 (e) |  | 223 | 221 |
| 7.72%, 06/04/2038 (e) |  | 39 | 39 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 2225 | 2753 |
| Flash Compute LLC, 7.25%, 12/31/2030 (e) |  | 2986 | 3006 |
| Frontier Communications Holdings LLC, |  |  |  |
| 5.00%, 05/01/2028 (e) |  | 6539 | 6538 |
| 5.88%, 11/01/2029 |  | 2013 | 2025 |
| 6.00%, 01/15/2030 (e) |  | 1542 | 1551 |
| 6.75%, 05/01/2029 (e) |  | 1345 | 1347 |
| 8.75%, 05/15/2030 (e) |  | 2137 | 2193 |
| GCI LLC, 4.75%, 10/15/2028 (e) |  | 115 | 111 |
| GoTo Group, Inc., 5.50%, 05/01/2028 (e) |  | 116 | 51 |
| Iliad Holding SAS, (France), |  |  |  |
| Reg. S, 5.38%, 04/15/2030 | EUR | 300 | 351 |
| 5.38%, 04/15/2030 (e) | EUR | 11074 | 12950 |
| Reg. S, 6.88%, 04/15/2031 | EUR | 6885 | 8291 |
| 7.00%, 10/15/2028 (e) |  | 2767 | 2785 |
| 7.00%, 04/15/2032 (e) |  | 2207 | 2209 |
| 8.50%, 04/15/2031 (e) |  | 1109 | 1160 |
| Kaixo Bondco Telecom SA, (Spain), Reg. S, 5.13%, 09/30/2029 | EUR | 100 | 116 |
| Koninklijke KPN NV, (Netherlands), Reg. S, (EUR Swap Rate 5 Year + 3.77%), 6.00%, 09/21/2027 (x) (aa) | EUR | 3820 | 4531 |
| Level 3 Financing, Inc., |  |  |  |
| 3.63%, 01/15/2029 (e) |  | 255 | 240 |
| 3.75%, 07/15/2029 (e) |  | 1126 | 1045 |
| 4.25%, 07/01/2028 (e) |  | 51 | 49 |
| 6.88%, 06/30/2033 (e) |  | 5739 | 5843 |
| 7.00%, 03/31/2034 (e) |  | 7911 | 8087 |
| 8.50%, 01/15/2036 (e) |  | 7040 | 7344 |
| Lorca Telecom Bondco SA, (Spain), |  |  |  |
| Reg. S, 4.00%, 09/18/2027 | EUR | 2040 | 2357 |
| Reg. S, 5.75%, 04/30/2029 | EUR | 4200 | 4983 |
| Lumen Technologies, Inc., |  |  |  |
| 5.38%, 06/15/2029 (e) |  | 415 | 392 |
| Series P, 7.60%, 09/15/2039 |  | 69 | 64 |
| Series U, 7.65%, 03/15/2042 |  | 44 | 41 |
| NJJ Continental SA, (Luxembourg), Reg. S, 5.25%, 07/31/2028 | CHF | 2950 | 3782 |
| Odido Group Holding BV, (Netherlands), Reg. S, 5.50%, 01/15/2030 | EUR | 4762 | 5310 |
| Odido Holding BV, (Netherlands), Reg. S, 3.75%, 01/15/2029 | EUR | 4751 | 5347 |
| Orange SA, (France), |  |  |  |
| 4.75%, 01/13/2033 (e) |  | 600 | 594 |
| 5.00%, 01/13/2036 (e) |  | 1800 | 1769 |
| PLT VII Finance Sarl, (Luxembourg), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.50%), 5.65%, 06/15/2031 (aa) | EUR | 1750 | 2012 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Telecommunications — (continued)** |  |  |  |
| 6.00%, 06/15/2031 (e) | EUR | 1231 | 1431 |
| Reg. S, 6.00%, 06/15/2031 | EUR | 775 | 901 |
| Proximus SADP, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.41%), 4.75%, 07/02/2031 (x) (aa) | EUR | 900 | 1033 |
| Rogers Communications, Inc., (Canada), |  |  |  |
| (CMT Index 5 Year + 3.59%), 5.25%, 03/15/2082 (e) (aa) |  | 104 | 103 |
| (CMT Index 5 Year + 2.84%), 6.88%, 07/31/2056 (aa) |  | 136 | 136 |
| (CMT Index 5 Year + 2.65%), 7.00%, 04/15/2055 (aa) |  | 424 | 426 |
| (CMT Index 5 Year + 2.62%), 7.13%, 04/15/2055 (aa) |  | 364 | 372 |
| Sable International Finance Ltd., (Cayman Islands), 7.13%, 10/15/2032 (e) |  | 1590 | 1571 |
| SES SA, (Luxembourg), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.59%), 6.00%, 09/12/2054 (aa) | EUR | 325 | 358 |
| SoftBank Group Corp., (Japan), |  |  |  |
| Reg. S, 3.38%, 07/06/2029 | EUR | 4739 | 5158 |
| Reg. S, 4.00%, 09/19/2029 | EUR | 3756 | 4183 |
| Reg. S, 5.00%, 04/15/2028 | EUR | 11364 | 13087 |
| Reg. S, 5.38%, 01/08/2029 | EUR | 1350 | 1566 |
| Reg. S, 5.75%, 07/08/2032 | EUR | 6481 | 7107 |
| Reg. S, 6.38%, 07/10/2033 | EUR | 2000 | 2218 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.46%), 6.50%, 10/29/2062 (aa) | EUR | 6085 | 6027 |
| Sprint Capital Corp., 6.88%, 11/15/2028 |  | 1025 | 1084 |
| SV RNO Property Owner 1 LLC, 5.88%, 03/01/2031 (e) |  | 7507 | 7440 |
| TDC Net A/S, (Denmark), Reg. S, 6.50%, 06/01/2031 | EUR | 1975 | 2478 |
| Telecom Italia Capital SA, (Luxembourg), 7.72%, 06/04/2038 |  | 902 | 1004 |
| Telecom Italia SpA, (Italy), |  |  |  |
| Reg. S, 6.88%, 02/15/2028 | EUR | 628 | 758 |
| Reg. S, 7.88%, 07/31/2028 | EUR | 4390 | 5480 |
| Telecommunications co Telekom Srbija AD Belgrade, (Serbia), Reg. S, 7.00%, 10/28/2029 |  | 3700 | 3635 |
| Telefonica Emisiones SA, (Spain), Reg. S, (ICE EURIBOR Swap Rate 8 Year + 2.13%), 4.88%, 01/19/2034 (x) (aa) | EUR | 2300 | 2525 |
| Telefonica Europe BV, (Netherlands), |  |  |  |
| Reg. S, (EUR Swap Rate 8 Year + 2.62%), 2.38%, 02/12/2029 (x) (aa) | EUR | 8100 | 8745 |
| Reg. S, (EUR Swap Rate 8 Year + 3.07%), 2.88%, 06/24/2027 (x) (aa) | EUR | 2000 | 2273 |
| Reg. S, (EUR Swap Rate 6 Year + 2.87%), 2.88%, 02/24/2028 (x) (aa) | EUR | 3300 | 3705 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.12%), 5.75%, 01/15/2032 (x) (aa) | EUR | 5000 | 5906 |
| Reg. S, (EUR Swap Rate + 3.35%), 6.14%, 02/03/2030 (x) (aa) | EUR | 3700 | 4442 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.62%), 6.75%, 06/07/2031 (x) (aa) | EUR | 7500 | 9246 |
| 8.25%, 09/15/2030 |  | 334 | 378 |
| Telesat Canada / Telesat LLC, (Canada), 4.88%, 06/01/2027 (e) |  | 41 | 32 |
| 6.50%, 10/15/2027 (e) |  | 30 | 14 |
| TELUS Corp., (Canada), |  |  |  |
| (CMT Index 5 Year + 2.69%), 6.38%, 06/09/2056 (aa) |  | 300 | 297 |
| (CMT Index 5 Year + 2.77%), 6.63%, 10/15/2055 (aa) |  | 275 | 275 |
| (CMT Index 5 Year + 2.52%), 6.63%, 06/09/2056 (aa) |  | 224 | 218 |
| (CMT Index 5 Year + 2.71%), 7.00%, 10/15/2055 (aa) |  | 283 | 289 |
| Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 4.75%, 04/15/2028 (e) |  | 1259 | 1252 |
| 6.50%, 02/15/2029 (e) |  | 2474 | 2403 |
| 8.63%, 06/15/2032 (e) |  | 3377 | 3440 |
| Uniti Services LLC, 7.50%, 10/15/2033 (e) |  | 3194 | 3302 |
| Viasat, Inc., 5.63%, 04/15/2027 (e) |  | 90 | 89 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Telecommunications — (continued)** |  |  |  |
| 6.50%, 07/15/2028 (e) |  | 85 | 84 |
| 7.50%, 05/30/2031 (e) |  | 149 | 147 |
| Viavi Solutions, Inc., 3.75%, 10/01/2029 (e) |  | 394 | 369 |
| Vmed O2 UK Financing I plc, (United Kingdom), |  |  |  |
| Reg. S, 3.25%, 01/31/2031 | EUR | 6379 | 6488 |
| 4.25%, 01/31/2031 (e) |  | 1186 | 1020 |
| Reg. S, 4.50%, 07/15/2031 | GBP | 8741 | 9696 |
| 4.75%, 07/15/2031 (e) |  | 738 | 635 |
| Reg. S, 5.63%, 04/15/2032 | EUR | 8965 | 9492 |
| 6.75%, 01/15/2033 (e) |  | 1082 | 967 |
| 7.75%, 04/15/2032 (e) |  | 164 | 157 |
| Vodafone Group plc, (United Kingdom), |  |  |  |
| (CMT Index 5 Year + 3.07%), 5.13%, 06/04/2081 (aa) |  | 116 | 90 |
| (USD Semi-annual Swap Rate 5 Year + 4.87%), 7.00%, 04/04/2079 (aa) |  | 614 | 628 |
| Reg. S, (UK Gilts 5 Year + 3.84%), 8.00%, 08/30/2086 (aa) | GBP | 8570 | 11869 |
| Windstream Services LLC / Windstream Escrow Finance Corp., 8.25%, 10/01/2031 (e) |  | 4372 | 4568 |
| WULF Compute LLC, 7.75%, 10/15/2030 (e) |  | 3419 | 3613 |
| Zayo Group Holdings, Inc., 9.25% (cash), 03/09/2030 (e) (v) |  | 1842 | 1831 |
| 13.75% (cash), 09/09/2030 (e) (v) |  | 1050 | 983 |
| Zegona Finance plc, (United Kingdom), 8.63%, 07/15/2029 (e) |  | 684 | 717 |
|  |  |  | 392445 |
| Total Communications |  |  | 640707 |
| **Consumer Cyclical — 11.0%** |  |  |  |
| **Airlines — 0.3%** |  |  |  |
| Air Canada, (Canada), 3.88%, 08/15/2026 (e) |  | 566 | 563 |
| Air France-KLM, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.58%), 5.75%, 05/21/2030 (x) (aa) | EUR | 1100 | 1237 |
| Allegiant Travel Co., 7.25%, 08/15/2027 (e) |  | 68 | 68 |
| American Airlines, Inc., 7.25%, 02/15/2028 (e) |  | 1011 | 1015 |
| American Airlines, Inc. / AAdvantage Loyalty IP Ltd., (Multinational), |  |  |  |
|  5.50%, 04/20/2026 (e) |  | 107 | 107 |
| 5.75%, 04/20/2029 (e) |  | 2234 | 2222 |
| AS Mileage Plan IP Ltd., (Cayman Islands), 5.02%, 10/20/2029 (e) |  | 934 | 922 |
| Avianca Midco 2 plc, (United Kingdom), |  |  |  |
| 9.00%, 12/01/2028 (e) |  | 165 | 159 |
| 9.50%, 01/28/2031 (e) |  | 148 | 137 |
| 9.63%, 02/14/2030 (e) |  | 276 | 258 |
| JetBlue Airways Corp. / JetBlue Loyalty LP, (Multinational), 9.88%, 09/20/2031 (e) |  | 633 | 599 |
| OneSky Flight LLC, 8.88%, 12/15/2029 (e) |  | 238 | 246 |
| Spirit Airlines Pass Through Trust 2015-1A, Series A, 4.10%, 04/01/2028 |  | 149 | 147 |
| United Airlines 2014-1 Class A Pass Through Trust, Series A, 4.00%, 04/11/2026 |  | 187 | 186 |
| United Airlines Holdings, Inc., |  |  |  |
| 4.88%, 03/01/2029 |  | 871 | 852 |
| 5.38%, 03/01/2031 |  | 1385 | 1356 |
| United Airlines Pass Through Trust, Series 20-1, Class A, 5.88%, 10/15/2027 |  | 1211 | 1232 |
| United Airlines, Inc., 4.63%, 04/15/2029 (e) |  | 1066 | 1045 |
| VistaJet Malta Finance plc / Vista Management Holding, Inc., (Multinational), |  |  |  |
| 6.38%, 02/01/2030 (e) |  | 222 | 191 |
| 7.88%, 05/01/2027 (e) |  | 2146 | 2118 |
| 9.50%, 06/01/2028 (e) |  | 1265 | 1236 |
|  |  |  | 15896 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Apparel — 0.4%** | | | |
| Beach Acquisition Bidco LLC, |  |  |  |
| 5.25%, 07/15/2032 (e) | EUR | 6552 | 7263 |
| Reg. S, 5.25%, 07/15/2032 | EUR | 513 | 569 |
| 10.00% (cash), 07/15/2033 (e) (v) |  | 2053 | 2184 |
| Champ Acquisition Corp., 8.38%, 12/01/2031 (e) |  | 84 | 88 |
| Crocs, Inc., |  |  |  |
| 4.13%, 08/15/2031 (e) |  | 230 | 207 |
| 4.25%, 03/15/2029 (e) |  | 314 | 300 |
| Kontoor Brands, Inc., 4.13%, 11/15/2029 (e) |  | 686 | 647 |
| Levi Strauss & Co., |  |  |  |
| 3.50%, 03/01/2031 (e) |  | 415 | 380 |
| 4.00%, 08/15/2030 (e) | EUR | 3967 | 4555 |
| Under Armour, Inc., 7.25%, 07/15/2030 (e) |  | 129 | 131 |
| VF Corp., |  |  |  |
| 0.25%, 02/25/2028 | EUR | 1000 | 1058 |
| 0.63%, 02/25/2032 | EUR | 2350 | 2119 |
| 2.80%, 04/23/2027 |  | 105 | 102 |
| 2.95%, 04/23/2030 |  | 153 | 136 |
| 4.25%, 03/07/2029 | EUR | 102 | 116 |
| 6.00%, 10/15/2033 |  | 60 | 60 |
| 6.45%, 11/01/2037 |  | 55 | 52 |
| William Carter Co. (The), 7.38%, 02/15/2031 (e) |  | 107 | 109 |
| Wolverine World Wide, Inc., 4.00%, 08/15/2029 (e) |  | 2450 | 2269 |
|  |  |  | 22345 |
| **Auto Manufacturers — 0.9%** |  |  |  |
| Allison Transmission, Inc., |  |  |  |
| 3.75%, 01/30/2031 (e) |  | 214 | 199 |
| 4.75%, 10/01/2027 (e) |  | 80 | 80 |
| 5.88%, 06/01/2029 (e) |  | 293 | 295 |
| 5.88%, 12/01/2033 (e) |  | 623 | 619 |
| Aston Martin Capital Holdings Ltd., (Jersey), 10.00%, 03/31/2029 (e) |  | 243 | 183 |
| Reg. S, 10.38%, 03/31/2029 | GBP | 825 | 838 |
| Ford Motor Credit Co. LLC, |  |  |  |
| 2.70%, 08/10/2026 |  | 1235 | 1226 |
| 4.27%, 01/09/2027 |  | 600 | 597 |
| 4.97%, 04/06/2029 |  | 236 | 233 |
| 5.13%, 11/05/2026 |  | 1374 | 1375 |
| 5.30%, 09/06/2029 |  | 452 | 449 |
| 5.80%, 03/08/2029 |  | 1402 | 1418 |
| 5.85%, 05/17/2027 |  | 1507 | 1518 |
| 5.88%, 11/07/2029 |  | 625 | 633 |
| 6.80%, 05/12/2028 |  | 225 | 232 |
| 7.35%, 11/04/2027 |  | 676 | 698 |
| General Motors Financial Co., Inc., |  |  |  |
| (United States SOFR + 1.29%), |  |  |  |
| 4.96%, 01/07/2030 (aa) |  | 229 | 227 |
| 5.00%, 07/15/2027 |  | 230 | 231 |
| 5.40%, 05/08/2027 |  | 491 | 495 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Auto Manufacturers — (continued)** |  |  |  |
| 5.55%, 07/15/2029 |  | 151 | 154 |
| 5.65%, 01/17/2029 |  | 641 | 656 |
| Hyundai Capital America, |  |  |  |
| 2.00%, 06/15/2028 (e) |  | 248 | 235 |
| 4.30%, 09/24/2027 (e) |  | 417 | 415 |
| 5.30%, 01/08/2029 (e) |  | 589 | 597 |
| 6.10%, 09/21/2028 (e) |  | 735 | 759 |
| 6.50%, 01/16/2029 (e) |  | 72 | 75 |
| Jaguar Land Rover Automotive plc, (United Kingdom), |  |  |  |
| 4.50%, 10/01/2027 (e) |  | 228 | 224 |
| 5.88%, 01/15/2028 (e) |  | 190 | 188 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/2031 (e) |  | 678 | 687 |
| New Flyer Holdings, Inc., 9.25%, 07/01/2030 (e) |  | 474 | 506 |
| Nissan Motor Acceptance Co. LLC, |  |  |  |
| 1.85%, 09/16/2026 (e) |  | 789 | 776 |
| 2.45%, 09/15/2028 (e) |  | 54 | 49 |
| 2.75%, 03/09/2028 (e) |  | 85 | 79 |
| 5.30%, 09/13/2027 (e) |  | 57 | 57 |
| 5.55%, 09/13/2029 (e) |  | 86 | 83 |
| 5.63%, 09/29/2028 (e) |  | 66 | 65 |
| 6.13%, 09/30/2030 (e) |  | 1876 | 1798 |
| 6.95%, 09/15/2026 (e) |  | 972 | 977 |
| 7.05%, 09/15/2028 (e) |  | 202 | 205 |
| Nissan Motor Co. Ltd., (Japan), |  |  |  |
| 4.35%, 09/17/2027 (e) |  | 697 | 678 |
| 4.81%, 09/17/2030 (e) |  | 455 | 413 |
| 5.25%, 07/17/2029 (e) | EUR | 1837 | 2102 |
| 6.38%, 07/17/2033 (e) | EUR | 2028 | 2332 |
| Reg. S, 6.38%, 07/17/2033 | EUR | 2175 | 2501 |
| 7.50%, 07/17/2030 (e) |  | 1081 | 1089 |
| 7.75%, 07/17/2032 (e) |  | 2028 | 2054 |
| 8.13%, 07/17/2035 (e) |  | 1676 | 1727 |
| PM General Purchaser LLC, 9.50%, 10/01/2028 (e) |  | 1571 | 1488 |
| RCI Banque SA, (France), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.75%), 5.50%, 10/09/2034 (aa) | EUR | 100 | 117 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.84%), 6.13%, 09/24/2030 (x) (aa) | EUR | 4800 | 5438 |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) |  | 318 | 309 |
| Volkswagen International Finance NV, (Netherlands), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.17%), 5.49%, 11/15/2030 (x) (aa) | EUR | 3700 | 4268 |
| Reg. S, (ICE EURIBOR Swap Rate 8 Year + 3.49%), 5.99%, 11/15/2033 (x) (aa) | EUR | 100 | 116 |
| Series PNC5, Reg. S, (EUR Swap Rate 5 Year + 4.29%), 7.50%, 09/06/2028 (x) (aa) | EUR | 900 | 1103 |
| Wabash National Corp., 4.50%, 10/15/2028 (e) |  | 26 | 23 |
|  |  |  | 45889 |
| **Auto Parts & Equipment — 2.3%** |  |  |  |
| Adient Global Holdings Ltd., (Jersey), |  |  |  |
| 7.00%, 04/15/2028 (e) |  | 59 | 60 |
| 7.50%, 02/15/2033 (e) |  | 94 | 95 |
| 8.25%, 04/15/2031 (e) |  | 69 | 71 |
| Adler Pelzer Holding GmbH, (Germany), Reg. S, 9.50%, 04/01/2027 | EUR | 400 | 422 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Auto Parts & Equipment — (continued)** |  |  |  |
| American Axle & Manufacturing, Inc., |  |  |  |
| 5.00%, 10/01/2029 |  | 40 | 38 |
| 6.38%, 10/15/2032 (e) |  | 1341 | 1322 |
| 6.88%, 07/01/2028 |  | 752 | 751 |
| 7.75%, 10/15/2033 (e) |  | 455 | 441 |
| Aptiv Swiss Holdings Ltd., (Jersey), (CMT Index 5 Year + 3.39%), 6.88%, 12/15/2054 (aa) |  | 250 | 252 |
| Clarios Global LP / Clarios US Finance Co., (Multinational), |  |  |  |
| 4.75%, 06/15/2031 (e) | EUR | 8385 | 9516 |
| 6.75%, 05/15/2028 (e) |  | 1641 | 1658 |
| 6.75%, 02/15/2030 (e) |  | 1478 | 1510 |
| 6.75%, 09/15/2032 (e) |  | 3632 | 3661 |
| Cooper-Standard Automotive, Inc., 9.25%, 03/01/2031 (e) |  | 165 | 157 |
| Cyprium Corp. / Cyprium Holdings Luxembourg Sarl, (Multinational), |  |  |  |
| 6.13%, 04/15/2031 (e) |  | 975 | 964 |
| 6.38%, 04/15/2034 (e) |  | 580 | 565 |
| Dana, Inc., 4.25%, 09/01/2030 |  | 131 | 124 |
| 4.50%, 02/15/2032 |  | 213 | 199 |
| Dornoch Debt Merger Sub, Inc., 6.63%, 10/15/2029 (e) |  | 86 | 76 |
| Forvia SE, (France), |  |  |  |
| Reg. S, 5.13%, 06/15/2029 | EUR | 924 | 1072 |
| 5.38%, 03/15/2031 (e) | EUR | 2049 | 2332 |
| Reg. S, 5.38%, 03/15/2031 | EUR | 725 | 825 |
| Reg. S, 5.50%, 06/15/2031 | EUR | 9648 | 11041 |
| Reg. S, 5.63%, 06/15/2030 | EUR | 7672 | 8938 |
| 6.75%, 09/15/2033 (e) |  | 83 | 81 |
| 8.00%, 06/15/2030 (e) |  | 57 | 59 |
| Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (e) |  | 823 | 852 |
| Gestamp Automocion SA, (Spain), 4.38%, 10/15/2030 (e) | EUR | 1650 | 1891 |
| Goodyear Tire & Rubber Co. (The), |  |  |  |
| 5.00%, 07/15/2029 |  | 204 | 193 |
| 5.25%, 04/30/2031 |  | 72 | 65 |
| 5.25%, 07/15/2031 |  | 76 | 68 |
| 5.63%, 04/30/2033 |  | 30 | 26 |
| 6.63%, 07/15/2030 |  | 14 | 14 |
| Grupo Antolin-Irausa SA, (Spain), Reg. S, 3.50%, 04/30/2028 | EUR | 1200 | 791 |
| IHO Verwaltungs GmbH, (Germany), |  |  |  |
| Reg. S, 6.75% (cash), 11/15/2029 (v) | EUR | 1725 | 2068 |
| Reg. S, 7.00% (cash), 11/15/2031 (v) | EUR | 5207 | 6292 |
| 7.75% (cash), 11/15/2030 (e) (v) |  | 150 | 153 |
| 8.00% (cash), 11/15/2032 (e) (v) |  | 121 | 124 |
| Reg. S, 8.75% (cash), 05/15/2028 (v) | EUR | 3505 | 4146 |
| Mahle GmbH, (Germany), |  |  |  |
| Reg. S, 2.38%, 05/14/2028 | EUR | 200 | 221 |
| Reg. S, 7.13%, 07/15/2032 | EUR | 2525 | 2991 |
| Phinia, Inc., |  |  |  |
| 6.63%, 10/15/2032 (e) |  | 352 | 357 |
| 6.75%, 04/15/2029 (e) |  | 215 | 219 |
| Qnity Electronics, Inc., |  |  |  |
| 5.75%, 08/15/2032 (e) |  | 626 | 626 |
| 6.25%, 08/15/2033 (e) |  | 267 | 270 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Auto Parts & Equipment — (continued)** |  |  |  |
| Real Hero Merger Sub 2, Inc., 6.25%, 02/01/2029 (e) |  | 126 | 50 |
| Schaeffler AG, (Germany), |  |  |  |
| Reg. S, 4.50%, 03/28/2030 | EUR | 6300 | 7155 |
| Reg. S, 4.75%, 08/14/2029 | EUR | 3700 | 4255 |
| Reg. S, 5.38%, 04/01/2031 | EUR | 4600 | 5375 |
| Tenneco, Inc., 8.00%, 11/17/2028 (e) |  | 3013 | 3001 |
| Titan International, Inc., 7.00%, 04/30/2028 |  | 911 | 909 |
| Valeo SE, (France), |  |  |  |
| Reg. S, 4.63%, 03/23/2032 | EUR | 700 | 782 |
| Reg. S, 5.13%, 05/20/2031 | EUR | 1600 | 1850 |
| ZF Europe Finance BV, (Netherlands), |  |  |  |
| Reg. S, 2.50%, 10/23/2027 | EUR | 100 | 113 |
| Reg. S, 3.00%, 10/23/2029 | EUR | 1600 | 1681 |
| Reg. S, 4.75%, 01/31/2029 | EUR | 4300 | 4816 |
| Reg. S, 6.13%, 03/13/2029 | EUR | 2000 | 2321 |
| Reg. S, 7.00%, 06/12/2030 | EUR | 13100 | 15446 |
| ZF Finance GmbH, (Germany), |  |  |  |
| Reg. S, 2.25%, 05/03/2028 | EUR | 900 | 986 |
| Reg. S, 3.75%, 09/21/2028 | EUR | 1700 | 1902 |
| ZF North America Capital, Inc., |  |  |  |
| 6.75%, 04/23/2030 (e) |  | 204 | 197 |
| 6.88%, 04/14/2028 (e) |  | 1040 | 1055 |
| 6.88%, 04/23/2032 (e) |  | 156 | 148 |
| 7.13%, 04/14/2030 (e) |  | 179 | 177 |
| 7.50%, 03/24/2031 (e) |  | 727 | 713 |
|  |  |  | 120529 |
| **Distribution/Wholesale — 0.1%** |  |  |  |
| American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/2029 (e) |  | 77 | 73 |
| Azelis Finance NV, (Belgium), 4.13%, 03/10/2031 (e) | EUR | 3360 | 3781 |
| Dealer Tire LLC / DT Issuer LLC, 8.00%, 02/01/2028 (e) |  | 108 | 105 |
| Gates Corp., 6.88%, 07/01/2029 (e) |  | 497 | 510 |
| RB Global Holdings, Inc., |  |  |  |
| 6.75%, 03/15/2028 (e) |  | 101 | 102 |
| 7.75%, 03/15/2031 (e) |  | 311 | 322 |
| Resideo Funding, Inc., 4.00%, 09/01/2029 (e) |  | 218 | 206 |
| 6.50%, 07/15/2032 (e) |  | 690 | 679 |
| S&S Holdings LLC, 8.38%, 10/01/2031 (e) |  | 79 | 70 |
| Velocity Vehicle Group LLC, 8.00%, 06/01/2029 (e) |  | 421 | 393 |
| Windsor Holdings III LLC, 8.50%, 06/15/2030 (e) |  | 933 | 966 |
|  |  |  | 7207 |
| **Entertainment — 2.2%** |  |  |  |
| 888 Acquisitions Ltd., (Gibraltar), |  |  |  |
| 8.00%, 09/30/2031 (e) | EUR | 3641 | 3706 |
| Reg. S, 10.75%, 05/15/2030 | GBP | 2635 | 3227 |
| Affinity Interactive, 6.88%, 12/15/2027 (e) |  | 115 | 69 |
| Allen Media LLC / Allen Media Co-Issuer, Inc., 10.50%, 02/15/2028 (e) |  | 115 | 47 |
| Allwyn Entertainment Financing UK plc, (United Kingdom), |  |  |  |
| Reg. S, 7.25%, 04/30/2030 | EUR | 5310 | 6342 |
| 7.88%, 04/30/2029 (e) |  | 88 | 90 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Entertainment — (continued)** |  |  |  |
| AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (e) |  | 42 | 30 |
| Banijay Entertainment SAS, (France), 8.13%, 05/01/2029 (e) |  | 104 | 107 |
| Betclic Everest Group SAS, (France), 5.13%, 12/10/2031 (e) | EUR | 1300 | 1485 |
| Boyne USA, Inc., 4.75%, 05/15/2029 (e) |  | 189 | 183 |
| Brightstar Lottery plc / Brightstar Global Solutions Corp., (United Kingdom), 5.75%, 01/15/2033 (e) |  | 1082 | 1053 |
| Caesars Entertainment, Inc., |  |  |  |
| 4.63%, 10/15/2029 (e) |  | 4500 | 4329 |
| 6.00%, 10/15/2032 (e) |  | 51 | 47 |
| 6.50%, 02/15/2032 (e) |  | 945 | 933 |
| 7.00%, 02/15/2030 (e) |  | 3318 | 3359 |
| Churchill Downs, Inc., |  |  |  |
| 4.75%, 01/15/2028 (e) |  | 156 | 154 |
| 5.50%, 04/01/2027 (e) |  | 815 | 814 |
| 5.75%, 04/01/2030 (e) |  | 1656 | 1638 |
| 6.75%, 05/01/2031 (e) |  | 1999 | 2036 |
| 5.25%, 07/15/2028 (e) |  | 85 | 84 |
| Cinemark USA, Inc., |  |  |  |
| 7.00%, 08/01/2032 (e) |  | 284 | 292 |
| Cirsa Finance International Sarl, (Luxembourg), |  |  |  |
| Reg. S, 4.88%, 10/15/2031 | EUR | 3378 | 3844 |
| 4.88%, 10/15/2031 (e) | EUR | 2975 | 3385 |
| Reg. S, 6.50%, 03/15/2029 | EUR | 3587 | 4219 |
| Discovery Global Holdings, Inc., |  |  |  |
| 3.76%, 03/15/2027 |  | 582 | 575 |
| 4.05%, 03/15/2029 |  | 1039 | 1004 |
| 4.28%, 03/15/2032 |  | 1796 | 1573 |
| 4.30%, 01/17/2030 | EUR | 650 | 743 |
| 4.69%, 05/17/2033 | EUR | 3136 | 3366 |
| 5.05%, 03/15/2042 |  | 3194 | 2114 |
| 5.14%, 03/15/2052 |  | 3604 | 2183 |
| Empire Resorts, Inc., 7.75%, 11/01/2026 (e) |  | 201 | 197 |
| Entain plc, (Isle of Man), Reg. S, 4.88%, 11/30/2031 | EUR | 1200 | 1361 |
| Flutter Treasury DAC, (Ireland), |  |  |  |
| 4.00%, 06/04/2031 (e) | EUR | 1250 | 1395 |
| 5.88%, 06/04/2031 (e) |  | 400 | 395 |
| 6.38%, 04/29/2029 (e) |  | 1472 | 1498 |
| Great Canadian Gaming Corp. / Raptor LLC, (Multinational), 8.75%, 11/15/2029 (e) |  | 426 | 416 |
| GSG Bidco Ltd., (Jersey), 5.38%, 06/15/2036 (e) | EUR | 800 | 915 |
| Intralot Capital Luxembourg SA, (Luxembourg), 6.75%, 10/15/2031 (e) | EUR | 2500 | 2760 |
| Jacobs Entertainment, Inc., 6.75%, 02/15/2029 (e) |  | 1547 | 1436 |
| LHMC Finco 2 Sarl, (Luxembourg), Reg. S, 9.38% (PIK), 05/15/2030 (v) | EUR | 4155 | 5028 |
| Light & Wonder International, Inc., |  |  |  |
| 6.25%, 10/01/2033 (e) |  | 1094 | 1071 |
| 7.25%, 11/15/2029 (e) |  | 98 | 100 |
| 7.50%, 09/01/2031 (e) |  | 335 | 344 |
| Live Nation Entertainment, Inc., |  |  |  |
| 3.75%, 01/15/2028 (e) |  | 62 | 60 |
| 4.75%, 10/15/2027 (e) |  | 699 | 695 |
| 6.50%, 05/15/2027 (e) |  | 214 | 214 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Entertainment — (continued)** |  |  |  |
| Lottomatica Group SpA, (Italy), |  |  |  |
| 4.88%, 01/31/2031 (e) | EUR | 3397 | 3958 |
| 5.38%, 06/01/2030 (e) | EUR | 10332 | 12162 |
| Merlin Entertainments Group US Holdings, Inc., 7.38%, 02/15/2031 (e) |  | 1216 | 1014 |
| Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.88%, 05/01/2029 (e) |  | 1846 | 1790 |
| Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC, |  |  |  |
| 8.25%, 04/15/2030 (e) |  | 348 | 356 |
| 11.88%, 04/15/2031 (e) |  | 214 | 223 |
| Motion Bondco DAC, (Ireland), 6.63%, 11/15/2027 (e) |  | 464 | 444 |
| Motion Finco Sarl, (Luxembourg), |  |  |  |
| Reg. S, 7.38%, 06/15/2030 | EUR | 2100 | 2096 |
| 8.38%, 02/15/2032 (e) |  | 18 | 15 |
| Odeon Finco plc, (United Kingdom), 12.75%, 11/01/2027 (e) |  | 603 | 621 |
| Ontario Gaming GTA LP / OTG Co-Issuer, Inc., (Canada), 8.00%, 08/01/2030 (e) |  | 71 | 68 |
| Penn Entertainment, Inc., |  |  |  |
| 4.13%, 07/01/2029 (e) |  | 425 | 397 |
| 5.63%, 01/15/2027 (e) |  | 1734 | 1734 |
| Playtech Plc, (Isle of Man), Reg. S, 5.88%, 06/28/2028 | EUR | 1700 | 1952 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., |  |  |  |
| 5.63%, 09/01/2029 (e) |  | 455 | 278 |
| 5.88%, 09/01/2031 (e) |  | 453 | 249 |
| Resorts World Las Vegas LLC / RWLV Capital, Inc., |  |  |  |
| Reg. S, 4.63%, 04/16/2029 |  | 300 | 257 |
| 4.63%, 04/06/2031 (e) |  | 100 | 79 |
| 8.45%, 07/27/2030 (e) |  | 100 | 95 |
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/2030 (e) |  | 1124 | 1121 |
| Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp., 6.63%, 02/01/2033 (e) |  | 1554 | 1542 |
| Scientific Games Holdings LP / Scientific Games US FinCo., Inc., 6.63%, 03/01/2030 (e) |  | 1818 | 1564 |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 (e) |  | 72 | 69 |
| Six Flags Entertainment Corp., 7.25%, 05/15/2031 (e) |  | 108 | 104 |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., |  |  |  |
| 5.25%, 07/15/2029 |  | 67 | 64 |
| 6.50%, 10/01/2028 |  | 45 | 45 |
| Six Flags Entertainment Corp. / Canada's Wonderland Co. / Millennium Operations LLC, |  |  |  |
| 8.63%, 01/15/2032 (e) |  | 354 | 355 |
| Six Flags Entertainment Corp. / Six Flags Theme Parks, Inc. / Canada's Wonderland Co., |  |  |  |
| 6.63%, 05/01/2032 (e) |  | 140 | 139 |
| Starz Capital Holdings 1, Inc., 6.00%, 04/15/2030 (e) |  | 579 | 531 |
| Vail Resorts, Inc., |  |  |  |
| 5.63%, 07/15/2030 (e) |  | 415 | 411 |
| 6.50%, 05/15/2032 (e) |  | 484 | 489 |
| Voyager Parent LLC, 9.25%, 07/01/2032 (e) |  | 3600 | 3737 |
| WMG Acquisition Corp., 3.75%, 12/01/2029 (e) |  | 28 | 27 |
| Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., |  |  |  |
| 5.13%, 10/01/2029 (e) |  | 2030 | 1992 |
| 6.25%, 03/15/2033 (e) |  | 1560 | 1542 |
| 7.13%, 02/15/2031 (e) |  | 838 | 879 |
|  |  |  | 113315 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Food Service — 0.0%** (g) |  |  |
| Aramark Services, Inc., 5.00%, 02/01/2028 (e) | 222 | 221 |
| gategroup Finance Luxembourg SA, (Luxembourg), Reg. S, 3.00%, 02/28/2027 CHF | 150 | 188 |
| TKC Holdings, Inc., |  |  |
| 8.50%, 08/15/2030 (e) | 263 | 265 |
| 12.00%, 02/15/2031 (e) | 144 | 149 |
|  |  | 823 |
| **Home Builders — 0.7%** |  |  |
| Adams Homes, Inc., 9.25%, 10/15/2028 (e) | 258 | 266 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., |  |  |
| 4.63%, 08/01/2029 (e) | 848 | 801 |
| 4.63%, 04/01/2030 (e) | 1306 | 1211 |
| 6.88%, 08/01/2033 (e) | 792 | 763 |
| Beazer Homes USA, Inc., |  |  |
| 5.88%, 10/15/2027 | 2708 | 2695 |
| 7.25%, 10/15/2029 | 2019 | 2010 |
| 7.50%, 03/15/2031 (e) | 48 | 47 |
| Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, (Canada), |  |  |
| 4.88%, 02/15/2030 (e) | 2737 | 2512 |
| 5.00%, 06/15/2029 (e) | 2152 | 2038 |
| 6.25%, 09/15/2027 (e) | 485 | 484 |
| Century Communities, Inc., |  |  |
| 3.88%, 08/15/2029 (e) | 128 | 120 |
| 6.63%, 09/15/2033 (e) | 705 | 690 |
| Dream Finders Homes, Inc., |  |  |
| 6.88%, 09/15/2030 (e) | 476 | 455 |
| 8.25%, 08/15/2028 (e) | 1252 | 1263 |
| Empire Communities Corp., (Canada), 9.75%, 05/01/2029 (e) | 1318 | 1323 |
| Forestar Group, Inc., |  |  |
| 5.00%, 03/01/2028 (e) | 1617 | 1600 |
| 6.50%, 03/15/2033 (e) | 1155 | 1141 |
| Installed Building Products, Inc., 5.63%, 02/01/2034 (e) | 426 | 416 |
| K Hovnanian Enterprises, Inc., |  |  |
| 8.00%, 04/01/2031 (e) | 776 | 768 |
| 8.38%, 10/01/2033 (e) | 1384 | 1368 |
| KB Home, |  |  |
| 4.00%, 06/15/2031 | 350 | 323 |
| 4.80%, 11/15/2029 | 1625 | 1582 |
| LGI Homes, Inc., |  |  |
| 4.00%, 07/15/2029 (e) | 59 | 52 |
| 7.00%, 11/15/2032 (e) | 273 | 253 |
| 8.75%, 12/15/2028 (e) | 796 | 814 |
| M/I Homes, Inc., |  |  |
| 3.95%, 02/15/2030 | 400 | 375 |
| 4.95%, 02/01/2028 | 818 | 807 |
| Mattamy Group Corp., (Canada), |  |  |
| 4.63%, 03/01/2030 (e) | 1137 | 1081 |
| 6.00%, 12/15/2033 (e) | 2732 | 2565 |
| Meritage Homes Corp., 3.88%, 04/15/2029 (e) | 237 | 231 |
| Risewell Homes, Inc., |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Home Builders — (continued)** |  |  |
| 8.50%, 11/01/2030 (e) | 563 | 550 |
| 9.25%, 10/01/2029 (e) | 1029 | 1038 |
| Shea Homes LP / Shea Homes Funding Corp., |  |  |
| 4.75%, 02/15/2028 | 1471 | 1446 |
| 4.75%, 04/01/2029 | 942 | 911 |
| STL Holding Co. LLC, 8.75%, 02/15/2029 (e) | 957 | 989 |
| Taylor Morrison Communities, Inc., |  |  |
| 5.13%, 08/01/2030 (e) | 250 | 247 |
| 5.75%, 01/15/2028 (e) | 800 | 802 |
| 5.75%, 11/15/2032 (e) | 508 | 508 |
| Thor Industries, Inc., 4.00%, 10/15/2029 (e) | 96 | 91 |
| Tri Pointe Homes, Inc., |  |  |
| 5.25%, 06/01/2027 | 50 | 50 |
| 5.70%, 06/15/2028 | 1531 | 1543 |
|  |  | 38229 |
| **Home Furnishings — 0.0%** (g) |  |  |
| FXI Holdings, Inc., |  |  |
| 11.00%, 11/15/2030 (e) | 107 | 95 |
| 14.00% (cash), 11/15/2029 (e) (v) | 103 | 53 |
|  Leggett & Platt, Inc., 3.50%, 11/15/2027 | 19 | 19 |
| Somnigroup International, Inc., |  |  |
| 3.88%, 10/15/2031 (e) | 205 | 187 |
| 4.00%, 04/15/2029 (e) | 228 | 219 |
| Whirlpool Corp., |  |  |
| 2.40%, 05/15/2031 | 50 | 40 |
| 4.50%, 06/01/2046 | 112 | 74 |
| 4.60%, 05/15/2050 | 113 | 74 |
| 4.70%, 05/14/2032 | 45 | 39 |
| 4.75%, 02/26/2029 | 115 | 110 |
| 5.15%, 03/01/2043 | 32 | 24 |
| 5.50%, 03/01/2033 | 47 | 42 |
| 5.75%, 03/01/2034 | 49 | 43 |
| 6.13%, 06/15/2030 | 448 | 437 |
| 6.50%, 06/15/2033 | 1419 | 1343 |
|  |  | 2799 |
| **Housewares — 0.2%** |  |  |
|  CD&R Smokey Buyer, Inc. / Radio Systems Corp., 9.50%, 10/15/2029 (e) | 98 | 83 |
|  Central Garden & Pet Co., 4.13%, 10/15/2030 | 14 | 13 |
| Newell Brands, Inc., |  |  |
| 6.38%, 09/15/2027 | 62 | 62 |
| 6.38%, 05/15/2030 | 387 | 371 |
| 6.63%, 09/15/2029 | 224 | 219 |
| 6.63%, 05/15/2032 | 1226 | 1172 |
| 7.38%, 04/01/2036 | 56 | 52 |
| 7.50%, 04/01/2046 | 787 | 631 |
| 8.50%, 06/01/2028 (e) | 638 | 658 |
| Scotts Miracle-Gro Co. (The), |  |  |
| 4.00%, 04/01/2031 | 1396 | 1288 |
| 4.38%, 02/01/2032 | 1743 | 1628 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Housewares — (continued)** |  |  |  |
| SWF Holdings I Corp., 6.50%, 10/06/2029 (e) |  | 6402 | 2050 |
|  |  |  | 8227 |
| **Leisure Time — 0.8%** |  |  |  |
|  Acushnet Co., 5.63%, 12/01/2033 (e) |  | 274 | 272 |
| Carnival Corp., (Panama), |  |  |  |
| 4.00%, 08/01/2028 (e) |  | 4125 | 4022 |
| 5.13%, 05/01/2029 (e) |  | 90 | 89 |
| Reg. S, 5.75%, 01/15/2030 | EUR | 1606 | 1926 |
| 5.75%, 03/15/2030 (e) |  | 53 | 53 |
| 5.75%, 08/01/2032 (e) |  | 294 | 294 |
| 5.88%, 06/15/2031 (e) |  | 892 | 903 |
| 6.13%, 02/15/2033 (e) |  | 1369 | 1383 |
| 7.00%, 08/15/2029 (e) |  | 430 | 447 |
|  Carnival plc, (United Kingdom), 4.13%, 07/15/2031 (e) | EUR | 448 | 504 |
|  Deuce Finco plc, (United Kingdom), 7.00%, 11/20/2031 (e) | GBP | 4000 | 5213 |
|  Kingpin Intermediate Holdings LLC, 7.25%, 10/15/2032 (e) |  | 43 | 38 |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 (e) |  | 1337 | 1364 |
|  MajorDrive Holdings IV LLC, 6.38%, 06/01/2029 (e) |  | 750 | 554 |
| NCL Corp. Ltd., (Bermuda), |  |  |  |
| 5.88%, 01/15/2031 (e) |  | 452 | 437 |
| 6.25%, 03/01/2030 (e) |  | 570 | 566 |
| 6.25%, 09/15/2033 (e) |  | 1415 | 1366 |
| 6.75%, 02/01/2032 (e) |  | 354 | 351 |
| 7.75%, 02/15/2029 (e) |  | 855 | 890 |
|  NCL Finance Ltd., (Bermuda), 6.13%, 03/15/2028 (e) |  | 2026 | 2043 |
| Patrick Industries, Inc., |  |  |  |
| 4.75%, 05/01/2029 (e) |  | 69 | 67 |
| 6.38%, 11/01/2032 (e) |  | 1011 | 1010 |
|  Pinnacle Bidco plc, (United Kingdom), Reg. S, 8.25%, 10/11/2028 | EUR | 2950 | 3520 |
| Royal Caribbean Cruises Ltd., |  |  |  |
| (Liberia), 3.70%, 03/15/2028 |  | 907 | 892 |
| 5.38%, 07/15/2027 (e) |  | 462 | 464 |
| 5.50%, 04/01/2028 (e) |  | 631 | 638 |
| 5.63%, 09/30/2031 (e) |  | 740 | 747 |
|  Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (e) |  | 1714 | 1754 |
| Sabre GLBL, Inc., |  |  |  |
| 10.75%, 11/15/2029 (e) |  | 46 | 39 |
| 10.75%, 03/15/2030 (e) |  | 103 | 87 |
| 11.13%, 07/15/2030 (e) |  | 136 | 115 |
|  TUI AG, (Germany), Reg. S, 5.88%, 03/15/2029 | EUR | 4357 | 5018 |
| Viking Cruises Ltd., (Bermuda), 5.88%, 10/15/2033 (e) |  | 1739 | 1717 |
| 7.00%, 02/15/2029 (e) |  | 1051 | 1053 |
| 9.13%, 07/15/2031 (e) |  | 1355 | 1429 |
|  VOC Escrow Ltd., (Bermuda), 5.00%, 02/15/2028 (e) |  | 1315 | 1310 |
|  |  |  | 42575 |
| **Lodging — 1.2%** |  |  |  |
| Boyd Gaming Corp., |  |  |  |
| 4.75%, 12/01/2027 |  | 210 | 207 |
| 4.75%, 06/15/2031 (e) |  | 1722 | 1637 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Lodging — (continued)** |  |  |  |
| Essendi SA, (Luxembourg), |  |  |  |
| Reg. S, 5.50%, 11/15/2031 | EUR | 100 | 113 |
| 5.50%, 11/15/2031 (e) | EUR | 8574 | 9689 |
| Reg. S, 5.63%, 05/15/2032 | EUR | 2675 | 2991 |
| 6.38%, 10/15/2029 (e) | EUR | 4907 | 5701 |
| Reg. S, 6.38%, 10/15/2029 | EUR | 1976 | 2296 |
| Fortune Star BVI Ltd., (British Virgin Islands), |  |  |  |
| Reg. S, 3.95%, 10/02/2026 | EUR | 1800 | 2061 |
| Reg. S, 5.00%, 05/18/2026 |  | 1600 | 1592 |
| Reg. S, 5.05%, 01/27/2027 |  | 5600 | 5436 |
| Reg. S, 6.80%, 09/09/2029 |  | 1000 | 948 |
|  Full House Resorts, Inc., 8.25%, 02/15/2028 (e) |  | 58 | 53 |
|  Genting New York LLC / GENNY Capital, Inc., 7.25%, 10/01/2029 (e) |  | 109 | 109 |
| Hilton Domestic Operating Co., Inc., |  |  |  |
| 3.63%, 02/15/2032 (e) |  | 1907 | 1732 |
| 3.75%, 05/01/2029 (e) |  | 275 | 263 |
| 4.00%, 05/01/2031 (e) |  | 392 | 367 |
| 4.88%, 01/15/2030 |  | 352 | 347 |
| 5.50%, 03/31/2034 (e) |  | 1185 | 1158 |
| 5.75%, 09/15/2033 (e) |  | 359 | 357 |
| 5.88%, 04/01/2029 (e) |  | 200 | 202 |
| 5.88%, 03/15/2033 (e) |  | 358 | 360 |
| 6.13%, 04/01/2032 (e) |  | 537 | 544 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., |  |  |  |
| 4.88%, 07/01/2031 (e) |  | 52 | 47 |
| 5.00%, 06/01/2029 (e) |  | 128 | 121 |
| 6.63%, 01/15/2032 (e) |  | 102 | 101 |
| Las Vegas Sands Corp., |  |  |  |
| 3.50%, 08/18/2026 |  | 435 | 433 |
| 5.90%, 06/01/2027 |  | 25 | 25 |
| Marriott Ownership Resorts, Inc., |  |  |  |
| 4.50%, 06/15/2029 (e) |  | 50 | 47 |
| 6.50%, 10/01/2033 (e) |  | 103 | 98 |
| Melco Resorts Finance Ltd., (Cayman Islands), |  |  |  |
| 5.38%, 12/04/2029 (e) |  | 894 | 856 |
| 5.63%, 07/17/2027 (e) |  | 200 | 198 |
| Reg. S, 5.63%, 07/17/2027 |  | 196 | 194 |
| 5.75%, 07/21/2028 (e) |  | 510 | 499 |
| 6.50%, 09/24/2033 (e) |  | 82 | 79 |
| 7.63%, 04/17/2032 (e) |  | 780 | 791 |
|  MGM China Holdings Ltd., (Cayman Islands), 7.13%, 06/26/2031 (e) |  | 294 | 300 |
| MGM Resorts International, |  |  |  |
| 4.75%, 10/15/2028 |  | 2151 | 2110 |
| 5.50%, 04/15/2027 |  | 1666 | 1669 |
| 6.13%, 09/15/2029 |  | 1622 | 1631 |
| 6.50%, 04/15/2032 |  | 1053 | 1062 |
|  Motel One GmbH, (Germany), Reg. S, 7.75%, 04/02/2031 | EUR | 2595 | 3111 |
| Station Casinos LLC, |  |  |  |
| 4.50%, 02/15/2028 (e) |  | 133 | 130 |
| 4.63%, 12/01/2031 (e) |  | 350 | 327 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Lodging — (continued)** |  |  |  |
| 6.63%, 03/15/2032 (e) |  | 448 | 450 |
|  Studio City Co. Ltd., (British Virgin Islands), Reg. S, 7.00%, 02/15/2027 |  | 900 | 899 |
| Studio City Finance Ltd., (British Virgin Islands), |  |  |  |
| 5.00%, 01/15/2029 (e) |  | 314 | 294 |
| 6.50%, 01/15/2028 (e) |  | 190 | 188 |
| Travel + Leisure Co., |  |  |  |
| 4.50%, 12/01/2029 (e) |  | 126 | 120 |
| 4.63%, 03/01/2030 (e) |  | 72 | 69 |
| 6.00%, 04/01/2027 |  | 120 | 120 |
| 6.13%, 09/01/2033 (e) |  | 97 | 96 |
| 6.63%, 07/31/2026 (e) |  | 950 | 951 |
| Wyndham Hotels & Resorts, Inc., |  |  |  |
| 4.38%, 08/15/2028 (e) |  | 114 | 112 |
| 5.63%, 03/01/2033 (e) |  | 730 | 718 |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 05/15/2027 (e) |  | 290 | 289 |
| Wynn Macau Ltd., (Cayman Islands), |  |  |  |
| 5.13%, 12/15/2029 (e) |  | 1109 | 1064 |
| 5.50%, 10/01/2027 (e) |  | 225 | 223 |
| 5.63%, 08/26/2028 (e) |  | 3350 | 3290 |
| 6.75%, 02/15/2034 (e) |  | 168 | 164 |
|  |  |  | 61039 |
| **Office Furnishings — 0.0%** (g) |  |  |  |
|  HNI Corp., 5.13%, 01/18/2029 (e) |  | 130 | 124 |
| **Retail — 1.8%** |  |  |  |
| 1011778 BC ULC / New Red Finance, Inc., (Canada), |  | 375 | 358 |
| 3.50%, 02/15/2029 (e) |  |  |  |
| 3.88%, 01/15/2028 (e) |  | 204 | 200 |
| 4.00%, 10/15/2030 (e) |  | 3660 | 3439 |
| 4.38%, 01/15/2028 (e) |  | 780 | 769 |
| 6.13%, 06/15/2029 (e) |  | 144 | 146 |
|  7-Eleven, Inc., 1.80%, 02/10/2031 (e) |  | 434 | 376 |
|  Academy Ltd., 6.00%, 11/15/2027 (e) |  | 71 | 71 |
| Advance Auto Parts, Inc., |  |  |  |
| 3.90%, 04/15/2030 |  | 55 | 50 |
| 7.00%, 08/01/2030 (e) |  | 235 | 237 |
| 7.38%, 08/01/2033 (e) |  | 149 | 151 |
|  Agrifarma SpA, (Italy), Reg. S, 4.50%, 10/31/2028 | EUR | 1598 | 1831 |
|  Arko Corp., 5.13%, 11/15/2029 (e) |  | 1260 | 1118 |
| Asbury Automotive Group, Inc., |  |  |  |
| 4.50%, 03/01/2028 |  | 52 | 51 |
| 4.63%, 11/15/2029 (e) |  | 79 | 76 |
| 4.75%, 03/01/2030 |  | 3 | 3 |
| Bath & Body Works, Inc., |  |  |  |
| 5.25%, 02/01/2028 |  | 59 | 59 |
| 6.63%, 10/01/2030 (e) |  | 137 | 138 |
| 6.75%, 07/01/2036 |  | 51 | 49 |
| 6.88%, 11/01/2035 |  | 61 | 60 |
| 6.95%, 03/01/2033 |  | 39 | 37 |
| 7.50%, 06/15/2029 |  | 73 | 74 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Retail — (continued)** | | | |
| 7.60%, 07/15/2037 |  | 42 | 41 |
|  BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc., 9.50%, 07/01/2032 (e) |  | 84 | 76 |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 (e) |  | 24 | 21 |
| Boots Group Finco LP, |  |  |  |
| 5.38%, 08/31/2032 (e) | EUR | 4545 | 5227 |
| 7.38%, 08/31/2032 (e) | GBP | 1874 | 2463 |
|  Brinker International, Inc., 8.25%, 07/15/2030 (e) |  | 2249 | 2359 |
| Bubbles Bidco SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.25%), 6.38%, 09/30/2031 (aa) | EUR | 101 | 117 |
| Reg. S, 6.50%, 09/30/2031 | EUR | 200 | 231 |
| 6.50%, 09/30/2031 (e) | EUR | 1320 | 1525 |
| Carvana Co., |  |  |  |
| 9.00% (cash), 06/01/2030 (e) (v) |  | 5060 | 5264 |
| 9.00% (cash), 06/01/2031 (e) (v) |  | 8303 | 8979 |
|  CD&R Firefly Bidco plc, (United Kingdom), Reg. S, 8.63%, 04/30/2029 | GBP | 6000 | 8074 |
|  Cougar JV Subsidiary LLC, 8.00%, 05/15/2032 (e) |  | 139 | 144 |
|  Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 (e) |  | 316 | 308 |
| Dufry One BV, (Netherlands), |  |  |  |
| Reg. S, 3.38%, 04/15/2028 | EUR | 3120 | 3534 |
| Reg. S, 4.50%, 05/23/2032 | EUR | 1150 | 1313 |
|  eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) |  | 876 | 937 |
|  Eroski S Coop, (Spain), 5.75%, 05/15/2031 (e) | EUR | 4601 | 5379 |
|  Ferrellgas LP / Ferrellgas Finance Corp., 9.25%, 01/15/2031 (e) |  | 405 | 422 |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.63%, 01/15/2029 (e) |  | 688 | 657 |
| 6.75%, 01/15/2030 (e) |  | 1788 | 1670 |
|  FirstCash, Inc., 6.88%, 03/01/2032 (e) |  | 96 | 98 |
|  Fressnapf Holding SE, (Germany), Reg. S, 5.25%, 10/31/2031 | EUR | 1262 | 1426 |
| Gap, Inc. (The), |  |  |  |
| 3.63%, 10/01/2029 (e) |  | 159 | 149 |
| 3.88%, 10/01/2031 (e) |  | 1914 | 1730 |
|  Gee Automotive Holdings LLC, 7.25%, 03/01/2031 (e) |  | 72 | 72 |
| Global Auto Holdings Ltd. / AAG FH UK Ltd., (United Kingdom), |  |  |  |
| 8.38%, 01/15/2029 (e) |  | 75 | 69 |
| 8.75%, 01/15/2032 (e) |  | 55 | 47 |
| 11.50%, 08/15/2029 (e) |  | 84 | 83 |
|  Goldstory SAS, (France), Reg. S, 6.75%, 02/01/2030 | EUR | 100 | 113 |
|  Group 1 Automotive, Inc., 6.38%, 01/15/2030 (e) |  | 511 | 514 |
|  Ken Garff Automotive LLC, 4.88%, 09/15/2028 (e) |  | 63 | 62 |
| KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC, 4.75%, 06/01/2027 (e) |  | 137 | 137 |
| Kohl's Corp., |  |  |  |
| 5.13%, 05/01/2031 |  | 41 | 31 |
| 5.55%, 07/17/2045 |  | 55 | 31 |
| 10.00%, 06/01/2030 (e) |  | 80 | 84 |
|  Lagardere SA, (France), Reg. S, 4.75%, 06/12/2030 | EUR | 1600 | 1845 |
| LBM Acquisition LLC, |  |  |  |
| 6.25%, 01/15/2029 (e) |  | 1280 | 936 |
| 9.50%, 06/15/2031 (e) |  | 891 | 776 |
| LCM Investments Holdings II LLC, |  |  |  |
| 4.88%, 05/01/2029 (e) |  | 1580 | 1527 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Retail — (continued)** |  |  |  |
| 8.25%, 08/01/2031 (e) |  | 110 | 114 |
| Lithia Motors, Inc., |  |  |  |
| 3.88%, 06/01/2029 (e) |  | 573 | 544 |
| 5.50%, 10/01/2030 (e) |  | 965 | 943 |
|  Macy's Retail Holdings LLC, 6.70%, 07/15/2034 (e) |  | 68 | 64 |
|  Men's Wearhouse LLC (The), 9.00%, 02/01/2031 (e) |  | 81 | 83 |
| Michaels Cos., Inc. (The), |  |  |  |
| 8.50%, 03/15/2033 (e) |  | 1409 | 1372 |
| 11.00%, 03/15/2034 (e) |  | 156 | 144 |
|  Murphy Oil USA, Inc., 5.63%, 05/01/2027 |  | 60 | 60 |
| Nordstrom, Inc., |  |  |  |
| 5.00%, 01/15/2044 |  | 76 | 51 |
| 6.95%, 03/15/2028 |  | 56 | 56 |
|  Papa John's International, Inc., 3.88%, 09/15/2029 (e) |  | 46 | 44 |
| Park River Holdings, Inc., |  |  |  |
| 8.00%, 03/15/2031 (e) |  | 178 | 177 |
| 8.75%, 12/31/2030 (e) |  | 1337 | 1230 |
|  Penske Automotive Group, Inc., 3.75%, 06/15/2029 |  | 69 | 66 |
|  Petco Health & Wellness Co., Inc., 8.25%, 02/01/2031 (e) |  | 39 | 39 |
| PetSmart LLC / PetSmart Finance Corp., |  |  |  |
| 7.50%, 09/15/2032 (e) |  | 634 | 637 |
| 10.00%, 09/15/2033 (e) |  | 156 | 156 |
|  Punch Finance plc, (United Kingdom), Reg. S, 7.88%, 12/30/2030 | GBP | 2475 | 3262 |
| QVC, Inc., |  |  |  |
| 5.45%, 08/15/2034 |  | 67 | 29 |
| 5.95%, 03/15/2043 |  | 59 | 26 |
| 6.88%, 04/15/2029 (e) |  | 107 | 47 |
|  QXO Building Products, Inc., 6.75%, 04/30/2032 (e) |  | 2847 | 2894 |
|  Sally Holdings LLC / Sally Capital, Inc., 6.75%, 04/01/2032 |  | 609 | 623 |
|  Specialty Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029 (e) |  | 97 | 84 |
| Staples, Inc., |  |  |  |
| 10.75%, 09/01/2029 (e) |  | 1111 | 1027 |
| 12.75%, 01/15/2030 (e) |  | 170 | 115 |
| Stonegate Pub Co. Financing 2019 plc, (United Kingdom), Reg. S, (EURIBOR 3 Month + 6.63%), 8.62%, 07/31/2029 (aa) | EUR | 2550 | 2883 |
|  Suburban Propane Partners LP / Suburban Energy Finance Corp., 5.00%, 06/01/2031 (e) |  | 110 | 103 |
|  Superior Plus LP / Superior General Partner, Inc., (Canada), 4.50%, 03/15/2029 (e) |  | 881 | 842 |
|  Victoria's Secret & Co., 4.63%, 07/15/2029 (e) |  | 72 | 68 |
|  Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (e) |  | 67 | 69 |
|  White Cap Supply Holdings LLC, 7.38%, 11/15/2030 (e) |  | 4778 | 4634 |
| Yum! Brands, Inc., |  |  |  |
| 3.63%, 03/15/2031 |  | 388 | 358 |
| 4.63%, 01/31/2032 |  | 411 | 392 |
| 4.75%, 01/15/2030 (e) |  | 300 | 295 |
| 5.38%, 04/01/2032 |  | 374 | 370 |
| 6.88%, 11/15/2037 |  | 68 | 74 |
|  |  |  | 91739 |
| **Toys/Games/Hobbies — 0.1%** |  |  |  |
|  Asmodee Group AB, (Sweden), 4.25%, 12/15/2031 (e) | EUR | 1250 | 1419 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Toys/Games/Hobbies — (continued)** | | | |
|  Hasbro, Inc., 3.90%, 11/19/2029 |  | 857 | 836 |
| Mattel, Inc., |  |  |  |
| 5.00%, 11/17/2030 |  | 835 | 830 |
| 5.88%, 12/15/2027 (e) |  | 1859 | 1859 |
|  |  |  | 4944 |
|  Total Consumer Cyclical |  |  | 575680 |
| **Consumer Non-cyclical — 11.1%** |  |  |  |
| **Agriculture — 0.2%** |  |  |  |
|  Darling Ingredients, Inc., 6.00%, 06/15/2030 (e) |  | 336 | 338 |
| Imperial Brands Finance plc, (United Kingdom), |  |  |  |
| 5.50%, 02/01/2030 (e) |  | 1271 | 1304 |
| 6.13%, 07/27/2027 (e) |  | 403 | 411 |
|  Japan Tobacco, Inc., (Japan), 5.25%, 06/15/2030 (e) |  | 539 | 552 |
|  Kernel Holding SA, (Luxembourg), Reg. S, 6.75%, 10/27/2027 |  | 1500 | 1451 |
| Tereos Finance Groupe I SA, (France), |  |  |  |
| Reg. S, 5.75%, 04/30/2031 | EUR | 1249 | 1340 |
| Reg. S, 5.88%, 04/30/2030 | EUR | 2536 | 2810 |
| Reg. S, 7.25%, 04/15/2028 | EUR | 775 | 902 |
| 8.13%, 04/30/2032 (e) | EUR | 896 | 1034 |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032 (e) |  | 203 | 208 |
|  |  |  | 10350 |
| **Beverages — 0.0%** (g) |  |  |  |
|  Bacardi-Martini BV, (Netherlands), 5.55%, 02/01/2030 (e) |  | 630 | 643 |
| Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, (British Virgin Islands), 5.25%, 04/27/2029 (e) |  | 790 | 768 |
|  Keurig Dr Pepper, Inc., 4.35%, 05/15/2028 |  | 310 | 309 |
| Primo Water Holdings, Inc. / Triton Water Holdings, Inc., |  |  |  |
| 4.38%, 04/30/2029 (e) |  | 86 | 84 |
| 6.25%, 04/01/2029 (e) |  | 124 | 124 |
|  |  |  | 1928 |
| **Biotechnology — 0.4%** |  |  |  |
|  BioMarin Pharmaceutical, Inc., 5.50%, 02/15/2034 (e) |  | 1784 | 1753 |
| Cidron Aida Finco Sarl, (Luxembourg), |  |  |  |
| 7.00%, 10/27/2031 (e) | EUR | 7474 | 8152 |
| 9.13%, 10/27/2031 (e) | GBP | 3968 | 5044 |
|  Emergent BioSolutions, Inc., 3.88%, 08/15/2028 (e) |  | 90 | 76 |
| Genmab A/S / Genmab Finance LLC, (Denmark), |  |  |  |
| 6.25%, 12/15/2032 (e) |  | 564 | 577 |
| 7.25%, 12/15/2033 (e) |  | 1096 | 1147 |
| Illumina, Inc., |  |  |  |
| 4.75%, 12/12/2030 |  | 626 | 623 |
| 5.75%, 12/13/2027 |  | 108 | 110 |
| Royalty Pharma plc, (United Kingdom), |  |  |  |
| 2.20%, 09/02/2030 |  | 122 | 110 |
| 4.45%, 03/25/2031 |  | 1241 | 1224 |
| 5.15%, 09/02/2029 |  | 242 | 246 |
|  |  |  | 19062 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Commercial Services — 4.1%** | | | |
| ADT Security Corp. (The), |  |  |  |
| 4.13%, 08/01/2029 (e) |  | 144 | 138 |
| 5.88%, 10/15/2033 (e) |  | 1194 | 1156 |
| Aegis Lux 1a Sarl, (Luxembourg), |  |  |  |
| Reg. S, 5.63% (PIK), 10/29/2031 (v) | EUR | 1030 | 1175 |
| 5.63% (PIK), 10/29/2031 (e) (v) | EUR | 10513 | 11996 |
| Albion Financing 1 Sarl / Aggreko Holdings, Inc., (Luxembourg), |  |  |  |
| Reg. S, 5.38%, 05/21/2030 | EUR | 400 | 463 |
| 5.38%, 05/21/2030 (e) | EUR | 11955 | 13849 |
| 7.00%, 05/21/2030 (e) |  | 1641 | 1677 |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031 (e) |  | 5947 | 6131 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.00%, 06/01/2029 (e) |  | 4043 | 3906 |
| 6.88%, 06/15/2030 (e) |  | 2453 | 2486 |
| Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 Sarl, (Multinational), |  |  |  |
| 4.63%, 06/01/2028 (e) |  | 6558 | 6402 |
| Reg. S, 4.88%, 06/01/2028 | GBP | 1545 | 1979 |
|  Alta Equipment Group, Inc., 9.00%, 06/01/2029 (e) |  | 299 | 265 |
| Amber Finco plc, (United Kingdom), |  |  |  |
| Reg. S, 6.63%, 07/15/2029 | EUR | 2001 | 2374 |
| 6.63%, 07/15/2029 (e) | EUR | 4924 | 5840 |
| AMN Healthcare, Inc., |  |  |  |
| 4.00%, 04/15/2029 (e) |  | 45 | 43 |
| 6.50%, 01/15/2031 (e) |  | 1601 | 1564 |
|  APCOA GmbH, (Germany), Reg. S, 6.00%, 04/15/2031 | EUR | 5393 | 6105 |
| APi Group DE, Inc., |  |  |  |
| 4.13%, 07/15/2029 (e) |  | 556 | 529 |
| 4.75%, 10/15/2029 (e) |  | 46 | 45 |
| Ashtead Capital, Inc., |  |  |  |
| 4.25%, 11/01/2029 (e) |  | 1000 | 979 |
| 4.38%, 08/15/2027 (e) |  | 712 | 708 |
| Avis Budget Car Rental LLC / Avis Budget Finance, Inc., |  |  |  |
| 4.75%, 04/01/2028 (e) |  | 1512 | 1472 |
| 5.38%, 03/01/2029 (e) |  | 76 | 73 |
| 5.75%, 07/15/2027 (e) |  | 855 | 853 |
| 8.00%, 02/15/2031 (e) |  | 70 | 69 |
| 8.25%, 01/15/2030 (e) |  | 82 | 82 |
| 8.38%, 06/15/2032 (e) |  | 71 | 71 |
| Avis Budget Finance Plc, (Jersey), |  |  |  |
| Reg. S, 7.00%, 02/28/2029 | EUR | 1911 | 2171 |
| Reg. S, 7.25%, 07/31/2030 | EUR | 2649 | 2977 |
| BCP V Modular Services Finance II plc, (United Kingdom), |  |  |  |
| Reg. S, 4.75%, 11/30/2028 | EUR | 1500 | 1631 |
| Reg. S, 6.50%, 07/10/2031 | EUR | 147 | 144 |
|  BCP V Modular Services Finance plc, (United Kingdom), Reg. S, 6.75%, 11/30/2029 | EUR | 164 | 130 |
| Belron UK Finance plc, (United Kingdom), |  |  |  |
| Reg. S, 4.63%, 10/15/2029 | EUR | 200 | 232 |
| 5.75%, 10/15/2029 (e) |  | 1070 | 1076 |
| Block, Inc., |  |  |  |
| 2.75%, 06/01/2026 |  | 1311 | 1305 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Commercial Services — (continued)** | | | |
| 5.63%, 08/15/2030 (e) |  | 1735 | 1723 |
| 6.00%, 08/15/2033 (e) |  | 1219 | 1196 |
| 6.50%, 05/15/2032 |  | 1659 | 1674 |
|  Boels Topholding BV, (Netherlands), Reg. S, 5.75%, 05/15/2030 | EUR | 5041 | 5854 |
| Brink's Co. (The), |  |  |  |
| 4.63%, 10/15/2027 (e) |  | 82 | 81 |
| 6.50%, 06/15/2029 (e) |  | 54 | 55 |
| 6.75%, 06/15/2032 (e) |  | 657 | 665 |
|  Carriage Services, Inc., 4.25%, 05/15/2029 (e) |  | 60 | 57 |
|  Champions Financing, Inc., 8.75%, 02/15/2029 (e) |  | 77 | 69 |
|  Cimpress plc, (Ireland), 7.38%, 09/15/2032 (e) |  | 206 | 204 |
| Clarivate Science Holdings Corp., |  |  |  |
| 3.88%, 07/01/2028 (e) |  | 973 | 918 |
| 4.88%, 07/01/2029 (e) |  | 1245 | 1080 |
|  CompoSecure Holdings LLC, 5.63%, 02/01/2033 (e) |  | 2378 | 2323 |
| CoreCivic, Inc., |  |  |  |
| 4.75%, 10/15/2027 |  | 175 | 173 |
| 8.25%, 04/15/2029 |  | 93 | 97 |
|  CPI CG, Inc., 10.00%, 07/15/2029 (e) |  | 57 | 60 |
| Currenta Group Holdings Sarl, (Luxembourg), |  |  |  |
| 5.50%, 05/15/2030 (e) | EUR | 2100 | 2409 |
| Reg. S, 5.50%, 05/15/2030 | EUR | 700 | 803 |
| Reg. S, (EURIBOR 3 Month + 4.00%), 5.98%, 05/15/2032 (aa) | EUR | 1700 | 1946 |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 (e) |  | 779 | 791 |
| Deluxe Corp., |  |  |  |
| 8.00%, 06/01/2029 (e) |  | 188 | 189 |
| 8.13%, 09/15/2029 (e) |  | 514 | 533 |
|  DP World Ltd., (United Arab Emirates), Reg. S, 4.70%, 09/30/2049 |  | 1000 | 786 |
| EquipmentShare.com, Inc., 8.63%, 05/15/2032 (e) |  | 120 | 125 |
| 9.00%, 05/15/2028 (e) |  | 761 | 786 |
| Garda World Security Corp., |  |  |  |
| (Canada), 6.00%, 06/01/2029 (e) |  | 445 | 423 |
| 6.50%, 01/15/2031 (e) |  | 127 | 129 |
| 7.75%, 02/15/2028 (e) |  | 782 | 795 |
| 8.25%, 08/01/2032 (e) |  | 2133 | 2110 |
| 8.38%, 11/15/2032 (e) |  | 1857 | 1859 |
| GEO Group, Inc. (The), |  |  |  |
| 8.63%, 04/15/2029 |  | 942 | 975 |
| 10.25%, 04/15/2031 |  | 364 | 388 |
| Global Payments, Inc., |  |  |  |
| 4.45%, 06/01/2028 |  | 110 | 109 |
| 4.50%, 11/15/2028 |  | 539 | 534 |
| 4.88%, 11/15/2030 |  | 423 | 415 |
|  Grand Canyon University, 5.13%, 10/01/2028 |  | 90 | 89 |
| Herc Holdings, Inc., |  |  |  |
| 5.75%, 03/15/2031 (e) |  | 1465 | 1442 |
| 6.00%, 03/15/2034 (e) |  | 996 | 962 |
| 6.63%, 06/15/2029 (e) |  | 799 | 812 |
| 7.00%, 06/15/2030 (e) |  | 1415 | 1451 |
| 7.25%, 06/15/2033 (e) |  | 1151 | 1179 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Commercial Services — (continued)** | | | |
| Hertz Corp. (The), |  |  |  |
| 5.00%, 12/01/2029 (e) |  | 202 | 86 |
| 12.63%, 07/15/2029 (e) |  | 263 | 229 |
|  House of HR Group BV, (Netherlands), Reg. S, 9.00%, 11/03/2029 | EUR | 880 | 871 |
| ION Platform Finance Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.50%, 09/30/2030 | EUR | 1308 | 1253 |
| Reg. S, 6.88%, 09/30/2032 | EUR | 368 | 339 |
| 6.88%, 09/30/2032 (e) | EUR | 981 | 905 |
| Reg. S, 7.88%, 05/01/2029 | EUR | 594 | 638 |
|  ION Platform Finance US, Inc., 7.88%, 09/30/2032 (e) |  | 1327 | 1023 |
|  Kapla Holding SAS, (France), Reg. S, 5.00%, 04/30/2031 | EUR | 108 | 123 |
|  Korn Ferry, 4.63%, 12/15/2027 (e) |  | 83 | 82 |
| La Financiere Atalian SAS, (France), Reg. S, 8.50% (Blend (cash 3.50% + PIK 5.00%)), 06/30/2028 | EUR | 163 | 32 |
| Loxam SAS, (France), |  |  |  |
| 4.25%, 02/15/2030 (e) | EUR | 2280 | 2586 |
| 4.25%, 02/15/2031 (e) | EUR | 1989 | 2231 |
|  Mavis Tire Express Services Topco Corp., 6.50%, 05/15/2029 (e) |  | 2338 | 2320 |
|  Mobius Merger Sub, Inc., 9.00%, 06/01/2030 (e) |  | 60 | 42 |
| Multiversity SpA, (Italy), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.25%), 6.28%, 05/17/2031 (aa) | EUR | 1300 | 1496 |
| Reg. S, 7.13%, 05/17/2031 | EUR | 5395 | 6239 |
| 7.13%, 05/17/2031 (e) | EUR | 5016 | 5800 |
|  NESCO Holdings II, Inc., 5.50%, 04/15/2029 (e) |  | 974 | 952 |
|  OT Midco, Inc., 10.00%, 02/15/2030 (e) |  | 70 | 29 |
|  Paysafe Finance PLC / Paysafe Holdings US Corp., (Multinational), 4.00%, 06/15/2029 (e) |  | 34 | 28 |
|  Pelabuhan Indonesia Persero PT, (Indonesia), Reg. S, 5.38%, 05/05/2045 |  | 2100 | 1888 |
|  PeopleCert Wisdom Issuer plc, (United Kingdom), 5.50%, 06/15/2031 (e) | EUR | 1950 | 2108 |
|  Prime Security Services Borrower LLC / Prime Finance, Inc., 3.38%, 08/31/2027 (e) |  | 301 | 293 |
|  PROG Holdings, Inc., 6.00%, 11/15/2029 (e) |  | 115 | 109 |
| Q-Park Holding I BV, (Netherlands), |  |  |  |
| Reg. S, 4.25%, 09/01/2030 | EUR | 1650 | 1861 |
| Reg. S, 5.13%, 03/01/2029 | EUR | 1986 | 2310 |
| Rekeep SpA, (Italy), |  |  |  |
| Reg. S, 9.00%, 09/15/2029 | EUR | 450 | 412 |
| 9.00%, 09/15/2029 (e) | EUR | 648 | 593 |
|  Rentokil Terminix Funding LLC, 5.00%, 04/28/2030 (e) |  | 696 | 699 |
| RR Donnelley & Sons Co., 9.50%, 08/01/2029 (e) |  | 1373 | 1389 |
| 10.88%, 08/01/2029 (e) |  | 93 | 94 |
|  RRD Intermediate Holdings, Inc., 11.00% (cash), 12/01/2030 (e) (v) |  | 84 | 87 |
|  RRD Parent, Inc., 10.00% (PIK), 10/15/2031 (e) (v) |  | 137 | 238 |
|  Rutas 2 & 7 Finance Ltd., (Cayman Islands), Reg. S, Zero Coupon, 09/30/2036 |  | 910 | 692 |
| Service Corp. International, |  |  |  |
| 3.38%, 08/15/2030 |  | 174 | 160 |
| 4.00%, 05/15/2031 |  | 1304 | 1215 |
| 4.63%, 12/15/2027 |  | 176 | 174 |
| 5.13%, 06/01/2029 |  | 145 | 144 |
| 5.75%, 10/15/2032 |  | 1274 | 1271 |
| 7.50%, 04/01/2027 |  | 1270 | 1300 |
| Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc., |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Commercial Services — (continued)** | | | |
| 5.50%, 05/15/2033 (e) | EUR | 3244 | 3535 |
| Reg. S, 5.50%, 05/15/2033 | EUR | 3628 | 3953 |
| 6.75%, 08/15/2032 (e) |  | 2765 | 2713 |
|  Signal Parent, Inc., 6.13%, 04/01/2029 (e) |  | 50 | 19 |
|  Sotheby's, 7.38%, 10/15/2027 (e) |  | 2447 | 2435 |
|  Sotheby's / Bidfair Holdings, Inc., 5.88%, 06/01/2029 (e) |  | 477 | 447 |
|  StoneMor, Inc., 8.50%, 05/15/2029 (e) |  | 211 | 206 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 (e) |  | 123 | 125 |
| Techem Verwaltungsgesellschaft 675 mbH, (Germany), |  |  |  |
| 4.63%, 07/15/2032 (e) | EUR | 1250 | 1403 |
| Reg. S, (EURIBOR 3 Month + 3.00%), 5.03%, 07/15/2032 (aa) | EUR | 100 | 115 |
| Reg. S, 5.38%, 07/15/2029 | EUR | 3815 | 4472 |
| TriNet Group, Inc., |  |  |  |
| 3.50%, 03/01/2029 (e) |  | 101 | 92 |
| 7.13%, 08/15/2031 (e) |  | 60 | 58 |
| Triton Container International Ltd., (Bermuda), |  |  |  |
| 2.05%, 04/15/2026 (e) |  | 1133 | 1132 |
| 3.15%, 06/15/2031 (e) |  | 152 | 137 |
| United Rentals North America, Inc., |  |  |  |
| 3.75%, 01/15/2032 |  | 1907 | 1746 |
| 3.88%, 11/15/2027 |  | 93 | 92 |
| 3.88%, 02/15/2031 |  | 308 | 289 |
| 4.00%, 07/15/2030 |  | 88 | 84 |
| 4.88%, 01/15/2028 |  | 841 | 837 |
| 5.25%, 01/15/2030 |  | 1428 | 1419 |
| 5.38%, 11/15/2033 (e) |  | 1704 | 1657 |
| 6.13%, 03/15/2034 (e) |  | 113 | 114 |
|  Upbound Group, Inc., 6.38%, 02/15/2029 (e) |  | 102 | 99 |
|  Valvoline, Inc., 3.63%, 06/15/2031 (e) |  | 920 | 832 |
|  Verisure Holding AB, (Sweden), Reg. S, 5.50%, 05/15/2030 | EUR | 7274 | 8581 |
|  Veritiv Operating Co., 10.50%, 11/30/2030 (e) |  | 1695 | 1758 |
|  VM Consolidated, Inc., 5.50%, 04/15/2029 (e) |  | 57 | 55 |
|  VT Topco, Inc., 8.50%, 08/15/2030 (e) |  | 684 | 696 |
|  Wand NewCo. 3, Inc., 7.63%, 01/30/2032 (e) |  | 1092 | 1116 |
|  WEX, Inc., 6.50%, 03/15/2033 (e) |  | 2340 | 2292 |
| Williams Scotsman, Inc., |  |  |  |
| 4.63%, 08/15/2028 (e) |  | 100 | 98 |
| 6.63%, 06/15/2029 (e) |  | 223 | 226 |
| 6.63%, 04/15/2030 (e) |  | 1036 | 1052 |
| 7.38%, 10/01/2031 (e) |  | 134 | 138 |
| Worldline SA, (France), |  |  |  |
| Reg. S, 0.88%, 06/30/2027 | EUR | 600 | 650 |
| Reg. S, 4.13%, 09/12/2028 | EUR | 3300 | 3466 |
| Reg. S, 5.25%, 11/27/2029 | EUR | 600 | 599 |
| Reg. S, 5.50%, 06/10/2030 | EUR | 700 | 692 |
|  |  |  | 214136 |
| **Cosmetics/Personal Care — 0.1%** |  |  |  |
| Edgewell Personal Care Co., |  |  |  |
| 4.13%, 04/01/2029 (e) |  | 58 | 55 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Cosmetics/Personal Care — (continued)** | | | |
| 5.50%, 06/01/2028 (e) |  | 90 | 89 |
| Opal Bidco SAS, (France), |  |  |  |
| 5.50%, 03/31/2032 (e) | EUR | 3084 | 3479 |
| 6.50%, 03/31/2032 (e) |  | 706 | 707 |
|  P&L Development LLC / PLD Finance Corp., 12.00% (cash), 05/15/2029 (e) (v) |  | 221 | 219 |
| Perrigo Finance Unlimited Co., (Ireland), |  |  |  |
| 4.90%, 12/15/2044 |  | 45 | 29 |
| 5.15%, 06/15/2030 |  | 89 | 80 |
| 6.13%, 09/30/2032 |  | 171 | 154 |
| Prestige Brands, Inc., |  |  |  |
| 3.75%, 04/01/2031 (e) |  | 248 | 227 |
| 5.13%, 01/15/2028 (e) |  | 213 | 213 |
|  |  |  | 5252 |
| **Food — 1.8%** |  |  |  |
|  Albertsons Cos., Inc., 5.63%, 03/31/2032 (e) |  | 2112 | 2079 |
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, |  |  |  |
| 3.50%, 03/15/2029 (e) |  | 209 | 199 |
| 4.88%, 02/15/2030 (e) |  | 201 | 195 |
| 5.50%, 03/31/2031 (e) |  | 913 | 903 |
| 5.75%, 03/31/2034 (e) |  | 2039 | 1995 |
| 6.25%, 03/15/2033 (e) |  | 65 | 65 |
| 6.50%, 02/15/2028 (e) |  | 1051 | 1065 |
| B&G Foods, Inc., |  |  |  |
| 5.25%, 09/15/2027 |  | 2966 | 2851 |
| 8.00%, 09/15/2028 (e) |  | 92 | 90 |
| Bellis Acquisition Co. plc , (United Kingdom), |  |  |  |
| Reg. S, 8.00%, 07/01/2031 | EUR | 1749 | 1905 |
| 8.00%, 07/01/2031 (e) | EUR | 1557 | 1695 |
| Reg. S, 8.13%, 05/14/2030 | GBP | 11851 | 14465 |
|  Boparan Finance plc, (United Kingdom), Reg. S, 9.38%, 11/07/2029 | GBP | 1778 | 2452 |
|  C&S Group Enterprises LLC, 5.00%, 12/15/2028 (e) |  | 86 | 80 |
|  Chobani Holdco II LLC, 8.75% (cash), 10/01/2029 (e) (v) |  | 2317 | 2464 |
| Chobani LLC / Chobani Finance Corp., Inc., |  |  |  |
| 4.63%, 11/15/2028 (e) |  | 1187 | 1167 |
| 7.63%, 07/01/2029 (e) |  | 1925 | 1967 |
| Conagra Brands, Inc., |  |  |  |
| 4.85%, 11/01/2028 |  | 1380 | 1381 |
| 7.00%, 10/01/2028 |  | 112 | 118 |
|  Darling Global Finance BV, (Netherlands), 4.50%, 07/15/2032 (e) | EUR | 400 | 460 |
| Fiesta Purchaser, Inc., |  |  |  |
| 7.88%, 03/01/2031 (e) |  | 212 | 216 |
| 9.63%, 09/15/2032 (e) |  | 300 | 305 |
|  Flora Food Management BV, (Netherlands), Reg. S, 6.88%, 07/02/2029 | EUR | 4125 | 4472 |
|  FR Bondco SAS, (France), 6.88%, 10/31/2032 (e) | EUR | 2000 | 2200 |
| Froneri Lux FinCo. Sarl, (Luxembourg), |  |  |  |
| 4.75%, 08/01/2032 (e) | EUR | 6230 | 6802 |
| Reg. S, 4.75%, 08/01/2032 | EUR | 2169 | 2368 |
| 6.00%, 08/01/2032 (e) |  | 116 | 113 |
|  Iceland Bondco plc, (United Kingdom), Reg. S, 4.38%, 05/15/2028 | GBP | 4002 | 5034 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Food — (continued)** | | | |
|  Industrial F&B Investments III, Inc., 7.75%, 02/11/2033 (e) |  | 159 | 160 |
|  Ingles Markets, Inc., 4.00%, 06/15/2031 (e) |  | 54 | 50 |
|  Irca SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.90%, 12/15/2029 (aa) | EUR | 183 | 212 |
| JBS NV / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co. Holdings, (Netherlands), 3.00%, 02/02/2029 |  | 346 | 332 |
| KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 (e) |  | 702 | 730 |
| Koninklijke FrieslandCampina NV, (Netherlands), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.85%), 4.85%, 10/23/2029 (x) (aa) | EUR | 2675 | 3069 |
| Lamb Weston Holdings, Inc., |  |  |  |
| 4.13%, 01/31/2030 (e) |  | 1255 | 1194 |
| 4.38%, 01/31/2032 (e) |  | 399 | 371 |
| 4.88%, 05/15/2028 (e) |  | 147 | 145 |
|  Land O'Lakes Capital Trust I, 7.45%, 03/15/2028 (e) |  | 160 | 164 |
| Lion/Polaris Lux Midco Sarl, (Luxembourg), Reg. S, (EURIBOR 3 Month + 3.63%), 5.75%, 07/01/2029 (aa) | EUR | 100 | 115 |
| Market Bidco Finco plc, (United Kingdom), |  |  |  |
| 6.75%, 01/31/2031 (e) | EUR | 1841 | 2044 |
| Reg. S, 6.75%, 01/31/2031 | EUR | 3775 | 4192 |
| Reg. S, 8.75%, 01/31/2031 | GBP | 1475 | 1852 |
|  NBM US Holdings, Inc., 7.00%, 05/14/2026 (e) |  | 1535 | 1536 |
|  Nomad Foods Bondco plc, (United Kingdom), Reg. S, 2.50%, 06/24/2028 | EUR | 525 | 584 |
| Performance Food Group, Inc., |  |  |  |
| 4.25%, 08/01/2029 (e) |  | 149 | 143 |
| 5.63%, 03/01/2034 (e) |  | 1344 | 1296 |
| 6.13%, 09/15/2032 (e) |  | 1010 | 1012 |
| Pilgrim's Pride Corp., |  |  |  |
| 3.50%, 03/01/2032 |  | 1000 | 907 |
| 4.25%, 04/15/2031 |  | 790 | 754 |
| Post Holdings, Inc., |  |  |  |
| 4.50%, 09/15/2031 (e) |  | 572 | 532 |
| 4.63%, 04/15/2030 (e) |  | 1937 | 1860 |
| 6.25%, 02/15/2032 (e) |  | 115 | 116 |
| 6.25%, 10/15/2034 (e) |  | 911 | 892 |
| 6.38%, 03/01/2033 (e) |  | 444 | 437 |
| 6.50%, 03/15/2036 (e) |  | 2731 | 2673 |
| Roquette Freres SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.25%), 5.49%, 11/25/2029 (x) (aa) | EUR | 3500 | 4026 |
| Sammontana Italia SpA, (Italy), Reg. S, (EURIBOR 3 Month + 3.75%), 5.77%,<br>10/15/2031 (aa) | EUR | 925 | 1067 |
|  Sigma Holdco BV, (Netherlands), 8.63%, 04/15/2031 | EUR | 700 | 635 |
| Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, 4.63%, 03/01/2029 (e) |  | 548 | 527 |
|  United Natural Foods, Inc., 6.75%, 10/15/2028 (e) |  | 563 | 563 |
| US Foods, Inc., |  |  |  |
| 4.75%, 02/15/2029 (e) |  | 191 | 188 |
| 6.88%, 09/15/2028 (e) |  | 31 | 32 |
| 7.25%, 01/15/2032 (e) |  | 457 | 474 |
|  Viking Baked Goods Acquisition Corp., 8.63%, 11/01/2031 (e) |  | 245 | 242 |
|  |  |  | 94232 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Healthcare - Products — 0.3%** | | | |
| 180 Medical, Inc., 3.88%, 10/15/2029 (e) |  | 903 | 877 |
|  Augusta SpinCo Corp., 4.40%, 03/23/2029 |  | 1656 | 1651 |
| Avantor Funding, Inc., |  |  |  |
| Reg. S, 3.88%, 07/15/2028 | EUR | 100 | 114 |
| 3.88%, 11/01/2029 (e) |  | 97 | 91 |
| 4.63%, 07/15/2028 (e) |  | 1148 | 1120 |
|  Bausch + Lomb Corp., (Canada), 8.38%, 10/01/2028 (e) |  | 2198 | 2270 |
| Bausch + Lomb Netherlands BV and Bausch & Lomb, Inc., (Multinational), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 3.88%), 5.89%, 01/15/2031 (aa) | EUR | 1000 | 1156 |
| (EURIBOR 3 Month + 3.88%), 5.89%, 01/15/2031 (e) (aa) | EUR | 1225 | 1416 |
| Baxter International, Inc., |  |  |  |
| 2.27%, 12/01/2028 |  | 276 | 257 |
| 4.90%, 12/15/2030 |  | 1091 | 1077 |
|  DENTSPLY SIRONA, Inc., (CMT Index 5 Year + 4.38%), 8.38%, 09/12/2055 (aa) |  | 237 | 231 |
|  Embecta Corp., 6.75%, 02/15/2030 (e) |  | 122 | 114 |
| Hologic, Inc., |  |  |  |
| 3.25%, 02/15/2029 (e) |  | 187 | 187 |
| 4.63%, 02/01/2028 (e) |  | 97 | 97 |
|  Insulet Corp., 6.50%, 04/01/2033 (e) |  | 277 | 282 |
|  Medline Borrower LP, 5.25%, 10/01/2029 (e) |  | 3331 | 3301 |
|  Medline Borrower LP / Medline Co-Issuer, Inc., 6.25%, 04/01/2029 (e) |  | 1244 | 1267 |
|  Neogen Food Safety Corp., 8.63%, 07/20/2030 (e) |  | 293 | 308 |
|  Solventum Corp., 5.40%, 03/01/2029 |  | 398 | 407 |
| Teleflex, Inc., |  |  |  |
| 4.25%, 06/01/2028 (e) |  | 104 | 101 |
| 4.63%, 11/15/2027 |  | 93 | 92 |
|  |  |  | 16416 |
| **Healthcare - Services — 2.0%** |  |  |  |
| Acadia Healthcare Co., Inc., |  |  |  |
| 5.00%, 04/15/2029 (e) |  | 65 | 63 |
| 5.50%, 07/01/2028 (e) |  | 54 | 54 |
|  Adventist Health System, Series 2025, 4.74%, 12/01/2030 |  | 1105 | 1094 |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029 (e) |  | 899 | 889 |
|  CAB SELAS, (France), Reg. S, 3.38%, 02/01/2028 | EUR | 10333 | 11565 |
| Centene Corp., |  |  |  |
| 2.45%, 07/15/2028 |  | 680 | 633 |
| 3.00%, 10/15/2030 |  | 559 | 490 |
| 4.25%, 12/15/2027 |  | 1246 | 1224 |
|  Cerba Healthcare SACA, (France), Reg. S, 3.50%, 05/31/2028 | EUR | 9940 | 8344 |
| Charles River Laboratories International, Inc., |  |  |  |
| 4.00%, 03/15/2031 (e) |  | 15 | 14 |
| 4.25%, 05/01/2028 (e) |  | 309 | 302 |
|  Chrome Holdco SAS, (France), Reg. S, 5.00%, 05/31/2029 | EUR | 1088 | 173 |
| CHS / Community Health Systems, Inc., |  |  |  |
| 4.75%, 02/15/2031 (e) |  | 1010 | 931 |
| 5.25%, 05/15/2030 (e) |  | 1862 | 1754 |
| 6.00%, 01/15/2029 (e) |  | 384 | 380 |
| 6.13%, 04/01/2030 (e) |  | 171 | 148 |
| 6.88%, 04/15/2029 (e) |  | 173 | 166 |
| 9.75%, 01/15/2034 (e) |  | 5199 | 5398 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Healthcare - Services — (continued)** | | | |
| 10.88%, 01/15/2032 (e) |  | 998 | 1071 |
|  Cidron Atrium SE, (Germany), 5.63%, 02/15/2033 (e) | EUR | 5886 | 6463 |
|  Clariane SE, (France), Reg. S, 7.88%, 06/27/2030 | EUR | 100 | 120 |
|  Concentra Health Services, Inc., 6.88%, 07/15/2032 (e) |  | 172 | 178 |
| DaVita, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 3661 | 3355 |
| 4.63%, 06/01/2030 (e) |  | 4946 | 4751 |
| 6.75%, 07/15/2033 (e) |  | 278 | 282 |
| 6.88%, 09/01/2032 (e) |  | 486 | 496 |
| Encompass Health Corp., |  |  |  |
| 4.50%, 02/01/2028 |  | 159 | 157 |
| 4.63%, 04/01/2031 |  | 151 | 146 |
| 4.75%, 02/01/2030 |  | 305 | 298 |
|  Ephios Subco 3 Sarl, (Luxembourg), Reg. S, 7.88%, 01/31/2031 | EUR | 4623 | 5596 |
| Eurofins Scientific SE, (Luxembourg), Reg. S, (EURIBOR 3 Month + 4.24%), 6.75%, 04/24/2028 (x) (aa) | EUR | 1800 | 2158 |
|  Fortrea Holdings, Inc., 7.50%, 07/01/2030 (e) |  | 274 | 260 |
| Fresenius Medical Care US Finance III, Inc., |  |  |  |
| 1.88%, 12/01/2026 (e) |  | 150 | 147 |
| 2.38%, 02/16/2031 (e) |  | 1000 | 887 |
| 3.75%, 06/15/2029 (e) |  | 530 | 514 |
|  Global Medical Response, Inc., 7.38%, 10/01/2032 (e) |  | 208 | 216 |
|  HAH Group Holding Co. LLC, 9.75%, 10/01/2031 (e) |  | 586 | 513 |
|  HCA, Inc., 7.50%, 11/06/2033 |  | 450 | 510 |
|  Health Care Service Corp. A Mutual Legal Reserve Co, 5.20%, 06/15/2029 (e) |  | 124 | 126 |
|  HealthEquity, Inc., 4.50%, 10/01/2029 (e) |  | 1138 | 1101 |
|  Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (e) |  | 622 | 640 |
|  Horizon Mutual Holdings, Inc., 6.20%, 11/15/2034 (e) |  | 12 | 11 |
|  Humana, Inc., (CMT Index 5 Year + 2.89%), 6.63%, 09/15/2056 (aa) |  | 196 | 188 |
| Icon Investments Six DAC, (Ireland), |  |  |  |
| 5.81%, 05/08/2027 |  | 200 | 201 |
| 5.85%, 05/08/2029 |  | 1835 | 1871 |
| IQVIA, Inc., |  |  |  |
| 5.00%, 05/15/2027 (e) |  | 720 | 717 |
| 5.70%, 05/15/2028 |  | 667 | 680 |
| 6.25%, 02/01/2029 |  | 387 | 402 |
| 6.25%, 06/01/2032 (e) |  | 997 | 1012 |
| 6.50%, 05/15/2030 (e) |  | 78 | 80 |
|  Kedrion SpA, (Italy), 6.50%, 09/01/2029 (e) |  | 202 | 195 |
|  Laboratoire Eimer Selas, (France), Reg. S, 5.00%, 02/01/2029 | EUR | 664 | 708 |
| LifePoint Health, Inc., |  |  |  |
| 5.38%, 01/15/2029 (e) |  | 2379 | 2292 |
| 8.38%, 02/15/2032 (e) |  | 1069 | 1141 |
| 9.88%, 08/15/2030 (e) |  | 823 | 870 |
| 10.00%, 06/01/2032 (e) |  | 1253 | 1279 |
| 11.00%, 10/15/2030 (e) |  | 858 | 923 |
| Mehilainen Yhtiot Oy, (Finland), |  |  |  |
| Reg. S, 5.13%, 06/30/2032 | EUR | 167 | 192 |
| 5.13%, 06/30/2032 (e) | EUR | 4017 | 4627 |
| Molina Healthcare, Inc., |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Healthcare - Services — (continued)** |  |  |
| 3.88%, 11/15/2030 (e) | 378 | 338 |
| 3.88%, 05/15/2032 (e) | 14 | 12 |
| 4.38%, 06/15/2028 (e) | 486 | 470 |
| 6.25%, 01/15/2033 (e) | 377 | 364 |
| 6.50%, 02/15/2031 (e) | 853 | 838 |
|  MPH Acquisition Holdings LLC, 5.75%, 12/31/2030 (e) | 2130 | 1629 |
|  National Mentor Holdings, Inc., 10.50%, 12/15/2030 (e) | 219 | 226 |
|  Option Care Health, Inc., 4.38%, 10/31/2029 (e) | 225 | 217 |
|  Pediatrix Medical Group, Inc., 5.38%, 02/15/2030 (e) | 136 | 134 |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (e) | 2517 | 2611 |
| Radiology Partners, Inc., |  |  |
| 8.50%, 07/15/2032 (e) | 215 | 218 |
| 9.78% (PIK), 02/15/2030 (e) (v) | 161 | 147 |
|  Rede D'or Finance Sarl, (Luxembourg), Reg. S, 4.95%, 01/17/2028 | 453 | 448 |
|  Select Medical Corp., 6.25%, 12/01/2032 (e) | 169 | 160 |
|  Sotera Health Holdings LLC, 7.38%, 06/01/2031 (e) | 605 | 624 |
|  Star Parent, Inc., 9.00%, 10/01/2030 (e) | 617 | 642 |
|  Surgery Center Holdings, Inc., 7.25%, 04/15/2032 (e) | 2810 | 2749 |
|  Team Health Holdings, Inc., 8.38%, 06/30/2028 (e) | 104 | 103 |
|  TEAM Services Holding, Inc., 9.00%, 02/15/2033 (e) | 105 | 103 |
| Tenet Healthcare Corp., |  |  |
| 4.25%, 06/01/2029 | 2153 | 2091 |
| 4.38%, 01/15/2030 | 6802 | 6589 |
| 4.63%, 06/15/2028 | 86 | 85 |
| 5.13%, 11/01/2027 | 206 | 206 |
| 5.50%, 11/15/2032 (e) | 589 | 583 |
| 6.00%, 11/15/2033 (e) | 610 | 617 |
| 6.13%, 10/01/2028 | 1067 | 1069 |
| 6.13%, 06/15/2030 | 332 | 334 |
| 6.75%, 05/15/2031 | 721 | 737 |
| 6.88%, 11/15/2031 | 49 | 52 |
| Universal Health Services, Inc., |  |  |
| 2.65%, 10/15/2030 | 153 | 137 |
| 4.63%, 10/15/2029 | 370 | 366 |
|  US Acute Care Solutions LLC, 9.75%, 05/15/2029 (e) | 549 | 531 |
|  |  | 106426 |
| **Household Products/Wares — 0.1%** |  |  |
|  ACCO Brands Corp., 4.25%, 03/15/2029 (e) | 2054 | 1829 |
| Kronos Acquisition Holdings, Inc., |  |  |
| 8.25%, 06/30/2031 (e) | 109 | 68 |
| 10.75%, 06/30/2032 (e) | 2021 | 677 |
|  |  | 2574 |
| **Pharmaceuticals — 2.1%** |  |  |
| 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) | 14498 | 14825 |
| Accendra Health, Inc., |  |  |
| 4.50%, 03/31/2029 (e) | 22 | 13 |
| 6.63%, 04/01/2030 (e) | 62 | 30 |
| AdaptHealth LLC, |  |  |
| 4.63%, 08/01/2029 (e) | 888 | 845 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Pharmaceuticals — (continued)** |  |  |  |
| 5.13%, 03/01/2030 (e) |  | 1877 | 1798 |
| 6.13%, 08/01/2028 (e) |  | 1383 | 1380 |
|  Amneal Pharmaceuticals LLC, 6.88%, 08/01/2032 (e) |  | 596 | 614 |
| Bausch Health Cos., Inc., (Canada), |  |  |  |
| 4.88%, 06/01/2028 (e) |  | 783 | 716 |
| 5.00%, 01/30/2028 (e) |  | 215 | 182 |
| 5.00%, 02/15/2029 (e) |  | 91 | 66 |
| 5.25%, 01/30/2030 (e) |  | 2484 | 1608 |
| 5.25%, 02/15/2031 (e) |  | 93 | 57 |
| 6.25%, 02/15/2029 (e) |  | 167 | 125 |
| 7.00%, 01/15/2028 (e) |  | 35 | 31 |
| 7.25%, 05/30/2029 (e) |  | 68 | 51 |
| 11.00%, 09/30/2028 (e) |  | 2909 | 2971 |
| 14.00%, 10/15/2030 (e) |  | 60 | 57 |
| Bayer AG, (Germany), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.11%), 3.13%, 11/12/2079 (aa) | EUR | 2700 | 3054 |
| Reg. S, (EUR Swap Rate 5 Year + 4.46%), 5.38%, 03/25/2082 (aa) | EUR | 4300 | 4946 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 5.50%, 09/13/2054 (aa) | EUR | 1600 | 1855 |
| Reg. S, (EUR Swap Rate 5 Year + 3.90%), 7.00%, 09/25/2083 (aa) | EUR | 8100 | 9925 |
| Series NC5, Reg. S, (EUR Swap Rate 5 Year + 3.43%), 6.63%, 09/25/2083 (aa) | EUR | 100 | 120 |
|  Bayer US Finance II LLC, 4.38%, 12/15/2028 (e) |  | 1667 | 1651 |
|  Bayer US Finance LLC, 6.38%, 11/21/2030 (e) |  | 679 | 714 |
|  BellRing Brands, Inc., 7.00%, 03/15/2030 (e) |  | 143 | 143 |
| Cheplapharm Arzneimittel GmbH, (Germany), |  |  |  |
| Reg. S, (EURIBOR 3 Month + 4.75%), 6.73%, 05/15/2030 (aa) | EUR | 700 | 807 |
| 6.75%, 02/15/2032 (e) | EUR | 6349 | 7166 |
| 7.13%, 06/15/2031 (e) | EUR | 2726 | 3151 |
| CVS Health Corp., |  |  |  |
| (CMT Index 5 Year + 2.52%), 6.75%, 12/10/2054 (aa) |  | 180 | 182 |
| (CMT Index 5 Year + 2.89%), 7.00%, 03/10/2055 (aa) |  | 861 | 887 |
|  Dolcetto Holdco SpA, (Italy), Reg. S, 5.63%, 07/14/2032 | EUR | 175 | 201 |
|  Elanco Animal Health, Inc., 6.40%, 08/28/2028 |  | 101 | 103 |
|  Endo Finance Holdings LP, 8.50%, 04/15/2031 (e) |  | 152 | 159 |
| Grifols SA, (Spain), |  |  |  |
| Reg. S, 2.25%, 11/15/2027 | EUR | 600 | 685 |
| Reg. S, 3.88%, 10/15/2028 | EUR | 17126 | 19316 |
| 4.75%, 10/15/2028 (e) |  | 274 | 268 |
| Reg. S, 7.13%, 05/01/2030 | EUR | 1000 | 1195 |
| 7.13%, 05/01/2030 (e) | EUR | 1627 | 1944 |
| Reg. S, 7.50%, 05/01/2030 | EUR | 4450 | 5320 |
| Gruenenthal GmbH, (Germany), |  |  |  |
| Reg. S, 4.13%, 05/15/2028 | EUR | 1861 | 2130 |
| Reg. S, 4.63%, 11/15/2031 | EUR | 1925 | 2181 |
|  Harrow, Inc., 8.63%, 09/15/2030 (e) |  | 142 | 144 |
| HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/2029 (e) |  | 93 | 87 |
| 12.25%, 04/15/2029 (e) |  | 782 | 834 |
|  Jazz Securities DAC, (Ireland), 4.38%, 01/15/2029 (e) |  | 51 | 50 |
|  Nidda Healthcare Holding GmbH, (Germany), Reg. S, 7.00%, 02/21/2030 | EUR | 4275 | 5025 |
| Organon & Co. / Organon Foreign Debt Co-Issuer BV, |  |  |  |
| Reg. S, 2.88%, 04/30/2028 | EUR | 2100 | 2336 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Pharmaceuticals — (continued)** |  |  |  |
| 4.13%, 04/30/2028 (e) |  | 1704 | 1654 |
| 5.13%, 04/30/2031 (e) |  | 1184 | 964 |
| 6.75%, 05/15/2034 (e) |  | 148 | 132 |
| 7.88%, 05/15/2034 (e) |  | 70 | 58 |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc., 8.75%, 04/17/2032 (e) |  | 195 | 173 |
|  Rossini Sarl, (Luxembourg), Reg. S, 6.75%, 12/31/2029 | EUR | 215 | 255 |
|  Teva Pharmaceutical Finance Netherlands II BV, (Netherlands), 4.38%, 05/09/2030 | EUR | 100 | 115 |
| Teva Pharmaceutical Finance Netherlands III BV, (Netherlands), |  |  |  |
| 3.15%, 10/01/2026 |  | 1119 | 1108 |
| 6.00%, 12/01/2032 |  | 723 | 742 |
|  Victra Holdings LLC / Victra Finance Corp., 8.75%, 09/15/2029 (e) |  | 67 | 69 |
|  |  |  | 107149 |
|  Total Consumer Non-cyclical |  |  | 577525 |
| **Diversified — 0.2%** |  |  |  |
| **Holding Companies - Diversified — 0.2%** |  |  |  |
| Benteler International Austria GmbH, (Austria), |  |  |  |
| Reg. S, 7.25%, 06/15/2031 | EUR | 2200 | 2641 |
| 7.25%, 06/15/2031 (e) | EUR | 3831 | 4598 |
|  Clue Opco LLC, 9.50%, 10/15/2031 (e) |  | 2211 | 2139 |
|  ProGroup AG, (Germany), Reg. S, 5.38%, 04/15/2031 | EUR | 2825 | 3196 |
| Stena International SA, (Luxembourg), |  |  |  |
| 7.25%, 01/15/2031 (e) |  | 253 | 256 |
| 7.63%, 02/15/2031 (e) |  | 202 | 206 |
|  Total Diversified |  |  | 13036 |
| **Energy — 7.3%** |  |  |  |
| **Coal — 0.1%** |  |  |  |
| Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 8.63%, 06/15/2029 (e) |  | 201 | 209 |
|  Conuma Resources Ltd., (Canada), 13.13%, 05/01/2028 (e) |  | 38 | 37 |
|  Coronado Finance Pty Ltd., (Australia), 9.25%, 10/01/2029 (e) |  | 1940 | 1750 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 (e) |  | 199 | 180 |
|  Warrior Met Coal, Inc., 7.88%, 12/01/2028 (e) |  | 65 | 65 |
|  |  |  | 2241 |
| **Energy - Alternate Sources — 0.1%** |  |  |  |
|  Cullinan Holdco Scsp, (Luxembourg), 8.50%, 10/15/2029 (e) | EUR | 6135 | 6190 |
| TerraForm Power Operating LLC, |  |  |  |
| 4.75%, 01/15/2030 (e) |  | 270 | 258 |
| 5.00%, 01/31/2028 (e) |  | 266 | 263 |
|  |  |  | 6711 |
| **Oil & Gas — 4.8%** |  |  |  |
| Adnoc Murban Rsc Ltd., (United Arab Emirates), |  |  |  |
| 5.13%, 09/11/2054 (e) |  | 4100 | 3527 |
| Reg. S, 5.13%, 09/11/2054 |  | 900 | 774 |
|  Aethon United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029 (e) |  | 4279 | 4462 |
|  Antero Resources Corp., 5.38%, 03/01/2030 (e) |  | 917 | 922 |
|  APA Corp., 4.38%, 10/15/2028 |  | 1670 | 1678 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp., |  |  |  |
| 5.88%, 06/30/2029 (e) |  | 438 | 437 |
| 6.63%, 10/15/2032 (e) |  | 493 | 500 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Oil & Gas — (continued)** |  |  |
| 6.63%, 07/15/2033 (e) | 913 | 929 |
| 9.00%, 11/01/2027 (e) | 1528 | 1784 |
|  BKV Upstream Midstream LLC, 7.50%, 10/15/2030 (e) | 112 | 113 |
|  Breakwater Energy Holdings Sarl, (Luxembourg), 9.25%, 11/15/2030 (e) | 529 | 556 |
| California Resources Corp., |  |  |
| 7.00%, 01/15/2034 (e) | 698 | 704 |
| 8.25%, 06/15/2029 (e) | 835 | 873 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp., |  |  |
| 9.75%, 07/15/2028 (e) | 40 | 41 |
| 9.75%, 02/15/2031 (e) | 51 | 54 |
|  Caturus Energy LLC, 8.50%, 02/15/2030 (e) | 1449 | 1504 |
| Chord Energy Corp., |  |  |
| 6.00%, 10/01/2030 (e) | 718 | 728 |
| 6.75%, 03/15/2033 (e) | 633 | 653 |
|  CITGO Petroleum Corp., 8.38%, 01/15/2029 (e) | 3244 | 3350 |
| CNX Resources Corp., |  |  |
| 5.88%, 03/01/2034 (e) | 940 | 915 |
| 7.25%, 03/01/2032 (e) | 776 | 800 |
| 7.38%, 01/15/2031 (e) | 198 | 204 |
| Comstock Resources, Inc., |  |  |
| 5.88%, 01/15/2030 (e) | 1899 | 1838 |
| 6.75%, 03/01/2029 (e) | 2699 | 2665 |
| Continental Resources, Inc., |  |  |
| 2.27%, 11/15/2026 (e) | 1838 | 1808 |
| 4.38%, 01/15/2028 | 545 | 541 |
| 5.75%, 01/15/2031 (e) | 1574 | 1603 |
| Coterra Energy, Inc., |  |  |
| 3.90%, 05/15/2027 | 1129 | 1121 |
| 4.38%, 03/15/2029 | 1048 | 1044 |
| Crescent Energy Finance LLC, |  |  |
| 7.38%, 01/15/2033 (e) | 778 | 777 |
| 7.63%, 04/01/2032 (e) | 2316 | 2350 |
| 7.75%, 07/31/2029 (e) | 1311 | 1321 |
| 7.88%, 04/15/2032 (e) | 875 | 894 |
| 8.38%, 01/15/2034 (e) | 596 | 621 |
| 9.75%, 10/15/2030 (e) | 613 | 656 |
| CVR Energy, Inc., |  |  |
| 5.75%, 02/15/2028 (e) | 56 | 55 |
| 7.50%, 02/15/2031 (e) | 376 | 379 |
| 7.88%, 02/15/2034 (e) | 250 | 251 |
|  DBR Land Holdings LLC, 6.25%, 12/01/2030 (e) | 456 | 461 |
|  Devon Energy Corp., 5.25%, 10/15/2027 | 292 | 292 |
|  Diamond Foreign Asset Co. / Diamond Finance LLC, (Cayman Islands), 8.50%, 10/01/2030 (e) | 544 | 575 |
| Ecopetrol SA, (Colombia), |  |  |
| 5.88%, 11/02/2051 | 1900 | 1321 |
| 7.38%, 09/18/2043 | 200 | 182 |
| 7.75%, 02/01/2032 | 2100 | 2125 |
| 8.38%, 01/19/2036 | 2200 | 2234 |
| 8.63%, 01/19/2029 | 1228 | 1299 |
|  Empresa Nacional del Petroleo, (Chile), Reg. S, 6.15%, 05/10/2033 | 3500 | 3600 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Oil & Gas — (continued)** |  |  |  |
| Energean plc, (United Kingdom), |  |  |  |
| Reg. S, 5.63%, 05/12/2031 | EUR | 1000 | 1125 |
| 5.63%, 05/12/2031 (e) | EUR | 1200 | 1349 |
|  Eni SpA, (Italy), Reg. S, (EUR Swap Rate 5 Year + 2.08%), 4.50%, 01/21/2031 (x) (aa) | EUR | 125 | 143 |
|  EnQuest plc, (United Kingdom), 11.63%, 11/01/2027 (e) |  | 70 | 71 |
| EQT Corp., |  |  |  |
| 3.13%, 05/15/2026 (e) |  | 881 | 879 |
| 4.50%, 01/15/2029 |  | 72 | 72 |
| 7.00%, 02/01/2030 |  | 314 | 336 |
| 7.50%, 06/01/2030 |  | 186 | 202 |
| Expand Energy Corp., |  |  |  |
| 5.38%, 02/01/2029 |  | 455 | 455 |
| 5.38%, 03/15/2030 |  | 1100 | 1109 |
| 5.88%, 02/01/2029 (e) |  | 642 | 643 |
| 6.75%, 04/15/2029 (e) |  | 1476 | 1477 |
|  FORESEA Holding SA, (Luxembourg), 7.50%, 06/15/2030 (e) |  | 120 | 118 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 (e) |  | 1151 | 1177 |
|  Helmerich & Payne, Inc., 4.65%, 12/01/2027 |  | 243 | 243 |
|  Hess Corp., 7.88%, 10/01/2029 |  | 529 | 591 |
|  HF Sinclair Corp., 5.00%, 02/01/2028 |  | 1140 | 1140 |
| Hilcorp Energy I LP / Hilcorp Finance Co., |  |  |  |
| 5.75%, 02/01/2029 (e) |  | 3533 | 3483 |
| 6.00%, 04/15/2030 (e) |  | 84 | 82 |
| 6.00%, 02/01/2031 (e) |  | 507 | 493 |
| 6.25%, 11/01/2028 (e) |  | 2163 | 2166 |
| 6.25%, 04/15/2032 (e) |  | 266 | 258 |
| 6.88%, 05/15/2034 (e) |  | 700 | 684 |
| 7.25%, 02/15/2035 (e) |  | 884 | 881 |
| 8.38%, 11/01/2033 (e) |  | 308 | 321 |
|  Infinity Natural Resources LLC, 7.63%, 04/01/2031 (e) |  | 553 | 556 |
| Ithaca Energy North Sea plc, (United Kingdom), |  |  |  |
| 5.50%, 10/01/2031 (e) | EUR | 2350 | 2717 |
| 8.13%, 10/15/2029 (e) |  | 163 | 167 |
| KazMunayGas National Co. JSC, (Kazakhstan), |  |  |  |
| Reg. S, 5.75%, 04/19/2047 |  | 3194 | 2967 |
| Reg. S, 6.38%, 10/24/2048 |  | 747 | 741 |
|  Kraken Oil & Gas Partners LLC, 7.63%, 08/15/2029 (e) |  | 199 | 203 |
|  Leviathan Bond Ltd., (Israel), Reg. S, 6.75%, 06/30/2030 (e) |  | 1000 | 1016 |
| Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032 (e) |  | 563 | 579 |
| Matador Resources Co., |  |  |  |
| 6.00%, 04/15/2034 (e) |  | 1019 | 1015 |
| 6.25%, 04/15/2033 (e) |  | 150 | 150 |
| 6.50%, 04/15/2032 (e) |  | 721 | 728 |
|  Medco Laurel Tree Pte Ltd., (Singapore), Reg. S, 6.95%, 11/12/2028 |  | 400 | 398 |
|  Moss Creek Resources Holdings, Inc., 8.25%, 09/01/2031 (e) |  | 263 | 263 |
|  Murphy Oil Corp., 6.50%, 02/15/2034 |  | 94 | 93 |
| Nabors Industries, Inc., |  |  |  |
| 7.63%, 11/15/2032 (e) |  | 1000 | 1020 |
| 8.88%, 08/15/2031 (e) |  | 344 | 358 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Oil & Gas — (continued)** |  |  |
| 9.13%, 01/31/2030 (e) | 1093 | 1148 |
|  Noble Finance II LLC, 8.00%, 04/15/2030 (e) | 1191 | 1229 |
| Northern Oil & Gas, Inc., |  |  |
| 7.88%, 10/15/2033 (e) | 787 | 814 |
| 8.75%, 06/15/2031 (e) | 253 | 263 |
| Occidental Petroleum Corp., |  |  |
| 7.50%, 05/01/2031 | 127 | 141 |
| 8.88%, 07/15/2030 | 1297 | 1476 |
| PBF Holding Co. LLC / PBF Finance Corp., |  |  |
| 6.00%, 02/15/2028 | 374 | 373 |
| 7.88%, 09/15/2030 (e) | 454 | 466 |
| 9.88%, 03/15/2030 (e) | 294 | 315 |
| Permian Resources Operating LLC, |  |  |
| 5.88%, 07/01/2029 (e) | 1158 | 1159 |
| 6.25%, 02/01/2033 (e) | 762 | 776 |
| 7.00%, 01/15/2032 (e) | 983 | 1019 |
| 8.00%, 04/15/2027 (e) | 955 | 956 |
|  Pertamina Persero PT, (Indonesia), Reg. S, 6.50%, 11/07/2048 | 1000 | 1013 |
|  Petrobras Global Finance BV, (Netherlands), 5.13%, 09/10/2030 | 867 | 850 |
| Petroleos del Peru SA, (Peru), |  |  |
| Reg. S, 4.75%, 06/19/2032 | 6400 | 5072 |
| Reg. S, 5.63%, 06/19/2047 | 5200 | 3646 |
| Petroleos Mexicanos, (Mexico), |  |  |
| 6.35%, 02/12/2048 | 21000 | 16067 |
| 6.38%, 01/23/2045 | 3250 | 2559 |
| 6.63%, 06/15/2035 | 4400 | 4087 |
| 6.70%, 02/16/2032 | 1200 | 1174 |
| 7.69%, 01/23/2050 | 7700 | 6670 |
| 8.75%, 06/02/2029 | 450 | 472 |
| Petronas Capital Ltd., (Malaysia), |  |  |
| 4.55%, 04/21/2050 (e) | 3700 | 3190 |
| Reg. S, 4.55%, 04/21/2050 | 1200 | 1035 |
|  Precision Drilling Corp., (Canada), 6.88%, 01/15/2029 (e) | 1048 | 1056 |
|  PRIO Luxembourg Holding Sarl, (Luxembourg), 6.75%, 10/15/2030 (e) | 3700 | 3599 |
|  Puma International Financing SA, (Luxembourg), 7.75%, 04/25/2029 (e) | 282 | 288 |
| QatarEnergy, (Qatar), |  |  |
| Reg. S, 1.38%, 09/12/2026 | 1200 | 1183 |
| Reg. S, 3.13%, 07/12/2041 | 14900 | 10841 |
| Reg. S, 3.30%, 07/12/2051 | 10000 | 6445 |
|  Range Resources Corp., 4.75%, 02/15/2030 (e) | 531 | 517 |
|  Repsol E&P Capital Markets US LLC, 4.81%, 09/16/2028 (e) | 200 | 201 |
|  Rio Oil Finance Trust Series 2014-3, Reg. S, 9.75%, 01/06/2027 | 328 | 334 |
|  Rio Oil Finance Trust Series 2018-1, 8.20%, 04/06/2028 (e) | 65 | 67 |
|  Saturn Oil & Gas, Inc., (Canada), 9.63%, 06/15/2029 (e) | 53 | 55 |
|  Seadrill Finance Ltd., (Bermuda), 8.38%, 08/01/2030 (e) | 171 | 177 |
| SM Energy Co., |  |  |
| 5.00%, 10/15/2026 (e) | 1540 | 1537 |
| 6.50%, 07/15/2028 | 483 | 484 |
| 6.63%, 01/15/2027 | 500 | 500 |
| 6.63%, 04/15/2034 (e) | 1399 | 1399 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Oil & Gas — (continued)** |  |  |  |
| 6.75%, 09/15/2026 |  | 1242 | 1243 |
| 6.75%, 08/01/2029 (e) |  | 451 | 458 |
| 7.00%, 08/01/2032 (e) |  | 81 | 83 |
| 8.38%, 07/01/2028 (e) |  | 2326 | 2390 |
| 8.63%, 11/01/2030 (e) |  | 1015 | 1071 |
| 8.75%, 07/01/2031 (e) |  | 802 | 838 |
| 9.63%, 06/15/2033 (e) |  | 688 | 760 |
| Societatea Nationala de Gaze Naturale ROMGAZ SA, (Romania), |  |  |  |
| Reg. S, 4.63%, 11/04/2031 | EUR | 1500 | 1708 |
| Reg. S, 4.75%, 10/07/2029 | EUR | 1675 | 1953 |
|  Sonangol Finance Ltd., (Angola), 10.00%, 01/29/2031 (e) |  | 5300 | 5260 |
|  State Oil Co. of the Azerbaijan Republic, (Azerbaijan), Reg. S, 6.95%, 03/18/2030 |  | 7900 | 8467 |
| Sunoco LP, |  |  |  |
| 4.50%, 10/01/2029 (e) |  | 2077 | 2007 |
| 4.63%, 05/01/2030 (e) |  | 2464 | 2371 |
| 5.38%, 07/15/2031 (e) |  | 80 | 79 |
| 5.63%, 03/15/2031 (e) |  | 596 | 593 |
| 5.63%, 07/15/2034 (e) |  | 80 | 79 |
| 5.88%, 07/15/2027 (e) |  | 1895 | 1894 |
| 5.88%, 03/15/2034 (e) |  | 559 | 553 |
| 6.25%, 07/01/2033 (e) |  | 188 | 189 |
| 6.63%, 08/15/2032 (e) |  | 1544 | 1568 |
| 7.00%, 05/01/2029 (e) |  | 1114 | 1143 |
| 7.25%, 05/01/2032 (e) |  | 141 | 146 |
| (CMT Index 5 Year + 4.23%), 7.88%, 09/18/2030 (e) (x) (aa) |  | 3409 | 3479 |
| Sunoco LP / Sunoco Finance Corp., |  |  |  |
| 4.50%, 05/15/2029 |  | 2084 | 2032 |
| 4.50%, 04/30/2030 |  | 652 | 629 |
| 5.88%, 03/15/2028 |  | 74 | 74 |
| 7.00%, 09/15/2028 (e) |  | 342 | 349 |
| Talos Production, Inc., |  |  |  |
| 9.00%, 02/01/2029 (e) |  | 144 | 150 |
| 9.38%, 02/01/2031 (e) |  | 123 | 130 |
| Tengizchevroil Finance Co. International Ltd., (Bermuda), |  |  |  |
| 3.25%, 08/15/2030 (e) |  | 400 | 369 |
| Reg. S, 3.25%, 08/15/2030 |  | 1900 | 1754 |
| Reg. S, 4.00%, 08/15/2026 |  | 1231 | 1228 |
|  TGNR Intermediate Holdings LLC, 5.50%, 10/15/2029 (e) |  | 1417 | 1385 |
| Thaioil Treasury Center Co. Ltd., (Thailand), (CMT Index 5 Year + 2.38%), 6.10%, 01/15/2031 (e) (x) (aa) |  | 2300 | 2220 |
| Transocean International Ltd., (Bermuda), |  |  |  |
| 6.80%, 03/15/2038 |  | 101 | 97 |
| 7.50%, 04/15/2031 |  | 54 | 55 |
| 7.88%, 10/15/2032 (e) |  | 381 | 407 |
| 8.25%, 05/15/2029 (e) |  | 2711 | 2802 |
| 8.50%, 05/15/2031 (e) |  | 1140 | 1195 |
| 8.75%, 02/15/2030 (e) |  | 1299 | 1351 |
|  Trident Energy Finance plc, (United Kingdom), 12.50%, 11/30/2029 (e) |  | 42 | 45 |
|  Uzbekneftegaz JSC, (Uzbekistan), Reg. S, 4.75%, 11/16/2028 |  | 3800 | 3629 |
|  Valaris Ltd., (Bermuda), 8.38%, 04/30/2030 (e) |  | 964 | 999 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Oil & Gas — (continued)** |  |  |  |
| Var Energi ASA, (Norway), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.77%), 7.86%, 11/15/2083 (aa) | EUR | 5759 | 7179 |
| Vermilion Energy, Inc., (Canada), 6.88%, 05/01/2030 (e) |  | 66 | 67 |
| 7.25%, 02/15/2033 (e) |  | 137 | 138 |
|  Viper Energy Partners LLC, 4.90%, 08/01/2030 |  | 372 | 372 |
|  Wildfire Intermediate Holdings LLC, 7.50%, 10/15/2029 (e) |  | 1020 | 1033 |
| Wintershall Dea Finance 2 BV, (Netherlands), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.12%, 05/08/2030 (x) (aa) | EUR | 4698 | 5488 |
| Series NC8, Reg. S, (EUR Swap Rate 5 Year + 3.32%), 3.00%, 07/20/2028 (x) (aa) | EUR | 5800 | 6394 |
|  |  |  | 252546 |
|  **Oil & Gas Services — 0.7%** |  |  |  |
| Archrock Partners LP / Archrock Partners Finance Corp., |  |  |  |
| 6.25%, 04/01/2028 (e) |  | 1461 | 1461 |
| 6.63%, 09/01/2032 (e) |  | 1124 | 1146 |
|  Archrock Services LP / Archrock Partners Finance Corp., 6.00%, 02/01/2034 (e) |  | 1350 | 1338 |
|  Bristow Group, Inc., 6.75%, 02/01/2033 (e) |  | 98 | 99 |
|  CHC Group LLC, (Cayman Islands), 11.75%, 09/01/2030 (e) |  | 237 | 230 |
|  Deepocean Ltd., (Jersey), 6.00%, 04/08/2031 (e) | EUR | 575 | 676 |
|  Enerflex, Inc., 6.88%, 01/15/2031 (e) |  | 156 | 159 |
|  Guara Norte Sarl, (Luxembourg), Reg. S, 5.20%, 06/15/2034 |  | 4346 | 4213 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 (e) |  | 115 | 121 |
| Kodiak Gas Services LLC, |  |  |  |
| 5.88%, 04/01/2031 (e) |  | 1623 | 1631 |
| 6.50%, 10/01/2033 (e) |  | 1143 | 1155 |
| 6.75%, 10/01/2035 (e) |  | 1091 | 1108 |
| 7.25%, 02/15/2029 (e) |  | 1650 | 1710 |
| Oceaneering International, Inc., |  |  |  |
| 6.00%, 02/01/2028 |  | 616 | 619 |
|  OEG Finance plc, (United Kingdom), Reg. S, 7.25%, 09/27/2029 | EUR | 3450 | 4107 |
|  SESI LLC, 7.88%, 09/30/2030 (e) |  | 462 | 471 |
|  Star Holding LLC, 8.75%, 08/01/2031 (e) |  | 704 | 714 |
|  TGS ASA, (Norway), 8.50%, 01/15/2030 (e) |  | 206 | 215 |
|  Tidewater, Inc., 9.13%, 07/15/2030 (e) |  | 1271 | 1353 |
| USA Compression Partners LP / USA Compression Finance Corp., |  |  |  |
| 6.25%, 10/01/2033 (e) |  | 1598 | 1592 |
| 7.13%, 03/15/2029 (e) |  | 1036 | 1059 |
|  Viridien, (France), 10.00%, 10/15/2030 (e) |  | 64 | 68 |
| WBI Operating LLC, |  |  |  |
| 6.25%, 10/15/2030 (e) |  | 210 | 211 |
| 6.50%, 10/15/2033 (e) |  | 111 | 111 |
| Weatherford International Ltd., (Bermuda), |  |  |  |
| 6.75%, 10/15/2033 (e) |  | 1784 | 1821 |
| 8.63%, 04/30/2030 (e) |  | 37 | 38 |
| Yinson Boronia Production BV, (Netherlands), |  |  |  |
| 8.95%, 07/31/2042 (e) |  | 2137 | 2314 |
| Reg. S, 8.95%, 07/31/2042 |  | 1719 | 1861 |
|  Yinson Production Financial Services Pte Ltd., (Singapore), Reg. S, 9.63%, 05/03/2029 (e) |  | 3900 | 4060 |
|  |  |  | 35661 |
| **Pipelines — 1.6%** |  |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., |  |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Pipelines — (continued)** |  |  |
| 5.38%, 06/15/2029 (e) | 1392 | 1387 |
| 5.75%, 01/15/2028 (e) | 2642 | 2642 |
| 5.75%, 10/15/2033 (e) | 53 | 52 |
| 5.75%, 07/01/2034 (e) | 290 | 286 |
| 6.63%, 02/01/2032 (e) | 224 | 229 |
| Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.00%, 07/15/2029 (e) | 841 | 869 |
| 7.25%, 07/15/2032 (e) | 506 | 525 |
| Buckeye Partners LP, |  |  |
| 3.95%, 12/01/2026 | 468 | 463 |
| 4.13%, 12/01/2027 | 81 | 79 |
| 4.50%, 03/01/2028 (e) | 100 | 98 |
| 5.60%, 10/15/2044 | 61 | 54 |
| 5.85%, 11/15/2043 | 34 | 31 |
| 6.75%, 02/01/2030 (e) | 287 | 296 |
| 6.75%, 08/15/2033 | 80 | 83 |
| 6.88%, 07/01/2029 (e) | 787 | 810 |
|  Cheniere Energy Partners LP, 4.00%, 03/01/2031 | 179 | 172 |
|  Cheniere Energy, Inc., 4.63%, 10/15/2028 | 214 | 213 |
|  CNX Midstream Partners LP, 4.75%, 04/15/2030 (e) | 475 | 451 |
| Columbia Pipelines Holding Co. LLC, |  |  |
| 6.04%, 08/15/2028 (e) | 675 | 696 |
| 6.06%, 08/15/2026 (e) | 352 | 354 |
|  CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (e) | 2138 | 2084 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp., |  |  |
| 7.13%, 06/01/2028 (e) | 438 | 437 |
| 7.38%, 06/30/2033 (e) | 488 | 492 |
| 8.63%, 03/15/2029 (e) | 1346 | 1392 |
| DT Midstream, Inc., |  |  |
| 4.13%, 06/15/2029 (e) | 1296 | 1269 |
| 4.38%, 06/15/2031 (e) | 400 | 385 |
| Enbridge, Inc., (Canada), |  |  |
| (CMT Index 5 Year + 2.97%), 7.20%, 06/27/2054 (aa) | 299 | 314 |
| (CMT Index 5 Year + 3.12%), 7.38%, 03/15/2055 (aa) | 411 | 432 |
| Energy Transfer LP, |  |  |
| 6.00%, 02/01/2029 (e) | 1201 | 1210 |
| (CMT Index 5 Year + 2.68%), 6.50%, 02/15/2056 (aa) | 463 | 457 |
| (CMT Index 5 Year + 2.48%), 6.75%, 02/15/2056 (aa) | 185 | 184 |
| (CMT Index 5 Year + 2.83%), 7.13%, 10/01/2054 (aa) | 136 | 138 |
| 7.38%, 02/01/2031 (e) | 1009 | 1047 |
| (CMT Index 5 Year + 4.02%), 8.00%, 05/15/2054 (aa) | 1184 | 1240 |
| Series G, (CMT Index 5 Year + 5.31%), 7.13%, 05/15/2030 (x) (aa) | 457 | 465 |
| Series H, (CMT Index 5 Year + 5.69%), 6.50%, 11/15/2026 (x) (aa) | 1134 | 1131 |
|  Excelerate Energy LP, 8.00%, 05/15/2030 (e) | 157 | 164 |
| Genesis Energy LP / Genesis Energy Finance Corp., |  |  |
| 6.75%, 03/15/2034 (e) | 1251 | 1245 |
| 7.88%, 05/15/2032 | 123 | 127 |
| 8.00%, 05/15/2033 | 562 | 581 |
| 8.25%, 01/15/2029 | 1125 | 1162 |
| 8.88%, 04/15/2030 | 79 | 82 |
| Global Partners LP / GLP Finance Corp., |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Pipelines — (continued)** |  |  |
| 6.88%, 01/15/2029 | 566 | 566 |
| 7.13%, 07/01/2033 (e) | 464 | 468 |
| 8.25%, 01/15/2032 (e) | 996 | 1030 |
| Harvest Midstream I LP, |  |  |
| 7.50%, 09/01/2028 (e) | 503 | 508 |
| 7.50%, 05/15/2032 (e) | 94 | 95 |
| Hess Midstream Operations LP, |  |  |
| 4.25%, 02/15/2030 (e) | 202 | 194 |
| 5.13%, 06/15/2028 (e) | 1042 | 1039 |
| 6.50%, 06/01/2029 (e) | 106 | 108 |
| Howard Midstream Energy Partners LLC, |  |  |
| 6.63%, 01/15/2034 (e) | 1078 | 1082 |
| 7.38%, 07/15/2032 (e) | 273 | 282 |
|  ITT Holdings LLC, 6.50%, 08/01/2029 (e) | 1845 | 1793 |
| Kinetik Holdings LP, |  |  |
| 5.88%, 06/15/2030 (e) | 93 | 93 |
| 6.63%, 12/15/2028 (e) | 966 | 982 |
|  Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (e) | 205 | 210 |
| New Generation Gas Gathering LLC, |  |  |
| Reg. S, 0.00%, 09/30/2029 (e) (bb) | 211 | 208 |
| Reg. S, 0.00%, 09/30/2029 (e) (bb) | 53 | 52 |
| Reg. S, 0.00%, 12/31/2049 (bb) | 176 | 173 |
| Reg. S, 10.08%, 09/30/2029 (e) (bb) | 176 | 173 |
| NGL Energy Operating LLC / NGL Energy Finance Corp., |  |  |
| 8.13%, 02/15/2029 (e) | 840 | 865 |
| 8.38%, 02/15/2032 (e) | 1915 | 1973 |
|  NGPL PipeCo. LLC, 4.88%, 08/15/2027 (e) | 387 | 388 |
|  Northriver Midstream Finance LP, (Canada), 6.75%, 07/15/2032 (e) | 483 | 484 |
|  Prairie Acquiror LP, 9.00%, 08/01/2029 (e) | 469 | 484 |
|  QazaqGaz NC JSC, (Kazakhstan), Reg. S, 4.38%, 09/26/2027 | 1250 | 1240 |
| Rockies Express Pipeline LLC, |  |  |
| 4.80%, 05/15/2030 (e) | 400 | 384 |
| 4.95%, 07/15/2029 (e) | 323 | 315 |
| 6.88%, 04/15/2040 (e) | 1560 | 1537 |
| 7.50%, 07/15/2038 (e) | 125 | 130 |
|  Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (e) | 787 | 778 |
| South Bow Canadian Infrastructure Holdings Ltd., (Canada), |  |  |
| (CMT Index 5 Year + 3.67%), 7.50%, 03/01/2055 (aa) | 125 | 130 |
| (CMT Index 5 Year + 3.95%), 7.63%, 03/01/2055 (aa) | 145 | 149 |
|  South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 | 954 | 958 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (e) | 241 | 248 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., |  |  |
| 5.50%, 01/15/2028 (e) | 2759 | 2736 |
| 6.00%, 12/31/2030 (e) | 143 | 142 |
| 6.00%, 09/01/2031 (e) | 509 | 502 |
| 6.75%, 03/15/2034 (e) | 504 | 507 |
| 7.38%, 02/15/2029 (e) | 1637 | 1684 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028 | 758 | 758 |
|  TransMontaigne Partners LLC, 8.50%, 06/15/2030 (e) | 376 | 380 |
| Venture Global Calcasieu Pass LLC, |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Pipelines — (continued)** |  |  |  |
| 3.88%, 08/15/2029 (e) |  | 1085 | 1031 |
| 4.13%, 08/15/2031 (e) |  | 307 | 285 |
| 6.25%, 01/15/2030 (e) |  | 175 | 179 |
| Venture Global LNG, Inc., |  |  |  |
| 7.00%, 01/15/2030 (e) |  | 255 | 260 |
| 8.13%, 06/01/2028 (e) |  | 351 | 359 |
| 8.38%, 06/01/2031 (e) |  | 1671 | 1737 |
| (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) |  | 4209 | 4190 |
| 9.50%, 02/01/2029 (e) |  | 6309 | 6807 |
| 9.88%, 02/01/2032 (e) |  | 3093 | 3322 |
| Venture Global Plaquemines LNG LLC, |  |  |  |
| 6.13%, 12/15/2030 (e) |  | 2666 | 2737 |
| 6.50%, 01/15/2034 (e) |  | 2802 | 2918 |
| 6.50%, 06/15/2034 (e) |  | 869 | 904 |
| 6.75%, 01/15/2036 (e) |  | 3324 | 3521 |
| 7.50%, 05/01/2033 (e) |  | 1829 | 2010 |
| 7.75%, 05/01/2035 (e) |  | 1545 | 1732 |
| Western Midstream Operating LP, |  |  |  |
| 4.75%, 08/15/2028 |  | 87 | 87 |
| 4.80%, 03/01/2031 |  | 230 | 228 |
| 7.25%, 04/01/2030 (e) |  | 1029 | 1086 |
|  Whistler Pipeline LLC, 5.40%, 09/30/2029 (e) |  | 353 | 362 |
|  |  |  | 85411 |
| Total Energy |  |  | 382570 |
| **Financial** — **13.0%** |  |  |  |
| **Banks** — **2.9%** |  |  |  |
| AIB Group plc, (Ireland), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.71%), 6.00%, 07/14/2031 (x) (aa) | EUR | 1675 | 1928 |
| (United States SOFR + 2.33%), 6.61%, 09/13/2029 (e) (aa) |  | 416 | 435 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (x) (aa) | EUR | 800 | 965 |
| Alpha Bank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.27%), 6.00%, 09/13/2034 (aa) | EUR | 2500 | 3000 |
| Armor Holdco, Inc., 8.50%, 11/15/2029 (e) |  | 75 | 69 |
| Banco Comercial Portugues SA, (Portugal), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.78%), 8.13%, 01/18/2029 (x) (aa) | EUR | 4000 | 4941 |
| Banco Davivienda SA, (Colombia), Reg. S, (CMT Index 1 Year + 5.10%), 6.65%, 04/22/2031 (x) (aa) |  | 1300 | 1147 |
| Banco de Bogota SA, (Colombia), Reg. S, 6.25%, 05/12/2026 |  | 260 | 260 |
| Banco Mercantil del Norte SA, (Mexico), (CMT Index 5 Year + 4.07%), 8.38%, 05/20/2031 (e) (x) (aa) |  | 2800 | 2877 |
| Bangkok Bank PCL, (Thailand), 5.08%, 11/26/2035 (e) |  | 2600 | 2546 |
| Bank of America Corp., |  |  |  |
| (CMT Index 5 Year + 2.35%), 6.25%, 07/26/2030 (x) (aa) |  | 1174 | 1180 |
| (CMT Index 5 Year + 2.68%), 6.63%, 05/01/2030 (x) (aa) |  | 1667 | 1707 |
| Bank of Cyprus Holdings plc, (Ireland), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.95%), 4.25%, 09/18/2036 (aa) | EUR | 1529 | 1718 |
| Bank of Ireland Group plc, (Ireland), |  |  |  |
| (CMT Index 1 Year + 1.10%), 2.03%, 09/30/2027 (e) (aa) |  | 922 | 910 |
| (United States SOFR + 1.62%), 5.60%, 03/20/2030 (e) (aa) |  | 334 | 342 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Banks — (continued)** |  |  |  |
|  Bank of Montreal, (Canada), Series J, (United States SOFR + 0.89%), 4.34%, 03/19/2030 (aa) |  | 665 | 662 |
| Barclays plc, (United Kingdom), |  |  |  |
| (United States SOFR + 0.93%), 4.22%, 05/24/2030 (aa) |  | 235 | 231 |
| (CMT Index 5 Year + 3.41%), 4.38%, 03/15/2028 (x) (aa) |  | 265 | 251 |
| (United States SOFR + 1.23%), 5.37%, 02/25/2031 (aa) |  | 283 | 288 |
| (United States SOFR + 1.88%), 6.50%, 09/13/2027 (aa) |  | 462 | 466 |
| (USD SOFR ICE Swap Rate 5 Year + 3.69%), 7.63%, 03/15/2035 (x) (aa) |  | 487 | 494 |
| (CMT Index 5 Year + 5.43%), 8.00%, 03/15/2029 (x) (aa) |  | 200 | 207 |
| (ICE Swap Rate GBP SONIA 5 Year + 5.64%), 9.25%, 09/15/2028 (x) (aa) | GBP | 5890 | 8205 |
| (USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (x) (aa) |  | 1451 | 1583 |
| BNP Paribas SA, (France), |  |  |  |
| (United States SOFR + 1.61%), 1.90%, 09/30/2028 (e) (aa) |  | 400 | 385 |
| (United States SOFR + 1.23%), 2.59%, 01/20/2028 (e) (aa) |  | 1086 | 1069 |
| (United States SOFR + 1.28%), 5.28%, 11/19/2030 (e) (aa) |  | 200 | 203 |
| (CMT Index 5 Year + 4.90%), 7.75%, 08/16/2029 (e) (x) (aa) |  | 2820 | 2909 |
|  BOI Finance BV, (Netherlands), Reg. S, 7.50%, 02/16/2027 | EUR | 2200 | 2585 |
| BPCE SA, (France), |  |  |  |
| (United States SOFR + 1.09%), 2.05%, 10/19/2027 (e) (aa) |  | 305 | 301 |
| 4.88%, 04/01/2026 (e) |  | 200 | 200 |
| CaixaBank SA, (Spain), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.86%), 3.63%, 09/14/2028 (x) (aa) | EUR | 2200 | 2429 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.94%), 6.25%, 07/24/2032 (x) (aa) | EUR | 200 | 235 |
| Canadian Imperial Bank of Commerce, (Canada), (SOFR Compounded Index + 0.79%), 4.28%, 01/29/2030 (aa) |  | 361 | 358 |
| Citigroup, Inc., |  |  |  |
| (United States SOFR + 1.17%), 4.50%, 09/11/2031 (aa) |  | 2296 | 2270 |
| (United States SOFR + 1.36%), 5.17%, 02/13/2030 (aa) |  | 1659 | 1685 |
| (CMT Index 5 Year + 3.00%), 6.63%, 02/15/2031 (x) (aa) |  | 700 | 699 |
| Series CC, (CMT Index 5 Year + 2.69%), 7.13%, 08/15/2029 (x) (aa) |  | 690 | 696 |
| Series DD, (CMT Index 1 Year + 2.76%), 7.00%, 08/15/2034 (x) (aa) |  | 336 | 346 |
| Series EE, (CMT Index 5 Year + 2.57%), 6.75%, 02/15/2030 (x) (aa) |  | 683 | 683 |
| Series FF, (CMT Index 5 Year + 2.73%), 6.95%, 02/15/2030 (x) (aa) |  | 410 | 413 |
| Series GG, (CMT Index 5 Year + 2.89%), 6.88%, 08/15/2030 (x) (aa) |  | 506 | 509 |
| Citizens Financial Group, Inc., |  |  |  |
| (United States SOFR + 1.26%), 5.25%, 03/05/2031 (aa) |  | 1825 | 1846 |
| (United States SOFR + 2.01%), 5.84%, 01/23/2030 (aa) |  | 388 | 400 |
| Commerzbank AG, (Germany), Reg. S, (EUR Swap Rate 5 Year + 4.39%), 4.25%, 10/09/2027 (x) (aa) | EUR | 2600 | 2959 |
| Credit Agricole SA, (France), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.21%), 6.50%, 09/23/2029 (x) (aa) | EUR | 2300 | 2742 |
|  Depository Trust Co. (The), 4.30%, 03/27/2029 (e) |  | 315 | 315 |
| Deutsche Bank AG, (Germany), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.55%), 4.50%, 11/30/2026 (x) (aa) | EUR | 3800 | 4332 |
| (United States SOFR + 1.70%), 5.00%, 09/11/2030 (aa) |  | 182 | 183 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.69%), 6.75%, 10/30/2028 (x) (aa) | EUR | 5200 | 6086 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.60%), 7.13%, 10/30/2030 (x) (aa) | EUR | 200 | 235 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.26%), 8.13%, 10/30/2029 (x) (aa) | EUR | 5600 | 6797 |
| Deutsche Pfandbriefbank AG, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.86%), 7.13%, 10/04/2035 (aa) | EUR | 1200 | 1303 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Banks — (continued)** | | | |
| Eurobank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 1 Year + 1.70%), 4.00%, 02/07/2036 (aa) | EUR | 100 | 112 |
|  First Citizens BancShares, Inc., (United States SOFR + 1.41%), 5.23%, 03/12/2031 (aa) |  | 826 | 819 |
|  First Horizon Corp., (United States SOFR + 1.77%), 5.51%, 03/07/2031 (aa) |  | 328 | 332 |
| Freedom Mortgage Corp., 6.63%, 01/15/2027 (e) |  | 1705 | 1702 |
| 12.25%, 10/01/2030 (e) |  | 896 | 966 |
| Goldman Sachs Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.11%), 2.64%, 02/24/2028 (aa) |  | 577 | 568 |
| (United States SOFR + 1.85%), 3.62%, 03/15/2028 (aa) |  | 99 | 98 |
| (CME Term SOFR 3 Month + 1.42%), 3.81%, 04/23/2029 (aa) |  | 161 | 159 |
| (CME Term SOFR 3 Month + 1.56%), 4.22%, 05/01/2029 (aa) |  | 1657 | 1648 |
| (United States SOFR + 0.96%), 4.52%, 01/21/2032 (aa) |  | 701 | 690 |
| (United States SOFR + 1.58%), 5.22%, 04/23/2031 (aa) |  | 1395 | 1419 |
| (United States SOFR + 1.27%), 5.73%, 04/25/2030 (aa) |  | 394 | 406 |
| (CMT Index 5 Year + 2.46%), 6.85%, 02/10/2030 (x) (aa) |  | 920 | 937 |
| Series Y, (CMT Index 1 Year + 2.40%), 6.13%, 11/10/2034 (x) (aa) |  | 623 | 619 |
| HSBC Holdings plc, (United Kingdom), |  |  |  |
| (United States SOFR + 1.03%), 4.90%, 03/03/2029 (aa) |  | 434 | 436 |
| (United States SOFR + 1.06%), 5.60%, 05/17/2028 (aa) |  | 286 | 289 |
|  Intesa Sanpaolo SpA, (Italy), (CMT Index 1 Year + 2.60%), 4.20%, 06/01/2032 (e) (aa) |  | 1425 | 1339 |
| KBC Group NV, (Belgium), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.99%), 6.25%, 09/17/2031 (x) (aa) | EUR | 800 | 939 |
|  Macquarie Bank Ltd., (Australia), 3.62%, 06/03/2030 (e) |  | 239 | 227 |
| Macquarie Group Ltd., (Australia), (CME Term SOFR 3 Month + 1.63%), 3.76%, 11/28/2028 (e) (aa) |  | 506 | 499 |
| Morgan Stanley, |  |  |  |
| (United States SOFR + 1.14%), 2.70%, 01/22/2031 (aa) |  | 659 | 612 |
| (United States SOFR + 1.61%), 4.21%, 04/20/2028 (aa) |  | 177 | 176 |
| (United States SOFR + 0.95%), 4.49%, 01/16/2032 (aa) |  | 743 | 731 |
| (United States SOFR + 1.20%), 4.71%, 03/12/2032 (aa) |  | 1075 | 1068 |
| (United States SOFR + 1.22%), 5.04%, 07/19/2030 (aa) |  | 155 | 157 |
| (United States SOFR + 1.73%), 5.12%, 02/01/2029 (aa) |  | 476 | 481 |
| (United States SOFR + 1.45%), 5.17%, 01/16/2030 (aa) |  | 279 | 283 |
| (United States SOFR + 1.63%), 5.45%, 07/20/2029 (aa) |  | 98 | 100 |
| (United States SOFR + 1.26%), 5.66%, 04/18/2030 (aa) |  | 467 | 480 |
| Series I, (United States SOFR + 1.07%), 4.36%, 10/22/2031 (aa) |  | 777 | 762 |
|  Morgan Stanley Private Bank NA, (United States SOFR + 1.08%), 4.73%, 07/18/2031 (aa) |  | 250 | 249 |
| National Bank of Greece SA, (Greece), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.88%, 06/28/2035 (aa) | EUR | 6055 | 7319 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 4.65%), 8.00%, 01/03/2034 (aa) | EUR | 3017 | 3761 |
| NatWest Group plc, (United Kingdom), |  |  |  |
| (CMT Index 1 Year + 1.22%), 4.96%, 08/15/2030 (aa) |  | 296 | 299 |
| (CMT Index 5 Year + 3.75%), 8.13%, 11/10/2033 (x) (aa) |  | 580 | 628 |
| Piraeus Bank SA, (Greece), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.15%), 5.38%, 09/18/2035 (aa) | EUR | 7252 | 8525 |
| PNC Financial Services Group, Inc. (The), |  |  |  |
| (United States SOFR + 1.33%), 4.90%, 05/13/2031 (aa) |  | 549 | 553 |
| Series W, (CMT Index 7 Year + 2.81%), 6.25%, 03/15/2030 (x) (aa) |  | 232 | 234 |
|  Popular, Inc., (Puerto Rico), 7.25%, 03/13/2028 |  | 544 | 564 |
|  QNB Finance Ltd., (Cayman Islands), Reg. S, 4.50%, 07/24/2030 |  | 1500 | 1470 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Banks — (continued)** | | |
| Santander UK Group Holdings plc, (United Kingdom), |  |  |
| (SOFR Compounded Index + 1.07%), 4.32%, 09/22/2029 (aa) | 248 | 246 |
| (United States SOFR + 2.60%), 6.53%, 01/10/2029 (aa) | 990 | 1021 |
| Societe Generale SA, (France), |  |  |
| (CMT Index 5 Year + 3.79%), 8.13%, 11/21/2029 (e) (x) (aa) | 108 | 111 |
| Reg. S, (CMT Index 5 Year + 5.45%)10.00%, 11/14/2028 (aa) (x) | 2200 | 2379 |
| Standard Chartered plc, (United Kingdom), |  |  |
| (CMT Index 1 Year + 0.77%), 4.30%, 01/13/2030 (e) (aa) | 351 | 347 |
| (CMT Index 1 Year + 1.05%), 5.69%, 05/14/2028 (e) (aa) | 256 | 259 |
| (CMT Index 1 Year + 1.85%), 6.75%, 02/08/2028 (e) (aa) | 400 | 407 |
|  Synchrony Bank, 5.63%, 08/23/2027 | 1056 | 1068 |
| Toronto-Dominion Bank (The), (Canada), |  |  |
| (USD Semi-annual Swap Rate 5 Year + 2.21%), 3.63%, 09/15/2031 (aa) | 1090 | 1084 |
| (CMT Index 5 Year + 2.98%), 7.25%, 07/31/2084 (aa) | 595 | 605 |
|  Turkiye Vakiflar Bankasi TAO, (Turkey), 7.25%, 07/31/2030 (e) | 1600 | 1593 |
|  UBS AG, (Switzerland), (United States SOFR + 0.81%), 4.30%, 03/16/2029 (aa) | 252 | 252 |
| UBS Group AG, (Switzerland), |  |  |
| (CMT Index 1 Year + 0.85%), 1.49%, 08/10/2027 (e) (aa) | 1067 | 1056 |
| (IBOR USD 3 Month + 1.41%), 3.87%, 01/12/2029 (e) (aa) | 806 | 797 |
| (CMT Index 1 Year + 2.05%), 4.70%, 08/05/2027 (e) (aa) | 1194 | 1194 |
| (CMT Index 1 Year + 1.52%), 5.43%, 02/08/2030 (e) (aa) | 200 | 204 |
| (USD SOFR ICE Swap Rate 5 Year + 3.12%), 6.60%, 08/05/2030 (e) (x) (aa) | 400 | 390 |
| (USD SOFR ICE Swap Rate 5 Year + 3.24%), 6.63%, 01/08/2031 (e) (x) (aa) | 400 | 390 |
| (USD SOFR ICE Swap Rate 5 Year + 3.63%), 6.85%, 09/10/2029 (e) (x) (aa) | 200 | 199 |
| (USD SOFR ICE Swap Rate 5 Year + 3.08%), 7.00%, 02/10/2030 (e) (x) (aa) | 400 | 396 |
| (USD SOFR ICE Swap Rate 5 Year + 3.30%), 7.00%, 02/05/2035 (e) (x) (aa) | 221 | 213 |
| (USD SOFR ICE Swap Rate 5 Year + 3.32%), 7.00%, 01/08/2036 (e) (x) (aa) | 651 | 632 |
| (USD SOFR ICE Swap Rate 5 Year + 3.18%), 7.13%, 08/10/2034 (e) (x) (aa) | 600 | 589 |
| (USD SOFR ICE Swap Rate 5 Year + 4.16%), 7.75%, 04/12/2031 (e) (x) (aa) | 600 | 618 |
| (CMT Index 5 Year + 4.75%), 9.25%, 11/13/2028 (e) (x) (aa) | 200 | 213 |
| (CMT Index 5 Year + 4.76%), 9.25%, 11/13/2033 (e) (x) (aa) | 365 | 411 |
|  US Bancorp, (United States SOFR + 1.06%), 5.05%, 02/12/2031 (aa) | 2007 | 2036 |
| Uzbek Industrial and Construction Bank ATB, (Uzbekistan), 8.95%, 07/24/2029 (e) | 1000 | 1055 |
| Reg. S, 8.95%, 07/24/2029 | 200 | 211 |
|  Vakifbank DPR, Reg. S, 6.83%, 03/15/2035 (f) (bb) | 2200 | 2200 |
|  Valley National Bancorp, (CME Term SOFR 3 Month + 2.78%), 6.25%, 09/30/2032 (aa) | 110 | 108 |
|  Walker & Dunlop, Inc., 6.63%, 04/01/2033 (e) | 381 | 372 |
| Wells Fargo & Co., |  |  |
| (United States SOFR + 1.37%), 4.97%, 04/23/2029 (aa) | 319 | 322 |
| (United States SOFR + 1.50%), 5.20%, 01/23/2030 (aa) | 244 | 248 |
| (United States SOFR + 1.74%), 5.57%, 07/25/2029 (aa) | 178 | 182 |
| (CMT Index 5 Year + 2.34%), 6.13%, 06/15/2031 (x) (aa) | 725 | 727 |
| (United States SOFR + 1.79%), 6.30%, 10/23/2029 (aa) | 786 | 818 |
|  Westpac Banking Corp., (Australia), (USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (aa) | 92 | 92 |
|  Zions Bancorp NA, (United States SOFR + 1.16%), 4.70%, 08/18/2028 (aa) | 756 | 749 |
|  |  | 150035 |
| **Diversified Financial Services — 3.2%** |  |  |
| Air Lease Corp., |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Diversified Financial Services — (continued)** | | |
| 4.63%, 10/01/2028 | 1002 | 998 |
| 5.10%, 03/01/2029 | 508 | 512 |
| Aircastle Ltd. / Aircastle Ireland DAC, (Bermuda), |  |  |
| 5.00%, 09/15/2030 (e) | 188 | 188 |
| 5.25%, 03/15/2030 (e) | 150 | 151 |
|  Aircastle Ltd., (Bermuda), 5.95%, 02/15/2029 (e) | 187 | 192 |
| Aretec Group, Inc., |  |  |
| 7.50%, 04/01/2029 (e) | 82 | 81 |
| 10.00%, 08/15/2030 (e) | 125 | 132 |
|  Atlanticus Holdings Corp., 9.75%, 09/01/2030 (e) | 128 | 115 |
| Atlas Warehouse Lending Co. LP, |  |  |
| 4.95%, 11/15/2030 (e) | 1500 | 1472 |
| 6.05%, 01/15/2028 (e) | 600 | 608 |
| 6.25%, 01/15/2030 (e) | 500 | 514 |
|  Avation Group S Pte Ltd., (Singapore), 8.50%, 05/15/2031 (e) | 64 | 59 |
| Aviation Capital Group LLC, |  |  |
| 1.95%, 09/20/2026 (e) | 614 | 607 |
| 3.50%, 11/01/2027 (e) | 337 | 331 |
| 5.38%, 07/15/2029 (e) | 1764 | 1791 |
|  Avilease Capital Ltd., (Cayman Islands), 4.75%, 11/12/2030 (e) | 627 | 610 |
| Avolon Holdings Funding Ltd., (Cayman Islands), |  |  |
| 2.53%, 11/18/2027 (e) | 397 | 384 |
| 2.75%, 02/21/2028 (e) | 81 | 78 |
| 3.25%, 02/15/2027 (e) | 251 | 248 |
| 4.20%, 04/15/2029 (e) | 1350 | 1325 |
| 4.95%, 01/15/2028 (e) | 74 | 74 |
| 5.75%, 03/01/2029 (e) | 453 | 463 |
| 5.75%, 11/15/2029 (e) | 949 | 972 |
| Azorra Finance Ltd., (Cayman Islands), |  |  |
| 6.25%, 02/15/2034 (e) | 720 | 668 |
| 7.25%, 01/15/2031 (e) | 909 | 917 |
| 7.75%, 04/15/2030 (e) | 1895 | 1952 |
| Bread Financial Holdings, Inc., |  |  |
| 6.75%, 05/15/2031 (e) | 316 | 313 |
| (CMT Index 5 Year + 4.30%), 8.38%, 06/15/2035 (e) (aa) | 264 | 267 |
| Burford Capital Global Finance LLC, |  |  |
| 6.25%, 04/15/2028 (e) | 202 | 190 |
| 6.88%, 04/15/2030 (e) | 230 | 203 |
| 7.50%, 07/15/2033 (e) | 160 | 134 |
| 8.50%, 01/15/2034 (e) | 232 | 199 |
| 9.25%, 07/01/2031 (e) | 257 | 232 |
|  CIMA Finance DAC, (Ireland), Reg. S, 2.95%, 09/05/2029 | 3609 | 3359 |
|  Citadel Securities Global Holdings LLC, 5.50%, 06/18/2030 (e) | 1250 | 1270 |
| Cobra AcquisitionCo. LLC, |  |  |
| 6.38%, 11/01/2029 (e) | 84 | 72 |
| 12.25%, 11/01/2029 (e) | 97 | 98 |
| Coinbase Global, Inc., |  |  |
| 3.38%, 10/01/2028 (e) | 209 | 195 |
| 3.63%, 10/01/2031 (e) | 159 | 135 |
| Credicorp Capital Sociedad Titulizadora SA, (Peru), |  |  |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Diversified Financial Services — (continued)** | | | |
| Reg. S, 9.70%, 03/05/2045 (e) | PEN | 8200 | 2489 |
| Reg. S, 10.10%, 12/15/2043 (e) | PEN | 6300 | 1951 |
| Credit Acceptance Corp., |  |  |  |
| 6.63%, 03/15/2030 (e) |  | 90 | 87 |
| 9.25%, 12/15/2028 (e) |  | 110 | 114 |
| CrossCountry Intermediate HoldCo LLC, |  |  |  |
| 6.50%, 10/01/2030 (e) |  | 487 | 463 |
| 6.75%, 12/01/2032 (e) |  | 139 | 131 |
| Encore Capital Group, Inc., |  |  |  |
| Reg. S, 4.25%, 06/01/2028 | GBP | 4008 | 5056 |
| 6.63%, 04/15/2031 (e) |  | 825 | 821 |
| 8.50%, 05/15/2030 (e) |  | 319 | 337 |
| 9.25%, 04/01/2029 (e) |  | 906 | 948 |
| Enova International, Inc., |  |  |  |
| 9.13%, 08/01/2029 (e) |  | 93 | 95 |
| 11.25%, 12/15/2028 (e) |  | 108 | 114 |
|  Equitable America Global Funding, 4.65%, 06/09/2028 (e) |  | 234 | 234 |
|  EZCORP, Inc., 7.38%, 04/01/2032 (e) |  | 76 | 79 |
|  Focus Financial Partners LLC, 6.75%, 09/15/2031 (e) |  | 929 | 924 |
|  Freedom Funding Center LLC, 12.00% (cash), 10/01/2032 (e) (v) |  | 1047 | 1040 |
| Freedom Mortgage Holdings LLC, |  |  |  |
| 6.88%, 05/01/2031 (e) |  | 943 | 882 |
| 7.88%, 04/01/2033 (e) |  | 70 | 66 |
| 8.38%, 04/01/2032 (e) |  | 213 | 209 |
| 9.13%, 05/15/2031 (e) |  | 1735 | 1763 |
| 9.25%, 02/01/2029 (e) |  | 1464 | 1489 |
|  Garfunkelux Holdco 3 SA, (Luxembourg), Reg. S, 9.00%, 09/01/2028 | EUR | 187 | 217 |
| Garfunkelux Holdco 4 SA, (Luxembourg), Reg. S, 10.50% (Blend (cash 0.02% + PIK 10.48%)), 05/01/2030 (v) | EUR | 26 | — (h) |
| GGAM Finance Ltd., (Cayman Islands), |  |  |  |
| 5.88%, 03/15/2030 (e) |  | 319 | 318 |
| 6.88%, 04/15/2029 (e) |  | 540 | 552 |
| 8.00%, 02/15/2027 (e) |  | 2367 | 2389 |
| 8.00%, 06/15/2028 (e) |  | 1506 | 1563 |
|  Global Aircraft Leasing Co. Ltd., (Cayman Islands), 8.75%, 09/01/2027 (e) |  | 1580 | 1603 |
| goeasy Ltd., (Canada), |  |  |  |
| 6.88%, 05/15/2030 (e) |  | 98 | 81 |
| 6.88%, 02/15/2031 (e) |  | 1275 | 1026 |
| 7.38%, 10/01/2030 (e) |  | 1727 | 1429 |
| 7.63%, 07/01/2029 (e) |  | 47 | 41 |
| 9.25%, 12/01/2028 (e) |  | 325 | 302 |
|  GSG Bidco Ltd., (Jersey), 4.70%, 06/15/2031 (e) | EUR | 700 | 801 |
| Hightower Holding LLC, |  |  |  |
| 6.75%, 04/15/2029 (e) |  | 62 | 61 |
| 9.13%, 01/31/2030 (e) |  | 70 | 71 |
| Intrum Investments And Financing AB, (Sweden), |  |  |  |
| 7.75%, 09/11/2027 | EUR | 513 | 573 |
| Reg. S, 8.00%, 09/11/2027 | EUR | 3167 | 3639 |
| 8.50%, 09/11/2029 | EUR | 1571 | 1510 |
| Reg. S, 8.50%, 09/11/2030 (e) | EUR | 805 | 766 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Diversified Financial Services — (continued)** | | | |
| Series 1, Reg. S, 7.75%, 09/11/2028 (e) | EUR | 1894 | 1908 |
| Jane Street Group / JSG Finance, Inc., |  |  |  |
| 4.50%, 11/15/2029 (e) |  | 873 | 846 |
| 6.13%, 11/01/2032 (e) |  | 582 | 575 |
| 6.75%, 05/01/2033 (e) |  | 958 | 972 |
| 7.13%, 04/30/2031 (e) |  | 173 | 178 |
| Jefferies Finance LLC / JFIN Co-Issuer Corp., |  |  |  |
| 5.00%, 08/15/2028 (e) |  | 800 | 745 |
| 6.63%, 10/15/2031 (e) |  | 200 | 191 |
| Jefferson Capital Holdings LLC, |  |  |  |
| 6.00%, 08/15/2026 (e) |  | 635 | 635 |
| 8.25%, 05/15/2030 (e) |  | 85 | 89 |
| 9.50%, 02/15/2029 (e) |  | 104 | 109 |
| Jerrold Finco plc, (United Kingdom), |  |  |  |
| Reg. S, 7.50%, 06/15/2031 | GBP | 1750 | 2281 |
| Reg. S, 7.88%, 04/15/2030 | GBP | 9991 | 13155 |
| LD Holdings Group LLC, |  |  |  |
| 6.13%, 04/01/2028 (e) |  | 360 | 300 |
| 8.75%, 11/01/2027 (e) |  | 58 | 54 |
|  LFS Topco LLC, 8.75%, 07/15/2030 (e) |  | 32 | 31 |
| LPL Holdings, Inc., |  |  |  |
| 4.00%, 03/15/2029 (e) |  | 596 | 579 |
| 4.63%, 11/15/2027 (e) |  | 1147 | 1139 |
| 4.90%, 04/03/2028 |  | 192 | 193 |
| 5.15%, 06/15/2030 |  | 287 | 288 |
| Macquarie Airfinance Holdings Ltd., (United Kingdom), |  |  |  |
| 5.15%, 03/17/2030 (e) |  | 938 | 933 |
| 6.40%, 03/26/2029 (e) |  | 1000 | 1036 |
| 6.50%, 03/26/2031 (e) |  | 210 | 220 |
| Midcap Financial Issuer Trust, |  |  |  |
| 5.63%, 01/15/2030 (e) |  | 775 | 722 |
| 6.50%, 05/01/2028 (e) |  | 1073 | 1041 |
|  Muthoot Finance Ltd., (India), 5.75%, 08/04/2030 (e) |  | 1400 | 1344 |
| Navient Corp., |  |  |  |
| 4.88%, 03/15/2028 |  | 1167 | 1102 |
| 5.00%, 03/15/2027 |  | 2415 | 2361 |
| 5.50%, 03/15/2029 |  | 102 | 93 |
| 5.63%, 08/01/2033 |  | 90 | 70 |
| 6.75%, 06/15/2026 |  | 2553 | 2559 |
| 7.88%, 06/15/2032 |  | 190 | 169 |
| 9.38%, 07/25/2030 |  | 329 | 321 |
| 11.50%, 03/15/2031 |  | 69 | 70 |
| OneMain Finance Corp., |  |  |  |
| 3.50%, 01/15/2027 |  | 391 | 383 |
| 3.88%, 09/15/2028 |  | 1711 | 1626 |
| 4.00%, 09/15/2030 |  | 712 | 643 |
| 5.38%, 11/15/2029 |  | 943 | 909 |
| 6.13%, 05/15/2030 |  | 834 | 815 |
| 6.50%, 03/15/2033 |  | 2498 | 2380 |
| 6.63%, 01/15/2028 |  | 869 | 875 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Diversified Financial Services — (continued)** | | | |
| 6.63%, 05/15/2029 |  | 813 | 814 |
| 6.75%, 03/15/2032 |  | 2398 | 2326 |
| 6.75%, 09/15/2033 |  | 1778 | 1705 |
| 7.13%, 11/15/2031 |  | 1310 | 1297 |
| 7.13%, 09/15/2032 |  | 286 | 282 |
| 7.50%, 05/15/2031 |  | 337 | 339 |
| 7.88%, 03/15/2030 |  | 129 | 133 |
| Osaic Holdings, Inc., |  |  |  |
| 6.75%, 08/01/2032 (e) |  | 631 | 629 |
| 8.00%, 08/01/2033 (e) |  | 1888 | 1856 |
|  Panama Infrastructure Receivable Purchaser plc, (United Kingdom), Zero Coupon, 04/05/2032 (e) |  | 10200 | 7977 |
| PennyMac Financial Services, Inc., |  |  |  |
| 4.25%, 02/15/2029 (e) |  | 2945 | 2791 |
| 5.75%, 09/15/2031 (e) |  | 102 | 94 |
| 6.75%, 02/15/2034 (e) |  | 958 | 896 |
| 6.88%, 05/15/2032 (e) |  | 2046 | 1965 |
| 6.88%, 02/15/2033 (e) |  | 166 | 159 |
| 7.13%, 11/15/2030 (e) |  | 737 | 732 |
| 7.88%, 12/15/2029 (e) |  | 412 | 421 |
|  PHH Escrow Issuer LLC / PHH Corp., 9.88%, 11/01/2029 (e) |  | 450 | 434 |
|  Phoenix Aviation Capital Ltd., (Ireland), 9.25%, 07/15/2030 (e) |  | 2782 | 2798 |
|  Planet Financial Group LLC, 10.50%, 12/15/2029 (e) |  | 258 | 247 |
|  PRA Group Europe Holding II Sarl, (Luxembourg), Reg. S, 6.25%, 09/30/2032 | EUR | 2704 | 2956 |
| PRA Group, Inc., |  |  |  |
| 5.00%, 10/01/2029 (e) |  | 185 | 171 |
| 8.38%, 02/01/2028 (e) |  | 336 | 338 |
| 8.88%, 01/31/2030 (e) |  | 771 | 779 |
|  Provident Funding Associates LP / PFG Finance Corp., 9.75%, 09/15/2029 (e) |  | 162 | 166 |
|  Rfna LP, 7.88%, 02/15/2030 (e) |  | 70 | 67 |
| Rocket Cos., Inc., |  |  |  |
| 6.13%, 08/01/2030 (e) |  | 5405 | 5454 |
| 6.38%, 08/01/2033 (e) |  | 2456 | 2482 |
| 6.50%, 08/01/2029 (e) |  | 1416 | 1432 |
| 7.13%, 02/01/2032 (e) |  | 1804 | 1859 |
| Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., |  |  |  |
| 2.88%, 10/15/2026 (e) |  | 3616 | 3575 |
| 3.63%, 03/01/2029 (e) |  | 685 | 649 |
| 3.88%, 03/01/2031 (e) |  | 3835 | 3539 |
|  SLM Corp., 3.13%, 11/02/2026 |  | 800 | 792 |
|  Stellantis Financial Services US Corp., 4.95%, 09/15/2028 (e) |  | 880 | 875 |
|  Stonebriar ABF Issuer LLC, 8.13%, 12/15/2030 (e) |  | 212 | 219 |
|  Stonex Escrow Issuer LLC, 6.88%, 07/15/2032 (e) |  | 124 | 125 |
|  StoneX Group, Inc., 7.88%, 03/01/2031 (e) |  | 225 | 234 |
| Synchrony Financial, 3.70%, 08/04/2026 |  | 924 | 921 |
| 3.95%, 12/01/2027 |  | 141 | 139 |
| (United States SOFR + 1.40%), 5.02%, 07/29/2029 (aa) |  | 236 | 236 |
| 7.25%, 02/02/2033 |  | 24 | 25 |
|  Takeoff Merger Sub, Inc., 4.85%, 03/24/2031 (e) |  | 1050 | 1036 |
|  TIB Diversified Payment Rights Finance Company, Series 2024-H, 7.96%, 11/15/2034 (f) (bb) |  | 3900 | 3900 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Diversified Financial Services — (continued)** | | | |
|  Titanium 2l Bondco Sarl, (Luxembourg), 6.25% (PIK), 01/14/2031 (v) | EUR | 7297 | 1223 |
|  TrueNoord Capital DAC, (Ireland), 8.75%, 03/01/2030 (e) |  | 90 | 92 |
| United Wholesale Mortgage LLC, 5.50%, 04/15/2029 (e) |  | 156 | 146 |
| 5.75%, 06/15/2027 (e) |  | 947 | 932 |
| UWM Holdings LLC, 6.25%, 03/15/2031 (e) |  | 1296 | 1180 |
| 6.63%, 02/01/2030 (e) |  | 971 | 914 |
|  Velocity Commercial Capital LLC, 9.38%, 02/15/2031 (e) |  | 40 | 40 |
|  VFH Parent LLC / Valor Co-Issuer, Inc., 7.50%, 06/15/2031 (e) |  | 104 | 107 |
|  |  |  | 166781 |
| **Insurance — 1.9%** |  |  |  |
| Acrisure LLC / Acrisure Finance, Inc., |  |  |  |
| 4.25%, 02/15/2029 (e) |  | 112 | 106 |
| 6.00%, 08/01/2029 (e) |  | 68 | 63 |
| 7.50%, 11/06/2030 (e) |  | 167 | 167 |
| 8.25%, 02/01/2029 (e) |  | 5339 | 5273 |
| 8.50%, 06/15/2029 (e) |  | 605 | 598 |
| AIA Group Ltd., (Hong Kong), |  |  |  |
| Reg. S, 3.20%, 09/16/2040 |  | 2150 | 1654 |
| 5.40%, 09/30/2054 (e) |  | 4800 | 4528 |
| Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 4.25%, 10/15/2027 (e) |  | 1707 | 1672 |
| 5.88%, 11/01/2029 (e) |  | 1799 | 1740 |
| 6.50%, 10/01/2031 (e) |  | 227 | 223 |
| 6.75%, 10/15/2027 (e) |  | 2529 | 2527 |
| 6.75%, 04/15/2028 (e) |  | 230 | 231 |
| 7.00%, 01/15/2031 (e) |  | 2068 | 2077 |
| 7.38%, 10/01/2032 (e) |  | 1582 | 1567 |
| Allianz SE, (Germany), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.58%), 2.60%, 10/30/2031 (x) (aa) | EUR | 1000 | 990 |
|  American National Group, Inc., (CMT Index 5 Year + 3.18%), 7.00%, 12/01/2055 (aa) |  | 101 | 96 |
| AmWINS Group, Inc., |  |  |  |
| 4.88%, 06/30/2029 (e) |  | 2268 | 2172 |
| 6.38%, 02/15/2029 (e) |  | 20 | 20 |
|  Amynta Agency Borrower, Inc. and Amynta Warranty Borrower, Inc., 7.50%, 07/15/2033 (e) |  | 1653 | 1567 |
|  Aon Corp., 8.21%, 01/01/2027 |  | 2163 | 2217 |
| APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Investor, 7.88%, 11/01/2029 (e) |  | 478 | 430 |
| Ardonagh Finco Ltd., (Jersey), |  |  |  |
| Reg. S, 6.88%, 02/15/2031 | EUR | 2711 | 3112 |
| 6.88%, 02/15/2031 (e) | EUR | 4165 | 4781 |
| 7.75%, 02/15/2031 (e) |  | 2173 | 2198 |
|  Ardonagh Group Finance Ltd., (Jersey), 8.88%, 02/15/2032 (e) |  | 4458 | 4349 |
|  Assurant, Inc., 4.90%, 03/27/2028 |  | 202 | 202 |
| Asurion LLC / Asurion Co-Issuer, Inc., 8.00%, 12/31/2032 (e) |  | 3486 | 3611 |
| 8.38%, 02/01/2034 (e) |  | 4048 | 3922 |
| Athene Global Funding, 1.99%, 08/19/2028 (e) |  | 1055 | 982 |
| 5.38%, 01/07/2030 (e) |  | 67 | 67 |
| Baldwin Insurance Group Holdings LLC / Baldwin Insurance Group Holdings Finance, 7.13%, 05/15/2031 (e) |  | 78 | 78 |
| Brighthouse Financial Global Funding, 1.55%, 05/24/2026 (e) |  | 231 | 230 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Insurance — (continued)** | | |
| 2.00%, 06/28/2028 (e) | 1136 | 1062 |
| 5.55%, 04/09/2027 (e) | 354 | 356 |
| 5.65%, 06/10/2029 (e) | 555 | 558 |
| Broadstreet Partners Group LLC, 5.88%, 04/15/2029 (e) | 1244 | 1211 |
| CNO Global Funding, |  |  |
| 4.38%, 09/08/2028 (e) | 244 | 242 |
| 4.70%, 12/11/2030 (e) | 351 | 346 |
| 4.88%, 12/10/2027 (e) | 315 | 316 |
| 4.95%, 09/09/2029 (e) | 117 | 118 |
| 5.88%, 06/04/2027 (e) | 1190 | 1206 |
| Corebridge Financial, Inc., (CMT Index 5 Year + 2.65%), 6.38%, 09/15/2054 (aa) | 386 | 379 |
| Corebridge Global Funding, 5.20%, 01/12/2029 (e) | 316 | 321 |
| Equitable Financial Life Global Funding, 5.45%, 03/03/2028 (e) | 107 | 109 |
| F&G Global Funding, 2.00%, 09/20/2028 (e) | 1208 | 1124 |
| 4.65%, 09/08/2028 (e) | 284 | 281 |
| FWD Group Holdings Ltd., (Cayman Islands), |  |  |
| 5.25%, 09/22/2030 (e) | 1700 | 1692 |
| 5.84%, 09/22/2035 (e) | 1100 | 1092 |
| Genworth Holdings, Inc., 6.50%, 06/15/2034 | 32 | 32 |
| Global Atlantic Fin Co., |  |  |
| (CMT Index 5 Year + 3.55%), 7.25%, 03/01/2056 (e) (aa) | 183 | 173 |
| (CMT Index 5 Year + 3.61%), 7.95%, 10/15/2054 (e) (aa) | 122 | 117 |
| Howden UK Refinance plc / Howden UK Refinance 2 plc / Howden US Refinance LLC, (United Kingdom), |  |  |
| 7.25%, 02/15/2031 (e) | 2585 | 2597 |
| 8.13%, 02/15/2032 (e) | 1626 | 1523 |
| HUB International Ltd., |  |  |
| 5.63%, 12/01/2029 (e) | 535 | 518 |
| 7.25%, 06/15/2030 (e) | 5889 | 6036 |
| 7.38%, 01/31/2032 (e) | 8724 | 8897 |
| Jackson National Life Global Funding, |  |  |
| 3.05%, 04/29/2026 (e) | 800 | 799 |
| 4.55%, 09/09/2030 (e) | 754 | 738 |
| Jones Deslauriers Insurance Management, Inc., (Canada), |  |  |
| 6.88%, 10/01/2033 (e) | 1467 | 1339 |
| 8.50%, 03/15/2030 (e) | 872 | 887 |
| Liberty Mutual Group, Inc., |  |  |
| 4.30%, 02/01/2061 (e) | 30 | 19 |
| 7.80%, 03/15/2037 (e) | 20 | 22 |
| MGIC Investment Corp., 5.25%, 08/15/2028 | 1550 | 1546 |
| Mutual of Omaha Cos. Global Funding, |  |  |
| 4.55%, 01/13/2031 (e) | 447 | 441 |
| 5.45%, 12/12/2028 (e) | 551 | 563 |
| Nassau Cos. of New York (The), 7.88%, 07/15/2030 (e) | 128 | 117 |
| Panther Escrow Issuer LLC, 7.13%, 06/01/2031 (e) | 5785 | 5804 |
| Protective Life Corp., 4.70%, 01/15/2031 (e) | 382 | 378 |
| Protective Life Global Funding, 5.76%, 07/05/2030 (e) | 150 | 155 |
| Ryan Specialty LLC, |  |  |
| 4.38%, 02/01/2030 (e) | 56 | 54 |
| 5.88%, 08/01/2032 (e) | 1191 | 1177 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |
| **Insurance — (continued)** | | |
| Sammons Financial Group Global Funding, 5.10%, 12/10/2029 (e) | 194 | 196 |
| USI, Inc., 7.50%, 01/15/2032 (e) | 1625 | 1647 |
| Wilton RE Ltd., (Canada), (CMT Index 5 Year + 5.27%), 6.00%, 10/22/2030 (e) (x) (aa) | 156 | 150 |
|  |  | 99788 |
| **Investment Companies — 0.9%** |  |  |
| Abu Dhabi Developmental Holding Co. PJSC, (United Arab Emirates), |  |  |
| 5.38%, 05/08/2029 (e) | 1000 | 1016 |
| 5.50%, 05/08/2034 (e) | 1500 | 1517 |
| Reg. S, 5.50%, 05/08/2034 | 1000 | 1012 |
| Apollo Debt Solutions BDC, 5.88%, 08/30/2030 | 324 | 319 |
| 6.55%, 03/15/2032 | 176 | 177 |
| 6.70%, 07/29/2031 | 151 | 153 |
| Ares Strategic Income Fund, 5.80%, 09/09/2030 (e) | 364 | 354 |
| Bain Capital Specialty Finance, Inc., 5.95%, 03/15/2030 | 151 | 146 |
| BlackRock TCP Capital Corp., 6.95%, 05/30/2029 | 141 | 138 |
| Blackstone Private Credit Fund, 2.63%, 12/15/2026 | 643 | 629 |
| Blackstone Secured Lending Fund, 2.13%, 02/15/2027 | 230 | 223 |
| Blue Owl Capital Corp., 6.20%, 07/15/2030 | 590 | 581 |
| Blue Owl Credit Income Corp., 3.13%, 09/23/2026 | 42 | 42 |
| Compass Group Diversified Holdings LLC, |  |  |
| 5.00%, 01/15/2032 (e) | 61 | 53 |
| 5.25%, 04/15/2029 (e) | 633 | 589 |
| FS KKR Capital Corp., |  |  |
| 3.13%, 10/12/2028 | 210 | 192 |
| 6.13%, 01/15/2030 | 163 | 155 |
| 6.13%, 01/15/2031 | 75 | 70 |
| 6.88%, 08/15/2029 | 110 | 108 |
| 7.88%, 01/15/2029 | 31 | 31 |
| Gaci First Investment Co., (Cayman Islands), |  |  |
| Reg. S, 4.75%, 02/14/2030 | 2700 | 2669 |
| Reg. S, 4.88%, 02/14/2035 | 8000 | 7688 |
| Reg. S, 5.25%, 10/13/2032 | 22100 | 22093 |
| HA Sustainable Infrastructure Capital, Inc., |  |  |
| (CMT Index 5 Year + 3.48%), 7.13%, 11/15/2056 (aa) | 109 | 109 |
| (CMT Index 5 Year + 4.30%), 8.00%, 06/01/2056 (aa) | 156 | 161 |
| HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (e) | 127 | 127 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp., |  |  |
| 4.38%, 02/01/2029 | 152 | 130 |
| 5.25%, 05/15/2027 | 1426 | 1397 |
| 9.00%, 06/15/2030 | 135 | 126 |
| 9.75%, 01/15/2029 | 758 | 745 |
| 10.00%, 11/15/2029 (e) | 1204 | 1186 |
| Khazanah Capital Ltd., (Malaysia), Reg. S, 4.88%, 06/01/2033 | 4700 | 4744 |
| Prospect Capital Corp., 3.44%, 10/15/2028 | 143 | 125 |
|  |  | 48805 |
| **Private Equity — 0.0%** (g) |  |  |
| Brookfield Finance, Inc., (Canada), (CMT Index 5 Year + 2.08%), 6.30%, 01/15/2055 (aa) | 998 | 956 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Real Estate — 2.6%** |  |  |  |
| Adler Financing Sarl, (Luxembourg), Series 1L, 8.25% (PIK), 12/31/2028 (v) | EUR | 7172 | 9166 |
| Alexandrite Lake Lux Holdings Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.75%, 07/30/2030 | EUR | 100 | 113 |
| 6.75%, 07/30/2030 (e) | EUR | 2892 | 3268 |
| alstria Sarl, (Luxembourg), Reg. S, 5.50%, 03/20/2031 | EUR | 100 | 114 |
| Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp., |  |  |  |
| 7.00%, 04/15/2030 (e) |  | 173 | 174 |
| Series AI, 7.00%, 04/15/2030 |  | 720 | 720 |
| Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp., |  |  |  |
| 5.25%, 04/15/2030 (e) |  | 93 | 88 |
| 5.75%, 01/15/2029 (e) |  | 119 | 115 |
| 9.75%, 04/15/2030 (e) |  | 381 | 404 |
| Aroundtown Finance Sarl, (Luxembourg), |  |  |  |
| (ICE EURIBOR Swap Rate 5 Year + 2.35%), 5.00%, 04/16/2029 (x) (aa) | EUR | 6607 | 7140 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.43%), 5.25%, 04/30/2031 (x) (aa) | EUR | 1000 | 1052 |
| Aroundtown SA, (Luxembourg), Reg. S, (EUR Swap Rate 5 Year + 2.42%), 1.63%, 04/15/2026 (x) (aa) | EUR | 800 | 905 |
| BRANICKS Group AG, (Germany), Reg. S, 2.25%, 09/22/2026 | EUR | 3800 | 2421 |
| Citycon Treasury BV, (Netherlands), Reg. S, 5.38%, 07/08/2031 | EUR | 100 | 107 |
| CoreLogic, Inc., 4.50%, 05/01/2028 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 | 2293 |
| CPI Property Group SA, (Luxembourg), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 4.34%), 3.75%, 04/28/2028 (x) (aa) | EUR | 2700 | 2678 |
| Reg. S, 4.75%, 07/22/2030 | EUR | 1750 | 1862 |
| Reg. S, 6.00%, 01/27/2032 | EUR | 2675 | 2939 |
| Cushman & Wakefield US Borrower LLC, |  |  |  |
| 6.75%, 05/15/2028 (e) |  | 161 | 161 |
| 8.88%, 09/01/2031 (e) |  | 250 | 264 |
| DEMIRE Deutsche Mittelstand Real Estate AG, (Germany), Reg. S, SUB, 5.00%, 12/31/2027 | EUR | 88 | 93 |
| DL Invest Group PM SA, (Poland), Reg. S, 6.63%, 07/10/2030 | EUR | 2125 | 2330 |
| Emeria SASU, (France), |  |  |  |
| Reg. S, 3.38%, 03/31/2028 | EUR | 110 | 101 |
| Reg. S, 7.75%, 03/31/2028 | EUR | 1159 | 1105 |
| Five Point Operating Co. LP, 8.00%, 10/01/2030 (e) |  | 738 | 737 |
| Grand City Properties SA, (Luxembourg), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.18%), 1.50%, 04/15/2026 (x) (aa) | EUR | 100 | 113 |
| Greystar Real Estate Partners LLC, 7.75%, 09/01/2030 (e) |  | 85 | 88 |
| GTC Finance DAC, (Ireland), Reg. S, 6.50%, 10/15/2030 | EUR | 100 | 103 |
| Heimstaden Bostad AB, (Sweden), |  |  |  |
| Reg. S, (EUR Swap Rate 5 Year + 3.15%), 2.63%, 02/01/2027 (x) (aa) | EUR | 4384 | 4904 |
| Reg. S, (EUR Swap Rate 5 Year + 3.27%), 3.00%, 10/29/2027 (x) (aa) | EUR | 6873 | 7561 |
| Reg. S, (EUR Swap Rate 5 Year + 3.90%), 3.63%, 10/13/2026 (x) (aa) | EUR | 1302 | 1485 |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.53%), 5.00%, 01/19/2031 (x) (aa) | EUR | 1467 | 1578 |
| Howard Hughes Corp. (The), 4.13%, 02/01/2029 (e) |  | 2292 | 2168 |
| 4.38%, 02/01/2031 (e) |  | 972 | 892 |
| 5.88%, 03/01/2032 (e) |  | 982 | 945 |
| 6.13%, 03/01/2034 (e) |  | 1408 | 1353 |
| Hunt Cos., Inc., 5.25%, 04/15/2029 (e) |  | 1900 | 1782 |
| IWG US Finance LLC, Reg. S, 6.50%, 06/28/2030 | EUR | 1400 | 1723 |
| Kennedy-Wilson, Inc., 4.75%, 03/01/2029 |  | 115 | 113 |
| 4.75%, 02/01/2030 |  | 115 | 114 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **Real Estate — (continued)** |  |  |  |
| 5.00%, 03/01/2031 |  | 50 | 50 |
| MLP Group SA, (Poland), Reg. S, 6.13%, 10/15/2029 | EUR | 1800 | 2100 |
| Neinor Homes SA, (Spain), Reg. S, 5.88%, 02/15/2030 | EUR | 863 | 999 |
| New Immo Holding SA, (France), |  |  |  |
| Reg. S, 2.75%, 11/26/2026 | EUR | 800 | 914 |
| Reg. S, 3.25%, 07/23/2027 | EUR | 4200 | 4759 |
| Reg. S, 4.88%, 12/08/2028 | EUR | 3700 | 4177 |
| Reg. S, 4.95%, 11/14/2030 | EUR | 800 | 889 |
| Reg. S, 5.88%, 04/17/2028 | EUR | 4100 | 4747 |
| Reg. S, 6.00%, 03/22/2029 | EUR | 4400 | 5088 |
| Public Property Invest A/S, (Norway), |  |  |  |
| Reg. S, 4.38%, 10/01/2032 | EUR | 1025 | 1163 |
| Reg. S, 4.63%, 03/12/2030 | EUR | 1050 | 1229 |
| Samhallsbyggnadsbolaget i Norden AB, (Sweden), |  |  |  |
| Reg. S, 2.88%, 10/30/2026 (x) | EUR | 1983 | 1531 |
| Reg. S, 5.97%, 03/14/2027 (x) | EUR | 437 | 336 |
| Samhallsbyggnadsbolaget I Norden Holding AB, (Sweden), |  |  |  |
| Reg. S, 0.75%, 11/14/2028 | EUR | 8425 | 8049 |
| Reg. S, 1.13%, 09/26/2029 | EUR | 7146 | 6444 |
| Reg. S, 2.25%, 07/12/2027 | EUR | 1748 | 1906 |
| Reg. S, 2.38%, 08/04/2026 | EUR | 7864 | 9009 |
| Reg. S, 5.00%, 10/20/2029 | EUR | 4100 | 4245 |
| Unique Pub Finance Co. plc (The) , (United Kingdom), Series N, Reg. S, 6.46%, 03/30/2032 | GBP | 126 | 171 |
| Via Celere Desarrollos Inmobiliarios SA, (Spain), 4.88%, 04/15/2031 (e) | EUR | 7844 | 8507 |
| Vivion Investments Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.50% (cash), 02/28/2029 (v) | EUR | 5761 | 6649 |
| Reg. S, 8.25% (Blend (cash 6.50% + PIK 1.75%)), 08/31/2028 (v) | EUR | 20 | 23 |
|  |  |  | 138257 |
| **REITS — 1.5%** |  |  |  |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/2029 (e) |  | 808 | 801 |
| Arbor Realty SR, Inc., |  |  |  |
| 8.50%, 12/15/2028 (e) |  | 86 | 85 |
| Series QIB, 5.00%, 12/30/2028 (e) |  | 124 | 113 |
| Series QIB, 8.50%, 10/15/2027 (e) |  | 108 | 107 |
| Arbor Realty Trust, Inc., Series QIB, 4.50%, 03/15/2027 (e) |  | 116 | 110 |
| Blackstone Mortgage Trust, Inc., |  |  |  |
| 3.75%, 01/15/2027 (e) |  | 1315 | 1292 |
| 7.75%, 12/01/2029 (e) |  | 87 | 92 |
| Brandywine Operating Partnership LP, |  |  |  |
| 4.55%, 10/01/2029 |  | 59 | 53 |
| 6.13%, 01/15/2031 |  | 892 | 796 |
| 8.30%, 03/15/2028 |  | 68 | 69 |
| 8.88%, 04/12/2029 |  | 348 | 353 |
| Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 04/01/2027 (e) |  | 768 | 753 |
| Crown Castle, Inc., 3.65%, 09/01/2027 |  | 213 | 211 |
| 4.80%, 09/01/2028 |  | 63 | 63 |
| Diversified Healthcare Trust, |  |  |  |
| 4.38%, 03/01/2031 |  | 171 | 151 |
| 4.75%, 02/15/2028 |  | 2111 | 2028 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **REITS — (continued)** |  |  |  |
| 7.25%, 10/15/2030 (e) |  | 458 | 462 |
| EF Holdco / EF Cayman Hold / Ellington Fin REIT Cayman/TRS / EF Cayman Non-MTM, (Multinational), 7.38%, 09/30/2030 (e) |  | 132 | 127 |
| EPR Properties, |  |  |  |
| 3.75%, 08/15/2029 |  | 208 | 199 |
| 4.75%, 12/15/2026 |  | 700 | 700 |
| 4.75%, 11/15/2030 |  | 231 | 225 |
| Equinix Europe 2 Financing Corp. LLC, 4.60%, 11/15/2030 |  | 360 | 356 |
| Globalworth Real Estate Investments Ltd., (Guernsey), Reg. S, 6.25%, 03/31/2030 | EUR | 1786 | 2094 |
| GLP Capital LP / GLP Financing II, Inc., 5.30%, 01/15/2029 |  | 194 | 196 |
| 5.75%, 06/01/2028 |  | 717 | 728 |
| Hudson Pacific Properties LP, 3.25%, 01/15/2030 |  | 52 | 42 |
| 3.95%, 11/01/2027 |  | 53 | 50 |
| 4.65%, 04/01/2029 |  | 90 | 77 |
| 5.95%, 02/15/2028 |  | 49 | 46 |
| Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (e) |  | 1054 | 995 |
| Iron Mountain, Inc., 4.50%, 02/15/2031 (e) |  | 365 | 343 |
| 4.75%, 01/15/2034 (e) | EUR | 10577 | 11376 |
| 4.88%, 09/15/2027 (e) |  | 935 | 932 |
| 4.88%, 09/15/2029 (e) |  | 202 | 197 |
| 5.00%, 07/15/2028 (e) |  | 101 | 100 |
| 5.25%, 03/15/2028 (e) |  | 685 | 681 |
| 5.25%, 07/15/2030 (e) |  | 454 | 442 |
| 5.63%, 07/15/2032 (e) |  | 202 | 196 |
| 6.25%, 01/15/2033 (e) |  | 556 | 554 |
| 7.00%, 02/15/2029 (e) |  | 200 | 204 |
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (e) |  | 1882 | 1824 |
| 7.00%, 07/15/2031 (e) |  | 511 | 528 |
| Millrose Properties, Inc., |  |  |  |
| 6.25%, 09/15/2032 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | 1545 |
| 6.38%, 08/01/2030 (e) |  | 3195 | 3189 |
| MPT Operating Partnership LP / MPT Finance Corp., |  |  |  |
| 0.99%, 10/15/2026 | EUR | 4810 | 5321 |
| 3.50%, 03/15/2031 |  | 3144 | 2048 |
| 4.63%, 08/01/2029 |  | 182 | 141 |
| 5.00%, 10/15/2027 |  | 196 | 182 |
| Reg. S, 7.00%, 02/15/2032 | EUR | 1600 | 1820 |
| 7.00%, 02/15/2032 (e) | EUR | 600 | 683 |
| 8.50%, 02/15/2032 (e) |  | 2072 | 2101 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 4.88%, 05/15/2029 (e) |  | 326 | 313 |
| 5.88%, 10/01/2028 (e) |  | 685 | 681 |
| 7.00%, 02/01/2030 (e) |  | 1561 | 1580 |
| Pebblebrook Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029 (e) |  | 329 | 330 |
| Prologis Targeted US Logistics Fund LP, 4.25%, 01/15/2031 (e) |  | 507 | 496 |
| RHP Hotel Properties LP / RHP Finance Corp., 4.50%, 02/15/2029 (e) |  | 881 | 854 |
| 5.75%, 03/15/2034 (e) |  | 1574 | 1553 |
| 6.50%, 04/01/2032 (e) |  | 1635 | 1665 |
| 6.50%, 06/15/2033 (e) |  | 1565 | 1593 |
| 7.25%, 07/15/2028 (e) |  | 87 | 89 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — (continued)** |  |  |  |
| **REITS — (continued)** |  |  |  |
| Rithm Capital Corp., |  |  |  |
| 8.00%, 04/01/2029 (e) |  | 433 | 425 |
| 8.00%, 07/15/2030 (e) |  | 554 | 534 |
| RLJ Lodging Trust LP, 4.00%, 09/15/2029 (e) |  | 257 | 240 |
| SBA Communications Corp., 3.13%, 02/01/2029 |  | 917 | 869 |
| Service Properties Trust, |  |  |  |
| Zero Coupon, 09/30/2027 (e) |  | 1701 | 1555 |
| 3.95%, 01/15/2028 |  | 53 | 51 |
| 4.38%, 02/15/2030 |  | 54 | 48 |
| 4.95%, 10/01/2029 |  | 58 | 52 |
| 5.50%, 12/15/2027 |  | 60 | 60 |
| 8.63%, 11/15/2031 (e) |  | 1871 | 1953 |
| 8.88%, 06/15/2032 |  | 1985 | 1962 |
| Starwood Property Trust, Inc., |  |  |  |
| 3.63%, 07/15/2026 (e) |  | 793 | 788 |
| 4.38%, 01/15/2027 (e) |  | 2250 | 2238 |
| 5.25%, 10/15/2028 (e) |  | 80 | 79 |
| 5.75%, 01/15/2031 (e) |  | 108 | 107 |
| 6.00%, 04/15/2030 (e) |  | 439 | 438 |
| 6.50%, 07/01/2030 (e) |  | 108 | 110 |
| 6.50%, 10/15/2030 (e) |  | 582 | 590 |
| 7.25%, 04/01/2029 (e) |  | 1531 | 1577 |
| Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (e) |  | 266 | 250 |
| VICI Properties LP / VICI Note Co., Inc., 3.75%, 02/15/2027 (e) |  | 1061 | 1053 |
| 3.88%, 02/15/2029 (e) |  | 935 | 909 |
| 4.25%, 12/01/2026 (e) |  | 386 | 385 |
| 4.50%, 09/01/2026 (e) |  | 332 | 331 |
| 4.63%, 12/01/2029 (e) |  | 90 | 88 |
| 5.75%, 02/01/2027 (e) |  | 994 | 1000 |
| Vornado Realty LP, 2.15%, 06/01/2026 |  | 793 | 789 |
| WEA Finance LLC, 2.88%, 01/15/2027 (e) |  | 384 | 379 |
| 3.50%, 06/15/2029 (e) |  | 201 | 194 |
| XHR LP, |  |  |  |
| 4.88%, 06/01/2029 (e) |  | 64 | 62 |
| 6.63%, 05/15/2030 (e) |  | 462 | 466 |
|  |  |  | 76517 |
| Total Financial |  |  | 681139 |
| **Government — 0.0%** (g) |  |  |  |
| **Multi-National — 0.0%** (g) |  |  |  |
| Africa Finance Corp., (Supranational), Reg. S, 2.87%, 08/13/2031 |  | 200 | 176 |
| Asian Development Bank, (Supranational), Reg. S, 15.50%, 03/16/2029 | KZT | 484000 | 993 |
| Total Government |  |  | 1169 |
| **Industrial — 5.3%** |  |  |  |
| **Aerospace/Defense — 1.0%** |  |  |  |
| AAR Escrow Issuer LLC, 6.75%, 03/15/2029 (e) |  | 918 | 934 |
| ATI, Inc., |  |  |  |
| 4.88%, 10/01/2029 |  | 333 | 328 |
| 5.13%, 10/01/2031 |  | 664 | 656 |
| 5.88%, 12/01/2027 |  | 140 | 140 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Aerospace/Defense — continued** | | | |
| 7.25%, 08/15/2030 |  | 1592 | 1651 |
| Boeing Co. (The), |  |  |  |
| 2.25%, 06/15/2026 |  | 133 | 132 |
| 3.10%, 05/01/2026 |  | 350 | 349 |
| 5.04%, 05/01/2027 |  | 142 | 143 |
| 6.30%, 05/01/2029 |  | 385 | 404 |
| Bombardier, Inc., (Canada), |  |  |  |
| 6.75%, 06/15/2033 (e) |  | 2106 | 2175 |
| 7.00%, 06/01/2032 (e) |  | 233 | 242 |
| 7.25%, 07/01/2031 (e) |  | 1753 | 1837 |
| 7.45%, 05/01/2034 (e) |  | 742 | 801 |
| 7.50%, 02/01/2029 (e) |  | 380 | 395 |
| 8.75%, 11/15/2030 (e) |  | 1729 | 1839 |
| Czechoslovak Group A/S, (Czech Republic), |  |  |  |
| Reg. S, 5.25%, 01/10/2031 | EUR | 4700 | 5560 |
| 5.25%, 01/10/2031 (e) | EUR | 1390 | 1644 |
| 6.50%, 01/10/2031 (e) |  | 534 | 546 |
| Efesto Bidco SpA Efesto US LLC, (Italy), Series XR, 7.50%, 02/15/2032 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | 2985 |
| Goat Holdco LLC, 6.75%, 02/01/2032 (e) |  | 534 | 537 |
| Honeywell Aerospace, Inc., 4.30%, 03/16/2031 (e) |  | 481 | 476 |
| Moog, Inc., 4.25%, 12/15/2027 (e) |  | 242 | 242 |
| 5.50%, 10/15/2034 (e) |  | 337 | 338 |
| Spirit AeroSystems, Inc., |  |  |  |
| 3.85%, 06/15/2026 |  | 774 | 772 |
| TransDigm, Inc., |  |  |  |
| 4.63%, 01/15/2029 |  | 2473 | 2430 |
| 4.88%, 05/01/2029 |  | 215 | 212 |
| 6.00%, 01/15/2033 (e) |  | 4197 | 4196 |
| 6.13%, 07/31/2034 (e) |  | 2732 | 2687 |
| 6.25%, 01/31/2034 (e) |  | 158 | 160 |
| 6.38%, 03/01/2029 (e) |  | 2293 | 2328 |
| 6.38%, 05/31/2033 (e) |  | 5562 | 5530 |
| 6.63%, 03/01/2032 (e) |  | 1852 | 1888 |
| 6.75%, 08/15/2028 (e) |  | 1074 | 1087 |
| 6.75%, 01/31/2034 (e) |  | 3166 | 3207 |
| 6.88%, 12/15/2030 (e) |  | 428 | 438 |
| 7.13%, 12/01/2031 (e) |  | 317 | 327 |
|  |  |  | 49616 |
| **Building Materials — 0.7%** |  |  |  |
| ACProducts Holdings, Inc., 6.38%, 05/15/2029 (e) |  | 117 | 55 |
| AmeriTex HoldCo Intermediate LLC, 7.63%, 08/15/2033 (e) |  | 807 | 830 |
| Builders FirstSource, Inc., 4.25%, 02/01/2032 (e) |  | 198 | 182 |
| 5.00%, 03/01/2030 (e) |  | 322 | 313 |
| 6.38%, 06/15/2032 (e) |  | 161 | 161 |
| 6.38%, 03/01/2034 (e) |  | 162 | 160 |
| 6.75%, 05/15/2035 (e) |  | 725 | 724 |
| Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (e) |  | 461 | 269 |
| Cornerstone Building Brands, Inc., |  |  |  |
| 6.13%, 01/15/2029 (e) |  | 1241 | 224 |
| 9.50%, 08/15/2029 (e) |  | 80 | 47 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Building Materials — continued** | | | |
| CP Atlas Buyer, Inc., 9.75%, 07/15/2030 (e) |  | 567 | 531 |
| EMRLD Borrower LP / Emerald Co-Issuer, Inc., |  |  |  |
| Reg. S, 6.38%, 12/15/2030 | EUR | 3546 | 4172 |
| 6.63%, 12/15/2030 (e) |  | 3131 | 3184 |
| 6.75%, 07/15/2031 (e) |  | 1818 | 1870 |
| Griffon Corp., 5.75%, 03/01/2028 |  | 1016 | 1014 |
| HT Troplast GmbH, (Germany), Reg. S, 9.38%, 07/15/2028 | EUR | 2971 | 3476 |
| JELD-WEN Holding, Inc., 7.00%, 09/01/2032 (e) |  | 134 | 62 |
| JELD-WEN, Inc., 4.88%, 12/15/2027 (e) |  | 1024 | 697 |
| Knife River Corp., 7.75%, 05/01/2031 (e) |  | 184 | 190 |
| Masterbrand, Inc., 7.00%, 07/15/2032 (e) |  | 40 | 39 |
| Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC, 6.75%, 04/01/2032 (e) |  | 152 | 146 |
| MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 02/01/2030 (e) |  | 338 | 292 |
| New Enterprise Stone & Lime Co., Inc., |  |  |  |
| 5.25%, 07/15/2028 (e) |  | 595 | 586 |
| 9.75%, 07/15/2028 (e) |  | 156 | 156 |
| Oscar AcquisitionCo. LLC / Oscar Finance Inc, 9.50%, 04/15/2030 (e) |  | 75 | 28 |
| Project Grand UK plc, (United Kingdom), Reg. S, 9.00%, 06/01/2029 | EUR | 2725 | 3201 |
| Quikrete Holdings, Inc., |  |  |  |
| 6.38%, 03/01/2032 (e) |  | 4650 | 4713 |
| 6.75%, 03/01/2033 (e) |  | 999 | 1014 |
| Smyrna Ready Mix Concrete LLC, |  |  |  |
| 6.00%, 11/01/2028 (e) |  | 1185 | 1175 |
| 8.88%, 11/15/2031 (e) |  | 934 | 963 |
| Standard Building Solutions, Inc., |  |  |  |
| 5.88%, 03/15/2034 (e) |  | 552 | 532 |
| 6.25%, 08/01/2033 (e) |  | 1643 | 1620 |
| 6.50%, 08/15/2032 (e) |  | 2154 | 2155 |
| Standard Industries, Inc., |  |  |  |
| 3.38%, 01/15/2031 (e) |  | 858 | 769 |
| 4.38%, 07/15/2030 (e) |  | 1960 | 1847 |
| 4.75%, 01/15/2028 (e) |  | 300 | 296 |
| Wilsonart LLC, 11.00%, 08/15/2032 (e) |  | 775 | 562 |
|  |  |  | 38255 |
| **Electrical Components & Equipment — 0.1%** |  |  |  |
| Energizer Holdings, Inc., |  |  |  |
| 4.38%, 03/31/2029 (e) |  | 95 | 90 |
| 4.75%, 06/15/2028 (e) |  | 74 | 73 |
| 6.00%, 09/15/2033 (e) |  | 1844 | 1726 |
| EnerSys, 4.38%, 12/15/2027 (e) |  | 58 | 57 |
| 6.63%, 01/15/2032 (e) |  | 123 | 126 |
| Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (e) |  | 393 | 395 |
| WESCO Distribution, Inc., |  |  |  |
| 5.25%, 04/15/2031 (e) |  | 714 | 710 |
| 5.50%, 04/15/2034 (e) |  | 1032 | 1019 |
| 6.38%, 03/15/2029 (e) |  | 145 | 147 |
| 6.38%, 03/15/2033 (e) |  | 102 | 104 |
| 6.63%, 03/15/2032 (e) |  | 1405 | 1437 |
| 7.25%, 06/15/2028 (e) |  | 752 | 755 |
|  |  |  | 6639 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Electronics — 0.1%** | | | |
| Coherent Corp., 5.00%, 12/15/2029 (e) |  | 242 | 237 |
| Imola Merger Corp., 4.75%, 05/15/2029 (e) |  | 754 | 730 |
| Sensata Technologies BV, (Netherlands), 4.00%, 04/15/2029 (e) |  | 155 | 150 |
| 5.88%, 09/01/2030 (e) |  | 76 | 76 |
| Sensata Technologies, Inc., |  |  |  |
| 3.75%, 02/15/2031 (e) |  | 575 | 532 |
| 4.38%, 02/15/2030 (e) |  | 936 | 894 |
| 6.63%, 07/15/2032 (e) |  | 676 | 689 |
| TD SYNNEX Corp., 4.30%, 01/17/2029 |  | 292 | 289 |
| TTM Technologies, Inc., 4.00%, 03/01/2029 (e) |  | 154 | 148 |
| Vontier Corp., |  |  |  |
| 1.80%, 04/01/2026 |  | 483 | 483 |
| 2.40%, 04/01/2028 |  | 1875 | 1796 |
| 2.95%, 04/01/2031 |  | 750 | 682 |
|  |  |  | 6706 |
| **Engineering & Construction — 0.6%** |  |  |  |
| Abertis Infraestructuras Finance BV, (Netherlands), |  |  |  |
| Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (x) (aa) | EUR | 3400 | 3938 |
| AECOM, 6.00%, 08/01/2033 (e) |  | 1980 | 1971 |
| Arcosa, Inc., |  |  |  |
| 4.38%, 04/15/2029 (e) |  | 602 | 581 |
| 6.88%, 08/15/2032 (e) |  | 337 | 345 |
| Artera Services LLC, 8.50%, 02/15/2031 (e) |  | 70 | 60 |
| ASG Finance DAC, (Ireland), 9.75%, 05/15/2029 (e) |  | 61 | 49 |
| Bioceanico Sovereign Certificate Ltd., (Cayman Islands), Reg. S, Zero Coupon, 06/05/2034 |  | 2481 | 2017 |
| Brand Industrial Services, Inc., 10.38%, 08/01/2030 (e) |  | 1911 | 1746 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/2032 (e) |  | 278 | 281 |
| Corp. Quiport SA, (Ecuador), 9.00%, 12/15/2037 (e) |  | 300 | 322 |
| Dycom Industries, Inc., 4.50%, 04/15/2029 (e) |  | 471 | 457 |
| Global Infrastructure Solutions, Inc., |  |  |  |
| 5.63%, 06/01/2029 (e) |  | 72 | 70 |
| 7.50%, 04/15/2032 (e) |  | 159 | 166 |
| GMR Hyderabad International Airport Ltd., (India), Reg. S, 4.25%, 10/27/2027 |  | 829 | 811 |
| Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029 (e) |  | 75 | 75 |
| Heathrow Finance plc, (United Kingdom), |  |  |  |
| Reg. S, SUB, 3.88%, 03/01/2027 | GBP | 3400 | 4414 |
| Reg. S, 6.63%, 03/01/2031 | GBP | 4168 | 5471 |
| IRB Infrastructure Developers Ltd., (India), Reg. S, 7.11%, 03/11/2032 |  | 900 | 903 |
| Jacobs Engineering Group, Inc., 6.35%, 08/18/2028 |  | 212 | 220 |
| Kier Group plc, (United Kingdom), Reg. S, 9.00%, 02/15/2029 | GBP | 1450 | 1992 |
| Kingston Airport Revenue Finance Ltd., (Cayman Islands), 6.75%, 12/15/2036 (e) |  | 800 | 792 |
| MasTec, Inc., 4.50%, 08/15/2028 (e) |  | 1021 | 1009 |
| Montego Bay Airport Revenue Finance Ltd., (Cayman Islands), 6.60%, 06/15/2035 (e) |  | 1400 | 1344 |
| Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028 (e) |  | 93 | 93 |
| TopBuild Corp., |  |  |  |
| 3.63%, 03/15/2029 (e) |  | 155 | 148 |
| 4.13%, 02/15/2032 (e) |  | 525 | 484 |
| 5.63%, 01/31/2034 (e) |  | 450 | 440 |
| Tutor Perini Corp., 11.88%, 04/30/2029 (e) |  | 83 | 91 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Engineering & Construction — continued** | | | |
| Weekley Homes LLC / Weekley Finance Corp., |  |  |  |
| 4.88%, 09/15/2028 (e) |  | 166 | 160 |
| 6.75%, 01/15/2034 (e) |  | 1481 | 1417 |
|  |  |  | 31867 |
| **Environmental Control — 0.4%** |  |  |  |
| Biffa Group Holdings Ltd., (Jersey), Reg. S, 5.25%, 06/15/2031 | EUR | 100 | 112 |
| Clean Harbors, Inc., 5.13%, 07/15/2029 (e) |  | 161 | 159 |
| 5.75%, 10/15/2033 (e) |  | 325 | 324 |
| 6.38%, 02/01/2031 (e) |  | 202 | 205 |
| GFL Environmental Holdings US, Inc., 5.50%, 02/01/2034 (e) |  | 1687 | 1655 |
| GFL Environmental, Inc., (Canada), |  |  |  |
| 4.00%, 08/01/2028 (e) |  | 809 | 786 |
| 4.38%, 08/15/2029 (e) |  | 1717 | 1666 |
| 4.75%, 06/15/2029 (e) |  | 1770 | 1736 |
| 6.75%, 01/15/2031 (e) |  | 931 | 963 |
| Luna 1.5 Sarl, (Luxembourg), 10.50% (PIK), 07/01/2032 (e) (v) | EUR | 4379 | 5365 |
| 12.00% (PIK), 07/01/2032 (e) (v) |  | 223 | 234 |
| Luna 2 5 Sarl, (Luxembourg), Reg. S, 5.50%, 07/01/2032 | EUR | 100 | 114 |
| Madison IAQ LLC, 4.13%, 06/30/2028 (e) |  | 276 | 270 |
| 5.88%, 06/30/2029 (e) |  | 1878 | 1841 |
| Reworld Holding Corp., 4.88%, 12/01/2029 (e) |  | 1977 | 1853 |
| Waste Pro USA, Inc., 7.00%, 02/01/2033 (e) |  | 3364 | 3402 |
| Wrangler Holdco Corp., 6.63%, 04/01/2032 (e) |  | 86 | 88 |
|  |  |  | 20773 |
| **Machinery - Construction & Mining** — **0.1%** |  |  |  |
| BWX Technologies, Inc., 4.13%, 06/30/2028 (e) |  | 74 | 72 |
| 4.13%, 04/15/2029 (e) |  | 75 | 72 |
| Manitowoc Co., Inc. (The), 9.25%, 10/01/2031 (e) |  | 460 | 480 |
| Terex Corp., 5.00%, 05/15/2029 (e) |  | 1334 | 1314 |
| 6.25%, 10/15/2032 (e) |  | 1029 | 1033 |
| Vertiv Group Corp., 4.13%, 11/15/2028 (e) |  | 410 | 403 |
|  |  |  | 3374 |
| **Machinery - Diversified** — **0.3%** |  |  |  |
| ATS Corp., (Canada), 4.13%, 12/15/2028 (e) |  | 168 | 162 |
| Chart Industries, Inc., 7.50%, 01/01/2030 (e) |  | 2356 | 2448 |
| 9.50%, 01/01/2031 (e) |  | 381 | 400 |
| Columbus McKinnon Corp., 7.13%, 02/01/2033 (e) |  | 770 | 766 |
| Esab Corp., 5.63%, 04/01/2031 (e) |  | 1470 | 1481 |
| 6.25%, 04/15/2029 (e) |  | 159 | 161 |
| GrafTech Finance, Inc., 4.63%, 12/23/2029 (e) |  | 67 | 37 |
| GrafTech Global Enterprises, Inc., 9.88%, 12/23/2029 (e) |  | 270 | 172 |
| King US Bidco, Inc., (EURIBOR 3 Month + 3.25%), 5.31%, 12/01/2032 (e) (aa) | EUR | 1650 | 1898 |
| Lsf12 Helix Parent LLC, 7.13%, 02/01/2033 (e) |  | 1709 | 1644 |
| Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/2028 (e) |  | 1571 | 1637 |
| Mueller Water Products, Inc., 4.00%, 06/15/2029 (e) |  | 97 | 94 |
| Regal Rexnord Corp., 6.05%, 04/15/2028 |  | 1604 | 1645 |
| 6.30%, 02/15/2030 |  | 691 | 724 |
| SPX FLOW, Inc., 8.75%, 04/01/2030 (e) |  | 91 | 93 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Machinery - Diversified — continued** | | | |
| TK Elevator Midco GmbH, (Germany), Reg. S, 4.38%, 07/15/2027 | EUR | 57 | 65 |
| TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (e) |  | 1075 | 1072 |
|  |  |  | 14499 |
| **Metal Fabricate/Hardware** — **0.0%**(g) |  |  |  |
| Advanced Drainage Systems, Inc., 5.38%, 03/01/2034 (e) |  | 55 | 53 |
| 6.38%, 06/15/2030 (e) |  | 210 | 212 |
| Roller Bearing Co. of America, Inc., 4.38%, 10/15/2029 (e) |  | 845 | 820 |
| TMS International Corp., 6.25%, 04/15/2029 (e) |  | 76 | 74 |
| Vallourec SACA, (France), 7.50%, 04/15/2032 (e) |  | 573 | 601 |
|  |  |  | 1760 |
| **Miscellaneous Manufacturers — 0.2%** |  |  |  |
|  Amsted Industries, Inc., |  |  |  |
|  4.63%, 05/15/2030 (e) |  | 1256 | 1205 |
|  6.38%, 03/15/2033 (e) |  | 102 | 102 |
|  Avient Corp., |  |  |  |
|  6.25%, 11/01/2031 (e) |  | 290 | 292 |
|  7.13%, 08/01/2030 (e) |  | 83 | 84 |
|  Axon Enterprise, Inc., |  |  |  |
|  6.13%, 03/15/2030 (e) |  | 702 | 713 |
|  6.25%, 03/15/2033 (e) |  | 623 | 636 |
|  Calderys Financing LLC, 11.25%, 06/01/2028 (e) |  | 110 | 114 |
|  Enpro, Inc., 6.13%, 06/01/2033 (e) |  | 561 | 568 |
|  Entegris, Inc., |  |  |  |
|  3.63%, 05/01/2029 (e) |  | 74 | 70 |
|  4.38%, 04/15/2028 (e) |  | 105 | 103 |
|  4.75%, 04/15/2029 (e) |  | 1000 | 989 |
|  5.95%, 06/15/2030 (e) |  | 127 | 128 |
|  Hillenbrand, Inc., 6.25%, 02/15/2029 |  | 784 | 726 |
|  LSB Industries, Inc., 6.25%, 10/15/2028 (e) |  | 85 | 84 |
|  Maxam Prill Sarl, (Luxembourg), |  |  |  |
| Reg. S, 6.00%, 07/15/2030 | EUR | 2350 | 2684 |
|  7.75%, 07/15/2030 (e) |  | 241 | 245 |
|  Trinity Industries, Inc., 7.75%, 07/15/2028 (e) |  | 1316 | 1348 |
|  |  |  | 10091 |
| **Packaging & Containers — 1.2%** |  |  |  |
|  Ardagh Group SA, (Luxembourg), |  |  |  |
|  9.50%, 12/01/2030 (e) |  | 4354 | 4567 |
|  Reg. S, 9.50%, 12/01/2030 |  | 289 | 303 |
|  12.00% (Blend (cash 5.50% + PIK 6.50%)), 12/01/2030 (e) (v) |  | 2600 | 2185 |
|  Reg. S, 12.00% (Blend (cash 4.50% + PIK 7.50%)), 12/01/2030 (v) | EUR | 1298 | 1232 |
|  12.00%, Blend (cash 4.50% + PIK 7.50%) , 12/01/2030 (e) (v) | EUR | 1819 | 1726 |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, (Multinational), |  |  |  |
|  Reg. S, 3.00%, 09/01/2029 | EUR | 203 | 212 |
|  3.25%, 09/01/2028 (e) |  | 298 | 283 |
|  4.00%, 09/01/2029 (e) |  | 2715 | 2487 |
|  5.00%, 01/30/2031 (e) | EUR | 8622 | 9669 |
|  6.25%, 01/30/2031 (e) |  | 915 | 907 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Packaging & Containers — (continued)** | | | |
|  Ball Corp., |  |  |  |
|  4.25%, 07/01/2032 | EUR | 300 | 343 |
|  5.50%, 09/15/2033 (e) |  | 551 | 551 |
|  6.00%, 06/15/2029 |  | 110 | 112 |
|  Canpack SA / Canpack US LLC, (Multinational), Reg. S, 2.38%, 11/01/2027 | EUR | 300 | 337 |
|  Cascades, Inc./Cascades USA, Inc., (Multinational), |  |  |  |
|  5.38%, 01/15/2028 (e) |  | 202 | 200 |
|  6.75%, 07/15/2030 (e) |  | 48 | 48 |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 (e) |  | 68 | 59 |
|  Clydesdale Acquisition Holdings, Inc., |  |  |  |
|  6.63%, 04/15/2029 (e) |  | 651 | 637 |
|  6.75%, 04/15/2032 (e) |  | 1853 | 1756 |
|  6.88%, 01/15/2030 (e) |  | 1093 | 1061 |
|  8.75%, 04/15/2030 (e) |  | 1420 | 1324 |
|  Crown Americas LLC, 5.88%, 06/01/2033 |  | 1346 | 1345 |
|  Crown European Holdings SACA, (France), |  |  |  |
|  3.75%, 09/30/2031 (e) | EUR | 2509 | 2821 |
|  Reg. S, 4.75%, 03/15/2029 | EUR | 1673 | 1964 |
|  Reg. S, 5.00%, 05/15/2028 | EUR | 1555 | 1836 |
|  Graphic Packaging International LLC, |  |  |  |
|  3.75%, 02/01/2030 (e) |  | 250 | 230 |
|  4.75%, 07/15/2027 (e) |  | 74 | 73 |
|  Iris Holding, Inc., 10.00%, 12/15/2028 (e) |  | 616 | 510 |
|  Kleopatra Finco Sarl, (Luxembourg), 0.00%, (PIK), 01/30/2031 (v) | EUR | 300 | 307 |
|  LABL, Inc., |  |  |  |
|  5.88%, 11/01/2028 (d) (e) |  | 484 | 232 |
|  8.63%, 10/01/2031 (d) (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | 742 |
|  9.50%, 11/01/2028 (d) (e) |  | 1625 | 780 |
|  10.50%, 07/15/2027 (d) (e) |  | 1305 | 111 |
|  Mauser Packaging Solutions Holding Co., |  |  |  |
|  7.88%, 04/15/2027 (e) |  | 747 | 717 |
|  7.88%, 04/15/2030 (e) |  | 5794 | 5776 |
|  9.25%, 04/15/2030 (e) |  | 733 | 681 |
|  OI European Group BV, (Netherlands), 4.75%, 02/15/2030 (e) |  | 49 | 46 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 (e) |  | 291 | 292 |
|  Sealed Air Corp., |  |  |  |
|  4.00%, 12/01/2027 (e) |  | 309 | 308 |
|  5.00%, 04/15/2029 (e) |  | 60 | 60 |
|  6.50%, 07/15/2032 (e) |  | 131 | 138 |
|  6.88%, 07/15/2033 (e) |  | 104 | 99 |
|  Sealed Air Corp. / Sealed Air Corp. US, |  |  |  |
|  6.13%, 02/01/2028 (e) |  | 140 | 142 |
|  7.25%, 02/15/2031 (e) |  | 412 | 432 |
|  Silgan Holdings, Inc., |  |  |  |
|  4.13%, 02/01/2028 |  | 62 | 61 |
|  4.25%, 02/15/2031 (e) | EUR | 2750 | 3076 |
|  Toucan FinCo. Ltd. / Toucan FinCo Can, Inc. / Toucan FinCo US LLC, (Multinational), |  |  |  |
|  Reg. S, 8.25%, 05/15/2030 | EUR | 1975 | 1974 |
|  8.25%, 05/15/2030 (e) | EUR | 1393 | 1393 |
|  9.50%, 05/15/2030 (e) |  | 815 | 719 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Packaging & Containers — (continued)** | | | |
|  Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (e) |  | 2687 | 2616 |
|  TriMas Corp., 4.13%, 04/15/2029 (e) |  | 897 | 853 |
|  Trivium Packaging Finance BV, (Netherlands), |  |  |  |
|  Reg. S, 6.63%, 07/15/2030 | EUR | 300 | 348 |
|  8.25%, 07/15/2030 (e) |  | 769 | 805 |
|  12.25%, 01/15/2031 (e) |  | 447 | 484 |
|  |  |  | 61970 |
|  **Shipbuilding** — **0.0%**(g) |  |  |  |
|  Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028 |  | 540 | 511 |
|  **Transportation** — **0.4%** |  |  |  |
|  Beacon Mobility Corp., 7.25%, 08/01/2030 (e) |  | 109 | 113 |
|  Brightline East LLC, 11.00%, 01/31/2030 (e) |  | 150 | 41 |
|  Carriage Purchaser, Inc., 7.88%, 10/15/2029 (e) |  | 64 | 61 |
|  CMA CGM SA, (France), |  |  |  |
|  4.88%, 01/15/2032 (e) | EUR | 3477 | 3762 |
|  Reg. S, 5.00%, 01/15/2031 | EUR | 750 | 835 |
|  5.00%, 01/15/2031 (e) | EUR | 2853 | 3177 |
|  Danaos Corp., (Marshall Island), 6.88%, 10/15/2032 (e) |  | 109 | 111 |
|  Edge Finco plc, (United Kingdom), Reg. S, 8.13%, 08/15/2031 | GBP | 100 | 137 |
|  Empresa de los Ferrocarriles del Estado, (Chile), Reg. S, 3.83%, 09/14/2061 |  | 1700 | 1141 |
|  First Student Bidco, Inc. / First Transit Parent, Inc., 4.00%, 07/31/2029 (e) |  | 133 | 127 |
|  Genesee & Wyoming, Inc., 6.25%, 04/15/2032 (e) |  | 1023 | 1035 |
|  GXO Logistics, Inc., 6.25%, 05/06/2029 |  | 2002 | 2075 |
|  InPost SA, (Luxembourg), Reg. S, 4.00%, 04/01/2031 | EUR | 2623 | 2905 |
|  Mobico Group plc, (United Kingdom), Reg. S, 3.63%, 11/20/2028 |  | GBP 655 | 778 |
|  Rand Parent LLC, 8.50%, 02/15/2030 (e) |  | 548 | 562 |
|  Rumo Luxembourg Sarl, (Luxembourg), Reg. S, 5.25%, 01/10/2028 |  | 250 | 245 |
|  RXO, Inc., 6.38%, 05/15/2031 (e) |  | 478 | 459 |
|  Seaspan Corp., (Marshall Island), 5.50%, 08/01/2029 (e) |  | 253 | 237 |
|  SGL Group ApS, (Denmark), (EURIBOR 3 Month + 4.75%), 6.78%, 04/22/2030 (aa) | EUR | 100 | 108 |
|  Star Leasing Co. LLC, 7.63%, 02/15/2030 (e) |  | 1121 | 1037 |
|  Stonepeak Nile Parent LLC, 7.25%, 03/15/2032 (e) |  | 285 | 296 |
|  Watco Cos. LLC / Watco Finance Corp, 7.13%, 08/01/2032 (e) |  | 636 | 653 |
|  XPO, Inc., |  |  |  |
|  6.25%, 06/01/2028 (e) |  | 1601 | 1621 |
|  7.13%, 06/01/2031 (e) |  | 142 | 146 |
|  7.13%, 02/01/2032 (e) |  | 197 | 203 |
|  |  |  | 21865 |
|  **Trucking & Leasing** — **0.2%** |  |  |  |
|  FTAI Aviation Investors LLC, |  |  |  |
|  5.50%, 05/01/2028 (e) |  | 2566 | 2565 |
|  5.88%, 04/15/2033 (e) |  | 1294 | 1266 |
|  7.00%, 05/01/2031 (e) |  | 1939 | 1987 |
|  7.00%, 06/15/2032 (e) |  | 1578 | 1617 |
|  7.88%, 12/01/2030 (e) |  | 1392 | 1453 |
|  GATX Corp., 5.40%, 03/15/2027 |  | 100 | 101 |
|  Penske Truck Leasing Co. LP / PTL Finance Corp., 4.20%, 04/01/2027 (e) |  | 489 | 487 |
|  |  |  | 9476 |
|  Total Industrial |  |  | 277402 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Technology** — **2.1%** |  |  |  |
|  **Computers** — **0.7%** |  |  |  |
|  Ahead DB Holdings LLC, 6.63%, 05/01/2028 (e) |  | 88 | 86 |
|  Almaviva-The Italian Innovation Co. SpA, (Italy), |  |  |  |
|  5.00%, 10/30/2030 (e) | EUR | 1500 | 1643 |
|  Reg. S, 5.00%, 10/30/2030 | EUR | 3595 | 3938 |
|  Amentum Holdings, Inc., 7.25%, 08/01/2032 (e) |  | 311 | 322 |
|  ASGN, Inc., 4.63%, 05/15/2028 (e) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 215 |
|  Atos SE, (France), |  |  |  |
|  Reg. S, SUB, 1.04%, 12/18/2032 | EUR | 340 | 253 |
|  Reg. S, SUB, 5.20%, 12/18/2030 | EUR | 6091 | 6644 |
|  Reg. S, SUB, 9.36%, 12/18/2029 | EUR | 6535 | 8516 |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 (e) |  | 123 | 120 |
|  CACI International, Inc., 6.38%, 06/15/2033 (e) |  | 1246 | 1268 |
|  Cedacri SpA, (Italy), Reg. S, (EURIBOR 3 Month + 4.63%), 6.61%, 05/15/2028 (aa) | EUR | 100 | 112 |
| Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 6.00%, 11/01/2029 (e) |  | 66 | 45 |
|  Crane NXT Co., 4.20%, 03/15/2048 |  | 104 | 63 |
|  Crowdstrike Holdings, Inc., 3.00%, 02/15/2029 |  | 650 | 619 |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (e) |  | 147 | 153 |
|  Fortress Intermediate 3, Inc., 7.50%, 06/01/2031 (e) |  | 2011 | 1997 |
|  Gartner, Inc., 4.50%, 07/01/2028 (e) |  | 623 | 612 |
|  Insight Enterprises, Inc., 6.63%, 05/15/2032 (e) |  | 50 | 48 |
|  KBR, Inc., 4.75%, 09/30/2028 (e) |  | 607 | 593 |
|  McAfee Corp., 7.38%, 02/15/2030 (e) |  | 3091 | 2554 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 (e) |  | 1592 | 1704 |
|  NCR Voyix Corp., |  |  |  |
|  5.00%, 10/01/2028 (e) |  | 1706 | 1643 |
|  5.13%, 04/15/2029 (e) |  | 49 | 47 |
|  Pitney Bowes, Inc., 7.25%, 03/15/2029 (e) |  | 44 | 44 |
|  Science Applications International Corp., |  |  |  |
|  4.88%, 04/01/2028 (e) |  | 136 | 134 |
|  5.88%, 11/01/2033 (e) |  | 800 | 780 |
|  Seagate Data Storage Technology Pte Ltd., (Singapore), |  |  |  |
|  5.75%, 12/01/2034 (e) |  | 165 | 164 |
|  5.88%, 07/15/2030 (e) |  | 653 | 663 |
|  8.25%, 12/15/2029 (e) |  | 436 | 458 |
|  8.50%, 07/15/2031 (e) |  | 332 | 348 |
|  9.63%, 12/01/2032 (e) |  | 97 | 108 |
|  Unisys Corp., 10.63%, 01/15/2031 (e) |  | 39 | 33 |
|  Virtusa Corp., 7.13%, 12/15/2028 (e) |  | 75 | 58 |
|  |  |  | 35985 |
|  **Office/Business & Equipment** — **0.0%**(g) |  |  |  |
|  Xerox Corp., |  |  |  |
|  6.75%, 12/15/2039 |  | 46 | 12 |
|  10.25%, 10/15/2030 (e) |  | 40 | 30 |
|  13.50%, 04/15/2031 (e) |  | 63 | 31 |
|  Xerox Holdings Corp., |  |  |  |
|  5.50%, 08/15/2028 (e) |  | 96 | 40 |
|  8.88%, 11/30/2029 (e) |  | 60 | 19 |
|  Zebra Technologies Corp., 6.50%, 06/01/2032 (e) |  | 560 | 563 |
|  |  |  | 695 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
|  **Semiconductors** — **0.3%** |  |  |  |
|  Amkor Technology, Inc., 5.88%, 10/01/2033 (e) |  | 228 | 227 |
|  ams-OSRAM AG, (Austria), |  |  |  |
|  Reg. S, 10.50%, 03/30/2029 | EUR | 4500 | 5445 |
|  12.25%, 03/30/2029 (e) |  | 157 | 167 |
|  Foundry JV Holdco LLC, |  |  |  |
|  5.50%, 01/25/2031 (e) |  | 400 | 408 |
|  5.90%, 01/25/2030 (e) |  | 1846 | 1911 |
|  Intel Corp., 2.45%, 11/15/2029 |  | 156 | 145 |
|  Kioxia Holdings Corp., (Japan), |  |  |  |
|  6.25%, 07/24/2030 (e) |  | 115 | 117 |
|  6.63%, 07/24/2033 (e) |  | 355 | 364 |
|  Microchip Technology, Inc., 5.05%, 03/15/2029 |  | 326 | 331 |
|  MKS, Inc., Reg. S, 4.25%, 02/15/2034 | EUR | 2744 | 3030 |
|  ON Semiconductor Corp., 3.88%, 09/01/2028 (e) |  | 60 | 58 |
|  SK hynix, Inc., (South Korea), |  |  |  |
|  6.50%, 01/17/2033 (e) |  | 2500 | 2722 |
|  Reg. S, 6.50%, 01/17/2033 |  | 900 | 980 |
|  Synaptics, Inc., 4.00%, 06/15/2029 (e) |  | 30 | 28 |
|  |  |  | 15933 |
| **Software** — **1.1%** |  |  |  |
|  AthenaHealth Group, Inc., 6.50%, 02/15/2030 (e) |  | 4197 | 3938 |
|  Capstone Borrower, Inc., 8.00%, 06/15/2030 (e) |  | 670 | 640 |
|  Castle US Holding Corp., 10.00%, 06/30/2031 (e) |  | 8 | 2 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (e) |  | 35 | 26 |
|  Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (e) |  | 98 | 70 |
|  Cloud Software Group, Inc., |  |  |  |
|  6.50%, 03/31/2029 (e) |  | 2510 | 2450 |
|  6.63%, 08/15/2033 (e) |  | 122 | 107 |
|  8.25%, 06/30/2032 (e) |  | 448 | 424 |
|  9.00%, 09/30/2029 (e) |  | 4721 | 4533 |
|  Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028 (e) |  | 97 | 96 |
|  CoreWeave, Inc., |  |  |  |
|  9.00%, 02/01/2031 (e) |  | 1740 | 1670 |
|  9.25%, 06/01/2030 (e) |  | 6141 | 5993 |
|  Dye & Durham Ltd., (Canada), 8.63%, 04/15/2029 (e) |  | 43 | 36 |
|  Elastic NV, (Netherlands), 4.13%, 07/15/2029 (e) |  | 108 | 101 |
|  Ellucian Holdings, Inc., 6.50%, 12/01/2029 (e) |  | 751 | 733 |
|  Fair Isaac Corp., |  |  |  |
|  4.00%, 06/15/2028 (e) |  | 412 | 400 |
|  6.00%, 05/15/2033 (e) |  | 1959 | 1922 |
|  6.25%, 09/15/2034 (e) |  | 143 | 141 |
|  Fidelity National Information Services, Inc., 3.75%, 05/21/2029 |  | 325 | 315 |
|  Fiserv, Inc., |  |  |  |
|  4.55%, 02/15/2031 |  | 84 | 82 |
|  5.35%, 03/15/2031 |  | 125 | 126 |
|  5.45%, 03/02/2028 |  | 276 | 280 |
| IPD 3 BV, (Netherlands), |  |  |  |
| 5.50%, 06/15/2031 (e) | EUR | 4643 | 5040 |
|  Reg. S, 5.50%, 06/15/2031 | EUR | 2300 | 2497 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds** — **continued** |  |  |  |
| **Software** — continued | | | |
|  MSCI, Inc., |  |  |  |
|  3.63%, 09/01/2030 (e) |  | 203 | 192 |
|  4.00%, 11/15/2029 (e) |  | 503 | 488 |
|  OAK-Eagle Acquireco, Inc., |  |  |  |
|  6.25%, 07/01/2033 (e) (w) | EUR | 3750 | 4427 |
|  7.25%, 07/01/2033 (e) (w) |  | 3434 | 3563 |
|  8.75%, 07/01/2034 (e) (w) |  | 3204 | 3358 |
|  Open Text Corp., (Canada), |  |  |  |
|  3.88%, 02/15/2028 (e) |  | 185 | 178 |
|  3.88%, 12/01/2029 (e) |  | 182 | 163 |
|  Open Text Holdings, Inc., |  |  |  |
|  4.13%, 02/15/2030 (e) |  | 183 | 163 |
|  4.13%, 12/01/2031 (e) |  | 147 | 125 |
|  Oracle Corp., |  |  |  |
|  4.45%, 09/26/2030 |  | 2839 | 2736 |
|  5.70%, 02/04/2036 |  | 557 | 536 |
|  5.88%, 09/26/2045 |  | 151 | 131 |
|  5.95%, 09/26/2055 |  | 202 | 170 |
|  6.10%, 09/26/2065 |  | 202 | 168 |
|  6.15%, 11/09/2029 |  | 742 | 765 |
|  6.70%, 02/04/2056 |  | 955 | 884 |
|  6.85%, 02/04/2066 |  | 318 | 293 |
|  Pagaya US Holdings Co. LLC, 8.88%, 08/01/2030 (e) |  | 58 | 41 |
|  Playtika Holding Corp., 4.25%, 03/15/2029 (e) |  | 428 | 335 |
|  PTC, Inc., 4.00%, 02/15/2028 (e) |  | 115 | 112 |
|  Rackspace Finance LLC, 3.50%, 05/15/2028 (e) |  | 55 | 27 |
|  RingCentral, Inc., 8.50%, 08/15/2030 (e) |  | 56 | 59 |
|  ROBLOX Corp., 3.88%, 05/01/2030 (e) |  | 547 | 514 |
|  Rocket Software, Inc., |  |  |  |
|  6.50%, 02/15/2029 (e) |  | 100 | 90 |
|  9.00%, 11/28/2028 (e) |  | 176 | 175 |
|  SS&C Technologies, Inc., |  |  |  |
|  5.50%, 09/30/2027 (e) |  | 2015 | 2016 |
|  6.50%, 06/01/2032 (e) |  | 788 | 788 |
|  Twilio, Inc., |  |  |  |
|  3.63%, 03/15/2029 |  | 72 | 69 |
|  3.88%, 03/15/2031 |  | 91 | 84 |
|  UKG, Inc., 6.88%, 02/01/2031 (e) |  | 1534 | 1489 |
|  ZoomInfo Technologies LLC / ZoomInfo Finance Corp., 3.88%, 02/01/2029 (e) |  | 64 | 53 |
|  |  |  | 55814 |
|  Total Technology |  |  | 108427 |
| **Utilities** — **3.9%** |  |  |  |
| **Electric** — **3.6%** |  |  |  |
|  AES Corp. (The), |  |  |  |
|  5.45%, 06/01/2028 |  | 1231 | 1242 |
|  (CMT Index 5 Year + 2.89%), 6.95%, 07/15/2055 (aa) |  | 154 | 144 |
|  (CMT Index 5 Year + 3.20%), 7.60%, 01/15/2055 (aa) |  | 544 | 539 |
|  AL Jawaher Assets Co. Spc, (Oman), 4.66%, 10/29/2030 (e) |  | 1800 | 1748 |
|  Alexander Funding Trust II, 7.47%, 07/31/2028 (e) |  | 819 | 862 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds** — **continued** |  |  |  |
| **Electric** — continued | | | |
|  Algonquin Power & Utilities Corp., (Canada), |  |  |  |
|  (CMT Index 5 Year + 3.25%), 4.75%, 01/18/2082 (aa) |  | 250 | 243 |
|  SUB, 5.37%, 06/15/2026 |  | 753 | 753 |
|  Alliant Energy Finance LLC, |  |  |  |
|  5.40%, 06/06/2027 (e) |  | 97 | 98 |
|  5.95%, 03/30/2029 (e) |  | 712 | 738 |
|  Alpha Generation LLC, |  |  |  |
|  6.25%, 01/15/2034 (e) |  | 47 | 46 |
|  6.75%, 10/15/2032 (e) |  | 621 | 627 |
|  Axia Energia, (Brazil), 6.50%, 01/11/2035 (e) |  | 1200 | 1210 |
|  Black Hills Corp., 5.95%, 03/15/2028 |  | 98 | 100 |
|  California Buyer Ltd. / Atlantica Sustainable Infrastructure plc, (United Kingdom), |  |  |  |
|  Reg. S, 5.63%, 02/15/2032 | EUR | 2213 | 2473 |
|  5.63%, 02/15/2032 (e) | EUR | 5470 | 6111 |
|  6.38%, 02/15/2032 (e) |  | 419 | 409 |
|  Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (e) |  | 367 | 369 |
|  CenterPoint Energy, Inc., Series B, (CMT Index 5 Year + 2.95%), 6.85%, 02/15/2055 (aa) |  | 248 | 260 |
|  Clearway Energy Operating LLC, |  |  |  |
|  3.75%, 02/15/2031 (e) |  | 45 | 42 |
|  3.75%, 01/15/2032 (e) |  | 434 | 395 |
|  4.75%, 03/15/2028 (e) |  | 302 | 298 |
|  Cleco Corporate Holdings LLC, 3.74%, 05/01/2026 |  | 167 | 167 |
|  Comision Ejecutiva Hidroelectrica del Rio Lempa, (El Salvador), |  |  |  |
|  8.65%, 01/24/2033 (e) |  | 2200 | 2255 |
|  Reg. S, 8.65%, 01/24/2033 |  | 700 | 718 |
|  Comision Federal de Electricidad, (Mexico), |  |  |  |
|  Reg. S, 5.70%, 01/24/2030 |  | 600 | 599 |
|  Reg. S, 6.26%, 02/15/2052 |  | 400 | 351 |
|  6.26%, 02/15/2052 (e) |  | 1000 | 878 |
|  Constellation Energy Generation LLC, |  |  |  |
|  4.40%, 01/15/2031 |  | 187 | 184 |
|  4.63%, 02/01/2029 (e) |  | 3000 | 2964 |
|  5.00%, 02/01/2031 (e) |  | 4334 | 4353 |
|  ContourGlobal Power Holdings SA, (Luxembourg), |  |  |  |
| Reg. S, 4.38%, 07/31/2031 | EUR | 3287 | 3598 |
|  4.38%, 07/31/2031 (e) | EUR | 1350 | 1478 |
|  Reg. S, 5.00%, 02/28/2030 | EUR | 2625 | 3034 |
|  5.00%, 02/28/2030 (e) | EUR | 6342 | 7330 |
|  6.75%, 02/28/2030 (e) |  | 1189 | 1202 |
|  Dominion Energy, Inc., (CMT Index 5 Year + 2.21%), 6.63%, 05/15/2055 (aa) |  | 223 | 226 |
|  Duke Energy Corp., (CMT Index 5 Year + 2.59%), 6.45%, 09/01/2054 (aa) |  | 156 | 161 |
|  Edison International, |  |  |  |
|  (CMT Index 5 Year + 3.66%), 7.88%, 06/15/2054 (aa) |  | 200 | 205 |
|  (CMT Index 5 Year + 3.86%), 8.13%, 06/15/2053 (aa) |  | 219 | 223 |
|  EDP SA, (Portugal), |  |  |  |
|  Reg. S, (ICE EURIBOR Swap Rate 5 Year + 1.92%), 4.38%, 12/02/2055 (aa) | EUR | 2400 | 2665 |
|  Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.40%), 4.63%, 09/16/2054 (aa) | EUR | 2100 | 2412 |
|  Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.05%), 4.75%, 05/29/2054 (aa) | EUR | 2300 | 2672 |
|  Reg. S, (EUR Swap Rate 5 Year + 3.18%), 5.94%, 04/23/2083 (aa) | EUR | 1800 | 2148 |
|  Series NC8, Reg. S, (EUR Swap Rate 5 Year + 2.08%), 1.88%, 03/14/2082 (aa) | EUR | 5600 | 5979 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Corporate Bonds** — **continued** |  |  |  |
| **Electric** — continued | | | |
| Eesti Energia A/S, (Estonia), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 5.17%), 7.88%, 07/15/2029 (x) (aa) | EUR | 4825 | 5646 |
|  Electricite de France SA, (France), |  |  |  |
|  Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.07%), 4.38%, 01/06/2031 (x) (aa) | EUR | 4000 | 4482 |
|  Reg. S, (ICE EURIBOR Swap Rate 5 Year + 3.28%), 5.63%, 06/17/2032 (x) (aa) | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 1182 |
|  5.70%, 05/23/2028 (e) |  | 260 | 266 |
|  Reg. S, (UK Gilts 5 Year + 3.78%), 7.38%, 06/17/2035 (x) (aa) | GBP | 100 | 133 |
|  Emera US Finance LLC, |  |  |  |
|  Series A, (CMT Index 5 Year + 2.87%), 6.65%, 10/01/2056 (aa) |  | 49 | 49 |
|  Series B, (CMT Index 5 Year + 2.65%), 6.85%, 10/01/2056 (aa) |  | 72 | 72 |
|  ENEL Finance International NV, (Netherlands), |  |  |  |
|  4.13%, 09/30/2028 (e) |  | 200 | 198 |
|  4.38%, 09/30/2030 (e) |  | 244 | 240 |
| Enel SpA, (Italy), Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.01%), 4.25%, 01/14/2030 (x) (aa) | EUR | 2175 | 2477 |
|  Energo - Pro as, (Czech Republic), Reg. S, 6.45%, 04/15/2031 | EUR | 1200 | 1351 |
|  Energuate Trust 2 0, (Cayman Islands), 6.35%, 09/15/2035 (e) |  | 1000 | 979 |
| EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, (Spain), Reg. S, 5.38%, 12/30/2030 |  | 297 | 271 |
|  Engie SA, (France), 5.25%, 04/10/2029 (e) |  | 200 | 204 |
|  EPH Financing International A/S, (Czech Republic), Reg. S, 6.65%, 11/13/2028 | EUR | 4100 | 5008 |
|  Eskom Holdings, (South Africa), |  |  |  |
|  Reg. S, 6.35%, 08/10/2028 |  | 3800 | 3819 |
|  Reg. S, 8.45%, 08/10/2028 |  | 5200 | 5442 |
|  EUSHI Finance, Inc., |  |  |  |
|  (CMT Index 5 Year + 2.51%), 6.25%, 04/01/2056 (aa) |  | 147 | 144 |
|  (CMT Index 5 Year + 3.14%), 7.63%, 12/15/2054 (aa) |  | 89 | 92 |
|  Eversource Energy, 5.95%, 02/01/2029 |  | 211 | 219 |
|  Hawaiian Electric Co., Inc., 6.00%, 10/01/2033 (e) |  | 48 | 48 |
|  Israel Electric Corp. Ltd., (Israel), |  |  |  |
|  Reg. S, 4.25%, 08/14/2028 (e) |  | 4200 | 4115 |
|  Reg. S, 5.63%, 01/28/2038 (e) |  | 1500 | 1481 |
|  ITC Holdings Corp., 4.88%, 04/15/2031 (e) (w) |  | 922 | 923 |
|  Leeward Renewable Energy Operations LLC, 4.25%, 07/01/2029 (e) |  | 213 | 199 |
|  Liberty Utilities Co., 5.58%, 01/31/2029 (e) |  | 392 | 400 |
|  Lightning Power LLC, 7.25%, 08/15/2032 (e) |  | 300 | 312 |
|  Long Ridge Energy LLC, 8.75%, 02/15/2032 (e) |  | 88 | 92 |
|  MVM Energetika Zrt, (Hungary), Reg. S, 7.50%, 06/09/2028 |  | 3400 | 3531 |
|  NextEra Energy Capital Holdings, Inc., |  |  |  |
|  (CMT Index 5 Year + 2.05%), 6.38%, 08/15/2055 (aa) |  | 519 | 529 |
|  (CMT Index 5 Year + 2.46%), 6.75%, 06/15/2054 (aa) |  | 270 | 279 |
|  Niagara Mohawk Power Corp., 4.65%, 10/03/2030 (e) |  | 274 | 273 |
|  NRG Energy, Inc., |  |  |  |
|  3.38%, 02/15/2029 (e) |  | 85 | 81 |
|  3.63%, 02/15/2031 (e) |  | 3097 | 2851 |
|  3.88%, 02/15/2032 (e) |  | 1810 | 1659 |
|  4.73%, 10/15/2030 (e) |  | 1023 | 1012 |
|  5.25%, 06/15/2029 (e) |  | 1312 | 1297 |
|  5.75%, 01/15/2028 |  | 120 | 120 |
|  5.75%, 07/15/2029 (e) |  | 322 | 322 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Electric — (continued)** | | | |
|  5.75%, 01/15/2034 (e) |  | 2005 | 1977 |
|  6.00%, 02/01/2033 (e) |  | 1734 | 1734 |
|  6.00%, 01/15/2036 (e) |  | 4355 | 4316 |
|  6.25%, 11/01/2034 (e) |  | 856 | 862 |
|  (CMT Index 5 Year + 5.92%), 10.25%, 03/15/2028 (e) (x) (aa) |  | 2274 | 2452 |
|  OGE Energy Corp., 5.45%, 05/15/2029 |  | 101 | 103 |
|  Orsted A/S, (Denmark), |  |  |  |
|  Reg. S, (UK Gilts 5 Year + 2.14%), 2.50%, 02/18/3021 (aa) | GBP | 134 | 134 |
|  Reg. S, (ICE EURIBOR Swap Rate 5 Year + 2.59%), 5.13%, 03/14/3024 (aa) | EUR | 1200 | 1387 |
|  Reg. S, (EUR Swap Rate 5 Year + 2.62%), 5.25%, 12/08/3022 (aa) | EUR | 1000 | 1170 |
|  Pacific Gas and Electric Co., |  |  |  |
|  4.55%, 07/01/2030 |  | 500 | 493 |
|  5.00%, 06/04/2028 |  | 236 | 238 |
|  5.45%, 06/15/2027 |  | 7 | 7 |
|  5.55%, 05/15/2029 |  | 483 | 494 |
|  PacifiCorp., |  |  |  |
|  (CMT Index 5 Year + 3.29%), 7.13%, 08/15/2056 (aa) |  | 5761 | 5441 |
|  (CMT Index 5 Year + 3.32%), 7.38%, 09/15/2055 (aa) |  | 301 | 286 |
|  Pattern Energy Operations LP / Pattern Energy Operations, Inc., 4.50%, 08/15/2028 (e) |  | 346 | 338 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, (Indonesia), |  |  |  |
|  Reg. S, 4.00%, 06/30/2050 |  | 3400 | 2325 |
|  Reg. S, 4.13%, 05/15/2027 |  | 1200 | 1190 |
|  Reg. S, 4.38%, 02/05/2050 |  | 600 | 441 |
|  4.75%, 02/03/2031 (e) |  | 1600 | 1553 |
|  Reg. S, 5.25%, 10/24/2042 |  | 2800 | 2478 |
|  Reg. S, 5.25%, 05/15/2047 |  | 1400 | 1208 |
|  Reg. S, 5.38%, 01/25/2029 |  | 368 | 370 |
|  Reg. S, 5.45%, 05/21/2028 |  | 250 | 252 |
|  5.45%, 02/03/2036 (e) |  | 1500 | 1437 |
|  Reg. S, 6.15%, 05/21/2048 |  | 4300 | 4097 |
|  PG&E Corp., |  |  |  |
|  5.00%, 07/01/2028 |  | 866 | 859 |
|  5.25%, 07/01/2030 |  | 495 | 489 |
|  (CMT Index 5 Year + 3.23%), 6.85%, 09/15/2056 (aa) |  | 798 | 788 |
|  (CMT Index 5 Year + 3.88%), 7.38%, 03/15/2055 (aa) |  | 875 | 879 |
|  PSEG Power LLC, 5.20%, 05/15/2030 (e) |  | 483 | 490 |
|  Puget Energy, Inc., |  |  |  |
|  (CMT Index 5 Year + 2.96%), 7.00%, 09/15/2056 (e) (aa) |  | 82 | 81 |
|  (CMT Index 5 Year + 2.85%), 7.25%, 09/15/2056 (e) (aa) |  | 82 | 82 |
|  System Energy Resources, Inc., 6.00%, 04/15/2028 |  | 584 | 600 |
|  Talen Energy Supply LLC, |  |  |  |
|  6.25%, 02/01/2034 (e) |  | 185 | 183 |
|  6.50%, 02/01/2036 (e) |  | 500 | 501 |
|  8.63%, 06/01/2030 (e) |  | 415 | 435 |
|  TransAlta Corp., (Canada), 5.88%, 02/01/2034 (e) |  | 410 | 407 |
|  Trinidad Generation UnLtd, (Trinidad and Tobago), 7.75%, 06/16/2033 (e) |  | 800 | 835 |
|  TXNM Energy, Inc., (CMT Index 5 Year + 3.25%), 7.00%, 07/31/2056 (e) (aa) |  | 148 | 148 |
|  Vistra Corp., (CMT Index 5 Year + 5.74%), 7.00%, 12/15/2026 (e) (x) (aa) |  | 5232 | 5243 |
|  Vistra Operations Co. LLC, |  |  |  |
|  3.70%, 01/30/2027 (e) |  | 343 | 340 |
|  4.30%, 10/15/2028 (e) |  | 1157 | 1143 |
|  4.38%, 05/01/2029 (e) |  | 4382 | 4279 |
|  4.70%, 01/31/2031 (e) |  | 530 | 521 |
|  5.00%, 07/31/2027 (e) |  | 3915 | 3901 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |  |
| **Electric — (continued)** | | | |
|  5.63%, 02/15/2027 (e) |  | 1165 | 1165 |
|  6.88%, 04/15/2032 (e) |  | 1006 | 1040 |
|  7.75%, 10/15/2031 (e) |  | 1448 | 1516 |
|  VoltaGrid LLC, 7.38%, 11/01/2030 (e) |  | 4912 | 5073 |
|  XPLR Infrastructure Operating Partners LP, |  |  |  |
|  7.25%, 01/15/2029 (e) |  | 58 | 60 |
|  7.75%, 04/15/2034 (e) |  | 2055 | 2117 |
|  8.38%, 01/15/2031 (e) |  | 1439 | 1513 |
|  8.63%, 03/15/2033 (e) |  | 486 | 513 |
|  |  |  | 188291 |
|  **Gas** — **0.1%** |  |  |  |
|  AltaGas Ltd., (Canada), (CMT Index 5 Year + 3.57%), 7.20%, 10/15/2054 (e) (aa) |  | 634 | 643 |
|  AmeriGas Partners LP / AmeriGas Finance Corp., |  |  |  |
|  5.75%, 05/20/2027 |  | 1060 | 1064 |
|  9.38%, 06/01/2028 (e) |  | 83 | 85 |
|  9.50%, 06/01/2030 (e) |  | 513 | 542 |
|  National Fuel Gas Co., |  |  |  |
|  5.50%, 10/01/2026 |  | 476 | 478 |
|  5.50%, 03/15/2030 |  | 965 | 987 |
|  National Gas Co. of Trinidad & Tobago Ltd, (Trinidad and Tobago), Reg. S, 6.05%, 01/15/2036 |  | 1600 | 1465 |
|  Snam SpA, (Italy), 5.00%, 05/28/2030 (e) |  | 236 | 238 |
|  South Jersey Industries, Inc., 5.02%, 04/15/2031 |  | 201 | 176 |
|  Southwest Gas Corp., 5.45%, 03/23/2028 |  | 72 | 73 |
|  UGI International LLC, Reg. S, 2.50%, 12/01/2029 | EUR | 1300 | 1389 |
|  |  |  | 7140 |
|  **Water** — **0.2%** |  |  |  |
|  Nova Securitisation Sarl, (Luxembourg), 5.75%, 02/03/2031 (e) |  | 700 | 677 |
|  Thames SS, (United Kingdom), Reg. S, 9.75%, 10/10/2027 (e) (bb) | GBP | 30 | 38 |
|  Thames Water Super Senior Issuer plc, (United Kingdom), |  |  |  |
|  Reg. S, 9.75%, 10/10/2027 | GBP | 100 | 144 |
|  9.75%, 10/10/2027 (e) | GBP | 30 | 44 |
|  Veolia Environnement SA, (France), Reg. S, (EUR Swap Rate 5 Year + 2.84%), 2.50%, 01/20/2029 (x) (aa) | EUR | 6800 | 7426 |
|  |  |  | 8329 |
|  Total Utilities |  |  | 203760 |
|  Total Corporate Bonds<br> (Cost $3,586,349) |  |  | 3610854 |
|  **Foreign Government Securities** — **16.5%**  |  |  |  |
|  **Banks — 0.4%** |  |  |  |
|  Bank Gospodarstwa Krajowego, (Poland), |  |  |  |
|  Reg. S, 3.88%, 03/13/2035 | EUR | 4500 | 5178 |
|  Reg. S, 6.25%, 10/31/2028 |  | 2500 | 2621 |
|  6.25%, 07/09/2054 (e) |  | 2700 | 2667 |
|  MFB Magyar Fejlesztesi Bank Zrt, (Hungary), Reg. S, 6.50%, 06/29/2028 |  | 7400 | 7541 |
|  Total Banks |  |  | 18007 |
|  **Municipal — 0.0%** (g) |  |  |  |
|  City of Ulaanbaatar Mongolia, (Mongolia), Reg. S, 7.75%, 08/21/2027 |  | 600 | 604 |
|  **Oil & Gas — 0.0%** (g) |  |  |  |
|  Korea National Oil Corp., (South Korea), |  |  |  |
|  4.88%, 04/03/2029 (e) |  | 1500 | 1521 |
|  Reg. S, 4.88%, 04/03/2029 |  | 200 | 203 |
|  Total Oil & Gas |  |  | 1724 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |  |
|  **Regional (State/Province) — 0.0%** (g) |  |  |  |
|  Provincia de Buenos Aires Government Bonds, (Argentina), Reg. S, SUB, 6.63%, 09/01/2037 |  | 578 | 435 |
|  **Sovereign — 16.1%** |  |  |  |
|  Abu Dhabi Government International Bond, (United Arab Emirates), |  |  |  |
|  Reg. S, 3.13%, 05/03/2026 |  | 2900 | 2896 |
|  Reg. S, 3.88%, 04/16/2050 |  | 1800 | 1349 |
|  Angolan Government International Bond, (Angola), |  |  |  |
|  Reg. S, 8.00%, 11/26/2029 |  | 4800 | 4737 |
|  Reg. S, 9.24%, 01/15/2031 |  | 500 | 506 |
|  Reg. S, 9.38%, 05/08/2048 |  | 4400 | 3896 |
|  Reg. S, 9.88%, 10/15/2035 |  | 700 | 702 |
|  Argentine Republic Government International Bond, (Argentina), |  |  |  |
|  SUB, 0.75%, 07/09/2030 |  | 317 | 265 |
|  1.00%, 07/09/2029 |  | 4046 | 3540 |
|  SUB, 3.50%, 07/09/2041 |  | 39930 | 26554 |
|  SUB, 4.13%, 07/09/2035 |  | 3900 | 2808 |
|  SUB, 5.00%, 01/09/2038 |  | 2000 | 1500 |
|  Avenir Issuer III Ireland DAC, (Ireland), Series 3Y, Reg. S, 6.00%, 03/22/2027 |  | 2592 | 2538 |
|  Bahrain Government International Bond, (Bahrain), |  |  |  |
|  Reg. S, 4.25%, 01/25/2028 |  | 9600 | 9082 |
|  Reg. S, 5.45%, 09/16/2032 |  | 700 | 630 |
|  Reg. S, 5.63%, 09/30/2031 |  | 2900 | 2684 |
|  Reg. S, 5.63%, 05/18/2034 |  | 1300 | 1147 |
|  6.63%, 10/06/2037 (e) |  | 1200 | 1090 |
|  Reg. S, 6.63%, 10/06/2037 |  | 1300 | 1181 |
|  Benin Government International Bond, (Benin), Reg. S, 6.88%, 01/19/2052 | EUR | 400 | 395 |
|  Bermuda Government International Bond, (Bermuda), |  |  |  |
|  Reg. S, 2.38%, 08/20/2030 |  | 914 | 826 |
|  Reg. S, 3.72%, 01/25/2027 |  | 850 | 844 |
|  Bolivian Government International Bond, (Bolivia), Reg. S, 4.50%, 03/20/2028 |  | 200 | 186 |
| Brazilian Government International Bond, (Brazil), |  |  |  |
| 4.75%, 01/14/2050 |  | 800 | 577 |
|  6.13%, 01/22/2032 |  | 500 | 511 |
|  6.13%, 03/15/2034 |  | 950 | 948 |
|  7.13%, 05/13/2054 |  | 10550 | 10340 |
|  Bulgaria Government International Bond, (Bulgaria), |  |  |  |
|  Series 8Y, Reg. S, 3.63%, 09/05/2032 | EUR | 8900 | 10286 |
|  Series 13Y, Reg. S, 5.00%, 03/05/2037 |  | 3300 | 3184 |
|  CBB International Sukuk Programme Co. WLL, (Bahrain), 5.87%, 02/06/2034 (e) |  | 1700 | 1580 |
| Chile Government International Bond, (Chile), |  |  |  |
|  3.50%, 04/15/2053 |  | 2300 | 1610 |
|  4.85%, 01/22/2029 |  | 6400 | 6471 |
|  4.95%, 01/05/2036 |  | 11000 | 10860 |
| Colombia Government International Bond, (Colombia), |  |  |  |
|  3.25%, 04/22/2032 |  | 3600 | 3001 |
|  3.88%, 04/25/2027 |  | 1600 | 1588 |
|  5.00%, 06/15/2045 |  | 1600 | 1148 |
|  5.38%, 01/21/2029 |  | 1260 | 1250 |
|  5.63%, 02/26/2044 |  | 8600 | 6793 |
|  5.75%, 11/26/2034 | EUR | 1200 | 1308 |
|  6.13%, 01/21/2031 |  | 3800 | 3732 |
|  6.50%, 01/21/2033 |  | 3600 | 3537 |
|  7.38%, 04/25/2030 |  | 900 | 934 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |  |
| **Regional (State/Province) — (continued)** | | | |
|  7.50%, 02/02/2034 |  | 8100 | 8290 |
|  8.00%, 04/20/2033 |  | 400 | 422 |
|  8.00%, 11/14/2035 |  | 670 | 701 |
|  8.38%, 11/07/2054 |  | 1800 | 1856 |
|  Congolese International Bond, (Congo), Reg. S, 9.88%, 11/07/2032 (f) |  | 1400 | 1307 |
| Costa Rica Government International Bond, (Costa Rica), |  |  |  |
|  5.50%, 11/21/2030 (e) | EUR | 5500 | 6511 |
|  Reg. S, 5.63%, 04/30/2043 |  | 2900 | 2682 |
|  6.00%, 01/16/2036 (e) | EUR | 2250 | 2680 |
|  Reg. S, 7.30%, 11/13/2054 |  | 3500 | 3776 |
|  Dominican Republic International Bond, (Dominican Republic), |  |  |  |
|  Reg. S, 4.50%, 01/30/2030 |  | 3300 | 3129 |
|  Reg. S, 5.30%, 01/21/2041 |  | 5600 | 4746 |
|  Reg. S, 5.50%, 02/22/2029 |  | 390 | 386 |
|  5.88%, 10/28/2035 (e) |  | 2100 | 1992 |
|  Reg. S, 5.88%, 01/30/2060 |  | 1400 | 1167 |
|  Reg. S, 5.95%, 01/25/2027 |  | 6635 | 6663 |
|  Reg. S, 6.00%, 07/19/2028 |  | 150 | 151 |
|  Reg. S, 6.00%, 02/22/2033 |  | 9500 | 9235 |
|  Reg. S, 6.85%, 01/27/2045 |  | 5600 | 5446 |
|  Reg. S, 8.63%, 04/20/2027 |  | 175 | 178 |
| Eagle Funding Luxco Sarl, (Luxembourg), |  |  |  |
|  5.50%, 08/17/2030 (e) |  | 13480 | 13511 |
|  Reg. S, 5.50%, 08/17/2030 |  | 1500 | 1503 |
|  Ecuador Government International Bond, (Ecuador), |  |  |  |
|  Reg. S, Zero Coupon, 07/31/2030 |  | 1113 | 928 |
|  Reg. S, SUB, 5.00%, 07/31/2040 |  | 5200 | 4069 |
|  Reg. S, SUB, 6.90%, 07/31/2035 |  | 13047 | 11481 |
|  8.75%, 01/29/2034 (e) |  | 2700 | 2646 |
|  9.25%, 01/29/2039 (e) |  | 5800 | 5684 |
|  Egypt Government International Bond, (Egypt), |  |  |  |
|  Reg. S, 4.75%, 04/16/2026 | EUR | 12200 | 14040 |
|  Reg. S, 6.38%, 04/11/2031 | EUR | 15700 | 17042 |
|  Reg. S, 7.05%, 01/15/2032 |  | 800 | 756 |
|  Reg. S, 7.30%, 09/30/2033 |  | 500 | 465 |
|  Reg. S, 7.50%, 01/31/2027 |  | 400 | 402 |
|  Reg. S, 7.50%, 02/16/2061 |  | 5600 | 4262 |
|  Reg. S, 7.63%, 05/29/2032 |  | 2700 | 2594 |
|  Reg. S, 8.63%, 02/04/2030 |  | 4400 | 4547 |
|  9.45%, 02/04/2033 (e) |  | 1800 | 1892 |
|  El Salvador Government International Bond, (El Salvador), |  |  |  |
| Reg. S, 7.12%, 01/20/2050 |  | 800 | 669 |
| Reg. S, 7.65%, 06/15/2035 |  | 6300 | 6145 |
| Reg. S, 8.25%, 04/10/2032 |  | 1900 | 1943 |
| 9.65%, 11/21/2054 (e) |  | 5600 | 5926 |
| Gabon Blue Bond Master Trust Series 2, Reg. S, 6.10%, 08/01/2038 |  | 300 | 299 |
| Gabon Government International Bond, (Gabon), |  |  |  |
| Reg. S, 6.63%, 02/06/2031 |  | 1200 | 1003 |
| Series 4Y, Reg. S, 9.50%, 02/18/2029 |  | 2000 | 1874 |
| Ghana Government International Bond, (Ghana), |  |  |  |
| Zero Coupon, 07/03/2026 (e) |  | 161 | 158 |
| Reg. S, 1.50%, 01/03/2037 |  | 1400 | 731 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |  |
| **Regional (State/Province) — (continued)** | | | |
| SUB, 5.00%, 07/03/2029 (e) |  | 1719 | 1636 |
| Reg. S, SUB, 5.00%, 07/03/2029 |  | 7000 | 6664 |
| Guatemala Government Bond, (Guatemala), |  |  |  |
| Reg. S, 4.38%, 06/05/2027 |  | 10800 | 10699 |
| Reg. S, 4.88%, 02/13/2028 |  | 500 | 496 |
| Reg. S, 5.38%, 04/24/2032 |  | 3000 | 2964 |
| 6.05%, 08/06/2031 (e) |  | 1300 | 1323 |
| Reg. S, 6.05%, 08/06/2031 |  | 200 | 203 |
| 6.25%, 08/15/2036 (e) |  | 1600 | 1622 |
| 6.55%, 02/06/2037 (e) |  | 2600 | 2695 |
| Reg. S, 6.55%, 02/06/2037 |  | 2800 | 2903 |
| Reg. S, 6.60%, 06/13/2036 |  | 4000 | 4186 |
| 6.88%, 08/15/2055 (e) |  | 1200 | 1250 |
| Hazine Mustesarligi Varlik Kiralama A/S, (Turkey), 6.75%, 09/01/2030 (e) |  | 2200 | 2201 |
| Honduras Government International Bond, (Honduras), 8.63%, 11/27/2034 (e) |  | 1400 | 1569 |
| Hungary Government International Bond, (Hungary), |  |  |  |
| Reg. S, 4.25%, 05/26/2033 | EUR | 500 | 569 |
| Reg. S, 4.88%, 03/25/2038 | EUR | 700 | 796 |
| Reg. S, 5.25%, 06/16/2029 |  | 3150 | 3154 |
| 5.38%, 09/26/2030 (e) |  | 1024 | 1029 |
| Reg. S, 5.50%, 03/26/2036 |  | 2100 | 2047 |
| Reg. S, 6.13%, 05/22/2028 |  | 3800 | 3887 |
| Reg. S, 6.75%, 09/25/2052 |  | 2600 | 2681 |
| Series 30Y, 7.63%, 03/29/2041 |  | 7600 | 8604 |
| Indonesia Government International Bond, (Indonesia), |  |  |  |
| 4.46%, 03/04/2038 | EUR | 3000 | 3272 |
| Reg. S, 6.63%, 02/17/2037 |  | 5900 | 6415 |
| Iraq International Bond, (Iraq), Reg. S, 5.80%, 01/15/2028 |  | 600 | 583 |
| Israel Government International Bond, (Israel), Series 5Y, 5.38%, 03/12/2029 |  | 1000 | 1014 |
| Ivory Coast Government International Bond, (Ivory Coast), |  |  |  |
| Reg. S, 4.88%, 01/30/2032 | EUR | 2600 | 2794 |
| Reg. S, 5.25%, 03/22/2030 | EUR | 4600 | 5236 |
| Reg. S, SUB, 5.75%, 12/31/2032 |  | 172 | 168 |
| Reg. S, 6.63%, 03/22/2048 | EUR | 2700 | 2694 |
| Reg. S, 6.88%, 10/17/2040 | EUR | 1500 | 1627 |
| Reg. S, 8.25%, 01/30/2037 |  | 9500 | 9745 |
| Jordan Government International Bond, (Jordan), |  |  |  |
| Reg. S, 5.75%, 01/31/2027 |  | 7900 | 7874 |
| Reg. S, 7.38%, 10/10/2047 |  | 800 | 751 |
| Kuwait International Government Bond, (Kuwait), Reg. S, 4.65%, 10/09/2035 |  | 6600 | 6336 |
| Latvia Government International Bond, (Latvia), Reg. S, 5.13%, 07/30/2034 |  | 1200 | 1207 |
| Mexican Udibonos, (Mexico), Series S, 3.00%, 12/03/2026 | MXN | 1055 | 59 |
| Mexico Government International Bond, (Mexico), 3.88%, 05/16/2031 | EUR | 700 | 789 |
|  4.75%, 03/22/2031 |  | 1200 | 1166 |
|  4.88%, 05/16/2036 | EUR | 800 | 900 |
|  5.13%, 03/19/2038 | EUR | 2400 | 2679 |
|  5.63%, 02/09/2034 |  | 1900 | 1858 |
|  5.75%, 10/12/2110 |  | 3800 | 3084 |
|  5.85%, 07/02/2032 |  | 3516 | 3529 |
|  6.13%, 02/09/2038 |  | 1800 | 1754 |
|  6.40%, 05/07/2054 |  | 1100 | 1026 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |  |
| **Regional (State/Province) — (continued)** | | | |
|  6.63%, 01/29/2038 |  | 1600 | 1622 |
|  6.75%, 02/09/2056 |  | 1900 | 1843 |
|  Mongolia Government International Bond, (Mongolia), |  |  |  |
|  Reg. S, 3.50%, 07/07/2027 |  | 1600 | 1551 |
|  Reg. S, 4.45%, 07/07/2031 |  | 3100 | 2854 |
|  5.95%, 03/09/2032 (e) |  | 1000 | 982 |
|  7.88%, 06/05/2029 (e) |  | 300 | 313 |
|  Reg. S, 7.88%, 06/05/2029 |  | 100 | 104 |
|  Montenegro Government International Bond, (Montenegro), |  |  |  |
|  Reg. S, 4.88%, 04/01/2032 | EUR | 100 | 114 |
|  7.25%, 03/12/2031 (e) |  | 1700 | 1768 |
|  Morocco Government International Bond, (Morocco), Reg. S, 5.50%, 12/11/2042 |  | 2100 | 1925 |
|  Mozambique International Bond, (Mozambique), Reg. S, SUB, 9.00%, 09/15/2031 |  | 400 | 299 |
|  Nigeria Government International Bond, (Nigeria), |  |  |  |
|  Reg. S, 6.13%, 09/28/2028 |  | 5900 | 5844 |
|  Reg. S, 6.50%, 11/28/2027 |  | 1500 | 1504 |
|  Reg. S, 7.38%, 09/28/2033 |  | 16009 | 15663 |
|  North Macedonia Government International Bond, (North Macedonia), Reg. S, 6.96%, 03/13/2027 | EUR | 3300 | 3878 |
|  Oman Government International Bond, (Oman), |  |  |  |
|  Reg. S, 4.75%, 06/15/2026 |  | 1000 | 999 |
|  Reg. S, 6.25%, 01/25/2031 |  | 16700 | 17413 |
|  Reg. S, 6.75%, 01/17/2048 |  | 2700 | 2814 |
|  Oriental Republic of Uruguay, (Uruguay), 5.25%, 09/10/2060 |  | 7100 | 6440 |
|  Pakistan Government International Bond, (Pakistan), |  |  |  |
|  Reg. S, 6.00%, 04/08/2026 |  | 2000 | 1998 |
|  Reg. S, 6.88%, 12/05/2027 |  | 4800 | 4735 |
|  Reg. S, 7.38%, 04/08/2031 |  | 2100 | 1942 |
|  Reg. S, 8.88%, 04/08/2051 |  | 2000 | 1785 |
| Panama Government International Bond, (Panama), |  |  |  |
|  3.88%, 03/17/2028 |  | 228 | 224 |
|  6.85%, 03/28/2054 |  | 1800 | 1846 |
|  7.88%, 03/01/2057 |  | 5500 | 6375 |
|  8.00%, 03/01/2038 |  | 3516 | 4026 |
|  8.88%, 09/30/2027 |  | 13642 | 14461 |
|  Paraguay Government International Bond, (Paraguay), |  |  |  |
|  Reg. S, 5.40%, 03/30/2050 |  | 2300 | 2040 |
|  Reg. S, 5.85%, 08/21/2033 |  | 6800 | 7004 |
|  6.00%, 02/09/2036 (e) |  | 400 | 415 |
|  Reg. S, 6.00%, 02/09/2036 |  | 600 | 622 |
|  6.65%, 03/04/2055 (e) |  | 1200 | 1246 |
|  7.90%, 02/09/2031 (e) | PYG  | 9789000 | 1477 |
|  8.50%, 03/04/2035 (e) | PYG  | 15550000 | 2403 |
|  Perusahaan Penerbit SBSN Indonesia III, (Indonesia), Reg. S, 5.65%, 11/25/2054 |  | 1000 | 956 |
|  Peruvian Government International Bond, (Peru), |  |  |  |
|  3.23%, 07/28/2121 |  | 10900 | 5812 |
|  3.60%, 01/15/2072 |  | 3900 | 2393 |
|  5.50%, 03/30/2036 |  | 1600 | 1593 |
|  5.88%, 08/08/2054 |  | 1690 | 1625 |
|  6.20%, 06/30/2055 |  | 1900 | 1907 |
|  6.55%, 03/14/2037 |  | 7400 | 7986 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |  |
| **Regional (State/Province) — (continued)** | | | |
|  6.90%, 08/12/2037 (e) | PEN  | 6300 | 1794 |
|  Reg. S, 6.95%, 08/12/2031 | PEN  | 3800 | 1183 |
| Philippine Government International Bond, (Philippines), |  |  |  |
|  2.95%, 05/05/2045 |  | 2600 | 1739 |
|  3.70%, 03/01/2041 |  | 2800 | 2246 |
|  5.18%, 09/05/2049 |  | 1200 | 1094 |
|  6.38%, 10/23/2034 |  | 1500 | 1615 |
|  Republic of Angola Via Avenir Issuer IV Ireland DAC, (Ireland), |  |  |  |
|  Series 2, Reg. S, 6.00%, 12/30/2027 |  | 1375 | 1330 |
|  Series 4, Reg. S, 10.75%, 09/15/2028 |  | 623 | 632 |
|  Republic of Armenia International Bond, (Armenia), |  |  |  |
|  Reg. S, 3.60%, 02/02/2031 |  | 1700 | 1511 |
|  Reg. S, 3.95%, 09/26/2029 |  | 2200 | 2068 |
|  Republic of Cameroon International Bond, (Cameroon), |  |  |  |
|  Reg. S, 5.95%, 07/07/2032 | EUR | 4200 | 4173 |
|  Series 7Y, Reg. S, 9.50%, 07/31/2031 |  | 2300 | 2239 |
| Republic of Kenya Government International Bond, (Kenya), |  |  |  |
|  7.88%, 10/09/2033 (e) |  | 1700 | 1575 |
|  Reg. S, 7.88%, 10/09/2033 |  | 4900 | 4540 |
|  8.80%, 10/09/2038 (e) |  | 1600 | 1469 |
|  9.50%, 03/05/2036 (e) |  | 3700 | 3615 |
|  Reg. S, 9.50%, 03/05/2036 |  | 300 | 293 |
|  9.75%, 02/16/2031 (e) |  | 2800 | 2870 |
|  Reg. S, 9.75%, 02/16/2031 |  | 5400 | 5535 |
|  Republic of Poland Government International Bond, (Poland), |  |  |  |
|  Series 5Y, 4.88%, 02/12/2030 |  | 1100 | 1123 |
|  Series 10Y, 4.88%, 10/04/2033 |  | 200 | 200 |
|  Series 10Y, 5.38%, 02/12/2035 |  | 2400 | 2445 |
|  Series 30Y, 5.50%, 04/04/2053 |  | 9400 | 8698 |
|  Republic of South Africa Government Bond, (South Africa), |  |  |  |
|  Series 2035, 8.88%, 02/28/2035 | ZAR | 224000 | 13004 |
|  Series 2037, 8.50%, 01/31/2037 | ZAR | 177300 | 9786 |
|  Series 2040, 9.00%, 01/31/2040 | ZAR | 17000 | 943 |
| Republic of South Africa Government International Bond, (South Africa), |  |  |  |
|  7.10%, 11/19/2036 (e) |  | 2700 | 2762 |
|  7.25%, 12/11/2055 (e) |  | 2000 | 1829 |
|  7.95%, 11/19/2054 (e) |  | 2700 | 2672 |
|  Series 10Y, 4.85%, 09/30/2029 |  | 3700 | 3619 |
|  Series 30Y, 5.75%, 09/30/2049 |  | 4800 | 3716 |
|  Series 30Y, 7.30%, 04/20/2052 |  | 3500 | 3234 |
| Republic of Srpska International Government Bond, (Bosnia and Herzegovina), 6.25%, 04/02/2031 (e) (w) | EUR | 1400 | 1620 |
|  Republic of Uzbekistan International Bond, (Uzbekistan), Reg. S, 3.90%, 10/19/2031 |  | 3600 | 3248 |
|  Romanian Government International Bond, (Romania), |  |  |  |
|  Reg. S, 2.12%, 07/16/2031 | EUR | 3400 | 3376 |
|  Reg. S, 2.13%, 03/07/2028 | EUR | 1100 | 1232 |
|  Reg. S, 2.63%, 12/02/2040 | EUR | 5600 | 4054 |
|  Reg. S, 3.00%, 02/27/2027 |  | 5800 | 5686 |
|  Reg. S, 3.38%, 01/28/2050 | EUR | 600 | 421 |
|  Reg. S, 3.88%, 10/29/2035 | EUR | 2800 | 2736 |
|  Reg. S, 5.13%, 09/24/2031 | EUR | 1400 | 1606 |
|  Reg. S, 5.25%, 11/25/2027 |  | 1396 | 1392 |
|  Reg. S, 5.38%, 06/07/2033 | EUR | 2500 | 2818 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |  |
| **Regional (State/Province) — (continued)** | | | |
|  Reg. S, 5.75%, 03/24/2035 |  | 300 | 284 |
|  5.75%, 03/24/2035 (e) |  | 1000 | 945 |
|  5.88%, 01/30/2029 (e) |  | 946 | 952 |
|  Reg. S, 6.13%, 10/07/2037 | EUR | 1550 | 1738 |
|  Reg. S, 6.38%, 09/18/2033 | EUR | 2700 | 3206 |
|  Reg. S, 6.38%, 01/30/2034 |  | 1800 | 1789 |
|  6.38%, 01/30/2034 (e) |  | 1800 | 1789 |
|  Reg. S, 6.50%, 10/07/2045 | EUR | 300 | 332 |
|  Reg. S, 6.63%, 02/17/2028 |  | 940 | 960 |
|  6.75%, 07/11/2039 (e) | EUR | 1900 | 2189 |
|  Reg. S, 7.13%, 01/17/2033 |  | 7700 | 8040 |
|  Saudi Government International Bond, (Saudi Arabia), |  |  |  |
|  Reg. S, 3.45%, 02/02/2061 |  | 6000 | 3704 |
|  Reg. S, 3.75%, 01/21/2055 |  | 1400 | 949 |
|  Reg. S, 4.38%, 04/16/2029 |  | 5100 | 5049 |
|  Reg. S, 5.00%, 01/16/2034 |  | 2800 | 2784 |
|  Reg. S, 5.75%, 01/16/2054 |  | 800 | 754 |
|  Senegal Government International Bond, (Senegal), |  |  |  |
|  Reg. S, 4.75%, 03/13/2028 | EUR | 2800 | 2024 |
|  Reg. S, 5.38%, 06/08/2037 | EUR | 6000 | 3490 |
|  Reg. S, 6.25%, 05/23/2033 |  | 6100 | 3231 |
|  Series 7Y, Reg. S, 7.75%, 06/10/2031 |  | 1300 | 750 |
|  Serbia International Bond, (Serbia), |  |  |  |
|  Reg. S, 2.05%, 09/23/2036 | EUR | 2500 | 2183 |
|  6.00%, 06/12/2034 (e) |  | 1400 | 1402 |
|  Reg. S, 6.00%, 06/12/2034 |  | 2200 | 2204 |
|  Reg. S, 6.25%, 05/26/2028 |  | 6700 | 6833 |
|  Reg. S, 6.50%, 09/26/2033 |  | 1000 | 1043 |
|  Slovenia Government International Bond, (Slovenia), Reg. S, 5.00%, 09/19/2033 |  | 2500 | 2577 |
|  Sri Lanka Government International Bond, (Sri Lanka), |  |  |  |
|  Reg. S, SUB, 3.10%, 01/15/2030 |  | 940 | 863 |
|  Reg. S, SUB, 3.60%, 06/15/2035 |  | 6000 | 4528 |
|  Reg. S, SUB, 3.60%, 02/15/2038 |  | 3800 | 3354 |
|  Reg. S, 4.00%, 04/15/2028 |  | 1825 | 1741 |
| Suriname Government International Bond, (Suriname), |  |  |  |
|  7.70%, 11/06/2030 (e) |  | 1800 | 1822 |
|  8.50%, 11/06/2035 (e) |  | 1900 | 1957 |
| Trinidad & Tobago Government International Bond, (Trinidad and Tobago), |  |  |  |
|  5.95%, 01/14/2031 (e) |  | 700 | 701 |
|  Reg. S, 5.95%, 01/14/2031 |  | 200 | 200 |
|  Turkiye Government Bond, (Turkey), |  |  |  |
|  Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 39.74%, 05/20/2026 (aa) | TRY  | 9600 | 216 |
|  Series 4Y, (Turkish Lira Overnight Reference Rate + 0.00%), 39.74%, 05/17/2028 (aa) | TRY  | 68600 | 1531 |
|  Series 5Y, (Turkish Lira Overnight Reference Rate + 0.00%), 39.74%, 08/19/2026 (aa) | TRY  | 45900 | 1033 |
| Turkiye Government International Bond, (Turkey), |  |  |  |
|  6.30%, 03/14/2033 |  | 800 | 757 |
|  6.88%, 01/14/2038 |  | 800 | 748 |
|  Series 6Y, 9.38%, 03/14/2029 |  | 3200 | 3452 |
|  Series 10Y, 7.63%, 05/15/2034 |  | 6900 | 7017 |
|  Series 30Y, 5.75%, 05/11/2047 |  | 9100 | 6814 |
|  Series 30Y, 6.88%, 03/17/2036 |  | 10600 | 10165 |
| Turkiye Ihracat Kredi Bankasi A/S, (Turkey), |  |  |  |
|  6.38%, 10/03/2030 (e) |  | 1500 | 1449 |
|  6.88%, 07/03/2028 (e) |  | 1100 | 1114 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Foreign Government Securities — (continued)** |  |  |
| **Regional (State/Province) — (continued)** | | |
|  7.50%, 02/06/2028 (e) | 500 | 511 |
|  Reg. S, 7.50%, 02/06/2028 | 200 | 205 |
|  Ukraine Government International Bond, (Ukraine), |  |  |
|  Reg. S, SUB, 0.00%, 02/01/2030 | 900 | 527 |
|  Reg. S, SUB, 0.00%, 02/01/2034 | 9300 | 3979 |
|  Reg. S, SUB, 0.00%, 02/01/2035 | 2400 | 1112 |
|  Reg. S, SUB, 0.00%, 02/01/2036 | 200 | 93 |
|  Reg. S, SUB, 4.00%, 02/01/2032 | 4000 | 2886 |
|  Reg. S, SUB, 4.50%, 02/01/2029 | 2200 | 1548 |
|  Reg. S, SUB, 4.50%, 02/01/2034 | 14100 | 7519 |
|  Reg. S, SUB, 4.50%, 02/01/2035 | 2600 | 1361 |
|  Reg. S, SUB, 4.50%, 02/01/2036 | 2600 | 1335 |
| Uruguay Government International Bond, (Uruguay), |  |  |
|  5.10%, 06/18/2050 | 4100 | 3754 |
|  5.75%, 10/28/2034 | 2500 | 2609 |
|  Zambia Government International Bond, (Zambia), Reg. S, 0.50%, 12/31/2053 | 3000 | 1969 |
|  Total Sovereign |  | 841253 |
| Total Foreign Government Securities<br>(Cost $844,744) |  | 862023 |
|  **Mortgage-Backed Securities** — **0.2%**  |  |  |
| **FHLMC Collateral — 0.1%** |  |  |
|  FHLMC Non Gold Pool, |  |  |
|  ARM, (United States 30 Day Average SOFR + 2.23%), 5.02%, 09/01/2055 (aa) | 2622 | 2643 |
|  ARM, (United States 30 Day Average SOFR + 2.18%), 5.36%, 08/01/2055 (aa) | 1968 | 1996 |
|  Total FHLMC Collateral |  | 4639 |
| **FNMA Collateral — 0.1%** |  |  |
|  FNMA Pool, |  |  |
|  ARM, (United States 30 Day Average SOFR + 2.31%), 5.34%, 08/01/2055 (aa) | 2608 | 2647 |
|  ARM, (United States 30 Day Average SOFR + 2.03%), 5.47%, 10/01/2055 (aa) | 1629 | 1644 |
|  ARM, (United States 30 Day Average SOFR + 2.20%), 5.72%, 08/01/2055 (aa) | 419 | 427 |
|  Total FNMA Collateral |  | 4718 |
| Total Mortgage-Backed Securities<br> (Cost $9,359) |  | 9357 |
|  **U.S. Treasury Obligations** — **1.1%**  |  |  |
| **Sovereign — 1.1%** |  |  |
|  U.S. Treasury Bond, 4.88%, 08/15/2045 (ii) | 300 | 300 |
|  U.S. Treasury Notes, 3.38%, 12/31/2027 (ee) | 9115 | 9044 |
|  3.38%, 02/29/2028 | 11584 | 11492 |
|  3.50%, 09/30/2027 (ff) | 6425 | 6393 |
|  3.50%, 10/31/2027 | 8345 | 8300 |
|  3.50%, 01/31/2028 | 6515 | 6477 |
|  3.50%, 12/15/2028 | 4859 | 4818 |
|  3.75%, 04/15/2028 | 3077 | 3073 |
|  4.13%, 10/31/2026 (ee) | 3390 | 3396 |
|  4.25%, 05/15/2035 | 380 | 379 |
| 4.25%, 08/15/2035 (ii) | 480 | 479 |
| Total Sovereign |  | 54151 |
| Total U.S. Treasury Obligations<br>(Cost $54,367) |  | 54151 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **SHARES** | **VALUE ($)** |
|  **Common Stocks** — **0.4%**  |  |  |
|  **Basic Materials** — **0.0%**(g) |  |  |
|  **Chemicals** — **0.0%**(g) |  |  |
|  Venator Materials plc, (United Kingdom) (a) (bb) | 4 | 98 |
|  **Communications** — **0.3%** |  |  |
|  **Internet** — **0.0%**(g) |  |  |
|  Xplore, Inc., (Canada) (a) (bb) | 3 | — (h) |
|  Xplore, Inc., (Canada) (a) | 48 | 47 |
|  |  | 47 |
|  **Media** — **0.0%**(g) |  |  |
|  Diamond Sports Group LLC (a) | 137 | 26 |
|  **Telecommunications** — **0.3%** |  |  |
|  Digicel Holdings Bermuda Ltd. / Digicel International Finance Ltd., (Jamaica) (a) | 796 | 14928 |
|  Total Communications |  | 15001 |
|  **Consumer Non-cyclical** — **0.1%** |  |  |
|  **Commercial Services** — **0.1%** |  |  |
|  LuxCo. 3 Sarl (a) | 356 | 5932 |
|  United Site Services (a) (f) (bb) | — (h) | 27 |
|  |  | 5959 |
|  **Healthcare - Services** — **0.0%**(g) |  |  |
|  Quorum Health Corp. (a) (f) | 8 | 4 |
|  Total Consumer Non-cyclical |  | 5963 |
|  **Financial** — **0.0%** (g) |  |  |
|  **Real Estate** — **0.0%** (g) |  |  |
|  ADLER Group SA, (Luxembourg) (a)(bb) | 1268 |  |
|  **Industrial** — **0.0%**(g) |  |  |
|  **Packaging & Containers** — **0.0%**(g) |  |  |
|  Ardagh Holdings SA, (Luxembourg) (a) (e) (bb) | 1 | 5 |
|  **Utilities** — **0.0%**(g) |  |  |
|  **Electric** — **0.0%**(g) |  |  |
|  Heritage Power LLC (bb) | 25 | 12 |
|  Heritage Power LLC | 22 | 1541 |
|  Total Utilities |  | 1563 |
| Total Common Stocks<br>(Cost $12,606) |  | 22630 |
|  **Preferred Stocks** — **0.2%**  |  |  |
|  **Communications** — **0.0%**(g) |  |  |
|  **Telecommunications** — **0.0%**(g) |  |  |
|  Digicel Holdings Bermuda Ltd., expiring, (Bermuda) (a) (bb) | 56 | 714 |
|  **Consumer Cyclical** — **0.2%** |  |  |
|  **Retail** — **0.2%** |  |  |
|  Ferrellgas Escrow LLC, expiring (a) (bb) | 6 | 6467 |
|  Total Preferred Stocks |  |  |
|  (Cost $6,687) |  | 7181 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
|  **Loan Assignments** — **2.7%** (o) |  |  |  |
|  **Basic Materials** — **0.2%** |  |  |  |
|  **Chemicals** — **0.2%** |  |  |  |
| Discovery Purchaser Corp., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.42%, 10/04/2029 (aa) |  | 808 | 793 |
| Ecovyst Catalyst Technologies LLC, Second Amendment Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 06/12/2031 (aa) |  | 207 | 207 |
| Ineos Finance PLC, New 2027 Euro Term Loans, (United Kingdom), (Euribor 3 Month + 3.00%), 1.82%, 10/29/2027 (u) | EUR | 2000 | 2262 |
| Olympus Water US Holding Corp., |  |  |  |
| Term B-6 Dollar Loan, (CME Term SOFR 3 Month + 3.00%), 6.70%, 06/20/2031 (aa) |  | 408 | 391 |
| 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.95%, 11/03/2032 (aa) |  | 815 | 783 |
| SCUR-Alpha 2505 GmbH & Co. KG, Tranche B-2 Term Loan, (Germany), (CME Term SOFR 3 Month + 4.75%), 8.00%, 04/08/2031 (u) (aa) |  | 37 | 25 |
| Timber Servicios Empresariales, S.A., Facility B, (Spain), (Euribor 6 Month + 4.65%), 7.15%, 03/30/2029 | EUR | 2000 | 2008 |
| TPC Group Inc., Initial Term Loan, (CME Term SOFR 6 Month + 5.75%), 9.39%, 12/16/2031 (aa) |  | 4025 | 3676 |
| Venator Materials LLC, |  |  |  |
| First-Out B Term Loan, (CME Term SOFR 3 Month + 2.00%), 6.75%, 07/16/2026 (d) (aa) |  | 975 | 780 |
| First-Out Term Loan, (PIK Interest 3 Month + 7.00%), 7.00%, 07/16/2026 (d) |  | 980 | 784 |
| Initial Term Loan, (PIK Interest 3 Month + 4.00%), 7.00%, 10/12/2028 (d) (bb) |  | 1455 | 582 |
|  |  |  | 12291 |
|  **Forest Products & Paper** — **0.0%**(g) |  |  |  |
|  Glatfelter Corp., Term Loan, (CME Term SOFR 3 Month + 4.25%), 7.92%, 11/04/2031 (aa) |  | 238 | 228 |
|  Total Basic Materials |  |  | 12519 |
|  **Communications** — **0.6%** |  |  |  |
|  **Advertising** — **0.0%**(g) |  |  |  |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.78%, 08/21/2028 (aa) |  | 805 | 806 |
| CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.30%, 06/18/2029 (d) (aa) |  | 496 | 463 |
| Neptune BidCo US Inc., 2026 Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 8.76%, 02/03/2033 (aa) |  | 336 | 320 |
|  |  |  | 1589 |
|  **Internet** — **0.0%**(g) |  |  |  |
| Arches Buyer Inc., Refinancing Term Loan, (CME Term SOFR 1 Month + 3.25%), 7.02%, 12/06/2027 (aa) |  | 798 | 794 |
| AVIV Group GmbH, Facility B, (Germany), (EURIBOR 6 Month + 4.00%), 6.10%, 04/23/2032 (aa) | EUR | 625 | 681 |
|  |  |  | 1475 |
|  **Media** — **0.3%** |  |  |  |
| Charter Communications Operating, LLC, Term B-4 Loan, (CME Term SOFR 3 Month + 2.00%), 5.66%, 12/07/2030 (u) (aa) |  | 520 | 520 |
| CSC Holdings, LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.25%, 04/15/2027 |  | 2695 | 2369 |
| Diamond Sports Net, LLC, Term Loan (First Lien), 12.00%, 01/02/2028 |  | 1015 | 168 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — (continued)** |  |  |  |
| **Media — (continued)** | | | |
| DIRECTV Financing, LLC, 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.17%, 02/17/2031 (aa) |  | 1540 | 1539 |
|  Gray Television, Inc., |  |  |  |
|  Term D Loan, (CME Term SOFR 1 Month + 3.00%), 6.78%, 12/01/2028 (aa) |  | 402 | 402 |
|  Term F Loan, (CME Term SOFR 1 Month + 5.25%), 8.92%, 06/04/2029 (aa) |  | 10 | 10 |
|  Radiate Holdco, LLC, First Out Term Loan, (CME Term SOFR 1 Month + 1.50%), 7.28%, 09/25/2029 (u) (aa) |  | 6591 | 5847 |
| Summer (BC) Bidco B LLC, Extended Facility B (USD), (CME Term SOFR 3 Month + 5.00%), 8.96%, 02/15/2029 (aa) |  | 757 | 642 |
| Telenet Financing USD LLC, Term Loan AR Facility, (CME Term SOFR 1 Month + 2.00%), 5.79%, 04/28/2028 (u) (aa) |  | 450 | 444 |
| Virgin Media Bristol LLC, Facility Q, (CME Term SOFR 1 Month + 3.25%), 7.04%, 01/31/2029 (aa) |  | 600 | 577 |
|  |  |  | 12518 |
| **Telecommunications — 0.3%** |  |  |  |
| Altice Financing S.A., 2022 Refinancing Dollar Commitments, (Luxembourg), (CME Term SOFR 3 Month + 5.00%), 8.67%, 10/31/2027 (aa) |  | 1040 | 753 |
| Digicel International Finance Ltd., Initial Term Loan (First Lien), (Bermuda), (CME Term SOFR 1 Month + 5.25%), 8.92%, 08/06/2032 (aa) |  | 564 | 562 |
| Eircom Finco Sarl, Facility B6, (Luxembourg), (Euribor 1 Month + 2.75%), 4.69%, 05/15/2032 | EUR | 3000 | 3451 |
| Level 3 Financing, Inc., Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 6.92%, 03/29/2032 (aa) |  | 1596 | 1594 |
| Lorca Telecom Bidco, S.A., Facility B5, (United Kingdom), (Euribor 6 Month + 2.25%), 4.38%, 03/25/2031 | EUR | 4000 | 4610 |
| ViaSat, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.29%, 05/30/2030 (aa) |  | 663 | 663 |
|  Xplore, Inc., |  |  |  |
| Initial Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 5.28%, 10/24/2029 (aa) |  | 84 | 76 |
| Second Out Term Loan (First Lien), (Canada), (CME Term SOFR 1 Month + 1.50%), 6.00%, 10/24/2031 (u) (aa) |  | 300 | 190 |
| Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 0.50%), 6.78%, 03/11/2030 (u) (aa) |  | 2987 | 2928 |
|  |  |  | 14827 |
| Total Communications |  |  | 30409 |
| **Consumer Cyclical — 0.4%** |  |  |  |
| **Airlines — 0.1%** |  |  |  |
| AAdvantage Loyality IP Ltd. (American Airlines, Inc.), 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 5.92%, 04/20/2028 (aa) |  | 318 | 314 |
| American Airlines, Inc., 2020 Term Loan, (CME Term SOFR 3 Month + 1.75%), 5.52%, 01/29/2027 (aa) |  | 2183 | 2167 |
|  |  |  | 2481 |
| **Auto Parts & Equipment — 0.0%** (g) |  |  |  |
| First Brands Group, LLC, 2021 Term Loan (Second Lien), (CME Term SOFR 1 Month + 10.50%), 14.28%, 03/30/2028 (aa) |  | 6936 | 2 |
|  Tenneco, Inc., |  |  |  |
| Term A Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.51%, 11/17/2028 (aa) |  | 1450 | 1409 |
| Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 8.76%, 11/17/2028 (aa) |  | 723 | 704 |
|  |  |  | 2115 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — (continued)** |  |  |  |
| **Entertainment — 0.0%** (g) | | | |
| Crown Finance US, Inc., First Amendment Term Loan, (CME Term SOFR 3 Month + 4.50%), 0.00%, 12/02/2031 (u) (aa) |  | 212 | 210 |
| Great Canadian Gaming Corp., 2024 Refinancing Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.75%), 8.44%, 11/01/2029 (aa) |  | 420 | 413 |
|  |  |  | 623 |
| **Leisure Time — 0.0%** (g) |  |  |  |
| City Football Group Ltd., Term B-1 Loan, (United Kingdom), (CME Term SOFR 1 Month + 3.50%), 7.17%, 07/18/2030 (aa) |  | 561 | 559 |
| Majordrive Holdings IV, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 7.70%, 06/01/2028 (u) (aa) |  | 102 | 92 |
| Sabre GLBL Inc., 2025 Other Term B-2 Loan, (CME Term SOFR 1 Month + 6.25%), 10.02%, 07/30/2029 (aa) |  | 87 | 68 |
|  |  |  | 719 |
| **Retail — 0.3%** |  |  |  |
| Boots Group Finco LP, Closing Date Dollar Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 08/30/2032 (aa) |  | 2004 | 2009 |
| Breitling Holdings Sarl, Facility B, (Luxembourg), (Euribor 6 Month + 3.90%), 6.02%, 10/25/2028 | EUR | 3739 | 3582 |
| CD&R Firefly Bidco Ltd., Facility B10, (United Kingdom), (SONIA 3 Month + 4.75%), 8.48%, 04/29/2029 | GBP | 3800 | 5010 |
| Kodiak BP, LLC, Initial Term Loan, (PRIME 3 Month + 2.75%), 9.50%, 12/04/2031 (u) |  | 832 | 832 |
| LBM Acquisition, LLC, Amendment No. 3 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.52%, 06/06/2031 (u) (aa) |  | 697 | 556 |
| Medline Borrower, LP, 2028 Refinancing Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.42%, 10/23/2028 (aa) |  | 193 | 193 |
|  Sabre GLBL, Inc., |  |  |  |
|  2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 9.77%, 11/15/2029 (aa) |  | 396 | 310 |
| 2024 Term B-2 Loan, (CME Term SOFR 1 Month + 6.00%), 9.77%, 11/15/2029 (aa) |  | 143 | 112 |
|  White Cap Supply Holdings, LLC, |  |  |  |
| Tranche C Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.92%, 10/19/2029 (aa) |  | 120 | 115 |
| Tranche D Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.17%, 02/10/2033 (aa) |  | 331 | 314 |
|  |  |  | 13033 |
| Total Consumer Cyclical |  |  | 18971 |
|  **Consumer Non-cyclical** — **0.4%** |  |  |  |
|  **Commercial Services** — **0.3%** |  |  |  |
| Allied Universal Holdco, LLC (f/k/a USAGM Holdco, LLC), Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.92%, 08/20/2032 (u) (aa) |  | 725 | 724 |
| Amber Finco plc, Additional Facility B3, (United Kingdom), (EURIBOR 1 Month + 3.25%), 0.00%, 06/11/2029 (aa) | EUR | 1000 | 1157 |
| Camelot U.S. Acquisition LLC, Amendment No. 7 Incremental Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.92%, 01/31/2031 (aa) |  | 743 | 643 |
| Champions Holdco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.75%), 8.42%, 02/23/2029 (aa) |  | 859 | 743 |
| Grant Thornton Advisors LLC, 2025 Incremental Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 06/02/2031 (aa) |  | 1496 | 1391 |
|  Hertz Corp., The, |  |  |  |
| Initial Term C Loan, (CME Term SOFR 1 Month + 3.50%), 7.28%, 06/30/2028 (u) (aa) |  | 6 | 4 |
| Initial Term B Loan, (CME Term SOFR 1 Month + 3.50%), 7.28%, 06/30/2028 (u) (aa) |  | 30 | 22 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — (continued)** |  |  |  |
| **Commercial Services — (continued)** |  |  |  |
| Jupiter Buyer Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.92%, 11/01/2031 (aa) |  | 730 | 729 |
| Lernen Bidco Ltd., Facility B3 (USD), (United Kingdom), (SOFR 6 Month + 3.50%), 7.41%, 10/27/2031 (u) |  | — <br> (h)  | — <br> (h)  |
| Obol France 2.5 SAS, Facility B3, (France), (Euribor 6 Month + 5.00%), 7.10%, 12/31/2028 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;3898 | 4448 |
| PECF USS Intermediate Holding III, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 7.50%), 11.17%, 03/03/2033 (aa) |  | 39 | 38 |
| Polygon Group AB, Facility B, (Sweden), (Euribor 3 Month + 4.00%), 6.13%, 10/05/2028 | EUR | 2835 | 2980 |
| Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.17%, 01/30/2031 (aa) |  | 1300 | 1288 |
|  |  |  | 14167 |
|  **Food** — **0.0%**(g) |  |  |  |
| Market Bidco Ltd., Facility B4 (GBP), (United Kingdom), (SONIA 3 Month + 5.25%), 9.08%, 11/04/2030 | GBP | 750 | 950 |
|  **Healthcare - Products** — **0.1%** |  |  |  |
| Hologic, Inc., Term Loan B, (CME Term SOFR 3 Month + 2.25%), 5.92%, 01/14/2033 (u) (aa) |  | 1250 | 1234 |
| Medline Borrower, LP, 2030 Refinancing Term Loan, (CME Term SOFR 1 Month + 1.75%), 5.42%, 10/23/2030 (u) (aa) |  | 299 | 300 |
|  |  |  | 1534 |
|  **Healthcare - Services** — **0.0%**(g) |  |  |  |
| LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month |  |  |  |
| + 3.50%), 7.15%, 05/17/2031 (aa) |  | 402 | 401 |
| 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.42%, 05/17/2031 (aa) |  | 628 | 628 |
| MPH Acquisition Holdings LLC, |  |  |  |
| Exchange First Out Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.42%, 12/31/2030 (u) (aa) |  | 683 | 680 |
| Second Out Term Loan, (CME Term SOFR 3 Month + 4.60%), 8.53%, 12/31/2030 (aa) |  | 427 | 377 |
| Quorum Health Corp., Term Loan (Exit), (CME Term SOFR 3 Month + 6.50%), 10.25%, 01/28/2028 (aa) |  | 706 | 478 |
|  |  |  | 2564 |
| **Pharmaceuticals — 0.0%** (g) |  |  |  |
| Endo Finance Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.42%, 04/23/2031 (aa) |  | 400 | 397 |
|  Total Consumer Non-Cyclical |  |  | 19612 |
| **Diversified — 0.0%** (g) |  |  |  |
| **Holding Companies - Diversified — 0.0%** (g) |  |  |  |
|  GN Loanco, LLC, Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.17%, 12/19/2030 (aa) |  | 93 | 90 |
|  **Financial** — **0.3%** |  |  |  |
|  **Banks** — **0.1%** |  |  |  |
| Ziraat Katilim Bankasi Anonim Sirketi, Tranche B, (CME Term SOFR 1 Month + 3.00%), 0.00%, 06/15/2034 (aa) (bb) |  | 2400 | 2400 |
|  **Diversified Financial Services** — **0.1%** |  |  |  |
| Apex Group Treasury Ltd., 2025 Refinancing EUR Term Loan, (Ireland), (Euribor 1 Month + 3.75%), 5.64%, 02/27/2032 | EUR | 2000 | 2112 |
| Corpay Technologies Operating Company, LLC, Term B-5 Loan, (CME Term SOFR 1 Month + 1.75%), 5.42%, 04/28/2028 (aa) |  | 1470 | 1468 |
| Focus Financial Partners, LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 09/15/2031 (aa) |  | 224 | 217 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — (continued)** |  |  |  |
| **Diversified Financial Services — (continued)** | | | |
|  Setanta Aircraft Leasing Designated Activity Company, New Loan, (Ireland), (CME Term SOFR 3 Month + 1.75%), 5.45%, 11/05/2028 (aa) |  | 83 | 83 |
|  THG Operations Holdings Ltd., Facility B2, (United Kingdom), (Euribor 1 Month + 5.00%), 2.17%, 12/10/2029 (u) | EUR | 2000 | 2224 |
|  Your.World Finco II B.V., Additional Facility B1, (Netherlands), (Euribor 1 Month + 4.00%), 1.89%, 11/04/2031 (u) | EUR | 1500 | 1507 |
|  |  |  | 7611 |
| **Insurance — 0.1%** |  |  |  |
|  Acrisure, LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.67%, 11/06/2030 (aa) |  | 567 | 549 |
|  Asurion, LLC, |  |  |  |
|  New B-12 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.92%, 09/19/2030 (aa) |  | 1814 | 1794 |
|  New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.92%, 09/19/2030 (u) (aa) |  | 735 | 725 |
|  New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.03%, 01/20/2029 (aa) |  | 428 | 424 |
|  CRC Insurance Group, LLC, |  |  |  |
|  Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.45%, 05/06/2031 (aa) |  | 538 | 529 |
|  Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.45%, 05/06/2032 (aa) |  | 566 | 560 |
|  Jones DesLauriers Insurance Management Inc., 2026-1 Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 3.00%), 6.66%, 02/02/2033 (aa) |  | 392 | 380 |
|  |  |  | 4961 |
| **Investment Companies — 0.0%** (g) |  |  |  |
|  Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 07/30/2031 (aa) |  | 400 | 399 |
| **Real Estate — 0.0%** (g) |  |  |  |
|  CoreLogic, Inc. (fka First American Corporation, The), Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.50%), 7.28%, 06/02/2028 (aa) |  | 731 | 698 |
|  Total Financial |  |  | 16069 |
|  **Government — 0.2%** |  |  |  |
| **Sovereign — 0.2%** |  |  |  |
| Republic of Cote d'Ivoire, Term Loan, (Euribor 6 Month + 3.05%), 5.19%, 02/11/2034 (bb) | EUR | 4000 | 4607 |
| Republic of Tanzania, Term Loan, (CME Term SOFR 2 Month + 5.47%), 9.09%, 06/20/2030 (aa) (bb) |  | 5000 | 4981 |
| Total Government |  |  | 9588 |
| **Industrial — 0.2%** |  |  |  |
| **Aerospace/Defense — 0.0%** (g) |  |  |  |
| PAC Aviation III Designated Activity Company, Term Loan B, (Ireland), (CME Term SOFR 3 Month + 3.25%), 6.92%, 10/28/2030 (aa) |  | 424 | 417 |
| Propulsion (BC) Newco LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.20%, 12/01/2032 (u) (aa) |  | 123 | 123 |
| TransDigm Inc., New Tranche K Term Loan, (CME Term SOFR 1 Month + 2.25%), 5.92%, 03/22/2030 (u) (aa) |  | 898 | 898 |
|  |  |  | 1438 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — (continued)** |  |  |
| **Building Materials — 0.0%** (g) |  |  |
| Chariot Buyer, LLC, Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.42%, 09/08/2032 (aa) | 395 | 391 |
| Wilsonart LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.25%), 7.95%, 08/05/2031 (aa) | 505 | 438 |
|  |  | 829 |
| **Electronics — 0.0%** (g) |  |  |
| LSF12 Crown US Commercial Bidco, LLC, 2026 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.67%, 12/02/2031 (aa) | 592 | 592 |
| Resilience Parent, LLC, Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.13%, 02/28/2033 (aa) | 534 | 531 |
|  |  | 1123 |
| **Engineering & Construction — 0.1%** |  |  |
| Brand Industrial Services, Inc., Tranche C Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.16%, 08/01/2030 (aa) | 2002 | 1713 |
| **Machinery—Diversified — 0.0%** (g) |  |  |
| CPM Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.17%, 09/28/2028 (u) (aa) | 798 | 798 |
| GrafTech Global Enterprises Inc., Term Loan, (CME Term SOFR 3 Month + 6.00%), 9.67%, 12/21/2029 (aa) | 623 | 588 |
|  |  | 1386 |
| **Miscellaneous Manufacturers — 0.0%** (g) |  |  |
| LSF12 Helix Parent, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.17%, 02/10/2033 (u) (aa) | 446 | 439 |
| **Packaging & Containers — 0.1%** |  |  |
| BradyPLUS Holdings, LLC, Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 5.01%, 12/29/2032 (u) (aa) | 756 | 743 |
| Iris Holding, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 4.75%), 8.52%, 06/28/2028 (aa) | 542 | 506 |
| LABL, Inc., Initial Dollar Term Loan, (CME Term SOFR 3 Month + 7.00%), 8.67%, 10/30/2028 (aa) | 547 | 248 |
| Mauser Packaging Solutions Holding Company, 2025 Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.16%, 04/15/2030 (aa) | 939 | 906 |
| Multi-Color Corp., Interim New Money Dollar Term Loan, (CME Term SOFR 3 Month + 6.75%), 10.41%, 12/02/2026 (aa) | 114 | 114 |
|  |  | 2517 |
| Total Industrial |  | 9445 |
| **Technology — 0.4%** |  |  |
| **Computers — 0.1%** |  |  |
| Atlas CC Acquisition Corp., |  |  |
| Second Out Term C Loan, (CME Term SOFR 3 Month + 1.00%), 4.93%, 05/25/2029 (u) (aa) | 210 | 42 |
| Second Out Term B Loan, (CME Term SOFR 3 Month + 4.50%), 8.43%, 05/25/2029 (u) (aa) | 1442 | 286 |
| Bingo Holdings I, LLC, Term B Loan, (CME Term SOFR 3 Month + 4.75%), 8.45%, 06/30/2032 (aa) | 647 | 629 |
| Clover Holdings 2, LLC, Initial Floating Rate Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.68%, 12/09/2031 (aa) | 3528 | 3374 |
| McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.67%, 03/01/2029 (u) (aa) | 2427 | 2161 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — (continued)** |  |  |  |
| **Computers — (continued)** |  |  |  |
| NCR Atleos Corp., New Term B Loan, (CME Term SOFR 3 Month + 3.00%), 6.69%, 04/16/2029 (aa) |  | 256 | 255 |
|  |  |  | 6747 |
|  **Software** — **0.3%** |  |  |  |
| Azalea TopCo, Inc., Existing Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.67%, 04/30/2031 (aa) |  | 1599 | 1596 |
| Cotiviti, Inc., Initial Fixed Rate Term Loan, 7.63%, 05/01/2031 (u) |  | 7204 | 6700 |
| Finastra USA, Inc., (EUR) Term Loan, (Euribor 3 Month + 4.50%), 6.62%, 09/15/2032 (u) | EUR | 2091 | 2243 |
| RealPage, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 6.96%, 04/24/2028 (aa) |  | 676 | 647 |
| Rocket Software, Inc., Extended Euro Term Loan, (Euribor 1 Month + 3.75%), 1.93%, 11/28/2028 (u) | EUR | 3000 | 3295 |
| Skillsoft Finance II, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.25%), 9.03%, 07/14/2028 (aa) |  | 588 | 229 |
| Software GmbH, 2025 Additional Term Facility (EUR), (Germany), (Euribor 3 Month + 3.75%), 2.02%, 09/16/2030 (u) | EUR | 1500 | 1652 |
|  |  |  | 16362 |
| Total Technology |  |  | 23109 |
|  **Utilities** — **0.0%**(g) |  |  |  |
|  **Electric** — **0.0%**(g) |  |  |  |
|  CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 8.92%, 07/08/2030 (aa) |  | 406 | 372 |
|  Heritage Power, LLC, Term Loan, (CME Term SOFR 3 Month + 5.50%), 9.20%, 07/20/2028 (aa) |  | 162 | 159 |
| Total Utilities |  |  | 531 |
| Total Loan Assignments<br>(Cost $153,466) |  |  | 140343 |
|  | **NUMBER OF<br>WARRANTS** | **NUMBER OF<br>WARRANTS** |  |
| **Warrant — 0.0%** (g) |  |  |  |
|  **Communications** — **0.0%** (g) |  |  |  |
|  **Media** — **0.0%** (g) |  |  |  |
| Diamond Sports Group LLC, expiring, expiring 06/30/2026 (a) (bb)<br>(Cost $-) |  | 256 |  |
|  | **PRINCIPAL<br>AMOUNT ($)** | **PRINCIPAL<br>AMOUNT ($)** |  |
| **Short-Term Investments — 4.5%** |  |  |  |
| **Corporate Bond — 0.0%** (g) |  |  |  |
| Kona Spc Ltd., (Cayman Islands), (EURIBOR 1 Year + 3.55%), 5.72%, 09/15/2026 (e) (aa) | EUR | 1000 | 1164 |
|  **Foreign Government Securities** — **0.2%** |  |  |  |
| Central Bank of Turkiye Bill, (Turkey), 38.69%, 04/07/2026 (n) | TRY | 182000 | 4066 |
| South Africa Treasury Bill, (South Africa), 7.43%, 08/05/2026 (n) | ZAR | 129800 | 7493 |
| Total Foreign Government Securities |  |  | 11559 |
| **Time Deposits — 3.3%** |  |  |  |
| Brown Brothers Harriman & Co., |  |  |  |
| 1.20%, 04/01/2026 | HKD | — (h) | — (h) |
| 4.22%, 04/01/2026 | ZAR | 166 | 10 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Short-Term Investments — (continued)** |  |  |  |
| **Time Deposits — (continued)** |  |  |  |
| Citibank NA, |  |  |  |
| 0.85%, 04/01/2026 | EUR | 28668 | 33136 |
| 2.67%, 04/01/2026 | GBP | 12853 | 17012 |
| 2.98%, 04/01/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85878 | 85878 |
| Royal Bank of Canada, |  |  |  |
| 1.08%, 04/01/2026 | CAD | 1 | 1 |
| 2.98%, 04/01/2026 |  | 27465 | 27465 |
| Skandinaviska Enskilda Banken AB, |  |  |  |
| (0.57%), 04/01/2026 | CHF | 144 | 180 |
| 0.80%, 04/01/2026 | SEK | 93 | 10 |
| Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.20%, 04/01/2026 | JPY | 6907 | 44 |
| 2.98%, 04/01/2026 |  | 695 | 695 |
| Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 |  | 9297 | 9297 |
| Total Time Deposits |  |  | 173728 |
|  **U.S. Treasury Obligations** — **1.0%** |  |  |  |
| U.S. Treasury Bills, |  |  |  |
| 3.58%, 04/02/2026 (n) |  | 108 | 108 |
| 3.60%, 04/16/2026 (n) (ii) |  | 2 | 2 |
| 3.61%, 05/19/2026 (n) (ii) |  | 176 | 175 |
| 3.62%, 04/30/2026 (n) |  | 8500 | 8475 |
| 3.63%, 04/21/2026 (n) (ii) |  | 1300 | 1297 |
| 3.64%, 06/23/2026 (n) (ee) |  | 2300 | 2281 |
| 3.64%, 05/26/2026 (n) (ee) (ii) |  | 6033 | 5999 |
| 3.64%, 04/09/2026 (n) |  | 1 | 1 |
| 3.64%, 05/12/2026 (n) |  | 9300 | 9262 |
| 3.64%, 07/07/2026 (n) (ee) (ii) |  | 2800 | 2773 |
| 3.65%, 05/07/2026 (n) |  | 5400 | 5380 |
| 3.65%, 04/07/2026 (n) |  | 78 | 78 |
| 3.65%, 09/24/2026 (n) (ii) |  | 2300 | 2260 |
| 3.65%, 07/28/2026 (n) |  | 6800 | 6720 |
| 3.67%, 07/21/2026 (n) (ii) |  | 4600 | 4549 |
| Total U.S. Treasury Obligations |  |  | 49360 |
| Total Short-Term Investments<br>(Cost $235,721) |  |  | 235811 |
| **Total Investments — 97.9%<br>(Cost - $5,073,344)** |  |  | **5111996** |
|  **Other Assets in Excess of Liabilities — 2.1%** |  |  | **111127** |
|  **NET ASSETS — 100.0%** |  |  | $**5223123** |

---

Percentages indicated are based on net assets.

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING<br>CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** |
| **Long Contracts** |  |  |  |  |  |
| Euro BOBL | 624 | 06/2026 | EUR | 84874 | (1620) |
| Euro BTP Italian Government Bonds | 13 | 06/2026 | EUR | 1822 | (75) |
| Euro Schatz | 753 | 06/2026 | EUR | 93039 | (999) |
| ICE 3 Month SONIA | 265 | 03/2027 | GBP | 84545 | (680) |
| Short Euro-BTP | 277 | 06/2026 | EUR | 34047 | (157) |
| U.S. Treasury 2 Year Note | 994 | 06/2026 | USD | 207706 | (1506) |
| U.S. Treasury 5 Year Note | 867 | 06/2026 | USD | 95105 | (1313) |
| U.S. Treasury 10 Year Note | 656 | 06/2026 | USD | 74069 | (1222) |
| U.S. Treasury Long Bond | 22 | 06/2026 | USD | 2569 | (63) |
| U.S. Treasury Ultra Bond | 162 | 06/2026 | USD | 19162 | (279) |
| U.S. Ultra Treasury 10 Year Note | 22 | 06/2026 | USD | 2533 | (36) |
|  |  |  |  |  | (7950) |
| **Short Contracts** |  |  |  |  |  |
| Euro Bund | (81) | 06/2026 | EUR | (12001) | 261 |
| Euro-Oat French Government Bonds | (4) | 06/2026 | EUR | (566) | 17 |
| U.S. Treasury 2 Year Note | (44) | 06/2026 | USD | (9183) | 55 |
| U.S. Treasury 5 Year Note | (418) | 06/2026 | USD | (45770) | 552 |
| U.S. Treasury Long Bond | (41) | 06/2026 | USD | (4813) | 144 |
| U.S. Treasury Ultra Bond | (14) | 06/2026 | USD | (1685) | 53 |
|  U.S. Ultra Treasury 10 Year Note | (70) | 06/2026 | USD | (8106) | 160 |
|  |  |  |  |  | 1242 |
| Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) |  | (6708) |

---

**Forward foreign currency exchange contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>PURCHASED** | **CURRENCY<br>PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| TRY | 7784 | USD | 175 | Barclays Bank plc | 04/01/2026 | — (h) |
| TRY | 63545 | USD | 1398 | Barclays Bank plc | 04/01/2026 | 32 |
| BRL | 3864 | USD | 741 | Bank of America, NA \* | 04/02/2026 | 5 |
| BRL | 17325 | USD | 3319 | Bank of America, NA \* | 04/02/2026 | 25 |
| BRL | 17279 | USD | 3308 | Citibank, NA \* | 04/02/2026 | 28 |
| EUR | 120674 | USD | 138691 | Bank of America, NA | 04/02/2026 | 790 |
| EUR | 566 | USD | 650 | Barclays Bank plc | 04/02/2026 | 4 |
| USD | 4430 | EUR | 3815 | Barclays Bank plc | 04/02/2026 | 20 |
| EUR | 3004 | USD | 3471 | Barclays Bank plc | 04/02/2026 | 2 |
| EUR | 1402 | USD | 1610 | Barclays Bank plc | 04/02/2026 | 11 |
| USD | 148289 | EUR | 125442 | Citibank, NA | 04/02/2026 | 3297 |
| USD | 2010 | EUR | 1701 | Morgan Stanley & Co. | 04/02/2026 | 45 |
| USD | 1183 | GBP | 875 | HSBC Bank plc | 04/02/2026 | 25 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>PURCHASED** | **CURRENCY<br>PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| TRY | 25381 | USD | 570 | Barclays Bank plc | 04/02/2026 | 1 |
| TRY | 46018 | USD | 1023 | Barclays Bank plc | 04/02/2026 | 13 |
| TRY | 264 | USD | 6 | Barclays Bank plc | 04/02/2026 | — (h) |
| TRY | 35571 | USD | 775 | Barclays Bank plc | 04/03/2026 | 24 |
| TRY | 1560 | USD | 34 | Barclays Bank plc | 04/06/2026 | 1 |
| USD | 3 | INR | 301 | Bank of America, NA \* | 04/07/2026 | — (h) |
| USD | 8 | INR | 726 | Citibank, NA \* | 04/07/2026 | — (h) |
| USD | 3 | INR | 240 | Citibank, NA \* | 04/07/2026 | — (h) |
| USD | 3 | INR | 314 | Citibank, NA \* | 04/07/2026 | — (h) |
| USD | 3 | INR | 309 | Citibank, NA \* | 04/07/2026 | — (h) |
| USD | 2 | INR | 231 | Citibank, NA \* | 04/07/2026 | — (h) |
| USD | 8 | INR | 720 | Citibank, NA \* | 04/07/2026 | — (h) |
| USD | 3 | INR | 243 | Citibank, NA \* | 04/07/2026 | — (h) |
| TRY | 17704 | USD | 385 | Barclays Bank plc | 04/07/2026 | 11 |
| TRY | 17022 | USD | 371 | Barclays Bank plc | 04/08/2026 | 10 |
| TRY | 20982 | USD | 462 | Barclays Bank plc | 04/09/2026 | 7 |
| TRY | 19184 | USD | 422 | Barclays Bank plc | 04/13/2026 | 4 |
| TRY | 46619 | USD | 1028 | Barclays Bank plc | 04/14/2026 | 5 |
| USD | 1842 | CZK | 38551 | Bank of America, NA | 04/15/2026 | 26 |
| EUR | 3000 | USD | 3459 | Brown Brothers Harriman & Co. | 04/17/2026 | 11 |
| USD | 3527 | EUR | 3000 | Brown Brothers Harriman & Co. | 04/17/2026 | 57 |
| USD | 5889 | EUR | 5000 | Brown Brothers Harriman & Co. | 04/17/2026 | 105 |
| USD | 9562 | EUR | 8000 | Brown Brothers Harriman & Co. | 04/17/2026 | 308 |
| USD | 7117 | EUR | 6000 | Brown Brothers Harriman & Co. | 04/17/2026 | 177 |
| USD | 3554 | EUR | 3000 | Brown Brothers Harriman & Co. | 04/17/2026 | 84 |
| USD | 1179 | EUR | 1000 | Brown Brothers Harriman & Co. | 04/17/2026 | 22 |
| USD | 5911 | EUR | 5000 | Brown Brothers Harriman & Co. | 04/17/2026 | 127 |
| USD | 223132 | EUR | 190000 | Brown Brothers Harriman & Co. | 04/17/2026 | 3358 |
| TRY | 14427 | USD | 316 | Barclays Bank plc | 04/17/2026 | 2 |
| MXN | 24415 | USD | 1342 | Bank of America, NA | 04/20/2026 | 18 |
| TRY | 60421 | USD | 1319 | Barclays Bank plc | 04/20/2026 | 10 |
| USD | 15929 | ZAR | 269710 | Barclays Bank plc | 04/20/2026 | 13 |
| USD | 4241 | ZAR | 69405 | Barclays Bank plc | 04/20/2026 | 145 |
| TRY | 1907 | USD | 42 | Barclays Bank plc | 04/21/2026 | — (h) |
| TRY | 7252 | USD | 158 | Barclays Bank plc | 04/21/2026 | 1 |
| TRY | 13784 | USD | 301 | Barclays Bank plc | 04/21/2026 | 1 |
| USD | 317881 | EUR | 272705 | Citibank, NA | 04/22/2026 | 2359 |
| USD | 6177 | EUR | 5313 | Citibank, NA | 04/22/2026 | 29 |
| USD | 3488 | EUR | 3000 | Citibank, NA | 04/22/2026 | 17 |
| USD | 4635 | EUR | 4000 | Citibank, NA | 04/22/2026 | 7 |
| USD | 3113 | EUR | 2638 | Citibank, NA | 04/22/2026 | 60 |
| EUR | 4735 | USD | 5446 | Citibank, NA | 04/22/2026 | 32 |
| USD | 324089 | EUR | 278052 | Citibank, NA | 04/22/2026 | 2381 |
| EUR | 2375 | USD | 2732 | Citibank, NA | 04/22/2026 | 16 |
| USD | 321575 | EUR | 275818 | Citibank, NA | 04/22/2026 | 2451 |
| EUR | 5205 | USD | 5967 | Citibank, NA | 04/22/2026 | 55 |
| USD | 2082 | EUR | 1751 | Citibank, NA | 04/22/2026 | 56 |
| USD | 101920 | GBP | 75992 | Citibank, NA | 04/22/2026 | 1340 |
| USD | 1915 | GBP | 1391 | Citibank, NA | 04/22/2026 | 74 |
| USD | 5034 | GBP | 3750 | Citibank, NA | 04/22/2026 | 71 |
| TRY | 16942 | USD | 370 | Barclays Bank plc | 04/22/2026 | 2 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>PURCHASED** | **CURRENCY<br>PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** |
| TRY | 109746 | USD | 2385 | Barclays Bank plc | 04/24/2026 | 14 |
| USD | 760 | TRY | 35283 | Barclays Bank plc | 05/06/2026 | 1 |
| USD | 1974 | EUR | 1701 | Morgan Stanley & Co. | 05/12/2026 | 5 |
| USD | 1173 | GBP | 875 | Goldman Sachs International | 05/12/2026 | 15 |
| NGN | 145875 | USD | 94 | Citibank, NA | 05/20/2026 | 9 |
| BRL | 634 | USD | 119 | Bank of America, NA \* | 06/02/2026 | 1 |
| USD | 4037 | CHF | 3100 | Brown Brothers Harriman & Co. | 06/16/2026 | 127 |
| USD | 210404 | EUR | 180000 | Brown Brothers Harriman & Co. | 06/16/2026 | 1628 |
| USD | 41674 | GBP | 31000 | Brown Brothers Harriman & Co. | 06/16/2026 | 651 |
| USD | 178 | CHF | 139 | UBS AG London | 06/17/2026 | 3 |
| USD | 2226 | GBP | 1676 | UBS AG London | 06/17/2026 | 9 |
| USD | 158 | MXN | 2809 | Bank of America, NA | 06/17/2026 | 2 |
| USD | 304 | PEN | 1046 | Bank of America, NA \* | 06/17/2026 | 5 |
| USD | 645 | PEN | 2228 | Bank of America, NA \* | 06/17/2026 | 7 |
| USD | 190 | PEN | 660 | Bank of America, NA \* | 06/17/2026 | 1 |
| USD | 365 | PEN | 1261 | Citibank, NA \* | 06/17/2026 | 4 |
| USD | 1310 | PEN | 4532 | Citibank, NA \* | 06/17/2026 | 13 |
| USD | 226 | PEN | 760 | Citibank, NA \* | 06/17/2026 | 8 |
| USD | 240 | PEN | 811 | Citibank, NA \* | 06/17/2026 | 8 |
| BRL | 20988 | USD | 3927 | Bank of America, NA \* | 07/02/2026 | 42 |
| KZT | 1583176 | USD | 2924 | Morgan Stanley & Co. | 07/07/2026 | 281 |
| KZT | 675053 | USD | 1255 | Citibank, NA | 07/15/2026 | 108 |
| USD | 220 | PEN | 742 | Citibank, NA \* | 09/16/2026 | 8 |
| USD | 242 | PEN | 817 | Citibank, NA \* | 09/16/2026 | 9 |
| USD | 663 | PEN | 2267 | Citibank, NA \* | 11/30/2026 | 20 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation |  | 20754 |
| USD | 1023 | TRY | 45976 | Barclays Bank plc | 04/01/2026 | (12) |
| USD | 119 | BRL | 625 | Bank of America, NA\* | 04/02/2026 | (1) |
| USD | 3927 | BRL | 20564 | Bank of America, NA\* | 04/02/2026 | (43) |
| USD | 3310 | BRL | 17279 | Citibank, NA\* | 04/02/2026 | (25) |
| EUR | 747 | USD | 864 | Barclays Bank plc | 04/02/2026 | (1) |
| EUR | 2864 | USD | 3328 | Citibank, NA | 04/02/2026 | (18) |
| EUR | 1701 | USD | 1970 | Morgan Stanley & Co. | 04/02/2026 | (5) |
| GBP | 875 | USD | 1173 | Goldman Sachs International | 04/02/2026 | (15) |
| USD | 1028 | TRY | 46403 | Barclays Bank plc | 04/02/2026 | (16) |
| USD | 433 | TRY | 19626 | Barclays Bank plc | 04/03/2026 | (8) |
| INR | 604 | USD | 7 | Citibank, NA\* | 04/07/2026 | – (h) |
| INR | 611 | USD | 7 | Citibank, NA\* | 04/07/2026 | – (h) |
| INR | 461 | USD | 5 | Citibank, NA\* | 04/07/2026 | – (h) |
| INR | 543 | USD | 6 | Citibank, NA\* | 04/07/2026 | – (h) |
| INR | 548 | USD | 6 | Citibank, NA\* | 04/07/2026 | – (h) |
| INR | 611 | USD | 7 | Citibank, NA\* | 04/07/2026 | – (h) |
| INR | 549 | USD | 6 | Citibank, NA\* | 04/07/2026 | – (h) |
| USD | 422 | TRY | 19289 | Barclays Bank plc | 04/09/2026 | (9) |
| USD | 422 | TRY | 19392 | Barclays Bank plc | 04/13/2026 | (9) |
| USD | 1028 | TRY | 46933 | Barclays Bank plc | 04/14/2026 | (12) |
| CZK | 32329 | USD | 1536 | Morgan Stanley & Co. | 04/15/2026 | (13) |
| KRW | 4631383 | USD | 3144 | Bank of America, NA\* | 04/15/2026 | (119) |
| USD | 1028 | TRY | 47036 | Barclays Bank plc | 04/16/2026 | (11) |
| USD | 316 | TRY | 14609 | Barclays Bank plc | 04/17/2026 | (6) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| EGP | 42145 | USD | 861 | Bank of America, NA\* | 04/20/2026 | (105) |
| USD | 158 | TRY | 7246 | Barclays Bank plc | 04/20/2026 | (1) |
| USD | 316 | TRY | 14465 | Barclays Bank plc | 04/20/2026 | (2) |
| USD | 844 | TRY | 39101 | Barclays Bank plc | 04/20/2026 | (15) |
| USD | 2064 | ZAR | 35067 | Morgan Stanley & Co. | 04/20/2026 | (5) |
| USD | 823 | TRY | 37980 | Barclays Bank plc | 04/21/2026 | (11) |
| EUR | 5873 | USD | 6851 | Citibank, NA | 04/22/2026 | (56) |
| USD | 3765 | EUR | 3260 | Citibank, NA | 04/22/2026 | (6) |
| EUR | 2979 | USD | 3454 | Citibank, NA | 04/22/2026 | (7) |
| EUR | 2419 | USD | 2800 | Citibank, NA | 04/22/2026 | (2) |
| EUR | 2179 | USD | 2525 | Citibank, NA | 04/22/2026 | (4) |
| EUR | 5959 | USD | 6954 | Citibank, NA | 04/22/2026 | (60) |
| EUR | 1598 | USD | 1864 | Citibank, NA | 04/22/2026 | (15) |
| GBP | 2452 | USD | 3280 | Citibank, NA | 04/22/2026 | (35) |
| USD | 317 | TRY | 14730 | Barclays Bank plc | 04/22/2026 | (6) |
| INR | 301 | USD | 3 | Bank of America, NA\* | 04/24/2026 | — (h) |
| INR | 314 | USD | 3 | Citibank, NA\* | 04/24/2026 | — (h) |
| INR | 243 | USD | 3 | Citibank, NA\* | 04/24/2026 | — (h) |
| INR | 240 | USD | 3 | Citibank, NA\* | 04/24/2026 | — (h) |
| INR | 727 | USD | 8 | Citibank, NA\* | 04/24/2026 | — (h) |
| INR | 721 | USD | 8 | Citibank, NA\* | 04/24/2026 | — (h) |
| INR | 309 | USD | 3 | Citibank, NA\* | 04/24/2026 | — (h) |
| INR | 231 | USD | 2 | Citibank, NA\* | 04/24/2026 | — (h) |
| USD | 211 | TRY | 9826 | Barclays Bank plc | 04/24/2026 | (4) |
| USD | 1028 | TRY | 47838 | Barclays Bank plc | 04/28/2026 | (11) |
| USD | 211 | TRY | 9900 | Barclays Bank plc | 04/29/2026 | (4) |
| TRY | 1954 | USD | 42 | Barclays Bank plc | 04/29/2026 | — (h) |
| USD | 316 | TRY | 14865 | Barclays Bank plc | 04/30/2026 | (6) |
| USD | 1103 | TRY | 51404 | Barclays Bank plc | 04/30/2026 | (11) |
| TRY | 42354 | USD | 920 | Barclays Bank plc | 04/30/2026 | (2) |
| USD | 138905 | EUR | 120674 | Bank of America, NA | 05/04/2026 | (801) |
| USD | 1234 | TRY | 57687 | Barclays Bank plc | 05/04/2026 | (10) |
| TRY | 35220 | USD | 760 | Barclays Bank plc | 05/04/2026 | — (h) |
| USD | 823 | TRY | 38376 | Barclays Bank plc | 05/05/2026 | (4) |
| USD | 1029 | TRY | 47826 | Barclays Bank plc | 05/06/2026 | (1) |
| TRY | 82952 | USD | 1789 | Barclays Bank plc | 05/06/2026 | (3) |
| EGP | 280711 | USD | 5510 | Morgan Stanley & Co.\* | 05/20/2026 | (581) |
| EGP | 99340 | USD | 2000 | Citibank, NA\* | 05/21/2026 | (257) |
| USD | 2193 | PEN | 7819 | Citibank, NA\* | 05/26/2026 | (47) |
| USD | 265 | GBP | 200 | Brown Brothers Harriman & Co. | 06/16/2026 | – (h) |
| USD | 27092 | EUR | 23485 | Barclays Bank plc | 06/17/2026 | (149) |
| EGP | 22619 | USD | 445 | Citibank, NA\* | 07/20/2026 | (58) |
| EGP | 59440 | USD | 1169 | Morgan Stanley & Co.\* | 07/20/2026 | (152) |
| USD | 6939 | ZAR | 122845 | Bank of America, NA | 08/05/2026 | (249) |
| USD | 94 | NGN | 153188 | Citibank, NA | 11/20/2026 | (7) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation |  | (3010) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |  | 17744 |

---

\* Non-deliverable forward.

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/04/2027 | BRL | 45000 | – | (469) | (469) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/04/2027 | BRL | 69400 | – | (1419) | (1419) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Receive | 01/04/2027 | BRL | 69400 | – | (14) | (14) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/04/2027 | BRL | 3500 | – | (37) | (37) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Receive | 01/04/2027 | BRL | 50600 | – | 616 | 616 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 28300 | – | (70) | (70) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Receive | 01/02/2029 | BRL | 23600 | – | 94 | 94 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 28300 | – | (52) | (52) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 30600 | – | (157) | (157) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Receive | 01/02/2029 | BRL | 300 | — (h) | 2 | 2 |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 23900 |  | (68) | (68) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 27900 | (19) | (102) | (121) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 40000 | 2 | (132) | (130) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2029 | BRL | 23500 |  | (78) | (78) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 6000 |  | (1) | (1) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 33800 | 1 | (51) | (50) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 46900 | (13) | (163) | (176) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 15200 |  | (17) | (17) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 23900 |  | (–)(h) | 0 (h) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 7200 |  | (15) | (15) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 5100 |  | (15) | (15) |
|  Brazil Cetip DI Interbank Deposite 1 Year | 14.65% maturity | Pay | 01/02/2031 | BRL | 12800 |  | (14) | (14) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  Czech Interbank Offered Rates 6 Month | 4.25% annually | Pay | 04/18/2029 | CZK | 199400 | 246 | (27) | 219 |
|  Czech Interbank Offered Rates 6 Month | 3.53% annually | Pay | 07/15/2029 | CZK | 426900 | 34 | (153) | (119) |
|  Czech Interbank Offered Rates 6 Month | 3.08% annually | Receive | 10/03/2029 | CZK | 56700 | 47 | 67 | 114 |
|  Czech Interbank Offered Rates 6 Month | 3.49% annually | Pay | 10/30/2029 | CZK | 222300 | (66) | (228) | (294) |
|  Czech Interbank Offered Rates 6 Month | 3.36% annually | Receive | 05/29/2030 | CZK | 703200 | 321 | 390 | 711 |
|  Czech Interbank Offered Rates 6 Month | 3.92% annually | Pay | 02/09/2031 | CZK | 617400 | 410 | (961) | (551) |
|  Czech Interbank Offered Rates 6 Month | 4.48% annually | Pay | 03/11/2036 | CZK | 14600 |  | (2) | (2) |
|  EURIBOR 6 Month | 2.82% annually | Pay | 06/26/2029 | EUR | 24900 | 803 | (362) | 441 |
|  EURIBOR 6 Month | 2.50% annually | Receive | 09/16/2031 | EUR | 44200 | 610 | 412 | 1022 |
|  EURIBOR 6 Month | 2.75% annually | Receive | 09/16/2036 | EUR | 17670 | 356 | 277 | 633 |
|  EURIBOR 6 Month | 3.00% annually | Pay | 09/16/2056 | EUR | 3080 | (55) | (19) | (74) |
|  Mexico Interbank TIIE 1 Day | 8.28% lunar | Pay | 03/06/2036 | MXN | 14300 |  | (12) | (12) |
|  Mexico Interbank TIIE 1 Day | 8.50% lunar | Pay | 06/04/2036 | MXN | 9900 | 6 | (8) | (2) |
|  South Africa Johannesburg Interbank 3 Month | 6.77% quarterly | Pay | 03/10/2028 | ZAR | 40500 |  | (25) | (25) |
|  United States SOFR | 3.75% annually | Receive | 06/20/2029 | USD | 25300 | 74 | (139) | (65) |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 17300 | 14 | 90 | 104 |
|  United States SOFR | 3.75% annually | Pay | 12/18/2029 | USD | 21100 | 46 | 81 | 127 |
|  United States SOFR | 3.00% annually | Pay | 03/19/2030 | USD | 14100 | (763) | 458 | (305) |
|  United States SOFR | 3.25% annually | Receive | 06/18/2030 | USD | 2700 | 39 | 15 | 54 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/ RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  United States SOFR | 3.75% annually | Receive | 12/17/2030 | USD | 5100 | (67) | 35 | (32) |
|  United States SOFR | 3.75% annually | Receive | 06/20/2034 | USD | 4100 | — (h) | 16 | 16 |
|  United States SOFR | 3.75% annually | Pay | 06/20/2034 | USD | 29800 | (311) | 193 | (118) |
|  United States SOFR | 3.75% annually | Pay | 12/18/2034 | USD | 7100 | 294 | (315) | (21) |
|  United States SOFR | 3.75% annually | Pay | 06/20/2039 | USD | 1300 | (24) | (13) | (37) |
|  United States SOFR | 3.50% annually | Pay | 06/20/2054 | USD | 18600 | (374) | (1659) | (2033) |
|  United States SOFR | 3.25% annually | Pay | 06/18/2055 | USD | 700 | (95) | (13) | (108) |
|  United States SOFR | 3.75% annually | Pay | 12/17/2055 | USD | 300 | (16) | (3) | (19) |
|  Total |  |  |  |  |  | 1500 | (4067) | (2567) |

---

(a) Value of floating rate index as of March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
| Brazil Cetip DI Interbank Deposite 1 Year | 14.65% |
| Czech Interbank Offered Rates 6 Month | 3.62% |
| EURIBOR 6 Month | 2.48% |
| Mexico Interbank TIIE 1 Day | 6.94% |
| South Africa Johannesburg Interbank 3 Month | 6.75% |
| United States SOFR | 3.68% |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of March 31, 2026:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE<br>RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT<br><sup>(4)</sup>** | **NOTIONAL<br>AMOUNT<br><sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 0.65 | EUR | 10 | 1 | (1) | — (h) |
|  Adler Real Estate, 3.00%, 04/27/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2026 | 2.56 | EUR | 100 | (3) | 4 | 1 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 0.52 | USD | 1800 | 4 | (1) | 3 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2026 | 1.42 | USD | 300 | (9) | 9 | — (h) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.42 | USD | 600 | (20) | 20 | — (h) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2026 | 2.63 | USD | 1000 | (34) | 31 | (3) |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 2.63 | USD | 175 | (7) | 6 | (1) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2026 | 1.42 | USD | 325 | (10) | 10 | — (h) |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2026 | 2.37 | USD | 450 | 6 | (3) | 3 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Barclays Bank Plc | 06/20/2026 | 2.37 | USD | 800 | 9 | (3) | 6 |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Barclays Bank Plc | 12/20/2026 | 1.45 | USD | 500 | (2) | 1 (h) | (1) |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Citibank, NA | 12/20/2026 | 2.75 | USD | 5323 | 20 | 74 | 94 |
|  Republic of Colombia, 10.37%, 01/28/2033 | 1.00 | Quarterly | Morgan Stanley Capital Service | 12/20/2026 | 0.87 | USD | 10000 | — (h) | 13 | 13 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Barclays Bank Plc | 12/20/2026 | 2.75 | USD | 3086 | 7 | 47 | 54 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 12/20/2026 | 2.75 | USD | 500 | 1 | 8 | 9 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Bank of America, NA | 12/20/2026 | 2.75 | USD | 400 | 7 | — (h) | 7 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Barclays Bank plc | 06/20/2027 | 0.69 | EUR | 49 | 2 | 1 | 3 |
|  CMA CGM SA, 7.50%, 01/15/2026 | 5.00 | Quarterly | Goldman Sachs | 06/20/2027 | 0.69 | EUR | 70 | 2 | 2 | 4 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 3.98 | USD | 2200 | 37 | (7) | 30 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 3.98 | USD | 910 | (110) | 122 | 12 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Barclays Bank Plc | 06/20/2027 | 3.98 | USD | 1150 | 14 | 2 | 16 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Citibank, NA | 06/20/2027 | 3.98 | USD | 75 | (9) | 10 | 1 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Bank of America, NA | 06/20/2027 | 3.98 | USD | 700 | (91) | 101 | 10 |
|  Republic of Argentina, 1.00%, 07/09/2028 | 5.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2027 | 3.98 | USD | 1075 | (96) | 111 | 15 |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2027 | 1.73 | USD | 600 | (7) | 2 | (5) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of March 31, 2026: (continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE<br>RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT<br><sup>(4)</sup>** | **NOTIONAL<br>AMOUNT<br><sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  State of Israel, 2.88%, 03/16/2026 | 1.00 | Quarterly | Citibank, NA | 06/20/2027 | 0.39 | USD | 4600 | (27) | 62 | 35 |
|  Adler Real Estate AG, 2.13%, 02/06/2024 | 5.00 | Quarterly | Bank of America, NA | 12/20/2027 | 2.41 | EUR | 200 | (50) | 60 | 10 |
|  Benin Government International Bond, 6.88%, 01/19/2052 | 1.00 | Quarterly | Citibank, NA | 06/20/2028 | 3.21 | USD | 400 | (27) | 9 | (18) |
|  Virgin Media Finance PLC, 3.75%, 07/15/2030 | 5.00 | Quarterly | Goldman Sachs | 12/20/2028 | 3.00 | EUR | 12 | 1 | (—)(h) | 1 |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | BNP Paribas | 12/20/2029 | 2.83 | EUR | 307 | 39 | (13) | 26 |
|  Romanian Government International Bond, 2.75%, 02/26/2026 | 1.00 | Quarterly | Barclays Bank Plc | 12/20/2029 | 1.32 | USD | 1800 | (79) | 60 | (19) |
|  ITRX EUR XOVER 12/29 | 5.00 | Quarterly | Goldman Sachs | 12/20/2029 | 2.83 | EUR | 164 | 26 | (12) | 14 |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 2.84 | USD | 575 | (73) | 34 | (39) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2030 | 1.06 | USD | 2800 | (98) | 92 | (6) |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 2.94 | USD | 120 | (32) | 23 | (9) |
|  Ivory Coast, 6.13%, 06/15/2033 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 2.84 | USD | 325 | (41) | 19 | (22) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Morgan Stanley Capital Service | 06/20/2030 | 1.06 | USD | 1100 | (40) | 38 | (2) |
|  Zegona Finance PLC, 6.75%, 07/15/2029 | 5.00 | Quarterly | BNP Paribas | 06/20/2030 | 1.36 | EUR | 69 | 12 | (1) | 11 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2030 | 1.06 | USD | 300 | (11) | 10 | (1) |
|  Saudi International Bond, 4.75%, 01/16/2030 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2030 | 0.75 | USD | 19600 | 273 | (76) | 197 |
|  Republic o Nigeria, 6.13%, 09/28/2028 | 1.00 | Quarterly | Morgan Stanley Capital Service | 12/20/2030 | 3.11 | USD | 11500 | (1038) | 58 | (980) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Citibank, NA | 12/20/2030 | 1.19 | USD | 2100 | (28) | 12 | (16) |
|  Republic of Colombia, 10.37%, 01/28/2033 | 1.00 | Quarterly | Citibank, NA | 12/20/2030 | 2.13 | USD | 10900 | (546) | 36 | (510) |
|  Forvia SE, 2.38%, 06/15/2027 | 5.00 | Quarterly | Barclays Bank plc | 12/20/2030 | 3.05 | EUR | 646 | 65 | (3) | 62 |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America, NA | 12/20/2030 | 1.19 | USD | 7800 | (85) | 26 | (59) |
|  Republic of Indonesia, 2.15%, 07/28/2031 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2031 | 1.03 | USD | 7000 | 6 | (12) | (6) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Bank of America, NA | 06/20/2035 | 2.13 | USD | 200 | (27) | 11 | (16) |
|  Republic of Brazil, 3.75%, 09/12/2031 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 2.13 | USD | 600 | (83) | 34 | (49) |
|  Republic of Colombia, 10.37%, 01/28/2033 | 1.00 | Quarterly | Barclays Bank Plc | 12/20/2035 | 3.24 | USD | 300 | (44) | (3) | (47) |
|  Total |  |  |  |  |  |  |  | (2195) | 1023 | (1172) |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**OTC Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of March 31, 2026:** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE<br>OBLIGATION/<br>INDEX**  | **FINANCING<br>RATE PAID<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT<br><sup>(4)</sup>** | **NOTIONAL<br>AMOUNT<br><sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  Morocco Government International Bond, 3.00%, 12/15/2032 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2029 | 0.70 | USD | 2700 |  | (26) | (26) |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2029 | 0.73 | USD | 3400 | 25 | (54) | (29) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2029 | 0.86 | USD | 50 | 2 | (2) | — (h) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America, NA | 06/20/2029 | 0.86 | USD | 1100 | 26 | (31) | (5) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Bank of America, NA | 12/20/2029 | 0.97 | USD | 1000 | 35 | (36) | (1) |
|  Republic of Panama, 8.88%, 09/30/2027 | 1.00 | Quarterly | Barclays Bank Plc | 12/20/2029 | 0.97 | USD | 400 | 13 | (13) | — (h) |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2034 | 1.10 | USD | 8500 | (94) | 147 | 53 |
|  Saudi Government International Bond, 4.00%, 04/17/2025 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2034 | 1.10 | USD | 5200 | (58) | 90 | 32 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Barclays Bank Plc | 06/20/2035 | 1.68 | USD | 1100 | 73 | (19) | 54 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Citibank, NA | 06/20/2035 | 1.68 | USD | 1200 | 81 | (22) | 59 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Bank of America, NA | 06/20/2035 | 1.68 | USD | 1550 | 107 | (30) | 77 |
|  United Mexican States, 4.14%, 03/28/2027 | 1.00 | Quarterly | Morgan Stanley<br>Capital Service | 06/20/2035 | 1.68 | USD | 650 | 45 | (13) | 32 |
|  Total |  |  |  |  |  |  |  | 255 | (9) | 246 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection <sup>(1)</sup> as of March 31, 2026:**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE<br>RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  CDX.EM.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 1.03 | USD | 2200 | (73) | 72 | (1) |
|  MARKIT CDX.EM.45 06/31 | 5.00 | Quarterly | 12/20/2028 | 2.92 | USD | 1210 | 90 | (26) | 64 |
|  CDX.NA.IG.41 12/28 | 1.00 | Quarterly | 12/20/2028 | 0.36 | USD | 820 | 8 | 6 | 14 |
|  CDX.EM.HY.40 12/28 | 1.00 | Quarterly | 12/20/2028 | 2.36 | USD | 15600 | (1416) | 887 | (529) |
|  CDX.EM.41 06/29 | 1.00 | Quarterly | 06/20/2029 | 1.13 | USD | 700 | (27) | 24 | (3) |
|  MARKIT CDX.NA.IG.42 06/29 | 1.00 | Quarterly | 06/20/2029 | 0.42 | USD | 9353 | 195 | (28) | 167 |
|  CDX.EM HY.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 1.88 | USD | 25000 | (1913) | 1183 | (730) |
|  MARKIT CDX.NA.IG.43 12/29 | 1.00 | Quarterly | 12/20/2029 | 0.48 | USD | 6675 | 142 | (19) | 123 |
|  MARKIT CDX.EM.45 06/31 | 1.00 | Quarterly | 06/20/2031 | 1.95 | USD | 3050 | (122) | (7) | (129) |
|  MARKIT CDX.NA.HY.46 06/31 | 5.00 | Quarterly | 06/20/2031 | 3.85 | USD | 40860 | 1678 | 362 | 2040 |
|  MARKIT CDX.NA.HY.46 06/31 | 5.00 | Quarterly | 06/20/2031 | 3.85 | USD | 38255 | 1429 | 481 | 1910 |
|  MARKIT CDX.NA.HY.46 06/31 | 5.00 | Quarterly | 06/20/2031 | 3.85 | USD | 7300 | 285 | 80 | 365 |
|  Total | Total | Total | Total | Total |  |  | 276 | 3015 | 3291 |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Credit Default Swaps contracts outstanding — buy protection <sup>(2)</sup> as of March 31, 2026:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE**<br> **OBLIGATION/**<br> **INDEX**  | **FINANCING<br>RATE PAID<br>BY THE<br>FUND(%)** | **PAYMENT**<br>**FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT**<br>**SPREAD<br>(%) <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **NOTIONAL<br>AMOUNT <sup>(4)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(5)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
| CDX.EM.42 12/29 | 1.00 | Quarterly | 12/20/2029 | 1.22 | USD | 10000 | 238 | (167) | 71 |
| MARKIT CDX.EM.44 12/30 | 1.00 | Quarterly | 12/20/2030 | 1.48 | USD | 13475 | 208 | 58 | 266 |
| Total |  |  |  |  |  |  | 446 | (109) | 337 |

---

(1) The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or
receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual
swap contracts.

(2) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a
credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to
enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are
also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

(3) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a
buyer of credit protection would receive, upon occurrence of a credit event.

(4) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement
to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

(5) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement
to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026

---

| | |
|:---|:---|
| CDX | Credit Default Swap Index |
| CLO | Collateralized Loan Obligations |
| CMT | Constant Maturity Treasury |
| CPI | Consumer Price Index |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| IBOR | Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| ITRX | Markit iTraxx index |
| Reg. S | Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SONIA | Sterling Overnight Interbank Average Rate |
| SUB | Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2026. |
| (a) | Non-income producing security. |
| (d) | Defaulted Security. Security has not paid its last interest payment and/or interest is not being accrued. |
| (e) | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (f) | Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is the effective yield as of March 31, 2026. |
| (o) | Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms. |
| (u) | All or a portion of the security is unsettled as of March 31, 2026. Unless otherwise indicated, the coupon rate is undetermined. |
| (v) | Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (x) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2026. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2026. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2026. |
| (bb) | Security has been valued using significant unobservable inputs. |
| (ee) | Approximately $8,936 of these investments are restricted as collateral for swaps to various brokers. |
| (ff) | Approximately $1,274 of these investments are restricted as collateral for futures to Citigroup Global Markets, Inc. |
| (ii) | Approximately $1,664 of these investments are restricted as collateral for forwards to various brokers. |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |

---

------

**Six Circles Credit Opportunities Fund** 

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)**

---

| | |
|:---|:---|
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | Korean Won |
| KZT | Kazakhstani Tenge |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PYG | Paraguayan Guarani |
| SEK | Swedish Krona |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Long Positions — 129.2%** |  |  |
| **Asset-Backed Securities — 7.6%** |  |  |
| **Automobile ABS — 0.8%** |  |  |
| American Heritage Auto Receivables Trust, Series 2024-1A, Class A2, 4.83%, 03/15/2028 (e) | 924 | 925 |
| Carvana Auto Receivables Trust, |  |  |
| Series 2021-N1, Class F, 4.55%, 01/10/2028 (e) | 201 | 201 |
| Series 2021-N2, Class E, 2.90%, 03/10/2028 (e) | 341 | 336 |
| Series 2024-N3, Class A3, 4.53%, 01/10/2029 (e) | 213 | 213 |
| Series 2024-N3, Class B, 4.67%, 12/10/2030 (e) | 240 | 240 |
| Series 2024-N3, Class C, 4.90%, 12/10/2030 (e) | 240 | 240 |
| Series 2024-P1, Class A3, 5.05%, 04/10/2029 (e) | 3404 | 3419 |
| Series 2024-P4, Class A3, 4.64%, 01/10/2030 | 1598 | 1603 |
| Series 2024-P4, Class A4, 4.74%, 12/10/2030 | 1600 | 1611 |
| CPS Auto Receivables Trust, |  |  |
| Series 2022-D, Class D, 8.73%, 01/16/2029 (e) | 3605 | 3704 |
| Series 2023-D, Class D, 7.80%, 01/15/2030 (e) | 2835 | 2941 |
| Flagship Credit Auto Trust, Series 2024-3, Class A, 4.88%, 11/15/2028 (e) | 652 | 652 |
| GLS Auto Receivables Issuer Trust, Series 2023-3A, Class D, 6.44%, 05/15/2029 (e) | 1300 | 1328 |
| Total Automobile ABS |  | 17413 |
| **Home Equity ABS — 2.3%** |  |  |
| Accredited Mortgage Loan Trust, Series 2006-2, Class M1, (CME Term SOFR 1 Month + 0.38%), 4.06%, 09/25/2036 (aa) | 2430 | 2346 |
| ACE Securities Corp. Home Equity Loan Trust Series, Series 2005-HE3, Class M4, (CME Term SOFR 1 Month + 1.06%), 4.74%, 05/25/2035 (aa) | 1274 | 1193 |
| Argent Securities, Inc. Asset-Backed Pass-Through Certificates Series, Series 2005-W3, Class M2, (CME Term SOFR 1 Month + 0.80%), 4.48%, 11/25/2035 (aa) | 800 | 715 |
| Citigroup Mortgage Loan Trust, Series 2006-FX1, Class A3, (CME Term SOFR 1 Month + 0.71%), 4.39%, 10/25/2036 (aa) | 2768 | 1601 |
| CWABS Asset-Backed Certificates Trust, Series 2006-2, Class M2, (CME Term SOFR 1 Month + 0.74%), 4.42%, 06/25/2036 (aa) | 1941 | 1880 |
| EFMT, |  |  |
| Series 2024-CES1, Class A1, SUB, 5.52%, 01/26/2060 (e) | 4970 | 4984 |
| Series 2025-CES1, Class A1A, SUB, 5.73%, 01/25/2060 (e) | 3191 | 3207 |
| Series 2025-CES2, Class A1A, SUB, 5.66%, 02/25/2060 (e) | 2728 | 2741 |
| Ellington Financial Mortgage Trust 2017-1, Series 2026-CES1, Class A1A, SUB, 4.91%, 12/25/2060 (e) | 4536 | 4492 |
| GE-WMC Mortgage Securities Trust, Series 2006-1, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.09%, 08/25/2036 (aa) | 7595 | 3173 |
| GS Mortgage-Backed Securities Trust, Series 2026-CES1, Class A1, SUB, 4.90%, 05/25/2056 (e) | 2293 | 2273 |
| GSAA Home Equity Trust, Series 2007-5, Class 2A1B, (CME Term SOFR 1 Month + 0.39%), 4.07%, 04/25/2047 (aa) | 1739 | 354 |
| Long Beach Mortgage Loan Trust, Series 2006-8, Class 2A3, (CME Term SOFR 1 Month + 0.43%), 4.11%, 09/25/2036 (aa) | 2068 | 509 |
| Master Asset Backed Securities Trust, Series 2007-HE1, Class A4, (CME Term SOFR 1 Month + 0.67%), 4.35%, 05/25/2037 (aa) | 436 | 378 |
| Merrill Lynch Mortgage Investors Trust Series, Series 2006-HE6, Class A2B, (CME Term SOFR 1 Month + 0.41%), 4.09%, 11/25/2037 (aa) | 8495 | 2549 |
| Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-WMC4, Class M6, (CME Term SOFR 1 Month + 1.16%), 4.84%, 04/25/2035 (aa) | 1466 | 1389 |
| Newcastle Mortgage Securities Trust, Series 2006-1, Class M6, (CME Term SOFR 1 Month + 0.97%), 4.65%, 03/25/2036 (aa) | 2935 | 2828 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
| **Home Equity ABS — continued** |  |  |  |
| Option One Mortgage Loan Trust, Series 2007-CP1, Class 1A1, (CME Term SOFR 1 Month + 0.25%), 3.93%, 03/25/2037 (aa) |  | 521 | 481 |
| RAMP Series Trust, Series 2005-EFC2, Class M7, (CME Term SOFR 1 Month + 1.91%), 5.59%, 07/25/2035 (aa) |  | 2719 | 2508 |
| RCKT Mortgage Trust, |  |  |  |
| Series 2024-CES7, Class A1A, SUB, 5.16%, 10/25/2044 (e) |  | 73 | 73 |
| Series 2025-CES1, Class A1A, SUB, 5.65%, 01/25/2045 (e) |  | 2251 | 2262 |
| Series 2025-CES3, Class A1A, SUB, 5.55%, 03/25/2055 (e) |  | 2451 | 2465 |
| Renaissance Home Equity Loan Trust, Series 2005-1, Class AF5, SUB, 5.95%, 05/25/2035 |  | 218 | 217 |
| Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-BC3, Class A3, (CME Term SOFR 1 Month + 0.43%), 4.11%, 10/25/2036 (aa) |  | 694 | 599 |
| Towd Point Mortgage Trust, Series 2026-CES2, Class A1A, SUB, 4.72%, 02/25/2066 (e) |  | 5824 | 5748 |
| Total Home Equity ABS |  |  | 50965 |
|  **Other ABS — 3.6%** |  |  |  |
| 522 Funding CLO 2020-6 Ltd., (Cayman Islands), Series 2020-6A, Class A1R2, (CME Term SOFR 3 Month + 1.20%), 4.87%, 10/23/2034 (e) (aa) |  | 3200 | 3201 |
| AMMC CLO 24 Ltd., (Cayman Islands), Series 2021-24A, Class AR, (CME Term SOFR 3 Month + 1.20%), 4.87%, 01/20/2035 (e) (aa) |  | 3200 | 3197 |
| Anchorage Capital CLO 20 Ltd., (Cayman Islands), Series 2021-20A, Class A1R, (CME Term SOFR 3 Month + 1.10%), 4.77%, 01/20/2035 (e) (aa) |  | 3300 | 3297 |
| Anchorage Credit Funding 12 Ltd., (Cayman Islands), Series 2020-12A, Class A1, 3.18%, 10/25/2038 (e) |  | 951 | 921 |
| Anchorage Credit Funding 4 Ltd., (Cayman Islands), Series 2016-4A, Class AR, 2.72%, 04/27/2039 (e) |  | 1000 | 953 |
| Aqua Finance Issuer Trust, Series 2026-A, Class A, 4.76%, 04/17/2051 (e) |  | 6000 | 5970 |
| Arbour CLO VII DAC, (Ireland), Series 7A, Class BR, (EURIBOR 3 Month + 2.05%), 4.20%, 12/15/2038 (e) (aa) | EUR | 1000 | 1155 |
| Ares LXII CLO Ltd., (Cayman Islands), Series 2021-62A, Class A1R, (CME Term SOFR 3 Month + 1.07%), 4.74%, 01/25/2034 (e) (aa) |  | 5300 | 5295 |
| Ares XXVII CLO Ltd., (Cayman Islands), Series 2013-2A, Class AR3, (CME Term SOFR 3 Month + 1.15%), 4.82%, 10/28/2034 (e) (aa) |  | 3100 | 3100 |
| Bain Capital Credit CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.06%), 4.73%, 07/24/2034 (e) (aa) |  | 1500 | 1499 |
| Bain Capital Credit CLO 2021-5 Ltd., (Cayman Islands), Series 2021-5A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 4.82%, 10/23/2034 (e) (aa) |  | 3000 | 3000 |
| Canyon CLO 2020-1 Ltd., (Cayman Islands), Series 2020-1A, Class AR2, (CME Term SOFR 3 Month + 1.08%), 4.75%, 07/15/2034 (e) (aa) |  | 3200 | 3199 |
| CQS US CLO 2021-1 Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.20%), 4.87%, 01/20/2035 (e) (aa) |  | 3200 | 3197 |
| Elmwood CLO 15 Ltd., (Jersey), Series 2022-2A, Class A1R, (CME Term SOFR 3 Month + 1.15%), 4.82%, 04/22/2035 (e) (aa) |  | 900 | 899 |
| Fortress Credit Bsl X Ltd., (Cayman Islands), Series 2021-1A, Class AR, (CME Term SOFR 3 Month + 1.10%), 4.77%, 04/20/2033 (e) (aa) |  | 3769 | 3767 |
| GoodLeap Home Improvement Solutions Trust, Series 2025-2A, Class A, 5.32%, 06/20/2049 (e) |  | 2662 | 2677 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Asset-Backed Securities — continued** |  |  |  |
|  **Other ABS — continued** |  |  |  |
| Greywolf CLO III Ltd., (Cayman Islands), |  |  |  |
| Series 2020-3RA, Class A1R2, (CME Term SOFR 3 Month + 1.23%), 4.90%, 04/22/2033 (e) (aa) |  | 328 | 328 |
| Series 2020-3RA, Class A2R2, (CME Term SOFR 3 Month + 1.85%), 5.52%, 04/22/2033 (e) (aa) |  | 500 | 500 |
| ICG US CLO 2021-3 Ltd., (Cayman Islands), Series 2021-3A, Class AR, (CME Term SOFR 3 Month + 1.15%), 4.82%, 10/20/2034 (e) (aa) |  | 3300 | 3300 |
| LCM Ltd., (Cayman Islands), Series 31A, Class AR, (CME Term SOFR 3 Month + 1.28%), 4.95%, 07/20/2034 (e) (aa) |  | 250 | 250 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, 5.76%, 12/22/2064 (e) |  | 2867 | 2882 |
| Mountain View CLO XIV Ltd., (Cayman Islands), Series 2019-1A, Class A1R, (CME Term SOFR 3 Month + 1.16%), 6.81%, 10/15/2034 (e) (aa) |  | 3200 | 3200 |
| OFSI BSL X Ltd., (Cayman Islands), Series 2021-10A, Class AR, (CME Term SOFR 3 Month + 1.27%), 4.94%, 04/20/2034 (e) (aa) |  | 3000 | 3001 |
| Pagaya AI Debt Grantor Trust, |  |  |  |
| Series 2024-10, Class A, 5.18%, 06/15/2032 (e) |  | 394 | 396 |
| Series 2024-10, Class B, 5.75%, 06/15/2032 (e) |  | 813 | 816 |
| Series 2024-10, Class C, 5.99%, 06/15/2032 (e) |  | 891 | 895 |
| Series 2024-11, Class A, 5.09%, 07/15/2032 (e) |  | 667 | 669 |
| Series 2024-11, Class B, 5.64%, 07/15/2032 (e) |  | 276 | 278 |
| Series 2024-11, Class C, 5.87%, 07/15/2032 (e) |  | 311 | 312 |
| PK ALIFT Loan Funding 4 LP, Series 2024-2, Class A, 5.05%, 10/15/2039 (e) |  | 157 | 157 |
| PK ALIFT Loan Funding 6 LP, Series 2025-1, Class A, 5.37%, 11/15/2042 (e) |  | 2655 | 2672 |
| Providus CLO II DAC, (Ireland), Series 2A, Class ARR, (EURIBOR 3 Month + 1.16%), 3.36%, 10/15/2038 (e) (aa) | EUR | 250 | 289 |
| RCKTL, Series 2025-2A, Class A, 4.48%, 11/27/2034 (e) |  | 1929 | 1929 |
| Reach ABS Trust, Series 2025-2A, Class A, 4.93%, 08/18/2032 (e) |  | 1238 | 1243 |
| Romark CLO—IV Ltd., (Cayman Islands), Series 2021-4A, Class A1R, (CME Term SOFR 3 Month + 1.14%), 4.79%, 07/10/2034 (e) (aa) |  | 2200 | 2200 |
| Sagard-Halseypoint CLO 8 Ltd., (Cayman Islands), Series 2024-8A, Class A1, (CME Term SOFR 3 Month + 1.39%), 5.06%, 01/30/2038 (e) (aa) |  | 1000 | 1001 |
| Trimaran Cavu Ltd., (Cayman Islands), Series 2021-2A, Class AR, (CME Term SOFR 3 Month + 1.02%), 4.67%, 10/25/2034 (e) (aa) |  | 2400 | 2397 |
| Trinitas CLO XIX Ltd., (Bermuda), Series 2022-19A, Class A1R, (CME Term SOFR 3 Month + 1.11%), 4.78%, 10/20/2033 (e) (aa) |  | 2318 | 2316 |
| Venture 44 CLO Ltd., (Cayman Islands), Series 2021-44A, Class A1NR, (CME Term SOFR 3 Month + 1.14%), 4.81%, 10/20/2034 (e) (aa) |  | 3200 | 3199 |
| Total Other ABS |  |  | 79557 |
|  **Student Loan ABS — 0.9%** |  |  |  |
| Nelnet Student Loan Trust, |  |  |  |
| Series 2026-A, Class A1A, 4.61%, 02/21/2061 (e) |  | 11662 | 11505 |
| Series 2026-A, Class A1B, (United States 30 Day Average SOFR + 1.30%), 4.97%, 02/21/2061 (e) (aa) |  | 2916 | 2927 |
| SMB Private Education Loan Trust, |  |  |  |
| Series 2018-A, Class B, 3.96%, 07/15/2042 (e) |  | 3400 | 3345 |
| Series 2024-A, Class A1B, (United States 30 Day Average SOFR + 1.45%), 5.12%, 03/15/2056 (e) (aa) |  | 2894 | 2918 |
| Total Student Loan ABS |  |  | 20695 |
| Total Asset-Backed Securities<br>(Cost $170,106) |  |  | 168630 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — 19.1%** |  |  |
| **Agency Collateral CMO — 10.4%** |  |  |
| FHLMC REMICS, |  |  |
| Series 3688, Class CB, 4.00%, 06/15/2036 | 902 | 892 |
| Series 4048, Class FJ, (United States 30 Day Average SOFR + 0.51%), 4.20%, 07/15/2037 (aa) | 427 | 422 |
| Series 4136, Class QS, IF, IO, (6.14% - United States 30 Day Average SOFR), 2.46%, 07/15/2042 (aa) | 761 | 72 |
| Series 4187, Class CQ, 1.50%, 04/15/2028 | 526 | 516 |
| Series 4350, Class FK, (United States 30 Day Average SOFR + 0.46%), 4.15%, 06/15/2038 (aa) | 610 | 599 |
| Series 4448, Class TF, (United States 30 Day Average SOFR + 0.43%), 4.12%, 05/15/2040 (aa) | 611 | 603 |
| Series 4851, Class PF, (United States 30 Day Average SOFR + 0.51%), 4.19%, 08/15/2057 (aa) | 716 | 697 |
| Series 5008, Class DI, IO, 3.00%, 09/25/2050 | 557 | 77 |
| Series 5010, Class IK, IO, 2.50%, 09/25/2050 | 56 | 9 |
| Series 5010, Class JI, IO, 2.50%, 09/25/2050 | 206 | 34 |
| Series 5013, Class IN, IO, 2.50%, 09/25/2050 | 69 | 11 |
| Series 5038, Class MI, IO, 4.00%, 11/25/2050 | 4062 | 842 |
| Series 5040, Class CI, IO, 4.00%, 11/25/2050 | 6336 | 1349 |
| Series 5050, Class PI, IO, 3.00%, 10/25/2050 | 3182 | 440 |
| Series 5059, Class IB, IO, 2.50%, 01/25/2051 | 652 | 109 |
| Series 5069, Class MI, IO, 2.50%, 02/25/2051 | 5328 | 787 |
| Series 5070, Class CI, IO, 2.00%, 02/25/2051 | 65194 | 8827 |
| Series 5071, Class IH, IO, 2.50%, 02/25/2051 | 553 | 72 |
| Series 5152, Class IC, IO, 3.00%, 10/25/2051 | 14747 | 2516 |
| Series 5196, Class DI, IO, 3.00%, 02/25/2052 | 16160 | 2583 |
| Series 5229, Class KI, IO, 4.50%, 08/25/2049 | 2199 | 329 |
| Series 5273, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 11/25/2052 (aa) | 1336 | 1339 |
| Series 5274, Class IO, IO, 2.50%, 01/25/2051 | 567 | 94 |
| Series 5426, Class BI, IO, 1.71%, 04/15/2049 (z) | 31390 | 1247 |
| Series 5446, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.01%, 08/25/2054 (aa) | 214 | 215 |
| Series 5471, Class FH, (United States 30 Day Average SOFR + 1.30%), 4.96%, 11/25/2054 (aa) | 8470 | 8522 |
| Series 5473, Class FP, (United States 30 Day Average SOFR + 1.30%), 4.96%, 11/25/2054 (aa) | 11409 | 11480 |
| Series 5479, Class FA, (United States 30 Day Average SOFR + 1.20%), 4.86%, 12/25/2054 (aa) | 8165 | 8232 |
| Series 5510, Class FM, (United States 30 Day Average SOFR + 1.15%), 4.81%, 02/25/2055 (aa) | 1441 | 1451 |
| Series 5526, Class AI, IO, 4.50%, 06/25/2050 | 800 | 178 |
| Series 5526, Class DI, IO, 4.50%, 02/15/2051 | 39131 | 9076 |
| Series 5530, Class FA, (United States 30 Day Average SOFR + 1.15%), 4.81%, 04/25/2055 (aa) | 100 | 101 |
| Series 5534, Class FP, (United States 30 Day Average SOFR + 1.30%), 4.96%, 05/25/2055 (aa) | 7219 | 7200 |
| Series 5564, Class FB, (United States 30 Day Average SOFR + 1.20%), 4.86%, 08/25/2055 (aa) | 94 | 94 |
| Series 5566, Class F, (United States 30 Day Average SOFR + 1.15%), 4.81%, 08/25/2055 (aa) | 6650 | 6703 |
| Series 5573, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.56%, 09/25/2055 (aa) | 3908 | 3928 |
| Series 5583, Class FA, (United States 30 Day Average SOFR + 1.25%), 4.91%, 10/25/2055 (aa) | 8779 | 8829 |
| Series 5593, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.56%, 11/25/2055 (aa) | 4349 | 4371 |
| Series 5601, Class FC, (United States 30 Day Average SOFR + 1.05%), 4.71%, 11/25/2055 (aa) | 288 | 290 |
| FHLMC Strips, |  |  |
| Series 358, Class PO, PO, Zero Coupon, 10/15/2047 | 1328 | 1004 |
| Series 362, Class C4, IO, 3.00%, 12/15/2047 | 7697 | 1277 |
| Series 397, Class C52, IO, 5.00%, 01/25/2053 | 402 | 81 |
| Series 408, Class C64, IO, 5.00%, 09/25/2053 | 2211 | 474 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| FNMA Interest Strip, |  |  |
| Series 427, Class C21, IO, 2.00%, 03/25/2050 | 1798 | 223 |
| Series 428, Class C14, IO, 2.50%, 01/25/2048 | 715 | 80 |
| Series 429, Class C10, IO, 1.50%, 04/25/2037 | 2899 | 152 |
| Series 438, Class C28, IO, 5.00%, 08/25/2053 | 1840 | 385 |
| Series 439, Class C25, IO, 5.00%, 09/25/2053 | 1241 | 256 |
| Series 440, Class C50, IO, 4.50%, 10/25/2053 | 5016 | 1088 |
| Series 440, Class C54, IO, 5.00%, 11/25/2053 | 32886 | 7042 |
| FNMA REMICS, |  |  |
| Series 2005-105, Class AZ, 5.00%, 12/25/2035 | 501 | 507 |
| Series 2013-10, Class GD, 2.00%, 02/25/2033 | 202 | 190 |
| Series 2013-21, Class EZ, 3.00%, 03/25/2043 | 516 | 476 |
| Series 2013-91, Class DZ, 3.00%, 09/25/2033 | 473 | 453 |
| Series 2013-101, Class VZ, 3.00%, 09/25/2033 | 424 | 404 |
| Series 2014-2, Class PO, PO, Zero Coupon, 01/25/2041 | 1766 | 1398 |
| Series 2015-91, Class AF, (United States 30 Day Average SOFR + 0.48%), 4.17%, 12/25/2045 (aa) | 770 | 760 |
| Series 2016-88, Class EY, 3.50%, 12/25/2046 | 506 | 475 |
| Series 2018-85, Class FE, (United States 30 Day Average SOFR + 0.41%), 4.08%, 12/25/2048 (aa) | 662 | 653 |
| Series 2020-54, Class WF, (United States 30 Day Average SOFR + 0.56%), 4.25%, 08/25/2050 (aa) | 650 | 642 |
| Series 2020-61, Class FB, (United States 30 Day Average SOFR + 0.41%), 4.08%, 09/25/2050 (aa) | 323 | 299 |
| Series 2020-62, Class BI, IO, 2.00%, 09/25/2050 | 3134 | 355 |
| Series 2020-89, Class DI, IO, 2.50%, 12/25/2050 | 1611 | 251 |
| Series 2020-89, Class IG, IO, 3.00%, 12/25/2050 | 8451 | 1420 |
| Series 2020-96, Class IN, IO, 3.00%, 01/25/2051 | 467 | 79 |
| Series 2021-3, Class NI, IO, 2.50%, 02/25/2051 | 609 | 91 |
| Series 2021-3, Class TI, IO, 2.50%, 02/25/2051 | 12122 | 2056 |
| Series 2021-26, Class BD, 1.75%, 05/25/2051 | 185 | 163 |
| Series 2022-78, Class FC, (United States 30 Day Average SOFR + 1.25%), 4.91%, 11/25/2052 (aa) | 2149 | 2155 |
| Series 2023-2, Class DI, IO, 2.00%, 05/25/2051 | 83548 | 10572 |
| Series 2024-6, Class IO, IO, 3.50%, 11/25/2051 | 636 | 111 |
| Series 2024-18, Class IO, IO, 4.00%, 11/25/2049 | 2418 | 415 |
| Series 2024-64, Class FJ, (United States 30 Day Average SOFR + 1.25%), 4.91%, 09/25/2054 (aa) | 616 | 619 |
| Series 2024-67, Class FA, (United States 30 Day Average SOFR + 1.17%), 4.83%, 09/25/2054 (aa) | 9809 | 9849 |
| Series 2024-70, Class AE, 4.50%, 08/25/2052 | 2515 | 2494 |
| Series 2024-100, Class FB, (United States 30 Day Average SOFR + 1.35%), 5.01%, 01/25/2055 (aa) | 20247 | 20398 |
| Series 2024-100, Class FD, (United States 30 Day Average SOFR + 1.45%), 5.11%, 06/25/2054 (aa) | 12082 | 12187 |
| Series 2025-3, Class DA, 5.50%, 04/25/2052 | 215 | 219 |
| Series 2025-18, Class SM, IF, IO, (7.10% - United States 30 Day Average SOFR), 3.44%, 09/25/2054 (aa) | 26473 | 2227 |
| Series 2025-35, Class FB, (United States 30 Day Average SOFR + 1.00%), 4.66%, 05/25/2055 (aa) | 7394 | 7448 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **Agency Collateral CMO — continued** |  |  |
| Series 2025-49, Class FA, (United States 30 Day Average SOFR + 0.80%), 4.46%, 06/25/2055 (aa) | 1161 | 1152 |
| Series 2025-68, Class FA, (United States 30 Day Average SOFR + 1.15%), 4.81%, 08/25/2055 (aa) | 1041 | 1049 |
| Series 2025-95, Class FG, (United States 30 Day Average SOFR + 1.10%), 4.76%, 07/25/2055 (aa) | 931 | 934 |
| Series 2025-102, Class FD, (United States 30 Day Average SOFR + 1.05%), 4.71%, 12/25/2055 (aa) | 12624 | 12649 |
| GNMA, |  |  |
| Series 2016-H24, Class KF, (CME Term SOFR 1 Year + 0.97%), 4.54%, 11/20/2066 (aa) | 116 | 117 |
| Series 2017-H10, Class FB, (CME Term SOFR 1 Year + 1.47%), 5.59%, 04/20/2067 (aa) | 71 | 72 |
| Series 2017-H16, Class F, (CME Term SOFR 1 Year + 0.77%), 4.63%, 08/20/2067 (aa) | 98 | 98 |
| Series 2018-H09, Class FA, (CME Term SOFR 1 Year + 1.22%), 4.98%, 04/20/2068 (aa) | 393 | 401 |
| Series 2021-H05, Class AF, (United States 30 Day Average SOFR + 1.50%), 5.17%, 03/20/2071 (aa) | 991 | 1016 |
| Series 2022-H11, Class FE, (United States 30 Day Average SOFR + 0.78%), 4.45%, 05/20/2072 (aa) | 889 | 894 |
| Series 2022-H16, Class FB, (United States 30 Day Average SOFR + 0.90%), 4.57%, 08/20/2072 (aa) | 918 | 925 |
| Series 2023-113, Class FD, (United States 30 Day Average SOFR + 1.35%), 5.02%, 08/20/2053 (aa) | 590 | 594 |
| Series 2024-H14, Class FG, (United States 30 Day Average SOFR + 0.80%), 4.47%, 08/20/2074 (aa) | 739 | 745 |
| Series 2025-105, Class WF, (United States 30 Day Average SOFR + 1.00%), 4.67%, 06/20/2055 (aa) | 1793 | 1803 |
| Series 2025-134, Class NF, (United States 30 Day Average SOFR + 1.05%), 4.72%, 08/20/2055 (aa) | 14914 | 14982 |
| Series 2025-156, Class FV, (United States 30 Day Average SOFR + 0.80%), 4.47%, 09/20/2055 (aa) | 178 | 178 |
| Series 2025-172, Class GF, (United States 30 Day Average SOFR + 1.00%), 4.67%, 10/20/2055 (aa) | 95 | 96 |
| Series 2025-187, Class FC, (United States 30 Day Average SOFR + 0.95%), 4.62%, 11/20/2055 (aa) | 199 | 199 |
| Series 2025-H09, Class FA, (United States 30 Day Average SOFR + 0.84%), 4.51%, 04/20/2075 (aa) | 1063 | 1069 |
| Series 2025-H24, Class AF, (United States 30 Day Average SOFR + 0.73%), 4.40%, 01/20/2073 (aa) | 1049 | 1051 |
| Series 2026-H01, Class FL, (United States 30 Day Average SOFR + 0.75%), 4.42%, 11/20/2075 (aa) | 899 | 906 |
| Series 2026-H02, Class FA, (United States 30 Day Average SOFR + 0.75%), 4.42%, 01/20/2076 (aa) | 2211 | 2226 |
| Series 2026-H05, Class FL, (United States 30 Day Average SOFR + 0.80%), 4.47%, 02/20/2076 (aa) | 2205 | 2227 |
| Total Agency Collateral CMO |  | 231947 |
| **Agency Collateral PAC CMO — 0.3%** |  |  |
| FHLMC REMICS, |  |  |
| Series 2416, Class PV, 6.00%, 02/15/2032 | 80 | 82 |
| Series 2670, Class QH, 5.50%, 09/15/2033 | 556 | 571 |
| Series 4000, Class PD, 2.00%, 01/15/2042 | 2 | 1 |
| Series 4101, Class QN, 3.50%, 09/15/2042 | 46 | 42 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
|  **Agency Collateral PAC CMO — continued** |  |  |
| Series 4183, Class ME, 2.00%, 02/15/2042 | 154 | 149 |
| Series 4456, Class PB, 3.00%, 03/15/2045 | 175 | 147 |
| Series 4718, Class DA, 3.00%, 02/15/2047 | 143 | 134 |
| Series 4846, Class PA, 4.00%, 06/15/2047 | 1 | 1 |
| Series 5018, Class IO, IO, 3.50%, 10/25/2050 | 6277 | 1064 |
| Series 5155, Class MJ, 1.00%, 10/25/2051 | 594 | 482 |
| Series 5564, Class PF, (United States 30 Day Average SOFR + 1.20%), 4.86%, 08/25/2055 (aa) | 97 | 98 |
| FNMA REMICS, |  |  |
| Series 2012-68, Class KL, 3.00%, 07/25/2042 | 409 | 378 |
| Series 2013-41, Class WE, 1.50%, 11/25/2042 | 910 | 836 |
| Series 2013-96, Class KD, 3.50%, 10/25/2042 | 30 | 30 |
| Series 2014-55, Class CE, 3.00%, 07/25/2044 | 139 | 137 |
| Series 2016-42, Class GN, 2.50%, 09/25/2045 | 99 | 91 |
| Series 2017-81, Class YA, 3.00%, 05/25/2046 | 602 | 582 |
| Series 2019-16, Class HA, 3.50%, 11/25/2048 | 207 | 199 |
| GNMA, |  |  |
| Series 2015-63, Class PB, 1.75%, 09/20/2043 | 741 | 714 |
| Series 2018-11, Class PD, 2.50%, 12/20/2047 | 915 | 810 |
| Series 2025-100, Class PD, 7.00%, 02/20/2054 | 250 | 251 |
| Total Agency Collateral PAC CMO |  | 6799 |
| **WL Collateral CMO — 8.4%** |  |  |
| American Home Mortgage Investment Trust, Series 2006-1, Class 12A1, (CME Term SOFR 1 Month + 0.51%), 4.19%, 03/25/2046 (aa) | 1071 | 972 |
| Cascade Funding Mortgage Trust, Series 2024-RM5, Class A, 4.00%, 10/25/2054 (e) (z) | 1724 | 1683 |
| CIM TRUST, Series 2025-R1, Class A1, SUB, 5.00%, 02/25/2099 (e) | 2887 | 2857 |
| CSMC Trust, |  |  |
| Series 2017-RPL1, Class A2, 2.98%, 07/25/2057 (e) (z) | 3300 | 3093 |
| Series 2021-RPL2, Class A1, 2.00%, 01/25/2060 (e) | 1803 | 1580 |
| Series 2021-RPL3, Class A1, 2.00%, 01/25/2060 (e) (z) | 1022 | 904 |
| EFMT, Series 2026-AE1, Class A29, (United States 30 Day Average SOFR + 1.15%), 4.81%, 11/25/2060 (e) (aa) | 23900 | 23867 |
| First Horizon Alternative Mortgage Securities Trust, Series 2006-FA8, Class 1A7, 6.00%, 02/25/2037 | 1074 | 370 |
| GS Mortgage-Backed Securities Trust, Series 2025-RPL3, Class A1, SUB, 4.10%, 07/25/2065 (e) | 3569 | 3465 |
| Merrill Lynch Alternative Note Asset Trust Series, Series 2007-OAR5, Class 1A1, 3.30%, 10/25/2047 (z) | 2433 | 586 |
| MFA Trust, Series 2022-RPL1, Class A1, 3.30%, 08/25/2061 (e) (z) | 1645 | 1534 |
| Morgan Stanley Mortgage Loan Trust, Series 2007-6XS, Class 2A6S, SUB, 6.20%, 02/25/2047 | 78 | 25 |
| Morgan Stanley Residential Mortgage Loan Trust, |  |  |
| Series 2024-NQM3, Class A1, 5.04%, 07/25/2069 (e) (z) | 146 | 145 |
| Series 2024-RPL1, Class A1, SUB, 4.00%, 06/25/2064 (e) | 3517 | 3420 |
| Series 2026-INV1, Class A9, (United States 30 Day Average SOFR + 1.15%), 4.81%, 02/25/2061 (e) (aa) | 11771 | 11769 |
| New Residential Mortgage Loan Trust, Series 2021-INV2, Class A11, (United States 30 Day Average SOFR + 0.95%), 4.62%, 09/25/2051 (e) (aa) | 347 | 326 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **WL Collateral CMO — continued** |  |  |
| Nomura Asset Acceptance Corp. Alternative Loan Trust Series, Series 2005-AR1, Class M2, (CME Term SOFR 1 Month + 1.36%), 5.04%, 02/25/2035 (aa) | 4227 | 4053 |
| NYMT Loan Trust, Series 2025-CP1, Class A1, 3.75%, 11/25/2069 (e) (z) | 3668 | 3530 |
| OBX Trust, |  |  |
| Series 2022-NQM7, Class A1, SUB, 5.11%, 08/25/2062 (e) | 433 | 432 |
| Series 2024-NQM17, Class A1, 5.61%, 11/25/2064 (e) (z) | 4338 | 4358 |
| Series 2025-NQM4, Class A1, SUB, 5.40%, 02/25/2055 (e) | 3205 | 3212 |
| Oceanview Mortgage Trust, Series 2025-3, Class AF1, (United States 30 Day Average SOFR + 0.95%), 4.61%, 05/25/2055 (e) (aa) | 2172 | 2169 |
| PMT Loan Trust, |  |  |
| Series 2025-INV11, Class A36, (United States 30 Day Average SOFR + 1.35%), 5.01%, 11/25/2056 (e) (aa) | 4695 | 4716 |
| Series 2026-INV3, Class A36, (United States 30 Day Average SOFR + 1.35%), 5.02%, 02/25/2057 (e) (aa) | 1600 | 1600 |
| PRET 2025-NPL10 LLC, Series A1, 4.25%, 10/25/2055 (e) | 5158 | 5100 |
| PRET LLC, |  |  |
| Series 2025-NPL11, Class A1, SUB, 5.19%, 10/25/2055 (e) | 5083 | 5083 |
| Series 2025-NPL12, Class A1, SUB, 5.18%, 11/25/2055 (e) | 5066 | 5018 |
| Series 2025-NPL5, Class A1, SUB, 6.24%, 05/25/2055 (e) | 5086 | 5094 |
| Series 2025-NPL6, Class A1, SUB, 5.74%, 06/25/2055 (e) | 1438 | 1441 |
| Series 2025-NPL7, Class A1, SUB, 5.66%, 07/25/2055 (e) | 6847 | 6860 |
| Series 2025-NPL9, Class A1, SUB, 5.39%, 08/25/2055 (e) | 1857 | 1859 |
| Series 2026-NPL2, Class A1, SUB, 5.15%, 02/25/2056 (e) | 1368 | 1357 |
| Series 2026-NPL3, Class A1, SUB, 4.97%, 02/25/2056 (e) | 3266 | 3239 |
| Series 2026-NPL4, Class A1, SUB, 5.51%, 04/25/2056 (e) | 5400 | 5400 |
| PRET Trust, |  |  |
| Series 2025-RPL1, Class A1, SUB, 4.00%, 07/25/2069 (e) | 896 | 871 |
| Series 2025-RPL3, Class A1, SUB, 4.15%, 04/25/2065 (e) | 3414 | 3321 |
| Series 2025-RPL4, Class A1, SUB, 4.00%, 03/25/2065 (e) | 5154 | 4987 |
| PRPM, Series 2024-NQM3, Class A1, SUB, 5.23%, 08/25/2069 (e) | 87 | 86 |
| PRPM LLC, |  |  |
| Series 2024-6, Class A1, SUB, 5.70%, 11/25/2029 (e) | 1605 | 1606 |
| Series 2024-7, Class A1, SUB, 5.87%, 11/25/2029 (e) | 2151 | 2152 |
| Series 2024-RCF1, Class A1, SUB, 4.00%, 01/25/2054 (e) | 213 | 210 |
| Series 2024-RPL3, Class A1, SUB, 4.00%, 11/25/2054 (e) | 2821 | 2754 |
| Series 2025-4, Class A1, SUB, 6.18%, 06/25/2030 (e) | 3334 | 3328 |
| Series 2025-5, Class A1, SUB, 5.73%, 07/25/2030 (e) | 3602 | 3595 |
| Series 2025-7, Class A1, SUB, 5.50%, 08/25/2030 (e) | 3280 | 3268 |
| Series 2025-RPL2, Class A1, SUB, 3.75%, 04/25/2055 (e) | 3095 | 3013 |
| Series 2025-RPL5, Class A1, SUB, 4.50%, 06/25/2065 (e) | 5154 | 5041 |
| Series 2026-2, Class A1, SUB, 5.09%, 02/25/2031 (e) | 1622 | 1619 |
| Series 2026-RCF2, Class A1, 5.50%, 03/25/2056 (e) (z) | 7800 | 7828 |
| PRPM Trust, Series 2026-RCF1, Class A1, SUB, 4.85%, 01/25/2056 (e) | 5137 | 5108 |
| RALI Series Trust, |  |  |
| Series 2006-QS5, Class A1, 6.00%, 05/25/2036 | 601 | 533 |
| Series 2007-QS1, Class 1A5, (CME Term SOFR 1 Month + 0.66%), 4.34%, 01/25/2037 (aa) | 1937 | 1432 |
| Residential Asset Securitization Trust, Series 2005-A5, Class A8, 5.50%, 05/25/2035 | 336 | 221 |
| Sequoia Mortgage Trust, |  |  |
| Series 2007-2, Class 1A1, (CME Term SOFR 1 Month + 0.53%), 4.21%, 06/20/2036 (aa) | 88 | 82 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Collateralized Mortgage Obligations — continued** |  |  |
| **WL Collateral CMO — continued** |  |  |
| Series 2024-HYB1, Class A1A, 4.44%, 11/25/2063 (e) (z) | 2170 | 2167 |
| Series 2026-INV2, Class A26F, (United States 30 Day Average SOFR + 1.50%), 5.17%, 04/25/2056 (e) (aa) | 4000 | 4000 |
| Specialty Underwriting & Residential Finance Trust Series, Series 2006-AB3, Class A2C, (CME Term SOFR 1 Month + 0.59%), 4.27%, 09/25/2037 (aa) | 958 | 671 |
| Structured Asset Mortgage Investments II Trust, Series 2005-AR8, Class A2, (Treasury Average 1 Year + 1.48%), 5.15%, 02/25/2036 (aa) | 1892 | 1634 |
| Towd Point Mortgage Trust, Series 2017-6, Class A2, 3.00%, 10/25/2057 (e) (z) | 2000 | 1924 |
| VCAT LLC, |  |  |
| Series 2025-NPL3, Class A1, SUB, 5.89%, 02/25/2055 (e) | 1830 | 1833 |
| Series 2026-NPL1, Class A1, SUB, 5.10%, 01/25/2056 (e) | 943 | 938 |
| Series 2026-NPL2, Class A1, SUB, 5.06%, 02/25/2056 (e) | 1264 | 1258 |
| Total WL Collateral CMO |  | 186597 |
| Total Collateralized Mortgage Obligations<br>(Cost $430,204) |  | 425343 |
| **Commercial Mortgage-Backed Securities — 2.6%** |  |  |
| **Commercial MBS — 2.6%** |  |  |
| Acore Issuer LLC, (Cayman Islands), Series 2026-FL1, Class A, (CME Term SOFR 1 Month + 1.45%), 5.13%, 08/20/2043 (e) (aa) | 3600 | 3595 |
| ACRES LLC, (Cayman Islands), Series 2025-FL3, Class A, (CME Term SOFR 1 Month + 1.62%), 5.30%, 08/18/2040 (e) (aa) | 2900 | 2902 |
| Benchmark Mortgage Trust, Series 2018-B6, Class A2, 4.20%, 10/10/2051 | 3985 | 3974 |
| BRSP 2026-Fl3 Ltd., Series 2026-FL3, Class A, (CME Term SOFR 1 Month + 1.45%), 5.13%, 08/19/2043 (e) (aa) | 13500 | 13467 |
| Citigroup Commercial Mortgage Trust, Series 2018-C6, Class A2, 4.24%, 11/10/2051 | 2037 | 2034 |
| FHLMC Multifamily Structured Pass Through Certificates, |  |  |
| Series Q034, Class APT2, 2.94%, 07/25/2054 (z) | 1025 | 996 |
| Series Q039, Class A, 2.78%, 06/25/2054 (z) | 199 | 194 |
| FS Rialto Issuer LLC, (Cayman Islands), Series 2026-FL11, Class A, (CME Term SOFR 1 Month + 1.45%), Zero Coupon, 01/19/2044 (e) (aa) | 5000 | 4998 |
| MF1 Ltd., (Cayman Islands), Series 2022-FL8, Class A, (CME Term SOFR 1 Month + 1.35%), 5.03%, 02/19/2037 (e) (aa) | 1012 | 1012 |
| PFP Ltd., (Cayman Islands), |  |  |
| Series 2025-12, Class A, (CME Term SOFR 1 Month + 1.49%), 5.17%, 12/18/2042 (e) (aa) | 1100 | 1099 |
| Series 2026-13, Class A, (CME Term SOFR 1 Month + 1.50%), 5.18%, 08/18/2043 (e) (aa) | 13200 | 13207 |
| Wells Fargo Commercial Mortgage Trust, |  |  |
| Series 2025-AGLN, Class A, (CME Term SOFR 1 Month + 1.64%), 5.31%, 07/15/2037 (e) (aa) | 3800 | 3790 |
| Series 2025-AURA, Class A, (CME Term SOFR 1 Month + 1.59%), 5.27%, 10/15/2042 (e) (aa) | 5300 | 5287 |
| WSTN Trust, Series 2023-MAUI, Class A, 6.30%, 07/05/2037 (e) (z) | 1300 | 1313 |
| Total Commercial MBS |  | 57868 |
| Total Commercial Mortgage-Backed Securities<br>(Cost $57,889) |  | 57868 |
| **Convertible Bond — 0.0%** (g) |  |  |
| **Communications — 0.0%** (g) |  |  |
| **Media — 0.0%** (g) |  |  |
| Cable One, Inc., 1.13%, 03/15/2028<br>(Cost $482) | 545 | 410 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — 1.0%** |  |  |
| **Basic Materials — 0.0%** (g) |  |  |
| **Mining** — **0.0%**(g) |  |  |
| Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (e) | 230 | 248 |
| **Communications** — **0.5%** |  |  |
| **Advertising** — **0.1%** |  |  |
| Neptune Bidco US, Inc., 9.29%, 04/15/2029 (e) | 430 | 431 |
| 9.50%, 02/15/2033 (e) | 480 | 466 |
| 10.38%, 05/15/2031 (e) | 645 | 650 |
|  |  | 1547 |
| **Internet** — **0.3%** |  |  |
| Beignet Investor LLC, 6.58%, 05/30/2049 (e) | 5220 | 5368 |
| Getty Images, Inc., 11.25%, 02/21/2030 (e) | 395 | 352 |
|  |  | 5720 |
| **Media — 0.1%** |  |  |
| CSC Holdings LLC, 11.75%, 01/31/2029 (e) | 670 | 484 |
| Directv Financing LLC / Directv Financing Co-Obligor, Inc., 10.00%, 02/15/2031 (e) | 595 | 607 |
| Gray Media, Inc., 9.63%, 07/15/2032 (e) | 460 | 460 |
| Univision Communications, Inc., 8.00%, 08/15/2028 (e) | 900 | 912 |
|  |  | 2463 |
| **Telecommunications — 0.0%** (g) |  |  |
| APLD ComputeCo. 2 LLC, 6.75%, 03/15/2031 (e) | 500 | 496 |
| Level 3 Financing, Inc., 3.75%, 07/15/2029 (e) | 90 | 84 |
| WULF Compute LLC, 7.75%, 10/15/2030 (e) | 325 | 343 |
|  |  | 923 |
| Total Communications |  | 10653 |
| **Consumer Cyclical — 0.1%** |  |  |
| **Auto Manufacturers — 0.1%** |  |  |
| Rivian Holdings LLC / Rivian LLC / Rivian Automotive LLC, 10.00%, 01/15/2031 (e) | 1830 | 1777 |
| **Leisure Time — 0.0%** (g) |  |  |
| Sabre Financial Borrower LLC, 11.13%, 06/15/2029 (e) | 400 | 409 |
| **Retail — 0.0%** (g) |  |  |
| eG Global Finance plc, (United Kingdom), 12.00%, 11/30/2028 (e) | 600 | 642 |
| Petco Health & Wellness Co., Inc., 8.25%, 02/01/2031 (e) | 305 | 304 |
|  |  | 946 |
| Total Consumer Cyclical |  | 3132 |
| **Consumer Non-cyclical** — **0.1%** |  |  |
| **Healthcare—Services** — **0.1%** |  |  |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (e) | 473 | 507 |
| LifePoint Health, Inc., 11.00%, 10/15/2030 (e) | 895 | 963 |
|  |  | 1470 |
| **Pharmaceuticals — 0.0%** (g) |  |  |
| 1261229 BC Ltd., (Canada), 10.00%, 04/15/2032 (e) | 665 | 680 |
| Total Consumer Non-cyclical |  | 2150 |
| **Energy** — **0.0%**(g) |  |  |
| **Pipelines** — **0.0%**(g) |  |  |
| Venture Global LNG, Inc., |  |  |
| (CMT Index 5 Year + 5.44%), 9.00%, 09/30/2029 (e) (x) (aa) | 620 | 617 |
| 9.50%, 02/01/2029 (e) | 270 | 291 |
| 9.88%, 02/01/2032 (e) | 280 | 301 |
|  |  | 1209 |
| Total Energy |  | 1209 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Corporate Bonds — continued** |  |  |
| **Financial — 0.1%** |  |  |
| **Diversified Financial Services — 0.1%** |  |  |
| Aretec Group, Inc., 10.00%, 08/15/2030 (e) | 315 | 334 |
| Hightower Holding LLC, 9.13%, 01/31/2030 (e) | 580 | 591 |
| Navient Corp., 9.38%, 07/25/2030 | 400 | 390 |
|  |  | 1315 |
| **Insurance — 0.0%** (g) |  |  |
| Acrisure LLC / Acrisure Finance, Inc., 8.50%, 06/15/2029 (e) | 300 | 297 |
| Asurion LLC / Asurion Co-Issuer, Inc., |  |  |
| 8.00%, 12/31/2032 (e) | 230 | 238 |
| 8.38%, 02/01/2034 (e) | 620 | 601 |
|  |  | 1136 |
| **REITS — 0.0%** (g) |  |  |
| Service Properties Trust, Zero Coupon, 09/30/2027 (e) | 56 | 51 |
| Total Financial |  | 2502 |
| **Technology — 0.1%** |  |  |
| **Software — 0.1%** |  |  |
| Cloud Software Group, Inc., 9.00%, 09/30/2029 (e) | 1541 | 1480 |
| **Utilities — 0.1%** |  |  |
| **Electric — 0.1%** |  |  |
| Talen Energy Supply LLC, 8.63%, 06/01/2030 (e) | 360 | 378 |
| Vistra Corp., |  |  |
| (CMT Index 5 Year + 6.93%), 8.00%, 10/15/2026 (e) (x) (aa) | 180 | 182 |
| Series C, (CMT Index 5 Year + 5.05%), 8.88%, 01/15/2029 (e) (x) (aa) | 645 | 695 |
|  |  | 1255 |
| Total Utilities |  | 1255 |
| Total Corporate Bonds |  |  |
| (Cost $22,641) |  | 22629 |
| **Mortgage-Backed Securities — 41.1%** |  |  |
| **FHLMC Collateral — 0.1%** |  |  |
| FHLMC Pool, 5.24%, 07/01/2030 | 696 | 718 |
| **FNMA Collateral — 1.8%** |  |  |
| FNMA Pool, 4.30%, |  |  |
| 12/01/2029 | 5011 | 5028 |
| 4.36%, 12/01/2030 | 575 | 577 |
| 4.43%, 10/01/2030 | 3000 | 3018 |
| 4.53%, 11/01/2030 | 2331 | 2353 |
| 4.90%, 01/01/2033 | 7508 | 7649 |
| 5.03%, 11/01/2032 | 12231 | 12537 |
| 5.08%, 10/01/2032 | 353 | 363 |
| 5.12%, 02/01/2030 | 1182 | 1213 |
| 5.17%, 01/01/2030 | 1000 | 1029 |
| 5.18%, 09/01/2044 | 549 | 557 |
| 5.21%, 04/01/2029 | 2291 | 2361 |
| 5.21%, 01/01/2032 | 1422 | 1478 |
| 5.24%, 01/01/2030 | 1913 | 1978 |
| 5.55%, 11/01/2031 | 248 | 261 |
| Total FNMA Collateral |  | 40402 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **GNMA Collateral — 0.1%** |  |  |
| GNMA I Pool, Single Family, 30 years, |  |  |
| 3.50%, 09/15/2041 | 56 | 53 |
| 3.50%, 09/15/2042 | 536 | 503 |
| 3.50%, 05/15/2043 | 242 | 227 |
| Total GNMA Collateral |  | 783 |
| **GNMA II Collateral — 4.1%** |  |  |
| GNMA II Pool, Single Family, 30 years, |  |  |
| 2.00%, 03/20/2051 | 197 | 163 |
| 2.00%, 11/20/2051 | 5286 | 4363 |
| 2.00%, 02/20/2052 | 400 | 330 |
| 3.00%, 03/20/2052 (gg) | 22884 | 20441 |
| 3.00%, 02/20/2055 | 28 | 25 |
| 3.50%, 12/20/2040 | 73 | 69 |
| 3.50%, 05/20/2041 | 71 | 67 |
| 3.50%, 10/20/2041 | 122 | 116 |
| 3.50%, 06/20/2042 | 97 | 92 |
| 3.50%, 08/20/2042 | 50 | 47 |
| 3.50%, 09/20/2042 | 67 | 63 |
| 3.50%, 01/20/2043 | 105 | 99 |
| 3.50%, 05/20/2043 | 185 | 175 |
| 3.50%, 11/20/2052 | 4000 | 3696 |
| 3.50%, 01/20/2055 | 2000 | 1834 |
| 4.00%, 09/20/2055 | 346 | 324 |
| 4.50%, 06/20/2055 | 2091 | 2020 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 2.50%, 04/01/2056 (w) | 4000 | 3438 |
| TBA, 3.50%, 03/01/2056 (w) | 12000 | 11004 |
| TBA, 4.50%, 04/01/2056 (w) | 27120 | 26170 |
| TBA, 4.50%, 06/01/2056 (w) | 1000 | 963 |
| TBA, 5.00%, 05/01/2056 (w) | 6950 | 6867 |
| TBA, 5.50%, 06/01/2056 (w) | 1000 | 1003 |
| TBA, 6.00%, 05/01/2056 (w) | 1000 | 1015 |
| TBA, 6.50%, 05/01/2056 (w) | 7000 | 7255 |
| Total GNMA II Collateral |  | 91639 |
| **UMBS Collateral — 35.0%** |  |  |
| FHLMC Pool, Single Family, 20 years, 6.50%, 05/01/2045 | 262 | 272 |
| FHLMC Pool, Single Family, 30 years, |  |  |
| 5.00%, 07/01/2053 | 1532 | 1516 |
| 5.00%, 02/01/2056 | 793 | 791 |
| 5.50%, 11/01/2054 | 23 | 24 |
| 5.50%, 02/01/2055 | 102 | 103 |
| 5.50%, 04/01/2055 | 146 | 149 |
| 5.50%, 05/01/2055 | 28 | 28 |
| 5.50%, 08/01/2055 | 236 | 241 |
| 5.50%, 09/01/2055 | 55 | 56 |
| 5.50%, 10/01/2055 | 462 | 471 |
| 5.50%, 11/01/2055 | 45 | 46 |
| 6.00%, 07/01/2054 (gg) | 5161 | 5320 |
| 6.00%, 09/01/2054 | 49 | 51 |
| 6.00%, 11/01/2054 | 43 | 44 |
| 6.00%, 12/01/2054 | 44 | 46 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 6.00%, 01/01/2055 | 147 | 152 |
| 6.00%, 02/01/2055 | 49 | 50 |
| 6.50%, 06/01/2054 | 14 | 15 |
| 6.50%, 04/01/2055 | 134 | 141 |
| 6.50%, 06/01/2055 | 197 | 207 |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 2.50%, 04/01/2056 (w) | 3300 | 2776 |
| TBA, 3.00%, 04/01/2056 (w) | 17700 | 15565 |
| TBA, 3.00%, 05/01/2056 (w) | 2000 | 1757 |
| TBA, 3.50%, 06/01/2056 (w) | 39750 | 36345 |
| TBA, 4.00%, 04/01/2056 (w) | 45200 | 42615 |
| TBA, 4.00%, 05/01/2056 (w) | 8600 | 8102 |
| TBA, 4.00%, 06/01/2056 (w) | 29000 | 27279 |
| TBA, 4.50%, 04/01/2056 (w) | 24800 | 23931 |
| TBA, 4.50%, 05/01/2056 (w) | 23100 | 22270 |
| TBA, 5.00%, 04/01/2056 (w) | 70500 | 69518 |
| TBA, 5.00%, 05/01/2056 (w) | 84400 | 83129 |
| TBA, 5.50%, 04/01/2056 (w) | 9600 | 9644 |
| TBA, 5.50%, 05/01/2056 (w) | 104400 | 104737 |
| TBA, 6.00%, 04/01/2056 (w) | 10400 | 10600 |
| TBA, 6.00%, 05/01/2056 (w) | 84000 | 85515 |
| TBA, 6.50%, 05/01/2056 (w) | 26000 | 26869 |
| TBA, 6.50%, 06/01/2056 (w) | 52400 | 54136 |
| FNMA Pool, Single Family, 20 years, 6.50%, 05/01/2045 (gg) | 910 | 940 |
| FNMA Pool, Single Family, 30 years, |  |  |
| 5.00%, 11/01/2052 | 1734 | 1720 |
| 5.00%, 12/01/2054 (gg) | 3341 | 3330 |
| 5.00%, 01/01/2056 (gg) | 6984 | 6904 |
| 5.00%, 02/01/2056 | 1898 | 1892 |
| 5.00%, 03/01/2056 | 807 | 804 |
| 5.50%, 04/01/2055 | 151 | 154 |
| 5.50%, 10/01/2055 | 1054 | 1074 |
| 6.00%, 11/01/2053 | 1133 | 1171 |
| 6.00%, 08/01/2054 (gg) | 10425 | 10821 |
| 6.00%, 09/01/2054 | 386 | 399 |
| 6.00%, 11/01/2054 | 36 | 38 |
| 6.00%, 01/01/2055 | 1892 | 1945 |
| 6.00%, 03/01/2055 | 226 | 235 |
| 6.00%, 06/01/2055 | 452 | 462 |
| 6.00%, 07/01/2055 (gg) | 42523 | 44226 |
| 6.00%, 08/01/2055 | 704 | 730 |
| 6.00%, 09/01/2055 | 489 | 509 |
| 6.00%, 11/01/2055 | 266 | 276 |
| 6.50%, 11/01/2053 | 300 | 312 |
| 6.50%, 06/01/2054 (gg) | 3188 | 3374 |
| 6.50%, 07/01/2054 | 100 | 105 |
| 6.50%, 08/01/2054 | 68 | 71 |
| 6.50%, 11/01/2054 | 162 | 169 |
| 6.50%, 02/01/2055 (gg) | 3350 | 3551 |
| 6.50%, 04/01/2055 | 141 | 148 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Mortgage-Backed Securities — continued** |  |  |
| **UMBS Collateral — continued** |  |  |
| 6.50%, 05/01/2055 (gg) | 17806 | 18750 |
| 6.50%, 07/01/2055 (gg) | 11552 | 12230 |
| 6.50%, 08/01/2055 (gg) | 19370 | 20429 |
| 6.50%, 09/01/2055 (gg) | 8211 | 8685 |
| Total UMBS Collateral |  | 779965 |
| Total Mortgage-Backed Securities<br>(Cost $915,315) |  | 913507 |
| **U.S. Treasury Obligations — 0.0%** (g) |  |  |
| **Sovereign — 0.0%** (g) |  |  |
| U.S. Treasury Bond, 4.88%, 08/15/2045 (gg) | 151 | 151 |
| U.S. Treasury Note, 4.25%, 08/15/2035 (gg) (ii) | 248 | 247 |
| Total Sovereign |  | 398 |
| Total U.S. Treasury Obligations<br>(Cost $409) |  | 398 |
|  | **SHARES** |  |
| **Preferred Stocks — 0.0%** (g) |  |  |
| **Financial — 0.0%** (g) |  |  |
| **Insurance — 0.0%** (g) |  |  |
| Acruise Holdings, Inc., Series A-2 (a) (f) (bb) | 12 | 300 |
| Navacord, (Canada) (a) (f) (bb) | 1 | 412 |
| Total Financial |  | 712 |
| Total Preferred Stocks<br>(Cost $723) |  | 712 |
|  | **PRINCIPAL**<br>**AMOUNT ($)** |  |
| **Loan Assignments — 8.4%** (o) |  |  |
| **Basic Materials — 0.0%** (g) |  |  |
| **Chemicals — 0.0%** (g) |  |  |
| Nouryon Finance B.V., |  |  |
| November 2024 B-2 Dollar Term Loan, (Netherlands), (CME Term SOFR 3 Month + 3.25%), 6.92%, 04/03/2028 (u) (aa) | 295 | 289 |
| November 2024 B-1 Dollar Term Loan, (Netherlands), (CME Term SOFR 6 Month + 3.25%), 7.04%, 04/03/2028 (u) (aa) | 455 | 445 |
| Total Basic Materials |  | 734 |
| **Communications — 1.0%** |  |  |
| **Advertising — 0.2%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 2024 Refinancing Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.78%, 08/21/2028 (aa) | 950 | 951 |
| CMG Media Corp., Term B-2 Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.30%, 06/18/2029 (aa) | 2104 | 1965 |
| Neptune BidCo US Inc., 2026 Dollar Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 8.76%, 02/03/2033 (aa) | 2385 | 2273 |
|  |  | 5189 |
| **Internet — 0.2%** |  |  |
| Delivery Hero SE, Extended Dollar Term Loan, (Germany), (CME Term SOFR 3 Month + 5.00%), 8.64%, 12/12/2029 (aa) | 247 | 243 |
| Go Daddy Operating Company, LLC (GD Finance Co, Inc.), Tranche B-8 Term Loan, (CME Term SOFR + 1.75%), 11/09/2029 (u) (aa) | 534 | 525 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Internet — continued** |  |  |
| MH Sub I, LLC (Micro Holding Corp.), 2023 May Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.92%, 05/03/2028 (u) (aa) | 653 | 559 |
| 2024 December New Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.92%, 12/31/2031 (aa) | 577 | 382 |
| MH Sub I, LLC (WebMD Health Corp.), 2021 Replacement Term Loan (Second Lien), (CME Term SOFR 1 Month + 6.25%), 9.92%, 02/23/2029 (aa) | 505 | 336 |
| Proofpoint, Inc., 2025-B Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 6.70%, 08/31/2028 (aa) | 1407 | 1360 |
|  |  | 3405 |
| **Media — 0.2%** |  |  |
| Cable One, Inc., Incremental Term B-4 Loan, (CME Term SOFR 1 Month + 2.00%), 3.67%, 05/03/2028 (aa) | 89 | 83 |
| CSC Holdings, LLC, September 2019 Initial Term Loan, (PRIME 3 Month + 1.50%), 8.25%, 04/15/2027 | 296 | 260 |
| DIRECTV Financing, LLC, |  |  |
| 2025 Incremental Term B Loan, (CME Term SOFR 3 Month + 5.50%), 9.17%, 02/17/2031 (aa) | 349 | 349 |
| 2024 Refinancing Term B Loan, (CME Term SOFR 3 Month + 5.25%), 9.18%, 08/02/2029 (u) (aa) | 672 | 673 |
| E.W. Scripps Company, The, Tranche B-3 Term Loan, (CME Term SOFR + 3.35%), 11/30/2029 (u) (aa) | 909 | 892 |
| Gray Television, Inc., |  |  |
| Term D Loan, (CME Term SOFR 1 Month + 3.00%), 6.78%, 12/01/2028 (aa) | 607 | 607 |
| Term F Loan, (CME Term SOFR 1 Month + 5.25%), 8.92%, 06/04/2029 (aa) | 4 | 4 |
| iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.), Initial Term Loan, (CME Term SOFR 1 Month + 5.78%), 9.56%, 05/01/2029 (aa) | 837 | 731 |
| Radiate Holdco, LLC, |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 1 Month + 1.50%), 3.56%, 06/26/2029 (u) (aa) | 48 | 47 |
| First Out Term Loan, (CME Term SOFR 1 Month + 1.50%), 7.28%, 09/25/2029 (aa) | 620 | 550 |
| Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 7.70%, 09/07/2032 (u) (aa) | 48 | 48 |
| Univision Communications Inc., 2024 Replacement Converted First-Lien Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.28%, 01/31/2029 (aa) | 841 | 832 |
|  |  | 5076 |
| **Telecommunications — 0.4%** |  |  |
| Connect Finco Sarl, Amendment No. 4 Term Loan, (Luxembourg), (CME Term SOFR 1 Month + 4.50%), 8.17%, 09/27/2029 (aa) | 1278 | 1279 |
| Crown Subsea Communications Holding, Inc., 2026 Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.67%, 01/30/2031 (aa) | 392 | 393 |
| Delta Topco, Inc., |  |  |
| Fourth Amendment Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.42%, 11/30/2029 (aa) | 420 | 405 |
| Second Amendment Refinancing Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 8.92%, 11/29/2030 (aa) | 1035 | 904 |
| Galileo Parent, Inc., Initial Term Loan, (CME Term SOFR 6 Month + 4.50%), 8.12%, 03/03/2033 (u) (aa) | 1315 | 1287 |
| Iridium Communications Inc., Term B-4 Loan, (CME Term SOFR 1 Month + 2.25%), 5.92%, 09/20/2030 (aa) | 301 | 294 |
| Level 3 Financing, Inc., Term B-4 Refinancing Loans, (CME Term SOFR 1 Month + 3.25%), 6.92%, 03/29/2032 (u) (aa) | 2135 | 2133 |
| QualityTech, LP, Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.17%, 11/04/2031 (aa) | 785 | 781 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Telecommunications — 0.4%** |  |  |
| ViaSat, Inc., |  |  |
| Initial Term Loan, (CME Term SOFR + 4.50%), 03/02/2029 (u) (aa) | 309 | 310 |
| Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.29%, 05/30/2030 (aa) | 493 | 492 |
| Zayo Group Holdings, Inc., Initial Dollar Term Loan, (CME Term SOFR 1 Month + 0.50%), 6.78%, 03/11/2030 (u) (aa) | 869 | 852 |
|  |  | 9130 |
| Total Communications |  | 22800 |
| **Consumer Cyclical — 0.8%** |  |  |
| **Airlines — 0.1%** |  |  |
| AAdvantage Loyalty IP Ltd. (American Airlines, Inc.), 2025 Replacement Term Loan, (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 5.92%, 04/20/2028 (u) (aa) | 1004 | 993 |
| BCPE Pequod Buyer, Inc., 2026 Refinancing Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.42%, 11/25/2031 (aa) | 1107 | 1073 |
|  |  | 2066 |
| **Apparel — 0.1%** |  |  |
| ABG Intermediate Holdings 2, LLC, 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 5.92%, 12/21/2028 (aa) | 942 | 939 |
| Canada Goose Inc., 2025 Refinancing Term Loan, (Canada), (CME Term SOFR 3 Month + 3.50%), 7.16%, 08/23/2032 (aa) | 379 | 379 |
|  |  | 1318 |
| **Auto Parts & Equipment — 0.1%** |  |  |
| Autokiniton US Holdings, Inc., 2024 Replacement Term B Loan, (CME Term SOFR 1 Month + 4.00%), 7.78%, 04/06/2028 (aa) | 1488 | 1466 |
| Tenneco Inc., Term B Loan (First Lien), (CME Term SOFR 3 Month + 5.00%), 8.76%, 11/17/2028 (aa) | 600 | 584 |
|  |  | 2050 |
| **Distribution/Wholesale — 0.0%** (g) |  |  |
| Windsor Holdings III, LLC, 2025 Dollar Refinancing Term B Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 08/01/2030 (aa) | 668 | 657 |
| **Entertainment — 0.4%** |  |  |
| AMC Entertainment Holdings, Inc., Term Loan, (CME Term SOFR 1 Month + 7.00%), 10.68%, 01/04/2029 (u) (aa) | 1450 | 1427 |
| Caesars Entertainment, Inc., 2023 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.25%), 5.92%, 02/06/2030 (aa) | 553 | 536 |
| Incremental Term B-1 Loan, (CME Term SOFR 1 Month + 2.25%), 5.92%, 02/06/2031 (aa) | 867 | 840 |
| Crown Finance US, Inc., First Amendment Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.17%, 12/02/2031 (aa) | 1792 | 1771 |
| EOC Borrower, LLC, Term B Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 03/24/2032 (aa) | 811 | 808 |
| Formula One Management Ltd., Facility B, (United Kingdom), (CME Term SOFR 3 Month + 1.75%), 5.45%, 09/30/2031 (u) (aa) | 15 | 15 |
| Ontario Gaming GTA LP, Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 4.25%), 7.95%, 08/01/2030 (u) (aa) | 325 | 304 |
| TKO Worldwide Holdings, LLC, Additional Term B-5 Loan (First Lien), (CME Term SOFR 3 Month + 2.00%), 5.66%, 11/21/2031 (u) (aa) | 2194 | 2191 |
| Voyager Parent, LLC, 2026 Refinancing Term B Loan, (CME Term SOFR 3 Month + 4.25%), 7.95%, 07/01/2032 (aa) | 288 | 286 |
|  |  | 8178 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Leisure Time — 0.0%** (g) |  |  |
| Bulldog Purchaser Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 6.91%, 02/04/2033 (u) (aa) | 325 | 324 |
| Recess Holdings, Inc., Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.42%, 02/20/2030 (aa) | 208 | 209 |
| Sabre GLBL Inc., 2025 Other Term B-1 Loan, (CME Term SOFR 1 Month + 6.25%), 10.02%, 07/30/2029 (aa) | 307 | 240 |
|  |  | 773 |
| **Lodging — 0.0%** (g) |  |  |
| HRNI Holdings, LLC, Term B Loan, (CME Term SOFR 3 Month + 4.25%), 8.10%, 12/11/2028 (u) (aa) | 440 | 425 |
| **Retail — 0.1%** |  |  |
| IRB Holding Corp., 2025 Replacement Term B Loan, (CME Term SOFR 1 Month + 2.50%), 6.18%, 12/15/2030 (u) (aa) | 1304 | 1300 |
| Men's Wearhouse, LLC, The, Initial Term Loan, (CME Term SOFR 3 Month + 5.75%), 9.42%, 01/28/2031 (aa) | 220 | 220 |
| Petco Health and Wellness Company, Inc., 2026 Term Loan (First Lien), (CME Term SOFR 3 Month + 4.25%), 7.95%, 02/03/2031 (aa) | 375 | 366 |
| Sabre GLBL Inc., 2024 Term B-1 Loan, (CME Term SOFR 1 Month + 6.00%), 9.77%, 11/15/2029 (aa) | 95 | 74 |
| Victra Holdings, LLC, Fifth Amendment Incremental Term Loan, (CME Term SOFR 3 Month + 3.75%), 7.45%, 03/29/2029 (aa) | 868 | 855 |
|  |  | 2815 |
| Total Consumer Cyclical |  | 18282 |
| **Consumer Non-cyclical — 1.4%** |  |  |
| **Beverages — 0.0%** (g) |  |  |
| Celsius, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.20%, 04/01/2032 (u) (aa) | 389 | 390 |
| **Commercial Services — 0.4%** |  |  |
| Albion Financing 3 Sarl (Albion Financing, LLC), 2025-A Refinancing U.S. Dollar Term Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.00%), 6.66%, 05/21/2031 (aa) | 1637 | 1635 |
| Allied Universal Holdco, LLC (f/k/a USAGM Holdco, LLC), Amendment No. 7 Replacement U.S. Dollar Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.92%, 08/20/2032 (u) (aa) | 780 | 779 |
| Anticimex Global AB, Facility B8, (Sweden), (SOFR 3 Month + 2.90%), 6.56%, 11/17/2031 | 680 | 680 |
| Bach Finance Ltd., Fifteenth Amendment Dollar Term Loan (First Lien), (Cayman Islands), (CME Term SOFR 3 Month + 2.25%), 5.92%, 01/09/2032 (aa) | 657 | 648 |
| Belron Finance 2019, LLC, New 2031 Dollar Incremental Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.66%, 10/16/2031 (aa) | 1286 | 1284 |
| Mavis Tire Express Services Topco, Corp., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.67%, 05/04/2028 (u) (aa) | 1460 | 1458 |
| Peloton Interactive, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 5.50%), 9.17%, 05/30/2029 (aa) | 267 | 267 |
| Shift4 Payments, LLC, Amendment No. 3 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.00%), 5.65%, 07/03/2032 (aa) | 399 | 398 |
| Townsquare Media, Inc., Initial Term Loan, (CME Term SOFR 6 Month + 5.00%), 8.59%, 02/19/2030 (aa) | 314 | 227 |
| Wand Newco 3, Inc., Tranche B-2 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.17%, 01/30/2031 (aa) | 1406 | 1393 |
| Wash Bidco, Inc., Term Loan B, (CME Term SOFR 1 Month + 3.25%), 09/10/2032 (u) (aa) | 500 | 501 |
|  |  | 9270 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Cosmetics/Personal Care — 0.1%** |  |  |
| Opal US, LLC, Facility B4, (CME Term SOFR 3 Month + 3.00%), 6.70%, 04/28/2032 (aa) | 2494 | 2491 |
| **Food — 0.0%** (g) |  |  |
| Snacking Investments BidCo Pty Ltd., 2025 U.S. Term Loan, (Australia), (CME Term SOFR 3 Month + 3.00%), 6.67%, 10/29/2032 (aa) | 390 | 390 |
| **Healthcare—Products — 0.4%** |  |  |
| Bausch + Lomb Corp., Fourth Amendment Term Loan, (Canada), (CME Term SOFR 1 Month + 3.75%), 7.42%, 01/15/2031 (aa) | 507 | 507 |
| Hanger, Inc., |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 1 Month + 3.50%), 5.79%, 10/23/2031 (aa) | 34 | 34 |
| Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.17%, 10/23/2031 (aa) | 422 | 423 |
| Hologic, Inc., |  |  |
| Term Loan (Second Lien), 1/5/2034 (u) | 5145 | 5094 |
| Term Loan B, (CME Term SOFR + 2.25%), 01/14/2033 (u) (aa) | 1190 | 1175 |
| QuidelOrtho Corp., Term B Loan, (CME Term SOFR 1 Month + 4.00%), 7.67%, 08/20/2032 (aa) | 556 | 555 |
| Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 7.70%, 09/27/2030 (aa) |  | 7788 |
| **Healthcare—Services — 0.4%** |  |  |
| Aveanna Healthcare, LLC, 2025 Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.42%, 09/17/2032 (aa) | 691 | 689 |
| Heartland Dental, LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 3.75%), 7.42%, 08/25/2032 (aa) | 1378 | 1374 |
| LGC Science Group Holdings Ltd., Facility B3 (USD), (United Kingdom), (CME Term SOFR 1 Month + 4.00%), 7.67%, 01/21/2030 (u) (aa) | 632 | 630 |
| LifePoint Health, Inc., 2024-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.50%), 7.15%, 05/17/2031 (aa) | 1015 | 1013 |
| 2024-1 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.42%, 05/17/2031 (aa) | 1185 | 1185 |
| Star Parent, Inc., Term Loan B, (CME Term SOFR 3 Month + 4.00%), 7.70%,<br> 09/27/2030 (aa) | 471 | 465 |
| Surgery Center Holdings, Inc., 2025 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 12/19/2030 (aa) | 1616 | 1615 |
| Team Health Holdings, Inc., 2028-2 Refinancing Term Loan, (CME Term SOFR 3 Month + 4.00%), 7.66%, 06/30/2028 (aa) | 1016 | 1011 |
| U.S. Renal Care, Inc., Closing Date Term Loan, (CME Term SOFR 1 Month + 5.00%), 8.78%, 06/28/2028 (u) (aa) | 832 | 781 |
|  |  | 8763 |
| **Household Products/Wares — 0.0%** (g) |  |  |
| Lavender Dutch BorrowerCo B.V., Facility B (USD), (Netherlands), (CME Term SOFR 3 Month + 3.25%), 6.95%, 12/30/2032 (aa) | 219 | 216 |
| **Pharmaceuticals** — **0.1%** |  |  |
| 1261229 B.C. Ltd., Initial Term Loan, (Canada), (CME Term SOFR 1 Month + 6.25%), 9.92%, 10/08/2030 (aa) | 495 | 477 |
| Dechra Pharmaceuticals Holdings Ltd., Facility B3, (United Kingdom), (CME Term SOFR 6 Month + 2.75%), 6.39%, 01/27/2032 (aa) | 811 | 810 |
| Financiere Mendel, Additional Term Facility 2 (USD), (France), (CME Term SOFR 3 Month + 2.75%), 6.39%, 11/08/2030 (u) (aa) | 460 | 463 |
| Paradigm Parent, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 4.50%), 8.20%, 04/16/2032 (aa) | 453 | 372 |
|  |  | 2122 |
| Total Consumer Non-cyclical |  | 31430 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Energy — 0.1%** |  |  |
| **Energy—Alternate Sources — 0.0%** (g) |  |  |
| TerraForm Power Operating, LLC, Specified Refinancing Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.70%, 05/21/2029 (u) (aa) | 194 | 192 |
| **Oil & Gas Services — 0.0%** (g) |  |  |
| Goodnight Water Solutions Holdings, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.67%, 06/04/2029 (aa) | 575 | 574 |
| **Pipelines — 0.1%** |  |  |
| Brazos Delaware II, LLC, 2025 B-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.18%, 02/11/2030 (aa) | 389 | 389 |
| NorthRiver Midstream Finance LP, Initial Term B Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 2.25%), 5.91%, 08/16/2030 (aa) | 379 | 380 |
| Pelican Pipeline, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.47%, 03/25/2033 (aa) | 215 | 215 |
|  |  | 984 |
| Total Energy |  | 1750 |
| **Financial — 1.7%** |  |  |
| **Banks — 0.0%** (g) |  |  |
| Chrysaor Bidco Sarl, Facility B1 (USD) Loan, (Luxembourg), (CME Term SOFR 3 Month + 3.25%), 6.90%, 10/30/2031 (u) (aa) | 329 | 328 |
| Orbit Private Holdings I Ltd, 2025-1 Incremental Term Loan (First Lien), (United Kingdom), (CME Term SOFR 6 Month + 3.75%), 3.74%, 12/10/2031 (aa) | 326 | 323 |
|  |  | 651 |
| **Diversified Financial Services — 0.6%** |  |  |
| Aretec Group, Inc. (fka RCS Capital Corp.), Term B-4 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.67%, 08/09/2030 (u) (aa) | 175 | 172 |
| Citadel Securities LP, 2024-1 Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.70%, 10/31/2031 (u) (aa) | 181 | 182 |
| Citco Funding, LLC, 2026 Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 01/30/2033 (aa) | 304 | 303 |
| Edelman Financial Engines Center, LLC, The, 2024-2 Refinancing Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.67%, 04/07/2028 (u) (aa) | 1685 | 1682 |
| 2024 Refinancing Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 8.92%, 10/06/2028 (aa) | 200 | 197 |
| EP Wealth Advisors, LLC, Closing Date Term Loan, (CME Term SOFR 3 Month + 3.00%), 6.70%, 10/18/2032 (aa) | 310 | 310 |
| Focus Financial Partners, LLC, Tranche C Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 09/15/2031 (aa) | 2765 | 2672 |
| GTCR Everest Borrower, LLC, 2026-1 Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.20%, 09/05/2031 (aa) | 774 | 768 |
| HighTower Holding, LLC, Amendment No. 10 Replacement Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.41%, 02/03/2032 (aa) | 99 | 98 |
| Inception Holdco Sarl, Facility B9, (Luxembourg), (CME Term SOFR 3 Month + 3.25%), 6.95%, 04/09/2031 (u) (aa) | 423 | 425 |
| Jane Street Group, LLC, Seventh Amendment Extended Term Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 12/15/2031 (u) (aa) | 1007 | 988 |
| Mermaid Bidco Inc., Facility B (USD), (CME Term SOFR 3 Month + 3.25%), 6.91%, 07/03/2031 (u) (aa) | 273 | 267 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Diversified Financial Services — continued** |  |  |
| Orion Advisor Solutions, Inc., 2026 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.42%, 09/24/2030 (aa) | 229 | 224 |
| Orion Midco Ltd, Initial Term Loan (First Lien), (Jersey), (CME Term SOFR 3 Month + 3.50%), 7.15%, 10/08/2032 (aa) | 775 | 766 |
| Orion US Finco, Inc., Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.50%), 9.15%, 10/10/2033 (aa) | 935 | 874 |
| Osaic Holdings, Inc., Term B-1 Loan, (CME Term SOFR 3 Month + 2.50%), 6.20%, 07/30/2032 (u) (aa) | 1118 | 1096 |
| PEX Holdings, LLC, Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.45%, 11/26/2031 (aa) | 322 | 318 |
| Speed Midco 3 Sarl, Facility B (USD), (Luxembourg), (CME Term SOFR 6 Month + 2.50%), 6.29%, 10/07/2032 (aa) | 389 | 382 |
| Tegra118 Wealth Solutions, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 4.00%), 7.67%, 01/27/2033 (aa) | 500 | 487 |
|  |  | 12211 |
| **Insurance — 1.0%** |  |  |
| Acrisure, LLC, 2024 Repricing Term B-6 Loan (First Lien), (CME Term SOFR 1 Month + 3.00%), 6.67%, 11/06/2030 (aa) | 746 | 722 |
| 2025 Term B Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.92%, 06/21/2032 (aa) | 183 | 177 |
| Alera Group, Inc., |  |  |
| 2026-1 New Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.42%, 05/30/2032 (aa) | 1848 | 1790 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.50%), 9.18%, 05/30/2033 (aa) | 4600 | 4431 |
| Alliant Holdings Intermediate, LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 09/19/2031 (u) (aa) | 2449 | 2428 |
| Asurion, LLC, |  |  |
| New Term B-14 Term Loan (First Lien), (CME Term SOFR 1 Month + 3.75%), 7.42%, 02/23/2033 (aa) | 468 | 452 |
| New Term B-13 Term Loan (First Lien), (CME Term SOFR 1 Month + 4.25%), 7.92%, 09/19/2030 (aa) | 453 | 447 |
| New B-4 Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 9.03%, 01/20/2029 (u) (aa) | 1616 | 1604 |
| CRC Insurance Group, LLC, |  |  |
| Amendment No.1 Replacement Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.45%, 05/06/2031 (u) (aa) | 393 | 387 |
| Initial Term Loan (Second Lien), (CME Term SOFR 3 Month + 4.75%), 8.45%, 05/06/2032 (aa) | 2959 | 2924 |
| Hub International Ltd., 2025 Incremental Term Loan, (CME Term SOFR 3 Month + 2.25%), 5.92%, 06/20/2030 (u) (aa) | 1795 | 1790 |
| Jones DesLauriers Insurance Management Inc., 2026-1 Term Loan (First Lien), (Canada), (CME Term SOFR 3 Month + 3.00%), 6.66%, 02/02/2033 (aa) | 980 | 951 |
| OneDigital Borrower, LLC, Initial Loan (Second Lien), (CME Term SOFR 1 Month + 5.25%), 8.92%, 07/02/2032 (u) (aa) | 1265 | 1233 |
| Ryan Specialty, LLC, 2024 Term Loan, (CME Term SOFR 1 Month + 2.00%), 5.67%, 09/15/2031 (aa) | 331 | 330 |
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.), 2024 Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 07/31/2031 (aa) | 2644 | 2593 |
|  |  | 22259 |
| **Investment Companies — 0.0%** (g) |  |  |
| Acuren Delaware Holdco, Inc., Amendment No. 1 Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 07/30/2031 (aa) | 399 | 398 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Real Estate** — **0.1%** |  |  |
| Blackstone Mortgage Trust, Inc., Term B-9 Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 12/10/2030 (aa) | 285 | 285 |
| Daintree Bidco Pty Ltd, Term Loan B, (Australia), (CME Term SOFR + 4.48%), 11/25/2032 (u) (aa) | 770 | 755 |
|  |  | 1040 |
| **REITS — 0.0%** (g) |  |  |
| KREF Holdings X, LLC, 2025 Replacement Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.18%, 03/05/2032 (aa) | 583 | 578 |
| Total Financial |  | 37137 |
| **Industrial — 1.4%** |  |  |
| **Aerospace/Defense — 0.2%** |  |  |
| Dynasty Acquisition Co., Inc., |  |  |
| Initial Term B-1 Loan, (CME Term SOFR 1 Month + 2.00%), 3.67%, 10/31/2031 (u) (aa) | 730 | 730 |
| Initial Term B-2 Loan, (CME Term SOFR 1 Month + 2.00%), 3.67%, 10/31/2031 (u) (aa) | 278 | 277 |
| Kaman Corp., Initial Term Loan, (CME Term SOFR 3 Month + 2.50%), 6.20%, 02/26/2032 (aa) | 438 | 438 |
| PMI (US) Bidco, Inc., Initial Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.92%, 03/16/2033 (aa) | 91 | 91 |
| TransDigm, Inc.., |  |  |
| Tranche N Term Loan, (CME Term SOFR 1 Month + 2.50%), 3.67%, 02/13/2033 (u) (aa) | 80 | 80 |
| New Tranche K Term Loan, (CME Term SOFR 1 Month + 2.25%), 5.92%, 03/22/2030 (aa) | 722 | 722 |
| New Tranche J Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 02/28/2031 (aa) | 2008 | 2008 |
| Tranche M Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 08/19/2032 (aa) | 589 | 588 |
|  |  | 4934 |
| **Building Materials** — **0.2%** |  |  |
| Chariot Buyer, LLC, Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.42%, 09/08/2032 (aa) | 1374 | 1359 |
| CP Atlas Buyer, Inc., 2025 Term B Loan, (CME Term SOFR 1 Month + 5.25%), 8.92%, 07/08/2030 (u) (aa) | 497 | 456 |
| MI Windows and Doors, LLC, Term B-3 Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 03/28/2031 (u) (aa) | 488 | 448 |
| Quikrete Holdings, Inc., Tranche B-3 Term Loan (First Lien), (CME Term SOFR 1 Month + 2.25%), 5.92%, 02/10/2032 (u) (aa) | 1846 | 1841 |
| Watlow Electric Manufacturing Company, Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 6.67%, 03/02/2028 (aa) | 599 | 599 |
|  |  | 4703 |
| **Electronics** — **0.2%** |  |  |
| Resilience Parent, LLC, |  |  |
| Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.13%, 02/28/2033 (u) (aa) | 1785 | 1774 |
| Initial Term Loan Second Lien, (CME Term SOFR 3 Month + 5.25%), 8.92%, 02/27/2034 (aa) (bb) | 2215 | 2193 |
|  |  | 3967 |
| **Engineering & Construction** — **0.1%** |  |  |
| Signature Aviation US Holdings, Inc., Incremental Term B-2 Facility, (CME Term SOFR 3 Month + 2.50%), 6.17%, 07/01/2031 (u) (aa) | 987 | 988 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |  |
| **Environmental Control — 0.2%** |  |  |  |
| Filtration Group Corp., 2025-B Incremental Dollar Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 10/21/2028 (aa) |  | 2233 | 2232 |
| Madison IAQ, LLC, |  |  |  |
| Initial Term Loan, (CME Term SOFR 6 Month + 2.50%), 6.13%, 06/21/2028 (u) (aa) |  | 655 | 654 |
| 2025 Repriced Incremental Term Loan, (CME Term SOFR 6 Month + 2.75%), 6.38%, 11/08/2032 (u) (aa) |  | 465 | 466 |
|  |  |  | 3352 |
| **Hand/Machine Tools — 0.0%** (g) |  |  |  |
| Madison Safety & Flow, LLC, 2025-B Incremental Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.18%, 09/26/2031 (aa) |  | 337 | 337 |
| **Hand/MachineTools — 0.0%** (g) |  |  |  |
| Alliance Laundry Systems, LLC, Initial Term B Loan, (CME Term SOFR 3 Month + 2.25%), 5.92%, 08/19/2031 (aa) |  | 184 | 184 |
| **Machinery - Diversified — 0.4%** |  |  |  |
| CPM Holdings, Inc., Initial Term Loan, (CME Term SOFR 1 Month + 4.50%), 8.17%, 09/28/2028 (u) (aa) |  | 1592 | 1592 |
| Engineered Machinery Holdings, Inc., |  |  |  |
| 2025 USD Refinancing Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.95%, 11/26/2032 (u) (aa) |  | 1923 | 1929 |
| Incremental Amendment No. 3 Term Loan (Second Lien), (CME Term SOFR 3 Month + 6.00%), 9.96%, 05/21/2029 (aa) |  | 1229 | 1228 |
| INNIO Group Holding GmbH, Extended Facility B (USD), (Austria), (CME Term SOFR 3 Month + 2.00%), 5.66%, 11/02/2031 (u) (aa) |  | 393 | 389 |
| Merlin Buyer, Inc.., |  |  |  |
| Bettcher Industries Term Loan, (CME Term SOFR + 4.00%), 03/25/2033 (u) (aa) |  | 786 | 786 |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 7.67%, 12/14/2028 (aa) |  | 609 | 609 |
| Pro Mach Group, Inc., Amendment No. 6 Refinancing Term Loan (First Lien), (CME Term SOFR 1 Month + 2.75%), 6.42%, 10/15/2032 (aa) |  | 1346 | 1343 |
| TK Elevator Midco GmbH, Facility B (USD), (Germany), (CME Term SOFR 6 Month + 2.75%), 6.38%, 04/30/2030 (aa) |  | 1393 | 1395 |
|  |  |  | 9271 |
| **Miscellaneous Manufacturers — 0.0%** (g) |  |  |  |
| LSF12 Helix Parent, LLC, Initial Term Loan, (CME Term SOFR 1 Month + 3.50%), 7.17%, 02/10/2033 (aa) |  | 400 | 394 |
| **Packaging & Containers — 0.1%** |  |  |  |
| Albea Beauty Holdings Sarl, Facility BA, (Luxembourg), (Euribor 6 Month + 5.00%), 7.50%, 12/31/2027 (u) | EUR | 145 | 152 |
| Charter Next Generation, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.17%, 11/29/2030 (aa) |  | 2029 | 2014 |
| ProAmpac PG Borrower, LLC, Initial USD Term Loan (First Lien), (CME Term SOFR 1 Month + 4.00%), 7.78%, 03/07/2033 (aa) |  | 361 | 348 |
|  |  |  | 2514 |
| Total Industrial |  |  | 30644 |
| **Technology — 1.7%** |  |  |  |
| **Computers — 0.2%** |  |  |  |
| Kaseya, Inc.., |  |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.92%, 03/22/2032 (aa) |  | 473 | 440 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Computers — 0.2%** |  |  |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 5.00%), 8.67%, 03/21/2033 (aa) | 1376 | 1089 |
| McAfee Corp., Second Amendment Tranche B-1 Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.67%, 03/01/2029 (aa) | 1659 | 1477 |
| Trio BidCo, LLC, Closing Date Term B Loan, (CME Term SOFR 3 Month + 4.00%), 7.70%, 10/29/2032 (aa) | 792 | 765 |
|  |  | 3771 |
| **Semiconductors — 0.0%** (g) |  |  |
| Altar BidCo, Inc., Initial Term Loan (First Lien), (CME Term SOFR 12 Month + 3.10%), 6.61%, 02/01/2029 (u) (aa) | 395 | 392 |
| Icon Parent I Inc., 2025 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.44%, 11/13/2031 (aa) | 1025 | 982 |
|  |  | 1374 |
| **Software — 1.5%** |  |  |
| Applied Systems, Inc., |  |  |
| Tranche B-1 Term Loan (First Lien), (CME Term SOFR 3 Month + 2.25%), 5.95%, 02/24/2031 (aa) | 1888 | 1849 |
| Initial Term Loan (2024) (Second Lien), (CME Term SOFR 3 Month + 4.50%), 8.20%, 02/23/2032 (u) (aa) | 1803 | 1776 |
| Ascend Learning, LLC, Amendment No. 5 Incremental Term Loan, (CME Term SOFR 1 Month + 3.00%), 6.67%, 12/11/2028 (u) (aa) | 1437 | 1401 |
| athenahealth Group Inc., Initial Term Loan, (CME Term SOFR 1 Month + 2.75%), 6.42%, 02/15/2029 (aa) | 899 | 881 |
| Avalara, Inc., First Amendment Term Loan, (CME Term SOFR 3 Month + 2.75%), 6.45%, 03/26/2032 (u) (aa) | 1444 | 1409 |
| Central Parent, LLC, 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 3.25%), 6.95%, 07/06/2029 (u) (aa) | 65 | 46 |
| Cloud Software Group, Inc., |  |  |
| Tenth Amendment Tranche B-2 Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.95%, 03/21/2031 (aa) | 620 | 566 |
| Tenth Amendment Tranche B-1 Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.95%, 08/13/2032 (aa) | 1383 | 1261 |
| ConnectWise, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.50%), 7.46%, 09/29/2028 (aa) | 741 | 683 |
| Dayforce Bidco, LLC, Initial Term Loan, (CME Term SOFR 3 Month + 3.00%), 6.66%, 02/04/2033 (u) (aa) | 985 | 930 |
| Dye & Durham Corp., Term Loan B, (Canada), (CME Term SOFR 3 Month + 4.25%), 8.05%, 04/11/2031 (aa) | 669 | 562 |
| ECi Macola/MAX Holding, LLC, 2025 Repricing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.45%, 05/09/2030 (aa) | 399 | 389 |
| Ellucian Holdings, Inc.., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.50%), 6.17%, 10/08/2029 (aa) | 2592 | 2517 |
| Initial Term Loan (Second Lien), (CME Term SOFR 1 Month + 4.75%), 8.42%, 11/22/2032 (aa) | 2716 | 2591 |
| Epicor Software Corp., Term F Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 05/30/2031 (u) (aa) | 2588 | 2536 |
| Genuine Financial Holdings, LLC, 2025 Replacement Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.92%, 09/27/2030 (u) (aa) | 206 | 176 |
| Javelin Buyer, Inc., Term Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 8.67%, 12/06/2032 (aa) | 1060 | 965 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |
| **Software — continued** |  |  |
| Oak-Eagle Acquireco, Inc., Term Loan B1, (CME Term SOFR + 3.50%), 03/24/2033 (u) (aa) | 3260 | 3240 |
| Playtika Holding Corp., Term B-1 Loan, (CME Term SOFR 1 Month + 2.75%), 6.53%, 03/13/2028 (aa) | 128 | 120 |
| Project Alpha Intermediate Holding, Inc., Initial Loan (Second Lien), (CME Term SOFR 3 Month + 5.00%), 8.70%, 05/09/2033 (aa) | 1395 | 810 |
| Project Boost Purchaser, LLC, 2025-2 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.75%), 6.45%, 07/16/2031 (aa) | 963 | 927 |
| RealPage, Inc., |  |  |
| Initial Term Loan (First Lien), (CME Term SOFR 3 Month + 3.00%), 6.96%, 04/24/2028 (aa) | 123 | 118 |
| 2024-1 Incremental Term Loan (First Lien), (CME Term SOFR 3 Month + 3.75%), 7.45%, 04/24/2028 (aa) | 679 | 658 |
| Red Planet Borrower, LLC, Fourth Amendment Incremental Term Loan, (CME Term SOFR 1 Month + 4.00%), 7.67%, 09/08/2032 (aa) | 1222 | 1193 |
| Renaissance Holding Corp., 2024-2 Term Loan (First Lien), (CME Term SOFR 3 Month + 4.00%), 7.67%, 04/05/2030 (aa) | 789 | 557 |
| Storable, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 3.25%), 6.92%, 04/16/2031 (aa) | 943 | 901 |
| UKG Inc., 2024 Refinancing Term Loan (First Lien), (CME Term SOFR 3 Month + 2.50%), 6.17%, 02/10/2031 (u) (aa) | 3284 | 3133 |
| Waystar Technologies, Inc., Initial Term Loan (First Lien), (CME Term SOFR 1 Month + 2.00%), 5.67%, 10/22/2029 (aa) | 539 | 537 |
|  |  | 32732 |
| Total Technology |  | 37877 |
| **Utilities — 0.3%** |  |  |
| **Electric — 0.3%** |  |  |
| Alpha Generation, LLC, Initial Term B Loan, (CME Term SOFR 1 Month + 1.75%), 5.42%, 09/30/2031 (aa) | 603 | 601 |
| Compass Power Generation, L.L.C., Tranche B-4 Term Loan, (CME Term SOFR 1 Month + 3.25%), 6.92%, 04/14/2029 (aa) | 240 | 241 |
| Constellation Renewables, LLC, Loan, (CME Term SOFR 3 Month + 2.00%), 5.67%, 12/15/2027 (u) (aa) | 863 | 863 |
| Cornerstone Generation, LLC, Term Loan B, (CME Term SOFR 3 Month + 2.25%), 5.92%, 08/11/2032 (u) (aa) | 1121 | 1120 |
| Hamilton Projects Acquiror, LLC, 2025-2 Repricing Term Loan, (CME Term SOFR 1 Month + 2.50%), 6.17%, 05/30/2031 (aa) | 716 | 716 |
| MRP Buyer, LLC, |  |  |
| Delayed Draw Term Loan, (CME Term SOFR 3 Month + 3.25%), 5.48%, 06/04/2032 (aa) | 24 | 24 |
| Closing Date Term Loan, (CME Term SOFR 3 Month + 3.25%), 6.95%, 06/04/2032 (aa) | 317 | 317 |
| Talen Energy Supply, LLC, 2025-1 Incremental Term B Loan, (CME Term SOFR 1 Month + 2.00%), 5.67%, 11/25/2032 (u) (aa) | 198 | 198 |
| Initial Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.15%, 05/17/2030 (aa) | 985 | 986 |
| 2024-1 Incremental Term B Loan, (CME Term SOFR 3 Month + 2.50%), 6.15%, 12/15/2031 (aa) | 826 | 827 |
| Total Utilities |  | 5893 |
| Total Loan Assignments<br>(Cost $191,009) |  | 186547 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | |
|:---|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Loan Assignments — continued** |  |  |  |
| **Purchased Option contract — 0.0%** (g) |  |  |  |
| **Put Option contract — 0.0%** (g) |  |  |  |
| FNMA or FHLMC, Single Family, 30 years, Maturity Date 05/06/2026, Strike Price 99.09 |  |  |  |
| Total Purchased Option Contract (Cost $1) |  | 3500 | 3 |
| **Short-Term Investments — 49.4%** |  |  |  |
| **Repurchase Agreement — 0.7%** |  |  |  |
| Citigroup Global Markets, Inc., 3.72%, dated 03/31/2026 due 04/01/2026, repurchase price $16,500 collateralized by U.S. Treasury Bills, 0.00%, due 04/28/2026, with a value of $16,883 |  | 16500 | 16500 |
| **Time Deposits — 8.8%** |  |  |  |
| Australia & New Zealand Banking Group Ltd., |  |  |  |
| 2.71%, 04/01/2026 | AUD | 265 | 183 |
| 2.98%, 04/01/2026 (c) |  | 4529 | 4529 |
| BNP Paribas SA, 2.98%, 04/01/2026 |  | 123660 | 123660 |
| Brown Brothers Harriman & Co., 0.20%, 04/01/2026 | JPY | — (h) | — (h) |
| 0.26%, 04/01/2026 | SGD | 213 | 166 |
| 1.20%, 04/01/2026 | HKD | 1053 | 134 |
| 1.40%, 04/01/2026 | NZD | 4 | 2 |
| 2.65%, 04/01/2026 | NOK | 2438 | 252 |
| Citibank NA, |  |  |  |
| 0.85%, 04/01/2026 (c) | EUR | 5670 | 6554 |
| 2.67%, 04/01/2026 (c) | GBP | 286 | 378 |
| 2.98%, 04/01/2026 |  | 41312 | 41312 |
| Royal Bank of Canada, 1.08%, 04/01/2026 (c) | CAD | 1071 | 770 |
| Skandinaviska Enskilda Banken AB, 0.80%, 04/01/2026 | SEK | 2368 | 250 |
| Sumitomo Mitsui Banking Corp., |  |  |  |
| 0.20%, 04/01/2026 | JPY | 585119 | 3687 |
| 2.98%, 04/01/2026 (c) |  | 1199 | 1199 |
| Sumitomo Mitsui Trust Bank Ltd., 2.98%, 04/01/2026 (c) |  | 11817 | 11817 |
| Total Time Deposits |  |  | 194893 |
| **U.S. Treasury Obligations — 39.9%** |  |  |  |
| U.S. Treasury Bills, |  |  |  |
| 3.55%, 05/05/2026 (n) |  | 16000 | 15945 |
| 3.59%, 04/09/2026 (c) (n) |  | 13500 | 13489 |
| 3.59%, 04/28/2026 (n) (gg) |  | 13500 | 13463 |
| 3.59%, 05/28/2026 (c) (n) |  | 21000 | 20879 |
| 3.60%, 05/12/2026 (n) |  | 13400 | 13345 |
| 3.60%, 07/09/2026 (n) |  | 30325 | 30024 |
| 3.60%, 06/25/2026 (c) (n) |  | 7000 | 6941 |
| 3.61%, 04/07/2026 (n) |  | 21331 | 21318 |
| 3.61%, 04/16/2026 (n) |  | 34608 | 34555 |
| 3.61%, 06/23/2026 (n) |  | 21000 | 20827 |
| 3.61%, 05/07/2026 (n) |  | 25000 | 24909 |
| 3.61%, 08/20/2026 (n) |  | 33000 | 32536 |
| 3.62%, 04/21/2026 (n) |  | 15000 | 14970 |
| 3.62%, 06/04/2026 (n) |  | 31000 | 30801 |
| 3.62%, 06/02/2026 (n) |  | 25000 | 24844 |
| 3.63%, 04/14/2026 (n) (ii) |  | 43379 | 43322 |
| 3.63%, 04/23/2026 (n) |  | 24800 | 24745 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | **PRINCIPAL<br> AMOUNT ($)** | **VALUE ($)** |
| **Short-Term Investments — continued** |  |  |
| **U.S. Treasury Obligations — continued** |  |  |
| 3.63%, 04/30/2026 (c) (n) | 327000 | 326045 |
| 3.63%, 08/06/2026 (n) | 709 | 700 |
| 3.63%, 05/14/2026 (n) | 14015 | 13954 |
| 3.63%, 05/21/2026 (n) | 11600 | 11542 |
| 3.63%, 06/30/2026 (n) (hh) (ii) | 6635 | 6575 |
| 3.64%, 06/11/2026 (n) | 18023 | 17895 |
| 3.64%, 05/19/2026 (n) (ii) | 26812 | 26682 |
| 3.65%, 05/26/2026 (n) | 9000 | 8950 |
| 3.65%, 06/18/2026 (n) | 10000 | 9922 |
| 3.65%, 09/03/2026 (c) (n) | 24000 | 23629 |
| 3.66%, 04/02/2026 (c) (n) | 55700 | 55694 |
| 3.66%, 07/21/2026 (n) (hh) (ii) | 996 | 985 |
| Total U.S. Treasury Obligations |  | 889486 |
| Total Short-Term Investments<br>(Cost $1,100,907) |  | 1100879 |
| **Total Investments, Before Short Positions — 129.2%<br>(Cost - $2,889,686)** |  | **2876926** |
| **Liabilities in Excess of Other Assets — (29.2)%** |  | **(650434)** |
| **NET ASSETS — 100.0%** |  | $**2226492** |
| **Short Positions — 11.3%** |  |  |
| **Mortgage-Backed Securities — 11.3%** |  |  |
| FNMA or FHLMC, Single Family, 30 years, |  |  |
| TBA, 2.00%, 04/01/2056 |  |  |
| TBA, 2.00%, 05/01/2056 (w) | 500 | 402 |
| TBA, 2.50%, 04/01/2056 (w) | 3300 | 2776 |
| TBA, 2.50%, 05/01/2056 (w) | 3300 | 2775 |
| TBA, 3.00%, 04/01/2056 (w) | 11700 | 10288 |
| TBA, 3.00%, 05/01/2056 (w) | 2000 | 1757 |
| TBA, 3.00%, 06/01/2056 (w) | 7700 | 6759 |
| TBA, 3.50%, 04/01/2056 |  |  |
| TBA, 4.00%, 05/01/2056 (w) | 29000 | 27320 |
| TBA, 5.00%, 04/01/2056 (w) | 21800 | 21496 |
| TBA, 6.00%, 04/01/2056 (w) | 10400 | 10600 |
| TBA, 6.00%, 05/01/2056 (w) | 84000 | 85516 |
| TBA, 6.00%, 06/01/2056 (w) | 63255 | 64367 |
| GNMA, Single Family, 30 years, |  |  |
| TBA, 2.50%, 04/01/2056 (w) | 4000 | 3438 |
| TBA, 2.50%, 05/01/2056 (w) | 4000 | 3437 |
| TBA, 3.00%, 04/01/2056 (w) | 13000 | 11602 |
| Total Mortgage-Backed Securities<br>(Cost $254,226) |  | 252533 |
| **Total Securities Sold Short— 11.3%**<br> (Proceeds $254,226) |  | **252533** |

---

Percentages indicated are based on net assets.

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** | **Futures contracts outstanding as of March 31, 2026:**<br>**Exchange Traded** |
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| **Long Contracts** |  |  |  |  |  |
| 30 Day Federal Funds Futures | 101 | 05/2026 | USD | 40714 | (162) |
| 3MO Euro EURIBOR | 1 | 09/2026 | EUR | 281 | — (h) |
| 90 Day Bank Accepted Bills | 21 | 09/2026 | AUD | 14343 | (22) |
| 90 Day Bank Accepted Bills | 17 | 12/2026 | AUD | 11611 | (19) |
| 90 Day Bank Accepted Bills | 11 | 03/2027 | AUD | 7511 | (10) |
| 90 Day Bank Accepted Bills | 8 | 06/2027 | AUD | 5460 | (4) |
| 90 Day Bank Accepted Bills | 4 | 09/2027 | AUD | 2729 | (1) |
| Australian Dollar | 167 | 06/2026 | USD | 11756 | (263) |
| Australian Government 3 Year Bond | 41 | 06/2026 | AUD | 2940 | (8) |
| Bovespa Index-Mini | 932 | 04/2026 | BRL | 6785 |  |
| Brent Crude Oil | 49 | 04/2026 | USD | 4858 | 237 (c) |
| Brent Crude Oil | 4 | 05/2026 | USD | 335 | 50 (c) |
| British Pound | 229 | 06/2026 | USD | 19180 | (250) |
| Canadian Government 10 Year Bond | 19 | 06/2026 | CAD | 1668 | (29) |
| Canola | 181 | 05/2026 | CAD | 1829 | 76 (c) |
| Cboe Volatility Index | 48 | 04/2026 | USD | 1088 | 113 |
| Cboe Volatility Index | 43 | 05/2026 | USD | 1013 | 37 |
| Cboe Volatility Index | 14 | 06/2026 | USD | 334 | 6 |
| Cboe Volatility Index | 2 | 07/2026 | USD | 50 | (1) |
| Coffee | 2 | 05/2026 | USD | 222 | 2 (c) |
| Coffee | 1 | 07/2026 | USD | 109 | 1 (h)(c) |
| Copper | 53 | 05/2026 | USD | 7852 | (413)(c) |
| Copper | 1 | 07/2026 | USD | 152 | (11)(c) |
| Corn | 191 | 05/2026 | USD | 4403 | (31)(c) |
| Corn | 68 | 07/2026 | USD | 1615 | (23)(c) |
| Cotton | 9 | 05/2026 | USD | 287 | 28 (c) |
| Cotton | 2 | 07/2026 | USD | 66 | 6 (c) |
| Cotton | 2 | 12/2026 | USD | 70 | 5 (c) |
| Crude Oil | 34 | 04/2026 | USD | 2984 | 463 (c) |
| Crude Oil | 107 | 05/2026 | USD | 10084 | (116)(c) |
| Crude Oil | 1 | 07/2026 | USD | 86 | (5)(c) |
| Czech Koruna Cross-Rate | 4 | 06/2026 | EUR | 755 | (3) |
| Dax Index | 8 | 06/2026 | EUR | 5558 | (279) |
| Dollar Index | 181 | 06/2026 | USD | 17848 | 209 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| E-mini Dow Jones Industrial Average Index | 9 | 06/2026 | USD | 2112 | (16) |
| E-mini Russell 2000 Index | 97 | 06/2026 | USD | 12386 | (202) |
| Euro BTP Italian Government Bonds | 37 | 06/2026 | EUR | 5089 | (116) |
| Euro Fx | 262 | 06/2026 | USD | 38012 | (69) |
| Euro Schatz | 19 | 06/2026 | EUR | 2321 | 1 |
| Euro STOXX 50 Index | 1 | 06/2026 | EUR | 65 | (2) |
| Feeder Cattle | 3 | 04/2026 | USD | 544 | 10 (c) |
| Feeder Cattle | 4 | 05/2026 | USD | 702 | 31 (c) |
| Feeder Cattle | 2 | 08/2026 | USD | 352 | 12 (c) |
| Feeder Cattle | 1 | 09/2026 | USD | 175 | 6 (c) |
| Frozen Concentrated Orange Juice | 1 | 05/2026 | USD | 26 | 2 (c) |
| FTSE 100 Index | 39 | 06/2026 | GBP | 5314 | (49) |
| FTSE MIB Index | 19 | 06/2026 | EUR | 4854 | (69) |
| Gas Oil | 4 | 04/2026 | USD | 373 | 173 (c) |
| Gas Oil | 28 | 05/2026 | USD | 3239 | 231 (c) |
| Gas Oil | 8 | 06/2026 | USD | 712 | 169 (c) |
| Gas Oil | 1 | 07/2026 | USD | 89 | 13 (c) |
| Gasoline RBOB | 35 | 04/2026 | USD | 4425 | 285 (c) |
| Gasoline RBOB | 3 | 05/2026 | USD | 285 | 100 (c) |
| Gasoline RBOB | 2 | 06/2026 | USD | 213 | 31 (c) |
| Gasoline RBOB | 1 | 07/2026 | USD | 114 | 2 (c) |
| Gold 100 oz | 39 | 06/2026 | USD | 17320 | 926 (c) |
| Hard Red Winter Wheat | 114 | 05/2026 | USD | 3384 | 238 (c) |
| Hard Red Winter Wheat | 22 | 07/2026 | USD | 706 | 7 (c) |
| Hungarian Forint | 13 | 06/2026 | EUR | 1129 | 36 |
| IFSC NIFTY 50 Index | 15 | 04/2026 | USD | 694 | (19) |
| Japanese Yen | 296 | 06/2026 | USD | 23508 | (73) |
| KOSPI 200 Index | 35 | 06/2026 | KRW | 4781 | (501) |
| Lean Hogs | 35 | 06/2026 | USD | 1529 | (58)(c) |
| Live Cattle | 17 | 06/2026 | USD | 1583 | 72 (c) |
| Live Cattle | 10 | 08/2026 | USD | 925 | 35 (c) |
| Live Cattle | 4 | 10/2026 | USD | 366 | 12 (c) |
| Long Gilt | 110 | 06/2026 | GBP | 13108 | (326) |
| Mexican Peso | 897 | 06/2026 | USD | 25214 | (385) |
| Milling Wheat | 164 | 05/2026 | EUR | 1935 | 6 (c) |
| Mini MSCI EAFE Index | 476 | 06/2026 | USD | 69288 | (242) |
| MSCI Emerging Markets Index | 452 | 06/2026 | USD | 33222 | (348) |
| NASDAQ 100 E-mini Index | 47 | 06/2026 | USD | 23537 | (1057) |
| Natural Gas | 10 | 04/2026 | EUR | 535 | (98)(c) |
| New York Harbor ULSD | 18 | 04/2026 | USD | 2887 | 223 (c) |
| New York Harbor ULSD | 1 | 05/2026 | USD | 160 | (3)(c) |
| New York Harbor ULSD | 1 | 06/2026 | USD | 149 | (4)(c) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| OMXS 30 Index | 95 | 04/2026 | SEK | 3008 | (78) |
| Platinum | 11 | 07/2026 | USD | 1000 | 83 (c) |
| Polish Zloty | 13 | 06/2026 | EUR | 1749 | (5) |
| Rapeseed Euro | 1 | 04/2026 | EUR | 29 | — (h)(c) |
| Rapeseed Euro | 66 | 07/2026 | EUR | 1898 | 40 (c) |
| Red Spring Wheat | 37 | 05/2026 | USD | 1169 | 50 (c) |
| Red Spring Wheat | 14 | 07/2026 | USD | 461 | 10 (c) |
| Robusta Coffee 10-Tonne | 6 | 05/2026 | USD | 228 | (18)(c) |
| Robusta Coffee 10-Tonne | 3 | 07/2026 | USD | 109 | (7)(c) |
| S&P 500 E-mini Index | 53 | 06/2026 | USD | 17774 | (362) |
| S&P MidCap 400 E-mini Index | 30 | 06/2026 | USD | 10308 | (118) |
| S&P Toronto Stock Exchange 60 Index | 41 | 06/2026 | CAD | 11239 | 7 |
| SGX FTSE China A50 Index | 429 | 04/2026 | USD | 6233 | 2 |
| SGX FTSE Taiwan Index | 25 | 04/2026 | USD | 2714 | (131) |
| SGX MSCI Singapore Index | 65 | 04/2026 | SGD | 2205 | 2 |
|  SGX Nikkei | 8 | 06/2026 | JPY | 1376 | (82) |
| Silver | 5 | 05/2026 | USD | 2087 | (214)(c) |
| SOFR 3 Month | 75 | 09/2026 | USD | 18142 | (79) |
| SOFR 3 Month | 150 | 03/2027 | USD | 36261 | (125) |
| SOFR 3 Month | 632 | 12/2027 | USD | 152680 | (155) |
| South African Rand | 41 | 06/2026 | USD | 1222 | (21) |
| Soybean | 156 | 05/2026 | USD | 9114 | 20 (c) |
| Soybean | 13 | 07/2026 | USD | 773 | (2)(c) |
| Soybean Meal | 48 | 05/2026 | USD | 1537 | (19)(c) |
| Soybean Meal | 14 | 07/2026 | USD | 448 | (8)(c) |
| Soybean Oil | 206 | 05/2026 | USD | 7241 | 1272 (c) |
| Soybean Oil | 18 | 07/2026 | USD | 735 | 9 (c) |
| Sugar | 26 | 06/2026 | USD | 462 | (5) |
| Swiss Market Index | 28 | 06/2026 | CHF | 4459 | (22) |
| TOPIX Index | 11 | 06/2026 | JPY | 2527 | (98) |
| U.S. Treasury Ultra Bond | 25 | 06/2026 | USD | 3013 | (99) |
| U.S. Ultra Treasury 10 Year Note | 66 | 06/2026 | USD | 7626 | (134) |
| WTI Crude | 1 | 05/2026 | USD | 93 | (—)(h)(c) |
|  |  |  |  |  | (1720) |
| **Short Contracts** |  |  |  |  |  |
| 3MO Euro EURIBOR | (14) | 09/2026 | EUR | (3962) | 28 |
| 3MO Euro EURIBOR | (14) | 12/2026 | EUR | (3963) | 31 |
| 3MO Euro EURIBOR | (11) | 03/2027 | EUR | (3105) | 17 |
| 3MO Euro EURIBOR | (211) | 06/2027 | EUR | (59419) | 173 |
| 3MO Euro EURIBOR | (8) | 09/2027 | EUR | (2259) | 11 |
| 3MO Euro EURIBOR | (8) | 12/2027 | EUR | (2255) | 6 |
| 3MO Euro EURIBOR | (189) | 03/2028 | EUR | (53189) | 53 |
| 3MO Euro EURIBOR | (3) | 06/2028 | EUR | (844) | 1 |
| 3MO Euro EURIBOR | (183) | 12/2028 | EUR | (51458) | 32 |
| ASX SPI 200 Index | (7) | 06/2026 | AUD | (1032) | 4 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| Australian Dollar | (246) | 06/2026 | USD | (17511) | 580 |
| Australian Government 3 Year Bond | (181) | 06/2026 | AUD | (12988) | 43 |
| Australian Government 10 Year Bond | (276) | 06/2026 | AUD | (20596) | 76 |
| Bovespa | (320) | 04/2026 | BRL | (16140) |  |
| CAC40 10 Euro | (35) | 04/2026 | EUR | (3201) | 34 |
| Canadian Dollar | (383) | 06/2026 | USD | (27867) | 291 |
| Canadian Government 2 Year Bond | (5) | 06/2026 | CAD | (380) | 2 |
| Canadian Government 10 Year Bond | (99) | 06/2026 | CAD | (8510) | (31) |
| Canola | (8) | 05/2026 | CAD | (78) | (6)(c) |
| Canola | (6) | 07/2026 | CAD | (60) | (4)(c) |
| Canola | (3) | 11/2026 | CAD | (30) | (2)(c) |
| Cocoa | (41) | 05/2026 | USD | (1702) | 349 (c) |
| Cocoa | (7) | 07/2026 | USD | (227) | (8)(c) |
| Coffee | (4) | 05/2026 | USD | (432) | (16)(c) |
| Corn | (41) | 05/2026 | USD | (905) | (34)(c) |
| Corn | (20) | 07/2026 | USD | (453) | (16)(c) |
| Corn | (4) | 09/2026 | USD | (90) | (4)(c) |
| Corn | (26) | 12/2026 | USD | (602) | (28)(c) |
| Corn | (2) | 03/2027 | USD | (48) | (2)(c) |
| CORRA 3 Month | (3) | 12/2026 | CAD | (526) | 1 |
| CORRA 3 Month | (4) | 03/2027 | CAD | (701) | 2 |
| CORRA 3 Month | (3) | 06/2027 | CAD | (525) | 2 |
| CORRA 3 Month | (3) | 09/2027 | CAD | (524) | 1 |
| CORRA 3 Month | (2) | 12/2027 | CAD | (350) | 1 |
| Cotton | (24) | 05/2026 | USD | (771) | (69)(c) |
| Cotton | (2) | 07/2026 | USD | (71) | (2)(c) |
| Dax Index | (2) | 06/2026 | EUR | (1303) | (17) |
| Dollar Index | (375) | 04/2026 | KRW | (3633) | (117) |
| ECX Emission | (2) | 12/2026 | EUR | (192) | 25 (c) |
| E-mini Russell 2000 Index | (78) | 06/2026 | USD | (9774) | (24) |
| Euro BOBL | (185) | 06/2026 | EUR | (24880) | 197 |
| Euro BTP Italian Government Bonds | (60) | 06/2026 | EUR | (8108) | 43 |
| Euro Bund | (217) | 06/2026 | EUR | (31800) | 350 |
| Euro Buxl | (105) | 06/2026 | EUR | (13425) | 43 |
| Euro Fx | (131) | 06/2026 | USD | (18994) | 22 |
| Euro Schatz | (488) | 06/2026 | EUR | (60051) | 402 |
| Euro STOXX 50 Index | (130) | 06/2026 | EUR | (8533) | 276 |
| Euro-Oat French Government Bonds | (88) | 06/2026 | EUR | (12241) | 168 |
| FTSE 40 Index | (23) | 06/2026 | ZAR | (1479) | 26 |
| Hang Seng China Enterprise Index | (42) | 04/2026 | HKD | (2260) | 22 |
| Hang Seng Index | (24) | 04/2026 | HKD | (3807) | 18 |
| Hard Red Winter Wheat | (43) | 05/2026 | USD | (1212) | (155)(c) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| Hard Red Winter Wheat | (26) | 07/2026 | USD | (757) | (86)(c) |
| Hard Red Winter Wheat | (6) | 09/2026 | USD | (184) | (14)(c) |
| Hard Red Winter Wheat | (3) | 12/2026 | USD | (97) | (5)(c) |
| IBEX 35 Index | (6) | 04/2026 | EUR | (1181) | 4 |
| ICE 3 Month SONIA | (98) | 09/2027 | GBP | (31127) | 95 |
| ICE 3 Month SONIA | (97) | 06/2028 | GBP | (30810) | 32 |
| IFSC NIFTY 50 Index | (128) | 04/2026 | USD | (5948) | 192 |
| Israeli Shekel | (8) | 06/2026 | USD | (2541) | (6) |
| Japan Government 10 Year Bond | (60) | 06/2026 | JPY | (49690) | 425 |
| Japanese Yen | (1280) | 06/2026 | USD | (101749) | 405 |
| Korea 3-Year Bond | (51) | 06/2026 | KRW | (3469) | 22 |
| Korea 10-Year Bond | (45) | 06/2026 | KRW | (3240) | 49 |
| Lean Hogs | (2) | 04/2026 | USD | (75) | 3 (c) |
| Lean Hogs | (3) | 06/2026 | USD | (128) | 1 (c) |
| Lean Hogs | (1) | 07/2026 | USD | (43) | — (c) |
| Lean Hogs | (1) | 08/2026 | USD | (44) | 1 (c) |
| London Cocoa | (18) | 05/2026 | GBP | (702) | 110 (c) |
| London Cocoa | (2) | 07/2026 | GBP | (63) | (4)(c) |
| Long Gilt | (39) | 06/2026 | GBP | (4583) | 52 |
| Milling Wheat | (84) | 05/2026 | EUR | (943) | (51)(c) |
| Milling Wheat | (21) | 09/2026 | EUR | (243) | (19)(c) |
| Milling Wheat | (15) | 12/2026 | EUR | (178) | (15)(c) |
| MSCI Emerging Markets Index | (13) | 06/2026 | USD | (971) | 26 |
| NASDAQ 100 E-mini Index | (3) | 06/2026 | USD | (1437) | 2 |
| Natural Gas | (185) | 04/2026 | USD | (5594) | 259 (c) |
| Natural Gas | (2) | 05/2026 | USD | (66) | 6 (c) |
| Natural Gas | (1) | 06/2026 | USD | (33) | 1 (c) |
| New Zealand Dollar | (244) | 06/2026 | USD | (14241) | 204 |
| Nikkei 225 | (15) | 06/2026 | JPY | (5078) | 243 |
| Nikkei 225 | (138) | 06/2026 | JPY | (4655) | 206 |
| Norwegian Krone Cross-Rate | (1) | 06/2026 | NOK | (145) |  |
| Palladium | (7) | 06/2026 | USD | (1222) | 181 (c) |
| Platinum | (5) | 07/2026 | USD | (498) | 6 (c) |
| Rapeseed Euro | (9) | 04/2026 | EUR | (251) | (17)(c) |
| Rapeseed Euro | (4) | 07/2026 | EUR | (108) | (9)(c) |
| Rapeseed Euro | (2) | 10/2026 | EUR | (55) | (3)(c) |
| Robusta Coffee 10-Tonne | (23) | 05/2026 | USD | (839) | 36 (c) |
| Robusta Coffee 10-Tonne | (3) | 07/2026 | USD | (105) | 2 (c) |
| S&P 500 E-mini Index | (114) | 06/2026 | USD | (37847) | 394 |
| S&P MidCap 400 E-mini Index | (3) | 06/2026 | USD | (1010) | (9) |
| SGX FTSE China A50 Index | (21) | 04/2026 | USD | (305) |  |
| SGX FTSE Taiwan Index | (18) | 04/2026 | USD | (1948) | 89 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Futures contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER OF<br>CONTRACTS** | **EXPIRATION<br>DATE** | **TRADING**<br>**CURRENCY** | **NOTIONAL<br>AMOUNT<br>($)** | **VALUE AND<br>UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| SGX Nikkei | (10) | 06/2026 | JPY | (1693) | 76 |
| Short Euro-BTP | (91) | 06/2026 | EUR | (11168) | 35 |
| Silver | (2) | 05/2026 | USD | (912) | 163 (c) |
| SOFR 3 Month | (331) | 06/2026 | USD | (80214) | 505 |
| SOFR 3 Month | (176) | 12/2026 | USD | (42563) | 176 |
| SOFR 3 Month | (196) | 03/2027 | USD | (47468) | 249 |
| SOFR 3 Month | (149) | 06/2027 | USD | (36088) | 184 |
| SOFR 3 Month | (484) | 09/2027 | USD | (117026) | 328 |
| SOFR 3 Month | (112) | 12/2027 | USD | (27123) | 93 |
| SOFR 3 Month | (101) | 03/2028 | USD | (24440) | 50 |
| SOFR 3 Month | (296) | 06/2028 | USD | (71471) | (9) |
| SOFR 3 Month | (51) | 09/2028 | USD | (12327) | 15 |
| SOFR 3 Month | (170) | 03/2029 | USD | (40985) | (28) |
| Soybean | (11) | 05/2026 | USD | (634) | (10)(c) |
| Soybean | (10) | 07/2026 | USD | (568) | (25)(c) |
| Soybean | (13) | 08/2026 | USD | (758) | (12)(c) |
| Soybean | (8) | 09/2026 | USD | (449) | (14)(c) |
| Soybean | (1) | 11/2026 | USD | (58) | — (c) |
| Soybean Meal | (11) | 05/2026 | USD | (342) | (6)(c) |
| Soybean Meal | (6) | 07/2026 | USD | (192) | 3 (c) |
| Soybean Meal | (1) | 08/2026 | USD | (32) | — (c) |
| Soybean Meal | (1) | 09/2026 | USD | (31) | — (c) |
| Soybean Meal | (4) | 12/2026 | USD | (126) | 2 (c) |
| Soybean Oil | (15) | 05/2026 | USD | (513) | (107)(c) |
| Soybean Oil | (8) | 07/2026 | USD | (283) | (47)(c) |
| Soybean Oil | (1) | 08/2026 | USD | (36) | (5)(c) |
| Soybean Oil | (1) | 09/2026 | USD | (32) | (8)(c) |
| Soybean Oil | (1) | 10/2026 | USD | (39) | — (c) |
| Soybean Oil | (2) | 12/2026 | USD | (77) | (1)(c) |
| Sugar | (22) | 04/2026 | USD | (339) | (43)(c) |
| Sugar | (10) | 06/2026 | USD | (162) | (14)(c) |
| Sugar | (5) | 09/2026 | USD | (85) | (5)(c) |
| Swedish Krona | (1) | 06/2026 | SEK | (141) | (3) |
| Swiss Franc | (204) | 06/2026 | USD | (32702) | 577 |
| TOPIX Index | (9) | 06/2026 | JPY | (2025) | 38 |
|  U.S. Treasury 2 Year Note | (936) | 06/2026 | USD | (194959) | 790 |
|  U.S. Treasury 5 Year Note | (361) | 06/2026 | USD | (39266) | 213 |
|  U.S. Treasury 10 Year Note | (664) | 06/2026 | USD | (74169) | 434 |
|  U.S. Treasury Long Bond | (217) | 06/2026 | USD | (25025) | 315 |
|  U.S. Treasury Ultra Bond | (49) | 06/2026 | USD | (5714) | 2 |
|  U.S. Ultra Treasury 10 Year Note | (31) | 06/2026 | USD | (3548) | 29 |
|  Wheat | (20) | 05/2026 | USD | (556) | (61)(c) |
|  Wheat | (8) | 07/2026 | USD | (227) | (24)(c) |
|  Wheat | (2) | 09/2026 | USD | (58) | (6)(c) |
|  Wheat | (1) | 12/2026 | USD | (29) | (4)(c) |
|  White Sugar | (3) | 04/2026 | USD | (61) | (6)(c) |
|  White Sugar | (4) | 07/2026 | USD | (86) | (5)(c) |
| White Sugar | (2) | 09/2026 | USD | (44) | (1)(c) |
|  |  |  |  |  | 9436 |
| Total unrealized appreciation (depreciation) | Total unrealized appreciation (depreciation) |  |  |  | 7716 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| EUR | 1448 | USD | 1664 | Bank of America, NA | 04/02/2026 | 10 |
| USD | 1709 | EUR | 1448 | Credit Agricole SA | 04/02/2026 | 36 |
| AUD | 126 | USD | 87 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| AUD | 125 | USD | 86 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 85 | AUD | 121 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 128 | AUD | 180 | Brown Brothers Harriman & Co. | 04/16/2026 | 4 |
| USD | 62 | AUD | 88 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 150 | AUD | 216 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 118 | AUD | 170 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 1461 | AUD | 2040 | Brown Brothers Harriman & Co. | 04/16/2026 | 54 |
| USD | 135 | CAD | 184 | Brown Brothers Harriman & Co. | 04/16/2026 | 3 |
| USD | 51 | CAD | 70 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 (c) |
| USD | 100 | CAD | 135 | Brown Brothers Harriman & Co. | 04/16/2026 | 3 |
| USD | 50 | CAD | 69 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 104 | CAD | 143 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| EUR | 55 | USD | 63 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 383 | EUR | 330 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 1793 | EUR | 1543 | Brown Brothers Harriman & Co. | 04/16/2026 | 9 |
| USD | 62 | EUR | 54 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h)(c) |
| USD | 480 | EUR | 413 | Brown Brothers Harriman & Co. | 04/16/2026 | 2 (c) |
| USD | 94 | EUR | 81 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| EUR | 109 | USD | 126 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| EUR | 95 | USD | 110 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 93 | EUR | 81 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| EUR | 153 | USD | 176 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| EUR | 409 | USD | 472 | Brown Brothers Harriman & Co. | 04/16/2026 | 2 |
| EUR | 53 | USD | 60 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| EUR | 227 | USD | 262 | Brown Brothers Harriman & Co. | 04/16/2026 | 2 |
| USD | 65 | EUR | 56 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| EUR | 89 | USD | 102 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 46 | EUR | 40 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h)(c) |
| USD | 395 | GBP | 296 | Brown Brothers Harriman & Co. | 04/16/2026 | 4 |
| USD | 2098 | GBP | 1562 | Brown Brothers Harriman & Co. | 04/16/2026 | 31 |
| USD | 68 | GBP | 51 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 66 | GBP | 49 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 83 | GBP | 62 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 51 | GBP | 38 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 69 | GBP | 51 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 40 | GBP | 30 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h)(c) |
| USD | 56 | GBP | 42 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h)(c) |
| USD | 52 | HKD | 408 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 53 | HKD | 411 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 67 | HKD | 524 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 68 | JPY | 10651 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 147 | JPY | 23154 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| JPY | 27860 | USD | 175 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| JPY | 16437 | USD | 103 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| JPY | 10312 | USD | 65 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 57 | JPY | 9038 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| USD | 82 | JPY | 12947 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 80 | SEK | 739 | Brown Brothers Harriman & Co. | 04/16/2026 | 2 |
| USD | 62 | SEK | 573 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 121 | SEK | 1135 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 147 | SEK | 1381 | Brown Brothers Harriman & Co. | 04/16/2026 | 2 |
| USD | 71 | SEK | 659 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 53 | SEK | 495 | Brown Brothers Harriman & Co. | 04/16/2026 | 1 |
| USD | 44 | SGD | 57 | Brown Brothers Harriman & Co. | 04/16/2026 | — (h) |
| USD | 423 | CAD | 572 | Morgan Stanley & Co. | 04/24/2026 | 11 |
| USD | 927 | EUR | 777 | Morgan Stanley & Co. | 05/22/2026 | 27 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | 223 |
| AUD | 169 | USD | 119 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| AUD | 199 | USD | 141 | Brown Brothers Harriman & Co. | 04/16/2026 | (4) |
| AUD | 188 | USD | 131 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| AUD | 217 | USD | 151 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| AUD | 66 | USD | 47 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| USD | 74 | AUD | 108 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| AUD | 114 | USD | 80 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| CAD | 106 | USD | 78 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| USD | 49 | CAD | 67 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h)(c) |
| USD | 79 | CAD | 110 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 196 | EUR | 170 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| USD | 223 | EUR | 194 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| USD | 214 | EUR | 185 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| EUR | 254 | USD | 297 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| EUR | 133 | USD | 153 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 591 | EUR | 515 | Brown Brothers Harriman & Co. | 04/16/2026 | (5) |
| USD | 74 | EUR | 64 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h)(c) |
| EUR | 29 | USD | 33 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h)(c) |
| EUR | 38 | USD | 44 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h)(c) |
| EUR | 57 | USD | 67 | Brown Brothers Harriman & Co. | 04/16/2026 | (1)(c) |
| USD | 37 | EUR | 32 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h)(c) |
| USD | 46 | EUR | 40 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h)(c) |
| USD | 73 | EUR | 63 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| EUR | 57 | USD | 66 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 543 | EUR | 470 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| EUR | 76 | USD | 88 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| EUR | 61 | USD | 71 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| EUR | 139 | USD | 160 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| EUR | 325 | USD | 377 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| EUR | 129 | USD | 149 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| EUR | 63 | USD | 73 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 65 | EUR | 56 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 251 | EUR | 219 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| GBP | 944 | USD | 1261 | Brown Brothers Harriman & Co. | 04/16/2026 | (11) |
| GBP | 102 | USD | 137 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| GBP | 57 | USD | 75 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| GBP | 418 | USD | 558 | Brown Brothers Harriman & Co. | 04/16/2026 | (4) |
| HKD | 519 | USD | 67 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 80 | JPY | 12630 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| JPY | 20937 | USD | 133 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Forward foreign currency exchange contracts outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY PURCHASED** | **CURRENCY PURCHASED** | **CURRENCY SOLD** | **CURRENCY SOLD** | **COUNTERPARTY** | **SETTLEMENT<br>DATE** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** |
| JPY | 22782 | USD | 145 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| USD | 59 | JPY | 9420 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| USD | 151 | JPY | 24061 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| SEK | 944 | USD | 101 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| SEK | 585 | USD | 63 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| SEK | 588 | USD | 63 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| USD | 61 | SEK | 581 | Brown Brothers Harriman & Co. | 04/16/2026 | (—)(h) |
| SEK | 679 | USD | 73 | Brown Brothers Harriman & Co. | 04/16/2026 | (2) |
| SGD | 124 | USD | 97 | Brown Brothers Harriman & Co. | 04/16/2026 | (1) |
| USD | 1666 | EUR | 1448 | Bank of America, NA | 05/04/2026 | (10) |
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | (67) |
| Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) | 156 |

---

**Centrally Cleared Interest Rate Swap contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | **FIXED RATE** | **PAY/RECEIVE<br>FLOATING<br>RATE** | **MATURITY<br>DATE** | **NOTIONAL<br>AMOUNT** | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS) ($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION) ($)** | **VALUE ($)** |
|  United States SOFR | 3.50%<br>annually | Receive | 03/18/2031 | USD | 400 | 1 | 1 | 2 |
|  United States SOFR | 3.41%<br>annually | Receive | 10/16/2032 | USD | 3000 |  | 55 | 55 |
|  United States SOFR | 3.48%<br>annually | Receive | 10/21/2032 | USD | 3700 |  | 52 | 52 |
|  United States SOFR | 3.75%<br>annually | Receive | 03/18/2033 | USD | 10800 | (75) | 48 | (27) |
|  United States SOFR | 3.50%<br>annually | Receive | 06/17/2033 | USD | 6400 | 48 | 38 | 86 |
|  United States SOFR | 3.75%<br>annually | Pay | 12/18/2034 | USD | 3300 | (7) | (3) | (10) |
|  United States SOFR | 3.25%<br>annually | Receive | 03/19/2035 | USD | 4200 | 276 | (99) | 177 |
|  United States SOFR | 3.25%<br>annually | Receive | 06/18/2035 | USD | 4200 | 123 | 89 | 212 |
|  United States SOFR | 3.75%<br>annually | Receive | 09/17/2035 | USD | 23600 | (186) | 351 | 165 |
|  United States SOFR | 4.00%<br>annually | Receive | 03/18/2036 | USD | 4600 | (143) | 85 | (58) |
|  United States SOFR | 3.75%<br>annually | Receive | 06/17/2036 | USD | 19100 | 289 | (109) | 180 |
|  Total |  |  |  |  |  | 326 | 508 | 834 |

---

(a) Value of floating rate index as of March 31, 2026 was as follows:

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | |
| United States SOFR | 3.68% |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Centrally Cleared Credit Default Swaps contracts outstanding — sell protection (1) as of March 31, 2026:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE <br>OBLIGATION/ <br>INDEX** | **FINANCING<br>RATE<br>RECEIVED<br>BY THE<br>FUND(%)** | **PAYMENT<br>FREQUENCY** | **MATURITY<br>DATE** | **IMPLIED<br>CREDIT<br>SPREAD<br>(%) <sup>(2)</sup>** | **NOTIONAL<br>AMOUNT <sup>(3)</sup>** | **NOTIONAL<br>AMOUNT <sup>(3)</sup>** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($) <sup>(4)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  CDX.NA.IG. 46 06/31 | 1.00 | Quarterly | 06/20/2031 | 0.63 | USD | 25000 | 437 | 4 | 441 |
|  MARKIT ITRX EUROPE 06/31 | 1.00 | Quarterly | 06/20/2031 | 0.71 | EUR | 11000 | 193 | (15) | 178 |
|  MARKIT ITRX EUR XOVER 06/31 | 5.00 | Quarterly | 06/20/2031 | 3.53 | EUR | 3000 | 232 | (9) | 223 |
|  MARKIT CDX.EM.45 06/31 | 1.00 | Quarterly | 06/20/2031 | 1.95 | USD | 1000 | (40) | (2) | (42) |
|  Total |  |  |  |  |  |  | 822 | (22) | 800 |

---

<sup>(1)</sup> The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. 

<sup>(2)</sup> Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. 

<sup>(3)</sup> The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. 

<sup>(4)</sup> Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

**OTC Total Return Swap contracts outstanding as of March 31, 2026:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE<br>INDEX** | **FLOATING<br>RATE<br>PAID BY<br>THE FUND** | **PAYMENT<br>FREQUENCY** | **COUNTERPARTY** | **MATURITY<br>DATE** |  | **NOTIONAL<br>AMOUNT** | **UPFRONT<br>PAYMENTS<br>(RECEIPTS)<br>($)** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($)** | **VALUE<br>($)** |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | quarterly | Morgan<br>Stanley &<br>Co. | 06/20/2026 | USD | 4000 | (—)(h) | (69) | (69) |
|  iBoxx USD Liquid Leveraged Loans Total Return Index | United<br>States<br>SOFR | quarterly | Morgan<br>Stanley &<br>Co. | 12/20/2026 | USD | 3120 | (—)(h) | (25) | (25) |
| Total | Total | Total | Total | Total | Total |  | (—)(h) | (94) | (94) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Written Put Option contracts on securities as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 5.50%, 04/13/2056 | Citigroup Global<br>Markets, Inc. | (1000) | USD(689) | USD101.11 | 04/06/2026 | $(7) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 04/13/2056 | Citigroup Global<br>Markets, Inc. | (2000) | USD(661) | USD102.23 | 04/06/2026 | (6) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 05/13/2056 | BofA Securities,<br>Inc. | (7000) | USD(3888) | USD102.31 | 05/06/2026 | (38) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 06/11/2056 | Citigroup Global<br>Markets, Inc. | (8000) | USD(3388) | USD101.98 | 06/04/2026 | (33) |
|  |  |  |  |  |  | (84) |

---

**Written Call Option contracts on securities as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2056 | Citigroup Global<br>Markets, Inc. | (7500) | USD(2089) | USD94.31 | 04/06/2026 | (22) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 4.00%, 04/13/2056 | Citigroup Global<br>Markets, Inc. | (5000) | USD(571) | USD94.81 | 04/06/2026 | (6) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 05/13/2056 | BofA Securities,<br>Inc. | (12500) | USD(373) | USD102.26 | 05/06/2026 | (4) |
|  FNMA or FHLMC, Single Family, 30 years, TBA, 6.00%, 05/13/2056 | BofA Securities,<br>Inc. | (7000) | USD(152) | USD102.31 | 05/06/2026 | (1) |
|  |  |  |  |  |  | (33) |
|  Total Written Options Contracts (Premiums Received $99) |  |  |  |  |  | (117) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Purchased Call Interest Rate Swaptions contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 633 | 4.26 | 02/13/2035 | $76 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 99 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4200 | 1752 | 4.64 | 07/23/2035 | 236 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 4000 | 1572 | 4.40 | 06/25/2035 | 195 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 81 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 49 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 76 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 51 |
|  5-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 7500 | 178 | 3.32 | 07/06/2026 | 32 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 6200 | 61 | 2.50 | 05/29/2026 | 1 |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 31000 | 171 | 2.50 | 07/26/2027 | 118 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 12800 | 95 | 2.50 | 06/16/2026 | 3 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 31000 | 232 | 2.50 | 06/17/2026 | 8 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 11300 | 97 | 2.60 | 06/17/2026 | 4 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 3000 | 78 | 3.13 | 04/14/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 12100 | 342 | 3.48 | 07/14/2026 | 76 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 5800 | 77 | 3.22 | 05/18/2026 | 7 |
|  |  |  |  |  |  | 1112 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Purchased Put Interest Rate Swaptions contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 633 | 4.26 | 02/13/2035 | 111 |
|  10-Year Swaption, United States SOFR | Barclays Bank plc | 4400 | 46 | 4.06 | 04/07/2026 | 2 |
|  10-Year Swaption, United States SOFR | Morgan Stanley Capital Service | 9300 | 118 | 4.75 | 12/07/2026 | 44 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 19600 | 72 | 4.75 | 09/04/2026 | 47 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1400 | 566 | 4.69 | 08/27/2035 | 76 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 7200 | 68 | 4.75 | 06/30/2026 | 6 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2100 | 876 | 4.64 | 07/23/2035 | 116 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2000 | 779 | 4.43 | 08/06/2035 | 121 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1000 | 401 | 4.47 | 06/04/2035 | 60 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1100 | 415 | 4.27 | 05/01/2035 | 72 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 1700 | 622 | 4.25 | 02/20/2035 | 111 |
|  10-Year Swaption, United States SOFR | Bank of America, NA | 2000 | 795 | 4.40 | 06/25/2035 | 123 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 38400 | 103 | 4.75 | 04/09/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 49600 | 173 | 4.50 | 04/17/2026 | 2 |
|  7-Year Swaption, United States SOFR | Bank of America, NA | 48500 | 159 | 4.75 | 05/15/2026 | 6 |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 5100 | 77 | 5.00 | 04/06/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Wells Fargo Bank, NA | 3900 | 64 | 5.00 | 04/03/2026 | — (h) |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | 1900 | 52 | 3.90 | 05/29/2026 | 10 |
|  |  |  |  |  |  | 907 |
|  Total Purchased Interest Rate Swaptions contracts<br>(Premiums Paid $3,324) |  |  |  |  |  | 2019 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Written Call Interest Rate Swaption contracts on securities as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Morgan Stanley Capital Service | (5000) | (86) | 3.45 | 06/05/2026 | $(13) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (4800) | (119) | 3.11 | 04/17/2026 | (1) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (3100) | (71) | 3.26 | 04/09/2026 | — (h) |
|  |  |  |  |  |  | (14) |

---

**Written Put Interest Rate Swaptions contracts outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | **NUMBER OF<br>CONTRACTS** | **NOTIONAL<br>AMOUNT** | **EXERCISE<br>PRICE** | **EXPIRATION<br>DATE** | **VALUE** |
|  10-Year Swaption, United States SOFR | Barclays Bank plc | (1600) | (9) | 4.09 | 05/06/2026 | (5) |
|  5-Year Swaption, United States SOFR | Wells Fargo Bank, NA | (7900) | (195) | 3.62 | 07/06/2026 | (74) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (3100) | (90) | 3.63 | 04/14/2026 | (26) |
|  7-Year Swaption, United States SOFR | Bank of America, NA | (12900) | (371) | 3.78 | 07/14/2026 | (141) |
|  7-Year Swaption, United States SOFR | Barclays Bank plc | (7900) | (88) | 3.72 | 05/18/2026 | (68) |
|  |  |  |  |  |  | (314) |
|  Total Written Interest Rate Swaptions contracts<br>(Premiums Received $287) |  |  |  |  |  | (328) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/18/2028 | (4963) | 239 | 102 | 341 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (8) | (112) | (8) | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (98) | (2453) | 20 | 0.0 (g) |
|  APA Group | (10) | (65) | (3) | 0.0 (g) |
|  ASX Ltd. | (4) | (147) | 1 | 0.0 (g) |
|  BlueScope Steel Ltd. | (7) | (133) | 6 | 0.0 (g) |
|  Brambles Ltd. | (1) | (20) | (1) | 0.0 (g) |
|  Capricorn Metals Ltd. | (1) | (4) | (1) | 0.0 (g) |
|  CAR Group Ltd. | (15) | (240) | 4 | 0.0 (g) |
|  Commonwealth Bank of Australia | (2) | (239) | 1 | 0.0 (g) |
|  Dexus | (26) | (105) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (23) | (84) | (8) | 0.0 (g) |
|  Goodman Group | (18) | (303) | (6) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (17) | (64) | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (16) | (209) | — (h) | 0.0 (g) |
|  Medibank Pvt Ltd. | (118) | (350) | (3) | 0.0 (g) |
|  National Australia Bank Ltd. | (68) | (2094) | 154 | 0.0 (g) |
|  NEXTDC Ltd. | (11) | (98) | 9 | 0.0 (g) |
|  Northern Star Resources Ltd. | (30) | (362) | (66) | 0.0 (g) |
|  Origin Energy Ltd. | (11) | (90) | (1) | 0.0 (g) |
|  Pilbara Minerals Ltd. | (12) | (43) | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | (23) | (53) | (4) | 0.0 (g) |
|  Ramsay Health Care Ltd. | (3) | (88) | 1 | 0.0 (g) |
|  Scentre Group | (61) | (143) | 4 | 0.0 (g) |
|  Sigma Healthcare Ltd. | (202) | (371) | 2 | 0.0 (g) |
|  Telstra Group Ltd. | (24) | (88) | — (h) | 0.0 (g) |
|  Transurban Group | (1) | (13) | — (h) | 0.0 (g) |
|  Vault Minerals Ltd. | (7) | (19) | (3) | 0.0 (g) |
|  Vicinity Ltd. | (212) | (345) | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Washington H Soul Pattinson & Co. Ltd. | (6) | (165) | (10) | 0.0 (g) |
|  Westpac Banking Corp. | (7) | (197) | 4 | 0.0 (g) |
|  WiseTech Global Ltd. | (16) | (432) | 25 | 0.0 (g) |
|  Woolworths Group Ltd. | (46) | (1167) | 2 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | (1) | (163) | (5) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10459) | 117 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 27 | 175 | 7 | 0.0 (g) |
|  Ampol Ltd. | 9 | 201 | 1 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 11 | 362 | (8) | 0.0 (g) |
|  Aurizon Holdings Ltd. | 6 | 17 | — (h) | 0.0 (g) |
|  Charter Hall Group | 3 | 45 | — (h) | 0.0 (g) |
|  Coles Group Ltd. | 14 | 202 | 3 | 0.0 (g) |
|  Computershare Ltd. | 19 | 368 | 2 | 0.0 (g) |
|  Evolution Mining Ltd. | 12 | 94 | 9 | 0.0 (g) |
|  Fortescue Ltd. | 20 | 257 | 16 | 0.0 (g) |
|  GPT Group (The) | 100 | 313 | 1 | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 49 | 250 | (3) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 3 | 156 | (2) | 0.0 (g) |
|  Macquarie Group Ltd. | 2 | 203 | 8 | 0.0 (g) |
|  Mineral Resources Ltd. | 1 | 46 | 3 | 0.0 (g) |
|  Mirvac Group | 114 | 140 | (1) | 0.0 (g) |
|  Orica Ltd. | 28 | 366 | 18 | 0.0 (g) |
|  Qantas Airways Ltd. | 15 | 85 | 2 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 5 | 76 | 1 | 0.0 (g) |
|  REA Group Ltd. | 1 | 87 | (1) | 0.0 (g) |
|  Regis Resources Ltd. | 16 | 62 | 9 | 0.0 (g) |
|  Rio Tinto Ltd. | 1 | 90 | 11 | 0.0 (g) |
|  Sandfire Resources Ltd. | 34 | 350 | 30 | 0.0 (g) |
|  Santos Ltd. | 31 | 174 | (2) | 0.0 (g) |
|  Sonic Healthcare Ltd. | 2 | 34 | 1 | 0.0 (g) |
|  South32 Ltd. | 47 | 126 | 14 | 0.0 (g) |
|  Suncorp Group Ltd. | 6 | 68 | — (h) | 0.0 (g) |
|  Technology One Ltd. | 7 | 139 | (4) | 0.0 (g) |
|  Wesfarmers Ltd. | 6 | 318 | — (h) | 0.0 (g) |
|  Westgold Resources Ltd. | 9 | 33 | 3 | 0.0 (g) |
|  Woodside Energy Group Ltd. | 12 | 297 | 2 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | 4 | 355 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5496 | 122 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (4963) | 239 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from -0.5% to -0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 10/13/2026 | (16380) | (330) | 107 | (223) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (7) | (42) | — (h) | 0.0 (g) |
|  AltaGas Ltd. | — (h) | (16) | — (h) | 0.0 (g) |
|  Aris Mining Corp. | (5) | (92) | (9) | 0.0 (g) |
|  Artemis Gold, Inc. | (3) | (74) | (8) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (3) | (190) | 6 | 0.0 (g) |
|  Bank of Montreal | (1) | (70) | — (h) | 0.0 (g) |
|  Bank of Nova Scotia (The) | (1) | (41) | (1) | 0.0 (g) |
|  BCE, Inc. | (42) | (1054) | 5 | 0.0 (g) |
|  Bombardier, Inc. | (2) | (411) | (11) | 0.0 (g) |
|  BOYD GROUP, Inc. | (1) | (144) | 6 | 0.0 (g) |
|  BRP, Inc. | — (h) | (27) | (3) | 0.0 (g) |
|  CAE, Inc. | (14) | (369) | 12 | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | (2) | (221) | (5) | 0.0 (g) |
|  Canadian Utilities Ltd. | (16) | (551) | (19) | 0.0 (g) |
|  Celestica, Inc. | (1) | (161) | 1 | 0.0 (g) |
|  Cenovus Energy, Inc. | (8) | (194) | (17) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (1) | (40) | — (h) | 0.0 (g) |
|  Discovery Silver Corp. | (12) | (71) | (8) | 0.0 (g) |
|  Eldorado Gold Corp. | (3) | (112) | (6) | 0.0 (g) |
|  Emera, Inc. | (4) | (196) | (7) | 0.0 (g) |
|  Endeavour Silver Corp. | (1) | (8) | (1) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | (339) | 1 | 0.0 (g) |
|  First Majestic Silver Corp. | (4) | (68) | (9) | 0.0 (g) |
|  G Mining Ventures Corp. | (2) | (63) | (11) | 0.0 (g) |
|  GFL Environmental, Inc. | (3) | (108) | (5) | 0.0 (g) |
|  Gildan Activewear, Inc. | (4) | (246) | 3 | 0.0 (g) |
|  Great-West Lifeco, Inc. | (16) | (709) | (22) | 0.0 (g) |
|  Hydro One Ltd. | (3) | (116) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  iA Financial Corp., Inc. | (3) | (312) | (10) | 0.0 (g) |
|  K92 Mining, Inc. | — (h) | (7) | (1) | 0.0 (g) |
|  Keyera Corp. | (14) | (534) | (5) | 0.0 (g) |
|  MDA Space Ltd. | (5) | (150) | 28 | 0.0 (g) |
|  Methanex Corp. | (2) | (86) | (10) | 0.0 (g) |
|  National Bank of Canada | (3) | (372) | (2) | 0.0 (g) |
|  NexGen Energy Ltd. | (13) | (141) | (5) | 0.0 (g) |
|  Novagold Resources, Inc. | (4) | (33) | (4) | 0.0 (g) |
|  Nutrien Ltd. | (19) | (1351) | (68) | 0.0 (g) |
|  Open Text Corp. | (7) | (169) | 3 | 0.0 (g) |
|  OR Royalties, Inc. | (2) | (59) | (7) | 0.0 (g) |
|  Orla Mining Ltd. | (8) | (114) | (17) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (11) | (212) | 3 | 0.0 (g) |
|  Power Corp. of Canada | (2) | (103) | (1) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (14) | (1008) |  | 0.0 (g) |
|  Rogers Communications, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Royal Bank of Canada | (6) | (928) | (12) | 0.0 (g) |
|  Saputo, Inc. | (4) | (110) | — (h) | 0.0 (g) |
|  Skeena Resources Ltd. | (7) | (202) | (19) | 0.0 (g) |
|  South Bow Corp. | (6) | (207) | — (h) | 0.0 (g) |
|  Sprott, Inc. | — (h) | (49) | (3) | 0.0 (g) |
|  Tamarack Valley Energy Ltd. | (2) | (15) | (1) | 0.0 (g) |
|  TC Energy Corp. | (20) | (1251) | 7 | 0.0 (g) |
|  Torex Gold Resources, Inc. | (2) | (78) | (9) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (9) | (840) | (10) | 0.0 (g) |
|  Tourmaline Oil Corp. | (11) | (535) | 12 | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | (2) | (128) | (8) | 0.0 (g) |
|  Whitecap Resources, Inc. | (6) | (58) | (4) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (34) | (1475) | (58) | 0.0 (g) |
|  Energy Fuels, Inc./Canada | (2) | (30) | (1) | 0.0 (g) |
|  SSR Mining, Inc. | (3) | (79) | (18) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (16380) | (330) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (16380) | (330) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives -0.07% on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 10/15/2026 | (4487) | (102) | 93 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | (1) | (27) | (1) | 0.0 (g) |
|  Alcon AG | (8) | (556) | (8) | 0.0 (g) |
|  Avolta AG | — (h) | (14) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (8) | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (53) | 2 | 0.0 (g) |
|  BKW AG | — (h) | (70) | (4) | 0.0 (g) |
|  Geberit AG | (2) | (1064) | 6 | 0.0 (g) |
|  Givaudan SA | — (h) | (614) | (6) | 0.0 (g) |
|  Helvetia Holding AG | — (h) | (60) | (2) | 0.0 (g) |
|  Kuehne + Nagel International AG | (1) | (263) | (19) | 0.0 (g) |
|  Nestle SA | (12) | (1106) | (53) | 0.0 (g) |
|  Novartis AG | (4) | (548) | (19) | 0.0 (g) |
|  Sandoz Group AG | (2) | (133) | (5) | 0.0 (g) |
|  Straumann Holding AG | — (h) | (7) | (1) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (366) | (16) | 0.0 (g) |
|  Swiss Prime Site AG | (4) | (595) | (3) | 0.0 (g) |
|  Swiss Re AG | (8) | (1273) | (41) | 0.0 (g) |
|  Swisscom AG | (1) | (791) | 25 | 0.0 (g) |
|  VAT Group AG | — (h) | (237) | 16 | 0.0 (g) |
|  Zurich Insurance Group AG | (1) | (436) | (20) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8221) | (149) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 10 | 794 | (19) | 0.0 (g) |
|  Accelleron Industries AG | 1 | 95 | (5) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 39 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 228 | 11 | 0.0 (g) |
|  Cie Financiere Richemont SA | 2 | 403 | 5 | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 115 | 3 | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 104 | 2 | 0.0 (g) |
|  Holcim AG | 6 | 476 | 3 | 0.0 (g) |
|  Julius Baer Group Ltd. | — (h) | 34 | 1 | 0.0 (g) |
|  Lonza Group AG | 1 | 381 | 30 | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 33 | 1 | 0.0 (g) |
|  Schindler Holding AG | 1 | 448 | (3) | 0.0 (g) |
|  SGS SA | 1 | 53 | — (h) | 0.0 (g) |
|  SIG Group AG | 4 | 51 | 3 | 0.0 (g) |
|  Sika AG | 1 | 195 | 2 | 0.0 (g) |
|  Sonova Holding AG | — (h) | 89 | 6 | 0.0 (g) |
|  Sunrise Communications AG | 1 | 42 | 2 | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 30 | — (h) | 0.0 (g) |
|  Temenos AG | — (h) | 33 | (1) | 0.0 (g) |
|  UBS Group AG | 2 | 91 | 4 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3734 | 47 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (4487) | (102) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 10/19/2026 | (403) | 44 | 28 | 72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | — (h) | (32) | — (h) | 0.0 (g) |
|  Coloplast A/S | (7) | (478) | (17) | 0.0 (g) |
|  Danske Bank A/S | (6) | (278) | 3 | 0.0 (g) |
|  Demant A/S | (2) | (62) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  DSV A/S | (1) | (314) | — (h) | 0.0 (g) |
|  NKT A/S | (1) | (70) | (4) | 0.0 (g) |
|  Novonesis Novozymes B | (8) | (445) | (36) | 0.0 (g) |
|  ROCKWOOL A/S | (5) | (123) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1802) | (62) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 143 | (7) | 0.0 (g) |
|  Genmab A/S | — (h) | 20 | 1 | 0.0 (g) |
|  Pandora A/S | — (h) | 1 | — (h) | 0.0 (g) |
|  Tryg A/S | 31 | 717 | 12 | 0.0 (g) |
|  Vestas Wind Systems A/S | 21 | 518 | 100 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1399 | 106 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (403) | 44 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 10/15/2026 | 7154 | 395 | 73 | 468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | (3) | (175) | (13) | 0.0 (g) |
|  Raiffeisen Bank International AG | (2) | (76) | 2 | 0.0 (g) |
|  Verbund AG | (3) | (194) | (5) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | (1) | (59) | (1) | 0.0 (g) |
|  D'ieteren Group | (1) | (216) | 4 | 0.0 (g) |
|  Elia Group SA | (1) | (155) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  KBC Group NV | (1) | (149) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (145) | (2) | 0.0 (g) |
|  Syensqo SA | (1) | (54) | (5) | 0.0 (g) |
|  UCB SA | (1) | (163) | (6) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (21) | (505) | (32) | 0.0 (g) |
|  Kesko OYJ | (10) | (227) | (1) | 0.0 (g) |
|  Metso OYJ | (15) | (248) | (8) | 0.0 (g) |
|  Nordea Bank Abp | (13) | (239) | 12 | 0.0 (g) |
|  Orion OYJ | (1) | (42) | (2) | 0.0 (g) |
|  Stora Enso OYJ | (14) | (160) | (3) | 0.0 (g) |
|  UPM-Kymmene OYJ | — (h) | (10) | (1) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | (2) | (243) | (2) | 0.0 (g) |
|  Air France-KLM | (2) | (23) | 2 | 0.0 (g) |
|  Airbus SE | (4) | (741) | 25 | 0.0 (g) |
|  Alstom SA | (9) | (251) | (3) | 0.0 (g) |
|  Amundi SA | (1) | (70) | (1) | 0.0 (g) |
|  Arkema SA | — (h) | (30) | (3) | 0.0 (g) |
|  Bollore SE | (47) | (263) | (2) | 0.0 (g) |
|  Bouygues SA | (15) | (832) | (2) | 0.0 (g) |
|  Carrefour SA | (9) | (149) | (9) | 0.0 (g) |
|  Cie de Saint-Gobain SA | — (h) | (28) | — (h) | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | (26) | (866) | (15) | 0.0 (g) |
|  Dassault Aviation SA | (1) | (268) | 2 | 0.0 (g) |
|  Dassault Systemes SE | (1) | (19) | — (h) | 0.0 (g) |
|  Edenred SE | (4) | (85) | 2 | 0.0 (g) |
|  Eiffage SA | (2) | (347) | (2) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | (1) | (223) | (4) | 0.0 (g) |
|  Getlink SE | (21) | (421) | (28) | 0.0 (g) |
|  Hermes International SCA | — (h) | (296) | 5 | 0.0 (g) |
|  Kering SA | (1) | (304) | (14) | 0.0 (g) |
|  Orange SA | (8) | (153) | (6) | 0.0 (g) |
|  Pernod Ricard SA | (3) | (209) | (2) | 0.0 (g) |
|  Renault SA | (6) | (194) | (7) | 0.0 (g) |
|  Rexel SA | (24) | (896) | (19) | 0.0 (g) |
|  Sartorius Stedim Biotech | (1) | (266) | (4) | 0.0 (g) |
|  SCOR SE | (10) | (357) | (5) | 0.0 (g) |
|  Teleperformance SE | (2) | (134) | (2) | 0.0 (g) |
|  TotalEnergies SE | (6) | (492) | (32) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (2) | (226) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  AIXTRON SE | (2) | (86) | 3 | 0.0 (g) |
|  Bayer AG | (8) | (370) | (9) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (9) | (769) | (2) | 0.0 (g) |
|  Beiersdorf AG | (6) | (487) | (27) | 0.0 (g) |
|  Brenntag SE | (2) | (139) | (16) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (3) | (231) | 50 | 0.0 (g) |
|  Daimler Truck Holding AG | — (h) | (18) | — (h) | 0.0 (g) |
|  Deutsche Boerse AG | (2) | (636) | (29) | 0.0 (g) |
|  Deutsche Lufthansa AG | (26) | (225) | 12 | 0.0 (g) |
|  Evonik Industries AG | (9) | (170) | (3) | 0.0 (g) |
|  Hannover Rueck SE | (2) | (593) | (28) | 0.0 (g) |
|  Hensoldt AG | (2) | (186) | (4) | 0.0 (g) |
|  Infineon Technologies AG | (16) | (718) | 9 | 0.0 (g) |
|  Merck KGaA | (2) | (293) | (14) | 0.0 (g) |
|  MTU Aero Engines AG | (1) | (344) | (2) | 0.0 (g) |
|  Porsche Automobil Holding SE | (9) | (340) | 4 | 0.0 (g) |
|  Puma SE | — (h) | (7) | — (h) | 0.0 (g) |
|  RENK Group AG | — (h) | (13) | — (h) | 0.0 (g) |
|  Rheinmetall AG | — (h) | (281) | 7 | 0.0 (g) |
|  Sartorius AG | (1) | (141) | (1) | 0.0 (g) |
|  Siemens Healthineers AG | (6) | (270) | — (h) | 0.0 (g) |
|  Symrise AG | — (h) | (34) | (2) | 0.0 (g) |
|  Talanx AG | (3) | (300) | (5) | 0.0 (g) |
|  thyssenkrupp AG | (29) | (256) | 11 | 0.0 (g) |
|  TUI AG | (7) | (59) | 2 | 0.0 (g) |
|  Volkswagen AG | (2) | (240) | (1) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (19) | (198) | — (h) | 0.0 (g) |
|  Bank of Ireland Group plc | (6) | (112) | 1 | 0.0 (g) |
|  Kingspan Group plc | (2) | (179) | (1) | 0.0 (g) |
|  Ryanair Holdings plc | (1) | (32) | 1 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (32) | (86) | (5) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (15) | (127) | (3) | 0.0 (g) |
|  BPER Banca SPA | (11) | (135) | (3) | 0.0 (g) |
|  Buzzi SpA | (6) | (284) | 3 | 0.0 (g) |
|  Davide Campari-Milano NV | (5) | (37) | (1) | 0.0 (g) |
|  Enel SpA | (2) | (21) | (1) | 0.0 (g) |
|  Ferrari NV | — (h) | (96) | (1) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (16) | (336) | (7) | 0.0 (g) |
|  Lottomatica Group Spa | (1) | (38) | — (h) | 0.0 (g) |
|  Moncler SpA | (7) | (402) | 5 | 0.0 (g) |
|  Nexi SpA | (28) | (94) | (9) | 0.0 (g) |
|  Terna - Rete Elettrica Nazionale | (11) | (122) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (11) | (551) | 4 | 0.0 (g) |
|  CVC Capital Partners plc | (25) | (319) | (7) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (12) | (386) | (3) | 0.0 (g) |
|  Adyen NV | — (h) | (223) | 7 | 0.0 (g) |
|  Aegon Ltd. | (20) | (138) | (5) | 0.0 (g) |
|  Akzo Nobel NV | (8) | (457) | (9) | 0.0 (g) |
|  Argenx SE | — (h) | (84) | (5) | 0.0 (g) |
|  EXOR NV | (8) | (562) | (8) | 0.0 (g) |
|  Ferrovial SE | (5) | (289) | (5) | 0.0 (g) |
|  Heineken Holding NV | (1) | (46) | — (h) | 0.0 (g) |
|  Heineken NV | (3) | (202) | (2) | 0.0 (g) |
|  IMCD NV | (1) | (88) | (19) | 0.0 (g) |
|  ING Groep NV | (10) | (248) | — (h) | 0.0 (g) |
|  Prosus NV | (2) | (105) | 2 | 0.0 (g) |
|  Stellantis NV | (2) | (15) | (1) | 0.0 (g) |
|  Universal Music Group NV | (67) | (1222) | (71) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (1161) | (1076) | (40) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (15) | (347) | (10) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Aena SME SA | (12) | (333) | (7) | 0.0 (g) |
|  Cellnex Telecom SA | (3) | (80) | (7) | 0.0 (g) |
|  EDP Renovaveis SA | (3) | (46) | (3) | 0.0 (g) |
|  Endesa SA | (1) | (34) | (2) | 0.0 (g) |
|  Grifols SA | (13) | (135) | (2) | 0.0 (g) |
|  Indra Sistemas SA | (2) | (111) | 3 | 0.0 (g) |
|  Industria de Diseno Textil SA | (5) | (294) | 5 | 0.0 (g) |
|  Mapfre SA | (95) | (407) | (12) | 0.0 (g) |
|  Merlin Properties Socimi SA | (1) | (20) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (11) | (343) | (19) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (28869) | (483) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | 3 | 500 | 6 | 0.0 (g) |
|  Belgium |  |  |  |  |
|  Ageas SA | 12 | 845 | 54 | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 3 | 274 | 7 | 0.0 (g) |
|  Sofina SA | — (h) | 73 | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 6 | 311 | (3) | 0.0 (g) |
|  Kone OYJ | 3 | 170 | (1) | 0.0 (g) |
|  Neste OYJ | 2 | 65 | 1 | 0.0 (g) |
|  Nokia OYJ | 19 | 151 | (1) | 0.0 (g) |
|  Sampo OYJ | 5 | 56 | 1 | 0.0 (g) |
|  Wartsila OYJ Abp | 6 | 202 | (1) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | 1 | 27 | — (h) | 0.0 (g) |
|  Air Liquide SA | 3 | 546 | 41 | 0.0 (g) |
|  AXA SA | 43 | 1893 | 67 | 0.0 (g) |
|  BioMerieux | 2 | 254 | 8 | 0.0 (g) |
|  BNP Paribas SA | 7 | 693 | (19) | 0.0 (g) |
|  Bureau Veritas SA | 4 | 113 | (1) | 0.0 (g) |
|  Capgemini SE | 1 | 72 | 2 | 0.0 (g) |
|  Covivio SA | 1 | 44 | (1) | 0.0 (g) |
|  Credit Agricole SA | 37 | 697 | (11) | 0.0 (g) |
|  Danone SA | 5 | 392 | — (h) | 0.0 (g) |
|  EssilorLuxottica SA | 4 | 872 | 23 | 0.0 (g) |
|  Gecina SA | 2 | 171 | 4 | 0.0 (g) |
|  Ipsen SA | 2 | 359 | 29 | 0.0 (g) |
|  Klepierre SA | 3 | 127 | 4 | 0.0 (g) |
|  Legrand SA | 1 | 182 | (4) | 0.0 (g) |
|  L'Oreal SA | 1 | 218 | 3 | 0.0 (g) |
|  LVMH Moet Hennessy Louis Vuitton SE | — (h) | 153 | (1) | 0.0 (g) |
|  Nexans SA | 1 | 127 | (1) | 0.0 (g) |
|  Publicis Groupe SA | 5 | 441 | 7 | 0.0 (g) |
|  Safran SA | 6 | 1930 | (52) | 0.0 (g) |
|  Sanofi SA | 21 | 1891 | 144 | 0.0 (g) |
|  Societe Generale SA | 4 | 292 | (10) | 0.0 (g) |
|  SPIE SA | 2 | 113 | (4) | 0.0 (g) |
|  Thales SA | 2 | 680 | 37 | 0.0 (g) |
|  Valeo SE | 12 | 143 | (1) | 0.0 (g) |
|  Vinci SA | 1 | 185 | 2 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | 3 | 490 | 12 | 0.0 (g) |
|  Allianz SE | 1 | 591 | 16 | 0.0 (g) |
|  Aurubis AG | 1 | 90 | — (h) | 0.0 (g) |
|  BASF SE | 1 | 29 | 3 | 0.0 (g) |
|  Continental AG | 2 | 142 | — (h) | 0.0 (g) |
|  Deutsche Bank AG | 42 | 1227 | — (h) | 0.0 (g) |
|  Deutsche Post AG | 8 | 429 | 1 | 0.0 (g) |
|  Deutsche Telekom AG | 33 | 1214 | 16 | 0.0 (g) |
|  E.ON SE | 10 | 205 | 6 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Fresenius Medical Care AG | 4 | 165 | 5 | 0.0 (g) |
|  GEA Group AG | 5 | 375 | 7 | 0.0 (g) |
|  Heidelberg Materials AG | 1 | 140 | — (h) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 18 | (1) | 0.0 (g) |
|  LEG Immobilien SE | 1 | 53 | 1 | 0.0 (g) |
|  Nemetschek SE | 1 | 89 | (6) | 0.0 (g) |
|  Nordex SE | 1 | 65 | 2 | 0.0 (g) |
|  Rational AG | — (h) | 13 | — (h) | 0.0 (g) |
|  RWE AG | 5 | 311 | 11 | 0.0 (g) |
|  Scout24 SE | 3 | 252 | 6 | 0.0 (g) |
|  Siemens Energy AG | — (h) | 57 | (2) | 0.0 (g) |
|  Vonovia SE | 1 | 19 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 5 | 355 | 19 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | 29 | 286 | 34 | 0.0 (g) |
|  Banca Mediolanum SpA | 3 | 57 | 2 | 0.0 (g) |
|  Eni SpA | 16 | 407 | 42 | 0.0 (g) |
|  Generali | 27 | 1053 | 37 | 0.0 (g) |
|  Intesa Sanpaolo SpA | 98 | 583 | 4 | 0.0 (g) |
|  Italgas SpA | 54 | 603 | 21 | 0.0 (g) |
|  Leonardo SpA | 2 | 134 | (3) | 0.0 (g) |
|  Poste Italiane SpA | 6 | 132 | 1 | 0.0 (g) |
|  Prysmian SpA | 2 | 260 | 11 | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 1 | 64 | 5 | 0.0 (g) |
|  Saipem SpA | 145 | 582 | 73 | 0.0 (g) |
|  Snam SpA | 13 | 94 | 5 | 0.0 (g) |
|  UniCredit SpA | 3 | 187 | — (h) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 4 | 86 | 2 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | 3 | 232 | 7 | 0.0 (g) |
|  Tenaris SA | 9 | 244 | 12 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 207 | (7) | 0.0 (g) |
|  ASML Holding NV | — (h) | 581 | (28) | 0.0 (g) |
|  ASR Nederland NV | 3 | 228 | 4 | 0.0 (g) |
|  BE Semiconductor Industries NV | 1 | 127 | (2) | 0.0 (g) |
|  Euronext NV | — (h) | 13 | 1 | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 45 | 2103 | 6 | 0.0 (g) |
|  Koninklijke KPN NV | 1 | 3 | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | 25 | 679 | 8 | 0.0 (g) |
|  NN Group NV | 1 | 105 | 1 | 0.0 (g) |
|  QIAGEN NV | 3 | 111 | 1 | 0.0 (g) |
|  Wolters Kluwer NV | 1 | 54 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Portugal** |  |  |  |  |
|  EDP SA | 230 | 1146 | 58 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 4 | 547 | (3) | 0.0 (g) |
|  Banco Santander SA | 17 | 191 | (3) | 0.0 (g) |
|  Bankinter SA | 10 | 152 | 1 | 0.0 (g) |
|  CaixaBank SA | 12 | 142 | (1) | 0.0 (g) |
|  Enagas SA | 14 | 240 | 42 | 0.0 (g) |
|  Iberdrola SA | 64 | 1422 | 50 | 0.0 (g) |
|  Naturgy Energy Group SA | 10 | 282 | 5 | 0.0 (g) |
|  Repsol SA | 18 | 481 | 42 | 0.0 (g) |
|  Telefonica SA | 34 | 144 | 4 | 0.0 (g) |
|  Unicaja Banco SA | 28 | 83 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 6 | 387 | 22 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 36023 | 878 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 7154 | 395 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 10/15/2026 | 4409 | 194 | 121 | 315 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Greatland Resources Ltd. | (6) | (40) | (7) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (10) | (193) | (2) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | (19) | (263) | 6 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | (2) | (139) | (3) | 0.0 (g) |
|  Experian plc | (12) | (405) | 6 | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (2) | (92) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (5) | (37) | (3) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Pan African Resources plc | (12) | (20) | (2) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (40) | (274) | (26) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (10) | (361) | 34 | 0.0 (g) |
|  Associated British Foods plc | — (h) | (9) | — (h) | 0.0 (g) |
|  AstraZeneca plc | (2) | (452) | (31) | 0.0 (g) |
|  Auto Trader Group plc | (35) | (214) | (3) | 0.0 (g) |
|  Barratt Redrow plc | (11) | (39) | 1 | 0.0 (g) |
|  Berkeley Group Holdings plc | (3) | (144) | 2 | 0.0 (g) |
|  Bunzl plc | (1) | (29) | (1) | 0.0 (g) |
|  Centrica plc | (71) | (184) | (15) | 0.0 (g) |
|  Convatec Group plc | (57) | (163) | 2 | 0.0 (g) |
|  Croda International plc | (2) | (79) | (4) | 0.0 (g) |
|  Diageo plc | (33) | (603) | (8) | 0.0 (g) |
|  Drax Group plc | (8) | (91) | (5) | 0.0 (g) |
|  easyJet plc | (19) | (93) | 4 | 0.0 (g) |
|  GSK plc | (4) | (99) | (6) | 0.0 (g) |
|  Haleon plc | (36) | (176) | (4) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (5) | (74) | (2) | 0.0 (g) |
|  Howden Joinery Group plc | (25) | (268) | 2 | 0.0 (g) |
|  International Consolidated Airlines Group SA | (17) | (83) | 3 | 0.0 (g) |
|  JD Sports Fashion plc | (40) | (36) | (1) | 0.0 (g) |
|  Land Securities Group plc | (36) | (263) | (2) | 0.0 (g) |
|  LondonMetric Property plc | (115) | (276) | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | (78) | (344) | (7) | 0.0 (g) |
|  Melrose Industries plc | (10) | (62) | (1) | 0.0 (g) |
|  Mondi plc | (25) | (270) | (8) | 0.0 (g) |
|  National Grid plc | (3) | (41) | (2) | 0.0 (g) |
|  Persimmon plc | (6) | (86) | 6 | 0.0 (g) |
|  Primary Health Properties plc | (40) | (49) | — (h) | 0.0 (g) |
|  RELX plc | (8) | (264) | (2) | 0.0 (g) |
|  Rentokil Initial plc | (48) | (295) | (3) | 0.0 (g) |
|  Rio Tinto plc | (1) | (118) | (11) | 0.0 (g) |
|  Segro plc | (4) | (37) | 2 | 0.0 (g) |
|  Severn Trent plc | (4) | (173) | (10) | 0.0 (g) |
|  Spirax Group plc | — (h) | (28) | — (h) | 0.0 (g) |
|  SSE plc | (5) | (177) | (7) | 0.0 (g) |
|  Unilever plc | (13) | (765) | 54 | 0.0 (g) |
|  UNITE Group plc (The) | (14) | (81) | — (h) | 0.0 (g) |
|  Weir Group plc (The) | — (h) | (1) | — (h) | 0.0 (g) |
|  Whitbread plc | (1) | (18) | — (h) | 0.0 (g) |
|  Wise plc | (10) | (113) | (2) | 0.0 (g) |
|  WPP plc | (111) | (331) | (13) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **United States** |  |  |  |  |
|  Sunbelt Rentals Holdings, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8460) | (74) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | — (h) | 4 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 6 | 226 | 4 | 0.0 (g) |
|  Airtel Africa plc | 19 | 91 | (3) | 0.0 (g) |
|  Anglo American plc | 4 | 154 | 8 | 0.0 (g) |
|  Aviva plc | 24 | 192 | (4) | 0.0 (g) |
|  Babcock International Group plc | 1 | 13 | (1) | 0.0 (g) |
|  BAE Systems plc | — (h) | 14 | — (h) | 0.0 (g) |
|  Bellway plc | 1 | 18 | (2) | 0.0 (g) |
|  BP plc | 41 | 290 | 36 | 0.0 (g) |
|  British Land Co. plc (The) | 47 | 218 | 4 | 0.0 (g) |
|  Compass Group plc | 42 | 1166 | (14) | 0.0 (g) |
|  Diploma plc | 1 | 93 | 2 | 0.0 (g) |
|  Endeavour Mining plc | — (h) | 6 | 1 | 0.0 (g) |
|  Entain plc | 16 | 128 | (6) | 0.0 (g) |
|  Halma plc | — (h) | 12 | — (h) | 0.0 (g) |
|  HSBC Holdings plc | 17 | 267 | 9 | 0.0 (g) |
|  IG Group Holdings plc | 3 | 57 | — (h) | 0.0 (g) |
|  IMI plc | 3 | 115 | (4) | 0.0 (g) |
|  Imperial Brands plc | 5 | 199 | — (h) | 0.0 (g) |
|  Informa plc | 51 | 504 | (3) | 0.0 (g) |
|  Intertek Group plc | 6 | 279 | 1 | 0.0 (g) |
|  J Sainsbury plc | 120 | 518 | 21 | 0.0 (g) |
|  Johnson Matthey plc | 9 | 224 | 10 | 0.0 (g) |
|  Kingfisher plc | 44 | 172 | (6) | 0.0 (g) |
|  Legal & General Group plc | 30 | 93 | 4 | 0.0 (g) |
|  Lloyds Banking Group plc | 237 | 290 | (1) | 0.0 (g) |
|  London Stock Exchange Group plc | 2 | 264 | 13 | 0.0 (g) |
|  M&G plc | 114 | 412 | (3) | 0.0 (g) |
|  NatWest Group plc | 106 | 744 | 32 | 0.0 (g) |
|  Next plc | 6 | 969 | 54 | 0.0 (g) |
|  Pearson plc | 10 | 125 | 5 | 0.0 (g) |
|  Phoenix Group Holdings plc | 15 | 129 | 5 | 0.0 (g) |
|  Reckitt Benckiser Group plc | 5 | 321 | 1 | 0.0 (g) |
|  Rolls-Royce Holdings plc | 57 | 886 | (38) | 0.0 (g) |
|  Sage Group plc (The) | 28 | 305 | 7 | 0.0 (g) |
|  Shell plc | 24 | 1055 | 71 | 0.0 (g) |
|  Smith & Nephew plc | 20 | 311 | (1) | 0.0 (g) |
|  Smiths Group plc | 23 | 663 | 20 | 0.0 (g) |
|  St James's Place plc | 1 | 12 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Standard Chartered plc | 9 | 177 | (1) | 0.0 (g) |
|  Taylor Wimpey plc | 24 | 28 | — (h) | 0.0 (g) |
|  Tesco plc | 140 | 839 | 37 | 0.0 (g) |
|  Tritax Big Box REIT plc | 16 | 30 | (1) | 0.0 (g) |
|  United Utilities Group plc | 13 | 217 | 10 | 0.0 (g) |
|  Vodafone Group plc | 8 | 11 | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | 1 | 28 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 12869 | 268 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4409 | 194 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -1.75% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/18/2028 | 41 | 6 | 13 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | (6) | (46) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (10) | (49) | (3) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (7) | (55) | (1) | 0.0 (g) |
|  CLP Holdings Ltd. | (69) | (635) | (12) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (1) | (3) | — (h) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | (1) | (4) | — (h) | 0.0 (g) |
|  HKT Trust & HKT Ltd. | (65) | (99) | (2) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (34) | (31) | — (h) | 0.0 (g) |
|  MTR Corp. Ltd. | (113) | (455) | (6) | 0.0 (g) |
|  Sino Land Co. Ltd. | (16) | (23) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (7) | (113) | (3) | 0.0 (g) |
|  Swire Pacific Ltd. | (1) | (5) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd./The | (5) | (15) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1533) | (26) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CK Asset Holdings Ltd. | 5 | 25 | — (h) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 33 | 245 | 6 | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 62 | 273 | 4 | 0.0 (g) |
|  Hong Kong Exchanges & Clearing Ltd. | 1 | 29 | — (h) | 0.0 (g) |
|  Link REIT | 134 | 604 | 10 | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 7 | 30 | 1 | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 3 | 33 | — (h) | 0.0 (g) |
|  WH Group Ltd. | 89 | 107 | 9 | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 98 | 204 | 3 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 2 | 24 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1574 | 32 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 41 | 6 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -3% to 0.6%) which is denominated in ILS based on the local currencies of the positions within the swap | 10/19/2026 | 274 | (3) | – (h) | (3) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (35) | 1 | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | — (h) | (30) | — (h) | 0.0 (g) |
|  Next Vision Stabilized Systems Ltd. | (1) | (101) | 16 | 0.0 (g) |
|  Phoenix Financial Ltd. | (2) | (125) | 2 | 0.0 (g) |
|  **Tower Semiconductor Ltd.** | — (h) | (29) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (320) | 21 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 11 | 266 | (14) | 0.0 (g) |
|  Bank Leumi Le-Israel BM | 8 | 187 | (1) | 0.0 (g) |
|  Israel Discount Bank Ltd. | 9 | 92 | (6) | 0.0 (g) |
|  Nice Ltd. | — (h) | 49 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 594 | (24) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 274 | (3) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/18/2028 | (2046) | 180 | 739 | 919 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Disco Corp. | — (h) | (82) | 5 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | (30) | (801) | (53) | 0.0 (g) |
|  Nordea Bank Abp | (1) | (342) | 16 | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | (23) | (273) | 1 | 0.0 (g) |
|  AGC, Inc. | (2) | (50) | (2) | 0.0 (g) |
|  Asics Corp. | (22) | (576) | 13 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (5) | (138) | 8 | 0.0 (g) |
|  Capcom Co. Ltd. | (18) | (393) | 13 | 0.0 (g) |
|  Central Japan Railway Co. | (59) | (1521) | 13 | 0.0 (g) |
|  Chiba Bank Ltd./The | (1) | (14) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (7) | (117) | (2) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (5) | (230) | (19) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (7) | (280) | (13) | 0.0 (g) |
|  Daifuku Co. Ltd. | (10) | (354) | 5 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Ebara Corp. | (15) | (405) | 11 | 0.0 (g) |
|  Electric Power Development Co. Ltd. | (1) | (12) | (1) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (2) | (95) | 2 | 0.0 (g) |
|  Fujikura Ltd. | (33) | (843) | (7) | 0.0 (g) |
|  GS Yuasa Corp. | (3) | (80) | (7) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (77) | (621) | 13 | 0.0 (g) |
|  Hoya Corp. | (1) | (206) | 5 | 0.0 (g) |
|  Ibiden Co. Ltd. | (4) | (204) | 4 | 0.0 (g) |
|  IHI Corp. | (1) | (31) | 3 | 0.0 (g) |
|  Inpex Corp. | (3) | (86) | 4 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (34) | (602) | (15) | 0.0 (g) |
|  Iyogin Holdings, Inc. | (2) | (28) | — (h) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (15) | (220) | (6) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (21) | (237) | 2 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (4) | (69) | — (h) | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (15) | (142) | (4) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | — (h) | (18) | 2 | 0.0 (g) |
|  JFE Holdings, Inc. | (5) | (59) | 1 | 0.0 (g) |
|  JX Advanced Metals Corp. | (3) | (66) | 1 | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (33) | (639) | 37 | 0.0 (g) |
|  KDDI Corp. | (11) | (180) | (4) | 0.0 (g) |
|  Keyence Corp. | (5) | (1631) | 41 | 0.0 (g) |
|  Kikkoman Corp. | (52) | (432) | (41) | 0.0 (g) |
|  Kinden Corp. | (1) | (52) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (13) | (191) | (10) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (1) | (18) | — (h) | 0.0 (g) |
|  Komatsu Ltd. | (31) | (1168) | (11) | 0.0 (g) |
|  Konami Group Corp. | (1) | (150) | 4 | 0.0 (g) |
|  Kurita Water Industries Ltd. | (5) | (227) | (3) | 0.0 (g) |
|  Kyocera Corp. | (10) | (153) | (3) | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (1) | (15) | — (h) | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (7) | (99) | (7) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (10) | (103) | (5) | 0.0 (g) |
|  Lasertec Corp. | (1) | (101) | (4) | 0.0 (g) |
|  Makita Corp. | (1) | (45) | — (h) | 0.0 (g) |
|  Marubeni Corp. | (70) | (2272) | (188) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (68) | 1 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (7) | (101) | (6) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | (1) | (49) | (3) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (6) | (44) | (2) | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | (1) | (98) | 6 | 0.0 (g) |
|  Mercari, Inc. | (4) | (94) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  MINEBEA MITSUMI, Inc. | (10) | (159) | — (h) | 0.0 (g) |
|  MISUMI Group, Inc. | (5) | (79) | 2 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (69) | (377) | (14) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (23) | (631) | (3) | 0.0 (g) |
|  Mitsubishi Materials Corp. | (1) | (42) | (1) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (2) | (85) | 7 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | — (h) | (37) | 1 | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (2) | (87) | (1) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (7) | (80) | 2 | 0.0 (g) |
|  Nexon Co. Ltd. | (10) | (185) | (5) | 0.0 (g) |
|  Nikon Corp. | (13) | (154) | 3 | 0.0 (g) |
|  Nintendo Co. Ltd. | (10) | (571) | 40 | 0.0 (g) |
|  Nippon Building Fund, Inc. | (1) | (672) | 25 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (7) | (156) | (2) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (127) | (775) | (4) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (10) | (356) | 18 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (7) | (14) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | (6) | (272) | (6) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (1) | (21) | 1 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | (1) | (114) | 8 | 0.0 (g) |
|  NTT, Inc. | (252) | (249) | — (h) | 0.0 (g) |
|  Oji Holdings Corp. | (62) | (335) | 3 | 0.0 (g) |
|  Olympus Corp. | (7) | (57) | (5) | 0.0 (g) |
|  Organo Corp. | (3) | (213) | (2) | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (9) | (148) | (2) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (1) | (19) | (1) | 0.0 (g) |
|  Panasonic Holdings Corp. | (17) | (264) | (5) | 0.0 (g) |
|  Rakuten Bank Ltd. | — (h) | (8) | 1 | 0.0 (g) |
|  Renesas Electronics Corp. | (5) | (67) | 4 | 0.0 (g) |
|  Resonac Holdings Corp. | (1) | (33) | 2 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (12) | (259) | 4 | 0.0 (g) |
|  Sanrio Co. Ltd. | (5) | (34) | 3 | 0.0 (g) |
|  SBI Holdings, Inc. | (26) | (476) | 13 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (4) | (226) | 11 | 0.0 (g) |
|  Seibu Holdings, Inc. | (4) | (107) | (6) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (24) | (389) | (3) | 0.0 (g) |
|  Shimadzu Corp. | (3) | (70) | — (h) | 0.0 (g) |
|  Shimano, Inc. | (2) | (245) | (3) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (3) | (130) | (4) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (14) | (291) | (19) | 0.0 (g) |
|  Shiseido Co. Ltd. | (11) | (195) | (17) | 0.0 (g) |
|  SKY Perfect JSAT Corp. | (2) | (32) | (1) | 0.0 (g) |
|  SoftBank Group Corp. | (19) | (420) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Sojitz Corp. | (10) | (392) | (9) | 0.0 (g) |
|  Subaru Corp. | (53) | (837) | 4 | 0.0 (g) |
|  Sumitomo Corp. | (6) | (210) | (12) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (5) | (40) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | (21) | (232) | (40) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (3) | (90) | (1) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (13) | (356) | (11) | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (2) | (47) | 3 | 0.0 (g) |
|  Takashimaya Co. Ltd. | — (h) | (1) | — (h) | 0.0 (g) |
|  TIS, Inc. | (16) | (330) | 2 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (13) | (130) | (3) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (15) | (678) | (32) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (2) | (100) | 7 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | (1) | (43) | 2 | 0.0 (g) |
|  Tokyu Corp. | (62) | (717) | (10) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (21) | (608) | 57 | 0.0 (g) |
|  Toray Industries, Inc. | (22) | (145) | (7) | 0.0 (g) |
|  TOTO Ltd. | (10) | (334) | 30 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (1) | (80) | (3) | 0.0 (g) |
|  Toyota Motor Corp. | (45) | (914) | 25 | 0.0 (g) |
|  Toyota Tsusho Corp. | (49) | (1849) | (3) | 0.0 (g) |
|  West Japan Railway Co. | (10) | (198) | 1 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (65) | (442) | (17) | 0.0 (g) |
|  Yokogawa Electric Corp. | (6) | (171) | 4 | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (20) | (166) | (5) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (11) | (395) | 2 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (2) | (89) | 2 | 0.0 (g) |
|  ZOZO, Inc. | (16) | (114) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (35967) | (189) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 2 | 241 | (24) | 0.0 (g) |
|  Aisin Corp. | 16 | 226 | (4) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 4 | 100 | 5 | 0.0 (g) |
|  Amada Co. Ltd. | 16 | 214 | (3) | 0.0 (g) |
|  ANA Holdings, Inc. | 35 | 632 | (17) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | 1 | 14 | 1 | 0.0 (g) |
|  Asahi Kasei Corp. | 62 | 576 | 13 | 0.0 (g) |
|  Astellas Pharma, Inc. | 85 | 1259 | 84 | 0.0 (g) |
|  BayCurrent, Inc. | 2 | 62 | — (h) | 0.0 (g) |
|  Bridgestone Corp. | 17 | 346 | 2 | 0.0 (g) |
|  CyberAgent, Inc. | 97 | 823 | (10) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 11 | 187 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Dai-ichi Life Holdings, Inc. | 29 | 244 | 11 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 2 | 45 | (3) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 1 | 15 | 1 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 56 | 1782 | (41) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 13 | 115 | — (h) | 0.0 (g) |
|  Denso Corp. | 22 | 257 | 12 | 0.0 (g) |
|  Dentsu Group, Inc. | 5 | 77 | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | 2 | 33 | — (h) | 0.0 (g) |
|  Eisai Co. Ltd. | 1 | 38 | 2 | 0.0 (g) |
|  ENEOS Holdings, Inc. | 242 | 1976 | 174 | 0.0 (g) |
|  FANUC Corp. | 5 | 174 | (11) | 0.0 (g) |
|  Fujitsu Ltd. | 25 | 510 | (11) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 3 | 108 | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 36 | 402 | (3) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 5 | 176 | 3 | 0.0 (g) |
|  Hitachi Ltd. | 2 | 72 | (4) | 0.0 (g) |
|  Horiba Ltd. | 1 | 91 | (1) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 81 | 722 | 69 | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 5 | 66 | (1) | 0.0 (g) |
|  Isuzu Motors Ltd. | 22 | 315 | (8) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 27 | 429 | (2) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 18 | 202 | 3 | 0.0 (g) |
|  Japan Tobacco, Inc. | 26 | 940 | 54 | 0.0 (g) |
|  JGC Holdings Corp. | 2 | 27 | 3 | 0.0 (g) |
|  Kajima Corp. | 9 | 318 | 10 | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 40 | 631 | 27 | 0.0 (g) |
|  Kao Corp. | 13 | 473 | 13 | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 2 | 33 | — (h) | 0.0 (g) |
|  Kobe Steel Ltd. | 5 | 59 | (1) | 0.0 (g) |
|  Kubota Corp. | 1 | 20 | — (h) | 0.0 (g) |
|  LY Corp. | 173 | 429 | (12) | 0.0 (g) |
|  Mazda Motor Corp. | 4 | 25 | — (h) | 0.0 (g) |
|  Mitsubishi Corp. | 48 | 1604 | 14 | 0.0 (g) |
|  Mitsubishi Electric Corp. | 32 | 1037 | (31) | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | 13 | 311 | (17) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 1 | 10 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 17 | 492 | (32) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 19 | 314 | 4 | 0.0 (g) |
|  Mitsui & Co. Ltd. | 6 | 237 | 3 | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 49 | 564 | 12 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 77 | 819 | (12) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 5 | 127 | 5 | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 2 | 35 | (1) | 0.0 (g) |
|  NEC Corp. | 35 | 857 | (16) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  NGK Insulators Ltd. | 20 | 477 | 22 | 0.0 (g) |
|  NH Foods Ltd. | 11 | 448 | 21 | 0.0 (g) |
|  NIDEC Corp., | 17 | 229 | (20) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 1 | 53 | (1) | 0.0 (g) |
|  Nissan Chemical Corp. | 1 | 26 | — (h) | 0.0 (g) |
|  Nitto Denko Corp. | 13 | 250 | (3) | 0.0 (g) |
|  Nomura Holdings, Inc. | 4 | 31 | — (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 19 | 121 | — (h) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 4 | 96 | 2 | 0.0 (g) |
|  NSK Ltd. | 12 | 84 | (2) | 0.0 (g) |
|  Obayashi Corp. | 50 | 1173 | 20 | 0.0 (g) |
|  Obic Co. Ltd. | 3 | 62 | (1) | 0.0 (g) |
|  Omron Corp. | 3 | 70 | 2 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 18 | 259 | 19 | 0.0 (g) |
|  Oracle Corp. Japan | — (h) | 23 | (1) | 0.0 (g) |
|  ORIX Corp. | 3 | 78 | 1 | 0.0 (g) |
|  Otsuka Corp. | 1 | 24 | 1 | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 27 | 168 | (1) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 5 | 49 | (2) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 19 | 747 | 22 | 0.0 (g) |
|  Secom Co. Ltd. | 1 | 26 | 1 | 0.0 (g) |
|  Seiko Epson Corp. | 3 | 40 | — (h) | 0.0 (g) |
|  Sekisui House Ltd. | 17 | 376 | 8 | 0.0 (g) |
|  Shimamura Co. Ltd. | 1 | 17 | — (h) | 0.0 (g) |
|  Shimizu Corp. | 9 | 152 | 2 | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 19 | 299 | 6 | 0.0 (g) |
|  SMC Corp. | — (h) | 152 | (1) | 0.0 (g) |
|  SoftBank Corp. | 921 | 1255 | (30) | 0.0 (g) |
|  Sony Group Corp. | 2 | 48 | — (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 4 | 58 | — (h) | 0.0 (g) |
|  SUMCO Corp. | 4 | 37 | 1 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 46 | 132 | 12 | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | — (h) | 12 | (1) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 1 | 32 | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 24 | 734 | 7 | 0.0 (g) |
|  Suzuki Motor Corp. | 9 | 102 | — (h) | 0.0 (g) |
|  Sysmex Corp. | 22 | 185 | 3 | 0.0 (g) |
|  T&D Holdings, Inc. | 10 | 224 | 20 | 0.0 (g) |
|  Taisei Corp. | 4 | 434 | 12 | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | 1 | 14 | — (h) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | 25 | 886 | 14 | 0.0 (g) |
|  TDK Corp. | 6 | 76 | (3) | 0.0 (g) |
|  Terumo Corp. | 2 | 27 | 1 | 0.0 (g) |
|  THK Co. Ltd. | 2 | 51 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Tokyo Electric Power Co. Holdings, Inc. | 109 | 424 | 15 | 0.0 (g) |
|  Tokyo Electron Ltd. | 2 | 507 | (14) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 14 | 114 | (1) | 0.0 (g) |
|  Tosoh Corp. | 21 | 300 | 5 | 0.0 (g) |
|  Toyo Tire Corp. | 4 | 88 | 1 | 0.0 (g) |
|  Trend Micro, Inc./Japan | 4 | 144 | (2) | 0.0 (g) |
|  Unicharm Corp. | 10 | 58 | 1 | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 1 | 10 | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | 21 | 548 | (29) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 33921 | 369 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2046) | 180 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4% on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 10/15/2026 | 138 | 2 | 17 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | — (h) | (15) | (2) | 0.0 (g) |
|  Gjensidige Forsikring ASA | (8) | (209) | 6 | 0.0 (g) |
|  Norsk Hydro ASA | (75) | (677) | (118) | 0.0 (g) |
|  Orkla ASA | (25) | (300) | (16) | 0.0 (g) |
|  Yara International ASA | (2) | (88) | (12) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1289) | (142) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 14 | 491 | 45 | 0.0 (g) |
|  Mowi ASA | 8 | 171 | 6 | 0.0 (g) |
|  Var Energi ASA | 165 | 765 | 93 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1427 | 144 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 138 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to 0.4%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/18/2028 | (486) | (5) | 5 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | (80) | (373) | 6 | 0.0 (g) |
|  Contact Energy Ltd. | (2) | (8) | — (h) | 0.0 (g) |
|  Infratil Ltd. | (27) | (169) | (12) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (550) | (6) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 3 | 64 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 64 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (486) | (5) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 10/15/2026 | (2846) | 26 | 113 | 139 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | (11) | (595) | 1 | 0.0 (g) |
|  Atlas Copco AB | (11) | (190) | (2) | 0.0 (g) |
|  Epiroc AB | (5) | (94) | (2) | 0.0 (g) |
|  Essity AB | (4) | (97) | 1 | 0.0 (g) |
|  Fastighets AB Balder | — (h) | — (h) | — (h) | 0.0 (g) |
|  Hexagon AB | (2) | (24) | 1 | 0.0 (g) |
|  Holmen AB | (6) | (210) | (6) | 0.0 (g) |
|  Industrivarden AB | — (h) | (11) | — (h) | 0.0 (g) |
|  Investment AB Latour | (4) | (73) | (3) | 0.0 (g) |
|  Investor AB | (20) | (724) | (33) | 0.0 (g) |
|  L E Lundbergforetagen AB | (2) | (116) | (4) | 0.0 (g) |
|  Nibe Industrier AB | (32) | (121) | (10) | 0.0 (g) |
|  Sagax AB | (5) | (81) | (6) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (43) | (821) | 29 | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (26) | (291) | (4) | 0.0 (g) |
|  Swedbank AB | (14) | (487) | 15 | 0.0 (g) |
|  Trelleborg AB | — (h) | (5) | — (h) | 0.0 (g) |
|  Volvo AB | (45) | (1412) | (39) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (5352) | (62) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 11 | 331 | 22 | 0.0 (g) |
|  Assa Abloy AB | 13 | 452 | 11 | 0.0 (g) |
|  Beijer Ref AB | 3 | 45 | — (h) | 0.0 (g) |
|  Boliden AB | 1 | 79 | (4) | 0.0 (g) |
|  Epiroc AB | 1 | 24 | 1 | 0.0 (g) |
|  Industrivarden AB | 1 | 62 | 2 | 0.0 (g) |
|  Indutrade AB | 13 | 276 | 13 | 0.0 (g) |
|  Lifco AB | 1 | 31 | — (h) | 0.0 (g) |
|  Saab AB | 2 | 152 | (1) | 0.0 (g) |
|  Sandvik AB | 5 | 178 | 8 | 0.0 (g) |
|  Securitas AB | 14 | 224 | 10 | 0.0 (g) |
|  Skanska AB | 7 | 190 | 6 | 0.0 (g) |
|  SKF AB | 7 | 171 | 7 | 0.0 (g) |
|  SSAB AB | 10 | 69 | 5 | 0.0 (g) |
|  Svenska Handelsbanken AB | — (h) | 7 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Swedish Orphan Biovitrum AB | — (h) | 8 | 1 | 0.0 (g) |
|  Tele2 AB | 8 | 155 | 7 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 5 | 52 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2506 | 88 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2846) | 26 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -0.47% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/18/2028 | (1642) | (8) | 9 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (7) | (21) | 1 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  CapitaLand Integrated Commercial Trust | (121) | (219) | 4 | 0.0 (g) |
|  Keppel Ltd. | (22) | (207) | 7 | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (1) | (11) | (1) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (3) | (17) | (1) | 0.0 (g) |
|  Singapore Airlines Ltd. | (48) | (241) | (4) | 0.0 (g) |
|  Singapore Exchange Ltd. | (9) | (128) | (3) | 0.0 (g) |
|  United Overseas Bank Ltd. | (41) | (1152) | (9) | 0.0 (g) |
|  Wilmar International Ltd. | (32) | (93) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2089) | (9) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 25 | 49 | — (h) | 0.0 (g) |
|  CapitaLand RTS | 1 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Singapore Technologies Engineering Ltd. | 35 | 290 | 1 | 0.0 (g) |
|  Singapore Telecommunications Ltd. | 28 | 108 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 447 | 1 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1642) | (8) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -1.63% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 10/13/2026 | 4662 | 372 | 592 | 964 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  IREN Ltd. | (7) | (295) | 55 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | (1) | (453) | (4) | 0.0 (g) |
|  Golar LNG Ltd. | (1) | (55) | (1) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | (1) | (267) | (4) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Waste Connections, Inc. | (1) | (120) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Futu Holdings Ltd. | — (h) | (23) | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (3) | (697) | 6 | 0.0 (g) |
|  Jazz Pharmaceuticals plc | — (h) | (7) | — (h) | 0.0 (g) |
|  Medtronic plc | (2) | (218) | 1 | 0.0 (g) |
|  Smurfit WestRock plc | (5) | (175) | (6) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | (5) | (71) | 5 | 0.0 (g) |
|  Monday.com Ltd. | (2) | (169) | 14 | 0.0 (g) |
|  Nova Ltd. | — (h) | (85) | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Netherlands** |  |  |  |  |
|  NXP Semiconductors NV | (2) | (308) | (6) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | (6) | (20) | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | — (h) | (44) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (3) | (116) | (1) | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | — (h) | (98) | 5 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | (1) | (242) | 2 | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (3) | (309) | 6 | 0.0 (g) |
|  Marex Group plc | — (h) | (15) | (3) | 0.0 (g) |
|  nVent Electric plc | (1) | (92) | 2 | 0.0 (g) |
|  Willis Towers Watson plc | — (h) | (63) | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | (4) | (256) | (3) | 0.0 (g) |
|  AAON, Inc. | (1) | (78) | (2) | 0.0 (g) |
|  Abbott Laboratories | (2) | (238) | 5 | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (34) | (1) | 0.0 (g) |
|  AGCO Corp. | (1) | (88) | (1) | 0.0 (g) |
|  Agilent Technologies, Inc. | (2) | (227) | (4) | 0.0 (g) |
|  AGNC Investment Corp. | (48) | (480) | (1) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (1) | (183) | (8) | 0.0 (g) |
|  Albertsons Cos., Inc. | (23) | (402) | 2 | 0.0 (g) |
|  Alcoa Corp. | (2) | (104) | (19) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (2) | (65) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | (5) | (332) | (8) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (3) | (297) | (9) | 0.0 (g) |
|  Amentum Holdings, Inc. | (6) | (161) | 4 | 0.0 (g) |
|  American Electric Power Co., Inc. | (8) | (1007) | (21) | 0.0 (g) |
|  American Financial Group, Inc./OH | — (h) | (38) | — (h) | 0.0 (g) |
|  American Homes 4 Rent | (13) | (355) | (5) | 0.0 (g) |
|  Annaly Capital Management, Inc. | (2) | (46) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | (27) | (630) | 5 | 0.0 (g) |
|  APA Corp. | (2) | (62) | (5) | 0.0 (g) |
|  Apollo Global Management, Inc. | (2) | (173) | (2) | 0.0 (g) |
|  Appfolio, Inc. | (1) | (233) | 13 | 0.0 (g) |
|  Applied Optoelectronics, Inc. | (1) | (102) | 12 | 0.0 (g) |
|  AptarGroup, Inc. | (1) | (118) | (2) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (1) | (37) | (3) | 0.0 (g) |
|  Arrow Electronics, Inc. | (1) | (113) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Arrowhead Pharmaceuticals, Inc. | (1) | (79) | (8) | 0.0 (g) |
|  AST SpaceMobile, Inc. | — (h) | (34) | 2 | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  ATI, Inc. | (3) | (499) | 3 | 0.0 (g) |
|  Atmos Energy Corp. | (1) | (161) | (3) | 0.0 (g) |
|  Aurora Innovation, Inc. | (7) | (32) | 2 | 0.0 (g) |
|  AutoZone, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (56) | — (h) | 0.0 (g) |
|  Avantor, Inc. | (2) | (16) | (1) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (68) | 11 | 0.0 (g) |
|  Becton Dickinson & Co. | (3) | (470) | (3) | 0.0 (g) |
|  Bentley Systems, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Berkshire Hathaway, Inc. | — (h) | (110) | (1) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | (1) | (145) | (6) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (1) | (43) | (3) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (1) | (50) | — (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | — (h) | (52) | 3 | 0.0 (g) |
|  Brown & Brown, Inc. | (18) | (1208) | 27 | 0.0 (g) |
|  Brown-Forman Corp. | (11) | (256) | (39) | 0.0 (g) |
|  Bruker Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | — (h) | (22) | 1 | 0.0 (g) |
|  Bunge Global SA | (2) | (262) | (14) | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | (49) | (1) | 0.0 (g) |
|  BWX Technologies, Inc. | (1) | (131) | — (h) | 0.0 (g) |
|  BXP, Inc. | (9) | (468) | 10 | 0.0 (g) |
|  CACI International, Inc. | — (h) | (49) | 4 | 0.0 (g) |
|  Cadence Design Systems, Inc. | — (h) | (114) | 6 | 0.0 (g) |
|  CareTrust REIT, Inc. | (12) | (435) | 9 | 0.0 (g) |
|  Cava Group, Inc. | — (h) | (30) | 2 | 0.0 (g) |
|  Celsius Holdings, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Cencora, Inc. | — (h) | (154) | 3 | 0.0 (g) |
|  CenterPoint Energy, Inc. | (4) | (184) | (1) | 0.0 (g) |
|  CF Industries Holdings, Inc. | — (h) | (29) | (2) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | — (h) | (71) | — (h) | 0.0 (g) |
|  Chewy, Inc. | (1) | (15) | (2) | 0.0 (g) |
|  Church & Dwight Co., Inc. | (7) | (684) | 9 | 0.0 (g) |
|  Ciena Corp. | — (h) | (11) | 1 | 0.0 (g) |
|  Cincinnati Financial Corp. | (1) | (118) | 1 | 0.0 (g) |
|  Citizens Financial Group, Inc. | (3) | (156) | (5) | 0.0 (g) |
|  Clean Harbors, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Clorox Co. (The) | (4) | (419) | 9 | 0.0 (g) |
|  CMS Energy Corp. | (4) | (290) | (12) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | (6) | (1053) | (19) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Coeur Mining, Inc. | (1) | (16) | (1) | 0.0 (g) |
|  Coherent Corp. | (1) | (197) | 13 | 0.0 (g) |
|  Coinbase Global, Inc. | (1) | (160) | 21 | 0.0 (g) |
|  Columbia Banking System, Inc. | (2) | (65) | (1) | 0.0 (g) |
|  Compass, Inc. | (2) | (15) | 2 | 0.0 (g) |
|  ConocoPhillips | (1) | (184) | (7) | 0.0 (g) |
|  Constellation Energy Corp. | (2) | (602) | 22 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (3) | (244) | (5) | 0.0 (g) |
|  Core & Main, Inc. | (2) | (108) | (2) | 0.0 (g) |
|  Corning, Inc. | — (h) | (19) | (1) | 0.0 (g) |
|  Corpay, Inc. | (1) | (203) | 2 | 0.0 (g) |
|  CoStar Group, Inc. | (10) | (425) | 25 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | — (h) | (24) | 3 | 0.0 (g) |
|  Cummins, Inc. | — (h) | (53) | (2) | 0.0 (g) |
|  Cytokinetics, Inc. | (1) | (42) | (3) | 0.0 (g) |
|  Darden Restaurants, Inc. | (1) | (275) | — (h) | 0.0 (g) |
|  Datadog, Inc. | (1) | (77) | 7 | 0.0 (g) |
|  Deckers Outdoor Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Deere & Co. | (3) | (1523) | 15 | 0.0 (g) |
|  Diamondback Energy, Inc. | (7) | (1331) | (42) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (120) | (4) | 0.0 (g) |
|  Dominion Energy, Inc. | (15) | (920) | (31) | 0.0 (g) |
|  DoorDash, Inc. | — (h) | (61) | — (h) | 0.0 (g) |
|  DraftKings, Inc. | (4) | (85) | 8 | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (98) | 2 | 0.0 (g) |
|  DTE Energy Co. | (1) | (153) | (4) | 0.0 (g) |
|  Duke Energy Corp. | (5) | (650) | (18) | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (73) | (3) | 0.0 (g) |
|  East West Bancorp, Inc. | (1) | (104) | (2) | 0.0 (g) |
|  EastGroup Properties, Inc. | — (h) | (91) | (1) | 0.0 (g) |
|  Eastman Chemical Co. | (3) | (202) | (25) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (31) | (743) | 13 | 0.0 (g) |
|  Ensign Group, Inc. (The) | (2) | (342) | 2 | 0.0 (g) |
|  Entegris, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  EQT Corp. | (1) | (35) | 1 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (3) | (164) | 1 | 0.0 (g) |
|  Equity Residential | — (h) | (21) | — (h) | 0.0 (g) |
|  Erie Indemnity Co. | (1) | (200) | (4) | 0.0 (g) |
|  Esab Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | — (h) | (30) | 3 | 0.0 (g) |
|  Evergy, Inc. | (2) | (122) | (4) | 0.0 (g) |
|  Expand Energy Corp. | — (h) | (51) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Extra Space Storage, Inc. | — (h) | (56) | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | (92) | (4) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (122) | — (h) | 0.0 (g) |
|  Fastenal Co. | (28) | (1248) | (53) | 0.0 (g) |
|  Federal Realty Investment Trust | (2) | (222) | (5) | 0.0 (g) |
|  Fidelity National Financial, Inc. | (10) | (456) | (20) | 0.0 (g) |
|  Fifth Third Bancorp | (27) | (1221) | (29) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (1) | (101) | 2 | 0.0 (g) |
|  FirstEnergy Corp. | (3) | (123) | (5) | 0.0 (g) |
|  Flagstar Bank NA | (4) | (45) | (2) | 0.0 (g) |
|  Flutter Entertainment plc | (1) | (104) | 7 | 0.0 (g) |
|  FormFactor, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Fortinet, Inc. | (15) | (1211) | 15 | 0.0 (g) |
|  Fortive Corp. | (1) | (56) | (1) | 0.0 (g) |
|  FTAI Aviation Ltd. | (1) | (355) | (5) | 0.0 (g) |
|  Gartner, Inc. | (1) | (141) | 3 | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (7) | (474) | 3 | 0.0 (g) |
|  Gen Digital, Inc. | (6) | (135) | 14 | 0.0 (g) |
|  Genuine Parts Co. | (2) | (167) | (8) | 0.0 (g) |
|  Gilead Sciences, Inc. | — (h) | (59) | (1) | 0.0 (g) |
|  Glacier Bancorp, Inc. | (2) | (81) | (1) | 0.0 (g) |
|  Global Payments, Inc. | (4) | (259) | 14 | 0.0 (g) |
|  Globus Medical, Inc. | (1) | (71) | 1 | 0.0 (g) |
|  Graco, Inc. | (6) | (501) | 3 | 0.0 (g) |
|  GXO Logistics, Inc. | (1) | (47) | — (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (5) | (93) | 4 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (19) | (428) | (29) | 0.0 (g) |
|  Hexcel Corp. | — (h) | (27) | (1) | 0.0 (g) |
|  Hormel Foods Corp. | (6) | (133) | (1) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (13) | (242) | — (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | — (h) | (58) | 1 | 0.0 (g) |
|  HP, Inc. | (3) | (53) | (2) | 0.0 (g) |
|  Hyatt Hotels Corp. | — (h) | (66) | 1 | 0.0 (g) |
|  IDACORP, Inc. | — (h) | (36) | (2) | 0.0 (g) |
|  IDEX Corp. | (4) | (780) | (4) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | — (h) | (149) | 4 | 0.0 (g) |
|  Ingersoll Rand, Inc. | (9) | (700) | 19 | 0.0 (g) |
|  Intel Corp. | (5) | (239) | (1) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  International Business Machines Corp. | (2) | (386) | 9 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (1) | (61) | (4) | 0.0 (g) |
|  International Paper Co. | (14) | (495) | (2) | 0.0 (g) |
|  Invesco Ltd. | — (h) | (9) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Iron Mountain, Inc. | (5) | (514) | (1) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (1) | (153) | 5 | 0.0 (g) |
|  Jackson Financial, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | (1) | (124) | (1) | 0.0 (g) |
|  JFrog Ltd. | — (h) | (20) | (2) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Kinetik Holdings, Inc. | (1) | (32) | (2) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (15) | (1) | 0.0 (g) |
|  Klaviyo, Inc. | (1) | (25) | (1) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (16) | (341) | (21) | 0.0 (g) |
|  Krystal Biotech, Inc. | (1) | (254) | (8) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  Lamar Advertising Co. | (1) | (170) | 1 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (2) | (69) | (2) | 0.0 (g) |
|  Lattice Semiconductor Corp. | (1) | (81) | (3) | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (158) | 3 | 0.0 (g) |
|  Liberty Broadband Corp. | (2) | (107) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (8) | (225) | (4) | 0.0 (g) |
|  Lincoln National Corp. | (5) | (179) | (4) | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (30) | (1) | 0.0 (g) |
|  LKQ Corp. | (2) | (70) | (1) | 0.0 (g) |
|  Loar Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | (5) | (1118) | (13) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (141) | — (h) | 0.0 (g) |
|  Lumen Technologies, Inc. | (2) | (11) | — (h) | 0.0 (g) |
|  M&T Bank Corp. | (1) | (128) | (4) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | (2) | (365) | 11 | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (64) | (2) | 0.0 (g) |
|  Maplebear, Inc. | (1) | (51) | 1 | 0.0 (g) |
|  Marriott International, Inc./MD | — (h) | (96) | — (h) | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | (110) | (2) | 0.0 (g) |
|  Masco Corp. | (6) | (356) | (2) | 0.0 (g) |
|  Matador Resources Co. | (1) | (63) | (5) | 0.0 (g) |
|  Match Group, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Mattel, Inc. | (1) | (19) | 1 | 0.0 (g) |
|  McCormick & Co., Inc./MD | (2) | (121) | 6 | 0.0 (g) |
|  Merck & Co., Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Middleby Corp. (The) | (2) | (223) | 8 | 0.0 (g) |
|  Mirion Technologies, Inc. | (2) | (40) | 1 | 0.0 (g) |
|  Modine Manufacturing Co. | (1) | (185) | (5) | 0.0 (g) |
|  Mohawk Industries, Inc. | (2) | (160) | 5 | 0.0 (g) |
|  Molson Coors Beverage Co. | (6) | (242) | (6) | 0.0 (g) |
|  Mondelez International, Inc. | (4) | (208) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  MongoDB, Inc. | — (h) | (130) | 14 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | (1) | (704) | (11) | 0.0 (g) |
|  Moog, Inc. | — (h) | (89) | 1 | 0.0 (g) |
|  Morningstar, Inc. | (1) | (100) | 3 | 0.0 (g) |
|  MSA Safety, Inc. | — (h) | (68) | 4 | 0.0 (g) |
|  MSCI, Inc. | (1) | (573) | 13 | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (23) | (2) | 0.0 (g) |
|  Nasdaq, Inc. | (2) | (212) | 4 | 0.0 (g) |
|  NetApp, Inc. | (3) | (269) | (3) | 0.0 (g) |
|  New York Times Co. (The) | (9) | (726) | (9) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  News Corp. | (21) | (507) | (13) | 0.0 (g) |
|  Nexstar Media Group, Inc. | (1) | (148) | 32 | 0.0 (g) |
|  NextEra Energy, Inc. | (11) | (989) | (29) | 0.0 (g) |
|  NEXTracker, Inc. | — (h) | (28) | (1) | 0.0 (g) |
|  NiSource, Inc. | (12) | (547) | (14) | 0.0 (g) |
|  Noble Corp. plc | (2) | (110) | (3) | 0.0 (g) |
|  Northern Trust Corp. | (1) | (154) | (3) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (34) | (679) | 48 | 0.0 (g) |
|  NOV, Inc. | (3) | (61) | 1 | 0.0 (g) |
|  Nuvalent, Inc. | (1) | (128) | (6) | 0.0 (g) |
|  Occidental Petroleum Corp. | — (h) | (10) | (1) | 0.0 (g) |
|  OGE Energy Corp. | (2) | (73) | (2) | 0.0 (g) |
|  Okta, Inc. | (2) | (129) | 4 | 0.0 (g) |
|  Old National Bancorp | (3) | (57) | (1) | 0.0 (g) |
|  Old Republic International Corp. | (5) | (203) | (9) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (3) | (121) | 3 | 0.0 (g) |
|  Omnicom Group, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  ON Semiconductor Corp. | (1) | (31) | (1) | 0.0 (g) |
|  OneMain Holdings, Inc. | (1) | (32) | (1) | 0.0 (g) |
|  ONEOK, Inc. | (6) | (498) | (3) | 0.0 (g) |
|  Ormat Technologies, Inc. | (1) | (61) | (2) | 0.0 (g) |
|  PACCAR, Inc. | (6) | (648) | (7) | 0.0 (g) |
|  Packaging Corp. of America | (1) | (193) | (3) | 0.0 (g) |
|  Palantir Technologies, Inc. | (1) | (180) | 16 | 0.0 (g) |
|  Palo Alto Networks, Inc. | (1) | (199) | 5 | 0.0 (g) |
|  Paramount Skydance Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  Parsons Corp. | (1) | (57) | (3) | 0.0 (g) |
|  Paychex, Inc. | (19) | (1759) | 25 | 0.0 (g) |
|  Pegasystems, Inc. | (2) | (94) | 4 | 0.0 (g) |
|  Permian Resources Corp. | (3) | (59) | (4) | 0.0 (g) |
|  Philip Morris International, Inc. | (2) | (268) | (3) | 0.0 (g) |
|  Phillips 66 | (1) | (237) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Pinterest, Inc. | (23) | (428) | 13 | 0.0 (g) |
|  Planet Fitness, Inc. | (1) | (97) | 1 | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (76) | (1) | 0.0 (g) |
|  PPL Corp. | (1) | (20) | (1) | 0.0 (g) |
|  Praxis Precision Medicines, Inc. | — (h) | (71) | (7) | 0.0 (g) |
|  Primerica, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (8) | (153) | — (h) | 0.0 (g) |
|  Procore Technologies, Inc. | (1) | (39) | 1 | 0.0 (g) |
|  Prologis, Inc. | (7) | (888) | (13) | 0.0 (g) |
|  Protagonist Therapeutics, Inc. | (1) | (57) | (3) | 0.0 (g) |
|  PTC, Inc. | (3) | (438) | 20 | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | (5) | (360) | (5) | 0.0 (g) |
|  Public Storage | (1) | (307) | (1) | 0.0 (g) |
|  Quanta Services, Inc. | — (h) | (49) | 2 | 0.0 (g) |
|  RadNet, Inc. | (1) | (80) | 8 | 0.0 (g) |
|  Rambus, Inc. | (1) | (91) | 7 | 0.0 (g) |
|  Range Resources Corp. | (8) | (359) | (4) | 0.0 (g) |
|  Raymond James Financial, Inc. | (1) | (171) | 1 | 0.0 (g) |
|  Rayonier, Inc. | (6) | (121) | (3) | 0.0 (g) |
|  Realty, Inc.ome Corp. | (25) | (1546) | (8) | 0.0 (g) |
|  Red Rock Resorts, Inc. | — (h) | (11) | 1 | 0.0 (g) |
|  Repligen Corp. | (1) | (82) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (22) | (746) | 40 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  ROBLOX Corp. | (1) | (30) | — (h) | 0.0 (g) |
|  Rocket Cos., Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Rocket Lab Corp. | (1) | (55) | 3 | 0.0 (g) |
|  Rollins, Inc. | (1) | (62) | — (h) | 0.0 (g) |
|  Roper Technologies, Inc. | (1) | (234) | (1) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | — (h) | (136) | 2 | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | (107) | (15) | 0.0 (g) |
|  Ryder System, Inc. | — (h) | (30) | (1) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (2) | (201) | (1) | 0.0 (g) |
|  Saia, Inc. | — (h) | (96) | (6) | 0.0 (g) |
|  Samsara, Inc. | (2) | (82) | 4 | 0.0 (g) |
|  Sanmina Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Semtech Corp. | — (h) | (37) | — (h) | 0.0 (g) |
|  SentinelOne, Inc. | (1) | (17) | 2 | 0.0 (g) |
|  Service Corp. International/US | (1) | (73) | (5) | 0.0 (g) |
|  SharkNinja, Inc. | — (h) | (17) | — (h) | 0.0 (g) |
|  Sherwin-Williams Co. (The) | (1) | (326) | (7) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | — (h) | (42) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  SiteOne Landscape Supply, Inc. | (1) | (74) | 1 | 0.0 (g) |
|  SiTime Corp. | — (h) | (13) | (1) | 0.0 (g) |
|  Snap-on, Inc. | (1) | (425) | — (h) | 0.0 (g) |
|  Snowflake, Inc. | — (h) | (12) | 2 | 0.0 (g) |
|  Solventum Corp. | (1) | (87) | — (h) | 0.0 (g) |
|  Somnigroup International, Inc. | (4) | (321) | 9 | 0.0 (g) |
|  Southwest Airlines Co. | (5) | (198) | 14 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  STAG Industrial, Inc. | (2) | (69) | 2 | 0.0 (g) |
|  StandardAero, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Starbucks Corp. | (2) | (159) | 7 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (16) | (285) | 3 | 0.0 (g) |
|  Steel Dynamics, Inc. | — (h) | (55) | (4) | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  STERIS plc | — (h) | (106) | — (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (97) | 4 | 0.0 (g) |
|  Strategy, Inc. | — (h) | (57) | 5 | 0.0 (g) |
|  Sun Communities, Inc. | — (h) | (48) | 1 | 0.0 (g) |
|  Synopsys, Inc. | (1) | (378) | 32 | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (32) | (1) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (28) | (2) | 0.0 (g) |
|  Teleflex, Inc. | (1) | (100) | (13) | 0.0 (g) |
|  Terex Corp. | (2) | (144) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | (5) | (299) | (2) | 0.0 (g) |
|  Tesla, Inc. | (2) | (578) | (8) | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (88) | 9 | 0.0 (g) |
|  Timken Co. (The) | (1) | (100) | (2) | 0.0 (g) |
|  TKO Group Holdings, Inc. | (1) | (198) | (7) | 0.0 (g) |
|  Toast, Inc. | (5) | (143) | 5 | 0.0 (g) |
|  TPG, Inc. | (2) | (66) | (1) | 0.0 (g) |
|  Tractor Supply Co. | (2) | (106) | 1 | 0.0 (g) |
|  TransDigm Group, Inc. | (1) | (1521) | (8) | 0.0 (g) |
|  TransUnion | (7) | (480) | 14 | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (88) | 2 | 0.0 (g) |
|  Tyson Foods, Inc. | (5) | (287) | (21) | 0.0 (g) |
|  UDR, Inc. | (5) | (172) | 2 | 0.0 (g) |
|  UiPath, Inc. | (4) | (54) | 5 | 0.0 (g) |
|  UL Solutions, Inc. | (1) | (59) | — (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | (1) | (73) | (1) | 0.0 (g) |
|  United Parcel Service, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  United Rentals, Inc. | (1) | (749) | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  US Foods Holding Corp. | (3) | (242) | (6) | 0.0 (g) |
|  Valley National Bancorp | (5) | (57) | (1) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Vaxcyte, Inc. | (1) | (44) | (2) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | (1) | (444) | 5 | 0.0 (g) |
|  VF Corp. | (2) | (28) | — (h) | 0.0 (g) |
|  Viavi Solutions, Inc. | (2) | (51) | 1 | 0.0 (g) |
|  Vicor Corp. | — (h) | (40) | 3 | 0.0 (g) |
|  Viper Energy, Inc. | (6) | (282) | 2 | 0.0 (g) |
|  Vontier Corp. | (8) | (289) | 8 | 0.0 (g) |
|  VSE Corp. | (1) | (200) | (13) | 0.0 (g) |
|  W R Berkley Corp. | (7) | (458) | (4) | 0.0 (g) |
|  Warner Music Group Corp. | (4) | (87) | (5) | 0.0 (g) |
|  Waters Corp. | (1) | (201) | 3 | 0.0 (g) |
|  Watsco, Inc. | (2) | (655) | 37 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (144) | 2 | 0.0 (g) |
|  WESCO International, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (34) | (1) | 0.0 (g) |
|  Western Alliance Bancorp | (1) | (84) | (2) | 0.0 (g) |
|  Western Digital Corp. | — (h) | (124) | 10 | 0.0 (g) |
|  WEX, Inc. | (1) | (79) | 1 | 0.0 (g) |
|  Weyerhaeuser Co. | (7) | (174) | (10) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (1) | (70) | 1 | 0.0 (g) |
|  Williams-Sonoma, Inc. | — (h) | (34) | — (h) | 0.0 (g) |
|  Wingstop, Inc. | (1) | (210) | 32 | 0.0 (g) |
|  Wintrust Financial Corp. | — (h) | (14) | — (h) | 0.0 (g) |
|  Workday, Inc. | (2) | (224) | 10 | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (152) | (5) | 0.0 (g) |
|  Wynn Resorts Ltd. | (3) | (351) | (1) | 0.0 (g) |
|  Xcel Energy, Inc. | (8) | (587) | (19) | 0.0 (g) |
|  Yum! Brands, Inc. | (11) | (1711) | 29 | 0.0 (g) |
|  Zebra Technologies Corp. | (1) | (190) | (3) | 0.0 (g) |
|  Zillow Group, Inc. | (1) | (66) | 5 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (1) | (122) | (3) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (6) | (290) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (79978) | 39 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | — (h) | 17 | (1) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | 1 | 91 | 2 | 0.0 (g) |
|  Essent Group Ltd. | 1 | 51 | 1 | 0.0 (g) |
|  Viking Holdings Ltd. | 3 | 202 | 5 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 36 | 2 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Abivax SA | 2 | 176 | (6) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | 2 | 191 | 1 | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | 1 | 5 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | 11 | 1510 | 23 | 0.0 (g) |
|  Alkermes plc | 2 | 63 | 17 | 0.0 (g) |
|  Allegion plc | 1 | 87 | 1 | 0.0 (g) |
|  Aptiv plc | 1 | 40 | (1) | 0.0 (g) |
|  CRH plc | 3 | 268 | 3 | 0.0 (g) |
|  TE Connectivity plc | 1 | 217 | 9 | 0.0 (g) |
|  Trane Technologies plc | — (h) | 149 | (3) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Camtek Ltd./Israel | 1 | 205 | (25) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | 2 | 235 | (13) | 0.0 (g) |
|  Wix.com Ltd. | 1 | 104 | 1 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 1 | 106 | 1 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | 26 | 1027 | 14 | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 7 | 224 | 7 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | 1 | 82 | 2 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | 1 | 72 | 3 | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | 2 | 764 | (12) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | 1 | 245 | — (h) | 0.0 (g) |
|  Garmin Ltd. | — (h) | 13 | — (h) | 0.0 (g) |
|  Sportradar Group AG | 7 | 129 | (19) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | 4 | 395 | (6) | 0.0 (g) |
|  TechnipFMC plc | 4 | 295 | 5 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | 2 | 222 | (2) | 0.0 (g) |
|  Adobe, Inc. | 1 | 227 | (4) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 27 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Advanced Micro Devices, Inc. | 2 | 502 | 2 | 0.0 (g) |
|  AECOM | 2 | 168 | (10) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 39 | — (h) | 0.0 (g) |
|  Affirm Holdings, Inc. | 2 | 102 | (1) | 0.0 (g) |
|  Aflac, Inc. | — (h) | 19 | 1 | 0.0 (g) |
|  Airbnb, Inc. | 7 | 956 | (46) | 0.0 (g) |
|  Alaska Air Group, Inc. | 7 | 262 | (13) | 0.0 (g) |
|  Albemarle Corp. | 3 | 486 | 35 | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 2 | 94 | (1) | 0.0 (g) |
|  Align Technology, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | — (h) | 14 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 3 | 110 | — (h) | 0.0 (g) |
|  Alphabet, Inc. | 3 | 821 | (38) | 0.0 (g) |
|  Altria Group, Inc. | 2 | 101 | 3 | 0.0 (g) |
|  Amazon.com, Inc. | 1 | 290 | 5 | 0.0 (g) |
|  Amdocs Ltd. | 4 | 242 | 1 | 0.0 (g) |
|  Ameren Corp. | 3 | 373 | 11 | 0.0 (g) |
|  American Express Co. | 3 | 815 | 3 | 0.0 (g) |
|  American Tower Corp. | 2 | 424 | (2) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 105 | — (h) | 0.0 (g) |
|  AMETEK, Inc. | 4 | 843 | 6 | 0.0 (g) |
|  Amgen, Inc. | 1 | 177 | 1 | 0.0 (g) |
|  Amkor Technology, Inc. | 4 | 181 | (4) | 0.0 (g) |
|  Amphenol Corp. | 2 | 294 | (10) | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Antero Resources Corp. | 1 | 40 | — (h) | 0.0 (g) |
|  API Group Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Apple, Inc. | 4 | 949 | 9 | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | 1 | 309 | 4 | 0.0 (g) |
|  Applied Materials, Inc. | — (h) | 147 | (8) | 0.0 (g) |
|  Aramark | 2 | 81 | 1 | 0.0 (g) |
|  Armstrong World Industries, Inc. | 1 | 176 | (1) | 0.0 (g) |
|  Assurant, Inc. | — (h) | 25 | — (h) | 0.0 (g) |
|  AT&T, Inc. | 50 | 1439 | 12 | 0.0 (g) |
|  Autodesk, Inc. | 1 | 191 | (6) | 0.0 (g) |
|  AutoNation, Inc. | — (h) | 24 | 1 | 0.0 (g) |
|  Ball Corp. | 3 | 181 | 3 | 0.0 (g) |
|  Bank of America Corp. | 19 | 895 | 23 | 0.0 (g) |
|  Biogen, Inc. | 1 | 206 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 1 | 79 | 2 | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 48 | (2) | 0.0 (g) |
|  BorgWarner, Inc. | 2 | 92 | — (h) | 0.0 (g) |
|  Boston Scientific Corp. | 4 | 246 | (24) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Brightstar Lottery plc | 9 | 119 | (3) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 1 | 82 | 4 | 0.0 (g) |
|  Brixmor Property Group, Inc. | 1 | 22 | — (h) | 0.0 (g) |
|  Campbell's Company (The) | 2 | 33 | 2 | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  CarMax, Inc. | 7 | 318 | (10) | 0.0 (g) |
|  Carnival Corp. | 18 | 465 | 8 | 0.0 (g) |
|  Carpenter Technology Corp. | — (h) | 122 | 7 | 0.0 (g) |
|  Cboe Global Markets, Inc. | 1 | 158 | — (h) | 0.0 (g) |
|  CBRE Group, Inc. | 4 | 518 | (1) | 0.0 (g) |
|  CDW Corp | 1 | 69 | 1 | 0.0 (g) |
|  Centene Corp. | 10 | 318 | (1) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | 1 | 177 | 16 | 0.0 (g) |
|  Charles Schwab Corp. (The) | 3 | 331 | (5) | 0.0 (g) |
|  Cheniere Energy, Inc. | — (h) | 118 | (1) | 0.0 (g) |
|  Chevron Corp. | 15 | 3127 | 25 | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 1 | 27 | (1) | 0.0 (g) |
|  Chord Energy Corp. | 5 | 646 | 57 | 0.0 (g) |
|  Churchill Downs, Inc. | 1 | 45 | 3 | 0.0 (g) |
|  Cigna Group (The) | — (h) | 70 | 1 | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 56 | 3 | 0.0 (g) |
|  Citigroup, Inc. | 1 | 105 | 2 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 13 | 108 | 6 | 0.0 (g) |
|  Cognex Corp. | 1 | 30 | (1) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 1 | 79 | (1) | 0.0 (g) |
|  Colgate-Palmolive Co. | 6 | 524 | (3) | 0.0 (g) |
|  Comcast Corp. | 22 | 629 | (6) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 87 | (2) | 0.0 (g) |
|  Commerce Bancshares, Inc. | 9 | 455 | 10 | 0.0 (g) |
|  Commercial Metals Co. | 1 | 50 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 23 | 350 | 4 | 0.0 (g) |
|  Constellation Brands, Inc. | 1 | 127 | (2) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Copart, Inc. | 3 | 92 | (1) | 0.0 (g) |
|  Corteva, Inc. | 1 | 61 | 5 | 0.0 (g) |
|  Costco Wholesale Corp. | 2 | 1481 | 47 | 0.0 (g) |
|  Crane Co. | — (h) | 31 | (1) | 0.0 (g) |
|  Crown Castle, Inc. | 3 | 226 | — (h) | 0.0 (g) |
|  Crown Holdings, Inc. | 2 | 163 | (1) | 0.0 (g) |
|  CubeSmart | 2 | 76 | (1) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | — (h) | 40 | 1 | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 101 | (1) | 0.0 (g) |
|  Danaher Corp. | — (h) | 47 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  DaVita, Inc. | 2 | 284 | 3 | 0.0 (g) |
|  Delta Air Lines, Inc. | 2 | 144 | 3 | 0.0 (g) |
|  Dexcom, Inc. | 2 | 102 | (5) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 5 | 947 | 20 | 0.0 (g) |
|  Dollar Tree, Inc. | 1 | 63 | 1 | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | 109 | (1) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 61 | (1) | 0.0 (g) |
|  Dover Corp. | — (h) | 61 | — (h) | 0.0 (g) |
|  Doximity, Inc. | 2 | 57 | (4) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 115 | (1) | 0.0 (g) |
|  Dropbox, Inc. | 2 | 38 | (3) | 0.0 (g) |
|  Duolingo, Inc. | 1 | 128 | (2) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 1 | 28 | 1 | 0.0 (g) |
|  Dycom Industries, Inc. | 1 | 467 | (15) | 0.0 (g) |
|  Dynatrace, Inc. | 7 | 271 | (9) | 0.0 (g) |
|  eBay, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Ecolab, Inc. | 1 | 163 | 3 | 0.0 (g) |
|  Edison International | 8 | 587 | 21 | 0.0 (g) |
|  Elastic NV | — (h) | 20 | (1) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 71 | (1) | 0.0 (g) |
|  Emerson Electric Co. | — (h) | 5 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | 1 | 96 | (1) | 0.0 (g) |
|  EOG Resources, Inc. | 8 | 1115 | 39 | 0.0 (g) |
|  EPAM Systems, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  Equifax, Inc. | 3 | 466 | 1 | 0.0 (g) |
|  Equinix, Inc. | — (h) | 83 | 1 | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Etsy, Inc. | 7 | 375 | (18) | 0.0 (g) |
|  Evercore, Inc. | 1 | 382 | 27 | 0.0 (g) |
|  Eversource Energy | 3 | 222 | 5 | 0.0 (g) |
|  Exelixis, Inc. | — (h) | 14 | 1 | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 5 | 731 | 14 | 0.0 (g) |
|  Federal Signal Corp. | 1 | 59 | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 15 | 1 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 3 | 156 | (6) | 0.0 (g) |
|  First American Financial Corp. | 2 | 138 | 5 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 1 | 50 | — (h) | 0.0 (g) |
|  First Solar, Inc. | — (h) | 22 | 1 | 0.0 (g) |
|  Fiserv, Inc. | 1 | 64 | (2) | 0.0 (g) |
|  Five Below, Inc. | 1 | 287 | (2) | 0.0 (g) |
|  Flex Ltd. | 2 | 109 | 1 | 0.0 (g) |
|  Fluor Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  FNB Corp/PA | 22 | 356 | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Fox Corp. | 3 | 142 | 4 | 0.0 (g) |
|  Franklin Resources, Inc. | 11 | 257 | — (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 1 | 30 | 2 | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 3 | 122 | (5) | 0.0 (g) |
|  Gap, Inc. (The) | 2 | 53 | (1) | 0.0 (g) |
|  Gates Industrial Corp. plc | — (h) | 5 | — (h) | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 31 | — (h) | 0.0 (g) |
|  General Dynamics Corp. | — (h) | 44 | (1) | 0.0 (g) |
|  General Electric Co. | 1 | 256 | (7) | 0.0 (g) |
|  General Mills, Inc. | 10 | 364 | — (h) | 0.0 (g) |
|  General Motors Co. | 12 | 941 | (15) | 0.0 (g) |
|  Genpact Ltd. | 1 | 42 | (2) | 0.0 (g) |
|  Globe Life, Inc. | — (h) | 58 | 1 | 0.0 (g) |
|  GoDaddy, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | — (h) | 74 | (3) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | — (h) | 31 | 1 | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 45 | (1) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | 2 | 339 | 4 | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 1 | 156 | — (h) | 0.0 (g) |
|  Hasbro, Inc. | 1 | 98 | 1 | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 18 | (1) | 0.0 (g) |
|  HealthEquity, Inc. | 2 | 139 | 3 | 0.0 (g) |
|  HEICO Corp. | 2 | 404 | (6) | 0.0 (g) |
|  Henry Schein, Inc. | 1 | 53 | — (h) | 0.0 (g) |
|  HF Sinclair Corp. | 8 | 479 | 25 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | — (h) | 106 | 1 | 0.0 (g) |
|  Honeywell International, Inc. | 3 | 643 | 9 | 0.0 (g) |
|  Houlihan Lokey, Inc. | 3 | 386 | 9 | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 128 | (9) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | 2 | 36 | 1 | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | 1 | 230 | (10) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 95 | 1 | 0.0 (g) |
|  Illinois Tool Works, Inc. | 1 | 312 | (3) | 0.0 (g) |
|  Illumina, Inc. | 2 | 198 | (1) | 0.0 (g) |
|  Incyte Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 133 | (1) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | 4 | 635 | — (h) | 0.0 (g) |
|  Intuit, Inc. | — (h) | 175 | (9) | 0.0 (g) |
|  Invitation Homes, Inc. | 3 | 85 | — (h) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | — (h) | 33 | 2 | 0.0 (g) |
|  IQVIA Holdings, Inc. | — (h) | 77 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  ITT, Inc. | 1 | 145 | 2 | 0.0 (g) |
|  Jabil, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 1 | 84 | (1) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 2 | 65 | 3 | 0.0 (g) |
|  Johnson Controls International plc | — (h) | 53 | (1) | 0.0 (g) |
|  KBR, Inc. | 9 | 334 | (9) | 0.0 (g) |
|  KeyCorp. | 29 | 575 | 12 | 0.0 (g) |
|  Keysight Technologies, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Kimberly-Clark Corp. | 4 | 413 | (12) | 0.0 (g) |
|  Kirby Corp. | 1 | 131 | 2 | 0.0 (g) |
|  KLA Corp. | — (h) | 62 | (2) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 1 | 85 | (13) | 0.0 (g) |
|  Kroger Co. (The) | 3 | 211 | (1) | 0.0 (g) |
|  L3Harris Technologies, Inc. | — (h) | 95 | — (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | 1 | 262 | 2 | 0.0 (g) |
|  Lam Research Corp. | 1 | 263 | (22) | 0.0 (g) |
|  Las Vegas Sands Corp. | 5 | 255 | (1) | 0.0 (g) |
|  Lear Corp. | 2 | 204 | 4 | 0.0 (g) |
|  Leidos Holdings, Inc. | 3 | 496 | (15) | 0.0 (g) |
|  Lennar Corp. | 1 | 138 | (10) | 0.0 (g) |
|  Levi Strauss & Co. | 4 | 68 | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 3 | 242 | 7 | 0.0 (g) |
|  Light & Wonder, Inc. | 1 | 60 | 1 | 0.0 (g) |
|  Lithia Motors, Inc. | 1 | 130 | (1) | 0.0 (g) |
|  Lockheed Martin Corp. | — (h) | 46 | (1) | 0.0 (g) |
|  Louisiana-Pacific Corp. | 1 | 64 | — (h) | 0.0 (g) |
|  LyondellBasell Industries NV | 8 | 563 | 72 | 0.0 (g) |
|  Manhattan Associates, Inc. | 2 | 281 | (12) | 0.0 (g) |
|  MARA Holdings, Inc. | 15 | 134 | (11) | 0.0 (g) |
|  Marathon Petroleum Corp. | 4 | 908 | 45 | 0.0 (g) |
|  MarketAxess Holdings, Inc. | 1 | 116 | (4) | 0.0 (g) |
|  MasTec, Inc. | — (h) | 84 | 3 | 0.0 (g) |
|  Mastercard, Inc. | 3 | 1434 | (2) | 0.0 (g) |
|  Medpace Holdings, Inc. | 1 | 520 | 26 | 0.0 (g) |
|  Meritage Homes Corp. | — (h) | 30 | — (h) | 0.0 (g) |
|  MetLife, Inc. | 1 | 72 | 2 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | 1 | 984 | 18 | 0.0 (g) |
|  MGIC Investment Corp. | 1 | 34 | 1 | 0.0 (g) |
|  Microchip Technology, Inc. | 4 | 277 | 1 | 0.0 (g) |
|  Microsoft Corp. | 2 | 829 | (28) | 0.0 (g) |
|  MKS, Inc. | — (h) | 78 | (2) | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 46 | (1) | 0.0 (g) |
|  Monster Beverage Corp. | 1 | 87 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Moody's Corp. | 1 | 344 | (3) | 0.0 (g) |
|  Morgan Stanley | 2 | 314 | — (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | 1 | 233 | (12) | 0.0 (g) |
|  Mueller Industries, Inc. | 1 | 161 | 1 | 0.0 (g) |
|  Natera, Inc. | 1 | 130 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | 4 | 534 | 20 | 0.0 (g) |
|  Newmont Corp. | 3 | 336 | 35 | 0.0 (g) |
|  NNN REIT, Inc. | 6 | 262 | (3) | 0.0 (g) |
|  Nordson Corp. | — (h) | 94 | (1) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 133 | — (h) | 0.0 (g) |
|  NRG Energy, Inc. | 2 | 260 | (10) | 0.0 (g) |
|  Nucor Corp. | — (h) | 15 | 1 | 0.0 (g) |
|  NVIDIA Corp. | 6 | 967 | (7) | 0.0 (g) |
|  NVR, Inc. | — (h) | 614 | 6 | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | 4 | 387 | (10) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Otis Worldwide Corp. | 3 | 221 | (5) | 0.0 (g) |
|  Owens Corning | 1 | 54 | 1 | 0.0 (g) |
|  Parker-Hannifin Corp. | — (h) | 58 | (1) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | 1 | 116 | (7) | 0.0 (g) |
|  Penske Automotive Group, Inc. | 1 | 117 | 3 | 0.0 (g) |
|  Performance Food Group Co. | 4 | 338 | 10 | 0.0 (g) |
|  Pfizer, Inc. | 19 | 497 | 24 | 0.0 (g) |
|  PG&E Corp. | 52 | 899 | 9 | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 29 | 2 | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | 1 | 43 | 1 | 0.0 (g) |
|  Pinnacle West Capital Corp. | 1 | 140 | 5 | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 19 | 1 | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 1 | 165 | 3 | 0.0 (g) |
|  Pool Corp. | 1 | 254 | (4) | 0.0 (g) |
|  Principal Financial Group, Inc. | — (h) | 16 | 1 | 0.0 (g) |
|  Procter & Gamble Co. (The) | 6 | 832 | 2 | 0.0 (g) |
|  Progressive Corp. (The) | 1 | 211 | (7) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | 1 | 65 | 1 | 0.0 (g) |
|  Prudential Financial, Inc. | 2 | 206 | 7 | 0.0 (g) |
|  PTC Therapeutics, Inc. | 2 | 149 | 4 | 0.0 (g) |
|  Pure Storage, Inc. | — (h) | 26 | (2) | 0.0 (g) |
|  QUALCOMM, Inc. | 1 | 98 | — (h) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 81 | 1 | 0.0 (g) |
|  Regal Rexnord Corp. | — (h) | 15 | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | 1 | 413 | 16 | 0.0 (g) |
|  Regions Financial Corp. | 9 | 223 | 6 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Reinsurance Group of America, Inc. | — (h) | 53 | 1 | 0.0 (g) |
|  Republic Services, Inc. | — (h) | 68 | 1 | 0.0 (g) |
|  ResMed, Inc. | 1 | 256 | (4) | 0.0 (g) |
|  Revvity, Inc. | 5 | 433 | 2 | 0.0 (g) |
|  Rockwell Automation, Inc. | 1 | 475 | 4 | 0.0 (g) |
|  Ross Stores, Inc. | — (h) | 75 | 1 | 0.0 (g) |
|  RPM International, Inc. | 2 | 233 | 7 | 0.0 (g) |
|  RTX Corp. | 2 | 338 | (3) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | 7 | 1423 | (57) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 62 | — (h) | 0.0 (g) |
|  SEI Investments Co. | 1 | 87 | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | 1 | 66 | (1) | 0.0 (g) |
|  Simon Property Group, Inc. | — (h) | 76 | 2 | 0.0 (g) |
|  Skyworks Solutions, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  SLB Ltd. | 6 | 301 | 13 | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | 2 | 210 | 5 | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | 2 | 164 | (4) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 3 | 194 | (10) | 0.0 (g) |
|  State Street Corp. | — (h) | 24 | 1 | 0.0 (g) |
|  Stifel Financial Corp. | 1 | 45 | 1 | 0.0 (g) |
|  Stryker Corp. | — (h) | 20 | — (h) | 0.0 (g) |
|  Sysco Corp. | — (h) | 33 | (4) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | — (h) | 95 | (2) | 0.0 (g) |
|  Tapestry, Inc. | 2 | 354 | (8) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 2 | 95 | (2) | 0.0 (g) |
|  Tenet Healthcare Corp. | 2 | 341 | (25) | 0.0 (g) |
|  Tetra Tech, Inc. | 1 | 21 | (1) | 0.0 (g) |
|  Texas Instruments, Inc. | 1 | 241 | 7 | 0.0 (g) |
|  Texas Roadhouse, Inc. | — (h) | 70 | (1) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  TJX Cos., Inc. (The) | — (h) | 70 | 1 | 0.0 (g) |
|  T-Mobile US, Inc. | 1 | 151 | 1 | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 50 | (1) | 0.0 (g) |
|  Toro Co. (The) | — (h) | 19 | — (h) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | — (h) | 101 | (1) | 0.0 (g) |
|  Trimble, Inc. | 3 | 206 | (1) | 0.0 (g) |
|  Truist Financial Corp. | 6 | 257 | 7 | 0.0 (g) |
|  TTM Technologies, Inc. | 1 | 73 | (3) | 0.0 (g) |
|  Twilio, Inc. | 3 | 376 | (4) | 0.0 (g) |
|  UFP Industries, Inc. | 1 | 108 | 3 | 0.0 (g) |
|  Union Pacific Corp. | 1 | 269 | 5 | 0.0 (g) |
|  United Therapeutics Corp. | — (h) | 9 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  UnitedHealth Group, Inc. | 1 | 324 | 5 | 0.0 (g) |
|  Unity Software, Inc. | 3 | 53 | 9 | 0.0 (g) |
|  Universal Display Corp. | 1 | 65 | (2) | 0.0 (g) |
|  Unum Group | 1 | 60 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 2 | 120 | 3 | 0.0 (g) |
|  US Bancorp | — (h) | 11 | — (h) | 0.0 (g) |
|  Valero Energy Corp. | 1 | 121 | 4 | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 82 | (4) | 0.0 (g) |
|  Ventas, Inc. | 10 | 789 | (1) | 0.0 (g) |
|  Veralto Corp. | 7 | 623 | (1) | 0.0 (g) |
|  VeriSign, Inc. | 3 | 742 | 23 | 0.0 (g) |
|  Verisk Analytics, Inc. | 2 | 327 | (16) | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 48 | (1) | 0.0 (g) |
|  VICI Properties, Inc. | 47 | 1284 | 13 | 0.0 (g) |
|  Virtu Financial, Inc. | 2 | 66 | 2 | 0.0 (g) |
|  Visa, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Vistra Corp. | 1 | 117 | (1) | 0.0 (g) |
|  Voya Financial, Inc. | 6 | 380 | 1 | 0.0 (g) |
|  Vulcan Materials Co. | — (h) | 54 | 2 | 0.0 (g) |
|  Walmart, Inc. | 3 | 377 | 9 | 0.0 (g) |
|  Waste Management, Inc. | — (h) | 89 | 1 | 0.0 (g) |
|  Wayfair, Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  Wells Fargo & Co. | 3 | 238 | 9 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | 1 | 358 | 12 | 0.0 (g) |
|  Westlake Corp. | — (h) | 11 | 1 | 0.0 (g) |
|  Woodward, Inc. | 3 | 1033 | (11) | 0.0 (g) |
|  WP Carey, Inc. | 3 | 227 | 1 | 0.0 (g) |
|  XPO, Inc. | — (h) | 38 | 2 | 0.0 (g) |
|  Xylem, Inc./NY | 3 | 323 | (1) | 0.0 (g) |
|  Zions Bancorp NA | 1 | 49 | 2 | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 53 | 1 | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 96 | 4 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 84640 | 333 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4662 | 372 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.45% to 0.45%) which is denominated in USD based on the local currencies of the positions within the swap | 11/17/2026 | 204 | (3) | 4 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 4 | 30 | — (h) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | 2 | 174 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 204 | (3) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 204 | (3) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Barclays Bank plc | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.2% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 02/19/2027 | 299 | (2) | – | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  InterContinental Hotels Group plc | 2 | 299 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps**  |  | 299 | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps**  |  | 299 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/10/2027 | 665 | 170 | 155 | 325 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (26) | (382) | 2 | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (7) | (177) | 5 | 0.0 (g) |
|  APA Group | (16) | (103) | (8) | 0.0 (g) |
|  ASX Ltd. | (13) | (464) | (18) | 0.0 (g) |
|  BHP Group Ltd. | (10) | (354) | (9) | 0.0 (g) |
|  BlueScope Steel Ltd. | (3) | (47) | 1 | 0.0 (g) |
|  Brambles Ltd. | (43) | (659) | (5) | 0.0 (g) |
|  CAR Group Ltd. | (13) | (218) | 12 | 0.0 (g) |
|  Genesis Minerals Ltd. | (32) | (134) | 2 | 0.0 (g) |
|  Goodman Group | (3) | (51) | — (h) | 0.0 (g) |
|  IGO Ltd. | (2) | (8) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (21) | (78) | — (h) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (19) | (278) | 27 | 0.0 (g) |
|  Medibank Pvt Ltd. | (73) | (215) | (4) | 0.0 (g) |
|  National Australia Bank Ltd. | (1) | (31) | 4 | 0.0 (g) |
|  NEXTDC Ltd. | (17) | (160) | 24 | 0.0 (g) |
|  Northern Star Resources Ltd. | (9) | (124) | 1 | 0.0 (g) |
|  Origin Energy Ltd. | (13) | (106) | (6) | 0.0 (g) |
|  Paladin Energy Ltd. | (1) | (4) | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | (10) | (27) | — (h) | 0.0 (g) |
|  Ramsay Health Care Ltd. | (4) | (109) | 4 | 0.0 (g) |
|  Scentre Group | (19) | (47) | 3 | 0.0 (g) |
|  Sigma Healthcare Ltd. | (98) | (182) | 2 | 0.0 (g) |
|  Stockland | (43) | (133) | 6 | 0.0 (g) |
|  Telstra Group Ltd. | (17) | (62) | (1) | 0.0 (g) |
|  Vicinity Ltd. | (237) | (383) | — (h) | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | (4) | (98) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Westpac Banking Corp. | (14) | (392) | 8 | 0.0 (g) |
|  WiseTech Global Ltd. | (5) | (145) | 27 | 0.0 (g) |
|  Woolworths Group Ltd. | (29) | (724) | (7) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | (3) | (295) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (6190) | 64 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 20 | 127 | 9 | 0.0 (g) |
|  Ampol Ltd. | 13 | 287 | 26 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 9 | 294 | — (h) | 0.0 (g) |
|  Charter Hall Group | 2 | 24 | — (h) | 0.0 (g) |
|  Coles Group Ltd. | 9 | 135 | 6 | 0.0 (g) |
|  Computershare Ltd. | 6 | 127 | (2) | 0.0 (g) |
|  Evolution Mining Ltd. | 14 | 126 | (4) | 0.0 (g) |
|  Fortescue Ltd. | 11 | 154 | 4 | 0.0 (g) |
|  GPT Group (The) | 22 | 71 | (1) | 0.0 (g) |
|  HUB24 Ltd. | 2 | 136 | 2 | 0.0 (g) |
|  Insurance Australia Group Ltd. | 7 | 35 | 1 | 0.0 (g) |
|  JB Hi-Fi Ltd. | 6 | 297 | (14) | 0.0 (g) |
|  Macquarie Group Ltd. | 5 | 644 | 25 | 0.0 (g) |
|  Mirvac Group | 167 | 211 | (7) | 0.0 (g) |
|  Orica Ltd. | 45 | 605 | 22 | 0.0 (g) |
|  Perseus Mining Ltd. | 2 | 8 | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | 27 | 159 | (3) | 0.0 (g) |
|  QBE Insurance Group Ltd. | 12 | 173 | 6 | 0.0 (g) |
|  REA Group Ltd. | 1 | 88 | (6) | 0.0 (g) |
|  Regis Resources Ltd. | 21 | 99 | (3) | 0.0 (g) |
|  Rio Tinto Ltd. | 5 | 494 | 21 | 0.0 (g) |
|  Sandfire Resources Ltd. | 5 | 60 | (2) | 0.0 (g) |
|  Santos Ltd. | 265 | 1407 | 49 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 1 | 18 | — (h) | 0.0 (g) |
|  South32 Ltd. | — (h) | 1 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 10 | 104 | 3 | 0.0 (g) |
|  Technology One Ltd. | 6 | 113 | 5 | 0.0 (g) |
|  Wesfarmers Ltd. | 14 | 722 | (35) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 3 | 64 | 7 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 19 | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | 1 | 53 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6855 | 106 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 665 | 170 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives CABROVER on long positions and short positions respectively, plus or minus spread (rates range from -1.5% to -0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/13/2027 | (17262) | (31) | 52 | 21 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (14) | (87) | 3 | 0.0 (g) |
|  Alimentation Couche-Tard, Inc. | (10) | (630) | 40 | 0.0 (g) |
|  AltaGas Ltd. | (2) | (81) | — (h) | 0.0 (g) |
|  ARC Resources Ltd. | (10) | (204) | (9) | 0.0 (g) |
|  Aris Mining Corp. | (24) | (420) | (18) | 0.0 (g) |
|  Artemis Gold, Inc. | (3) | (75) |  | 0.0 (g) |
|  Bank of Montreal | (4) | (524) | (12) | 0.0 (g) |
|  Bank of Nova Scotia (The) | (7) | (500) | (4) | 0.0 (g) |
|  BCE, Inc. | (5) | (116) | 1 | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (67) | — (h) | 0.0 (g) |
|  BOYD GROUP, Inc. | (2) | (266) | 43 | 0.0 (g) |
|  CAE, Inc. | (17) | (467) | 23 | 0.0 (g) |
|  Canadian Natural Resources Ltd. | (2) | (83) | (1) | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | (3) | (410) | 6 | 0.0 (g) |
|  Canadian Utilities Ltd. | (8) | (265) | 1 | 0.0 (g) |
|  Celestica, Inc. | — (h) | (31) | (2) | 0.0 (g) |
|  Cenovus Energy, Inc. | (15) | (346) | (53) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (2) | (141) | (1) | 0.0 (g) |
|  Discovery Silver Corp. | (4) | (27) | — (h) | 0.0 (g) |
|  Eldorado Gold Corp. | (1) | (38) | (1) | 0.0 (g) |
|  Endeavour Silver Corp. | (1) | (12) | 1 | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | (265) | (2) | 0.0 (g) |
|  First Majestic Silver Corp. | (3) | (60) | (9) | 0.0 (g) |
|  Franco-Nevada Corp. | (6) | (1487) | 13 | 0.0 (g) |
|  G Mining Ventures Corp. | (11) | (395) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  GFL Environmental, Inc. | (21) | (869) | 1 | 0.0 (g) |
|  Gildan Activewear, Inc. | (3) | (153) | 4 | 0.0 (g) |
|  Great-West Lifeco, Inc. | (7) | (310) | (6) | 0.0 (g) |
|  Hydro One Ltd. | (11) | (473) | 15 | 0.0 (g) |
|  iA Financial Corp., Inc. | (2) | (266) | (7) | 0.0 (g) |
|  IAMGOLD Corp. | (21) | (415) | 11 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (20) | (178) | 7 | 0.0 (g) |
|  K92 Mining, Inc. | (2) | (38) | 1 | 0.0 (g) |
|  Keyera Corp. | (3) | (124) | 1 | 0.0 (g) |
|  MDA Space Ltd. | (1) | (31) | 6 | 0.0 (g) |
|  Methanex Corp. | (2) | (77) | (16) | 0.0 (g) |
|  National Bank of Canada | (10) | (1309) | 20 | 0.0 (g) |
|  NexGen Energy Ltd. | (2) | (28) | — (h) | 0.0 (g) |
|  Novagold Resources, Inc. | (14) | (119) | (4) | 0.0 (g) |
|  Open Text Corp. | (36) | (800) | (11) | 0.0 (g) |
|  OR Royalties, Inc. | (1) | (22) | 1 | 0.0 (g) |
|  Orla Mining Ltd. | (4) | (69) | 1 | 0.0 (g) |
|  Restaurant Brands International, Inc. | (4) | (304) | (3) | 0.0 (g) |
|  Rogers Communications, Inc. | (24) | (908) | (7) | 0.0 (g) |
|  Royal Bank of Canada | (11) | (1710) | (26) | 0.0 (g) |
|  Saputo, Inc. | (6) | (194) | (1) | 0.0 (g) |
|  Skeena Resources Ltd. | (6) | (173) | (12) | 0.0 (g) |
|  South Bow Corp. | (8) | (253) | 1 | 0.0 (g) |
|  Sprott, Inc. | (1) | (203) | 1 | 0.0 (g) |
|  Tamarack Valley Energy Ltd. | (2) | (14) | (1) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (3) | (147) | 4 | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (3) | (235) | (2) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | (1) | (91) | (2) | 0.0 (g) |
|  Whitecap Resources, Inc. | (5) | (52) | (5) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (14) | (600) | (20) | 0.0 (g) |
|  Energy Fuels, Inc. | (1) | (19) | 1 | 0.0 (g) |
|  RB Global, Inc. | (1) | (71) | — (h) | 0.0 (g) |
|  SSR Mining, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17262) | (31) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (17262) | (31) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/03/2027 | (2518) | 79 | 104 | 183 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Avolta AG | — (h) | (9) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (59) | (3) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (96) | 7 | 0.0 (g) |
|  BKW AG | — (h) | (28) | (1) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | (141) | (2) | 0.0 (g) |
|  Galderma Group AG | (2) | (274) | (15) | 0.0 (g) |
|  Geberit AG | — (h) | (183) | 7 | 0.0 (g) |
|  Givaudan SA | — (h) | (106) | 5 | 0.0 (g) |
|  Helvetia Holding AG | — (h) | (74) | (3) | 0.0 (g) |
|  Kuehne + Nagel International AG | — (h) | (45) | (2) | 0.0 (g) |
|  Nestle SA | — (h) | (13) | — (h) | 0.0 (g) |
|  Novartis AG | (19) | (2820) | 8 | 0.0 (g) |
|  Partners Group Holding AG | — (h) | (66) | (2) | 0.0 (g) |
|  Roche Holding AG | (1) | (447) | 58 | 0.0 (g) |
|  Sandoz Group AG | — (h) | (30) | — (h) | 0.0 (g) |
|  Straumann Holding AG | (1) | (61) | (1) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (256) | (11) | 0.0 (g) |
|  Swiss Prime Site AG | (2) | (373) | 16 | 0.0 (g) |
|  Swiss Re AG | (2) | (374) | (6) | 0.0 (g) |
|  Swisscom AG | (1) | (706) | 44 | 0.0 (g) |
|  VAT Group AG | — (h) | (86) | 4 | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (145) | (4) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (6392) | 99 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 4 | 362 | (17) | 0.0 (g) |
|  Accelleron Industries AG | 1 | 116 | (8) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 359 | 6 | 0.0 (g) |
|  Cie Financiere Richemont SA | — (h) | 49 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 30 | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | 1 | 232 | 3 | 0.0 (g) |
|  Holcim AG | 11 | 856 | 23 | 0.0 (g) |
|  Julius Baer Group Ltd. | 1 | 97 | (2) | 0.0 (g) |
|  Lonza Group AG | 1 | 437 | 20 | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 46 | (1) | 0.0 (g) |
|  Schindler Holding AG | 1 | 251 | (7) | 0.0 (g) |
|  SGS SA | 5 | 507 | (25) | 0.0 (g) |
|  SIG Group AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Sonova Holding AG | 1 | 190 | (10) | 0.0 (g) |
|  Sunrise Communications AG | 1 | 60 | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 82 | (2) | 0.0 (g) |
|  Temenos AG | 1 | 70 | (5) | 0.0 (g) |
|  UBS Group AG | 3 | 124 | 5 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3874 | (20) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2518) | 79 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/03/2027 | (590) | (4) | 83 | 79 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (84) | 8 | 0.0 (g) |
|  Coloplast A/S | (4) | (294) | 3 | 0.0 (g) |
|  Danske Bank A/S | (12) | (591) | 18 | 0.0 (g) |
|  Demant A/S | (1) | (22) | (2) | 0.0 (g) |
|  DSV A/S | — (h) | (50) | 1 | 0.0 (g) |
|  NKT A/S | (1) | (69) | (3) | 0.0 (g) |
|  Novo Nordisk A/S | (3) | (123) | 9 | 0.0 (g) |
|  Novonesis Novozymes B | (16) | (890) | (63) | 0.0 (g) |
|  Orsted A/S | (4) | (87) | (4) | 0.0 (g) |
|  ROCKWOOL A/S | (1) | (15) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2225) | (33) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 311 | (23) | 0.0 (g) |
|  Genmab A/S | 2 | 436 | — (h) | 0.0 (g) |
|  Pandora A/S | 4 | 303 | 6 | 0.0 (g) |
|  Tryg A/S | 15 | 348 | (2) | 0.0 (g) |
|  Vestas Wind Systems A/S | 10 | 237 | 48 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1635 | 29 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (590) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/03/2027 | 666 | 436 | 56 | 492 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | (1) | (41) | (2) | 0.0 (g) |
|  Raiffeisen Bank International AG | — (h) | (10) | — (h) | 0.0 (g) |
|  Verbund AG | (2) | (120) | 2 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Aedifica SA | — (h) | (18) | — (h) | 0.0 (g) |
|  Anheuser-Busch InBev SA | — (h) | (18) | 1 | 0.0 (g) |
|  D'ieteren Group | (2) | (318) | 16 | 0.0 (g) |
|  Elia Group SA | (2) | (288) | 2 | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (71) | 3 | 0.0 (g) |
|  Syensqo SA | (1) | (54) | (6) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (20) | (491) | (6) | 0.0 (g) |
|  Kesko OYJ | (8) | (188) | 8 | 0.0 (g) |
|  Nordea Bank Abp | (4) | (70) | 5 | 0.0 (g) |
|  Orion OYJ | (4) | (315) | 4 | 0.0 (g) |
|  UPM-Kymmene OYJ | (1) | (28) | (1) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  AIXTRON SE | (2) | (83) | 2 | 0.0 (g) |
|  Bayer AG | (5) | (235) | 2 | 0.0 (g) |
|  Bayerische Motoren Werke AG | (8) | (686) | 8 | 0.0 (g) |
|  Beiersdorf AG | (3) | (273) | (2) | 0.0 (g) |
|  Brenntag SE | (6) | (311) | (57) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (6) | (439) | 119 | 0.0 (g) |
|  Daimler Truck Holding AG | — (h) | (18) | — (h) | 0.0 (g) |
|  Deutsche Lufthansa AG | (16) | (139) | 10 | 0.0 (g) |
|  Hannover Rueck SE | — (h) | (58) | (1) | 0.0 (g) |
|  Hensoldt AG | (1) | (50) | 4 | 0.0 (g) |
|  Infineon Technologies AG | (16) | (710) | 27 | 0.0 (g) |
|  Merck KGaA | (1) | (162) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (1) | (456) | (16) | 0.0 (g) |
|  Porsche Automobil Holding SE | (6) | (217) | 5 | 0.0 (g) |
|  Puma SE | — (h) | (7) | — (h) | 0.0 (g) |
|  RENK Group AG | (1) | (94) | 9 | 0.0 (g) |
|  SAP SE | (1) | (205) | 23 | 0.0 (g) |
|  Sartorius AG | — (h) | (35) | — (h) | 0.0 (g) |
|  Siemens Healthineers AG | (7) | (317) | 11 | 0.0 (g) |
|  Symrise AG | (6) | (481) | (12) | 0.0 (g) |
|  Talanx AG | (3) | (328) | 2 | 0.0 (g) |
|  thyssenkrupp AG | (9) | (84) | 6 | 0.0 (g) |
|  Volkswagen AG | (2) | (204) | 2 | 0.0 (g) |
|  Zalando SE | (3) | (88) | 12 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (7) | (72) | (1) | 0.0 (g) |
|  Bank of Ireland Group plc | (8) | (142) | — (h) | 0.0 (g) |
|  Kingspan Group plc | (4) | (310) | 5 | 0.0 (g) |
|  Ryanair Holdings plc | (7) | (201) | 13 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (37) | (104) | — (h) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (15) | (119) | (6) | 0.0 (g) |
|  BPER Banca SPA | (12) | (154) | (2) | 0.0 (g) |
|  Buzzi SpA | (5) | (226) | (3) | 0.0 (g) |
|  Enel SpA | (14) | (154) | 4 | 0.0 (g) |
|  Ferrari NV | (4) | (1210) | (2) | 0.0 (g) |
|  Fincantieri SpA | (1) | (20) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (3) | (61) | (1) | 0.0 (g) |
|  Lottomatica Group Spa | (6) | (173) | 1 | 0.0 (g) |
|  Moncler SpA | (1) | (68) | 2 | 0.0 (g) |
|  Nexi SpA | (8) | (25) | (3) | 0.0 (g) |
|  Terna—Rete Elettrica Nazionale | (1) | (15) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (3) | (150) | 4 | 0.0 (g) |
|  CVC Capital Partners plc | (23) | (296) | 1 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (1) | (36) | (1) | 0.0 (g) |
|  Adyen NV | (1) | (1290) | 63 | 0.0 (g) |
|  Aegon Ltd. | (48) | (338) | (10) | 0.0 (g) |
|  Akzo Nobel NV | (11) | (662) | 29 | 0.0 (g) |
|  EXOR NV | (9) | (709) | 17 | 0.0 (g) |
|  Ferrovial SE | (11) | (723) | 4 | 0.0 (g) |
|  Heineken Holding NV | (1) | (95) | 7 | 0.0 (g) |
|  Heineken NV | (2) | (176) | 12 | 0.0 (g) |
|  IMCD NV | (2) | (192) | (41) | 0.0 (g) |
|  ING Groep NV | (1) | (14) | — (h) | 0.0 (g) |
|  Prosus NV | (6) | (347) | 57 | 0.0 (g) |
|  Randstad NV | (3) | (90) | 11 | 0.0 (g) |
|  SBM Offshore NV | (1) | (25) | — (h) | 0.0 (g) |
|  Stellantis NV | (102) | (670) | (41) | 0.0 (g) |
|  Universal Music Group NV | (40) | (839) | 66 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (286) | (263) | (12) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (6) | (151) | 13 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | — (h) | (71) | (2) | 0.0 (g) |
|  Aena SME SA | (20) | (588) | 4 | 0.0 (g) |
|  Amadeus IT Group SA | (12) | (697) | 37 | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | (15) | (314) | (3) | 0.0 (g) |
|  Cellnex Telecom SA | (2) | (55) | 2 | 0.0 (g) |
|  EDP Renovaveis SA | (15) | (237) | (6) | 0.0 (g) |
|  Endesa SA | (9) | (375) | (8) | 0.0 (g) |
|  Grifols SA | (2) | (17) | 1 | 0.0 (g) |
|  Mapfre SA | (42) | (179) | (6) | 0.0 (g) |
|  Merlin Properties Socimi SA | (3) | (51) |  | 0.0 (g) |
|  Solaria Energia y Medio Ambiente SA | (2) | (60) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (20474) | 385 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | 1 | 153 | 11 | 0.0 (g) |
|  voestalpine AG | 1 | 25 | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | 6 | 426 | 19 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 104 | (2) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 2 | 221 | (1) | 0.0 (g) |
|  Sofina SA | — (h) | 8 | (1) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 1 | 43 | (3) | 0.0 (g) |
|  Neste OYJ | 1 | 22 | 1 | 0.0 (g) |
|  Nokia OYJ | 6 | 53 | (5) | 0.0 (g) |
|  Sampo OYJ | 1 | 14 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 12 | 454 | (7) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | 3 | 427 | (13) | 0.0 (g) |
|  Allianz SE | 2 | 995 | — (h) | 0.0 (g) |
|  BASF SE | 17 | 1004 | 48 | 0.0 (g) |
|  Continental AG | 3 | 187 | (7) | 0.0 (g) |
|  Deutsche Bank AG | 3 | 74 | — (h) | 0.0 (g) |
|  Deutsche Post AG | 30 | 1578 | (12) | 0.0 (g) |
|  E.ON SE | 6 | 146 | (5) | 0.0 (g) |
|  Fresenius Medical Care AG | 17 | 767 | (26) | 0.0 (g) |
|  GEA Group AG | 1 | 109 | (3) | 0.0 (g) |
|  Heidelberg Materials AG | 1 | 231 | 18 | 0.0 (g) |
|  Henkel AG & Co. KGaA | 8 | 623 | (31) | 0.0 (g) |
|  KION Group AG | 1 | 44 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 1 | 153 | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  LEG Immobilien SE | 1 | 45 | (4) | 0.0 (g) |
|  Nemetschek SE | 1 | 93 | (8) | 0.0 (g) |
|  Nordex SE | — (h) | 12 | 1 | 0.0 (g) |
|  Rational AG | — (h) | 27 | (2) | 0.0 (g) |
|  RWE AG | 4 | 296 | 1 | 0.0 (g) |
|  Scout24 SE | 1 | 48 | (3) | 0.0 (g) |
|  Siemens AG | 2 | 389 | 4 | 0.0 (g) |
|  Siemens Energy AG | — (h) | 38 | (1) | 0.0 (g) |
|  Vonovia SE | 5 | 131 | (17) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 8 | 674 | (4) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | 7 | 74 | 3 | 0.0 (g) |
|  Azimut Holding SpA | — (h) | 11 | — (h) | 0.0 (g) |
|  Banca Mediolanum SpA | — (h) | 3 | — (h) | 0.0 (g) |
|  Eni SpA | 26 | 686 | 71 | 0.0 (g) |
|  Generali | 20 | 817 | (1) | 0.0 (g) |
|  Intesa Sanpaolo SpA | 51 | 299 | 3 | 0.0 (g) |
|  Italgas SpA | 1 | 17 | (1) | 0.0 (g) |
|  Leonardo SpA | 1 | 54 | 1 | 0.0 (g) |
|  Poste Italiane SpA | 6 | 152 | (9) | 0.0 (g) |
|  Prysmian SpA | — (h) | 45 | — (h) | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 4 | 186 | 17 | 0.0 (g) |
|  Snam SpA | 3 | 21 | — (h) | 0.0 (g) |
|  UniCredit SpA | 9 | 668 | (31) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 6 | 127 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Tenaris SA | 11 | 302 | 29 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 388 | (25) | 0.0 (g) |
|  ASML Holding NV | — (h) | 205 | (13) | 0.0 (g) |
|  ASR Nederland NV | 5 | 323 | 6 | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 21 | 1033 | (46) | 0.0 (g) |
|  Koninklijke KPN NV | 105 | 591 | (7) | 0.0 (g) |
|  Koninklijke Philips NV | 10 | 290 | (13) | 0.0 (g) |
|  NN Group NV | 10 | 792 | 10 | 0.0 (g) |
|  QIAGEN NV | — (h) | 18 | (1) | 0.0 (g) |
|  Wolters Kluwer NV | 2 | 116 | (3) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 84 | 422 | 15 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 4 | 440 | (4) | 0.0 (g) |
|  Banco Santander SA | 34 | 379 | (2) | 0.0 (g) |
|  Bankinter SA | 16 | 238 | 5 | 0.0 (g) |
|  CaixaBank SA | 27 | 302 | 9 | 0.0 (g) |
|  Enagas SA | 8 | 141 | 20 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Iberdrola SA | 35 | 789 | 1 | 0.0 (g) |
|  Naturgy Energy Group SA | 12 | 349 | 4 | 0.0 (g) |
|  Repsol SA | 43 | 1155 | 66 | 0.0 (g) |
|  Telefonica SA | 14 | 58 | 3 | 0.0 (g) |
|  Unicaja Banco SA | 3 | 8 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | — (h) | 12 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  International Consolidated Airlines Group SA | 3 | 15 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 21140 | 51 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 666 | 436 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/03/2027 | 2610 | 345 | 123 | 468 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Greatland Resources Ltd. | (8) | (63) | (1) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (3) | (61) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | (31) | (445) | 21 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | (2) | (135) | — (h) | 0.0 (g) |
|  Experian plc | (4) | (135) | 4 | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (6) | (260) | 9 | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (3) | (22) | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **South Africa** |  |  |  |  |
|  Pan African Resources plc | (7) | (12) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (12) | (85) | (8) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (7) | (255) | 43 | 0.0 (g) |
|  Associated British Foods plc | (16) | (391) | (1) | 0.0 (g) |
|  Auto Trader Group plc | (20) | (126) | 2 | 0.0 (g) |
|  Barratt Redrow plc | (16) | (61) | 5 | 0.0 (g) |
|  Berkeley Group Holdings plc | (2) | (107) | 6 | 0.0 (g) |
|  Bunzl plc | (8) | (245) | (2) | 0.0 (g) |
|  Centrica plc | (133) | (366) | (7) | 0.0 (g) |
|  Convatec Group plc | (23) | (70) | 5 | 0.0 (g) |
|  Croda International plc | (3) | (120) | (6) | 0.0 (g) |
|  Diageo plc | (51) | (975) | 35 | 0.0 (g) |
|  Drax Group plc | (8) | (97) | — (h) | 0.0 (g) |
|  easyJet plc | (53) | (254) | 11 | 0.0 (g) |
|  Games Workshop Group plc | — (h) | (67) | (2) | 0.0 (g) |
|  GSK plc | (4) | (105) | (2) | 0.0 (g) |
|  Haleon plc | (30) | (151) | 1 | 0.0 (g) |
|  Hikma Pharmaceuticals plc | — (h) | (5) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (24) | (261) | 12 | 0.0 (g) |
|  International Consolidated Airlines Group SA | (47) | (219) | 2 | 0.0 (g) |
|  JD Sports Fashion plc | (166) | (156) | 1 | 0.0 (g) |
|  Land Securities Group plc | (25) | (195) | 13 | 0.0 (g) |
|  LondonMetric Property plc | (85) | (215) | 12 | 0.0 (g) |
|  Marks & Spencer Group plc | (56) | (267) | 15 | 0.0 (g) |
|  Melrose Industries plc | (2) | (12) | — (h) | 0.0 (g) |
|  National Grid plc | (76) | (1372) | 87 | 0.0 (g) |
|  Persimmon plc | (4) | (66) | 7 | 0.0 (g) |
|  Primary Health Properties plc | (51) | (68) | 7 | 0.0 (g) |
|  RELX plc | (4) | (123) | 5 | 0.0 (g) |
|  Rentokil Initial plc | (37) | (237) | 6 | 0.0 (g) |
|  Rio Tinto plc | (6) | (563) | (21) | 0.0 (g) |
|  Segro plc | (49) | (477) | 63 | 0.0 (g) |
|  Severn Trent plc | (1) | (62) | 1 | 0.0 (g) |
|  Spirax Group plc | — (h) | (36) | — (h) | 0.0 (g) |
|  SSE plc | (10) | (348) | 7 | 0.0 (g) |
|  Unilever plc | (9) | (573) | 80 | 0.0 (g) |
|  UNITE Group plc (The) | (4) | (26) | 2 | 0.0 (g) |
|  Weir Group plc (The) | — (h) | (18) | — (h) | 0.0 (g) |
|  Whitbread plc | (1) | (30) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Wise plc | (14) | (168) | (3) | 0.0 (g) |
|  WPP plc | (8) | (25) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Sunbelt Rentals Holdings, Inc. | (1) | (54) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10184) | 412 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 2 | 94 | (5) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | 8 | 488 | (33) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 2 | 102 | (4) | 0.0 (g) |
|  Airtel Africa plc | 8 | 40 | (2) | 0.0 (g) |
|  Anglo American plc | 1 | 28 | — (h) | 0.0 (g) |
|  Aviva plc | 13 | 111 | (7) | 0.0 (g) |
|  Babcock International Group plc | 4 | 72 | (11) | 0.0 (g) |
|  BAE Systems plc | 36 | 1111 | (58) | 0.0 (g) |
|  Barclays plc | 273 | 1402 | 6 | 0.0 (g) |
|  Bellway plc | 1 | 22 | (2) | 0.0 (g) |
|  BP plc | 155 | 1115 | 131 | 0.0 (g) |
|  British Land Co. plc (The) | 4 | 18 | (1) | 0.0 (g) |
|  Burberry Group plc | 1 | 10 | — (h) | 0.0 (g) |
|  Compass Group plc | 28 | 829 | (58) | 0.0 (g) |
|  Diploma plc | 4 | 237 | 45 | 0.0 (g) |
|  Endeavour Mining plc | — (h) | 10 | — (h) | 0.0 (g) |
|  Entain plc | 5 | 32 | 2 | 0.0 (g) |
|  HSBC Holdings plc | 1 | 13 | — (h) | 0.0 (g) |
|  IG Group Holdings plc | 7 | 122 | 7 | 0.0 (g) |
|  IMI plc | 3 | 98 | (5) | 0.0 (g) |
|  Imperial Brands plc | 9 | 382 | (11) | 0.0 (g) |
|  Informa plc | 8 | 78 | (1) | 0.0 (g) |
|  Intertek Group plc | 4 | 211 | — (h) | 0.0 (g) |
|  J Sainsbury plc | 87 | 403 | (13) | 0.0 (g) |
|  Johnson Matthey plc | 3 | 83 | — (h) | 0.0 (g) |
|  Kingfisher plc | 9 | 37 | (3) | 0.0 (g) |
|  Legal & General Group plc | 111 | 364 | (2) | 0.0 (g) |
|  Lloyds Banking Group plc | 451 | 561 | (10) | 0.0 (g) |
|  London Stock Exchange Group plc | 3 | 350 | 4 | 0.0 (g) |
|  M&G plc | 51 | 202 | (17) | 0.0 (g) |
|  NatWest Group plc | 40 | 296 | (5) | 0.0 (g) |
|  Next plc | — (h) | 83 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Pearson plc | 3 | 41 | — (h) | 0.0 (g) |
|  Phoenix Group Holdings plc | 6 | 51 | (1) | 0.0 (g) |
|  Reckitt Benckiser Group plc | 5 | 345 | (22) | 0.0 (g) |
|  Rolls-Royce Holdings plc | 18 | 302 | (25) | 0.0 (g) |
|  Sage Group plc (The) | 24 | 270 | (2) | 0.0 (g) |
|  Shell plc | 16 | 722 | 38 | 0.0 (g) |
|  Smith & Nephew plc | 7 | 118 | (5) | 0.0 (g) |
|  Smiths Group plc | 1 | 47 | (2) | 0.0 (g) |
|  St James's Place plc | 7 | 116 | (7) | 0.0 (g) |
|  Standard Chartered plc | 19 | 392 | 1 | 0.0 (g) |
|  Taylor Wimpey plc | 29 | 36 | (2) | 0.0 (g) |
|  Tesco plc | 73 | 468 | (9) | 0.0 (g) |
|  Tritax Big Box REIT plc | 32 | 65 | (4) | 0.0 (g) |
|  Vodafone Group plc | 553 | 802 | 27 | 0.0 (g) |
|  United States |  |  |  |  |
|  Carnival plc | 1 | 15 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 12794 | (67) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2610 | 345 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -2.25% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/10/2027 | (415) | 26 | 3 | 29 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Power Assets Holdings Ltd. | (2) | (12) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (4) | (21) | (1) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (9) | (69) | 1 | 0.0 (g) |
|  CLP Holdings Ltd. | (4) | (37) | — (h) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (6) | (19) | (1) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | (18) | (71) | 5 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  HKT Trust & HKT Ltd. | (39) | (62) | 1 | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (30) | (28) | 1 | 0.0 (g) |
|  MTR Corp. Ltd. | (14) | (55) | — (h) | 0.0 (g) |
|  Sino Land Co. Ltd. | (34) | (50) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (13) | (219) | 5 | 0.0 (g) |
|  Swire Pacific Ltd. | (19) | (209) | 2 | 0.0 (g) |
|  Wharf Holdings Ltd./The | (2) | (6) | 1 | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | (3) | (10) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (868) | 15 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | 4 | 43 | 1 | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 5 | 34 | — (h) | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 5 | 23 | (1) | 0.0 (g) |
|  Link REIT | 15 | 68 | (1) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 6 | 25 | 1 | 0.0 (g) |
|  WH Group Ltd. | 163 | 201 | 12 | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 28 | 59 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 453 | 11 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (415) | 26 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -0.75% to 0.7%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/03/2027 | (112) | 14 | – (h) | 14 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (49) | 4 | 0.0 (g) |
|  Clal Insurance Enterprises Holdings Ltd. | — (h) | (12) | 1 | 0.0 (g) |
|  Next Vision Stabilized Systems Ltd. | (1) | (80) | 13 | 0.0 (g) |
|  Phoenix Financial Ltd. | (3) | (144) | 2 | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | (13) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (298) | 20 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 3 | 65 | 1 | 0.0 (g) |
|  Israel Discount Bank Ltd. | 3 | 35 | (2) | 0.0 (g) |
|  Nice Ltd. | 1 | 86 | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 186 | (6) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (112) | 14 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -2.5% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/10/2027 | (3592) | 458 | 586 | 1044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Hankyu Hanshin Holdings, Inc. | (22) | (579) | (52) | 0.0 (g) |
|  Nordea Bank Abp | (2) | (484) | 33 | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Asics Corp. | (18) | (503) | 21 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (5) | (140) | 13 | 0.0 (g) |
|  Capcom Co. Ltd. | (19) | (429) | 26 | 0.0 (g) |
|  Central Japan Railway Co. | (27) | (716) | 24 | 0.0 (g) |
|  Chiba Bank Ltd./The | (6) | (70) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (16) | (250) | (10) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (2) | (86) | 5 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (61) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (4) | (128) | 5 | 0.0 (g) |
|  Daikin Industries Ltd. | — (h) | (35) | — (h) | 0.0 (g) |
|  East Japan Railway Co. | (2) | (34) | — (h) | 0.0 (g) |
|  Ebara Corp. | (6) | (187) | 16 | 0.0 (g) |
|  Electric Power Development Co. Ltd. | (1) | (22) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Food & Life Cos. Ltd. | (2) | (132) | 4 | 0.0 (g) |
|  GS Yuasa Corp. | (5) | (165) | (5) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (40) | (340) | 22 | 0.0 (g) |
|  Hoya Corp. | — (h) | (52) | 2 | 0.0 (g) |
|  Ibiden Co. Ltd. | (1) | (35) | 2 | 0.0 (g) |
|  IHI Corp. | (7) | (155) | 25 | 0.0 (g) |
|  Inpex Corp. | (6) | (168) | — (h) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (3) | (55) | (1) | 0.0 (g) |
|  ITOCHU Corp. | (47) | (600) | 17 | 0.0 (g) |
|  Iyogin Holdings, Inc. | (3) | (59) | 2 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (11) | (161) | (4) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (26) | (302) | 6 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (24) | (387) | 8 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (32) | (310) | (6) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (1) | (56) | 9 | 0.0 (g) |
|  JFE Holdings, Inc. | (38) | (455) | 16 | 0.0 (g) |
|  JX Advanced Metals Corp. | (46) | (1153) | 193 | 0.0 (g) |
|  KDDI Corp. | (29) | (482) | (16) | 0.0 (g) |
|  Keyence Corp. | (2) | (563) | 45 | 0.0 (g) |
|  Kikkoman Corp. | (29) | (244) | (18) | 0.0 (g) |
|  Kinden Corp. | (4) | (177) | 10 | 0.0 (g) |
|  Kioxia Holdings Corp. | (1) | (100) | 16 | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (3) | (40) | 1 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (7) | (165) | 7 | 0.0 (g) |
|  Kokusai Electric Corp. | (1) | (30) | 2 | 0.0 (g) |
|  Komatsu Ltd. | (7) | (282) | 36 | 0.0 (g) |
|  Konami Group Corp. | (1) | (118) | 8 | 0.0 (g) |
|  Kurita Water Industries Ltd. | (6) | (283) | 15 | 0.0 (g) |
|  Kyocera Corp. | (3) | (43) | 1 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (9) | (138) | (13) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (3) | (34) | (1) | 0.0 (g) |
|  Lasertec Corp. | (1) | (191) | 22 | 0.0 (g) |
|  M3, Inc. | (30) | (315) | 9 | 0.0 (g) |
|  Makita Corp. | (7) | (230) | 9 | 0.0 (g) |
|  Marubeni Corp. | (2) | (57) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (73) | 7 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (6) | (98) | (1) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (4) | (29) | — (h) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | (1) | (22) | — (h) | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | — (h) | (49) | 3 | 0.0 (g) |
|  Mercari, Inc. | (10) | (220) | (13) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (8) | (132) | 9 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  MISUMI Group, Inc. | (10) | (179) | 12 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (51) | (292) | 4 | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (8) | (247) | 18 | 0.0 (g) |
|  Mitsubishi Motors Corp. | (95) | (216) | 32 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (2) | (76) | 9 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (2) | (299) | 34 | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | (8) | (293) | (22) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (2) | (19) | — (h) | 0.0 (g) |
|  Nexon Co. Ltd. | (12) | (231) | 4 | 0.0 (g) |
|  Nippon Building Fund, Inc. | (1) | (456) | 35 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (19) | (428) | 15 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (47) | (309) | 18 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (4) | (150) | 14 | 0.0 (g) |
|  Nippon Steel Corp. | (14) | (52) | 1 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (42) | (94) | 5 | 0.0 (g) |
|  Niterra Co. Ltd. | (4) | (195) | 8 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (12) | (213) | 16 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | (1) | (165) | 24 | 0.0 (g) |
|  NTT, Inc. | (1093) | (1072) | (10) | 0.0 (g) |
|  Oji Holdings Corp. | (24) | (136) | 8 | 0.0 (g) |
|  Olympus Corp. | (28) | (232) | (28) | 0.0 (g) |
|  Organo Corp. | (6) | (558) | 43 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (21) | (367) | 8 | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (1) | (23) | (1) | 0.0 (g) |
|  Panasonic Holdings Corp. | (12) | (183) | (6) | 0.0 (g) |
|  Rakuten Bank Ltd. | (1) | (38) | 3 | 0.0 (g) |
|  Renesas Electronics Corp. | (41) | (644) | 84 | 0.0 (g) |
|  Rohm Co. Ltd. | (10) | (184) | 1 | 0.0 (g) |
|  Rorze Corp. | (1) | (18) | 2 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (22) | (502) | 40 | 0.0 (g) |
|  SBI Holdings, Inc. | (18) | (342) | 15 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (2) | (121) | 9 | 0.0 (g) |
|  Seibu Holdings, Inc. | (4) | (117) | (4) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (29) | (493) | 24 | 0.0 (g) |
|  SG Holdings Co. Ltd. | (41) | (387) | 5 | 0.0 (g) |
|  Shimadzu Corp. | (5) | (121) | 7 | 0.0 (g) |
|  Shimano, Inc. | (3) | (282) | 2 | 0.0 (g) |
|  Shionogi & Co. Ltd. | (19) | (408) | (8) | 0.0 (g) |
|  Shiseido Co. Ltd. | (2) | (38) | (1) | 0.0 (g) |
|  SKY Perfect JSAT Corp. | (4) | (75) | 1 | 0.0 (g) |
|  SoftBank Group Corp. | (9) | (196) | 3 | 0.0 (g) |
|  Sojitz Corp. | (10) | (385) | 14 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Sompo Holdings, Inc. | (5) | (164) | (11) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (10) | (309) | 27 | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (1) | (9) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (23) | (655) | 7 | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (1) | (18) | 1 | 0.0 (g) |
|  TIS, Inc. | (2) | (34) | — (h) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (26) | (266) | (10) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (37) | (375) | 2 | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (2) | (106) | 13 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | — (h) | (18) | 2 | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (3) | (70) | 4 | 0.0 (g) |
|  Tokyu Corp. | (31) | (357) | (2) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (5) | (146) | 22 | 0.0 (g) |
|  Toray Industries, Inc. | (3) | (24) | — (h) | 0.0 (g) |
|  TOTO Ltd. | (7) | (222) | 13 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (2) | (137) | (2) | 0.0 (g) |
|  Toyota Motor Corp. | (79) | (1637) | 61 | 0.0 (g) |
|  Toyota Tsusho Corp. | (19) | (722) | 28 | 0.0 (g) |
|  West Japan Railway Co. | (11) | (219) | 4 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (14) | (94) | (2) | 0.0 (g) |
|  Yokogawa Electric Corp. | (8) | (259) | 35 | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (5) | (41) | 1 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (4) | (152) | 5 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (5) | (298) | 3 | 0.0 (g) |
|  ZOZO, Inc. | (34) | (241) | 3 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (29866) | 1151 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 3 | 487 | (77) | 0.0 (g) |
|  Aisin Corp. | 9 | 131 | (5) | 0.0 (g) |
|  Amada Co. Ltd. | 36 | 526 | (41) | 0.0 (g) |
|  ANA Holdings, Inc. | 10 | 178 | (7) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 32 | 320 | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | 2 | 42 | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | 9 | 86 | (5) | 0.0 (g) |
|  Astellas Pharma, Inc. | 4 | 55 | 4 | 0.0 (g) |
|  BayCurrent, Inc. | 3 | 90 | 2 | 0.0 (g) |
|  Credit Saison Co. Ltd. | 5 | 133 | (7) | 0.0 (g) |
|  CyberAgent, Inc. | 26 | 236 | (16) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Dai Nippon Printing Co. Ltd. | 12 | 223 | (10) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 40 | 353 | 1 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 4 | 77 | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 2 | 55 | 1 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 8 | 258 | (13) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 38 | 348 | 5 | 0.0 (g) |
|  Denso Corp. | 61 | 738 | 5 | 0.0 (g) |
|  Dentsu Group, Inc. | 6 | 99 | (2) | 0.0 (g) |
|  DMG Mori Co. Ltd. | 18 | 289 | (27) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 82 | 691 | 40 | 0.0 (g) |
|  FANUC Corp. | 2 | 60 | (7) | 0.0 (g) |
|  Fujitsu Ltd. | 39 | 864 | (80) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 4 | 163 | (3) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | 1 | 147 | (2) | 0.0 (g) |
|  Hamamatsu Photonics KK | 4 | 45 | (7) | 0.0 (g) |
|  Hitachi Ltd. | 2 | 70 | (5) | 0.0 (g) |
|  Horiba Ltd. | 1 | 84 | (5) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 16 | 150 | 10 | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 3 | 45 | (3) | 0.0 (g) |
|  Isuzu Motors Ltd. | 2 | 34 | — (h) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 1 | 11 | — (h) | 0.0 (g) |
|  Japan Petroleum Exploration Co. Ltd. | 1 | 15 | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 12 | 134 | 1 | 0.0 (g) |
|  Japan Tobacco, Inc. | 1 | 41 | 1 | 0.0 (g) |
|  JGC Holdings Corp. | 1 | 9 | 1 | 0.0 (g) |
|  Kajima Corp. | 5 | 209 | (8) | 0.0 (g) |
|  Kandenko Co. Ltd. | 1 | 23 | (1) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 11 | 167 | 4 | 0.0 (g) |
|  Kao Corp. | 19 | 726 | 1 | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 39 | 647 | (2) | 0.0 (g) |
|  Kobe Steel Ltd. | 13 | 163 | (9) | 0.0 (g) |
|  Kubota Corp. | 61 | 999 | (55) | 0.0 (g) |
|  LY Corp. | 157 | 392 | (15) | 0.0 (g) |
|  Mazda Motor Corp. | 2 | 11 | (1) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 10 | 351 | (24) | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | 3 | 71 | (3) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 5 | 46 | — (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 4 | 106 | (13) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 59 | 984 | (13) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 11 | 131 | (3) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 84 | 961 | (90) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 3 | 80 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Murata Manufacturing Co. Ltd. | 10 | 215 | (11) | 0.0 (g) |
|  NEC Corp. | 10 | 274 | (24) | 0.0 (g) |
|  NGK Insulators Ltd. | 3 | 69 | (1) | 0.0 (g) |
|  NH Foods Ltd. | 10 | 408 | 18 | 0.0 (g) |
|  NIDEC Corp., | 20 | 281 | (37) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 1 | 24 | (1) | 0.0 (g) |
|  Nippon Yusen KK | 6 | 220 | 6 | 0.0 (g) |
|  Nissan Chemical Corp. | 10 | 394 | (23) | 0.0 (g) |
|  Nitto Denko Corp. | 15 | 313 | (16) | 0.0 (g) |
|  Nomura Holdings, Inc. | 11 | 81 | 2 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 56 | 370 | (15) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 4 | 104 | — (h) | 0.0 (g) |
|  NSK Ltd. | 27 | 195 | (9) | 0.0 (g) |
|  Obayashi Corp. | 15 | 370 | (5) | 0.0 (g) |
|  Obic Co. Ltd. | 1 | 13 | — (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 20 | 302 | 19 | 0.0 (g) |
|  Oracle Corp. Japan | 1 | 67 | (7) | 0.0 (g) |
|  Otsuka Corp. | 6 | 115 | 3 | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 4 | 255 | 2 | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 26 | 166 | (6) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 9 | 102 | (10) | 0.0 (g) |
|  Rakuten Group, Inc. | 82 | 395 | (23) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 3 | 103 | — (h) | 0.0 (g) |
|  Ricoh Co. Ltd. | 28 | 239 | (4) | 0.0 (g) |
|  Secom Co. Ltd. | 5 | 182 | 1 | 0.0 (g) |
|  Sekisui House Ltd. | 4 | 82 | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | 1 | 11 | (1) | 0.0 (g) |
|  Shimizu Corp. | 13 | 245 | (15) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 42 | 661 | 9 | 0.0 (g) |
|  SoftBank Corp. | 125 | 168 | (1) | 0.0 (g) |
|  Sony Group Corp. | 51 | 1079 | (50) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
|  SUMCO Corp. | 22 | 228 | 6 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 91 | 282 | 5 | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 1 | 45 | (8) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | — (h) | 6 | (1) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 32 | 1008 | (15) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 3 | 77 | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 43 | 509 | (7) | 0.0 (g) |
|  Sysmex Corp. | 16 | 138 | (3) | 0.0 (g) |
|  T&D Holdings, Inc. | 4 | 99 | 8 | 0.0 (g) |
|  Taisei Corp. | 1 | 83 | (2) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | 3 | 80 | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Takeda Pharmaceutical Co. Ltd. | 4 | 145 | (2) | 0.0 (g) |
|  TDK Corp. | 10 | 130 | (7) | 0.0 (g) |
|  Terumo Corp. | 2 | 21 | — (h) | 0.0 (g) |
|  THK Co. Ltd. | 4 | 111 | (7) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 8 | 301 | 72 | 0.0 (g) |
|  Tokyo Electron Ltd. | 2 | 567 | (28) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 11 | 95 | (2) | 0.0 (g) |
|  Tosoh Corp. | 15 | 220 | (6) | 0.0 (g) |
|  Toyo Tire Corp. | 3 | 76 | (1) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 10 | 350 | (7) | 0.0 (g) |
|  Unicharm Corp. | 116 | 663 | 17 | 0.0 (g) |
|  Yaskawa Electric Corp. | 6 | 176 | (19) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 26274 | (693) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (3592) | 458 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/03/2027 | 252 | 35 | – (h) | 35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Gjensidige Forsikring ASA | — (h) | (10) | 1 | 0.0 (g) |
|  Norsk Hydro ASA | (32) | (307) | (28) | 0.0 (g) |
|  Orkla ASA | (30) | (365) | (9) | 0.0 (g) |
|  Telenor ASA | (5) | (86) | 1 | 0.0 (g) |
|  Yara International ASA | — (h) | (21) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (789) | (35) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 24 | 825 | 59 | 0.0 (g) |
|  Mowi ASA | 7 | 150 | (1) | 0.0 (g) |
|  Var Energi ASA | 15 | 66 | 12 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1041 | 70 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 252 | 35 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to -0.25%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/10/2027 | (38) | (1) | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | — (h) | (1) | — (h) | 0.0 (g) |
|  Meridian Energy Ltd. | (12) | (37) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (38) | (1) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (38) | (1) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in NZD based on the local currencies of the positions within the swap | 03/20/2028 | 24 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 1 | 24 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 24 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 24 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/03/2027 | 278 | (93) | 32 | (61) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | (1) | (56) | 2 | 0.0 (g) |
|  Atlas Copco AB | (8) | (139) | 5 | 0.0 (g) |
|  Epiroc AB | (3) | (76) | 3 | 0.0 (g) |
|  Essity AB | (4) | (125) | 10 | 0.0 (g) |
|  H & M Hennes & Mauritz AB | (1) | (15) | — (h) | 0.0 (g) |
|  Hexagon AB | (4) | (47) | 5 | 0.0 (g) |
|  Holmen AB | (6) | (205) | 2 | 0.0 (g) |
|  Investment AB Latour | (1) | (20) | — (h) | 0.0 (g) |
|  Investor AB | (19) | (708) | (9) | 0.0 (g) |
|  L E Lundbergforetagen AB | (11) | (598) | — (h) | 0.0 (g) |
|  Nibe Industrier AB | (32) | (114) | (15) | 0.0 (g) |
|  Sagax AB | (2) | (42) | 1 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (2) | (38) | 2 | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (64) | (754) | 14 | 0.0 (g) |
|  Swedbank AB | (6) | (203) | 1 | 0.0 (g) |
|  Telia Co. AB | (15) | (76) | (1) | 0.0 (g) |
|  Trelleborg AB | — (h) | (16) | — (h) | 0.0 (g) |
|  Volvo AB | (10) | (331) | 15 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3563) | 35 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 2 | 54 | 2 | 0.0 (g) |
|  Assa Abloy AB | 7 | 245 | (6) | 0.0 (g) |
|  Beijer Ref AB | 2 | 21 | — (h) | 0.0 (g) |
|  Boliden AB | 6 | 427 | (95) | 0.0 (g) |
|  Epiroc AB | 1 | 34 | (1) | 0.0 (g) |
|  Evolution AB | 1 | 82 | — (h) | 0.0 (g) |
|  Industrivarden AB | 1 | 55 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Indutrade AB | 2 | 36 | — (h) | 0.0 (g) |
|  Lifco AB | 1 | 40 | (1) | 0.0 (g) |
|  Saab AB | 5 | 328 | (33) | 0.0 (g) |
|  Sandvik AB | 27 | 999 | 7 | 0.0 (g) |
|  Securitas AB | 25 | 414 | 3 | 0.0 (g) |
|  Skanska AB | 24 | 651 | (11) | 0.0 (g) |
|  SKF AB | 6 | 135 | 4 | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 19 | 1 | 0.0 (g) |
|  Tele2 AB | 15 | 301 | 4 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3841 | (128) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 278 | (93) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -1.25% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/10/2027 | (72) | (73) | 1 | (72) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (11) | (33) | 1 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Keppel Ltd. | (4) | (37) | 1 | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (31) | (507) | (29) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (34) | (154) | (23) | 0.0 (g) |
|  Singapore Airlines Ltd. | (41) | (208) | (2) | 0.0 (g) |
|  United Overseas Bank Ltd. | (1) | (26) | — (h) | 0.0 (g) |
|  Wilmar International Ltd. | (26) | (78) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1043) | (52) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 20 | 40 | (2) | 0.0 (g) |
|  CapitaLand Investment Ltd./Singapore | 29 | 64 | (2) | 0.0 (g) |
|  CapitaLand RTS | 1 | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Genting Singapore Ltd. | 47 | 25 | — (h) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 19 | 166 | (3) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | 172 | 676 | (14) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 971 | (21) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (72) | (73) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from -2.8% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/13/2027 | 17951 | 626 | 485 | 1111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  IREN Ltd. | — (h) | (13) | 3 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | (1) | (372) | (8) | 0.0 (g) |
|  Golar LNG Ltd. | (2) | (69) | (14) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | — (h) | (142) | (1) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  D-Wave Quantum, Inc. | — (h) | (7) | 1 | 0.0 (g) |
|  Uranium Energy Corp. | (1) | (7) | — (h) | 0.0 (g) |
|  Waste Connections, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Futu Holdings Ltd. | (1) | (76) | 6 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Medtronic plc | (2) | (218) | 4 | 0.0 (g) |
|  Smurfit WestRock plc | (9) | (361) | (6) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  Nova Ltd. | — (h) | (79) | 1 | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | (8) | (234) | (5) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NXP Semiconductors NV | (2) | (351) | (9) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | (17) | (63) | 2 | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | (1) | (96) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (5) | (204) | 4 | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | — (h) | (61) | (2) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Birkenstock Holding Plc | (2) | (87) | 4 | 0.0 (g) |
|  CNH Industrial NV | (4) | (45) | (2) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (3) | (308) | 23 | 0.0 (g) |
|  Marex Group plc | — (h) | (8) | (2) | 0.0 (g) |
|  Willis Towers Watson plc | — (h) | (14) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | (6) | (401) | (1) | 0.0 (g) |
|  Acuity, Inc. | — (h) | (14) | (1) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | (3) | (352) | 8 | 0.0 (g) |
|  AGCO Corp. | (1) | (91) | 1 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (1) | (341) | (1) | 0.0 (g) |
|  Akamai Technologies, Inc. | (4) | (474) | (42) | 0.0 (g) |
|  Albertsons Cos., Inc. | (5) | (87) | 1 | 0.0 (g) |
|  Alcoa Corp. | — (h) | (27) | — (h) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (4) | (135) | (4) | 0.0 (g) |
|  Alliant Energy Corp. | (10) | (700) | 8 | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (1) | (149) | (4) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | (1) | (165) | (6) | 0.0 (g) |
|  American Electric Power Co., Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  American Financial Group, Inc. | (4) | (518) | 2 | 0.0 (g) |
|  American Homes 4 Rent | (1) | (34) | 1 | 0.0 (g) |
|  American International Group, Inc. | (6) | (428) | 7 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (1) | (22) | 1 | 0.0 (g) |
|  Antero Midstream Corp. | (14) | (326) | 1 | 0.0 (g) |
|  APA Corp. | (4) | (156) | (33) | 0.0 (g) |
|  Apollo Global Management, Inc. | (3) | (282) | (19) | 0.0 (g) |
|  Appfolio, Inc. | — (h) | (58) | 4 | 0.0 (g) |
|  Applied Digital Corp. | (1) | (25) | 3 | 0.0 (g) |
|  Applied Optoelectronics, Inc. | (1) | (49) | 5 | 0.0 (g) |
|  AppLovin Corp. | (1) | (375) | 46 | 0.0 (g) |
|  AptarGroup, Inc. | (2) | (218) | 5 | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (1) | (41) | (1) | 0.0 (g) |
|  Argan, Inc. | — (h) | (9) | (1) | 0.0 (g) |
|  Arrow Electronics, Inc. | (1) | (81) | (1) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | (1) | (32) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Astera Labs, Inc. | (1) | (127) | 18 | 0.0 (g) |
|  ATI, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | (1) | (187) | 1 | 0.0 (g) |
|  Automatic Data Processing, Inc. | (8) | (1601) | 45 | 0.0 (g) |
|  AutoZone, Inc. | — (h) | (627) | (5) | 0.0 (g) |
|  AvalonBay Communities, Inc. | (1) | (124) | 4 | 0.0 (g) |
|  Avantor, Inc. | (13) | (99) | (3) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (132) | 18 | 0.0 (g) |
|  Axsome Therapeutics, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  Baker Hughes Co. | — (h) | (18) | (2) | 0.0 (g) |
|  Baxter International, Inc. | (9) | (151) | 2 | 0.0 (g) |
|  Becton Dickinson & Co. | (1) | (149) | — (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | (1) | (173) | (11) | 0.0 (g) |
|  Bloom Energy Corp. | (1) | (222) | 26 | 0.0 (g) |
|  Boeing Co. (The) | (2) | (304) | (16) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (3) | (182) | (9) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | — (h) | (61) | 5 | 0.0 (g) |
|  Brown & Brown, Inc. | (6) | (406) | 12 | 0.0 (g) |
|  Bruker Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | — (h) | (18) | 1 | 0.0 (g) |
|  Bunge Global SA | (1) | (102) | (3) | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | (12) | (1) | 0.0 (g) |
|  BWX Technologies, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  BXP, Inc. | (2) | (109) | 1 | 0.0 (g) |
|  CACI International, Inc. | — (h) | (65) | 7 | 0.0 (g) |
|  Cadence Design Systems, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | (7) | (270) | 21 | 0.0 (g) |
|  Carrier Global Corp. | (14) | (801) | (7) | 0.0 (g) |
|  Carvana Co. | — (h) | (113) | (3) | 0.0 (g) |
|  Casella Waste Systems, Inc. | — (h) | (26) | 3 | 0.0 (g) |
|  Cencora, Inc. | (2) | (850) | 77 | 0.0 (g) |
|  CenterPoint Energy, Inc. | (11) | (456) | 1 | 0.0 (g) |
|  CF Industries Holdings, Inc. | (1) | (88) | (5) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | (6) | (945) | 24 | 0.0 (g) |
|  Chewy, Inc. | (2) | (42) | (3) | 0.0 (g) |
|  Church & Dwight Co., Inc. | — (h) | (13) | 1 | 0.0 (g) |
|  Ciena Corp. | (1) | (488) | (23) | 0.0 (g) |
|  Cincinnati Financial Corp. | (1) | (145) | 5 | 0.0 (g) |
|  Cisco Systems, Inc. | (15) | (1189) | 20 | 0.0 (g) |
|  Clean Harbors, Inc. | — (h) | (52) | 1 | 0.0 (g) |
|  Clear Secure, Inc. | (1) | (32) | 3 | 0.0 (g) |
|  Clorox Co. (The) | (9) | (1021) | 73 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Cloudflare, Inc. | (2) | (464) | 2 | 0.0 (g) |
|  CMS Energy Corp. | (3) | (206) | 2 | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | — (h) | (51) | 5 | 0.0 (g) |
|  Coeur Mining, Inc. | (9) | (186) | 19 | 0.0 (g) |
|  Coinbase Global, Inc. | (1) | (187) | 26 | 0.0 (g) |
|  Columbia Banking System, Inc. | (4) | (100) | (4) | 0.0 (g) |
|  Compass, Inc. | (2) | (15) | 2 | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (41) | 4 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (8) | (576) | (4) | 0.0 (g) |
|  Core & Main, Inc. | (2) | (78) | (2) | 0.0 (g) |
|  Corning, Inc. | (18) | (2362) | (70) | 0.0 (g) |
|  Corpay, Inc. | (2) | (530) | 30 | 0.0 (g) |
|  CoStar Group, Inc. | (3) | (143) | 9 | 0.0 (g) |
|  Credit Acceptance Corp. | — (h) | (48) | 2 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | — (h) | (29) | 6 | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | (1) | (355) | 28 | 0.0 (g) |
|  Cytokinetics, Inc. | (2) | (98) | (8) | 0.0 (g) |
|  Darden Restaurants, Inc. | (1) | (150) | 8 | 0.0 (g) |
|  Datadog, Inc. | (1) | (184) | 12 | 0.0 (g) |
|  Deere & Co. | — (h) | (245) | 4 | 0.0 (g) |
|  Diamondback Energy, Inc. | (2) | (313) | (27) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (3) | (591) | (31) | 0.0 (g) |
|  Docusign, Inc. | (6) | (284) | (4) | 0.0 (g) |
|  Dominion Energy, Inc. | (2) | (108) | 3 | 0.0 (g) |
|  DoorDash, Inc. | — (h) | (28) | 2 | 0.0 (g) |
|  DraftKings, Inc. | (2) | (58) | 8 | 0.0 (g) |
|  DT Midstream, Inc. | (4) | (558) | 9 | 0.0 (g) |
|  DTE Energy Co. | (1) | (103) | 2 | 0.0 (g) |
|  Eagle Materials, Inc. | (1) | (134) | (3) | 0.0 (g) |
|  East West Bancorp, Inc. | (3) | (263) | (9) | 0.0 (g) |
|  EastGroup Properties, Inc. | (1) | (204) | 5 | 0.0 (g) |
|  Eastman Chemical Co. | (1) | (42) | (4) | 0.0 (g) |
|  EchoStar Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (9) | (202) | (4) | 0.0 (g) |
|  EnerSys | — (h) | (19) | (1) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (72) | 1 | 0.0 (g) |
|  Entegris, Inc. | (3) | (336) | (17) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (1) | (51) | 4 | 0.0 (g) |
|  Equity Residential | (1) | (61) | 1 | 0.0 (g) |
|  Erie Indemnity Co. | (1) | (197) | (3) | 0.0 (g) |
|  Esab Corp. | (1) | (75) | 1 | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (41) | 1 | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | (1) | (72) | 14 | 0.0 (g) |
|  Evergy, Inc. | (2) | (204) | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Expand Energy Corp. | (1) | (155) | (3) | 0.0 (g) |
|  Extra Space Storage, Inc. | (1) | (97) | 6 | 0.0 (g) |
|  F5, Inc. | (1) | (283) | (6) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | (21) | (1) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (233) | 19 | 0.0 (g) |
|  Fastenal Co. | (22) | (981) | (22) | 0.0 (g) |
|  Federal Realty Investment Trust | (4) | (467) | — (h) | 0.0 (g) |
|  FedEx Corp. | (3) | (1120) | (12) | 0.0 (g) |
|  Fidelity National Financial, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  Fifth Third Bancorp | (12) | (518) | (25) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (1) | (106) | — (h) | 0.0 (g) |
|  Flagstar Bank NA | (1) | (12) | (1) | 0.0 (g) |
|  FormFactor, Inc. | (1) | (71) | (4) | 0.0 (g) |
|  Fortinet, Inc. | (1) | (64) | (2) | 0.0 (g) |
|  Fortive Corp. | (2) | (102) | (1) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | (3) | (128) | (2) | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | (58) | (2) | 0.0 (g) |
|  Gartner, Inc. | — (h) | (72) | 1 | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Gen Digital, Inc. | (55) | (1129) | 96 | 0.1 |
|  Generac Holdings, Inc. | (2) | (389) | 14 | 0.0 (g) |
|  Genuine Parts Co. | — (h) | (42) | (1) | 0.0 (g) |
|  Gilead Sciences, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Glacier Bancorp, Inc. | (2) | (103) | (3) | 0.0 (g) |
|  Glaukos Corp. | (1) | (62) | (5) | 0.0 (g) |
|  Global Payments, Inc. | (5) | (338) | 4 | 0.0 (g) |
|  Globus Medical, Inc. | — (h) | (40) | — (h) | 0.0 (g) |
|  GPGI, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  Graco, Inc. | (2) | (188) | 4 | 0.0 (g) |
|  GXO Logistics, Inc. | (1) | (50) | 1 | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | (1) | (9) | 1 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (46) | (799) | 43 | 0.0 (g) |
|  Hecla Mining Co. | (6) | (126) | 8 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (1) | (27) | (1) | 0.0 (g) |
|  Hexcel Corp. | (1) | (69) | 1 | 0.0 (g) |
|  Home Depot, Inc. (The) | (2) | (504) | (9) | 0.0 (g) |
|  Hormel Foods Corp. | (5) | (111) | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (6) | (119) | (3) | 0.0 (g) |
|  HP, Inc. | (9) | (175) | (5) | 0.0 (g) |
|  IDACORP, Inc. | (2) | (270) | (1) | 0.0 (g) |
|  IDEX Corp. | (2) | (342) | (3) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | — (h) | (66) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | (2) | (177) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Insmed, Inc. | — (h) | (19) | (2) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | (116) | 18 | 0.0 (g) |
|  International Business Machines Corp. | — (h) | (85) | 1 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (4) | (261) | (9) | 0.0 (g) |
|  International Paper Co. | (8) | (283) | 14 | 0.0 (g) |
|  Intuitive Surgical, Inc. | — (h) | (70) | 3 | 0.0 (g) |
|  Invesco Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  IonQ, Inc. | — (h) | (9) | 1 | 0.0 (g) |
|  Iron Mountain, Inc. | (1) | (100) | 5 | 0.0 (g) |
|  J M Smucker Co. (The) | (5) | (534) | 43 | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (5) | (798) | 41 | 0.0 (g) |
|  Jackson Financial, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  JBT Marel Corp. | (1) | (110) | 1 | 0.0 (g) |
|  JFrog Ltd. | (1) | (44) | (4) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | — (h) | (78) | (1) | 0.0 (g) |
|  Kinetik Holdings, Inc. | (4) | (163) | (14) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | (1) | (243) | 11 | 0.0 (g) |
|  KKR & Co., Inc. | (5) | (405) | (30) | 0.0 (g) |
|  Klaviyo, Inc. | (3) | (59) | (1) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (40) | (1) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (26) | (1) | 0.0 (g) |
|  Lamar Advertising Co. | (1) | (97) | 5 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (2) | (62) | (4) | 0.0 (g) |
|  Lattice Semiconductor Corp. | (5) | (452) | (13) | 0.0 (g) |
|  Lennox International, Inc. | (1) | (398) | 11 | 0.0 (g) |
|  Leonardo DRS, Inc. | (1) | (59) | 1 | 0.0 (g) |
|  Liberty Broadband Corp. | (1) | (36) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (7) | (170) | (5) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | — (h) | (95) | 4 | 0.0 (g) |
|  Lincoln National Corp. | (2) | (72) | (4) | 0.0 (g) |
|  Lineage, Inc. | (3) | (99) | 12 | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (41) | (1) | 0.0 (g) |
|  LKQ Corp. | (2) | (60) | (1) | 0.0 (g) |
|  Loews Corp. | (5) | (587) | 9 | 0.0 (g) |
|  Lowe's Cos., Inc. | (2) | (522) | 3 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (1) | (383) | (23) | 0.0 (g) |
|  Lumen Technologies, Inc. | (3) | (20) | (1) | 0.0 (g) |
|  Lyft, Inc. | (7) | (90) | — (h) | 0.0 (g) |
|  M&T Bank Corp. | (1) | (138) | (5) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (58) | 1 | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (96) | (1) | 0.0 (g) |
|  Maplebear, Inc. | (3) | (112) | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Marriott International, Inc./MD | (1) | (231) | (5) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | (6) | (1080) | 2 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Masco Corp. | (3) | (187) | 3 | 0.0 (g) |
|  Matador Resources Co. | (2) | (116) | (14) | 0.0 (g) |
|  Match Group, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  McCormick & Co., Inc. | (9) | (530) | 67 | 0.0 (g) |
|  Merck & Co., Inc. | (1) | (73) | (3) | 0.0 (g) |
|  Meta Platforms, Inc. | — (h) | (186) | (12) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (31) | 2 | 0.0 (g) |
|  Mirion Technologies, Inc. | (8) | (145) | 1 | 0.0 (g) |
|  Modine Manufacturing Co. | — (h) | (77) | (7) | 0.0 (g) |
|  Moelis & Co. | — (h) | (22) | (2) | 0.0 (g) |
|  Mohawk Industries, Inc. | (1) | (72) | 4 | 0.0 (g) |
|  Molson Coors Beverage Co. | (4) | (188) | (4) | 0.0 (g) |
|  Mondelez International, Inc. | (10) | (591) | (2) | 0.0 (g) |
|  MongoDB, Inc. | (1) | (223) | 18 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | (1) | (610) | (9) | 0.0 (g) |
|  Morningstar, Inc. | (1) | (124) | 9 | 0.0 (g) |
|  MSA Safety, Inc. | — (h) | (82) | 5 | 0.0 (g) |
|  MSCI, Inc. | — (h) | (44) | 1 | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (192) | (13) | 0.0 (g) |
|  Nasdaq, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | (9) | (757) | (38) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (12) | (1) | 0.0 (g) |
|  News Corp. | (5) | (113) | (4) | 0.0 (g) |
|  Nexstar Media Group, Inc. | (1) | (193) | 41 | 0.0 (g) |
|  NextEra Energy, Inc. | (2) | (200) | (2) | 0.0 (g) |
|  NEXTracker, Inc. | (1) | (164) | (3) | 0.0 (g) |
|  NIKE, Inc. | (2) | (103) | 4 | 0.0 (g) |
|  NiSource, Inc. | (12) | (556) | 9 | 0.0 (g) |
|  Noble Corp. plc | (7) | (331) | (20) | 0.0 (g) |
|  Northern Trust Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (3) | (64) | 3 | 0.0 (g) |
|  NOV, Inc. | (7) | (124) | (4) | 0.0 (g) |
|  Nutanix, Inc. | (1) | (21) | 1 | 0.0 (g) |
|  Nuvalent, Inc. | (1) | (113) | (5) | 0.0 (g) |
|  Okta, Inc. | (2) | (120) | (2) | 0.0 (g) |
|  Old National Bancorp | (3) | (55) | (2) | 0.0 (g) |
|  Old Republic International Corp. | (5) | (218) | 1 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (1) | (46) | 3 | 0.0 (g) |
|  Omnicom Group, Inc. | (1) | (92) | 4 | 0.0 (g) |
|  ON Semiconductor Corp. | (3) | (178) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  OneMain Holdings, Inc. | (1) | (28) | (2) | 0.0 (g) |
|  ONEOK, Inc. | (5) | (394) | (23) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (4) | (430) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | — (h) | (38) | — (h) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (2) | (306) | 12 | 0.0 (g) |
|  Paramount Skydance Corp. | (8) | (75) | 4 | 0.0 (g) |
|  Paychex, Inc. | (7) | (640) | 4 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | (2) | (140) | (2) | 0.0 (g) |
|  Permian Resources Corp. | (9) | (171) | (19) | 0.0 (g) |
|  Philip Morris International, Inc. | — (h) | (63) | 3 | 0.0 (g) |
|  Pinterest, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (25) | (1) | 0.0 (g) |
|  PPL Corp. | (1) | (21) | — (h) | 0.0 (g) |
|  Praxis Precision Medicines, Inc. | — (h) | (42) | (2) | 0.0 (g) |
|  Primerica, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (10) | (193) | 13 | 0.0 (g) |
|  Procore Technologies, Inc. | (3) | (147) | (1) | 0.0 (g) |
|  Prologis, Inc. | (3) | (417) | 6 | 0.0 (g) |
|  Protagonist Therapeutics, Inc. | — (h) | (29) | — (h) | 0.0 (g) |
|  PTC, Inc. | (4) | (636) | 53 | 0.0 (g) |
|  Public Storage | (3) | (780) | 19 | 0.0 (g) |
|  PulteGroup, Inc. | (1) | (62) | 2 | 0.0 (g) |
|  Quanta Services, Inc. | (1) | (790) | 34 | 0.0 (g) |
|  QXO, Inc. | (10) | (208) | 13 | 0.0 (g) |
|  RadNet, Inc. | (1) | (34) | 3 | 0.0 (g) |
|  Rambus, Inc. | — (h) | (37) | 3 | 0.0 (g) |
|  Raymond James Financial, Inc. | (3) | (421) | (3) | 0.0 (g) |
|  Rayonier, Inc. | (4) | (77) | (1) | 0.0 (g) |
|  Realty Income Corp. | (7) | (464) | 21 | 0.0 (g) |
|  Red Rock Resorts, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Repligen Corp. | — (h) | (49) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (8) | (269) | 16 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Robinhood Markets, Inc. | (8) | (570) | 45 | 0.0 (g) |
|  Rocket Cos., Inc. | (3) | (39) | 1 | 0.0 (g) |
|  Rocket Lab Corp. | (8) | (593) | 59 | 0.0 (g) |
|  Rollins, Inc. | (2) | (118) | 2 | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | (90) | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | — (h) | (38) | — (h) | 0.0 (g) |
|  Royal Gold, Inc. | (1) | (351) | (15) | 0.0 (g) |
|  Ryder System, Inc. | — (h) | (59) | (4) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (5) | (491) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  S&P Global, Inc. | (1) | (234) | (4) | 0.0 (g) |
|  Saia, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  Samsara, Inc. | (7) | (238) | 6 | 0.0 (g) |
|  Sandisk Corp | — (h) | (53) | 8 | 0.0 (g) |
|  Sanmina Corp. | (1) | (106) | (5) | 0.0 (g) |
|  Semtech Corp. | (1) | (79) | 7 | 0.0 (g) |
|  Service Corp. International | — (h) | (19) | (1) | 0.0 (g) |
|  SharkNinja, Inc. | (1) | (121) | (3) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | (1) | (108) | 3 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | — (h) | (57) | (2) | 0.0 (g) |
|  SiTime Corp. | — (h) | (30) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (85) | 1 | 0.0 (g) |
|  Snowflake, Inc. | — (h) | (35) | 5 | 0.0 (g) |
|  Solventum Corp. | (1) | (52) | 1 | 0.0 (g) |
|  Somnigroup International, Inc. | (1) | (38) | (1) | 0.0 (g) |
|  Southern Co. (The) | (13) | (1274) | 33 | 0.0 (g) |
|  Southwest Airlines Co. | (8) | (303) | 20 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (37) | 1 | 0.0 (g) |
|  STAG Industrial, Inc. | (14) | (543) | 32 | 0.0 (g) |
|  StandardAero, Inc. | (1) | (34) | 1 | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (1) | (74) | — (h) | 0.0 (g) |
|  Starbucks Corp. | (6) | (584) | 49 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (18) | (312) | 6 | 0.0 (g) |
|  Steel Dynamics, Inc. | (1) | (118) | (4) | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  STERIS plc | (1) | (237) | (2) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (45) | 1 | 0.0 (g) |
|  Strategy, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Sun Communities, Inc. | (1) | (184) | 12 | 0.0 (g) |
|  Symbotic, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Synopsys, Inc. | — (h) | (124) | 10 | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (55) | (1) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (15) | (1) | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (32) | 2 | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (15) | (1) | 0.0 (g) |
|  Teradyne, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  Terex Corp. | (1) | (31) | (1) | 0.0 (g) |
|  Terreno Realty Corp. | (2) | (146) | 4 | 0.0 (g) |
|  Tesla, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  Texas Pacific Land Corp. | (1) | (674) | 67 | 0.0 (g) |
|  Timken Co. (The) | (2) | (191) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  TKO Group Holdings, Inc. | (4) | (857) | (9) | 0.0 (g) |
|  Toast, Inc. | (1) | (29) | 2 | 0.0 (g) |
|  TopBuild Corp. | — (h) | (39) | 2 | 0.0 (g) |
|  TPG, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Tractor Supply Co. | (4) | (216) | 15 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (105) | 5 | 0.0 (g) |
|  TransUnion | (2) | (173) | 4 | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (84) | — (h) | 0.0 (g) |
|  Tyson Foods, Inc. | (2) | (153) | (6) | 0.0 (g) |
|  Uber Technologies, Inc. | (4) | (305) | (9) | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (64) | (1) | 0.0 (g) |
|  UDR, Inc. | (27) | (962) | 49 | 0.0 (g) |
|  UGI Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  UiPath, Inc. | (3) | (32) | 1 | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | (70) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | (1) | (75) | (1) | 0.0 (g) |
|  United Parcel Service, Inc. | (2) | (193) | (2) | 0.0 (g) |
|  US Foods Holding Corp. | (1) | (58) | — (h) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (106) | 4 | 0.0 (g) |
|  VF Corp. | (7) | (115) | (7) | 0.0 (g) |
|  Viavi Solutions, Inc. | (2) | (52) | (3) | 0.0 (g) |
|  Vicor Corp. | — (h) | (48) | 6 | 0.0 (g) |
|  Viper Energy, Inc. | (5) | (246) | (11) | 0.0 (g) |
|  Vontier Corp. | (1) | (20) | — (h) | 0.0 (g) |
|  VSE Corp. | (1) | (117) | — (h) | 0.0 (g) |
|  W R Berkley Corp. | (1) | (96) | 2 | 0.0 (g) |
|  Warner Music Group Corp. | (1) | (18) | 1 | 0.0 (g) |
|  Waters Corp. | (1) | (195) | (3) | 0.0 (g) |
|  Watsco, Inc. | (1) | (261) | 5 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (74) | 2 | 0.0 (g) |
|  Weatherford International plc | (1) | (58) | (5) | 0.0 (g) |
|  Welltower, Inc. | — (h) | (36) | 2 | 0.0 (g) |
|  WESCO International, Inc. | (2) | (442) | (27) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (41) | (2) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (11) | (1) | 0.0 (g) |
|  WEX, Inc. | (1) | (106) | 3 | 0.0 (g) |
|  Weyerhaeuser Co. | (6) | (140) | (6) | 0.0 (g) |
|  Williams-Sonoma, Inc. | — (h) | (82) | — (h) | 0.0 (g) |
|  Wintrust Financial Corp. | (1) | (149) | (8) | 0.0 (g) |
|  Workday, Inc. | (1) | (80) | 2 | 0.0 (g) |
|  WW Grainger, Inc. | (1) | (1086) | (32) | 0.0 (g) |
|  Wynn Resorts Ltd. | (2) | (206) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Yum! Brands, Inc. | — (h) | (47) | 2 | 0.0 (g) |
|  Zebra Technologies Corp. | — (h) | (56) | — (h) | 0.0 (g) |
|  Zillow Group, Inc. | (4) | (152) | 4 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (4) | (389) | 8 | 0.0 (g) |
|  Zoom Communications, Inc. | (1) | (54) | (4) | 0.0 (g) |
|  Zscaler, Inc. | (1) | (77) | 7 | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (1) | (50) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (78941) | 903 | 0.1 |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | 1 | 61 | (6) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | — (h) | 31 | 1 | 0.0 (g) |
|  Essent Group Ltd. | 3 | 173 | 1 | 0.0 (g) |
|  Viking Holdings Ltd. | 1 | 64 | 2 | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | 1 | 185 | (2) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | 1 | 133 | (3) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | 1 | 84 | 2 | 0.0 (g) |
|  Aptiv plc | 1 | 65 | (2) | 0.0 (g) |
|  CRH plc | 1 | 91 | 1 | 0.0 (g) |
|  Eaton Corp. plc | 3 | 966 | (9) | 0.0 (g) |
|  TE Connectivity plc | 2 | 370 | 11 | 0.0 (g) |
|  Trane Technologies plc | 1 | 459 | (5) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | 20 | — (h) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | — (h) | 68 | (2) | 0.0 (g) |
|  Global-e Online Ltd. | 1 | 17 | (1) | 0.0 (g) |
|  Tower Semiconductor Ltd. | 1 | 136 | 37 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 3 | 229 | 6 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | 4 | 143 | (3) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 2 | 60 | 6 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | 2 | 232 | 5 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | 2 | 186 | (9) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | 2 | 880 | (66) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | 4 | 1350 | (17) | 0.0 (g) |
|  Garmin Ltd. | 5 | 1165 | (14) | 0.0 (g) |
|  On Holding AG | 4 | 162 | (22) | 0.0 (g) |
|  Sportradar Group AG | 2 | 43 | (3) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | 1 | 123 | (2) | 0.0 (g) |
|  TechnipFMC plc | 6 | 377 | 32 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | 3 | 419 | (5) | 0.0 (g) |
|  AbbVie, Inc. | 1 | 285 | (5) | 0.0 (g) |
|  Adobe, Inc. | 1 | 308 | (2) | 0.0 (g) |
|  ADT, Inc. | 1 | 5 | — (h) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 42 | 2 | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 1 | 146 | 1 | 0.0 (g) |
|  AECOM | 5 | 457 | (20) | 0.0 (g) |
|  Agree Realty Corp. | 2 | 127 | (6) | 0.0 (g) |
|  Airbnb, Inc. | 1 | 83 | (1) | 0.0 (g) |
|  Alaska Air Group, Inc. | 2 | 91 | (4) | 0.0 (g) |
|  Albemarle Corp. | — (h) | 59 | 6 | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 3 | 160 | (4) | 0.0 (g) |
|  Align Technology, Inc. | 2 | 337 | 4 | 0.0 (g) |
|  Allstate Corp. (The) | 3 | 675 | (2) | 0.0 (g) |
|  Ally Financial, Inc. | 4 | 151 | 13 | 0.0 (g) |
|  Alphabet, Inc. | 4 | 1146 | (36) | 0.0 (g) |
|  Altria Group, Inc. | 14 | 925 | (20) | 0.0 (g) |
|  Amazon.com, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Ameren Corp. | 5 | 586 | (15) | 0.0 (g) |
|  American Airlines Group, Inc. | 27 | 282 | 7 | 0.0 (g) |
|  American Express Co. | 2 | 598 | 9 | 0.0 (g) |
|  American Healthcare REIT, Inc. | — (h) | 12 | (1) | 0.0 (g) |
|  American Tower Corp. | 1 | 95 | (1) | 0.0 (g) |
|  American Water Works Co., Inc. | — (h) | 48 | (1) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 208 | 2 | 0.0 (g) |
|  AMETEK, Inc. | 1 | 261 | 3 | 0.0 (g) |
|  Amgen, Inc. | — (h) | 63 | — (h) | 0.0 (g) |
|  Amkor Technology, Inc. | 1 | 30 | — (h) | 0.0 (g) |
|  Amphenol Corp. | 2 | 330 | (25) | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 66 | 2 | 0.0 (g) |
|  Antero Resources Corp. | 1 | 42 | (2) | 0.0 (g) |
|  API Group Corp. | 1 | 46 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Apple, Inc. | 1 | 172 | 1 | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | 1 | 135 | 5 | 0.0 (g) |
|  Aramark | 6 | 226 | — (h) | 0.0 (g) |
|  Armstrong World Industries, Inc. | 1 | 122 | (2) | 0.0 (g) |
|  Assurant, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  AT&T, Inc. | 9 | 237 | 11 | 0.0 (g) |
|  Autodesk, Inc. | 1 | 178 | (7) | 0.0 (g) |
|  AutoNation, Inc. | — (h) | 9 | 1 | 0.0 (g) |
|  Ball Corp. | 2 | 112 | (5) | 0.0 (g) |
|  Bank of America Corp. | 12 | 558 | 17 | 0.0 (g) |
|  Best Buy Co., Inc. | 9 | 593 | 12 | 0.0 (g) |
|  Biogen, Inc. | 1 | 200 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | 2 | 81 | 6 | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 1636 | (32) | 0.0 (g) |
|  Boston Scientific Corp. | 2 | 154 | (15) | 0.0 (g) |
|  Brightstar Lottery plc | 8 | 98 | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 21 | 1234 | 22 | 0.0 (g) |
|  Brixmor Property Group, Inc. | 2 | 73 | (3) | 0.0 (g) |
|  Broadcom, Inc. | — (h) | 83 | (3) | 0.0 (g) |
|  Cardinal Health, Inc. | 2 | 431 | (12) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 52 | — (h) | 0.0 (g) |
|  Carnival Corp. | 7 | 161 | 8 | 0.0 (g) |
|  Carpenter Technology Corp. | — (h) | 68 | 4 | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | 156 | 13 | 0.0 (g) |
|  Cboe Global Markets, Inc. | — (h) | 25 | (1) | 0.0 (g) |
|  CBRE Group, Inc. | 3 | 464 | 2 | 0.0 (g) |
|  CDW Corp | — (h) | 46 | 1 | 0.0 (g) |
|  Centene Corp. | 4 | 135 | (8) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | — (h) | 40 | 5 | 0.0 (g) |
|  Charles Schwab Corp. (The) | 4 | 400 | 2 | 0.0 (g) |
|  Charter Communications, Inc. | — (h) | 51 | — (h) | 0.0 (g) |
|  Cheniere Energy, Inc. | 1 | 229 | 14 | 0.0 (g) |
|  Chevron Corp. | 1 | 136 | 6 | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | — (h) | 12 | (1) | 0.0 (g) |
|  Chord Energy Corp. | 3 | 414 | 52 | 0.0 (g) |
|  Churchill Downs, Inc. | 1 | 54 | 2 | 0.0 (g) |
|  Cintas Corp. | — (h) | 59 | (7) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 50 | 3 | 0.0 (g) |
|  Citigroup, Inc. | 2 | 235 | 10 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 3 | 22 | — (h) | 0.0 (g) |
|  CME Group, Inc. | — (h) | 58 | (3) | 0.0 (g) |
|  Cognex Corp. | 5 | 258 | (3) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 3 | 157 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Colgate-Palmolive Co. | 4 | 338 | 4 | 0.0 (g) |
|  Comcast Corp. | 25 | 746 | (34) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 649 | (16) | 0.0 (g) |
|  Commerce Bancshares, Inc. | 5 | 228 | 6 | 0.0 (g) |
|  Commercial Metals Co. | 1 | 31 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 14 | 219 | (3) | 0.0 (g) |
|  Constellation Brands, Inc. | 4 | 678 | (5) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 52 | (3) | 0.0 (g) |
|  Copart, Inc. | 7 | 236 | (5) | 0.0 (g) |
|  Corteva, Inc. | 15 | 1169 | 69 | 0.0 (g) |
|  Costco Wholesale Corp. | — (h) | 47 | 1 | 0.0 (g) |
|  Crane Co. | — (h) | 39 | (1) | 0.0 (g) |
|  Crown Castle, Inc. | 1 | 56 | (4) | 0.0 (g) |
|  Crown Holdings, Inc. | 1 | 128 | (7) | 0.0 (g) |
|  CSX Corp. | 13 | 531 | 17 | 0.0 (g) |
|  CubeSmart | 1 | 54 | (1) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 120 | 5 | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 56 | — (h) | 0.0 (g) |
|  Danaher Corp. | 2 | 442 | 2 | 0.0 (g) |
|  Darling Ingredients, Inc. | 5 | 302 | 36 | 0.0 (g) |
|  DaVita, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Delta Air Lines, Inc. | 7 | 437 | 40 | 0.0 (g) |
|  Devon Energy Corp. | 16 | 770 | 51 | 0.0 (g) |
|  Dexcom, Inc. | — (h) | 30 | (2) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 2 | 372 | (2) | 0.0 (g) |
|  Dollar General Corp. | 3 | 341 | (41) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | 166 | (14) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 74 | (1) | 0.0 (g) |
|  Dover Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Doximity, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 170 | (6) | 0.0 (g) |
|  Dropbox, Inc. | 4 | 89 | (10) | 0.0 (g) |
|  Duolingo, Inc. | 1 | 52 | (2) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 11 | 489 | 4 | 0.0 (g) |
|  Dutch Bros, Inc. | 2 | 96 | 1 | 0.0 (g) |
|  Dynatrace, Inc. | 5 | 193 | (12) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 97 | — (h) | 0.0 (g) |
|  Edison International | 9 | 662 | 2 | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 328 | 5 | 0.0 (g) |
|  Emerson Electric Co. | 8 | 1040 | (16) | 0.0 (g) |
|  Encompass Health Corp. | 1 | 112 | (5) | 0.0 (g) |
|  Entergy Corp. | — (h) | 29 | 2 | 0.0 (g) |
|  EOG Resources, Inc. | 3 | 417 | 11 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  EPAM Systems, Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Equifax, Inc. | — (h) | 80 | (2) | 0.0 (g) |
|  Equinix, Inc. | 1 | 649 | (2) | 0.0 (g) |
|  ESCO Technologies, Inc. | — (h) | 48 | 3 | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | 12 | 396 | (31) | 0.0 (g) |
|  Etsy, Inc. | 1 | 57 | (3) | 0.0 (g) |
|  Evercore, Inc. | — (h) | 95 | 9 | 0.0 (g) |
|  Eversource Energy | 6 | 442 | (24) | 0.0 (g) |
|  Exelixis, Inc. | 4 | 164 | 7 | 0.0 (g) |
|  Expedia Group, Inc. | — (h) | 79 | (2) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 1 | 160 | — (h) | 0.0 (g) |
|  Federal Signal Corp. | 1 | 60 | 1 | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 61 | 3 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 2 | 107 | (7) | 0.0 (g) |
|  First Horizon Corp. | 4 | 87 | 3 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 2 | 94 | (5) | 0.0 (g) |
|  First Solar, Inc. | 1 | 121 | (1) | 0.0 (g) |
|  Fiserv, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Five Below, Inc. | 2 | 323 | 26 | 0.0 (g) |
|  Flex Ltd. | 2 | 119 | 2 | 0.0 (g) |
|  Flowserve Corp. | — (h) | 26 | — (h) | 0.0 (g) |
|  Fluor Corp. | 4 | 179 | 12 | 0.0 (g) |
|  FNB Corp/PA | 4 | 58 | 2 | 0.0 (g) |
|  Fox Corp. | 12 | 657 | 10 | 0.0 (g) |
|  Franklin Resources, Inc. | 3 | 85 | (3) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 2 | 105 | 12 | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 8 | 395 | (26) | 0.0 (g) |
|  Gap, Inc. (The) | 2 | 43 | 2 | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 150 | 8 | 0.0 (g) |
|  General Dynamics Corp. | 1 | 312 | (6) | 0.0 (g) |
|  General Electric Co. | 1 | 287 | (10) | 0.0 (g) |
|  General Mills, Inc. | 5 | 201 | (7) | 0.0 (g) |
|  General Motors Co. | 1 | 71 | 1 | 0.0 (g) |
|  Globe Life, Inc. | 1 | 120 | (1) | 0.0 (g) |
|  GoDaddy, Inc. | 7 | 578 | 4 | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | 348 | 20 | 0.0 (g) |
|  Grand Canyon Education, Inc. | 1 | 110 | 5 | 0.0 (g) |
|  Guidewire Software, Inc. | 1 | 131 | (10) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 2 | 129 | 1 | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 33 | 1 | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 70 | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 4 | 531 | 2 | 0.0 (g) |
|  Hasbro, Inc. | 2 | 147 | 1 | 0.0 (g) |
|  HCA Healthcare, Inc. | 1 | 371 | (36) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  HealthEquity, Inc. | — (h) | 18 | 1 | 0.0 (g) |
|  HEICO Corp. | — (h) | 81 | (5) | 0.0 (g) |
|  Henry Schein, Inc. | 3 | 196 | (2) | 0.0 (g) |
|  HF Sinclair Corp. | 2 | 125 | 13 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 1 | 256 | 7 | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 8 | (1) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | 46 | 695 | 17 | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | — (h) | 80 | (7) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 36 | 2 | 0.0 (g) |
|  Illinois Tool Works, Inc. | 5 | 1407 | (44) | 0.0 (g) |
|  Illumina, Inc. | 2 | 185 | 6 | 0.0 (g) |
|  Incyte Corp. | — (h) | 26 | — (h) | 0.0 (g) |
|  Ingredion, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 10 | (1) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | 1 | 101 | (3) | 0.0 (g) |
|  Invitation Homes, Inc. | 23 | 588 | (6) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 1 | 47 | 2 | 0.0 (g) |
|  IQVIA Holdings, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  ITT, Inc. | 1 | 237 | 5 | 0.0 (g) |
|  Jabil, Inc. | 1 | 140 | 5 | 0.0 (g) |
|  Jacobs Solutions, Inc. | 2 | 206 | (2) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 6 | 227 | 28 | 0.0 (g) |
|  Johnson Controls International plc | — (h) | 17 | 1 | 0.0 (g) |
|  KBR, Inc. | 2 | 61 | — (h) | 0.0 (g) |
|  KeyCorp. | 16 | 295 | 17 | 0.0 (g) |
|  Keysight Technologies, Inc. | 2 | 552 | (7) | 0.0 (g) |
|  Kimberly-Clark Corp. | — (h) | 3 | — (h) | 0.0 (g) |
|  Kinder Morgan, Inc. | 27 | 911 | 6 | 0.0 (g) |
|  Kirby Corp. | 4 | 484 | 33 | 0.0 (g) |
|  KLA Corp. | — (h) | 22 | 1 | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | — (h) | 37 | (8) | 0.0 (g) |
|  Kroger Co. (The) | 1 | 44 | (1) | 0.0 (g) |
|  L3Harris Technologies, Inc. | 2 | 826 | (48) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 42 | — (h) | 0.0 (g) |
|  Lam Research Corp. | 1 | 269 | (5) | 0.0 (g) |
|  Las Vegas Sands Corp. | 1 | 80 | — (h) | 0.0 (g) |
|  Lear Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | — (h) | 67 | (5) | 0.0 (g) |
|  Lennar Corp. | 8 | 724 | (68) | 0.0 (g) |
|  Levi Strauss & Co. | 3 | 63 | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 1 | 96 | (2) | 0.0 (g) |
|  Light & Wonder, Inc. | 1 | 111 | 4 | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 70 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Lockheed Martin Corp. | — (h) | 171 | (10) | 0.0 (g) |
|  Louisiana-Pacific Corp. | 1 | 81 | (3) | 0.0 (g) |
|  LyondellBasell Industries NV | 6 | 455 | 61 | 0.0 (g) |
|  Manhattan Associates, Inc. | 1 | 165 | (9) | 0.0 (g) |
|  MARA Holdings, Inc. | 4 | 37 | (4) | 0.0 (g) |
|  Marathon Petroleum Corp. | 1 | 228 | 15 | 0.0 (g) |
|  Marvell Technology, Inc. | 5 | 424 | 35 | 0.0 (g) |
|  MasTec, Inc. | 1 | 358 | 26 | 0.0 (g) |
|  McKesson Corp. | — (h) | 25 | (2) | 0.0 (g) |
|  Medpace Holdings, Inc. | — (h) | 129 | 8 | 0.0 (g) |
|  Meritage Homes Corp. | 2 | 132 | (3) | 0.0 (g) |
|  MetLife, Inc. | 1 | 87 | 2 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 155 | 8 | 0.0 (g) |
|  MGIC Investment Corp. | 3 | 89 | — (h) | 0.0 (g) |
|  Microchip Technology, Inc. | 2 | 99 | 1 | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 130 | (27) | 0.0 (g) |
|  Microsoft Corp. | 3 | 1249 | (93) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | 1 | 114 | — (h) | 0.0 (g) |
|  MKS, Inc. | 1 | 151 | 5 | 0.0 (g) |
|  Moderna, Inc. | 3 | 171 | (8) | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 32 | (3) | 0.0 (g) |
|  Monster Beverage Corp. | 2 | 139 | — (h) | 0.0 (g) |
|  Moody's Corp. | — (h) | 78 | 1 | 0.0 (g) |
|  Morgan Stanley | 13 | 2049 | 117 | 0.0 (g) |
|  Mosaic Co. (The) | 1 | 16 | (1) | 0.0 (g) |
|  Motorola Solutions, Inc. | 1 | 410 | (31) | 0.0 (g) |
|  Mueller Industries, Inc. | 1 | 69 | — (h) | 0.0 (g) |
|  National Fuel Gas Co. | 2 | 150 | (1) | 0.0 (g) |
|  Netflix, Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | — (h) | 48 | 1 | 0.0 (g) |
|  Newmont Corp. | 4 | 419 | 6 | 0.0 (g) |
|  NNN REIT, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Nordson Corp. | 2 | 434 | (4) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 62 | (4) | 0.0 (g) |
|  NRG Energy, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Nucor Corp. | 2 | 296 | 11 | 0.0 (g) |
|  NVR, Inc. | — (h) | 144 | 1 | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | — (h) | 6 | (1) | 0.0 (g) |
|  Onto Innovation, Inc. | 1 | 230 | 12 | 0.0 (g) |
|  Otis Worldwide Corp. | 4 | 304 | (23) | 0.0 (g) |
|  Owens Corning | — (h) | 30 | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | 2 | 1558 | 1 | 0.0 (g) |
|  Paycom Software, Inc. | 1 | 87 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Paylocity Holding Corp. | 4 | 446 | (8) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  PepsiCo., Inc. | 2 | 355 | (4) | 0.0 (g) |
|  Performance Food Group Co. | 4 | 360 | (4) | 0.0 (g) |
|  Pfizer, Inc. | 1 | 19 | 1 | 0.0 (g) |
|  PG&E Corp. | 1 | 21 | (1) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 50 | 1 | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | 2 | 134 | 5 | 0.0 (g) |
|  Pinnacle West Capital Corp. | 6 | 574 | (12) | 0.0 (g) |
|  PJT Partners, Inc. | 1 | 149 | 11 | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | — (h) | 51 | 2 | 0.0 (g) |
|  Pool Corp. | — (h) | 100 | — (h) | 0.0 (g) |
|  Portland General Electric Co. | 4 | 191 | 2 | 0.0 (g) |
|  Principal Financial Group, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Procter & Gamble Co. (The) | 6 | 892 | (33) | 0.0 (g) |
|  Progressive Corp. (The) | 1 | 127 | (4) | 0.0 (g) |
|  Prudential Financial, Inc. | 1 | 49 | 2 | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Pure Storage, Inc. | 1 | 57 | (3) | 0.0 (g) |
|  QUALCOMM, Inc. | 1 | 149 | (1) | 0.0 (g) |
|  Quest Diagnostics, Inc. | 1 | 279 | (4) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | 79 | 1 | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Reddit, Inc. | — (h) | 6 | — (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | 188 | 7 | 0.0 (g) |
|  Reinsurance Group of America, Inc. | — (h) | 85 | 1 | 0.0 (g) |
|  Reliance, Inc. | 2 | 449 | 9 | 0.0 (g) |
|  Revvity, Inc. | 2 | 167 | 2 | 0.0 (g) |
|  Rithm Capital Corp. | 8 | 79 | 1 | 0.0 (g) |
|  Rockwell Automation, Inc. | 4 | 1386 | (19) | 0.0 (g) |
|  Roivant Sciences Ltd. | 10 | 282 | (6) | 0.0 (g) |
|  Roku, Inc. | 2 | 187 | (1) | 0.0 (g) |
|  Ross Stores, Inc. | 1 | 142 | 6 | 0.0 (g) |
|  RPM International, Inc. | 2 | 212 | (3) | 0.0 (g) |
|  RTX Corp. | 3 | 612 | (36) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | 2 | 342 | (20) | 0.0 (g) |
|  SBA Communications Corp. | 3 | 507 | (42) | 0.0 (g) |
|  SEI Investments Co. | 7 | 584 | 3 | 0.0 (g) |
|  Sempra | 6 | 584 | 4 | 0.0 (g) |
|  ServiceNow, Inc. | — (h) | 17 | (2) | 0.0 (g) |
|  ServiceTitan, Inc. | 1 | 84 | (9) | 0.0 (g) |
|  Simon Property Group, Inc. | 1 | 107 | (2) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 6 | 143 | 4 | 0.0 (g) |
|  Skyworks Solutions, Inc. | — (h) | 21 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  SLB Ltd. | 3 | 151 | 22 | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | — (h) | 18 | — (h) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 7 | 466 | (23) | 0.0 (g) |
|  Stifel Financial Corp. | 7 | 518 | 26 | 0.0 (g) |
|  Stryker Corp. | — (h) | 83 | (3) | 0.0 (g) |
|  Synchrony Financial | 5 | 312 | 19 | 0.0 (g) |
|  Sysco Corp. | 5 | 403 | (63) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | 1 | 222 | (4) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 4 | 211 | (6) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 32 | (5) | 0.0 (g) |
|  Tetra Tech, Inc. | 11 | 356 | (15) | 0.0 (g) |
|  Texas Instruments, Inc. | 3 | 643 | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | 2 | 359 | (13) | 0.0 (g) |
|  TG Therapeutics, Inc. | 1 | 37 | 6 | 0.0 (g) |
|  TJX Cos., Inc. (The) | 8 | 1243 | 29 | 0.0 (g) |
|  T-Mobile US, Inc. | 8 | 1634 | (36) | 0.0 (g) |
|  Toll Brothers, Inc. | 2 | 243 | (10) | 0.0 (g) |
|  Toro Co. (The) | 5 | 516 | (8) | 0.0 (g) |
|  Trade Desk, Inc. (The) | 11 | 306 | (48) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | 1 | 165 | (7) | 0.0 (g) |
|  Trimble, Inc. | 6 | 422 | (9) | 0.0 (g) |
|  Truist Financial Corp. | 24 | 1083 | 34 | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  Twilio, Inc. | 1 | 116 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 28 | 1 | 0.0 (g) |
|  Union Pacific Corp. | — (h) | 35 | — (h) | 0.0 (g) |
|  United Therapeutics Corp. | — (h) | 29 | 1 | 0.0 (g) |
|  Universal Display Corp. | 1 | 102 | (3) | 0.0 (g) |
|  Unum Group | 1 | 79 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 5 | 302 | (6) | 0.0 (g) |
|  US Bancorp | 2 | 119 | 2 | 0.0 (g) |
|  Valero Energy Corp. | 6 | 1387 | 87 | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 27 | (1) | 0.0 (g) |
|  Ventas, Inc. | 10 | 846 | (58) | 0.0 (g) |
|  Veralto Corp. | 5 | 468 | (8) | 0.0 (g) |
|  VeriSign, Inc. | — (h) | 90 | 3 | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 42 | (2) | 0.0 (g) |
|  Viatris, Inc. | 14 | 192 |  | 0.0 (g) |
|  VICI Properties, Inc. | 12 | 327 | (6) | 0.0 (g) |
|  Virtu Financial, Inc. | 1 | 45 | 6 | 0.0 (g) |
|  Visa, Inc. | 2 | 698 | (18) | 0.0 (g) |
|  Vistra Corp. | 4 | 663 | (48) | 0.0 (g) |
|  Voya Financial, Inc. | 2 | 167 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Vulcan Materials Co. | 1 | 244 | 7 | 0.0 (g) |
|  Walmart, Inc. | 7 | 916 | (12) | 0.0 (g) |
|  Wayfair, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | 2 | 269 | (5) | 0.0 (g) |
|  Wells Fargo & Co. | 16 | 1238 | 60 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | — (h) | 12 | 1 | 0.0 (g) |
|  Westlake Corp. | 1 | 110 | 6 | 0.0 (g) |
|  Woodward, Inc. | — (h) | 19 | (1) | 0.0 (g) |
|  WP Carey, Inc. | 1 | 36 | (2) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | — (h) | 23 | 2 | 0.0 (g) |
|  XPO, Inc. | — (h) | 20 | 1 | 0.0 (g) |
|  Xylem, Inc./NY | 6 | 747 | (4) | 0.0 (g) |
|  Zions Bancorp NA | 2 | 106 | 5 | 0.0 (g) |
|  Zoetis, Inc. | 8 | 911 | 2 | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 135 | 5 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 96892 | (277) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 17951 | 626 | 0.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from 0.3% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 10/29/2027 | 102 | (7) | 2 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 2 | 18 | (2) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | 1 | 84 | (5) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 102 | (7) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 102 | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  BNP Paribas | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day OBFR on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in USD based on the local currencies of the positions within the swap | 01/12/2028 | 104 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  InterContinental Hotels Group plc | 1 | 104 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 104 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 104 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.57% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 08/19/2026 | (2970) | 229 | 64 | 293 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (7) | (103) | 1 | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (2) | (51) | — (h) | 0.0 (g) |
|  APA Group | (5) | (33) | (3) | 0.0 (g) |
|  ASX Ltd. | (5) | (181) | (8) | 0.0 (g) |
|  BlueScope Steel Ltd. | (3) | (49) | 2 | 0.0 (g) |
|  Brambles Ltd. | (2) | (33) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Capricorn Metals Ltd. | (2) | (19) | 1 | 0.0 (g) |
|  CAR Group Ltd. | (25) | (417) | 20 | 0.0 (g) |
|  Dexus | (23) | (95) | 2 | 0.0 (g) |
|  Genesis Minerals Ltd. | (35) | (144) | 2 | 0.0 (g) |
|  Goodman Group | (64) | (1125) | (6) | 0.0 (g) |
|  Liontown Ltd. | (19) | (21) | (2) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (51) | (190) | — (h) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (6) | (91) | 9 | 0.0 (g) |
|  Medibank Pvt Ltd. | (83) | (245) | (3) | 0.0 (g) |
|  National Australia Bank Ltd. | (3) | (100) | 9 | 0.0 (g) |
|  NEXTDC Ltd. | (6) | (57) | 8 | 0.0 (g) |
|  Northern Star Resources Ltd. | (2) | (34) | — (h) | 0.0 (g) |
|  Origin Energy Ltd. | (1) | (11) | (1) | 0.0 (g) |
|  Ramelius Resources Ltd. | (61) | (166) | 12 | 0.0 (g) |
|  Ramsay Health Care Ltd. | (4) | (102) | 3 | 0.0 (g) |
|  Scentre Group | (20) | (49) | 4 | 0.0 (g) |
|  SGH Ltd. | — (h) | (12) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (170) | (316) | 4 | 0.0 (g) |
|  Telstra Group Ltd. | (8) | (29) | — (h) | 0.0 (g) |
|  Transurban Group | (12) | (119) | 2 | 0.0 (g) |
|  Vault Minerals Ltd. | (18) | (59) | 6 | 0.0 (g) |
|  Vicinity Ltd. | (181) | (293) | — (h) | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | (6) | (163) | (6) | 0.0 (g) |
|  Westpac Banking Corp. | (90) | (2520) | 80 | 0.0 (g) |
|  WiseTech Global Ltd. | (13) | (396) | 58 | 0.0 (g) |
|  Woolworths Group Ltd. | (19) | (484) | (5) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | (7) | (787) | 11 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (8494) | 200 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 40 | 250 | 19 | 0.0 (g) |
|  Ampol Ltd. | 4 | 83 | 8 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 31 | 972 | (15) | 0.0 (g) |
|  Coles Group Ltd. | 25 | 359 | 19 | 0.0 (g) |
|  Computershare Ltd. | 16 | 309 | (4) | 0.0 (g) |
|  Evolution Mining Ltd. | 8 | 75 | (3) | 0.0 (g) |
|  Fortescue Ltd. | 41 | 558 | 19 | 0.0 (g) |
|  GPT Group (The) | 6 | 20 | — (h) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 12 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 1 | 63 | (2) | 0.0 (g) |
|  Macquarie Group Ltd. | 2 | 233 | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Mineral Resources Ltd. | 4 | 140 | (3) | 0.0 (g) |
|  Mirvac Group | 575 | 720 | (17) | 0.0 (g) |
|  Orica Ltd. | 13 | 170 | 7 | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | 1 | — (h) | 0.0 (g) |
|  Qantas Airways Ltd. | 24 | 141 | (3) | 0.0 (g) |
|  QBE Insurance Group Ltd. | 2 | 26 | 1 | 0.0 (g) |
|  REA Group Ltd. | 1 | 126 | (9) | 0.0 (g) |
|  Regis Resources Ltd. | 8 | 40 | (2) | 0.0 (g) |
|  Sandfire Resources Ltd. | 7 | 77 | (3) | 0.0 (g) |
|  Santos Ltd. | 33 | 173 | 6 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 2 | 33 | (1) | 0.0 (g) |
|  South32 Ltd. | 65 | 187 | 5 | 0.0 (g) |
|  Suncorp Group Ltd. | 7 | 72 | 2 | 0.0 (g) |
|  Technology One Ltd. | 6 | 108 | 5 | 0.0 (g) |
|  Wesfarmers Ltd. | 3 | 136 | (4) | 0.0 (g) |
|  Westgold Resources Ltd. | 3 | 12 | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 3 | 75 | 8 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 40 | 1 | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | 6 | 313 | (15) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5524 | 29 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2970) | 229 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CORRA on long positions and short positions respectively, plus or minus spread (rates range from -0.35% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 08/18/2026 | 9284 | (133) | 105 | (28) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (14) | (87) | 2 | 0.0 (g) |
|  AltaGas Ltd. | (2) | (70) | (1) | 0.0 (g) |
|  ARC Resources Ltd. | (3) | (51) | (2) | 0.0 (g) |
|  Aris Mining Corp. | (15) | (271) | (5) | 0.0 (g) |
|  Athabasca Oil Corp. | (14) | (110) | (6) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (4) | (258) | — (h) | 0.0 (g) |
|  Bank of Montreal | (4) | (555) | 7 | 0.0 (g) |
|  BCE, Inc. | (17) | (420) | 3 | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (59) | — (h) | 0.0 (g) |
|  BOYD GROUP, Inc. | (2) | (226) | 32 | 0.0 (g) |
|  CAE, Inc. | (7) | (188) | 6 | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | (2) | (211) | 3 | 0.0 (g) |
|  Canadian Utilities Ltd. | (3) | (88) | — (h) | 0.0 (g) |
|  Cenovus Energy, Inc. | — (h) | (11) | (2) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (1) | (79) | — (h) | 0.0 (g) |
|  Discovery Silver Corp. | (29) | (182) | (4) | 0.0 (g) |
|  Eldorado Gold Corp. | (10) | (355) | 15 | 0.0 (g) |
|  Emera, Inc. | (12) | (625) | 10 | 0.0 (g) |
|  Enbridge, Inc. | (4) | (233) | 1 | 0.0 (g) |
|  Endeavour Silver Corp. | (22) | (225) | 16 | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | (675) | (6) | 0.0 (g) |
|  G Mining Ventures Corp. | (31) | (1105) | 5 | 0.0 (g) |
|  GFL Environmental, Inc. | (2) | (77) | — (h) | 0.0 (g) |
|  Gildan Activewear, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Great-West Lifeco, Inc. | (12) | (566) | (10) | 0.0 (g) |
|  Hydro One Ltd. | (5) | (218) | 2 | 0.0 (g) |
|  iA Financial Corp., Inc. | (2) | (245) | (8) | 0.0 (g) |
|  IAMGOLD Corp. | (33) | (635) | 17 | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (4) | (39) | 1 | 0.0 (g) |
|  Keyera Corp. | (2) | (86) | — (h) | 0.0 (g) |
|  MDA Space Ltd. | (8) | (261) | 46 | 0.0 (g) |
|  Methanex Corp. | (1) | (61) | (11) | 0.0 (g) |
|  National Bank of Canada | (3) | (327) | (3) | 0.0 (g) |
|  NexGen Energy Ltd. | (15) | (170) | (1) | 0.0 (g) |
|  Novagold Resources, Inc. | (10) | (92) | 1 | 0.0 (g) |
|  Nutrien Ltd. | (1) | (65) | 1 | 0.0 (g) |
|  Open Text Corp. | (15) | (340) | (4) | 0.0 (g) |
|  OR Royalties, Inc. | (2) | (92) | 4 | 0.0 (g) |
|  Orla Mining Ltd. | (25) | (398) | 4 | 0.0 (g) |
|  Pembina Pipeline Corp. | (1) | (38) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Peyto Exploration & Development Corp. | (5) | (97) | 5 | 0.0 (g) |
|  Restaurant Brands International, Inc. | (4) | (308) | (2) | 0.0 (g) |
|  Rogers Communications, Inc. | (3) | (132) | — (h) | 0.0 (g) |
|  Royal Bank of Canada | (5) | (812) | (2) | 0.0 (g) |
|  Saputo, Inc. | (4) | (134) | (2) | 0.0 (g) |
|  Skeena Resources Ltd. | (6) | (176) | (1) | 0.0 (g) |
|  South Bow Corp. | (1) | (26) | — (h) | 0.0 (g) |
|  TC Energy Corp. | (7) | (439) | 4 | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (66) | 2 | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (2) | (213) | — (h) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | (4) | (244) | (3) | 0.0 (g) |
|  Whitecap Resources, Inc. | (3) | (32) | (2) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (4) | (164) | (5) | 0.0 (g) |
|  Energy Fuels, Inc./Canada | (2) | (36) | 1 | 0.0 (g) |
|  RB Global, Inc. | (21) | (2044) | 26 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (14732) | 133 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | 1 | 169 | (3) | 0.0 (g) |
|  Air Canada | 28 | 343 | 23 | 0.0 (g) |
|  Aritzia, Inc. | 5 | 419 | (6) | 0.0 (g) |
|  B2Gold Corp. | 2 | 12 | (1) | 0.0 (g) |
|  Barrick Mining Corp. | 62 | 2611 | (60) | 0.0 (g) |
|  Brookfield Corp. | 18 | 682 | 32 | 0.0 (g) |
|  Canadian Apartment Properties REIT | 8 | 211 | (3) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 7 | 640 | 16 | 0.0 (g) |
|  Canadian National Railway Co. | 6 | 658 | 4 | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 7 | 586 | (10) | 0.0 (g) |
|  Capital Power Corp. | 1 | 60 | 3 | 0.0 (g) |
|  Capstone Copper Corp. | 25 | 196 | (11) | 0.0 (g) |
|  CCL Industries, Inc. | 13 | 812 | 8 | 0.0 (g) |
|  Centerra Gold, Inc. | 18 | 326 | (3) | 0.0 (g) |
|  CGI, Inc. | 3 | 229 | 7 | 0.0 (g) |
|  Colliers International Group, Inc. | 2 | 254 | 1 | 0.0 (g) |
|  Constellation Software, Inc./Canada | — (h) | 217 | (10) | 0.0 (g) |
|  Dollarama, Inc. | 10 | 1493 | (208) | 0.0 (g) |
|  DPM Metals, Inc. | 7 | 262 | — (h) | 0.0 (g) |
|  Element Fleet Management Corp. | 28 | 617 | (13) | 0.0 (g) |
|  ERO Copper Corp. | 2 | 59 | — (h) | 0.0 (g) |
|  Finning International, Inc. | 3 | 209 | (9) | 0.0 (g) |
|  First Quantum Minerals Ltd. | 8 | 200 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  FirstService Corp. | 1 | 139 | — (h) | 0.0 (g) |
|  Fortis, Inc./Canada | 10 | 555 | (17) | 0.0 (g) |
|  Fortuna Mining Corp. | 10 | 102 | (2) | 0.0 (g) |
|  George Weston Ltd. | 9 | 601 | 1 | 0.0 (g) |
|  Gibson Energy, Inc. | 1 | 16 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | 2 | 35 | 2 | 0.0 (g) |
|  IGM Financial, Inc. | 6 | 273 | 10 | 0.0 (g) |
|  Intact Financial Corp. | 6 | 1066 | (16) | 0.0 (g) |
|  Kinross Gold Corp. | 31 | 930 | 5 | 0.0 (g) |
|  Loblaw Cos. Ltd. | 30 | 1374 | (11) | 0.0 (g) |
|  Lundin Gold, Inc. | 3 | 260 | (9) | 0.0 (g) |
|  Lundin Mining Corp. | 5 | 118 | 1 | 0.0 (g) |
|  Magna International, Inc. | 22 | 1236 | 15 | 0.0 (g) |
|  Manulife Financial Corp. | 16 | 525 | 14 | 0.0 (g) |
|  Metro, Inc./CN | — (h) | 31 | — (h) | 0.0 (g) |
|  Northland Power, Inc. | 15 | 229 | 17 | 0.0 (g) |
|  OceanaGold Corp. | 3 | 95 | (7) | 0.0 (g) |
|  Pan American Silver Corp. | 1 | 79 | (1) | 0.0 (g) |
|  Quebecor, Inc. | 24 | 1023 | 3 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 16 | 219 | (5) | 0.0 (g) |
|  Shopify, Inc. | 1 | 112 | 6 | 0.0 (g) |
|  Stantec, Inc. | 9 | 805 | (12) | 0.0 (g) |
|  Sun Life Financial, Inc. | 6 | 382 | (1) | 0.0 (g) |
|  Suncor Energy, Inc. | 1 | 67 | 7 | 0.0 (g) |
|  TELUS Corp. | 22 | 283 | (3) | 0.0 (g) |
|  TFI International, Inc. | — (h) | 27 | 2 | 0.0 (g) |
|  Thomson Reuters Corp. | 6 | 576 | (15) | 0.0 (g) |
|  TMX Group Ltd. | 12 | 423 | 4 | 0.0 (g) |
|  Toromont Industries Ltd. | 1 | 78 | — (h) | 0.0 (g) |
|  TransAlta Corp. | 15 | 188 | 11 | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | 2 | 83 | (3) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | — (h) | 38 | (2) | 0.0 (g) |
|  WSP Global, Inc. | 3 | 538 | (21) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | 4 | 245 | 2 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 24016 | (266) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 9284 | (133) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 08/19/2026 | (4183) | 91 | 26 | 117 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | (8) | (590) | 13 | 0.0 (g) |
|  Avolta AG | (1) | (47) | 1 | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (63) | (4) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (86) | 6 | 0.0 (g) |
|  Galderma Group AG | — (h) | (10) | — (h) | 0.0 (g) |
|  Geberit AG | (1) | (372) | 18 | 0.0 (g) |
|  Givaudan SA | — (h) | (202) | 7 | 0.0 (g) |
|  Helvetia Holding AG | — (h) | (46) | (2) | 0.0 (g) |
|  Kuehne + Nagel International AG | (1) | (139) | (7) | 0.0 (g) |
|  Novartis AG | (8) | (1270) | (1) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | (335) | (14) | 0.0 (g) |
|  Roche Holding AG | (2) | (1088) | 141 | 0.0 (g) |
|  Sandoz Group AG | (2) | (175) | 3 | 0.0 (g) |
|  Straumann Holding AG | (1) | (69) | (1) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (487) | (22) | 0.0 (g) |
|  Swiss Prime Site AG | (1) | (142) | 6 | 0.0 (g) |
|  Swiss Re AG | (8) | (1299) | (22) | 0.0 (g) |
|  Swisscom AG | — (h) | (168) | 11 | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (263) | (7) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (6851) | 126 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 7 | 595 | (22) | 0.0 (g) |
|  Accelleron Industries AG | 1 | 130 | (9) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 34 | (1) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 124 | 3 | 0.0 (g) |
|  Cie Financiere Richemont SA | 1 | 215 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  EMS-Chemie Holding AG | — (h) | 67 | 1 | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 75 | 1 | 0.0 (g) |
|  Holcim AG | 2 | 142 | 3 | 0.0 (g) |
|  Julius Baer Group Ltd. | 1 | 65 | (1) | 0.0 (g) |
|  Logitech International SA | — (h) | 34 | (1) | 0.0 (g) |
|  Lonza Group AG | — (h) | 99 | 5 | 0.0 (g) |
|  PSP Swiss Property AG | 1 | 106 | (2) | 0.0 (g) |
|  Schindler Holding AG | 1 | 248 | (6) | 0.0 (g) |
|  SGS SA | — (h) | 50 | (2) | 0.0 (g) |
|  SIG Group AG | 4 | 58 | 1 | 0.0 (g) |
|  Sika AG | 1 | 110 | (3) | 0.0 (g) |
|  Sonova Holding AG | 1 | 153 | (8) | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 23 | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 19 | — (h) | 0.0 (g) |
|  Temenos AG | 1 | 67 | (5) | 0.0 (g) |
|  UBS Group AG | 7 | 254 | 10 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2668 | (35) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (4183) | 91 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.39% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 08/19/2026 | (2460) | 115 | 42 | 157 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (88) | 8 | 0.0 (g) |
|  Coloplast A/S | (4) | (259) | 7 | 0.0 (g) |
|  Danske Bank A/S | (3) | (146) | 4 | 0.0 (g) |
|  Demant A/S | (1) | (18) | (1) | 0.0 (g) |
|  DSV A/S | (5) | (1139) | 69 | 0.0 (g) |
|  NKT A/S | (1) | (96) | (5) | 0.0 (g) |
|  Novo Nordisk A/S | (18) | (692) | 49 | 0.0 (g) |
|  Novonesis Novozymes B | (5) | (279) | (26) | 0.0 (g) |
|  Orsted A/S | (1) | (19) | (1) | 0.0 (g) |
|  ROCKWOOL A/S | (7) | (198) | 4 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2934) | 108 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 39 | (3) | 0.0 (g) |
|  Genmab A/S | — (h) | 2 | — (h) | 0.0 (g) |
|  Pandora A/S | — (h) | — (h) | — (h) | 0.0 (g) |
|  Tryg A/S | 16 | 374 | (2) | 0.0 (g) |
|  Vestas Wind Systems A/S | 2 | 59 | 12 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 474 | 7 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2460) | 115 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.51% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 08/19/2026 | (9103) | 681 | 116 | 797 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  Erste Group Bank AG | (2) | (239) | (3) | 0.0 (g) |
|  OMV AG | — (h) | (24) | (1) | 0.0 (g) |
|  Raiffeisen Bank International AG | (1) | (42) | 1 | 0.0 (g) |
|  Verbund AG | (1) | (99) | 2 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | (1) | (97) | 6 | 0.0 (g) |
|  D'ieteren Group | (2) | (455) | 34 | 0.0 (g) |
|  Elia Group SA | (2) | (300) | 3 | 0.0 (g) |
|  KBC Group NV | — (h) | (6) | — (h) | 0.0 (g) |
|  Syensqo SA | (2) | (102) | (12) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (4) | (99) | (2) | 0.0 (g) |
|  Kesko OYJ | (10) | (229) | 9 | 0.0 (g) |
|  Metso OYJ | (1) | (12) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (9) | (159) | 11 | 0.0 (g) |
|  Orion OYJ | (1) | (44) | 1 | 0.0 (g) |
|  Stora Enso OYJ | (3) | (31) | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | (4) | (107) | (3) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | (2) | (247) | (3) | 0.0 (g) |
|  Air France-KLM | (2) | (22) | — (h) | 0.0 (g) |
|  Airbus SE | (1) | (266) | 14 | 0.0 (g) |
|  Alstom SA | — (h) | (9) | — (h) | 0.0 (g) |
|  Amundi SA | (3) | (290) | 3 | 0.0 (g) |
|  Arkema SA | (3) | (194) | (14) | 0.0 (g) |
|  Bollore SE | (77) | (423) | (14) | 0.0 (g) |
|  Bouygues SA | (4) | (230) | 2 | 0.0 (g) |
|  Carrefour SA | (29) | (526) | (7) | 0.0 (g) |
|  Cie de Saint-Gobain SA | (3) | (285) | 5 | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | (24) | (811) | 2 | 0.0 (g) |
|  Dassault Aviation SA | (2) | (835) | 58 | 0.0 (g) |
|  Dassault Systemes SE | (15) | (321) | 19 | 0.0 (g) |
|  Edenred SE | (4) | (85) | 5 | 0.0 (g) |
|  Eiffage SA | (5) | (788) | 20 | 0.0 (g) |
|  Gaztransport Et Technigaz SA | (1) | (121) | (3) | 0.0 (g) |
|  Getlink SE | (10) | (201) | (11) | 0.0 (g) |
|  Hermes International SCA | — (h) | (278) | 40 | 0.0 (g) |
|  Kering SA | (3) | (834) | (23) | 0.0 (g) |
|  Orange SA | (78) | (1581) | (12) | 0.0 (g) |
|  Pernod Ricard SA | (6) | (455) | 23 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Renault SA | (15) | (482) | (13) | 0.0 (g) |
|  Rexel SA | (11) | (407) | (2) | 0.0 (g) |
|  Sartorius Stedim Biotech | (3) | (639) | (18) | 0.0 (g) |
|  Schneider Electric SE | (2) | (705) | 56 | 0.0 (g) |
|  SCOR SE | (7) | (245) | (1) | 0.0 (g) |
|  Teleperformance SE | (2) | (142) | 2 | 0.0 (g) |
|  TotalEnergies SE | (1) | (49) | (6) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (7) | (740) | 8 | 0.0 (g) |
|  Veolia Environnement SA | (2) | (64) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  AIXTRON SE | (1) | (30) | — (h) | 0.0 (g) |
|  Bayer AG | (3) | (142) | 2 | 0.0 (g) |
|  Bayerische Motoren Werke AG | (9) | (866) | 12 | 0.0 (g) |
|  Beiersdorf AG | (6) | (503) | (1) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (2) | (170) | 45 | 0.0 (g) |
|  Daimler Truck Holding AG | (5) | (264) | 5 | 0.0 (g) |
|  Deutsche Boerse AG | — (h) | (99) | (5) | 0.0 (g) |
|  Deutsche Lufthansa AG | (3) | (25) | 2 | 0.0 (g) |
|  Hannover Rueck SE | — (h) | (111) | (3) | 0.0 (g) |
|  Hensoldt AG | — (h) | (24) | 2 | 0.0 (g) |
|  Infineon Technologies AG | (6) | (267) | 10 | 0.0 (g) |
|  Merck KGaA | (8) | (951) | 5 | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (2) | (1394) | (12) | 0.0 (g) |
|  Porsche Automobil Holding SE | (4) | (149) | 4 | 0.0 (g) |
|  Puma SE | — (h) | (5) | — (h) | 0.0 (g) |
|  RENK Group AG | (5) | (294) | 30 | 0.0 (g) |
|  Rheinmetall AG | — (h) | (107) | 12 | 0.0 (g) |
|  Sartorius AG | (2) | (423) | 4 | 0.0 (g) |
|  Siemens Healthineers AG | (3) | (138) | 5 | 0.0 (g) |
|  Talanx AG | (1) | (179) | 1 | 0.0 (g) |
|  thyssenkrupp AG | (11) | (96) | 2 | 0.0 (g) |
|  TUI AG | (10) | (74) | 1 | 0.0 (g) |
|  Volkswagen AG | — (h) | (15) | — (h) | 0.0 (g) |
|  Zalando SE | (19) | (515) | 71 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (57) | (592) | (7) | 0.0 (g) |
|  Bank of Ireland Group plc | (30) | (535) | 1 | 0.0 (g) |
|  Kingspan Group plc | (2) | (163) | 1 | 0.0 (g) |
|  Ryanair Holdings plc | (16) | (470) | 30 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (51) | (143) | — (h) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (19) | (163) | (4) | 0.0 (g) |
|  BPER Banca SPA | (23) | (291) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Buzzi SpA | (7) | (364) | (7) | 0.0 (g) |
|  Enel SpA | (10) | (113) | 2 | 0.0 (g) |
|  Ferrari NV | (4) | (1180) | (2) | 0.0 (g) |
|  Fincantieri SpA | (2) | (25) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (10) | (208) | (2) | 0.0 (g) |
|  Lottomatica Group Spa | (1) | (26) | — (h) | 0.0 (g) |
|  Moncler SpA | (13) | (796) | 21 | 0.0 (g) |
|  Nexi SpA | (16) | (50) | (7) | 0.0 (g) |
|  Terna - Rete Elettrica Nazionale | (9) | (108) | 2 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (2) | (121) | 2 | 0.0 (g) |
|  CVC Capital Partners plc | (21) | (275) | (2) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (76) | (2426) | 36 | 0.0 (g) |
|  Adyen NV | — (h) | (492) | 24 | 0.0 (g) |
|  Aegon Ltd. | (6) | (42) | (1) | 0.0 (g) |
|  Akzo Nobel NV | (2) | (146) | 6 | 0.0 (g) |
|  Argenx SE | (1) | (546) | (3) | 0.0 (g) |
|  EXOR NV | (6) | (498) | 16 | 0.0 (g) |
|  Ferrovial SE | (8) | (546) | 3 | 0.0 (g) |
|  Heineken Holding NV | (4) | (309) | 22 | 0.0 (g) |
|  Heineken NV | (7) | (562) | 35 | 0.0 (g) |
|  IMCD NV | (1) | (92) | (20) | 0.0 (g) |
|  ING Groep NV | (47) | (1222) | 24 | 0.0 (g) |
|  Prosus NV | (22) | (1181) | 192 | 0.1 |
|  Randstad NV | (2) | (65) | 8 | 0.0 (g) |
|  Stellantis NV | (35) | (231) | (14) | 0.0 (g) |
|  Universal Music Group NV | (29) | (607) | 45 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (170) | (156) | (7) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (3) | (76) | 7 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | — (h) | (32) | (1) | 0.0 (g) |
|  Aena SME SA | (28) | (817) | 6 | 0.0 (g) |
|  Amadeus IT Group SA | (4) | (261) | 14 | 0.0 (g) |
|  Cellnex Telecom SA | (6) | (198) | 9 | 0.0 (g) |
|  EDP Renovaveis SA | (4) | (69) | (2) | 0.0 (g) |
|  Endesa SA | (7) | (273) | (6) | 0.0 (g) |
|  Grifols SA | (2) | (21) | 1 | 0.0 (g) |
|  Indra Sistemas SA | — (h) | (20) | 4 | 0.0 (g) |
|  Mapfre SA | (80) | (340) | (12) | 0.0 (g) |
|  Merlin Properties Socimi SA | (7) | (108) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (19) | (633) | 15 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (38753) | 791 | 0.1 |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | 1 | 153 | 11 | 0.0 (g) |
|  voestalpine AG | 1 | 42 | (2) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | 3 | 176 | 9 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 30 | (1) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 134 | (1) | 0.0 (g) |
|  Sofina SA | — (h) | 29 | (2) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 1 | 31 | (2) | 0.0 (g) |
|  Kone OYJ | 3 | 170 | (4) | 0.0 (g) |
|  Neste OYJ | 5 | 157 | 5 | 0.0 (g) |
|  Nokia OYJ | 2 | 21 | (2) | 0.0 (g) |
|  Sampo OYJ | 51 | 557 | (16) | 0.0 (g) |
|  Wartsila OYJ Abp | 3 | 109 | (1) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | 11 | 511 | (5) | 0.0 (g) |
|  Air Liquide SA | 4 | 707 | 25 | 0.0 (g) |
|  AXA SA | 9 | 412 | 7 | 0.0 (g) |
|  Ayvens SA | 2 | 20 | 1 | 0.0 (g) |
|  BNP Paribas SA | — (h) | 24 | (1) | 0.0 (g) |
|  Capgemini SE | 2 | 237 | (10) | 0.0 (g) |
|  Covivio SA | 3 | 173 | (19) | 0.0 (g) |
|  Credit Agricole SA | 19 | 369 | (10) | 0.0 (g) |
|  Danone SA | 2 | 185 | 2 | 0.0 (g) |
|  EssilorLuxottica SA | 4 | 832 | (5) | 0.0 (g) |
|  Ipsen SA | 1 | 120 | 5 | 0.0 (g) |
|  Klepierre SA | 6 | 238 | (4) | 0.0 (g) |
|  Legrand SA | 5 | 838 | (34) | 0.0 (g) |
|  L'Oreal SA | 2 | 609 | (2) | 0.0 (g) |
|  LVMH Moet Hennessy Louis Vuitton SE | 2 | 1027 | (31) | 0.0 (g) |
|  Publicis Groupe SA | 10 | 871 | (24) | 0.0 (g) |
|  Safran SA | 1 | 500 | (19) | 0.0 (g) |
|  Sanofi SA | 6 | 518 | 32 | 0.0 (g) |
|  Societe Generale SA | — (h) | 27 | (1) | 0.0 (g) |
|  SPIE SA | 5 | 252 | (18) | 0.0 (g) |
|  Thales SA | 1 | 153 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Valeo SE | 3 | 39 | 1 | 0.0 (g) |
|  Vinci SA | 5 | 698 | (5) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | 1 | 195 | (6) | 0.0 (g) |
|  Allianz SE | 3 | 1403 | 1 | 0.0 (g) |
|  BASF SE | 2 | 132 | 11 | 0.0 (g) |
|  Continental AG | 4 | 269 | (8) | 0.0 (g) |
|  Deutsche Bank AG | 9 | 279 | (5) | 0.0 (g) |
|  Deutsche Post AG | 1 | 54 | — (h) | 0.0 (g) |
|  Deutsche Telekom AG | 4 | 159 | — (h) | 0.0 (g) |
|  Fresenius Medical Care AG | 1 | 52 | (2) | 0.0 (g) |
|  GEA Group AG | 2 | 149 | (3) | 0.0 (g) |
|  Heidelberg Materials AG | 2 | 335 | 26 | 0.0 (g) |
|  Henkel AG & Co. KGaA | — (h) | 35 | (2) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 6 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 1 | 170 | (3) | 0.0 (g) |
|  LEG Immobilien SE | — (h) | 11 | (1) | 0.0 (g) |
|  Mercedes-Benz Group AG | 3 | 208 | 3 | 0.0 (g) |
|  Nemetschek SE | 1 | 109 | (9) | 0.0 (g) |
|  Nordex SE | 1 | 40 | 2 | 0.0 (g) |
|  Rational AG | — (h) | 139 | (10) | 0.0 (g) |
|  RWE AG | 4 | 265 | 4 | 0.0 (g) |
|  Scout24 SE | — (h) | 31 | (2) | 0.0 (g) |
|  Siemens AG | 2 | 521 | (13) | 0.0 (g) |
|  Siemens Energy AG | 11 | 1871 | 14 | 0.0 (g) |
|  Vonovia SE | 35 | 991 | (125) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 5 | 426 | (3) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | 4 | 38 | 2 | 0.0 (g) |
|  Azimut Holding SpA | 3 | 94 | — (h) | 0.0 (g) |
|  Banca Mediolanum SpA | 15 | 288 | 10 | 0.0 (g) |
|  Generali | 1 | 42 | — (h) | 0.0 (g) |
|  Intesa Sanpaolo SpA | 261 | 1541 | 14 | 0.0 (g) |
|  Italgas SpA | 4 | 42 | (1) | 0.0 (g) |
|  Leonardo SpA | 3 | 190 | (15) | 0.0 (g) |
|  Poste Italiane SpA | 5 | 116 | (7) | 0.0 (g) |
|  Prysmian SpA | — (h) | 31 | — (h) | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 2 | 112 | 10 | 0.0 (g) |
|  Saipem SpA | 146 | 573 | 90 | 0.0 (g) |
|  UniCredit SpA | 6 | 444 | (21) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 5 | 111 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | — (h) | 8 | — (h) | 0.0 (g) |
|  Tenaris SA | 6 | 155 | 15 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 95 | (6) | 0.0 (g) |
|  ASML Holding NV | 1 | 943 | (56) | 0.0 (g) |
|  ASR Nederland NV | 7 | 447 | 9 | 0.0 (g) |
|  BE Semiconductor Industries NV | 1 | 208 | (5) | 0.0 (g) |
|  Euronext NV | 2 | 382 | (4) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 4 | 173 | (8) | 0.0 (g) |
|  Koninklijke KPN NV | 16 | 89 | (1) | 0.0 (g) |
|  Koninklijke Philips NV | 6 | 163 | (8) | 0.0 (g) |
|  NN Group NV | 4 | 332 | 4 | 0.0 (g) |
|  QIAGEN NV | 5 | 225 | (6) | 0.0 (g) |
|  Wolters Kluwer NV | 6 | 473 | (11) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 92 | 468 | 15 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 3 | 364 | (4) | 0.0 (g) |
|  Banco Santander SA | 55 | 609 | (1) | 0.0 (g) |
|  Bankinter SA | 5 | 77 | 2 | 0.0 (g) |
|  CaixaBank SA | 32 | 366 | 12 | 0.0 (g) |
|  Enagas SA | 30 | 529 | 73 | 0.0 (g) |
|  Iberdrola SA | 1 | 28 | — (h) | 0.0 (g) |
|  Naturgy Energy Group SA | 2 | 72 | 1 | 0.0 (g) |
|  Telefonica SA | 96 | 397 | 25 | 0.0 (g) |
|  Unicaja Banco SA | 52 | 147 | 4 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 5 | 335 | 11 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  International Consolidated Airlines Group SA | 26 | 124 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 29650 | (110) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (9103) | 681 | 0.1 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 08/19/2026 | (1193) | 400 | 97 | 497 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Greatland Resources Ltd. | (4) | (31) | 1 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (6) | (123) | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Experian plc | (7) | (235) | 10 | 0.0 (g) |
|  **Jersey** |  |  |  |  |
|  B&M European Value Retail plc | (13) | (31) | 2 | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (3) | (136) | 4 | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (1) | (8) | 1 | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Pan African Resources plc | (18) | (33) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (40) | (274) | (26) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (9) | (361) | 61 | 0.0 (g) |
|  Associated British Foods plc | (1) | (24) | — (h) | 0.0 (g) |
|  AstraZeneca plc | (2) | (304) | (7) | 0.0 (g) |
|  Auto Trader Group plc | (15) | (96) | 1 | 0.0 (g) |
|  Barratt Redrow plc | (54) | (202) | 18 | 0.0 (g) |
|  Berkeley Group Holdings plc | (1) | (45) | 3 | 0.0 (g) |
|  BT Group plc | (86) | (245) | 5 | 0.0 (g) |
|  Bunzl plc | (11) | (343) | 2 | 0.0 (g) |
|  Centrica plc | (109) | (301) | (6) | 0.0 (g) |
|  Convatec Group plc | (25) | (77) | 5 | 0.0 (g) |
|  Croda International plc | (2) | (69) | (5) | 0.0 (g) |
|  Diageo plc | (2) | (43) | 1 | 0.0 (g) |
|  Drax Group plc | (5) | (61) | — (h) | 0.0 (g) |
|  easyJet plc | (33) | (159) | 7 | 0.0 (g) |
|  Games Workshop Group plc | (1) | (162) | (6) | 0.0 (g) |
|  GSK plc | (34) | (920) | (17) | 0.0 (g) |
|  Haleon plc | (113) | (574) | 18 | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (2) | (38) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (5) | (54) | 3 | 0.0 (g) |
|  International Consolidated Airlines Group SA | (11) | (50) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (61) | (58) | 1 | 0.0 (g) |
|  Land Securities Group plc | (25) | (197) | 12 | 0.0 (g) |
|  LondonMetric Property plc | (61) | (152) | 7 | 0.0 (g) |
|  Marks & Spencer Group plc | (80) | (380) | 22 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Melrose Industries plc | (31) | (209) | 2 | 0.0 (g) |
|  Mondi plc | (3) | (33) | (1) | 0.0 (g) |
|  National Grid plc | (14) | (252) | 14 | 0.0 (g) |
|  Persimmon plc | (5) | (77) | 8 | 0.0 (g) |
|  Primary Health Properties plc | (15) | (21) | 2 | 0.0 (g) |
|  RELX plc | (12) | (398) | 8 | 0.0 (g) |
|  Rentokil Initial plc | (130) | (822) | 21 | 0.0 (g) |
|  Rio Tinto plc | (2) | (197) | (7) | 0.0 (g) |
|  Segro plc | (18) | (173) | 21 | 0.0 (g) |
|  Severn Trent plc | (1) | (31) | 1 | 0.0 (g) |
|  Spirax Group plc | (1) | (63) | — (h) | 0.0 (g) |
|  SSE plc | (27) | (976) | 38 | 0.0 (g) |
|  Unilever plc | (29) | (1861) | 246 | 0.0 (g) |
|  UNITE Group plc (The) | (10) | (61) | 2 | 0.0 (g) |
|  Weir Group plc (The) | — (h) | (18) | — (h) | 0.0 (g) |
|  Whitbread plc | (12) | (390) | 14 | 0.0 (g) |
|  Wise plc | (33) | (381) | (8) | 0.0 (g) |
|  WPP plc | (11) | (34) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Sunbelt Rentals Holdings, Inc. | (1) | (69) | 7 | 0.0 (g) |
|  Total Short Positions of Total Return Swaps |  | (11852) | 486 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 2 | 88 | (5) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Airtel Africa plc | 16 | 75 | (3) | 0.0 (g) |
|  Anglo American plc | 13 | 551 | 11 | 0.0 (g) |
|  Aviva plc | 26 | 221 | (14) | 0.0 (g) |
|  BAE Systems plc | 2 | 62 | (3) | 0.0 (g) |
|  Barclays plc | 125 | 645 | (2) | 0.0 (g) |
|  Bellway plc | — (h) | 9 | (2) | 0.0 (g) |
|  BP plc | 101 | 740 | 73 | 0.0 (g) |
|  British Land Co. plc/The | 2 | 11 | — (h) | 0.0 (g) |
|  Burberry Group plc | 12 | 171 | 9 | 0.0 (g) |
|  Compass Group plc | 9 | 250 | (15) | 0.0 (g) |
|  Diploma plc | 1 | 90 | 15 | 0.0 (g) |
|  Endeavour Mining plc | 2 | 127 | (2) | 0.0 (g) |
|  Entain plc | 6 | 42 | 2 | 0.0 (g) |
|  HSBC Holdings plc | 14 | 214 | 5 | 0.0 (g) |
|  IG Group Holdings plc | 5 | 82 | 5 | 0.0 (g) |
|  IMI plc | 1 | 35 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Imperial Brands plc | 20 | 834 | (39) | 0.0 (g) |
|  Informa plc | 7 | 68 | (1) | 0.0 (g) |
|  Intertek Group plc | 15 | 735 | — (h) | 0.0 (g) |
|  J Sainsbury plc | 79 | 363 | (11) | 0.0 (g) |
|  Johnson Matthey plc | 2 | 52 | — (h) | 0.0 (g) |
|  Kingfisher plc | 24 | 99 | (9) | 0.0 (g) |
|  Legal & General Group plc | 178 | 584 | (4) | 0.0 (g) |
|  Lloyds Banking Group plc | 211 | 260 | (3) | 0.0 (g) |
|  M&G plc | 20 | 80 | (7) | 0.0 (g) |
|  NatWest Group plc | 93 | 667 | 11 | 0.0 (g) |
|  Next plc | 2 | 299 | (3) | 0.0 (g) |
|  Phoenix Group Holdings plc | 9 | 78 | (1) | 0.0 (g) |
|  Reckitt Benckiser Group plc | 5 | 351 | (24) | 0.0 (g) |
|  Rolls-Royce Holdings plc | 1 | 21 | (2) | 0.0 (g) |
|  Sage Group plc (The) | 58 | 650 | (6) | 0.0 (g) |
|  Shell plc | 10 | 472 | 4 | 0.0 (g) |
|  Smiths Group plc | 12 | 375 | (17) | 0.0 (g) |
|  St James's Place plc | 10 | 167 | (15) | 0.0 (g) |
|  Standard Chartered plc | 17 | 345 | 1 | 0.0 (g) |
|  Taylor Wimpey plc | 140 | 174 | (10) | 0.0 (g) |
|  Tesco plc | 48 | 313 | (10) | 0.0 (g) |
|  Tritax Big Box REIT plc | 101 | 203 | (14) | 0.0 (g) |
|  United Utilities Group plc | 1 | 15 | — (h) | 0.0 (g) |
|  Vodafone Group plc | 10 | 15 | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | 1 | 26 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10659 | (86) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1193) | 400 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 08/19/2026 | 1250 | 18 | 4 | 22 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (22) | (112) | (5) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (21) | (167) | 4 | 0.0 (g) |
|  CLP Holdings Ltd. | (17) | (158) | (1) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | (1) | (4) | — (h) | 0.0 (g) |
|  HKT Trust & HKT Ltd. | (12) | (19) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (79) | (74) | 2 | 0.0 (g) |
|  MTR Corp. Ltd. | (27) | (109) | 1 | 0.0 (g) |
|  Sino Land Co. Ltd. | (47) | (68) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (5) | (83) | — (h) | 0.0 (g) |
|  Swire Pacific Ltd. | (8) | (82) | 1 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | (13) | (40) | 4 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (916) | 6 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | 142 | 1510 | 26 | 0.0 (g) |
|  CK Asset Holdings Ltd. | 8 | 47 | (2) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 16 | 117 | 1 | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 9 | 42 | (2) | 0.0 (g) |
|  Guotai Junan International Holdings Ltd. | 253 | 82 | (7) | 0.0 (g) |
|  Link REIT | 18 | 86 | (1) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 4 | 17 | 1 | 0.0 (g) |
|  WH Group Ltd. | 36 | 44 | 3 | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 74 | 156 | (1) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 4 | 59 | (5) | 0.0 (g) |
|  Mobvista, Inc. | 3 | 6 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2166 | 12 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1250 | 18 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -4.5% to 0.55%) which is denominated in ILS based on the local currencies of the positions within the swap | 08/19/2026 | 754 | (32) | – (h) | (32) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (59) | 4 | 0.0 (g) |
|  Clal Insurance Enterprises Holdings Ltd. | — (h) | (8) | 1 | 0.0 (g) |
|  Enlight Renewable Energy Ltd. | — (h) | (10) | 1 | 0.0 (g) |
|  Harel Insurance Investments & Financial Services Ltd. | — (h) | (12) | — (h) | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | (3) | (198) | (2) | 0.0 (g) |
|  Next Vision Stabilized Systems Ltd. | — (h) | (10) | 2 | 0.0 (g) |
|  Phoenix Financial Ltd. | (1) | (76) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (373) | 7 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 17 | 401 | (13) | 0.0 (g) |
|  Bank Leumi Le-Israel BM | 26 | 592 | (19) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 80 | (4) | 0.0 (g) |
|  Israel Discount Bank Ltd. | 3 | 33 | (2) | 0.0 (g) |
|  Nice Ltd. | — (h) | 21 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1127 | (39) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 754 | (32) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -2.3% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 08/19/2026 | 2418 | 256 | 578 | 834 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | (28) | (2807) | 91 | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | (7) | (84) | 3 | 0.0 (g) |
|  AGC, Inc. | (1) | (43) | 1 | 0.0 (g) |
|  Asics Corp. | (13) | (343) | 16 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (21) | (572) | 53 | 0.0 (g) |
|  Capcom Co. Ltd. | (13) | (282) | 17 | 0.0 (g) |
|  Central Japan Railway Co. | (13) | (353) | 13 | 0.0 (g) |
|  Chiba Bank Ltd. (The) | (22) | (273) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (20) | (309) | (13) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (5) | (276) | 15 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (3) | (113) | 1 | 0.0 (g) |
|  Daifuku Co. Ltd. | (5) | (185) | 7 | 0.0 (g) |
|  Daikin Industries Ltd. | — (h) | (48) | 1 | 0.0 (g) |
|  Dowa Holdings Co. Ltd. | — (h) | (6) | 1 | 0.0 (g) |
|  Ebara Corp. | (8) | (240) | 22 | 0.0 (g) |
|  Electric Power Development Co. Ltd. | (1) | (23) | (2) | 0.0 (g) |
|  Food & Life Cos. Ltd. | — (h) | (18) | — (h) | 0.0 (g) |
|  Fuji Electric Co. Ltd. | — (h) | (14) | 1 | 0.0 (g) |
|  Fuji Media Holdings, Inc. | (5) | (127) | (9) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | (30) | (574) | 7 | 0.0 (g) |
|  GS Yuasa Corp. | (3) | (94) | (3) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (7) | (55) | 4 | 0.0 (g) |
|  IHI Corp. | (4) | (92) | 15 | 0.0 (g) |
|  Inpex Corp. | (9) | (256) | — (h) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (12) | (216) | (6) | 0.0 (g) |
|  ITOCHU Corp. | (30) | (384) | 11 | 0.0 (g) |
|  Iyogin Holdings, Inc. | (1) | (17) | 1 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (13) | (188) | (3) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (26) | (298) | 6 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (3) | (52) | 1 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (15) | (148) | (3) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (1) | (75) | 11 | 0.0 (g) |
|  JFE Holdings, Inc. | (4) | (48) | 2 | 0.0 (g) |
|  JX Advanced Metals Corp. | (2) | (55) | 10 | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (1) | (10) | 2 | 0.0 (g) |
|  KDDI Corp. | (2) | (28) | (1) | 0.0 (g) |
|  Keyence Corp. | (1) | (473) | 24 | 0.0 (g) |
|  Kikkoman Corp. | (30) | (248) | (20) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Kinden Corp. | (1) | (65) | 4 | 0.0 (g) |
|  Kioxia Holdings Corp. | (2) | (242) | 38 | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (49) | (798) | 26 | 0.0 (g) |
|  Kokusai Electric Corp. | (5) | (163) | 11 | 0.0 (g) |
|  Komatsu Ltd. | (21) | (902) | 110 | 0.0 (g) |
|  Konami Group Corp. | (6) | (746) | 52 | 0.0 (g) |
|  Kurita Water Industries Ltd. | (1) | (39) | 2 | 0.0 (g) |
|  Kyocera Corp. | (4) | (59) | 1 | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (1) | (30) | 2 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (15) | (223) | (21) | 0.0 (g) |
|  Marubeni Corp. | (3) | (121) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | (1) | (404) | 38 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (19) | (303) | (6) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | (1) | (54) | (3) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (34) | (252) | (4) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | — (h) | (5) | — (h) | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | (1) | (177) | 10 | 0.0 (g) |
|  Mercari, Inc. | (6) | (124) | (8) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (5) | (86) | 6 | 0.0 (g) |
|  MISUMI Group, Inc. | (3) | (53) | 4 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (24) | (135) | 2 | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (11) | (319) | 23 | 0.0 (g) |
|  Mitsubishi Materials Corp. | (3) | (96) | 2 | 0.0 (g) |
|  Mitsubishi Motors Corp. | (31) | (69) | 10 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (2) | (64) | 8 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | — (h) | (60) | 7 | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | (4) | (137) | (10) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (1) | (35) | — (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (6) | (72) | 3 | 0.0 (g) |
|  Nexon Co. Ltd. | (4) | (66) | 2 | 0.0 (g) |
|  Nikon Corp. | (6) | (75) | 1 | 0.0 (g) |
|  Nippon Building Fund, Inc. | (1) | (581) | 47 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (4) | (90) | 3 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (78) | (514) | 33 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (7) | (279) | 31 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (65) | (144) | 8 | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | (13) | (243) | (5) | 0.0 (g) |
|  Niterra Co. Ltd. | (1) | (24) | 1 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | — (h) | (41) | 6 | 0.0 (g) |
|  NTT, Inc. | (316) | (311) | (2) | 0.0 (g) |
|  Oji Holdings Corp. | (8) | (43) | 3 | 0.0 (g) |
|  Olympus Corp. | (8) | (70) | (8) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Organo Corp. | (1) | (102) | 8 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (19) | (323) | 7 | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (2) | (78) | (2) | 0.0 (g) |
|  Rakuten Bank Ltd. | (7) | (273) | 21 | 0.0 (g) |
|  Renesas Electronics Corp. | (6) | (86) | 11 | 0.0 (g) |
|  Resonac Holdings Corp. | (7) | (488) | 55 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (10) | (233) | 17 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (6) | (352) | 25 | 0.0 (g) |
|  Seibu Holdings, Inc. | (13) | (330) | (15) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (5) | (88) | 4 | 0.0 (g) |
|  SG Holdings Co. Ltd. | (1) | (8) | — (h) | 0.0 (g) |
|  Shimadzu Corp. | (2) | (59) | 3 | 0.0 (g) |
|  Shimano, Inc. | (1) | (94) | 1 | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (13) | (537) | 20 | 0.0 (g) |
|  Shionogi & Co. Ltd. | (13) | (288) | (5) | 0.0 (g) |
|  SKY Perfect JSAT Corp. | (1) | (24) | 1 | 0.0 (g) |
|  SoftBank Group Corp. | (1) | (14) | — (h) | 0.0 (g) |
|  Sojitz Corp. | (11) | (453) | 17 | 0.0 (g) |
|  Sompo Holdings, Inc. | (12) | (451) | 4 | 0.0 (g) |
|  Subaru Corp. | (22) | (353) | 12 | 0.0 (g) |
|  Sumitomo Corp. | (18) | (653) | (17) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (3) | (23) | 1 | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (7) | (211) | 6 | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (27) | (753) | 4 | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (3) | (83) | 6 | 0.0 (g) |
|  Takashimaya Co. Ltd. | (5) | (61) | (2) | 0.0 (g) |
|  TIS, Inc. | (2) | (32) | — (h) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (29) | (293) | (12) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (1) | (28) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (16) | (161) | 1 | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (1) | (42) | 5 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | — (h) | (18) | 2 | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (1) | (29) | 2 | 0.0 (g) |
|  Tokyu Corp. | (24) | (282) | (2) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (7) | (220) | 39 | 0.0 (g) |
|  Toray Industries, Inc. | (8) | (57) | 1 | 0.0 (g) |
|  TOTO Ltd. | (2) | (53) | 2 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (7) | (485) | (7) | 0.0 (g) |
|  Toyota Motor Corp. | (3) | (70) | 2 | 0.0 (g) |
|  Toyota Tsusho Corp. | (20) | (817) | 56 | 0.0 (g) |
|  West Japan Railway Co. | (14) | (277) | 9 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (17) | (116) | (3) | 0.0 (g) |
|  Yokogawa Electric Corp. | (7) | (234) | 30 | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (6) | (57) | 1 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (1) | (30) | 1 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (9) | (498) | 6 | 0.0 (g) |
|  ZOZO, Inc. | (13) | (93) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (28051) | 1019 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 3 | 411 | (65) | 0.0 (g) |
|  Aisin Corp. | 20 | 286 | (18) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 12 | 350 | (6) | 0.0 (g) |
|  Amada Co. Ltd. | 19 | 281 | (22) | 0.0 (g) |
|  ANA Holdings, Inc. | 14 | 258 | (9) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 1 | 7 | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | 11 | 111 | (5) | 0.0 (g) |
|  Astellas Pharma, Inc. | 1 | 19 | — (h) | 0.0 (g) |
|  BayCurrent, Inc. | 5 | 131 | 3 | 0.0 (g) |
|  Bridgestone Corp. | 16 | 331 | (4) | 0.0 (g) |
|  Credit Saison Co. Ltd. | 4 | 107 | (6) | 0.0 (g) |
|  CyberAgent, Inc. | 17 | 149 | (10) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 17 | 309 | (13) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 3 | 27 | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 8 | 138 | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 15 | 348 | 7 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 21 | 675 | (37) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 11 | 99 | 1 | 0.0 (g) |
|  Denso Corp. | 24 | 290 | — (h) | 0.0 (g) |
|  Dentsu Group, Inc. | 11 | 184 | (4) | 0.0 (g) |
|  DMG Mori Co. Ltd. | — (h) | 7 | (1) | 0.0 (g) |
|  Eisai Co. Ltd. | 10 | 290 | 8 | 0.0 (g) |
|  ENEOS Holdings, Inc. | 21 | 173 | 9 | 0.0 (g) |
|  Fujitsu Ltd. | 16 | 337 | (23) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 3 | 121 | (2) | 0.0 (g) |
|  Hamamatsu Photonics KK | 11 | 144 | (21) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 9 | 319 | (27) | 0.0 (g) |
|  Hitachi Ltd. | 5 | 161 | (12) | 0.0 (g) |
|  Horiba Ltd. | 1 | 60 | (3) | 0.0 (g) |
|  Hulic Co. Ltd. | 11 | 133 | (3) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 13 | 116 | 8 | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 4 | 61 | (4) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 1 | 16 | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 88 | 983 | 13 | 0.0 (g) |
|  Japan Tobacco, Inc. | 43 | 1588 | 59 | 0.0 (g) |
|  Kajima Corp. | 10 | 389 | (6) | 0.0 (g) |
|  Kandenko Co. Ltd. | 6 | 213 | (6) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 7 | 107 | 2 | 0.0 (g) |
|  Kao Corp. | 14 | 559 | 1 | 0.0 (g) |
|  Kobe Steel Ltd. | 1 | 16 | (1) | 0.0 (g) |
|  Kubota Corp. | 2 | 34 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  LY Corp. | 39 | 96 | (4) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 10 | 346 | (20) | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | 1 | 18 | (2) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 47 | 418 | (3) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 9 | 260 | (31) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 42 | 696 | (6) | 0.0 (g) |
|  Mitsui & Co. Ltd. | 36 | 1366 | (3) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 28 | 339 | (12) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 15 | 169 | (16) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 97 | 2207 | (114) | 0.0 (g) |
|  NEC Corp. | 10 | 254 | (23) | 0.0 (g) |
|  NGK Insulators Ltd. | 8 | 208 | (3) | 0.0 (g) |
|  NH Foods Ltd. | 4 | 178 | 8 | 0.0 (g) |
|  NIDEC Corp., | 5 | 77 | (10) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 4 | 158 | (9) | 0.0 (g) |
|  Nippon Yusen KK | 11 | 372 | 10 | 0.0 (g) |
|  Nissan Chemical Corp. | 4 | 140 | (8) | 0.0 (g) |
|  Nitto Denko Corp. | 4 | 85 | (4) | 0.0 (g) |
|  Nomura Holdings, Inc. | 12 | 86 | 1 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 57 | 378 | (15) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 16 | 421 | 2 | 0.0 (g) |
|  NSK Ltd. | 16 | 119 | (7) | 0.0 (g) |
|  Obayashi Corp. | 14 | 330 | (3) | 0.0 (g) |
|  Obic Co. Ltd. | 6 | 139 | (6) | 0.0 (g) |
|  Omron Corp. | 5 | 131 | (3) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 74 | 1095 | 78 | 0.0 (g) |
|  Oracle Corp. Japan | 3 | 182 | (19) | 0.0 (g) |
|  ORIX Corp. | 17 | 495 | (16) | 0.0 (g) |
|  Otsuka Corp. | — (h) | 7 | — (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 32 | 202 | (7) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 2 | 17 | (2) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | — (h) | 12 | — (h) | 0.0 (g) |
|  Resona Holdings, Inc. | 16 | 171 | (1) | 0.0 (g) |
|  Ricoh Co. Ltd. | 14 | 118 | (2) | 0.0 (g) |
|  Secom Co. Ltd. | 5 | 205 | 1 | 0.0 (g) |
|  Seiko Epson Corp. | 20 | 252 | (6) | 0.0 (g) |
|  Sekisui House Ltd. | 2 | 38 | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | 3 | 55 | (3) | 0.0 (g) |
|  Shimizu Corp. | 29 | 556 | (44) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 12 | 183 | 3 | 0.0 (g) |
|  SoftBank Corp. | 29 | 40 | (1) | 0.0 (g) |
|  Sony Group Corp. | 68 | 1456 | (75) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Square Enix Holdings Co. Ltd. | 4 | 67 | (3) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 58 | 181 | 3 | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 6 | 403 | (70) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | 8 | 496 | (44) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 31 | 984 | (15) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 13 | 418 | (4) | 0.0 (g) |
|  Suzuki Motor Corp. | 14 | 170 | (2) | 0.0 (g) |
|  Sysmex Corp. | 31 | 269 | (6) | 0.0 (g) |
|  T&D Holdings, Inc. | 5 | 116 | 9 | 0.0 (g) |
|  Taisei Corp. | 1 | 135 | (3) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | 1 | 24 | (2) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | 1 | 32 | — (h) | 0.0 (g) |
|  TDK Corp. | 7 | 93 | (5) | 0.0 (g) |
|  Terumo Corp. | 11 | 144 | 2 | 0.0 (g) |
|  THK Co. Ltd. | 19 | 596 | (37) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 3 | 111 | 27 | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 14 | 55 | 3 | 0.0 (g) |
|  Tokyo Electron Ltd. | 2 | 395 | (19) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 1 | 8 | — (h) | 0.0 (g) |
|  Tosoh Corp. | 31 | 462 | (10) | 0.0 (g) |
|  Toyo Tire Corp. | 4 | 85 | (2) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 8 | 267 | (3) | 0.0 (g) |
|  Unicharm Corp. | 41 | 232 | 6 | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 9 | 140 | 5 | 0.0 (g) |
|  Yaskawa Electric Corp. | 6 | 173 | (19) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 30469 | (763) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2418 | 256 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 08/19/2026 | 636 | 97 | 6 | 103 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | (2) | (88) | (18) | 0.0 (g) |
|  Gjensidige Forsikring ASA | (4) | (104) | 7 | 0.0 (g) |
|  Norsk Hydro ASA | (24) | (232) | (21) | 0.0 (g) |
|  Orkla ASA | (12) | (143) | (4) | 0.0 (g) |
|  Yara International ASA | (1) | (68) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (635) | (38) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 24 | 830 | 62 | 0.0 (g) |
|  Mowi ASA | 2 | 49 | (1) | 0.0 (g) |
|  Var Energi ASA | 89 | 392 | 74 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1271 | 135 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 636 | 97 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to -0.4%) which is denominated in NZD based on the local currencies of the positions within the swap | 08/19/2026 | (149) | (11) | – | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | (24) | (149) | (11) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (149) | (11) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (149) | (11) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.7% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 08/19/2026 | (1606) | 131 | 126 | 257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | (2) | (124) | 2 | 0.0 (g) |
|  Atlas Copco AB | (12) | (206) | 8 | 0.0 (g) |
|  Epiroc AB | (1) | (23) | — (h) | 0.0 (g) |
|  Essity AB | (33) | (920) | 74 | 0.0 (g) |
|  Fastighets AB Balder | — (h) | (1) | — (h) | 0.0 (g) |
|  H & M Hennes & Mauritz AB | (17) | (318) | 8 | 0.0 (g) |
|  Holmen AB | (9) | (322) | 3 | 0.0 (g) |
|  Industrivarden AB | — (h) | (3) | — (h) | 0.0 (g) |
|  Investment AB Latour | (5) | (102) | 1 | 0.0 (g) |
|  Investor AB | (12) | (436) | (13) | 0.0 (g) |
|  L E Lundbergforetagen AB | (9) | (509) | 6 | 0.0 (g) |
|  Nibe Industrier AB | — (h) | (1) | — (h) | 0.0 (g) |
|  Sagax AB | (5) | (94) | 1 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (7) | (125) | 6 | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (107) | (1258) | 27 | 0.0 (g) |
|  Swedbank AB | (15) | (537) | 22 | 0.0 (g) |
|  Trelleborg AB | (4) | (143) | 2 | 0.0 (g) |
|  Volvo AB | (1) | (34) | 2 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (5156) | 149 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 5 | 156 | 5 | 0.0 (g) |
|  Assa Abloy AB | 2 | 83 | (2) | 0.0 (g) |
|  Beijer Ref AB | — (h) | 2 | — (h) | 0.0 (g) |
|  Epiroc AB | 5 | 125 | (5) | 0.0 (g) |
|  Industrivarden AB | 1 | 59 | (2) | 0.0 (g) |
|  Indutrade AB | 6 | 126 | 2 | 0.0 (g) |
|  Lifco AB | 5 | 152 | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Saab AB | 3 | 233 | (20) | 0.0 (g) |
|  Sandvik AB | 5 | 184 | 2 | 0.0 (g) |
|  Securitas AB | 25 | 419 | 1 | 0.0 (g) |
|  Skanska AB | 23 | 614 | (4) | 0.0 (g) |
|  SKF AB | 5 | 111 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | 1 | 31 | 1 | 0.0 (g) |
|  Tele2 AB | 55 | 1122 | 15 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 11 | 133 | (6) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3550 | (18) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1606) | 131 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -0.79% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 08/19/2026 | (976) | (54) | 3 | (51) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (6) | (18) | 1 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Oversea-Chinese Banking Corp. Ltd. | (8) | (123) | (7) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (38) | (169) | (26) | 0.0 (g) |
|  Singapore Airlines Ltd. | (92) | (469) | (4) | 0.0 (g) |
|  Singapore Exchange Ltd. | (27) | (397) | (13) | 0.0 (g) |
|  United Overseas Bank Ltd. | (1) | (17) | — (h) | 0.0 (g) |
|  Wilmar International Ltd. | (25) | (74) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1267) | (49) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 13 | 27 | (1) | 0.0 (g) |
|  CapitaLand Investment Ltd./Singapore | 10 | 21 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  CapitaLand RTS | — (h) | — (h) | — (h) | 0.0 (g) |
|  Genting Singapore Ltd. | 24 | 12 |  | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 24 | 205 | (3) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | 7 | 26 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 291 | (5) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (976) | (54) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -1.49% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 08/18/2026 | (5634) | 271 | 560 | 831 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  IREN Ltd. | (1) | (24) | 6 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Axis Capital Holdings Ltd. | — (h) | (14) | — (h) | 0.0 (g) |
|  Everest Group Ltd. | (2) | (571) | (11) | 0.0 (g) |
|  Golar LNG Ltd. | (1) | (57) | (12) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | — (h) | (26) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (5) | (167) | (1) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Jazz Pharmaceuticals plc | (2) | (400) | (15) | 0.0 (g) |
|  Medtronic plc | (17) | (1521) | 27 | 0.0 (g) |
|  Smurfit WestRock plc | (3) | (109) | (1) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  Monday.com Ltd. | (2) | (162) | 12 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NXP Semiconductors NV | — (h) | (39) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | (4) | (13) | (1) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (18) | (733) | 15 | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | (1) | (299) | (5) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | (2) | (646) | 8 | 0.0 (g) |
|  CNH Industrial NV | (28) | (293) | (14) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (8) | (810) | 80 | 0.0 (g) |
|  Marex Group plc | — (h) | (16) | (4) | 0.0 (g) |
|  Willis Towers Watson plc | — (h) | (139) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | (5) | (305) | 2 | 0.0 (g) |
|  AAON, Inc. | (2) | (161) | (2) | 0.0 (g) |
|  Acuity, Inc. | — (h) | (12) | (1) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  AGCO Corp. | (2) | (263) | 6 | 0.0 (g) |
|  AGNC Investment Corp. | (12) | (120) | 3 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (2) | (450) | (2) | 0.0 (g) |
|  Akamai Technologies, Inc. | — (h) | (17) | (1) | 0.0 (g) |
|  Albertsons Cos., Inc. | (43) | (752) | 12 | 0.0 (g) |
|  Alcoa Corp. | (6) | (389) | 2 | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (1) | (34) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | (1) | (58) | 1 | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | — (h) | (45) | — (h) | 0.0 (g) |
|  Amentum Holdings, Inc. | (1) | (26) | 1 | 0.0 (g) |
|  American Electric Power Co., Inc. | (3) | (387) | 9 | 0.0 (g) |
|  American Homes 4 Rent | (2) | (51) | 1 | 0.0 (g) |
|  American International Group, Inc. | (6) | (494) | 8 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (7) | (149) | 6 | 0.0 (g) |
|  Antero Midstream Corp. | (5) | (125) | — (h) | 0.0 (g) |
|  APA Corp. | (5) | (189) | (43) | 0.0 (g) |
|  Apollo Global Management, Inc. | (3) | (313) | (23) | 0.0 (g) |
|  Appfolio, Inc. | — (h) | (62) | 4 | 0.0 (g) |
|  Applied Optoelectronics, Inc. | — (h) | (13) | 1 | 0.0 (g) |
|  AptarGroup, Inc. | (3) | (344) | 5 | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (4) | (248) | (7) | 0.0 (g) |
|  Arista Networks, Inc. | (1) | (99) | 9 | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (32) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Arrowhead Pharmaceuticals, Inc. | (1) | (71) | (7) | 0.0 (g) |
|  Arthur J Gallagher & Co. | (4) | (784) | (17) | 0.0 (g) |
|  AST SpaceMobile, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (4) | 1 | 0.0 (g) |
|  ATI, Inc. | — (h) | (36) | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | (2) | (445) | 5 | 0.0 (g) |
|  Aurora Innovation, Inc. | (8) | (35) | 1 | 0.0 (g) |
|  Automatic Data Processing, Inc. | (3) | (575) | 16 | 0.0 (g) |
|  AutoZone, Inc. | — (h) | (54) | (1) | 0.0 (g) |
|  AvalonBay Communities, Inc. | (5) | (776) | 26 | 0.0 (g) |
|  Avantor, Inc. | (1) | (6) | — (h) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | (31) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (115) | 15 | 0.0 (g) |
|  Axsome Therapeutics, Inc. | (1) | (196) | (13) | 0.0 (g) |
|  Baker Hughes Co. | (2) | (109) | (8) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (2) | (193) | (6) | 0.0 (g) |
|  Baxter International, Inc. | (8) | (131) | 2 | 0.0 (g) |
|  Becton Dickinson & Co. | (3) | (412) | 3 | 0.0 (g) |
|  Bentley Systems, Inc. | (4) | (150) | 12 | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (55) | (4) | 0.0 (g) |
|  Boeing Co. (The) | (1) | (186) | 13 | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | — (h) | (1) | — (h) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (2) | (156) | (7) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (1) | (28) | (3) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | (1) | (151) | 14 | 0.0 (g) |
|  Brown & Brown, Inc. | (8) | (553) | 25 | 0.0 (g) |
|  Bruker Corp. | (2) | (68) | (7) | 0.0 (g) |
|  Builders FirstSource, Inc. | (4) | (356) | 19 | 0.0 (g) |
|  Bunge Global SA | — (h) | (28) | (1) | 0.0 (g) |
|  Burlington Stores, Inc. | (2) | (501) | (38) | 0.0 (g) |
|  BXP, Inc. | (2) | (110) | 1 | 0.0 (g) |
|  CACI International, Inc. | — (h) | (128) | 13 | 0.0 (g) |
|  Cadence Design Systems, Inc. | (1) | (267) | 10 | 0.0 (g) |
|  CareTrust REIT, Inc. | (3) | (129) | 10 | 0.0 (g) |
|  Carvana Co. | (1) | (427) | (12) | 0.0 (g) |
|  Casella Waste Systems, Inc. | (3) | (301) | 31 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (237) | (3) | 0.0 (g) |
|  Cava Group, Inc. | (2) | (139) | 10 | 0.0 (g) |
|  Celsius Holdings, Inc. | (1) | (37) | 7 | 0.0 (g) |
|  Cencora, Inc. | (1) | (341) | 31 | 0.0 (g) |
|  CenterPoint Energy, Inc. | (19) | (851) | 18 | 0.0 (g) |
|  CF Industries Holdings, Inc. | (4) | (465) | (29) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  CH Robinson Worldwide, Inc. | — (h) | (33) | 1 | 0.0 (g) |
|  Church & Dwight Co., Inc. | (7) | (700) | 34 | 0.0 (g) |
|  Ciena Corp. | — (h) | (78) | — (h) | 0.0 (g) |
|  Cincinnati Financial Corp. | (4) | (728) | 37 | 0.0 (g) |
|  Clean Harbors, Inc. | (2) | (622) | 5 | 0.0 (g) |
|  Clorox Co. (The) | (2) | (248) | 12 | 0.0 (g) |
|  Coca-Cola Co. (The) | (7) | (561) | 13 | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Coeur Mining, Inc. | (1) | (21) | 2 | 0.0 (g) |
|  Coherent Corp. | — (h) | (35) | 1 | 0.0 (g) |
|  Coinbase Global, Inc. | — (h) | (76) | 11 | 0.0 (g) |
|  Columbia Banking System, Inc. | (17) | (452) | (19) | 0.0 (g) |
|  Compass, Inc. | (6) | (53) | 6 | 0.0 (g) |
|  Comstock Resources, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  ConocoPhillips | (6) | (738) | (65) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (2) | (158) | (2) | 0.0 (g) |
|  Core & Main, Inc. | (5) | (257) | (8) | 0.0 (g) |
|  Corning, Inc. | — (h) | (41) | (1) | 0.0 (g) |
|  Corpay, Inc. | — (h) | (56) | 2 | 0.0 (g) |
|  CoStar Group, Inc. | (2) | (85) | 6 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | — (h) | (9) | 2 | 0.0 (g) |
|  Cummins, Inc. | (2) | (928) | 12 | 0.0 (g) |
|  Cytokinetics, Inc. | (3) | (209) | (17) | 0.0 (g) |
|  Darden Restaurants, Inc. | (1) | (132) | 7 | 0.0 (g) |
|  Datadog, Inc. | (4) | (527) | 36 | 0.0 (g) |
|  Deckers Outdoor Corp. | — (h) | (42) | 1 | 0.0 (g) |
|  Deere & Co. | — (h) | (206) | 3 | 0.0 (g) |
|  Diamondback Energy, Inc. | (3) | (524) | (41) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (133) | (7) | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (169) | 4 | 0.0 (g) |
|  Docusign, Inc. | (4) | (191) | (2) | 0.0 (g) |
|  Dominion Energy, Inc. | (16) | (983) | 21 | 0.0 (g) |
|  DT Midstream, Inc. | (3) | (475) | 8 | 0.0 (g) |
|  DTE Energy Co. | — (h) | (27) | 1 | 0.0 (g) |
|  Eagle Materials, Inc. | (2) | (343) | (4) | 0.0 (g) |
|  East West Bancorp, Inc. | (1) | (109) | (4) | 0.0 (g) |
|  EastGroup Properties, Inc. | (5) | (965) | 24 | 0.0 (g) |
|  Eastman Chemical Co. | (5) | (350) | (34) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (6) | (137) | (2) | 0.0 (g) |
|  Eli Lilly & Co. | — (h) | (446) | 31 | 0.0 (g) |
|  EnerSys | — (h) | (36) | (3) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (32) | 1 | 0.0 (g) |
|  Entegris, Inc. | (1) | (149) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Equity LifeStyle Properties, Inc. | — (h) | (33) | 2 | 0.0 (g) |
|  Equity Residential | (2) | (130) | 1 | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | (18) | — (h) | 0.0 (g) |
|  Esab Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | (1) | (299) | 8 | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | — (h) | (17) | 3 | 0.0 (g) |
|  Evergy, Inc. | (1) | (72) | 1 | 0.0 (g) |
|  Exelon Corp. | (8) | (401) | 10 | 0.0 (g) |
|  Expand Energy Corp. | (1) | (111) | (2) | 0.0 (g) |
|  Extra Space Storage, Inc. | (1) | (90) | 5 | 0.0 (g) |
|  Exxon Mobil Corp. | (1) | (222) | (18) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | (23) | (1) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (322) | 26 | 0.0 (g) |
|  Fastenal Co. | (4) | (167) | (3) | 0.0 (g) |
|  Federal Realty Investment Trust | (8) | (846) | 1 | 0.0 (g) |
|  Fidelity National Financial, Inc. | (2) | (116) | 4 | 0.0 (g) |
|  Fifth Third Bancorp | (13) | (569) | (30) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (2) | (362) | 3 | 0.0 (g) |
|  Flagstar Bank NA | (9) | (112) | (6) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | (2) | (117) | 11 | 0.0 (g) |
|  Flutter Entertainment plc | — (h) | (10) | — (h) | 0.0 (g) |
|  FormFactor, Inc. | (1) | (68) | (3) | 0.0 (g) |
|  Fortinet, Inc. | (3) | (247) | 8 | 0.0 (g) |
|  Fortive Corp. | (14) | (767) | (22) | 0.0 (g) |
|  Gartner, Inc. | (1) | (158) | 2 | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Gen Digital, Inc. | (9) | (184) | 15 | 0.0 (g) |
|  Genuine Parts Co. | — (h) | (30) | — (h) | 0.0 (g) |
|  Gilead Sciences, Inc. | (3) | (398) | 16 | 0.0 (g) |
|  Glacier Bancorp, Inc. | (1) | (58) | (2) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (36) | (2) | 0.0 (g) |
|  Global Payments, Inc. | (4) | (251) | 2 | 0.0 (g) |
|  Globalstar, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  Globus Medical, Inc. | (2) | (138) | (1) | 0.0 (g) |
|  GPGI, Inc. | (3) | (51) | (1) | 0.0 (g) |
|  Graco, Inc. | (7) | (567) | 11 | 0.0 (g) |
|  GXO Logistics, Inc. | (2) | (126) | 3 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (16) | (278) | 14 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (3) | (74) | (7) | 0.0 (g) |
|  Hexcel Corp. | (1) | (48) | 1 | 0.0 (g) |
|  Hormel Foods Corp. | (4) | (89) | — (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (2) | (30) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  HP, Inc. | (16) | (306) | (8) | 0.0 (g) |
|  Humana, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | (1) | (83) | (1) | 0.0 (g) |
|  IDACORP, Inc. | (1) | (117) | — (h) | 0.0 (g) |
|  IDEX Corp. | (2) | (375) | — (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | — (h) | (183) | 8 | 0.0 (g) |
|  Ingersoll Rand, Inc. | (1) | (97) | 4 | 0.0 (g) |
|  Insmed, Inc. | — (h) | (13) | (2) | 0.0 (g) |
|  InterDigital, Inc. | (1) | (210) | 33 | 0.0 (g) |
|  International Business Machines Corp. | — (h) | (43) | 1 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (2) | (106) | (4) | 0.0 (g) |
|  Intuitive Surgical, Inc. | (1) | (434) | 20 | 0.0 (g) |
|  IonQ, Inc. | (4) | (146) | 20 | 0.0 (g) |
|  Iron Mountain, Inc. | (2) | (240) | 8 | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (3) | (505) | 28 | 0.0 (g) |
|  JBT Marel Corp. | (2) | (228) | 2 | 0.0 (g) |
|  JFrog Ltd. | (1) | (38) | (3) | 0.0 (g) |
|  Johnson & Johnson | (4) | (987) | (5) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | (1) | (200) | (3) | 0.0 (g) |
|  Kinetik Holdings, Inc. | (4) | (157) | (13) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | (1) | (232) | 11 | 0.0 (g) |
|  KKR & Co., Inc. | (3) | (275) | (20) | 0.0 (g) |
|  Klaviyo, Inc. | (1) | (25) | — (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (4) | (101) | 1 | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (80) | (3) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | (1) | (44) | (3) | 0.0 (g) |
|  Lamar Advertising Co. | (3) | (434) | 23 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (1) | (47) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Lattice Semiconductor Corp. | (1) | (74) | (2) | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (80) | 2 | 0.0 (g) |
|  Leonardo DRS, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Liberty Broadband Corp. | (1) | (72) | 1 | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (4) | (114) | (4) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | (1) | (286) | 10 | 0.0 (g) |
|  Lincoln National Corp. | — (h) | (16) | (1) | 0.0 (g) |
|  Linde plc | (2) | (748) | 2 | 0.0 (g) |
|  Lineage, Inc. | (3) | (122) | 15 | 0.0 (g) |
|  Littelfuse, Inc. | (1) | (289) | (8) | 0.0 (g) |
|  LKQ Corp. | (4) | (129) | (3) | 0.0 (g) |
|  Loar Holdings, Inc. | — (h) | (13) | 2 | 0.0 (g) |
|  Loews Corp. | (8) | (824) | 13 | 0.0 (g) |
|  Lowe's Cos., Inc. | (1) | (312) | 8 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (2) | (578) | (33) | 0.0 (g) |
|  Lumen Technologies, Inc. | (1) | (5) | — (h) | 0.0 (g) |
|  Lyft, Inc. | (13) | (173) | (1) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (31) | — (h) | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (88) | (1) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | — (h) | (10) | (2) | 0.0 (g) |
|  Maplebear, Inc. | (2) | (70) | 2 | 0.0 (g) |
|  Marriott International, Inc./MD | (4) | (1397) | (23) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | (1) | (208) | (3) | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | (218) | (2) | 0.0 (g) |
|  Masco Corp. | (1) | (89) | 1 | 0.0 (g) |
|  Mattel, Inc. | (2) | (38) | 3 | 0.0 (g) |
|  McCormick & Co., Inc./MD | (2) | (136) | 17 | 0.0 (g) |
|  McDonald's Corp. | (4) | (1407) | 56 | 0.0 (g) |
|  Merck & Co., Inc. | (1) | (62) | (3) | 0.0 (g) |
|  Middleby Corp. (The) | (1) | (105) | 7 | 0.0 (g) |
|  Mirion Technologies, Inc. | (3) | (52) | — (h) | 0.0 (g) |
|  Modine Manufacturing Co. | (1) | (246) | (23) | 0.0 (g) |
|  Moelis & Co. | — (h) | (17) | (2) | 0.0 (g) |
|  Mohawk Industries, Inc. | (2) | (163) | 8 | 0.0 (g) |
|  Molson Coors Beverage Co. | — (h) | (20) | — (h) | 0.0 (g) |
|  Mondelez International, Inc. | (22) | (1231) | (10) | 0.0 (g) |
|  MongoDB, Inc. | — (h) | (12) | 1 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | — (h) | (131) | (2) | 0.0 (g) |
|  Moog, Inc. | — (h) | (45) | 2 | 0.0 (g) |
|  Morningstar, Inc. | — (h) | (76) | 6 | 0.0 (g) |
|  MSA Safety, Inc. | (2) | (331) | 24 | 0.0 (g) |
|  MSCI, Inc. | (1) | (685) | 14 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Murphy USA, Inc. | (1) | (420) | (31) | 0.0 (g) |
|  Nasdaq, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  NetApp, Inc. | (2) | (157) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | (2) | (174) | (9) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (167) | (10) | 0.0 (g) |
|  News Corp. | (4) | (91) | (3) | 0.0 (g) |
|  Nexstar Media Group, Inc. | (2) | (420) | 98 | 0.0 (g) |
|  NextEra Energy, Inc. | — (h) | (40) | — (h) | 0.0 (g) |
|  NEXTracker, Inc. | — (h) | (54) | (3) | 0.0 (g) |
|  NIKE, Inc. | (2) | (109) | 4 | 0.0 (g) |
|  Northern Trust Corp. | (2) | (278) | (6) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (7) | (147) | 7 | 0.0 (g) |
|  NOV, Inc. | (10) | (190) | (6) | 0.0 (g) |
|  Nutanix, Inc. | (1) | (44) | 3 | 0.0 (g) |
|  Nuvalent, Inc. | (1) | (80) | (3) | 0.0 (g) |
|  OGE Energy Corp. | (9) | (428) | 4 | 0.0 (g) |
|  Okta, Inc. | (1) | (55) | (1) | 0.0 (g) |
|  Old National Bancorp | (4) | (83) | (2) | 0.0 (g) |
|  Old Republic International Corp. | (6) | (235) | 2 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (1) | (62) | 5 | 0.0 (g) |
|  Omnicom Group, Inc. | (9) | (704) | 31 | 0.0 (g) |
|  ON Semiconductor Corp. | (2) | (104) | (4) | 0.0 (g) |
|  ONEOK, Inc. | (10) | (814) | (48) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (37) | (1) | 0.0 (g) |
|  PACCAR, Inc. | (7) | (788) | — (h) | 0.0 (g) |
|  Packaging Corp. of America | (1) | (148) | 2 | 0.0 (g) |
|  Palantir Technologies, Inc. | (2) | (266) | (17) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (1) | (151) | (6) | 0.0 (g) |
|  Paramount Skydance Corp. | (1) | (14) | 1 | 0.0 (g) |
|  Paychex, Inc. | (7) | (645) | 2 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | (15) | (282) | (31) | 0.0 (g) |
|  Phillips 66 | — (h) | (74) | (4) | 0.0 (g) |
|  Pinterest, Inc. | (1) | (20) | — (h) | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (25) | (1) | 0.0 (g) |
|  PPL Corp. | (7) | (266) | 4 | 0.0 (g) |
|  Primerica, Inc. | — (h) | (65) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (17) | (343) | 22 | 0.0 (g) |
|  Procore Technologies, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  PTC, Inc. | (1) | (132) | 10 | 0.0 (g) |
|  Public Storage | (1) | (238) | (5) | 0.0 (g) |
|  PulteGroup, Inc. | — (h) | (31) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Quanta Services, Inc. | — (h) | (34) | 2 | 0.0 (g) |
|  QXO, Inc. | (1) | (24) | 2 | 0.0 (g) |
|  RadNet, Inc. | — (h) | (12) | 2 | 0.0 (g) |
|  Rambus, Inc. | (3) | (248) | 14 | 0.0 (g) |
|  Raymond James Financial, Inc. | (6) | (820) | (6) | 0.0 (g) |
|  Rayonier, Inc. | (5) | (109) | (3) | 0.0 (g) |
|  Realty Income Corp. | (8) | (511) | 25 | 0.0 (g) |
|  Repligen Corp. | (1) | (108) | (3) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (1) | (25) | 1 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (29) | 1 | 0.0 (g) |
|  Robinhood Markets, Inc. | (1) | (97) | 8 | 0.0 (g) |
|  Rocket Cos., Inc. | (1) | (21) | 1 | 0.0 (g) |
|  Rollins, Inc. | (13) | (735) | 21 | 0.0 (g) |
|  Roper Technologies, Inc. | (2) | (859) | (4) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | — (h) | (29) | 1 | 0.0 (g) |
|  Royal Gold, Inc. | (1) | (214) | (9) | 0.0 (g) |
|  Ryder System, Inc. | — (h) | (21) | (2) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (70) | (1) | 0.0 (g) |
|  S&P Global, Inc. | (1) | (404) | 1 | 0.0 (g) |
|  Saia, Inc. | (1) | (220) | (16) | 0.0 (g) |
|  Samsara, Inc. | (3) | (105) | 2 | 0.0 (g) |
|  Semtech Corp. | (1) | (99) | 13 | 0.0 (g) |
|  SentinelOne, Inc. | (5) | (72) | 7 | 0.0 (g) |
|  Service Corp. International/US | — (h) | (33) | (2) | 0.0 (g) |
|  SharkNinja, Inc. | (1) | (140) | (4) | 0.0 (g) |
|  Sherwin-Williams Co. (The) | (2) | (630) | 4 | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | (1) | (98) | 3 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | (1) | (114) | (3) | 0.0 (g) |
|  SiTime Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  SM Energy Co. | (2) | (72) | 2 | 0.0 (g) |
|  Snap-on, Inc. | (1) | (457) | 4 | 0.0 (g) |
|  Snowflake, Inc. | — (h) | (32) | 4 | 0.0 (g) |
|  Solventum Corp. | (4) | (251) | 7 | 0.0 (g) |
|  Somnigroup International, Inc. | (1) | (83) | (3) | 0.0 (g) |
|  Southern Co. (The) | (4) | (384) | 2 | 0.0 (g) |
|  SPX Technologies, Inc. | (2) | (386) | 6 | 0.0 (g) |
|  STAG Industrial, Inc. | (3) | (131) | 7 | 0.0 (g) |
|  StandardAero, Inc. | (4) | (105) | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Starbucks Corp. | (14) | (1367) | 115 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (17) | (297) | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Steel Dynamics, Inc. | (1) | (218) | (7) | 0.0 (g) |
|  StepStone Group, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  STERIS plc | (1) | (184) | (2) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (84) | 2 | 0.0 (g) |
|  Strategy, Inc. | (1) | (196) | 30 | 0.0 (g) |
|  Sun Communities, Inc. | — (h) | (38) | 2 | 0.0 (g) |
|  Symbotic, Inc. | — (h) | (25) | (1) | 0.0 (g) |
|  Synopsys, Inc. | — (h) | (160) | 9 | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (10) | (1) | 0.0 (g) |
|  Teleflex, Inc. | (3) | (335) | (32) | 0.0 (g) |
|  Teradyne, Inc. | (2) | (467) | 3 | 0.0 (g) |
|  Terex Corp. | (2) | (138) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | (2) | (156) | 4 | 0.0 (g) |
|  Tesla, Inc. | — (h) | (105) | 6 | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (114) | 11 | 0.0 (g) |
|  Timken Co. (The) | (5) | (471) | (10) | 0.0 (g) |
|  TKO Group Holdings, Inc. | (1) | (104) | (1) | 0.0 (g) |
|  TopBuild Corp. | — (h) | (77) | 4 | 0.0 (g) |
|  TPG, Inc. | (7) | (276) | (7) | 0.0 (g) |
|  Tractor Supply Co. | (1) | (58) | 3 | 0.0 (g) |
|  Tradeweb Markets, Inc. | — (h) | (37) | 1 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (90) | 6 | 0.0 (g) |
|  TransUnion | (3) | (203) | 4 | 0.0 (g) |
|  Tyler Technologies, Inc. | (2) | (573) | 10 | 0.0 (g) |
|  Tyson Foods, Inc. | (2) | (152) | (6) | 0.0 (g) |
|  Uber Technologies, Inc. | — (h) | (24) | (1) | 0.0 (g) |
|  UDR, Inc. | (11) | (400) | 21 | 0.0 (g) |
|  UiPath, Inc. | (1) | (6) | — (h) | 0.0 (g) |
|  UL Solutions, Inc. | (2) | (199) | (1) | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | (33) | — (h) | 0.0 (g) |
|  UMB Financial Corp. | (1) | (123) | (2) | 0.0 (g) |
|  United Parcel Service, Inc. | (8) | (769) | (8) | 0.0 (g) |
|  United Rentals, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  Universal Health Services, Inc. | (1) | (134) | 10 | 0.0 (g) |
|  US Foods Holding Corp. | (2) | (179) | (4) | 0.0 (g) |
|  Valley National Bancorp | (6) | (66) | (2) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | (160) | 4 | 0.0 (g) |
|  Vaxcyte, Inc. | — (h) | (12) | (1) | 0.0 (g) |
|  VF Corp. | (2) | (37) | (2) | 0.0 (g) |
|  Viasat, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Viavi Solutions, Inc. | (1) | (30) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Vicor Corp. | — (h) | (14) | 2 | 0.0 (g) |
|  Viper Energy, Inc. | (7) | (308) | (14) | 0.0 (g) |
|  Vontier Corp. | (1) | (29) | 1 | 0.0 (g) |
|  Vornado Realty Trust | (5) | (131) | (3) | 0.0 (g) |
|  VSE Corp. | (2) | (318) | 10 | 0.0 (g) |
|  W R Berkley Corp. | (2) | (128) | 4 | 0.0 (g) |
|  Waters Corp. | (2) | (514) | (14) | 0.0 (g) |
|  Watsco, Inc. | — (h) | (95) | 3 | 0.0 (g) |
|  Watts Water Technologies, Inc. | (2) | (520) | 18 | 0.0 (g) |
|  Weatherford International plc | (1) | (94) | (8) | 0.0 (g) |
|  Welltower, Inc. | (1) | (153) | 9 | 0.0 (g) |
|  WESCO International, Inc. | — (h) | (25) | (2) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (14) | (1) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (28) | (1) | 0.0 (g) |
|  Western Digital Corp. | — (h) | (117) | — (h) | 0.0 (g) |
|  WEX, Inc. | (1) | (167) | 3 | 0.0 (g) |
|  Weyerhaeuser Co. | (4) | (101) | (3) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (24) | (1772) | 27 | 0.0 (g) |
|  Williams-Sonoma, Inc. | — (h) | (42) | — (h) | 0.0 (g) |
|  Wingstop, Inc. | — (h) | (40) | 9 | 0.0 (g) |
|  Workday, Inc. | (1) | (82) | 2 | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (451) | (14) | 0.0 (g) |
|  Wynn Resorts Ltd. | (1) | (121) | (2) | 0.0 (g) |
|  Yum! Brands, Inc. | (1) | (139) | 4 | 0.0 (g) |
|  Zebra Technologies Corp. | — (h) | (73) | (3) | 0.0 (g) |
|  Zillow Group, Inc. | — (h) | (14) | 1 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (1) | (96) | 2 | 0.0 (g) |
|  Zoom Communications, Inc. | (1) | (55) | (3) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (1) | (27) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (87118) | 752 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | — (h) | 9 | (1) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | — (h) | 24 | 1 | 0.0 (g) |
|  Essent Group Ltd. | — (h) | 29 | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | 1 | 84 | 3 | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 38 | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Abivax SA | — (h) | 24 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | 3 | 19 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | 1 | 85 | 1 | 0.0 (g) |
|  Alkermes plc | 2 | 54 | 14 | 0.0 (g) |
|  Aptiv plc | 1 | 76 | (1) | 0.0 (g) |
|  CRH plc | 2 | 172 | 3 | 0.0 (g) |
|  Eaton Corp. plc | 2 | 548 | (5) | 0.0 (g) |
|  ICON plc | 1 | 98 | 13 | 0.0 (g) |
|  TE Connectivity plc | — (h) | 98 | 4 | 0.0 (g) |
|  Trane Technologies plc | — (h) | 27 | — (h) | 0.0 (g) |
|  Israel |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | 18 | — (h) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | 3 | 438 | (29) | 0.0 (g) |
|  Global-e Online Ltd. | 2 | 72 | (8) | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | 31 | 9 | 0.0 (g) |
|  Wix.com Ltd. | 2 | 136 | 3 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 1 | 102 | 3 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | 1 | 27 | (1) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 3 | 92 | 9 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | 1 | 130 | 3 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | 1 | 76 | (4) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | — (h) | 89 | — (h) | 0.0 (g) |
|  Garmin Ltd. | — (h) | 33 | — (h) | 0.0 (g) |
|  Sportradar Group AG | 2 | 41 | (3) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | 2 | 198 | (4) | 0.0 (g) |
|  TechnipFMC plc | — (h) | 24 | 2 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | 4 | 558 | 7 | 0.0 (g) |
|  Adobe, Inc. | 1 | 142 | (3) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 34 | 2 | 0.0 (g) |
|  Advanced Micro Devices, Inc. | — (h) | 85 | 3 | 0.0 (g) |
|  AECOM | 5 | 398 | (16) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 33 | — (h) | 0.0 (g) |
|  Aflac, Inc. | — (h) | 12 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Agree Realty Corp. | 8 | 622 | (34) | 0.0 (g) |
|  Airbnb, Inc. | 2 | 193 | (1) | 0.0 (g) |
|  Alaska Air Group, Inc. | 2 | 77 | 1 | 0.0 (g) |
|  Albemarle Corp. | — (h) | 73 | 8 | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | — (h) | 32 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 3 | 114 | 6 | 0.0 (g) |
|  Alphabet, Inc. | 1 | 430 | (25) | 0.0 (g) |
|  Amazon.com, Inc. | 6 | 1300 | (21) | 0.0 (g) |
|  Amdocs Ltd. | — (h) | 8 | — (h) | 0.0 (g) |
|  Ameren Corp. | — (h) | 36 | (1) | 0.0 (g) |
|  American Airlines Group, Inc. | 5 | 56 | 1 | 0.0 (g) |
|  American Tower Corp. | 2 | 408 | (21) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 166 | 2 | 0.0 (g) |
|  AMETEK, Inc. | 6 | 1214 | 5 | 0.0 (g) |
|  Amgen, Inc. | — (h) | 33 | — (h) | 0.0 (g) |
|  Amkor Technology, Inc. | 1 | 44 | — (h) | 0.0 (g) |
|  Amphenol Corp. | 1 | 96 | 2 | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 95 | 2 | 0.0 (g) |
|  Antero Resources Corp. | 2 | 73 | 3 | 0.0 (g) |
|  API Group Corp. | 3 | 136 | (2) | 0.0 (g) |
|  Apple, Inc. | 3 | 681 | 3 | 0.0 (g) |
|  Applied Materials, Inc. | — (h) | 154 | (6) | 0.0 (g) |
|  Aramark | 1 | 40 | — (h) | 0.0 (g) |
|  Armstrong World Industries, Inc. | — (h) | 19 | — (h) | 0.0 (g) |
|  Assurant, Inc. | 1 | 238 | (5) | 0.0 (g) |
|  AT&T, Inc. | 3 | 77 | 3 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 73 | (3) | 0.0 (g) |
|  Badger Meter, Inc. | 1 | 127 | — (h) | 0.0 (g) |
|  Ball Corp. | 2 | 154 | (7) | 0.0 (g) |
|  Bank of America Corp. | 76 | 3591 | 131 | 0.0 (g) |
|  Biogen, Inc. | 1 | 123 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 1 | 72 | — (h) | 0.0 (g) |
|  Bio-Techne Corp. | 5 | 256 | 18 | 0.0 (g) |
|  Block, Inc. | 2 | 95 | 1 | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 94 | (2) | 0.0 (g) |
|  BorgWarner, Inc. | 1 | 26 | 1 | 0.0 (g) |
|  Boston Scientific Corp. | 8 | 555 | (45) | 0.0 (g) |
|  Brightstar Lottery plc | 7 | 86 | — (h) | 0.0 (g) |
|  Brinker International, Inc. | — (h) | 54 | (1) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 2 | 144 | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Brixmor Property Group, Inc. | 3 | 96 | (4) | 0.0 (g) |
|  Camden Property Trust | 2 | 159 | (5) | 0.0 (g) |
|  Campbell's Company (The) | 6 | 125 | 5 | 0.0 (g) |
|  Cardinal Health, Inc. | 6 | 1331 | (38) | 0.0 (g) |
|  Carnival Corp. | 22 | 532 | 25 | 0.0 (g) |
|  Carpenter Technology Corp. | — (h) | 45 | 2 | 0.0 (g) |
|  CBRE Group, Inc. | 1 | 101 | — (h) | 0.0 (g) |
|  CDW Corp | 5 | 570 | 14 | 0.0 (g) |
|  Charles River Laboratories International, Inc. | — (h) | 7 | 1 | 0.0 (g) |
|  Charles Schwab Corp. (The) | 4 | 389 | 1 | 0.0 (g) |
|  Cheniere Energy, Inc. | 1 | 346 | 45 | 0.0 (g) |
|  Chevron Corp. | 2 | 507 | (6) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 12 | 422 | (24) | 0.0 (g) |
|  Chord Energy Corp. | 1 | 97 | 12 | 0.0 (g) |
|  Churchill Downs, Inc. | 3 | 216 | 9 | 0.0 (g) |
|  Cigna Group (The) | — (h) | 19 | 1 | 0.0 (g) |
|  Cintas Corp. | — (h) | 46 | (6) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 9 | 1 | 0.0 (g) |
|  Citigroup, Inc. | — (h) | 13 | 1 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 12 | 105 | (2) | 0.0 (g) |
|  CME Group, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Cognex Corp. | 2 | 117 | — (h) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 4 | 256 | 1 | 0.0 (g) |
|  Colgate-Palmolive Co. | — (h) | 22 | — (h) | 0.0 (g) |
|  Comcast Corp. | 4 | 107 | (6) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 455 | (11) | 0.0 (g) |
|  Commerce Bancshares, Inc. | 1 | 41 | 1 | 0.0 (g) |
|  Commercial Metals Co. | 1 | 64 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 49 | 790 | (14) | 0.0 (g) |
|  Consolidated Edison, Inc. | 2 | 235 | (5) | 0.0 (g) |
|  Construction Partners, Inc. | 1 | 69 | (4) | 0.0 (g) |
|  Copart, Inc. | 2 | 62 | (1) | 0.0 (g) |
|  Corteva, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  Costco Wholesale Corp. | 1 | 619 | 2 | 0.0 (g) |
|  Crane Co. | 2 | 272 | (5) | 0.0 (g) |
|  Crown Castle, Inc. | 1 | 120 | (4) | 0.0 (g) |
|  Crown Holdings, Inc. | 1 | 56 | (1) | 0.0 (g) |
|  CSX Corp. | 4 | 161 | 6 | 0.0 (g) |
|  CubeSmart | 15 | 585 | (33) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 115 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Curtiss-Wright Corp. | — (h) | 133 | (1) | 0.0 (g) |
|  CVS Health Corp. | 2 | 107 | 3 | 0.0 (g) |
|  Danaher Corp. | — (h) | 13 | — (h) | 0.0 (g) |
|  Dell Technologies, Inc. | 2 | 320 | 16 | 0.0 (g) |
|  Delta Air Lines, Inc. | 1 | 62 | 6 | 0.0 (g) |
|  Devon Energy Corp. | 5 | 249 | 2 | 0.0 (g) |
|  Dexcom, Inc. | 1 | 61 | (3) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 2 | 280 | (2) | 0.0 (g) |
|  Dollar General Corp. | 3 | 446 | (53) | 0.0 (g) |
|  Dollar Tree, Inc. | 1 | 170 | (7) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | 195 | (17) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 72 | (1) | 0.0 (g) |
|  Doximity, Inc. | — (h) | 11 | (1) | 0.0 (g) |
|  DR Horton, Inc. | 1 | 128 | (3) | 0.0 (g) |
|  Dropbox, Inc. | 31 | 784 | (87) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 6 | 266 | 2 | 0.0 (g) |
|  Dynatrace, Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  eBay, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Ecolab, Inc. | 4 | 977 | (25) | 0.0 (g) |
|  Edwards Lifesciences Corp. | 1 | 64 | (3) | 0.0 (g) |
|  Elastic NV | 1 | 48 | (3) | 0.0 (g) |
|  EMCOR Group, Inc. | 1 | 381 | 6 | 0.0 (g) |
|  Emerson Electric Co. | 1 | 74 | 1 | 0.0 (g) |
|  Encompass Health Corp. | 1 | 94 | (4) | 0.0 (g) |
|  Entergy Corp. | 1 | 88 | 5 | 0.0 (g) |
|  EOG Resources, Inc. | 2 | 219 | 16 | 0.0 (g) |
|  EPAM Systems, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Equifax, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | 2 | 65 | (5) | 0.0 (g) |
|  Evercore, Inc. | — (h) | 38 | 3 | 0.0 (g) |
|  Eversource Energy | 9 | 633 | (34) | 0.0 (g) |
|  Exelixis, Inc. | 1 | 51 | 2 | 0.0 (g) |
|  Expedia Group, Inc. | 1 | 171 | — (h) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Federal Signal Corp. | — (h) | 32 | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | 2 | 370 | 16 | 0.0 (g) |
|  First American Financial Corp. | — (h) | 11 | (1) | 0.0 (g) |
|  First Horizon Corp. | 6 | 130 | 5 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 1 | 44 | (2) | 0.0 (g) |
|  Fiserv, Inc. | 1 | 73 | (2) | 0.0 (g) |
|  Flex Ltd. | 2 | 118 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Flowserve Corp. | — (h) | 32 | — (h) | 0.0 (g) |
|  Fluor Corp. | 2 | 73 | 2 | 0.0 (g) |
|  FNB Corp/PA | 3 | 47 | 2 | 0.0 (g) |
|  Franklin Resources, Inc. | 4 | 102 | (3) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 3 | 155 | 2 | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 2 | 97 | (2) | 0.0 (g) |
|  Gap, Inc. (The) | 15 | 349 | 13 | 0.0 (g) |
|  Gates Industrial Corp. plc | 7 | 168 | (2) | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 319 | 18 | 0.0 (g) |
|  General Dynamics Corp. | 2 | 533 | (15) | 0.0 (g) |
|  General Electric Co. | 1 | 158 | (10) | 0.0 (g) |
|  General Mills, Inc. | 1 | 29 | — (h) | 0.0 (g) |
|  General Motors Co. | — (h) | 16 | — (h) | 0.0 (g) |
|  Genpact Ltd. | 5 | 182 | (5) | 0.0 (g) |
|  Globe Life, Inc. | 1 | 134 | — (h) | 0.0 (g) |
|  GoDaddy, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Guidewire Software, Inc. | 3 | 422 | (32) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 2 | 122 | 1 | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | 2 | 284 | (1) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 4 | 547 | 2 | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 67 | (2) | 0.0 (g) |
|  HEICO Corp. | 2 | 441 | (25) | 0.0 (g) |
|  HF Sinclair Corp. | 1 | 64 | 7 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 1 | 285 | 8 | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Hubbell, Inc. | — (h) | 191 | 7 | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 94 | (7) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | 3 | 44 | 1 | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 88 | 5 | 0.0 (g) |
|  Illinois Tool Works, Inc. | 1 | 180 | (4) | 0.0 (g) |
|  Illumina, Inc. | 1 | 149 | 5 | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 73 | (6) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | — (h) | 70 | (2) | 0.0 (g) |
|  Intuit, Inc. | — (h) | 52 | (2) | 0.0 (g) |
|  Invitation Homes, Inc. | 3 | 74 | (1) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 1 | 48 | 2 | 0.0 (g) |
|  IQVIA Holdings, Inc. | — (h) | 44 | 1 | 0.0 (g) |
|  ITT, Inc. | 1 | 211 | 4 | 0.0 (g) |
|  Jabil, Inc. | 1 | 278 | 8 | 0.0 (g) |
|  Jacobs Solutions, Inc. | 5 | 581 | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  JB Hunt Transport Services, Inc. | — (h) | 12 | 1 | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 1 | 38 | 4 | 0.0 (g) |
|  Johnson Controls International plc | 3 | 416 | (2) | 0.0 (g) |
|  KBR, Inc. | 1 | 22 | — (h) | 0.0 (g) |
|  Keurig Dr Pepper, Inc. | 15 | 413 | (18) | 0.0 (g) |
|  KeyCorp. | 10 | 195 | 9 | 0.0 (g) |
|  Keysight Technologies, Inc. | 3 | 891 | (11) | 0.0 (g) |
|  Kimberly-Clark Corp. | — (h) | 47 | (2) | 0.0 (g) |
|  Kinder Morgan, Inc. | 8 | 252 | 1 | 0.0 (g) |
|  Kirby Corp. | 1 | 85 | 6 | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | 9 | 500 | 42 | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | 1 | 65 | (14) | 0.0 (g) |
|  Kroger Co. (The) | 6 | 469 | (13) | 0.0 (g) |
|  Lam Research Corp. | 3 | 747 | (20) | 0.0 (g) |
|  Las Vegas Sands Corp. | 1 | 55 | 2 | 0.0 (g) |
|  Lear Corp. | 1 | 94 | 4 | 0.0 (g) |
|  Leidos Holdings, Inc. | 2 | 366 | (22) | 0.0 (g) |
|  Lennar Corp. | 1 | 121 | (11) | 0.0 (g) |
|  Levi Strauss & Co. | 1 | 16 | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 2 | 145 | (4) | 0.0 (g) |
|  Light & Wonder, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 66 | — (h) | 0.0 (g) |
|  Lockheed Martin Corp. | — (h) | 139 | (8) | 0.0 (g) |
|  Louisiana-Pacific Corp. | 3 | 196 | (8) | 0.0 (g) |
|  Lumentum Holdings, Inc. | 1 | 491 | 61 | 0.0 (g) |
|  Manhattan Associates, Inc. | 1 | 71 | (4) | 0.0 (g) |
|  Marathon Petroleum Corp. | — (h) | 69 | 5 | 0.0 (g) |
|  MasTec, Inc. | 3 | 821 | 59 | 0.0 (g) |
|  Mastercard, Inc. | 2 | 1140 | (19) | 0.0 (g) |
|  McKesson Corp. | 1 | 993 | (82) | 0.0 (g) |
|  Medpace Holdings, Inc. | — (h) | 27 | 2 | 0.0 (g) |
|  Meritage Homes Corp. | 2 | 148 | (2) | 0.0 (g) |
|  MetLife, Inc. | 8 | 543 | 12 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 77 | 4 | 0.0 (g) |
|  MGIC Investment Corp. | 13 | 334 | 2 | 0.0 (g) |
|  MGM Resorts International | 3 | 97 | 3 | 0.0 (g) |
|  Microchip Technology, Inc. | 1 | 75 | 1 | 0.0 (g) |
|  Micron Technology, Inc. | 2 | 661 | (154) | 0.0 (g) |
|  Microsoft Corp. | 1 | 404 | (30) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | 1 | 175 | (5) | 0.0 (g) |
|  MKS, Inc. | 1 | 271 | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Monster Beverage Corp. | 1 | 41 | (2) | 0.0 (g) |
|  Moody's Corp. | 1 | 290 | 2 | 0.0 (g) |
|  Morgan Stanley | 2 | 318 | 14 | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 187 | (15) | 0.0 (g) |
|  Mueller Industries, Inc. | 1 | 117 | 1 | 0.0 (g) |
|  National Fuel Gas Co. | 1 | 64 | — (h) | 0.0 (g) |
|  Netflix, Inc. | 21 | 1976 | 20 | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | 1 | 148 | 2 | 0.0 (g) |
|  Newmont Corp. | 3 | 302 | 34 | 0.0 (g) |
|  NNN REIT, Inc. | 11 | 503 | (33) | 0.0 (g) |
|  Nordson Corp. | — (h) | 101 | (1) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 121 | 1 | 0.0 (g) |
|  Nucor Corp. | 1 | 104 | 4 | 0.0 (g) |
|  NVIDIA Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  NVR, Inc. | — (h) | 170 | 2 | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | 1 | 179 | 13 | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | 1 | 73 | (10) | 0.0 (g) |
|  Onto Innovation, Inc. | 1 | 221 | 12 | 0.0 (g) |
|  Otis Worldwide Corp. | 2 | 157 | (12) | 0.0 (g) |
|  Owens Corning | — (h) | 49 | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | — (h) | 87 | — (h) | 0.0 (g) |
|  Paylocity Holding Corp. | — (h) | 43 | (1) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 35 | 1 | 0.0 (g) |
|  PepsiCo., Inc. | — (h) | 13 | — (h) | 0.0 (g) |
|  Performance Food Group Co. | — (h) | 4 | — (h) | 0.0 (g) |
|  Pfizer, Inc. | 34 | 907 | 50 | 0.0 (g) |
|  PG&E Corp. | 41 | 749 | (36) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 2 | 89 | 2 | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | — (h) | 19 | 1 | 0.0 (g) |
|  Pinnacle West Capital Corp. | 1 | 112 | (3) | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 35 | 3 | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 1 | 250 | 9 | 0.0 (g) |
|  Pool Corp. | 1 | 212 | (3) | 0.0 (g) |
|  Portland General Electric Co. | 3 | 174 | 2 | 0.0 (g) |
|  PPG Industries, Inc. | 3 | 342 | 11 | 0.0 (g) |
|  Principal Financial Group, Inc. | 7 | 614 | 26 | 0.0 (g) |
|  Procter & Gamble Co. (The) | 19 | 2941 | (133) | 0.0 (g) |
|  Progressive Corp. (The) | — (h) | 101 | (3) | 0.0 (g) |
|  Prudential Financial, Inc. | 1 | 115 | 6 | 0.0 (g) |
|  PTC Therapeutics, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Pure Storage, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  QUALCOMM, Inc. | 10 | 1229 | (6) | 0.0 (g) |
|  Quest Diagnostics, Inc. | 1 | 141 | (2) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | 29 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  RBC Bearings, Inc. | — (h) | 112 | (1) | 0.0 (g) |
|  Reddit, Inc. | 1 | 95 | (4) | 0.0 (g) |
|  Reinsurance Group of America, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  Reliance, Inc. | 1 | 221 | 5 | 0.0 (g) |
|  Revvity, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  Rithm Capital Corp. | 2 | 21 | — (h) | 0.0 (g) |
|  Rockwell Automation, Inc. | — (h) | 174 | (2) | 0.0 (g) |
|  Roku, Inc. | — (h) | 33 | — (h) | 0.0 (g) |
|  Ross Stores, Inc. | 4 | 873 | 36 | 0.0 (g) |
|  RTX Corp. | — (h) | 86 | (3) | 0.0 (g) |
|  Rubrik, Inc. | 2 | 100 | (5) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 40 | (2) | 0.0 (g) |
|  SBA Communications Corp. | 1 | 143 | (12) | 0.0 (g) |
|  SEI Investments Co. | 3 | 250 | 2 | 0.0 (g) |
|  Sempra | 2 | 156 | 2 | 0.0 (g) |
|  ServiceNow, Inc. | 11 | 1263 | (113) | 0.0 (g) |
|  Simon Property Group, Inc. | 1 | 223 | (3) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 7 | 149 | 5 | 0.0 (g) |
|  Skyworks Solutions, Inc. | 3 | 148 | (2) | 0.0 (g) |
|  SLB Ltd. | 14 | 621 | 89 | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | 1 | 53 | 1 | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 2 | 121 | (7) | 0.0 (g) |
|  State Street Corp. | 3 | 406 | 21 | 0.0 (g) |
|  Stifel Financial Corp. | 2 | 137 | 7 | 0.0 (g) |
|  Stryker Corp. | — (h) | 34 | (2) | 0.0 (g) |
|  Synchrony Financial | — (h) | 15 | 1 | 0.0 (g) |
|  Sysco Corp. | 1 | 104 | (16) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | 1 | 174 | (5) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 3 | 162 | (5) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 9 | (1) | 0.0 (g) |
|  Tetra Tech, Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  Texas Instruments, Inc. | — (h) | 58 | — (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | 1 | 251 | (8) | 0.0 (g) |
|  Textron, Inc. | 10 | 877 | (41) | 0.0 (g) |
|  TG Therapeutics, Inc. | 2 | 50 | 8 | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  TJX Cos., Inc. (The) | 8 | 1170 | 33 | 0.0 (g) |
|  T-Mobile US, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Toll Brothers, Inc. | 1 | 161 | (6) | 0.0 (g) |
|  Toro Co. (The) | 5 | 430 | (6) | 0.0 (g) |
|  Trade Desk, Inc. (The) | 15 | 410 | (66) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | — (h) | 13 | (1) | 0.0 (g) |
|  Trimble, Inc. | 1 | 94 | (1) | 0.0 (g) |
|  Truist Financial Corp. | 2 | 67 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  TTM Technologies, Inc. | 2 | 154 | 1 | 0.0 (g) |
|  Twilio, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Union Pacific Corp. | — (h) | 34 | — (h) | 0.0 (g) |
|  United Therapeutics Corp. | 2 | 844 | 93 | 0.0 (g) |
|  UnitedHealth Group, Inc. | — (h) | 78 | (3) | 0.0 (g) |
|  Universal Display Corp. | 1 | 117 | (5) | 0.0 (g) |
|  Unum Group | — (h) | 22 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 1 | 41 | (1) | 0.0 (g) |
|  US Bancorp | 5 | 239 | 5 | 0.0 (g) |
|  Valero Energy Corp. | 2 | 524 | 33 | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 9 | (1) | 0.0 (g) |
|  Veralto Corp. | 1 | 136 | (4) | 0.0 (g) |
|  VeriSign, Inc. | 1 | 316 | 9 | 0.0 (g) |
|  VICI Properties, Inc. | 13 | 350 | (2) | 0.0 (g) |
|  Virtu Financial, Inc. | 4 | 166 | 22 | 0.0 (g) |
|  Vistra Corp. | 1 | 192 | (14) | 0.0 (g) |
|  Voya Financial, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  Vulcan Materials Co. | 1 | 363 | 9 | 0.0 (g) |
|  Walmart, Inc. | 2 | 210 | — (h) | 0.0 (g) |
|  Waste Management, Inc. | 1 | 233 | (7) | 0.0 (g) |
|  Wayfair, Inc. | 1 | 40 | (2) | 0.0 (g) |
|  WEC Energy Group, Inc. | 10 | 1147 | (20) | 0.0 (g) |
|  Wells Fargo & Co. | 4 | 342 | 9 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | — (h) | 25 | 1 | 0.0 (g) |
|  Woodward, Inc. | — (h) | 95 | (3) | 0.0 (g) |
|  WP Carey, Inc. | 11 | 778 | (41) | 0.0 (g) |
|  XPO, Inc. | — (h) | 68 | 3 | 0.0 (g) |
|  Xylem, Inc./NY | 5 | 563 | (5) | 0.0 (g) |
|  Zions Bancorp NA | 2 | 104 | 6 | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  Uruguay |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 210 | 6 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 81484 | (481) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (5634) | 271 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Goldman Sachs International | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 08/19/2026 | 272 | (14) | 4 | (10) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 1 | 11 | (1) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | 3 | 190 | (13) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  InterContinental Hotels Group plc | 1 | 71 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 272 | (14) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 272 | (14) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -10% to 0.27%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/20/2027 | 510 | – (h) | 50 | 50 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Short Positions |  |  |  |  |
|  Common Stocks |  |  |  |  |
|  Australia |  |  |  |  |
|  ALS Ltd. | (3) | (46) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  ANZ Group Holdings Ltd. | (6) | (155) | — (h) | 0.0 (g) |
|  Aristocrat Leisure Ltd. | (2) | (48) | — (h) | 0.0 (g) |
|  Bellevue Gold Ltd. | (10) | (10) | — (h) | 0.0 (g) |
|  BlueScope Steel Ltd. | (1) | (22) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Codan Ltd. | (1) | (14) | — (h) | 0.0 (g) |
|  Domino's Pizza Enterprises Ltd. | (7) | (83) | — (h) | 0.0 (g) |
|  DroneShield Ltd. | (16) | (41) | — (h) | 0.0 (g) |
|  Endeavour Group Ltd. | (6) | (13) | — (h) | 0.0 (g) |
|  Evolution Mining Ltd. | (11) | (95) | — (h) | 0.0 (g) |
|  Flight Centre Travel Group Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (9) | (37) | — (h) | 0.0 (g) |
|  Greatland Resources Ltd. | (7) | (54) | — (h) | 0.0 (g) |
|  Harvey Norman Holdings Ltd. | (2) | (6) | — (h) | 0.0 (g) |
|  HUB24 Ltd. | (1) | (37) | — (h) | 0.0 (g) |
|  Iluka Resources Ltd. | (6) | (28) | — (h) | 0.0 (g) |
|  Liontown Ltd. | (10) | (11) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (9) | (34) | — (h) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (9) | (116) | — (h) | 0.0 (g) |
|  Mineral Resources Ltd. | (3) | (104) | — (h) | 0.0 (g) |
|  National Australia Bank Ltd. | (5) | (143) | — (h) | 0.0 (g) |
|  Netwealth Group Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  NEXTDC Ltd. | (5) | (38) | — (h) | 0.0 (g) |
|  Northern Star Resources Ltd. | (9) | (121) | — (h) | 0.0 (g) |
|  Paladin Energy Ltd. | (29) | (219) | — (h) | 0.0 (g) |
|  Pro Medicus Ltd. | — (h) | (39) | — (h) | 0.0 (g) |
|  Ramsay Health Care Ltd. | (2) | (50) | — (h) | 0.0 (g) |
|  Rio Tinto Ltd. | (2) | (201) | — (h) | 0.0 (g) |
|  SGH Ltd. | (2) | (42) | — (h) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (103) | (189) | — (h) | 0.0 (g) |
|  Steadfast Group Ltd. | (15) | (45) | — (h) | 0.0 (g) |
|  Technology One Ltd. | (2) | (28) | — (h) | 0.0 (g) |
|  Telix Pharmaceuticals Ltd. | (18) | (168) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | (21) | (35) | — (h) | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | — (h) | (9) | — (h) | 0.0 (g) |
|  Westgold Resources Ltd. | (7) | (27) | — (h) | 0.0 (g) |
|  Woolworths Group Ltd. | (8) | (204) | — (h) | 0.0 (g) |
|  Zip Co. Ltd. | (100) | (107) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | (34) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Ireland** |  |  |  |  |
|  James Hardie Industries plc | (20) | (356) | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (4) | (157) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Block, Inc. | — (h) | (22) | — (h) | 0.0 (g) |
|  Total Short Positions of Total Return Swaps |  | (3237) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 1 | 10 | — (h) | 0.0 (g) |
|  APA Group | 9 | 64 | — (h) | 0.0 (g) |
|  ASX Ltd. | 1 | 23 | — (h) | 0.0 (g) |
|  Aurizon Holdings Ltd. | 14 | 38 | — (h) | 0.0 (g) |
|  Bank of Queensland Ltd. | 3 | 14 | — (h) | 0.0 (g) |
|  BHP Group Ltd. | 5 | 190 | — (h) | 0.0 (g) |
|  Brambles Ltd. | 5 | 74 | — (h) | 0.0 (g) |
|  Capricorn Metals Ltd. | 3 | 26 | — (h) | 0.0 (g) |
|  Challenger Ltd. | 3 | 15 | — (h) | 0.0 (g) |
|  Charter Hall Group | 1 | 18 | — (h) | 0.0 (g) |
|  Cleanaway Waste Management Ltd. | 5 | 8 | — (h) | 0.0 (g) |
|  Coles Group Ltd. | 4 | 62 | — (h) | 0.0 (g) |
|  Computershare Ltd. | 7 | 133 | — (h) | 0.0 (g) |
|  Dyno Nobel Ltd. | 12 | 27 | — (h) | 0.0 (g) |
|  Fortescue Ltd. | 17 | 236 | — (h) | 0.0 (g) |
|  Goodman Group | 3 | 45 | — (h) | 0.0 (g) |
|  GPT Group (The) | 19 | 60 | — (h) | 0.0 (g) |
|  IGO Ltd. | 3 | 14 | — (h) | 0.0 (g) |
|  Insurance Australia Group Ltd. | 3 | 17 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 1 | 57 | — (h) | 0.0 (g) |
|  Macquarie Group Ltd. | 1 | 126 | — (h) | 0.0 (g) |
|  Medibank Pvt Ltd. | 3 | 9 | — (h) | 0.0 (g) |
|  Mirvac Group | 56 | 68 | — (h) | 0.0 (g) |
|  New Hope Corp. Ltd. | 4 | 15 | — (h) | 0.0 (g) |
|  Orica Ltd. | 10 | 140 | — (h) | 0.0 (g) |
|  Origin Energy Ltd. | 13 | 112 | — (h) | 0.0 (g) |
|  Perseus Mining Ltd. | 11 | 41 | — (h) | 0.0 (g) |
|  Pilbara Minerals Ltd. | 15 | 54 | — (h) | 0.0 (g) |
|  Pinnacle Investment Management Group Ltd. | 1 | 6 | — (h) | 0.0 (g) |
|  QBE Insurance Group Ltd. | 6 | 85 | — (h) | 0.0 (g) |
|  Ramelius Resources Ltd. | 28 | 71 | — (h) | 0.0 (g) |
|  Regis Resources Ltd. | 6 | 30 | — (h) | 0.0 (g) |
|  Resolute Mining Ltd. | 10 | 10 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Sandfire Resources Ltd. | 1 | 14 | — (h) | 0.0 (g) |
|  Santos Ltd. | 49 | 271 | — (h) | 0.0 (g) |
|  SEEK Ltd. | 2 | 19 | — (h) | 0.0 (g) |
|  Sims Ltd. | 1 | 15 | — (h) | 0.0 (g) |
|  Sonic Healthcare Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
|  South32 Ltd. | 35 | 103 | — (h) | 0.0 (g) |
|  Stockland | 9 | 25 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 18 | 204 | — (h) | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 18 | 46 | — (h) | 0.0 (g) |
|  Vault Minerals Ltd. | 12 | 36 | — (h) | 0.0 (g) |
|  Wesfarmers Ltd. | 1 | 32 | — (h) | 0.0 (g) |
|  Westpac Banking Corp. | 8 | 215 | — (h) | 0.0 (g) |
|  Whitehaven Coal Ltd. | 15 | 93 | — (h) | 0.0 (g) |
|  WiseTech Global Ltd. | 2 | 40 | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 11 | 273 | — (h) | 0.0 (g) |
|  Worley Ltd. | 15 | 116 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | 1 | 104 | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  a2 Milk Co. Ltd./The | 3 | 18 | — (h) | 0.0 (g) |
|  Xero Ltd. | 3 | 168 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Life360, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  Newmont Corp. | — (h) | 36 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3747 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 510 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.33% to 0.29%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/15/2027 | (2211) | 45 | 130 | 175 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (5) | (64) | (5) | 0.0 (g) |
|  ANZ Group Holdings Ltd. | (28) | (700) | 6 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  APA Group | (12) | (82) | (3) | 0.0 (g) |
|  ASX Ltd. | (9) | (299) | (19) | 0.0 (g) |
|  BlueScope Steel Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (2) | (34) | (1) | 0.0 (g) |
|  CAR Group Ltd. | (16) | (261) | 5 | 0.0 (g) |
|  Commonwealth Bank of Australia | (10) | (1183) | 29 | 0.0 (g) |
|  Dexus | (14) | (59) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (30) | (110) | (11) | 0.0 (g) |
|  Goodman Group | (11) | (198) | (4) | 0.0 (g) |
|  IGO Ltd. | (2) | (10) | (1) | 0.0 (g) |
|  Liontown Ltd. | (11) | (13) | — (h) | 0.0 (g) |
|  Lottery Corp. Ltd. (The) | (19) | (71) | 1 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (15) | (197) | — (h) | 0.0 (g) |
|  Medibank Pvt Ltd. | (51) | (151) | (2) | 0.0 (g) |
|  National Australia Bank Ltd. | (2) | (71) | 5 | 0.0 (g) |
|  NEXTDC Ltd. | (1) | (12) | 1 | 0.0 (g) |
|  Northern Star Resources Ltd. | (17) | (198) | (36) | 0.0 (g) |
|  Origin Energy Ltd. | (12) | (101) | (2) | 0.0 (g) |
|  Ramelius Resources Ltd. | (19) | (44) | (4) | 0.0 (g) |
|  Ramsay Health Care Ltd. | (1) | (24) | — (h) | 0.0 (g) |
|  Scentre Group | (89) | (211) | 6 | 0.0 (g) |
|  SGH Ltd. | (3) | (83) | (2) | 0.0 (g) |
|  Sigma Healthcare Ltd. | (82) | (150) | 1 | 0.0 (g) |
|  Stockland | (12) | (36) | — (h) | 0.0 (g) |
|  Telstra Group Ltd. | (83) | (305) | (2) | 0.0 (g) |
|  Transurban Group | (33) | (314) | (7) | 0.0 (g) |
|  Vault Minerals Ltd. | (9) | (22) | (3) | 0.0 (g) |
|  Vicinity Ltd. | (171) | (277) | 1 | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | (15) | (394) | (27) | 0.0 (g) |
|  Westpac Banking Corp. | (16) | (439) | 6 | 0.0 (g) |
|  WiseTech Global Ltd. | (10) | (274) | 18 | 0.0 (g) |
|  Woolworths Group Ltd. | (12) | (293) | 1 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | (7) | (793) | (22) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (7475) | (71) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 29 | 187 | 9 | 0.0 (g) |
|  Ampol Ltd. | 9 | 200 | 1 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 10 | 305 | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Aurizon Holdings Ltd. | 22 | 59 | 1 | 0.0 (g) |
|  Coles Group Ltd. | 23 | 343 | 5 | 0.0 (g) |
|  Computershare Ltd. | 10 | 189 | 1 | 0.0 (g) |
|  Evolution Mining Ltd. | 1 | 9 | 1 | 0.0 (g) |
|  Fortescue Ltd. | 55 | 723 | 48 | 0.0 (g) |
|  GPT Group (The) | 19 | 59 | — (h) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 21 | 1 | 0.0 (g) |
|  JB Hi-Fi Ltd. | 4 | 225 | (3) | 0.0 (g) |
|  Macquarie Group Ltd. | 2 | 269 | 10 | 0.0 (g) |
|  Mineral Resources Ltd. | 3 | 115 | 7 | 0.0 (g) |
|  Mirvac Group | 146 | 180 | (2) | 0.0 (g) |
|  Orica Ltd. | 12 | 157 | 7 | 0.0 (g) |
|  Perseus Mining Ltd. | 2 | 8 | 1 | 0.0 (g) |
|  Pro Medicus Ltd. | 1 | 94 | (4) | 0.0 (g) |
|  Qantas Airways Ltd. | 13 | 71 | 1 | 0.0 (g) |
|  QBE Insurance Group Ltd. | 40 | 570 | 11 | 0.0 (g) |
|  REA Group Ltd. | 1 | 124 | (1) | 0.0 (g) |
|  Regis Resources Ltd. | 4 | 17 | 3 | 0.0 (g) |
|  Rio Tinto Ltd. | 1 | 94 | 11 | 0.0 (g) |
|  Sandfire Resources Ltd. | 8 | 81 | 6 | 0.0 (g) |
|  Santos Ltd. | 13 | 72 | (1) | 0.0 (g) |
|  Sonic Healthcare Ltd. | 2 | 29 | 1 | 0.0 (g) |
|  Suncorp Group Ltd. | 31 | 344 | 1 | 0.0 (g) |
|  Technology One Ltd. | 5 | 90 | (3) | 0.0 (g) |
|  Wesfarmers Ltd. | 1 | 42 | — (h) | 0.0 (g) |
|  Westgold Resources Ltd. | 12 | 42 | 6 | 0.0 (g) |
|  Woodside Energy Group Ltd. | 19 | 460 | 3 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 18 | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | 1 | 67 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5264 | 116 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2211) | 45 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day BRLID on long positions and short positions respectively, plus or minus spread (rates range from -33% to 0.4%) which is denominated in BRL based on the local currencies of the positions within the swap | 03/14/2028 | 508 | – (h) | 4 | 4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Brazil** |  |  |  |  |
|  Ambev SA | (13) | (38) | — (h) | 0.0 (g) |
|  B3 SA - Brasil Bolsa Balcao | (74) | (261) | — (h) | 0.0 (g) |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | (2) | (58) | — (h) | 0.0 (g) |
|  Cia de Saneamento de Minas Gerais Copasa MG | (1) | (13) | — (h) | 0.0 (g) |
|  Energisa S/A | — (h) | (4) | — (h) | 0.0 (g) |
|  Eneva SA | (12) | (58) | — (h) | 0.0 (g) |
|  Equatorial SA | (7) | (51) | — (h) | 0.0 (g) |
|  Localiza Rent a Car SA | (8) | (74) | — (h) | 0.0 (g) |
|  MBRF Global Foods Co. SA | (22) | (91) | — (h) | 0.0 (g) |
|  Natura Cosmeticos SA | (24) | (48) | — (h) | 0.0 (g) |
|  Raia Drogasil SA | (15) | (69) | — (h) | 0.0 (g) |
|  Rede D'Or Sao Luiz SA | (3) | (26) | — (h) | 0.0 (g) |
|  Rumo SA | (16) | (51) | — (h) | 0.0 (g) |
|  Smartfit Escola de Ginastica e Danca SA | (5) | (17) | — (h) | 0.0 (g) |
|  WEG SA | (17) | (167) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1026) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Brazil** |  |  |  |  |
|  Allos SA | 1 | 5 | — (h) | 0.0 (g) |
|  Auren Energia SA | 4 | 9 | — (h) | 0.0 (g) |
|  Axia Energia SA | 5 | 58 | — (h) | 0.0 (g) |
|  Banco Bradesco SA | 11 | 41 | — (h) | 0.0 (g) |
|  Banco BTG Pactual SA | 5 | 50 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Bradespar SA | 5 | 24 | – (h) | 0.0 (g) |
|  Brava Energia | 4 | 15 | – (h) | 0.0 (g) |
|  C&A MODAS SA | 5 | 11 | – (h) | 0.0 (g) |
|  Cia Energetica de Minas Gerais | 34 | 84 | – (h) | 0.0 (g) |
|  CPFL Energia SA | 5 | 49 | – (h) | 0.0 (g) |
|  Cury Construtora e, Inc.orporadora SA | 4 | 29 | – (h) | 0.0 (g) |
|  Cyrela Brazil Realty SA Empreendimentos e Participacoes | 7 | 37 | – (h) | 0.0 (g) |
|  Direcional Engenharia SA | 17 | 43 | – (h) | 0.0 (g) |
|  Engie Brasil Energia SA | 4 | 23 | – (h) | 0.0 (g) |
|  Gerdau SA | 17 | 64 | – (h) | 0.0 (g) |
|  Hypera SA | 3 | 15 | – (h) | 0.0 (g) |
|  Iguatemi SA | 1 | 6 | – (h) | 0.0 (g) |
|  Itau Unibanco Holding SA | 1 | 8 | – (h) | 0.0 (g) |
|  Lojas Renner SA | 14 | 40 | – (h) | 0.0 (g) |
|  Magazine Luiza SA | 5 | 8 | – (h) | 0.0 (g) |
|  Metalurgica Gerdau SA | 24 | 40 | – (h) | 0.0 (g) |
|  Minerva SA | 3 | 2 | – (h) | 0.0 (g) |
|  Motiva Infraestrutura de Mobilidade SA | 1 | 2 | – (h) | 0.0 (g) |
|  MRV Engenharia e Participacoes SA | 6 | 10 | – (h) | 0.0 (g) |
|  Multiplan Empreendimentos Imobiliarios SA | 6 | 37 | – (h) | 0.0 (g) |
|  Petroleo Brasileiro SA - Petrobras | 27 | 255 | – (h) | 0.0 (g) |
|  Suzano SA | 4 | 40 | – (h) | 0.0 (g) |
|  Telefonica Brasil SA | 2 | 16 | – (h) | 0.0 (g) |
|  TIM SA | 10 | 54 | – (h) | 0.0 (g) |
|  TOTVS SA | 5 | 34 | – (h) | 0.0 (g) |
|  Transmissora Alianca de Energia Eletrica S/A | 5 | 42 | – (h) | 0.0 (g) |
|  Ultrapar Participacoes SA | 10 | 54 | – (h) | 0.0 (g) |
|  Usinas Siderurgicas de Minas Gerais S/A Usiminas | 4 | 6 | – (h) | 0.0 (g) |
|  Vale SA | 16 | 262 | – (h) | 0.0 (g) |
|  Vibra Energia SA | 10 | 61 | – (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1534 | – (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 508 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from -0.64% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/14/2027 | 7874 | 351 | 211 | 562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (52) | (323) | 3 | 0.0 (g) |
|  Alimentation Couche-Tard, Inc. | (11) | (644) | 1 | 0.0 (g) |
|  AltaGas Ltd. | (8) | (284) | (4) | 0.0 (g) |
|  Aris Mining Corp. | (10) | (167) | (21) | 0.0 (g) |
|  Artemis Gold, Inc. | (6) | (157) | (17) | 0.0 (g) |
|  Athabasca Oil Corp. | (5) | (40) | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (1) | (56) | — (h) | 0.0 (g) |
|  Bank of Montreal | (5) | (627) | (1) | 0.0 (g) |
|  BCE, Inc. | (22) | (566) | — (h) | 0.0 (g) |
|  Bombardier, Inc. | (5) | (841) | (23) | 0.0 (g) |
|  BOYD GROUP, Inc. | (1) | (136) | 13 | 0.0 (g) |
|  CAE, Inc. | (9) | (250) | 3 | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | (2) | (284) | (7) | 0.0 (g) |
|  Canadian Utilities Ltd. | (11) | (377) | (12) | 0.0 (g) |
|  Cenovus Energy, Inc. | (44) | (1086) | (93) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | (1) | (68) | 1 | 0.0 (g) |
|  Discovery Silver Corp. | (8) | (47) | (7) | 0.0 (g) |
|  Eldorado Gold Corp. | (12) | (378) | (22) | 0.0 (g) |
|  Emera, Inc. | (1) | (44) | (2) | 0.0 (g) |
|  Enbridge, Inc. | (15) | (810) | (12) | 0.0 (g) |
|  Equinox Gold Corp. | (28) | (350) | (54) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | (1) | (1127) | 5 | 0.0 (g) |
|  First Majestic Silver Corp. | (9) | (174) | (23) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  G Mining Ventures Corp. | (3) | (79) | (14) | 0.0 (g) |
|  GFL Environmental, Inc. | (5) | (207) | (9) | 0.0 (g) |
|  Gildan Activewear, Inc. | (24) | (1340) | 14 | 0.0 (g) |
|  Great-West Lifeco, Inc. | (3) | (121) | (3) | 0.0 (g) |
|  Hydro One Ltd. | (11) | (427) | (7) | 0.0 (g) |
|  iA Financial Corp., Inc. | (2) | (184) | (6) | 0.0 (g) |
|  IAMGOLD Corp. | (3) | (49) | (6) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (47) | (385) | (16) | 0.0 (g) |
|  K92 Mining, Inc. | (2) | (28) | (2) | 0.0 (g) |
|  Keyera Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  MDA Space Ltd. | (3) | (87) | 18 | 0.0 (g) |
|  Methanex Corp. | (12) | (660) | (79) | 0.0 (g) |
|  National Bank of Canada | (10) | (1279) | (21) | 0.0 (g) |
|  Novagold Resources, Inc. | (14) | (112) | (15) | 0.0 (g) |
|  Nutrien Ltd. | (3) | (235) | (12) | 0.0 (g) |
|  Open Text Corp. | (2) | (53) | 1 | 0.0 (g) |
|  Orla Mining Ltd. | (4) | (56) | (8) | 0.0 (g) |
|  Pembina Pipeline Corp. | (7) | (333) | (2) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | (3) | (52) | 1 | 0.0 (g) |
|  Power Corp. of Canada | (3) | (132) | (1) | 0.0 (g) |
|  Rogers Communications, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Royal Bank of Canada | (6) | (976) | (13) | 0.0 (g) |
|  Saputo, Inc. | (9) | (269) | (1) | 0.0 (g) |
|  Skeena Resources Ltd. | (7) | (199) | (23) | 0.0 (g) |
|  South Bow Corp. | (3) | (112) | — (h) | 0.0 (g) |
|  Sprott, Inc. | (1) | (81) | (5) | 0.0 (g) |
|  Tamarack Valley Energy Ltd. | (3) | (23) | (1) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (46) | (6) | 0.0 (g) |
|  Whitecap Resources, Inc. | (87) | (908) | (71) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (3) | (122) | (5) | 0.0 (g) |
|  Energy Fuels, Inc. | (2) | (28) | (1) | 0.0 (g) |
|  RB Global, Inc. | (12) | (1128) | (1) | 0.0 (g) |
|  SSR Mining, Inc. | (1) | (31) | (7) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (18600) | (573) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | 1 | 141 | 17 | 0.0 (g) |
|  Air Canada | 24 | 309 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Alamos Gold, Inc. | 13 | 496 | 61 | 0.0 (g) |
|  Aritzia, Inc. | 9 | 693 | 15 | 0.0 (g) |
|  B2Gold Corp. | 5 | 22 | 3 | 0.0 (g) |
|  Barrick Mining Corp. | 15 | 565 | 55 | 0.0 (g) |
|  Canadian Apartment Properties REIT | 4 | 95 | — (h) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 3 | 331 | (2) | 0.0 (g) |
|  Canadian National Railway Co. | 7 | 653 | 23 | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 8 | 598 | 4 | 0.0 (g) |
|  Capital Power Corp. | 9 | 424 | 23 | 0.0 (g) |
|  Capstone Copper Corp. | 12 | 88 | 5 | 0.0 (g) |
|  CCL Industries, Inc. | 10 | 623 | 5 | 0.0 (g) |
|  Centerra Gold, Inc. | 5 | 77 | 7 | 0.0 (g) |
|  CGI, Inc. | 14 | 1043 | 2 | 0.0 (g) |
|  Dollarama, Inc. | 8 | 1100 | (93) | 0.0 (g) |
|  DPM Metals, Inc. | 2 | 73 | 8 | 0.0 (g) |
|  Element Fleet Management Corp. | 14 | 302 | (5) | 0.0 (g) |
|  ERO Copper Corp. | 1 | 36 | 3 | 0.0 (g) |
|  Finning International, Inc. | 4 | 269 | (1) | 0.0 (g) |
|  First Quantum Minerals Ltd. | 9 | 202 | 16 | 0.0 (g) |
|  Fortis, Inc./Canada | 11 | 583 | 15 | 0.0 (g) |
|  Fortuna Mining Corp. | 26 | 229 | 25 | 0.0 (g) |
|  George Weston Ltd. | 3 | 177 | 1 | 0.0 (g) |
|  Gibson Energy, Inc. | 16 | 346 | (2) | 0.0 (g) |
|  Hudbay Minerals, Inc. | 4 | 82 | 10 | 0.0 (g) |
|  IGM Financial, Inc. | 3 | 146 | 7 | 0.0 (g) |
|  Intact Financial Corp. | 6 | 1168 | (9) | 0.0 (g) |
|  Kinross Gold Corp. | 38 | 1048 | 116 | 0.0 (g) |
|  Loblaw Cos. Ltd. | 22 | 986 | 2 | 0.0 (g) |
|  Lundin Gold, Inc. | 2 | 132 | 12 | 0.0 (g) |
|  Magna International, Inc. | 28 | 1497 | 77 | 0.0 (g) |
|  Manulife Financial Corp. | 50 | 1713 | 26 | 0.0 (g) |
|  Metro, Inc./CN | 5 | 324 | (2) | 0.0 (g) |
|  Northland Power, Inc. | 26 | 413 | 24 | 0.0 (g) |
|  OceanaGold Corp. | 12 | 380 | 12 | 0.0 (g) |
|  Pan American Silver Corp. | 13 | 634 | 78 | 0.0 (g) |
|  Quebecor, Inc. | 16 | 707 | (11) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 29 | 393 | — (h) | 0.0 (g) |
|  Shopify, Inc. | 3 | 322 | 19 | 0.0 (g) |
|  Stantec, Inc. | 5 | 431 | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Sun Life Financial, Inc. | 8 | 495 | 4 | 0.0 (g) |
|  Suncor Energy, Inc. | 15 | 924 | 49 | 0.0 (g) |
|  TELUS Corp. | 57 | 740 | (7) | 0.0 (g) |
|  TFI International, Inc. | 8 | 825 | 45 | 0.0 (g) |
|  Thomson Reuters Corp. | 4 | 358 | 3 | 0.0 (g) |
|  TMX Group Ltd. | 24 | 848 | 5 | 0.0 (g) |
|  TransAlta Corp. | 29 | 350 | 37 | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | 2 | 56 | 6 | 0.0 (g) |
|  Wheaton Precious Metals Corp. | 4 | 445 | 50 | 0.0 (g) |
|  WSP Global, Inc. | 1 | 169 | (2) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | 27 | 1413 | 188 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 26474 | 924 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 7874 | 351 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from 0.2% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/17/2027 | 9712 | – (h) | 54 | 54 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Allied Properties Real Estate Investment Trust | 3 | 20 | — (h) | 0.0 (g) |
|  AltaGas Ltd. | 1 | 47 | — (h) | 0.0 (g) |
|  ARC Resources Ltd. | 4 | 86 | — (h) | 0.0 (g) |
|  Aritzia, Inc. | 2 | 125 | — (h) | 0.0 (g) |
|  Atco Ltd. | 1 | 68 | — (h) | 0.0 (g) |
|  Athabasca Oil Corp. | 5 | 41 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Bank of Montreal | 2 | 213 | – (h) | 0.0 (g) |
|  Bank of Nova Scotia (The) | 3 | 239 | – (h) | 0.0 (g) |
|  BCE, Inc. | 6 | 155 | – (h) | 0.0 (g) |
|  BRP, Inc. | — (h) | 9 | – (h) | 0.0 (g) |
|  Canadian Apartment Properties REIT | 2 | 54 | – (h) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 1 | 89 | – (h) | 0.0 (g) |
|  Canadian National Railway Co. | 3 | 294 | – (h) | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | 1 | 102 | – (h) | 0.0 (g) |
|  Canadian Utilities Ltd. | 2 | 80 | – (h) | 0.0 (g) |
|  Cenovus Energy, Inc. | 32 | 853 | – (h) | 0.0 (g) |
|  Centerra Gold, Inc. | 5 | 86 | – (h) | 0.0 (g) |
|  CGI, Inc. | 1 | 44 | – (h) | 0.0 (g) |
|  Constellation Software, Inc./Canada | — (h) | 133 | – (h) | 0.0 (g) |
|  Dollarama, Inc. | — (h) | 21 | – (h) | 0.0 (g) |
|  DPM Metals, Inc. | 1 | 26 | – (h) | 0.0 (g) |
|  Emera, Inc. | 1 | 34 | – (h) | 0.0 (g) |
|  Empire Co. Ltd. | 2 | 74 | – (h) | 0.0 (g) |
|  Enbridge, Inc. | 4 | 231 | – (h) | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | 143 | – (h) | 0.0 (g) |
|  Fortis, Inc. | 3 | 160 | – (h) | 0.0 (g) |
|  George Weston Ltd. | 1 | 104 | – (h) | 0.0 (g) |
|  Hydro One Ltd. | 3 | 111 | – (h) | 0.0 (g) |
|  iA Financial Corp., Inc. | — (h) | 16 | – (h) | 0.0 (g) |
|  Imperial Oil Ltd. | 2 | 300 | – (h) | 0.0 (g) |
|  Intact Financial Corp. | — (h) | 70 | – (h) | 0.0 (g) |
|  Keyera Corp. | 1 | 40 | – (h) | 0.0 (g) |
|  Kinaxis, Inc. | — (h) | 28 | – (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | 3 | 145 | – (h) | 0.0 (g) |
|  Lundin Mining Corp. | 3 | 67 | – (h) | 0.0 (g) |
|  Magna International, Inc. | 2 | 115 | – (h) | 0.0 (g) |
|  Manulife Financial Corp. | 13 | 431 | – (h) | 0.0 (g) |
|  Metro, Inc./CN | — (h) | 29 | – (h) | 0.0 (g) |
|  National Bank of Canada | 4 | 480 | – (h) | 0.0 (g) |
|  Northland Power, Inc. | 5 | 84 | – (h) | 0.0 (g) |
|  Nutrien Ltd. | 3 | 229 | – (h) | 0.0 (g) |
|  OceanaGold Corp. | 1 | 21 | – (h) | 0.0 (g) |
|  OR Royalties, Inc. | 1 | 23 | – (h) | 0.0 (g) |
|  Pembina Pipeline Corp. | 4 | 162 | – (h) | 0.0 (g) |
|  Power Corp. of Canada | 9 | 449 | – (h) | 0.0 (g) |
|  PrairieSky Royalty Ltd. | — (h) | 5 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  RioCan Real Estate Investment Trust | 4 | 60 | — (h) | 0.0 (g) |
|  Royal Bank of Canada | 2 | 389 | — (h) | 0.0 (g) |
|  Saputo, Inc. | 1 | 32 | — (h) | 0.0 (g) |
|  Silvercorp Metals, Inc. | 1 | 10 | — (h) | 0.0 (g) |
|  Stantec, Inc. | — (h) | 31 | — (h) | 0.0 (g) |
|  Stella-Jones, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Suncor Energy, Inc. | 17 | 1118 | — (h) | 0.0 (g) |
|  TC Energy Corp. | 6 | 357 | — (h) | 0.0 (g) |
|  TELUS Corp. | 28 | 362 | — (h) | 0.0 (g) |
|  TMX Group Ltd. | 2 | 66 | — (h) | 0.0 (g) |
|  Toronto-Dominion Bank (The) | 6 | 592 | — (h) | 0.0 (g) |
|  Tourmaline Oil Corp. | 3 | 128 | — (h) | 0.0 (g) |
|  TransAlta Corp. | 1 | 18 | — (h) | 0.0 (g) |
|  Wesdome Gold Mines Ltd. | 1 | 26 | — (h) | 0.0 (g) |
|  Whitecap Resources, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  WSP Global, Inc. | — (h) | 77 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | 2 | 88 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 9712 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 9712 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DISC on long positions and short positions respectively, plus or minus spread (rates range from -1.39% to -0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/21/2027 | (3393) | – (h) | 13 | 13 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Air Canada | (2) | (28) | — (h) | 0.0 (g) |
|  Alimentation Couche-Tard, Inc. | (1) | (68) | — (h) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (2) | (113) | — (h) | 0.0 (g) |
|  Aya Gold & Silver, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  B2Gold Corp. | (7) | (34) | — (h) | 0.0 (g) |
|  Baytex Energy Corp. | (6) | (28) | — (h) | 0.0 (g) |
|  Bitfarms Ltd./Canada | (11) | (22) | — (h) | 0.0 (g) |
|  Bombardier, Inc. | (1) | (216) | — (h) | 0.0 (g) |
|  Brookfield Corp. | (3) | (142) | — (h) | 0.0 (g) |
|  CAE, Inc. | (3) | (78) | — (h) | 0.0 (g) |
|  Canadian Natural Resources Ltd. | (3) | (144) | — (h) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | (6) | (445) | — (h) | 0.0 (g) |
|  CCL Industries, Inc. | (1) | (52) | — (h) | 0.0 (g) |
|  Colliers International Group, Inc. | — (h) | (25) | — (h) | 0.0 (g) |
|  Descartes Systems Group, Inc. (The) | — (h) | (24) | — (h) | 0.0 (g) |
|  Discovery Silver Corp. | (6) | (40) | — (h) | 0.0 (g) |
|  Element Fleet Management Corp. | (2) | (42) | — (h) | 0.0 (g) |
|  Enerflex Ltd. | (1) | (18) | — (h) | 0.0 (g) |
|  Equinox Gold Corp. | (4) | (52) | — (h) | 0.0 (g) |
|  ERO Copper Corp. | (1) | (15) | — (h) | 0.0 (g) |
|  Finning International, Inc. | — (h) | (26) | — (h) | 0.0 (g) |
|  First Quantum Minerals Ltd. | (1) | (24) | — (h) | 0.0 (g) |
|  FirstService Corp. | — (h) | (51) | — (h) | 0.0 (g) |
|  Franco-Nevada Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Freehold Royalties Ltd. | (1) | (7) | — (h) | 0.0 (g) |
|  G Mining Ventures Corp. | (3) | (94) | — (h) | 0.0 (g) |
|  Gibson Energy, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  Gildan Activewear, Inc. | (2) | (86) | — (h) | 0.0 (g) |
|  Great-West Lifeco, Inc. | (1) | (70) | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | (4) | (87) | — (h) | 0.0 (g) |
|  IGM Financial, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (16) | (138) | — (h) | 0.0 (g) |
|  K92 Mining, Inc. | (1) | (14) | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | (1) | (59) | — (h) | 0.0 (g) |
|  MDA Space Ltd. | (1) | (35) | — (h) | 0.0 (g) |
|  Methanex Corp. | — (h) | (24) | — (h) | 0.0 (g) |
|  NexGen Energy Ltd. | (11) | (122) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Open Text Corp. | (4) | (82) | — (h) | 0.0 (g) |
|  Orla Mining Ltd. | (4) | (72) | — (h) | 0.0 (g) |
|  Peyto Exploration & Development Corp. | — (h) | (7) | — (h) | 0.0 (g) |
|  Rogers Communications, Inc. | (4) | (139) | — (h) | 0.0 (g) |
|  Secure Waste Infrastructure Corp. | (1) | (21) | — (h) | 0.0 (g) |
|  Skeena Resources Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  South Bow Corp. | — (h) | (16) | — (h) | 0.0 (g) |
|  Sun Life Financial, Inc. | (2) | (154) | — (h) | 0.0 (g) |
|  Tamarack Valley Energy Ltd. | (1) | (5) | — (h) | 0.0 (g) |
|  Taseko Mines Ltd. | (1) | (9) | — (h) | 0.0 (g) |
|  TFI International, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  Thomson Reuters Corp. | (2) | (158) | — (h) | 0.0 (g) |
|  Torex Gold Resources, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | (1) | (70) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Energy Fuels, Inc. | (7) | (132) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3393) | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (3393) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/15/2027 | (4555) | (117) | 85 | (32) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | (2) | (119) | (2) | 0.0 (g) |
|  Avolta AG | — (h) | (13) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (37) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Belimo Holding AG | — (h) | (33) | 1 | 0.0 (g) |
|  Galderma Group AG | — (h) | (6) | — (h) | 0.0 (g) |
|  Geberit AG | — (h) | (172) | 1 | 0.0 (g) |
|  Givaudan SA | — (h) | (372) | (4) | 0.0 (g) |
|  Helvetia Holding AG | (1) | (278) | (9) | 0.0 (g) |
|  Kuehne + Nagel International AG | — (h) | (75) | (5) | 0.0 (g) |
|  Nestle SA | (1) | (138) | (7) | 0.0 (g) |
|  Novartis AG | (2) | (305) | (12) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | (171) | (2) | 0.0 (g) |
|  Sandoz Group AG | (8) | (599) | (21) | 0.0 (g) |
|  Straumann Holding AG | (1) | (108) | (8) | 0.0 (g) |
|  Swiss Life Holding AG | (2) | (1771) | (88) | 0.0 (g) |
|  Swiss Prime Site AG | (4) | (618) | (3) | 0.0 (g) |
|  Swiss Re AG | (3) | (443) | (15) | 0.0 (g) |
|  Swisscom AG | (1) | (1192) | 39 | 0.0 (g) |
|  VAT Group AG | — (h) | (2) | — (h) | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (136) | (6) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (6588) | (143) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 5 | 429 | (10) | 0.0 (g) |
|  Accelleron Industries AG | 1 | 113 | (6) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 30 | 2 | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 212 | 13 | 0.0 (g) |
|  Cie Financiere Richemont SA | — (h) | 30 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 7 | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 9 | — (h) | 0.0 (g) |
|  Holcim AG | 1 | 113 | 1 | 0.0 (g) |
|  Julius Baer Group Ltd. | 5 | 349 | 7 | 0.0 (g) |
|  Logitech International SA | 1 | 44 | 1 | 0.0 (g) |
|  Lonza Group AG | — (h) | 36 | 3 | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 56 | 1 | 0.0 (g) |
|  Schindler Holding AG | — (h) | 135 | (1) | 0.0 (g) |
|  SGS SA | 1 | 58 | (1) | 0.0 (g) |
|  Sika AG | 1 | 94 | 1 | 0.0 (g) |
|  Sonova Holding AG | 1 | 161 | 10 | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 11 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Swissquote Group Holding SA | — (h) | 80 | 1 | 0.0 (g) |
|  Temenos AG | — (h) | 9 | — (h) | 0.0 (g) |
|  UBS Group AG | 2 | 57 | 3 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2033 | 26 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (4555) | (117) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -1.46% to 0.23%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/22/2027 | (9755) | – (h) | 93 | 93 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  ams-OSRAM AG | (5) | (55) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  COSMO Pharmaceuticals NV | — (h) | (8) | — (h) | 0.0 (g) |
|  **Liechtenstein** |  |  |  |  |
|  Liechtensteinische Landesbank AG | — (h) | (18) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Accelleron Industries AG | — (h) | (14) | — (h) | 0.0 (g) |
|  Alcon AG | (4) | (270) | — (h) | 0.0 (g) |
|  Allreal Holding AG | — (h) | (47) | — (h) | 0.0 (g) |
|  ALSO Holding AG | — (h) | (18) | — (h) | 0.0 (g) |
|  Amrize Ltd. | (13) | (725) | — (h) | 0.0 (g) |
|  Aryzta AG | (1) | (53) | — (h) | 0.0 (g) |
|  Avolta AG | (1) | (36) | — (h) | 0.0 (g) |
|  Bachem Holding AG | (3) | (204) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | (1) | (170) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Barry Callebaut AG | — (h) | (514) | – (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (85) | – (h) | 0.0 (g) |
|  Berner Kantonalbank AG | — (h) | (13) | – (h) | 0.0 (g) |
|  BKW AG | — (h) | (87) | – (h) | 0.0 (g) |
|  Bossard Holding AG | — (h) | (3) | – (h) | 0.0 (g) |
|  Bucher Industries AG | — (h) | (72) | – (h) | 0.0 (g) |
|  Burkhalter Holding AG | — (h) | (9) | – (h) | 0.0 (g) |
|  Cembra Money Bank AG | — (h) | (60) | – (h) | 0.0 (g) |
|  Cicor Technologies Ltd. | — (h) | (9) | – (h) | 0.0 (g) |
|  Clariant AG | (7) | (65) | – (h) | 0.0 (g) |
|  Comet Holding AG | — (h) | (51) | – (h) | 0.0 (g) |
|  Dottikon Es Holding AG | — (h) | (12) | – (h) | 0.0 (g) |
|  EFG International AG | (6) | (131) | – (h) | 0.0 (g) |
|  Emmi AG | — (h) | (27) | – (h) | 0.0 (g) |
|  Flughafen Zurich AG | (1) | (196) | – (h) | 0.0 (g) |
|  Forbo Holding AG | — (h) | (17) | – (h) | 0.0 (g) |
|  Galderma Group AG | (1) | (211) | – (h) | 0.0 (g) |
|  Galenica AG | — (h) | (45) | – (h) | 0.0 (g) |
|  Georg Fischer AG | (1) | (49) | – (h) | 0.0 (g) |
|  Givaudan SA | — (h) | (483) | – (h) | 0.0 (g) |
|  Helvetia Holding AG | (1) | (207) | – (h) | 0.0 (g) |
|  Huber + Suhner AG | — (h) | (15) | – (h) | 0.0 (g) |
|  Idorsia Ltd. | (22) | (96) | – (h) | 0.0 (g) |
|  Implenia AG | (1) | (55) | – (h) | 0.0 (g) |
|  Inficon Holding AG | — (h) | (29) | – (h) | 0.0 (g) |
|  Julius Baer Group Ltd. | (8) | (572) | – (h) | 0.0 (g) |
|  Jungfraubahn Holding AG | — (h) | (26) | – (h) | 0.0 (g) |
|  Kuehne + Nagel International AG | (3) | (586) | – (h) | 0.0 (g) |
|  Kuros Biosciences AG | (3) | (73) | – (h) | 0.0 (g) |
|  Luzerner Kantonalbank AG | — (h) | (42) | – (h) | 0.0 (g) |
|  Medacta Group SA | — (h) | (25) | – (h) | 0.0 (g) |
|  Mobimo Holding AG | — (h) | (116) | – (h) | 0.0 (g) |
|  Montana Aerospace AG | (3) | (81) | – (h) | 0.0 (g) |
|  Nestle SA | (13) | (1266) | – (h) | 0.0 (g) |
|  OC Oerlikon Corp. AG Pfaffikon | (9) | (37) | – (h) | 0.0 (g) |
|  Partners Group Holding AG | (1) | (748) | – (h) | 0.0 (g) |
|  PSP Swiss Property AG | (1) | (214) | – (h) | 0.0 (g) |
|  R&S Group Holding AG | (4) | (102) | – (h) | 0.0 (g) |
|  Roche Holding AG | (7) | (2701) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Sandoz Group AG | (10) | (777) | — (h) | 0.0 (g) |
|  SGS SA | (4) | (410) | — (h) | 0.0 (g) |
|  Siegfried Holding AG | (1) | (68) | — (h) | 0.0 (g) |
|  SIG Group AG | (11) | (161) | — (h) | 0.0 (g) |
|  Sika AG | (2) | (320) | — (h) | 0.0 (g) |
|  SKAN Group AG | — (h) | (12) | — (h) | 0.0 (g) |
|  Softwareone Holding AG | (8) | (70) | — (h) | 0.0 (g) |
|  St Galler Kantonalbank AG | — (h) | (28) | — (h) | 0.0 (g) |
|  Stadler Rail AG | (1) | (24) | — (h) | 0.0 (g) |
|  Straumann Holding AG | (4) | (412) | — (h) | 0.0 (g) |
|  Sulzer AG | — (h) | (50) | — (h) | 0.0 (g) |
|  Sunrise Communications AG | (1) | (60) | — (h) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (518) | — (h) | 0.0 (g) |
|  Swiss Prime Site AG | (3) | (563) | — (h) | 0.0 (g) |
|  Swiss Re AG | (8) | (1246) | — (h) | 0.0 (g) |
|  Swisscom AG | — (h) | (384) | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | (1) | (307) | — (h) | 0.0 (g) |
|  Temenos AG | (1) | (67) | — (h) | 0.0 (g) |
|  TX Group AG | — (h) | (5) | — (h) | 0.0 (g) |
|  UBS Group AG | (35) | (1362) | — (h) | 0.0 (g) |
|  VAT Group AG | (1) | (520) | — (h) | 0.0 (g) |
|  Vaudoise Assurances Holding SA | — (h) | (1) | — (h) | 0.0 (g) |
|  Vontobel Holding AG | (1) | (83) | — (h) | 0.0 (g) |
|  Ypsomed Holding AG | — (h) | (106) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (18302) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 19 | 1499 | — (h) | 0.0 (g) |
|  Adecco Group AG | 2 | 37 | — (h) | 0.0 (g) |
|  Arbonia AG | — (h) | 2 | — (h) | 0.0 (g) |
|  Basilea Pharmaceutica Ag Allschwil | 1 | 40 | — (h) | 0.0 (g) |
|  Bell Food Group AG | — (h) | 4 | — (h) | 0.0 (g) |
|  Burckhardt Compression Holding AG | — (h) | 73 | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 632 | — (h) | 0.0 (g) |
|  Cie Financiere Richemont SA | 7 | 1265 | — (h) | 0.0 (g) |
|  DKSH Holding AG | 1 | 39 | — (h) | 0.0 (g) |
|  dormakaba Holding AG | 1 | 39 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  EMS-Chemie Holding AG | — (h) | 111 | – (h) | 0.0 (g) |
|  Geberit AG | — (h) | 172 | – (h) | 0.0 (g) |
|  Holcim AG | 10 | 822 | – (h) | 0.0 (g) |
|  Interroll Holding AG | — (h) | 26 | – (h) | 0.0 (g) |
|  Kardex Holding AG | — (h) | 7 | – (h) | 0.0 (g) |
|  Komax Holding AG | — (h) | 3 | – (h) | 0.0 (g) |
|  Landis+Gyr Group AG | — (h) | 26 | – (h) | 0.0 (g) |
|  LEM Holding SA | — (h) | 13 | – (h) | 0.0 (g) |
|  Logitech International SA | 14 | 1261 | – (h) | 0.0 (g) |
|  Lonza Group AG | — (h) | 145 | – (h) | 0.0 (g) |
|  Mobilezone Holding AG | — (h) | 3 | – (h) | 0.0 (g) |
|  Novartis AG | 1 | 77 | – (h) | 0.0 (g) |
|  Schindler Holding AG | 1 | 354 | – (h) | 0.0 (g) |
|  Schweiter Technologies AG | — (h) | 2 | – (h) | 0.0 (g) |
|  Sensirion Holding AG | — (h) | 3 | – (h) | 0.0 (g) |
|  SFS Group AG | — (h) | 4 | – (h) | 0.0 (g) |
|  Sonova Holding AG | 1 | 278 | – (h) | 0.0 (g) |
|  Swatch Group AG (The) | 1 | 200 | – (h) | 0.0 (g) |
|  Tecan Group AG | — (h) | 4 | – (h) | 0.0 (g) |
|  Valiant Holding AG | — (h) | 12 | – (h) | 0.0 (g) |
|  VZ Holding AG | — (h) | 40 | – (h) | 0.0 (g) |
|  Zehnder Group AG | — (h) | 5 | – (h) | 0.0 (g) |
|  Zurich Insurance Group AG | 2 | 1349 | – (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 8547 | – (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (9755) | – (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/15/2027 | (1118) | (62) | 101 | 39 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (78) | (1) | 0.0 (g) |
|  Coloplast A/S | (4) | (274) | (10) | 0.0 (g) |
|  Danske Bank A/S | (16) | (765) | 10 | 0.0 (g) |
|  Demant A/S | (2) | (58) | (5) | 0.0 (g) |
|  DSV A/S | (2) | (456) | 1 | 0.0 (g) |
|  NKT A/S | — (h) | (42) | (3) | 0.0 (g) |
|  Novo Nordisk A/S | (3) | (98) | 2 | 0.0 (g) |
|  Novonesis Novozymes B | (10) | (542) | (49) | 0.0 (g) |
|  ROCKWOOL A/S | (7) | (191) | (4) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2504) | (59) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 268 | (12) | 0.0 (g) |
|  Genmab A/S | 1 | 150 | 5 | 0.0 (g) |
|  Pandora A/S | 8 | 585 | (33) | 0.0 (g) |
|  Tryg A/S | 9 | 208 | 3 | 0.0 (g) |
|  Vestas Wind Systems A/S | 7 | 175 | 34 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1386 | (3) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1118) | (62) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week CIBOR on long positions and short positions respectively, plus or minus spread (rates range from -2.81% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/22/2027 | (1396) | – (h) | 100 | 100 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Alm Brand A/S | (2) | (5) | — (h) | 0.0 (g) |
|  Ambu A/S | (7) | (79) | — (h) | 0.0 (g) |
|  Coloplast A/S | (4) | (297) | — (h) | 0.0 (g) |
|  DSV A/S | (10) | (2292) | — (h) | 0.0 (g) |
|  FLSmidth & Co. A/S | (2) | (131) | — (h) | 0.0 (g) |
|  GN Store Nord A/S | (14) | (211) | — (h) | 0.0 (g) |
|  ISS A/S | (1) | (30) | — (h) | 0.0 (g) |
|  Matas A/S | (1) | (16) | — (h) | 0.0 (g) |
|  Netcompany Group A/S | (2) | (114) | — (h) | 0.0 (g) |
|  NKT A/S | (1) | (183) | — (h) | 0.0 (g) |
|  Novo Nordisk A/S | (11) | (376) | — (h) | 0.0 (g) |
|  Novonesis Novozymes B | (7) | (401) | — (h) | 0.0 (g) |
|  NTG Nordic Transport Group A/S | — (h) | (10) | — (h) | 0.0 (g) |
|  Orsted A/S | (5) | (128) | — (h) | 0.0 (g) |
|  ROCKWOOL A/S | (3) | (76) | — (h) | 0.0 (g) |
|  Royal Unibrew A/S | — (h) | (36) | — (h) | 0.0 (g) |
|  Sydbank A/S | (1) | (109) | — (h) | 0.0 (g) |
|  Tryg A/S | (2) | (51) | — (h) | 0.0 (g) |
|  Zealand Pharma A/S | (2) | (88) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4633) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  ALK-Abello A/S | 1 | 26 | — (h) | 0.0 (g) |
|  AP Moller - Maersk A/S | — (h) | 556 | — (h) | 0.0 (g) |
|  Bavarian Nordic A/S | 6 | 166 | — (h) | 0.0 (g) |
|  Carlsberg A/S | — (h) | 26 | — (h) | 0.0 (g) |
|  Chemometec A/S | — (h) | 4 | — (h) | 0.0 (g) |
|  D/S Norden A/S | 1 | 47 | — (h) | 0.0 (g) |
|  Danske Bank A/S | 8 | 389 | — (h) | 0.0 (g) |
|  Dfds A/S | 1 | 16 | — (h) | 0.0 (g) |
|  Genmab A/S | 4 | 973 | — (h) | 0.0 (g) |
|  Gubra A/S | — (h) | 24 | — (h) | 0.0 (g) |
|  Jyske Bank A/S | — (h) | 23 | — (h) | 0.0 (g) |
|  Pandora A/S | 4 | 304 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Per Aarsleff Holding A/S | — (h) | 21 | — (h) | 0.0 (g) |
|  Ringkjoebing Landbobank A/S | — (h) | 64 | — (h) | 0.0 (g) |
|  Scandinavian Tobacco Group A/S | 2 | 16 | — (h) | 0.0 (g) |
|  Schouw & Co. A/S | — (h) | 12 | — (h) | 0.0 (g) |
|  Vestas Wind Systems A/S | 17 | 510 | — (h) | 0.0 (g) |
|  United Kingdom |  |  |  |  |
|  TORM plc | 2 | 60 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3237 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1396) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.75% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/15/2027 | 2039 | 289 | 82 | 371 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | (2) | (166) | (13) | 0.0 (g) |
|  Raiffeisen Bank International AG | (1) | (24) | 1 | 0.0 (g) |
|  Verbund AG | (2) | (134) | (3) | 0.0 (g) |
|  Belgium |  |  |  |  |
|  Anheuser-Busch InBev SA | (8) | (513) | (6) | 0.0 (g) |
|  D'ieteren Group | — (h) | (89) | 1 | 0.0 (g) |
|  Elia Group SA | (2) | (235) | (9) | 0.0 (g) |
|  KBC Group NV | (1) | (70) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (145) | (2) | 0.0 (g) |
|  Syensqo SA | (1) | (43) | (4) | 0.0 (g) |
|  UCB SA | — (h) | (2) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (8) | (181) | (13) | 0.0 (g) |
|  Kesko OYJ | (11) | (248) | (1) | 0.0 (g) |
|  Metso OYJ | (1) | (20) | (1) | 0.0 (g) |
|  Nordea Bank Abp | (4) | (68) | 4 | 0.0 (g) |
|  Orion OYJ | (1) | (46) | (2) | 0.0 (g) |
|  Stora Enso OYJ | (5) | (56) | (1) | 0.0 (g) |
|  UPM-Kymmene OYJ | (22) | (659) | (37) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | (2) | (220) | (2) | 0.0 (g) |
|  Air France-KLM | (19) | (199) | 15 | 0.0 (g) |
|  Airbus SE | (6) | (1171) | 39 | 0.0 (g) |
|  Amundi SA | (1) | (74) | (1) | 0.0 (g) |
|  Arkema SA | (3) | (182) | (18) | 0.0 (g) |
|  Bollore SE | (21) | (117) | (2) | 0.0 (g) |
|  Bouygues SA | (5) | (293) | (1) | 0.0 (g) |
|  Carrefour SA | (21) | (362) | (22) | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | (7) | (245) | (4) | 0.0 (g) |
|  Dassault Aviation SA | — (h) | (184) | 2 | 0.0 (g) |
|  Dassault Systemes SE | (8) | (159) | (1) | 0.0 (g) |
|  Edenred SE | (13) | (282) | 16 | 0.0 (g) |
|  Eiffage SA | (1) | (152) | (1) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | (2) | (356) | (6) | 0.0 (g) |
|  Getlink SE | (11) | (222) | (14) | 0.0 (g) |
|  Hermes International SCA | (1) | (1629) | 39 | 0.0 (g) |
|  Orange SA | (65) | (1284) | (49) | 0.0 (g) |
|  Pernod Ricard SA | (6) | (434) | (4) | 0.0 (g) |
|  Renault SA | (20) | (673) | (13) | 0.0 (g) |
|  Rexel SA | (14) | (513) | (11) | 0.0 (g) |
|  Sartorius Stedim Biotech | (2) | (291) | (4) | 0.0 (g) |
|  SCOR SE | (6) | (219) | (2) | 0.0 (g) |
|  Teleperformance SE | (4) | (224) | (3) | 0.0 (g) |
|  TotalEnergies SE | (10) | (896) | (35) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (5) | (523) | (3) | 0.0 (g) |
|  Veolia Environnement SA | (9) | (332) | (7) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Bayer AG | (1) | (28) | (1) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (11) | (972) | (2) | 0.0 (g) |
|  Beiersdorf AG | (7) | (616) | (34) | 0.0 (g) |
|  Brenntag SE | (2) | (135) | (16) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  CTS Eventim AG & Co. KGaA | (1) | (88) | 19 | 0.0 (g) |
|  Daimler Truck Holding AG | (5) | (253) | (3) | 0.0 (g) |
|  Deutsche Boerse AG | (2) | (466) | (16) | 0.0 (g) |
|  Deutsche Lufthansa AG | (66) | (582) | 30 | 0.0 (g) |
|  Hannover Rueck SE | (2) | (561) | (27) | 0.0 (g) |
|  Infineon Technologies AG | (17) | (739) | 9 | 0.0 (g) |
|  Merck KGaA | — (h) | (54) | (3) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (44) | — (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | (5) | (200) | 4 | 0.0 (g) |
|  RENK Group AG | (1) | (70) | 1 | 0.0 (g) |
|  Rheinmetall AG | — (h) | (163) | 4 | 0.0 (g) |
|  SAP SE | — (h) | (34) | 2 | 0.0 (g) |
|  Sartorius AG | — (h) | (50) | (1) | 0.0 (g) |
|  Siemens Healthineers AG | (2) | (98) | 1 | 0.0 (g) |
|  Symrise AG | (1) | (66) | (2) | 0.0 (g) |
|  Talanx AG | (2) | (185) | (3) | 0.0 (g) |
|  thyssenkrupp AG | (19) | (174) | 11 | 0.0 (g) |
|  TUI AG | (2) | (17) | 1 | 0.0 (g) |
|  Zalando SE | (1) | (20) | 1 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (18) | (188) | 2 | 0.0 (g) |
|  Bank of Ireland Group plc | (26) | (464) | 4 | 0.0 (g) |
|  Kingspan Group plc | (2) | (133) | (2) | 0.0 (g) |
|  Ryanair Holdings plc | (1) | (22) | 1 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (39) | (105) | (6) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (77) | (646) | (15) | 0.0 (g) |
|  BPER Banca SPA | (27) | (342) | (9) | 0.0 (g) |
|  Buzzi SpA | (6) | (295) | 3 | 0.0 (g) |
|  Davide Campari-Milano NV | (45) | (310) | (11) | 0.0 (g) |
|  Enel SpA | (1) | (12) | — (h) | 0.0 (g) |
|  Ferrari NV | — (h) | (74) | (2) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (6) | (118) | (3) | 0.0 (g) |
|  Moncler SpA | (3) | (178) | 2 | 0.0 (g) |
|  Nexi SpA | (33) | (111) | (11) | 0.0 (g) |
|  Terna - Rete Elettrica Nazionale | (21) | (228) | (12) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (11) | (582) | 5 | 0.0 (g) |
|  CVC Capital Partners plc | (7) | (90) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Netherlands** |  |  |  |  |
|  Adyen NV | — (h) | (234) | 6 | 0.0 (g) |
|  Aegon Ltd. | (3) | (24) | (1) | 0.0 (g) |
|  Akzo Nobel NV | (1) | (44) | (1) | 0.0 (g) |
|  Argenx SE | — (h) | (59) | (3) | 0.0 (g) |
|  EXOR NV | (4) | (266) | (4) | 0.0 (g) |
|  Ferrovial SE | (20) | (1278) | (25) | 0.0 (g) |
|  Heineken Holding NV | (1) | (83) | — (h) | 0.0 (g) |
|  Heineken NV | (1) | (61) | (1) | 0.0 (g) |
|  IMCD NV | (1) | (50) | (10) | 0.0 (g) |
|  Prosus NV | (10) | (436) | 6 | 0.0 (g) |
|  Randstad NV | (6) | (171) | 11 | 0.0 (g) |
|  Universal Music Group NV | (41) | (791) | 3 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (104) | (97) | (3) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (2) | (36) | (1) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | — (h) | (86) | (5) | 0.0 (g) |
|  Aena SME SA | (7) | (199) | (4) | 0.0 (g) |
|  Amadeus IT Group SA | (1) | (35) | 1 | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | (16) | (333) | 3 | 0.0 (g) |
|  Cellnex Telecom SA | (2) | (54) | (4) | 0.0 (g) |
|  EDP Renovaveis SA | (6) | (83) | (6) | 0.0 (g) |
|  Endesa SA | (2) | (68) | (4) | 0.0 (g) |
|  Grifols SA | (1) | (11) | — (h) | 0.0 (g) |
|  Indra Sistemas SA | (3) | (164) | 5 | 0.0 (g) |
|  Industria de Diseno Textil SA | (3) | (184) | 3 | 0.0 (g) |
|  Mapfre SA | (38) | (164) | (4) | 0.0 (g) |
|  Merlin Properties Socimi SA | (1) | (22) | (1) | 0.0 (g) |
|  Solaria Energia y Medio Ambiente SA | — (h) | (11) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (14) | (451) | (27) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (28943) | (325) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | — (h) | 26 | — (h) | 0.0 (g) |
|  voestalpine AG | — (h) | 10 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Belgium** |  |  |  |  |
|  Ageas SA | 1 | 60 | 4 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 13 | — (h) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 115 | 3 | 0.0 (g) |
|  Sofina SA | — (h) | 8 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 2 | 118 | (1) | 0.0 (g) |
|  Kone OYJ | 1 | 53 | — (h) | 0.0 (g) |
|  Neste OYJ | 1 | 36 | 1 | 0.0 (g) |
|  Nokia OYJ | 1 | 6 | — (h) | 0.0 (g) |
|  Sampo OYJ | 3 | 36 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 4 | 143 | (2) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | 4 | 202 | 2 | 0.0 (g) |
|  Air Liquide SA | 2 | 397 | 30 | 0.0 (g) |
|  AXA SA | 51 | 2216 | 83 | 0.0 (g) |
|  Ayvens SA | 2 | 24 | — (h) | 0.0 (g) |
|  BioMerieux | 2 | 256 | 8 | 0.0 (g) |
|  BNP Paribas SA | — (h) | 31 | (1) | 0.0 (g) |
|  Bureau Veritas SA | 11 | 336 | (4) | 0.0 (g) |
|  Capgemini SE | 2 | 266 | 6 | 0.0 (g) |
|  Covivio SA | 4 | 260 | (6) | 0.0 (g) |
|  Danone SA | 9 | 696 | 7 | 0.0 (g) |
|  Engie SA | 41 | 1239 | 64 | 0.0 (g) |
|  EssilorLuxottica SA | 4 | 825 | 17 | 0.0 (g) |
|  Gecina SA | 1 | 110 | 3 | 0.0 (g) |
|  Ipsen SA | 3 | 459 | 36 | 0.0 (g) |
|  Klepierre SA | 18 | 644 | 18 | 0.0 (g) |
|  Legrand SA | — (h) | 76 | (2) | 0.0 (g) |
|  L'Oreal SA | 2 | 885 | 11 | 0.0 (g) |
|  LVMH Moet Hennessy Louis Vuitton SE | 1 | 518 | (4) | 0.0 (g) |
|  Nexans SA | 2 | 235 | (2) | 0.0 (g) |
|  Publicis Groupe SA | 3 | 258 | 2 | 0.0 (g) |
|  Safran SA | 1 | 324 | (8) | 0.0 (g) |
|  Sanofi SA | 4 | 324 | 25 | 0.0 (g) |
|  Societe Generale SA | 9 | 682 | (22) | 0.0 (g) |
|  SPIE SA | 1 | 69 | (2) | 0.0 (g) |
|  Thales SA | — (h) | 45 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Valeo SE | 2 | 23 | — (h) | 0.0 (g) |
|  Vinci SA | 2 | 283 | 4 | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | — (h) | 74 | 2 | 0.0 (g) |
|  Allianz SE | 5 | 2130 | 49 | 0.0 (g) |
|  Aurubis AG | — (h) | — (h) | — (h) | 0.0 (g) |
|  Continental AG | 7 | 501 | (1) | 0.0 (g) |
|  Deutsche Bank AG | 1 | 20 | — (h) | 0.0 (g) |
|  Deutsche Post AG | 4 | 200 | 2 | 0.0 (g) |
|  Deutsche Telekom AG | 6 | 209 | 3 | 0.0 (g) |
|  Fresenius Medical Care AG | 3 | 112 | 3 | 0.0 (g) |
|  GEA Group AG | 2 | 105 | 2 | 0.0 (g) |
|  Henkel AG & Co. KGaA | 1 | 63 | — (h) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 76 | (2) | 0.0 (g) |
|  KION Group AG | 1 | 76 | — (h) | 0.0 (g) |
|  LEG Immobilien SE | 1 | 58 | 2 | 0.0 (g) |
|  Mercedes-Benz Group AG | 13 | 787 | 7 | 0.0 (g) |
|  Nemetschek SE | 1 | 51 | (4) | 0.0 (g) |
|  Nordex SE | 1 | 73 | 2 | 0.0 (g) |
|  Rational AG | — (h) | 31 | (1) | 0.0 (g) |
|  RWE AG | 3 | 176 | 9 | 0.0 (g) |
|  Scout24 SE | 2 | 157 | 3 | 0.0 (g) |
|  Siemens AG | 4 | 881 | (9) | 0.0 (g) |
|  Siemens Energy AG | 1 | 207 | (6) | 0.0 (g) |
|  Vonovia SE | 8 | 190 | 3 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 2 | 167 | 8 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Azimut Holding SpA | 5 | 194 | — (h) | 0.0 (g) |
|  Banca Mediolanum SpA | — (h) | 10 | — (h) | 0.0 (g) |
|  Generali | 1 | 25 | 1 | 0.0 (g) |
|  Intesa Sanpaolo SpA | 298 | 1762 | 13 | 0.0 (g) |
|  Italgas SpA | 11 | 128 | 4 | 0.0 (g) |
|  Leonardo SpA | 1 | 42 | — (h) | 0.0 (g) |
|  Poste Italiane SpA | 20 | 470 | 4 | 0.0 (g) |
|  Prysmian SpA | 2 | 233 | 10 | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 1 | 72 | 6 | 0.0 (g) |
|  Saipem SpA | 302 | 1215 | 152 | 0.0 (g) |
|  Snam SpA | 81 | 583 | 28 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  UniCredit SpA | 1 | 44 | (1) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 1 | 19 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | 2 | 154 | 5 | 0.0 (g) |
|  Tenaris SA | 10 | 285 | 13 | 0.0 (g) |
|  Netherlands |  |  |  |  |
|  ASM International NV | — (h) | 185 | (8) | 0.0 (g) |
|  ASML Holding NV | 1 | 1926 | (83) | 0.0 (g) |
|  ASR Nederland NV | 3 | 205 | 5 | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 6 | 256 | 2 | 0.0 (g) |
|  Koninklijke KPN NV | 14 | 77 | 2 | 0.0 (g) |
|  Koninklijke Philips NV | 7 | 186 | 2 | 0.0 (g) |
|  NN Group NV | 6 | 465 | 9 | 0.0 (g) |
|  QIAGEN NV | 5 | 184 | 3 | 0.0 (g) |
|  Wolters Kluwer NV | 2 | 167 | 2 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 70 | 346 | 18 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 8 | 992 | (4) | 0.0 (g) |
|  Banco Santander SA | 73 | 807 | (11) | 0.0 (g) |
|  Bankinter SA | 12 | 183 | 2 | 0.0 (g) |
|  CaixaBank SA | 2 | 27 | — (h) | 0.0 (g) |
|  Enagas SA | 29 | 496 | 86 | 0.0 (g) |
|  Naturgy Energy Group SA | 8 | 227 | 3 | 0.0 (g) |
|  Telefonica SA | 13 | 56 | 3 | 0.0 (g) |
|  Unicaja Banco SA | 26 | 76 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 2 | 114 | 7 | 0.0 (g) |
|  United Kingdom |  |  |  |  |
|  International Consolidated Airlines Group SA | 25 | 120 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 30982 | 614 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 2039 | 289 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -7.25% to 0.23%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/22/2027 | 12704 | – (h) | 185 | 185 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ageas SA | (2) | (120) | — (h) | 0.0 (g) |
|  Anheuser-Busch InBev SA | (28) | (1904) | — (h) | 0.0 (g) |
|  Azelis Group NV | (14) | (143) | — (h) | 0.0 (g) |
|  CMB Tech NV | (6) | (74) | — (h) | 0.0 (g) |
|  D'ieteren Group | — (h) | (34) | — (h) | 0.0 (g) |
|  Elia Group SA | (2) | (373) | — (h) | 0.0 (g) |
|  Fagron | — (h) | (9) | — (h) | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | (111) | — (h) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | — (h) | (31) | — (h) | 0.0 (g) |
|  KBC Ancora | (1) | (60) | — (h) | 0.0 (g) |
|  KBC Group NV | (5) | (611) | — (h) | 0.0 (g) |
|  Kinepolis Group NV | — (h) | (5) | — (h) | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (101) | — (h) | 0.0 (g) |
|  Melexis NV | (1) | (46) | — (h) | 0.0 (g) |
|  Montea NV | — (h) | (28) | — (h) | 0.0 (g) |
|  Retail Estates NV | — (h) | (2) | — (h) | 0.0 (g) |
|  Sofina SA | — (h) | (67) | — (h) | 0.0 (g) |
|  Syensqo SA | — (h) | (20) | — (h) | 0.0 (g) |
|  Umicore SA | (7) | (136) | — (h) | 0.0 (g) |
|  VGP NV | (1) | (71) | — (h) | 0.0 (g) |
|  Warehouses De Pauw CVA | (5) | (139) | — (h) | 0.0 (g) |
|  X-Fab Silicon Foundries SE | (2) | (11) | — (h) | 0.0 (g) |
|  Xior Student Housing NV | — (h) | (4) | — (h) | 0.0 (g) |
|  **Curacao** |  |  |  |  |
|  HAL Trust | — (h) | (34) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | (3) | (125) | — (h) | 0.0 (g) |
|  Finnair OYJ | (1) | (4) | — (h) | 0.0 (g) |
|  Fortum OYJ | (3) | (71) | — (h) | 0.0 (g) |
|  Harvia OYJ | — (h) | (12) | — (h) | 0.0 (g) |
|  Huhtamaki OYJ | (2) | (75) | — (h) | 0.0 (g) |
|  Kalmar OYJ | — (h) | (3) | — (h) | 0.0 (g) |
|  Kemira OYJ | (1) | (13) | — (h) | 0.0 (g) |
|  Kesko OYJ | (2) | (37) | — (h) | 0.0 (g) |
|  Kojamo OYJ | — (h) | (2) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Metso OYJ | (16) | (276) | — (h) | 0.0 (g) |
|  Neste OYJ | (5) | (154) | — (h) | 0.0 (g) |
|  Nokian Renkaat OYJ | (5) | (56) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (42) | (713) | — (h) | 0.0 (g) |
|  Orion OYJ | — (h) | (21) | — (h) | 0.0 (g) |
|  Outokumpu OYJ | (19) | (102) | — (h) | 0.0 (g) |
|  Puuilo OYJ | (1) | (7) | — (h) | 0.0 (g) |
|  QT Group OYJ | — (h) | (10) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (5) | (55) | — (h) | 0.0 (g) |
|  Terveystalo OYJ | (1) | (14) | — (h) | 0.0 (g) |
|  TietoEVRY OYJ | (4) | (86) | — (h) | 0.0 (g) |
|  Tokmanni Group Corp. | (4) | (32) | — (h) | 0.0 (g) |
|  Vaisala OYJ | — (h) | (19) | — (h) | 0.0 (g) |
|  Valmet OYJ | (6) | (168) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | (1) | (155) | — (h) | 0.0 (g) |
|  Air France-KLM | (33) | (331) | — (h) | 0.0 (g) |
|  Air Liquide SA | (1) | (197) | — (h) | 0.0 (g) |
|  Airbus SE | (1) | (131) | — (h) | 0.0 (g) |
|  Alstom SA | (18) | (510) | — (h) | 0.0 (g) |
|  Altarea SCA | — (h) | (17) | — (h) | 0.0 (g) |
|  Alten SA | — (h) | (15) | — (h) | 0.0 (g) |
|  ARGAN SA | — (h) | (8) | — (h) | 0.0 (g) |
|  Ayvens SA | (18) | (205) | — (h) | 0.0 (g) |
|  BioMerieux | (1) | (85) | — (h) | 0.0 (g) |
|  Capgemini SE | (2) | (267) | — (h) | 0.0 (g) |
|  Christian Dior SE | — (h) | (74) | — (h) | 0.0 (g) |
|  Cie de Saint-Gobain SA | (13) | (1081) | — (h) | 0.0 (g) |
|  Clariane SE | (10) | (40) | — (h) | 0.0 (g) |
|  Credit Agricole SA | (3) | (48) | — (h) | 0.0 (g) |
|  Dassault Aviation SA | — (h) | (93) | — (h) | 0.0 (g) |
|  Dassault Systemes SE | (17) | (337) | — (h) | 0.0 (g) |
|  Eiffage SA | (3) | (385) | — (h) | 0.0 (g) |
|  Elior Group SA | (17) | (48) | — (h) | 0.0 (g) |
|  Elis SA | (6) | (162) | — (h) | 0.0 (g) |
|  Eutelsat Communications SACA | (6) | (14) | — (h) | 0.0 (g) |
|  Exosens SAS | (2) | (169) | — (h) | 0.0 (g) |
|  FDJ UNITED | (3) | (86) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Forvia SE | (16) | (181) | — (h) | 0.0 (g) |
|  Gecina SA | — (h) | (29) | — (h) | 0.0 (g) |
|  ID Logistics Group SACA | — (h) | (8) | — (h) | 0.0 (g) |
|  Interparfums SA | — (h) | (3) | — (h) | 0.0 (g) |
|  Inventiva SACA | (4) | (23) | — (h) | 0.0 (g) |
|  JCDecaux SE | — (h) | (6) | — (h) | 0.0 (g) |
|  Legrand SA | — (h) | (45) | — (h) | 0.0 (g) |
|  L'Oreal SA | — (h) | (167) | — (h) | 0.0 (g) |
|  Medincell SA | (2) | (65) | — (h) | 0.0 (g) |
|  Mersen SA | (1) | (17) | — (h) | 0.0 (g) |
|  Orange SA | (59) | (1197) | — (h) | 0.0 (g) |
|  Pernod Ricard SA | (2) | (130) | — (h) | 0.0 (g) |
|  Pluxee NV | — (h) | (4) | — (h) | 0.0 (g) |
|  Remy Cointreau SA | (2) | (75) | — (h) | 0.0 (g) |
|  Rexel SA | (6) | (249) | — (h) | 0.0 (g) |
|  Sartorius Stedim Biotech | (2) | (373) | — (h) | 0.0 (g) |
|  Schneider Electric SE | (4) | (983) | — (h) | 0.0 (g) |
|  SEB SA | — (h) | (17) | — (h) | 0.0 (g) |
|  SMCP SA | (1) | (6) | — (h) | 0.0 (g) |
|  Societe Generale SA | (8) | (564) | — (h) | 0.0 (g) |
|  Sodexo SA | (10) | (489) | — (h) | 0.0 (g) |
|  SOITEC | (3) | (152) | — (h) | 0.0 (g) |
|  Trigano SA | — (h) | (23) | — (h) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (1) | (154) | — (h) | 0.0 (g) |
|  Veolia Environnement SA | (9) | (352) | — (h) | 0.0 (g) |
|  Vinci SA | (3) | (510) | — (h) | 0.0 (g) |
|  Virbac SACA | — (h) | (9) | — (h) | 0.0 (g) |
|  Viridien | (1) | (130) | — (h) | 0.0 (g) |
|  VusionGroup | — (h) | (10) | — (h) | 0.0 (g) |
|  Wavestone | — (h) | (8) | — (h) | 0.0 (g) |
|  Wendel SE | — (h) | (11) | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Adesso SE | — (h) | (3) | — (h) | 0.0 (g) |
|  AIXTRON SE | (6) | (209) | — (h) | 0.0 (g) |
|  Auto1 Group SE | (12) | (215) | — (h) | 0.0 (g) |
|  Bayer AG | (2) | (102) | — (h) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (1) | (100) | — (h) | 0.0 (g) |
|  Bechtle AG | (3) | (103) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Beiersdorf AG | — (h) | (5) | – (h) | 0.0 (g) |
|  Brenntag SE | (6) | (402) | – (h) | 0.0 (g) |
|  CANCOM SE | — (h) | (2) | – (h) | 0.0 (g) |
|  Carl Zeiss Meditec AG | (2) | (54) | – (h) | 0.0 (g) |
|  Daimler Truck Holding AG | (2) | (112) | – (h) | 0.0 (g) |
|  Delivery Hero SE | (17) | (310) | – (h) | 0.0 (g) |
|  Dermapharm Holding SE | — (h) | (9) | – (h) | 0.0 (g) |
|  Deutsche Telekom AG | (12) | (455) | – (h) | 0.0 (g) |
|  Douglas AG | (2) | (19) | – (h) | 0.0 (g) |
|  E.ON SE | (47) | (1034) | – (h) | 0.0 (g) |
|  Elmos Semiconductor SE | — (h) | (26) | – (h) | 0.0 (g) |
|  Energiekontor AG | — (h) | (4) | – (h) | 0.0 (g) |
|  Evotec SE | (14) | (67) | – (h) | 0.0 (g) |
|  flatexDEGIRO AG | (1) | (38) | – (h) | 0.0 (g) |
|  Fraport AG Frankfurt Airport Services Worldwide | (2) | (198) | – (h) | 0.0 (g) |
|  Fresenius Medical Care AG | (9) | (406) | – (h) | 0.0 (g) |
|  Fresenius SE & Co. KGaA | (13) | (644) | – (h) | 0.0 (g) |
|  Gerresheimer AG | (6) | (135) | – (h) | 0.0 (g) |
|  GFT Technologies SE | — (h) | (2) | – (h) | 0.0 (g) |
|  GRENKE AG | — (h) | (7) | – (h) | 0.0 (g) |
|  Hensoldt AG | (4) | (393) | – (h) | 0.0 (g) |
|  HOCHTIEF AG | (1) | (383) | – (h) | 0.0 (g) |
|  Hypoport SE | — (h) | (18) | – (h) | 0.0 (g) |
|  Infineon Technologies AG | (46) | (2028) | – (h) | 0.0 (g) |
|  IONOS Group SE | (4) | (107) | – (h) | 0.0 (g) |
|  Jenoptik AG | (3) | (85) | – (h) | 0.0 (g) |
|  JOST Werke SE | — (h) | (13) | – (h) | 0.0 (g) |
|  KWS Saat SE & Co. KGaA | — (h) | (5) | – (h) | 0.0 (g) |
|  Merck KGaA | (1) | (161) | – (h) | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | — (h) | (262) | – (h) | 0.0 (g) |
|  Norma Group SE | (1) | (13) | – (h) | 0.0 (g) |
|  Ottobock SE & Co. KGaA | — (h) | (2) | – (h) | 0.0 (g) |
|  Porsche Automobil Holding SE | (2) | (81) | – (h) | 0.0 (g) |
|  ProSiebenSat.1 Media SE | (1) | (3) | – (h) | 0.0 (g) |
|  Puma SE | (14) | (345) | – (h) | 0.0 (g) |
|  PVA TePla AG | — (h) | (17) | – (h) | 0.0 (g) |
|  RENK Group AG | (7) | (404) | – (h) | 0.0 (g) |
|  Rheinmetall AG | (1) | (968) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  RWE AG | (16) | (1062) | — (h) | 0.0 (g) |
|  SAF-Holland SE | — (h) | (5) | — (h) | 0.0 (g) |
|  Sartorius AG | — (h) | (110) | — (h) | 0.0 (g) |
|  Schaeffler AG | (12) | (94) | — (h) | 0.0 (g) |
|  Secunet Security Networks AG | — (h) | (6) | — (h) | 0.0 (g) |
|  Siemens Healthineers AG | (15) | (638) | — (h) | 0.0 (g) |
|  Siltronic AG | (1) | (71) | — (h) | 0.0 (g) |
|  SMA Solar Technology AG | — (h) | (21) | — (h) | 0.0 (g) |
|  Stabilus SE | (1) | (10) | — (h) | 0.0 (g) |
|  Stroeer SE & Co. KGaA | (2) | (63) | — (h) | 0.0 (g) |
|  SUSS MicroTec SE | (1) | (63) | — (h) | 0.0 (g) |
|  Symrise AG | (4) | (332) | — (h) | 0.0 (g) |
|  TAG Immobilien AG | (20) | (311) | — (h) | 0.0 (g) |
|  TeamViewer SE | (19) | (97) | — (h) | 0.0 (g) |
|  thyssenkrupp AG | (11) | (92) | — (h) | 0.0 (g) |
|  Tkms AG& Co. KGaA | (1) | (93) | — (h) | 0.0 (g) |
|  Traton SE | (4) | (130) | — (h) | 0.0 (g) |
|  TUI AG | (46) | (349) | — (h) | 0.0 (g) |
|  United Internet AG | (3) | (107) | — (h) | 0.0 (g) |
|  Verbio SE | (1) | (38) | — (h) | 0.0 (g) |
|  Volkswagen AG | (2) | (180) | — (h) | 0.0 (g) |
|  Vossloh AG | (1) | (53) | — (h) | 0.0 (g) |
|  Wacker Chemie AG | (1) | (65) | — (h) | 0.0 (g) |
|  Zalando SE | (11) | (265) | — (h) | 0.0 (g) |
|  **Greece** |  |  |  |  |
|  Metlen Energy & Metals plc | (1) | (50) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | (7) | (75) | — (h) | 0.0 (g) |
|  Banca Mediolanum SpA | (2) | (47) | — (h) | 0.0 (g) |
|  Brunello Cucinelli SpA | — (h) | (10) | — (h) | 0.0 (g) |
|  Buzzi SpA | (1) | (69) | — (h) | 0.0 (g) |
|  Davide Campari-Milano NV | (20) | (143) | — (h) | 0.0 (g) |
|  doValue SpA | (2) | (5) | — (h) | 0.0 (g) |
|  Lottomatica Group Spa | (8) | (227) | — (h) | 0.0 (g) |
|  Piaggio & C SpA | (3) | (5) | — (h) | 0.0 (g) |
|  Prysmian SpA | (7) | (778) | — (h) | 0.0 (g) |
|  Sanlorenzo SpA/Ameglia | — (h) | (16) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Technoprobe SpA | (4) | (73) | — (h) | 0.0 (g) |
|  Wiit SpA | — (h) | (14) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  APERAM SA | (2) | (92) | — (h) | 0.0 (g) |
|  ArcelorMittal SA | (8) | (408) | — (h) | 0.0 (g) |
|  CVC Capital Partners plc | (23) | (291) | — (h) | 0.0 (g) |
|  Eurofins Scientific SE | (1) | (99) | — (h) | 0.0 (g) |
|  Shurgard Self Storage Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aalberts NV | (3) | (118) | — (h) | 0.0 (g) |
|  ABN AMRO Bank NV | (7) | (218) | — (h) | 0.0 (g) |
|  Adyen NV | (1) | (976) | — (h) | 0.0 (g) |
|  ASM International NV | (1) | (697) | — (h) | 0.0 (g) |
|  ASR Nederland NV | (1) | (101) | — (h) | 0.0 (g) |
|  Basic-Fit NV | (1) | (29) | — (h) | 0.0 (g) |
|  CTP NV | (3) | (49) | — (h) | 0.0 (g) |
|  EXOR NV | — (h) | (32) | — (h) | 0.0 (g) |
|  Ferrovial SE | (9) | (574) | — (h) | 0.0 (g) |
|  Flow Traders Ltd. | (1) | (31) | — (h) | 0.0 (g) |
|  Heineken Holding NV | (1) | (56) | — (h) | 0.0 (g) |
|  Heineken NV | (1) | (65) | — (h) | 0.0 (g) |
|  IMCD NV | (6) | (570) | — (h) | 0.0 (g) |
|  ING Groep NV | (3) | (73) | — (h) | 0.0 (g) |
|  Koninklijke Heijmans N.V | — (h) | (28) | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | (7) | (193) | — (h) | 0.0 (g) |
|  Magnum Ice Cream Co. NV/The | (1) | (16) | — (h) | 0.0 (g) |
|  QIAGEN NV | (2) | (75) | — (h) | 0.0 (g) |
|  Randstad NV | (6) | (159) | — (h) | 0.0 (g) |
|  Stellantis NV | (62) | (435) | — (h) | 0.0 (g) |
|  TKH Group NV | (1) | (63) | — (h) | 0.0 (g) |
|  Universal Music Group NV | (3) | (49) | — (h) | 0.0 (g) |
|  Van Lanschot Kempen NV | (1) | (61) | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (138) | (133) | — (h) | 0.0 (g) |
|  Galp Energia SGPS SA | (1) | (16) | — (h) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (4) | (92) | — (h) | 0.0 (g) |
|  Mota-Engil SGPS SA | (36) | (183) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Navigator Co. SA/The | (1) | (5) | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Acciona SA | (1) | (297) | — (h) | 0.0 (g) |
|  Acerinox SA | (8) | (110) | — (h) | 0.0 (g) |
|  ACS Actividades de Construccion y Servicios SA | — (h) | (26) | — (h) | 0.0 (g) |
|  Amadeus IT Group SA | (4) | (245) | — (h) | 0.0 (g) |
|  Banco Bilbao Vizcaya Argentaria SA | (40) | (840) | — (h) | 0.0 (g) |
|  Banco Santander SA | (65) | (714) | — (h) | 0.0 (g) |
|  Cellnex Telecom SA | (9) | (286) | — (h) | 0.0 (g) |
|  CIE Automotive SA | — (h) | (14) | — (h) | 0.0 (g) |
|  Cirsa Enterprises SA | — (h) | (5) | — (h) | 0.0 (g) |
|  Colonial SFL Socimi SA | (7) | (39) | — (h) | 0.0 (g) |
|  Ebro Foods SA | — (h) | (2) | — (h) | 0.0 (g) |
|  EDP Renovaveis SA | (22) | (354) | — (h) | 0.0 (g) |
|  eDreams ODIGEO SA | (5) | (17) | — (h) | 0.0 (g) |
|  Faes Farma SA | (2) | (11) | — (h) | 0.0 (g) |
|  Fluidra SA | (3) | (69) | — (h) | 0.0 (g) |
|  Grenergy Renovables SA | (2) | (246) | — (h) | 0.0 (g) |
|  Grifols SA | (14) | (142) | — (h) | 0.0 (g) |
|  HBX Group International plc | (1) | (4) | — (h) | 0.0 (g) |
|  Puig Brands SA | (9) | (171) | — (h) | 0.0 (g) |
|  Sacyr SA | (42) | (204) | — (h) | 0.0 (g) |
|  Solaria Energia y Medio Ambiente SA | (2) | (52) | — (h) | 0.0 (g) |
|  Tecnicas Reunidas SA | — (h) | (11) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (19) | (637) | — (h) | 0.0 (g) |
|  United Kingdom |  |  |  |  |
|  Verisure plc | (26) | (267) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (43113) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Belgium** |  |  |  |  |
|  Ackermans & van Haaren NV | — (h) | 43 | — (h) | 0.0 (g) |
|  Aedifica SA | 1 | 119 | — (h) | 0.0 (g) |
|  Barco NV | 2 | 22 | — (h) | 0.0 (g) |
|  Bekaert SA | 1 | 43 | — (h) | 0.0 (g) |
|  Care Property Invest NV | — (h) | 3 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Colruyt Group N.V | 1 | 38 | — (h) | 0.0 (g) |
|  Galapagos NV | — (h) | 12 | — (h) | 0.0 (g) |
|  Proximus SADP | 3 | 25 | — (h) | 0.0 (g) |
|  Solvay SA | 6 | 183 | — (h) | 0.0 (g) |
|  UCB SA | 4 | 1236 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Bittium OYJ | — (h) | 4 | — (h) | 0.0 (g) |
|  Hiab OYJ | 1 | 38 | — (h) | 0.0 (g) |
|  Kone OYJ | 5 | 321 | — (h) | 0.0 (g) |
|  Konecranes OYJ | 2 | 81 | — (h) | 0.0 (g) |
|  Mandatum OYJ | 3 | 21 | — (h) | 0.0 (g) |
|  Metsa Board OYJ | 3 | 10 | — (h) | 0.0 (g) |
|  Nokia OYJ | 24 | 190 | — (h) | 0.0 (g) |
|  Sampo OYJ | 42 | 451 | — (h) | 0.0 (g) |
|  Sanoma OYJ | 1 | 5 | — (h) | 0.0 (g) |
|  UPM-Kymmene OYJ | 2 | 74 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 7 | 251 | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | — (h) | 11 | — (h) | 0.0 (g) |
|  Amundi SA | 1 | 67 | — (h) | 0.0 (g) |
|  Arkema SA | 3 | 202 | — (h) | 0.0 (g) |
|  AXA SA | 36 | 1621 | — (h) | 0.0 (g) |
|  Beneteau SACA | 1 | 11 | — (h) | 0.0 (g) |
|  BNP Paribas SA | 4 | 376 | — (h) | 0.0 (g) |
|  Bollore SE | 7 | 39 | — (h) | 0.0 (g) |
|  Bouygues SA | 12 | 680 | — (h) | 0.0 (g) |
|  Bureau Veritas SA | 14 | 410 | — (h) | 0.0 (g) |
|  Carmila SA | 2 | 32 | — (h) | 0.0 (g) |
|  Carrefour SA | 15 | 282 | — (h) | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | 18 | 598 | — (h) | 0.0 (g) |
|  Coface SA | 3 | 52 | — (h) | 0.0 (g) |
|  Covivio SA | 1 | 87 | — (h) | 0.0 (g) |
|  Danone SA | 15 | 1199 | — (h) | 0.0 (g) |
|  DBV Technologies SA | 2 | 7 | — (h) | 0.0 (g) |
|  Derichebourg SA | 1 | 12 | — (h) | 0.0 (g) |
|  Engie SA | 19 | 615 | — (h) | 0.0 (g) |
|  Eramet SA | — (h) | 4 | — (h) | 0.0 (g) |
|  EssilorLuxottica SA | 3 | 765 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Etablissements Maurel et Prom SA | 1 | 9 | – (h) | 0.0 (g) |
|  Eurazeo SE | 4 | 167 | – (h) | 0.0 (g) |
|  Gaztransport Et Technigaz SA | 4 | 865 | – (h) | 0.0 (g) |
|  Getlink SE | 5 | 107 | – (h) | 0.0 (g) |
|  Havas NV | 1 | 12 | – (h) | 0.0 (g) |
|  Hermes International SCA | — (h) | 389 | – (h) | 0.0 (g) |
|  ICADE | 1 | 18 | – (h) | 0.0 (g) |
|  Imerys SA | 1 | 16 | – (h) | 0.0 (g) |
|  Ipsen SA | 1 | 137 | – (h) | 0.0 (g) |
|  IPSOS SA | 1 | 47 | – (h) | 0.0 (g) |
|  Kaufman & Broad SA | — (h) | 16 | – (h) | 0.0 (g) |
|  Kering SA | — (h) | 102 | – (h) | 0.0 (g) |
|  Klepierre SA | 15 | 572 | – (h) | 0.0 (g) |
|  LVMH Moet Hennessy Louis Vuitton SE | 4 | 2282 | – (h) | 0.0 (g) |
|  Mercialys SA | 3 | 37 | – (h) | 0.0 (g) |
|  Metropole Television SA | 1 | 13 | – (h) | 0.0 (g) |
|  Nexans SA | 2 | 212 | – (h) | 0.0 (g) |
|  Nexity SA | 1 | 12 | – (h) | 0.0 (g) |
|  Opmobility | — (h) | 3 | – (h) | 0.0 (g) |
|  Planisware SA | 1 | 10 | – (h) | 0.0 (g) |
|  Publicis Groupe SA | 1 | 68 | – (h) | 0.0 (g) |
|  Quadient SA | — (h) | 2 | – (h) | 0.0 (g) |
|  Renault SA | 4 | 136 | – (h) | 0.0 (g) |
|  Rubis SCA | 1 | 56 | – (h) | 0.0 (g) |
|  Safran SA | 5 | 1725 | – (h) | 0.0 (g) |
|  Sanofi SA | 21 | 2017 | – (h) | 0.0 (g) |
|  SCOR SE | 5 | 176 | – (h) | 0.0 (g) |
|  Societe BIC SA | — (h) | 16 | – (h) | 0.0 (g) |
|  Sopra Steria Group | — (h) | 5 | – (h) | 0.0 (g) |
|  Technip Energies NV | 2 | 97 | – (h) | 0.0 (g) |
|  Teleperformance SE | — (h) | 16 | – (h) | 0.0 (g) |
|  Television Francaise 1 SA | 2 | 19 | – (h) | 0.0 (g) |
|  Thales SA | 5 | 1451 | – (h) | 0.0 (g) |
|  TotalEnergies SE | 4 | 405 | – (h) | 0.0 (g) |
|  Ubisoft Entertainment SA | 12 | 54 | – (h) | 0.0 (g) |
|  Valeo SE | 2 | 21 | – (h) | 0.0 (g) |
|  Vallourec SACA | 4 | 91 | – (h) | 0.0 (g) |
|  Verallia SA | — (h) | 2 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Vicat SACA | — (h) | 28 | — (h) | 0.0 (g) |
|  Vivendi SE | 78 | 160 | — (h) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | — (h) | 19 | — (h) | 0.0 (g) |
|  Allianz SE | 2 | 684 | — (h) | 0.0 (g) |
|  AlzChem Group AG | — (h) | 31 | — (h) | 0.0 (g) |
|  Atoss Software SE | — (h) | 22 | — (h) | 0.0 (g) |
|  Aumovio SE | 1 | 39 | — (h) | 0.0 (g) |
|  Aurubis AG | 1 | 115 | — (h) | 0.0 (g) |
|  BASF SE | 9 | 568 | — (h) | 0.0 (g) |
|  Bilfinger SE | 1 | 144 | — (h) | 0.0 (g) |
|  Continental AG | 4 | 302 | — (h) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | — (h) | 9 | — (h) | 0.0 (g) |
|  Deutsche Bank AG | 44 | 1275 | — (h) | 0.0 (g) |
|  Deutsche Boerse AG | 2 | 702 | — (h) | 0.0 (g) |
|  Deutsche Lufthansa AG | 88 | 728 | — (h) | 0.0 (g) |
|  Deutsche Pfandbriefbank AG | 1 | 3 | — (h) | 0.0 (g) |
|  Deutsche Post AG | 6 | 287 | — (h) | 0.0 (g) |
|  Deutz AG | 1 | 10 | — (h) | 0.0 (g) |
|  Dr Ing hc F Porsche AG | 4 | 201 | — (h) | 0.0 (g) |
|  Draegerwerk AG & Co. KGaA | — (h) | 11 | — (h) | 0.0 (g) |
|  Duerr AG | 1 | 24 | — (h) | 0.0 (g) |
|  DWS Group GmbH & Co. KGaA | 1 | 62 | — (h) | 0.0 (g) |
|  Eckert & Ziegler SE | 1 | 24 | — (h) | 0.0 (g) |
|  Evonik Industries AG | 7 | 133 | — (h) | 0.0 (g) |
|  Fielmann Group AG | 1 | 70 | — (h) | 0.0 (g) |
|  Freenet AG | 4 | 118 | — (h) | 0.0 (g) |
|  Friedrich Vorwerk Group SE | — (h) | 6 | — (h) | 0.0 (g) |
|  FUCHS SE | 2 | 104 | — (h) | 0.0 (g) |
|  GEA Group AG | 3 | 239 | — (h) | 0.0 (g) |
|  Hannover Rueck SE | 2 | 641 | — (h) | 0.0 (g) |
|  Hapag-Lloyd AG | — (h) | 7 | — (h) | 0.0 (g) |
|  Heidelberg Materials AG | 1 | 263 | — (h) | 0.0 (g) |
|  Heidelberger Druckmaschinen AG | 4 | 6 | — (h) | 0.0 (g) |
|  HelloFresh SE | 9 | 39 | — (h) | 0.0 (g) |
|  Henkel AG & Co. KGaA | 2 | 153 | — (h) | 0.0 (g) |
|  Hornbach Holding AG & Co. KGaA | — (h) | 6 | — (h) | 0.0 (g) |
|  HUGO BOSS AG | 6 | 247 | — (h) | 0.0 (g) |
|  Jungheinrich AG | 3 | 94 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  K+S AG | 5 | 102 | — (h) | 0.0 (g) |
|  KION Group AG | 3 | 154 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 1 | 153 | — (h) | 0.0 (g) |
|  Krones AG | — (h) | 17 | — (h) | 0.0 (g) |
|  LANXESS AG | 3 | 57 | — (h) | 0.0 (g) |
|  LEG Immobilien SE | 1 | 75 | — (h) | 0.0 (g) |
|  MBB SE | — (h) | 1 | — (h) | 0.0 (g) |
|  Mercedes-Benz Group AG | 22 | 1324 | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | 111 | — (h) | 0.0 (g) |
|  Nagarro SE | — (h) | 13 | — (h) | 0.0 (g) |
|  Nemetschek SE | 3 | 210 | — (h) | 0.0 (g) |
|  Nordex SE | 4 | 234 | — (h) | 0.0 (g) |
|  Rational AG | — (h) | 147 | — (h) | 0.0 (g) |
|  Salzgitter AG | — (h) | 3 | — (h) | 0.0 (g) |
|  SAP SE | 3 | 538 | — (h) | 0.0 (g) |
|  Scout24 SE | 3 | 257 | — (h) | 0.0 (g) |
|  SGL Carbon SE | 1 | 4 | — (h) | 0.0 (g) |
|  Siemens AG | 3 | 673 | — (h) | 0.0 (g) |
|  Siemens Energy AG | 2 | 379 | — (h) | 0.0 (g) |
|  Sixt SE | 2 | 120 | — (h) | 0.0 (g) |
|  Suedzucker AG | 1 | 17 | — (h) | 0.0 (g) |
|  Talanx AG | — (h) | 23 | — (h) | 0.0 (g) |
|  Vonovia SE | 7 | 162 | — (h) | 0.0 (g) |
|  Wacker Neuson SE | 1 | 18 | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | 5 | 15 | — (h) | 0.0 (g) |
|  ACEA SpA | — (h) | 7 | — (h) | 0.0 (g) |
|  Avio SpA | 1 | 56 | — (h) | 0.0 (g) |
|  Banco BPM SpA | 2 | 26 | — (h) | 0.0 (g) |
|  BFF Bank SpA | 6 | 10 | — (h) | 0.0 (g) |
|  BPER Banca SPA | 11 | 147 | — (h) | 0.0 (g) |
|  Danieli & C Officine Meccaniche SpA | — (h) | 12 | — (h) | 0.0 (g) |
|  Digital Value SpA | — (h) | 4 | — (h) | 0.0 (g) |
|  Esprinet SpA | 1 | 5 | — (h) | 0.0 (g) |
|  Generali | 17 | 691 | — (h) | 0.0 (g) |
|  Hera SpA | 6 | 29 | — (h) | 0.0 (g) |
|  Iren SpA | 10 | 28 | — (h) | 0.0 (g) |
|  Maire SpA | 2 | 30 | — (h) | 0.0 (g) |
|  MFE-MediaForEurope NV | 4 | 12 | — (h) | 0.0 (g) |
|  NewPrinces SpA | — (h) | 8 | — (h) | 0.0 (g) |
|  OVS SpA | 6 | 29 | — (h) | 0.0 (g) |
|  Poste Italiane SpA | 12 | 269 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Reply SpA | — (h) | 33 | — (h) | 0.0 (g) |
|  Safilo Group SpA | 3 | 6 | — (h) | 0.0 (g) |
|  Saipem SpA | 138 | 624 | — (h) | 0.0 (g) |
|  Salvatore Ferragamo SpA | 3 | 26 | — (h) | 0.0 (g) |
|  Technogym SpA | 1 | 15 | — (h) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 2 | 49 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  d'Amico International Shipping SA | 4 | 35 | — (h) | 0.0 (g) |
|  SES SA | 6 | 39 | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aegon Ltd. | 84 | 604 | — (h) | 0.0 (g) |
|  Akzo Nobel NV | 3 | 182 | — (h) | 0.0 (g) |
|  AMG Critical Materials NV | 1 | 26 | — (h) | 0.0 (g) |
|  Argenx SE | — (h) | 231 | — (h) | 0.0 (g) |
|  ASML Holding NV | 1 | 1503 | — (h) | 0.0 (g) |
|  BE Semiconductor Industries NV | 3 | 685 | — (h) | 0.0 (g) |
|  Corbion NV | — (h) | 10 | — (h) | 0.0 (g) |
|  Eurocommercial Properties NV | 1 | 17 | — (h) | 0.0 (g) |
|  Euronext NV | 1 | 164 | — (h) | 0.0 (g) |
|  Fugro NV | 3 | 43 | — (h) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 8 | 353 | — (h) | 0.0 (g) |
|  Koninklijke BAM Groep NV | 11 | 108 | — (h) | 0.0 (g) |
|  Koninklijke KPN NV | 41 | 230 | — (h) | 0.0 (g) |
|  Koninklijke Vopak NV | 4 | 197 | — (h) | 0.0 (g) |
|  NN Group NV | 8 | 588 | — (h) | 0.0 (g) |
|  Pharming Group NV | 104 | 172 | — (h) | 0.0 (g) |
|  Prosus NV | 20 | 912 | — (h) | 0.0 (g) |
|  SBM Offshore NV | 7 | 268 | — (h) | 0.0 (g) |
|  Signify NV | 3 | 54 | — (h) | 0.0 (g) |
|  Wolters Kluwer NV | 14 | 1068 | — (h) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Corticeira Amorim SGPS SA | 1 | 6 | — (h) | 0.0 (g) |
|  CTT-Correios de Portugal SA | 4 | 27 | — (h) | 0.0 (g) |
|  EDP SA | 6 | 30 | — (h) | 0.0 (g) |
|  NOS SGPS SA | 8 | 53 | — (h) | 0.0 (g) |
|  REN—Redes Energeticas Nacionais SGPS SA | 4 | 16 | — (h) | 0.0 (g) |
|  Sonae SGPS SA | 39 | 85 | — (h) | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Aena SME SA | 15 | 434 | — (h) | 0.0 (g) |
|  Almirall SA | 1 | 11 | — (h) | 0.0 (g) |
|  Atresmedia Corp. de Medios de Comunicacion SA | 10 | 57 | — (h) | 0.0 (g) |
|  Banco de Sabadell SA | 144 | 506 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Bankinter SA | 30 | 466 | — (h) | 0.0 (g) |
|  CaixaBank SA | 146 | 1711 | — (h) | 0.0 (g) |
|  Corp. ACCIONA Energias Renovables SA | 2 | 39 | — (h) | 0.0 (g) |
|  Distribuidora Internacional de Alimentacion SA | — (h) | 4 | — (h) | 0.0 (g) |
|  Elecnor SA | 1 | 48 | — (h) | 0.0 (g) |
|  Enagas SA | 51 | 1019 | — (h) | 0.0 (g) |
|  Ence Energia y Celulosa SA | 3 | 7 | — (h) | 0.0 (g) |
|  Endesa SA | 18 | 752 | — (h) | 0.0 (g) |
|  Iberdrola SA | 23 | 518 | — (h) | 0.0 (g) |
|  Indra Sistemas SA | 1 | 29 | — (h) | 0.0 (g) |
|  Industria de Diseno Textil SA | 5 | 311 | — (h) | 0.0 (g) |
|  Laboratorios Farmaceuticos Rovi SA | 2 | 145 | — (h) | 0.0 (g) |
|  Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 4 | 6 | — (h) | 0.0 (g) |
|  Logista Integral SA | 3 | 94 | — (h) | 0.0 (g) |
|  Mapfre SA | 18 | 81 | — (h) | 0.0 (g) |
|  Melia Hotels International SA | 6 | 72 | — (h) | 0.0 (g) |
|  Merlin Properties Socimi SA | 24 | 382 | — (h) | 0.0 (g) |
|  Naturgy Energy Group SA | 13 | 384 | — (h) | 0.0 (g) |
|  Neinor Homes SA | 2 | 37 | — (h) | 0.0 (g) |
|  Pharma Mar SA | — (h) | 15 | — (h) | 0.0 (g) |
|  Redeia Corp. SA | 55 | 931 | — (h) | 0.0 (g) |
|  Repsol SA | 93 | 2662 | — (h) | 0.0 (g) |
|  Telefonica SA | 72 | 314 | — (h) | 0.0 (g) |
|  Unicaja Banco SA | 154 | 448 | — (h) | 0.0 (g) |
|  Vidrala SA | — (h) | 7 | — (h) | 0.0 (g) |
|  Viscofan SA | 1 | 83 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 2 | 167 | — (h) | 0.0 (g) |
|  United Kingdom |  |  |  |  |
|  Shell plc | 5 | 251 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 55817 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 12704 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -3.38% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/15/2027 | 18230 | (130) | 495 | 365 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | (6) | (200) | — (h) | 0.0 (g) |
|  Greatland Resources Ltd. | (7) | (45) | (7) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (11) | (218) | (2) | 0.0 (g) |
|  **Georgia** |  |  |  |  |
|  TBC Bank Group plc | (1) | (64) | — (h) | 0.0 (g) |
|  **Hungary** |  |  |  |  |
|  Wizz Air Holdings Plc | (3) | (30) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  CRH plc | (1) | (140) | — (h) | 0.0 (g) |
|  DCC plc | (1) | (57) | (1) | 0.0 (g) |
|  Experian plc | (5) | (166) | — (h) | 0.0 (g) |
|  Grafton Group plc | (1) | (15) | — (h) | 0.0 (g) |
|  Smurfit WestRock plc | (5) | (186) | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (10) | (433) | (19) | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (1) | (6) | — (h) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Pan African Resources plc | (15) | (24) | (3) | 0.0 (g) |
|  Valterra Platinum Ltd. | — (h) | (12) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (105) | (748) | (37) | 0.0 (g) |
|  International Workplace Group plc | (45) | (104) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (10) | (358) | 24 | 0.0 (g) |
|  Airtel Africa plc | (44) | (203) | — (h) | 0.0 (g) |
|  Associated British Foods plc | (4) | (96) | (5) | 0.0 (g) |
|  AstraZeneca plc | (9) | (1655) | — (h) | 0.0 (g) |
|  Auction Technology Group plc | (5) | (20) | — (h) | 0.0 (g) |
|  Auto Trader Group plc | (68) | (415) | (7) | 0.0 (g) |
|  Babcock International Group plc | (5) | (73) | — (h) | 0.0 (g) |
|  Barratt Redrow plc | (72) | (249) | 3 | 0.0 (g) |
|  Berkeley Group Holdings plc | (2) | (77) | 1 | 0.0 (g) |
|  Big Yellow Group plc | (2) | (18) | — (h) | 0.0 (g) |
|  Bloomsbury Publishing plc | (1) | (5) | — (h) | 0.0 (g) |
|  Bodycote plc | (1) | (10) | — (h) | 0.0 (g) |
|  Breedon Group plc | (3) | (13) | — (h) | 0.0 (g) |
|  Bridgepoint Group plc | (34) | (103) | — (h) | 0.0 (g) |
|  British American Tobacco plc | (7) | (386) | — (h) | 0.0 (g) |
|  BT Group plc | (150) | (415) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Bunzl plc | (6) | (166) | (7) | 0.0 (g) |
|  Capita plc | (9) | (33) | — (h) | 0.0 (g) |
|  Card Factory plc | (7) | (6) | — (h) | 0.0 (g) |
|  Centrica plc | (110) | (287) | (23) | 0.0 (g) |
|  Ceres Power Holdings plc | (2) | (9) | — (h) | 0.0 (g) |
|  Chemring Group plc | (7) | (45) | — (h) | 0.0 (g) |
|  Chesnara plc | (5) | (20) | — (h) | 0.0 (g) |
|  Coats Group plc | (65) | (69) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (1) | (108) | — (h) | 0.0 (g) |
|  Convatec Group plc | (91) | (260) | 2 | 0.0 (g) |
|  Croda International plc | (12) | (430) | (4) | 0.0 (g) |
|  CVS Group plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Diageo plc | (9) | (170) | (1) | 0.0 (g) |
|  Diploma plc | — (h) | (23) | — (h) | 0.0 (g) |
|  DiscoverIE Group plc | (1) | (4) | — (h) | 0.0 (g) |
|  Domino's Pizza Group plc | (4) | (10) | — (h) | 0.0 (g) |
|  Drax Group plc | (21) | (239) | (12) | 0.0 (g) |
|  easyJet plc | (38) | (182) | 8 | 0.0 (g) |
|  Elementis plc | (4) | (7) | — (h) | 0.0 (g) |
|  Energean plc | (11) | (129) | — (h) | 0.0 (g) |
|  Entain plc | (40) | (297) | — (h) | 0.0 (g) |
|  Games Workshop Group plc | — (h) | (103) | — (h) | 0.0 (g) |
|  Genus plc | (1) | (20) | — (h) | 0.0 (g) |
|  Goodwin plc | — (h) | (3) | — (h) | 0.0 (g) |
|  Great Portland Estates plc | (6) | (23) | — (h) | 0.0 (g) |
|  Greggs plc | (10) | (193) | — (h) | 0.0 (g) |
|  GSK plc | (50) | (1283) | (84) | 0.0 (g) |
|  Haleon plc | (34) | (167) | (2) | 0.0 (g) |
|  Hammerson plc | (11) | (42) | — (h) | 0.0 (g) |
|  Harbour Energy plc | (48) | (189) | — (h) | 0.0 (g) |
|  Helios Towers plc | (35) | (83) | — (h) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (3) | (46) | (1) | 0.0 (g) |
|  Hilton Food Group plc | (2) | (11) | — (h) | 0.0 (g) |
|  Hollywood Bowl Group plc | (6) | (18) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (16) | (167) | 1 | 0.0 (g) |
|  IMI plc | (1) | (49) | — (h) | 0.0 (g) |
|  Inchcape plc | (5) | (52) | — (h) | 0.0 (g) |
|  Informa plc | (7) | (68) | — (h) | 0.0 (g) |
|  International Consolidated Airlines Group SA | (35) | (167) | 5 | 0.0 (g) |
|  Intertek Group plc | — (h) | (19) | — (h) | 0.0 (g) |
|  IP Group plc | (11) | (7) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (483) | (449) | (3) | 0.0 (g) |
|  Land Securities Group plc | (61) | (444) | (2) | 0.0 (g) |
|  London Stock Exchange Group plc | (6) | (697) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  LondonMetric Property plc | (118) | (284) | — (h) | 0.0 (g) |
|  M&G plc | (20) | (70) | — (h) | 0.0 (g) |
|  Man Group plc/Jersey | (1) | (3) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | (35) | (152) | (3) | 0.0 (g) |
|  Melrose Industries plc | (5) | (35) | (1) | 0.0 (g) |
|  Metro Bank Holdings plc | (12) | (19) | — (h) | 0.0 (g) |
|  Mitie Group plc | (14) | (31) | — (h) | 0.0 (g) |
|  Mondi plc | (18) | (196) | — (h) | 0.0 (g) |
|  National Grid plc | (1) | (20) | (1) | 0.0 (g) |
|  NCC Group plc | (3) | (5) | — (h) | 0.0 (g) |
|  OXB | (1) | (8) | — (h) | 0.0 (g) |
|  Oxford Nanopore Technologies plc | (16) | (23) | — (h) | 0.0 (g) |
|  Pagegroup plc | (4) | (7) | — (h) | 0.0 (g) |
|  Pennon Group plc | (8) | (58) | — (h) | 0.0 (g) |
|  Persimmon plc | (2) | (29) | 2 | 0.0 (g) |
|  Phoenix Group Holdings plc | (4) | (36) | — (h) | 0.0 (g) |
|  Pinewood Technologies Group plc | (3) | (7) | — (h) | 0.0 (g) |
|  Primary Health Properties plc | (24) | (30) | — (h) | 0.0 (g) |
|  Rathbones Group plc | (1) | (36) | — (h) | 0.0 (g) |
|  RELX plc | (11) | (359) | (2) | 0.0 (g) |
|  Rentokil Initial plc | (93) | (570) | (3) | 0.0 (g) |
|  Rio Tinto plc | (29) | (2540) | (114) | 0.0 (g) |
|  Sage Group plc (The) | (9) | (94) | — (h) | 0.0 (g) |
|  Savills plc | — (h) | (4) | — (h) | 0.0 (g) |
|  Segro plc | (29) | (260) | 15 | 0.0 (g) |
|  Senior plc | (7) | (25) | — (h) | 0.0 (g) |
|  Severn Trent plc | (9) | (358) | (14) | 0.0 (g) |
|  Shawbrook Group plc | (3) | (13) | — (h) | 0.0 (g) |
|  Spirax Group plc | (1) | (89) | (1) | 0.0 (g) |
|  Spire Healthcare Group plc | (5) | (10) | — (h) | 0.0 (g) |
|  SSE plc | (59) | (1986) | (30) | 0.0 (g) |
|  SSP Group Plc | (22) | (52) | — (h) | 0.0 (g) |
|  Supermarket, Inc.ome Reit PLC | (2) | (2) | — (h) | 0.0 (g) |
|  Target Healthcare REIT plc | (5) | (7) | — (h) | 0.0 (g) |
|  Tate & Lyle plc | (25) | (122) | — (h) | 0.0 (g) |
|  Telecom Plus plc | (1) | (10) | — (h) | 0.0 (g) |
|  Travis Perkins plc | (1) | (5) | — (h) | 0.0 (g) |
|  Unilever plc | (11) | (620) | 25 | 0.0 (g) |
|  UNITE Group plc (The) | (6) | (36) | — (h) | 0.0 (g) |
|  United Utilities Group plc | (9) | (165) | — (h) | 0.0 (g) |
|  Vistry Group plc | (18) | (81) | — (h) | 0.0 (g) |
|  Volution Group plc | (1) | (5) | — (h) | 0.0 (g) |
|  Weir Group plc (The) | (11) | (410) | (1) | 0.0 (g) |
|  WH Smith plc | (8) | (59) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Whitbread plc | (1) | (24) | — (h) | 0.0 (g) |
|  Wise plc | (4) | (49) | (1) | 0.0 (g) |
|  WPP plc | (57) | (176) | (1) | 0.0 (g) |
|  XPS Pensions Group plc | (6) | (24) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Flutter Entertainment plc | (1) | (61) | — (h) | 0.0 (g) |
|  Sunbelt Rentals Holdings, Inc. | (6) | (352) | 5 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (22961) | (303) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | 6 | 123 | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 9 | 393 | (3) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  Sirius Real Estate Ltd. | 4 | 5 | — (h) | 0.0 (g) |
|  **Guernsey** |  |  |  |  |
|  Chrysalis Investments Ltd. | 10 | 10 | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | 6 | 85 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  C&C Group plc | 4 | 6 | — (h) | 0.0 (g) |
|  DCC plc | 1 | 84 | — (h) | 0.0 (g) |
|  Experian plc | 11 | 362 | — (h) | 0.0 (g) |
|  **Isle of Man** |  |  |  |  |
|  Playtech Plc | 1 | 6 | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Plus500 Ltd. | 2 | 127 | — (h) | 0.0 (g) |
|  **Jersey** |  |  |  |  |
|  B&M European Value Retail plc | 47 | 104 | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | 16 | 684 | — (h) | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | 1 | 5 | — (h) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Investec plc | 2 | 15 | — (h) | 0.0 (g) |
|  Pan African Resources plc | 7 | 14 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Coca-Cola HBC AG | 1 | 41 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  4imprint Group plc | 1 | 39 | — (h) | 0.0 (g) |
|  Aberdeen Group plc | 87 | 219 | — (h) | 0.0 (g) |
|  Admiral Group plc | 9 | 371 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  AG Barr plc | 1 | 7 | — (h) | 0.0 (g) |
|  Airtel Africa plc | 6 | 29 | (1) | 0.0 (g) |
|  AJ Bell plc | 24 | 150 | — (h) | 0.0 (g) |
|  Anglo American plc | 30 | 1240 | 16 | 0.0 (g) |
|  Ashmore Group plc | 11 | 32 | — (h) | 0.0 (g) |
|  Associated British Foods plc | 10 | 244 | — (h) | 0.0 (g) |
|  Auto Trader Group plc | 85 | 527 | — (h) | 0.0 (g) |
|  Aviva plc | 95 | 762 | (10) | 0.0 (g) |
|  Avon Technologies plc | — (h) | 3 | — (h) | 0.0 (g) |
|  Babcock International Group plc | 9 | 153 | (14) | 0.0 (g) |
|  BAE Systems plc | 29 | 846 | — (h) | 0.0 (g) |
|  Balfour Beatty plc | 13 | 134 | — (h) | 0.0 (g) |
|  Barclays plc | 534 | 2736 | 16 | 0.0 (g) |
|  Bellway plc | 3 | 70 | (6) | 0.0 (g) |
|  Berkeley Group Holdings plc | 1 | 35 | — (h) | 0.0 (g) |
|  BP plc | 176 | 1395 | 15 | 0.0 (g) |
|  British Land Co. plc/The | 35 | 163 | — (h) | 0.0 (g) |
|  Bunzl plc | 8 | 247 | — (h) | 0.0 (g) |
|  Burberry Group plc | 17 | 245 | 1 | 0.0 (g) |
|  Bytes Technology Group plc | 15 | 54 | — (h) | 0.0 (g) |
|  Centrica plc | 247 | 694 | — (h) | 0.0 (g) |
|  Clarkson plc | — (h) | 28 | — (h) | 0.0 (g) |
|  Close Brothers Group plc | 1 | 6 | — (h) | 0.0 (g) |
|  Compass Group plc | 11 | 312 | (1) | 0.0 (g) |
|  Computacenter plc | — (h) | 14 | — (h) | 0.0 (g) |
|  Costain Group plc | 12 | 28 | — (h) | 0.0 (g) |
|  Cranswick plc | — (h) | 3 | — (h) | 0.0 (g) |
|  Crest Nicholson Holdings plc | 3 | 5 | — (h) | 0.0 (g) |
|  Derwent London plc | 4 | 74 | — (h) | 0.0 (g) |
|  Diploma plc | 3 | 219 | 5 | 0.0 (g) |
|  Dr Martens plc | 13 | 11 | — (h) | 0.0 (g) |
|  Drax Group plc | 22 | 260 | — (h) | 0.0 (g) |
|  Dunelm Group plc | 7 | 68 | — (h) | 0.0 (g) |
|  easyJet plc | 53 | 243 | — (h) | 0.0 (g) |
|  Endeavour Mining plc | — (h) | 26 | 2 | 0.0 (g) |
|  Entain plc | 12 | 97 | (5) | 0.0 (g) |
|  Firstgroup plc | 33 | 73 | — (h) | 0.0 (g) |
|  Forterra plc | 7 | 14 | — (h) | 0.0 (g) |
|  Frasers Group plc | — (h) | 2 | — (h) | 0.0 (g) |
|  Future plc | 11 | 44 | — (h) | 0.0 (g) |
|  Galliford Try Holdings plc | 1 | 5 | — (h) | 0.0 (g) |
|  Games Workshop Group plc | — (h) | 50 | — (h) | 0.0 (g) |
|  Gamma Communications plc | 4 | 38 | — (h) | 0.0 (g) |
|  GB Group plc | 8 | 22 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Genuit Group plc | 3 | 12 | — (h) | 0.0 (g) |
|  Grainger plc | 6 | 14 | — (h) | 0.0 (g) |
|  GSK plc | 10 | 271 | — (h) | 0.0 (g) |
|  Halma plc | 8 | 382 | 3 | 0.0 (g) |
|  Hays plc | 22 | 10 | — (h) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | 5 | 90 | — (h) | 0.0 (g) |
|  Hill & Smith plc | 1 | 33 | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | 28 | 296 | — (h) | 0.0 (g) |
|  HSBC Holdings plc | 140 | 2218 | 38 | 0.0 (g) |
|  Hunting plc | 6 | 37 | — (h) | 0.0 (g) |
|  Ibstock plc | 5 | 6 | — (h) | 0.0 (g) |
|  ICG plc | 1 | 12 | — (h) | 0.0 (g) |
|  IG Group Holdings plc | 39 | 734 | 3 | 0.0 (g) |
|  IMI plc | 19 | 662 | (28) | 0.0 (g) |
|  Imperial Brands plc | 11 | 432 | 1 | 0.0 (g) |
|  Informa plc | 24 | 235 | (1) | 0.0 (g) |
|  IntegraFin Holdings plc | 9 | 36 | — (h) | 0.0 (g) |
|  International Consolidated Airlines Group SA | 152 | 702 | — (h) | 0.0 (g) |
|  Intertek Group plc | 16 | 758 | 2 | 0.0 (g) |
|  ITV plc | 53 | 53 | — (h) | 0.0 (g) |
|  J D Wetherspoon plc | 2 | 11 | — (h) | 0.0 (g) |
|  J Sainsbury plc | 117 | 508 | 15 | 0.0 (g) |
|  Johnson Matthey plc | 7 | 161 | 4 | 0.0 (g) |
|  Jupiter Fund Management plc | 18 | 40 | — (h) | 0.0 (g) |
|  Kainos Group plc | 2 | 17 | — (h) | 0.0 (g) |
|  Keller Group plc | 2 | 39 | — (h) | 0.0 (g) |
|  Kier Group plc | 13 | 32 | — (h) | 0.0 (g) |
|  Kingfisher plc | 57 | 214 | (2) | 0.0 (g) |
|  Lancashire Holdings Ltd. | 8 | 61 | — (h) | 0.0 (g) |
|  Legal & General Group plc | 237 | 743 | 29 | 0.0 (g) |
|  Lion Finance Group plc | 1 | 72 | — (h) | 0.0 (g) |
|  Liontrust Asset Management plc | 4 | 11 | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 1637 | 2003 | (2) | 0.0 (g) |
|  LondonMetric Property plc | 22 | 54 | — (h) | 0.0 (g) |
|  M&G plc | 50 | 183 | (1) | 0.0 (g) |
|  Marks & Spencer Group plc | 19 | 84 | — (h) | 0.0 (g) |
|  Marshalls plc | 5 | 9 | — (h) | 0.0 (g) |
|  Melrose Industries plc | 6 | 40 | — (h) | 0.0 (g) |
|  Mitchells & Butlers plc | 2 | 6 | — (h) | 0.0 (g) |
|  Molten Ventures plc | 1 | 5 | — (h) | 0.0 (g) |
|  MONY Group plc | 12 | 25 | — (h) | 0.0 (g) |
|  Moonpig Group plc | 23 | 63 | — (h) | 0.0 (g) |
|  Morgan Advanced Materials plc | 1 | 4 | — (h) | 0.0 (g) |
|  Morgan Sindall Group plc | 1 | 37 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  National Grid plc | 2 | 31 | — (h) | 0.0 (g) |
|  NatWest Group plc | 398 | 2875 | 42 | 0.0 (g) |
|  Next plc | 3 | 580 | 1 | 0.0 (g) |
|  Ninety One plc | 2 | 5 | — (h) | 0.0 (g) |
|  On the Beach Group plc | 8 | 16 | — (h) | 0.0 (g) |
|  OSB Group plc | 10 | 69 | — (h) | 0.0 (g) |
|  Oxford Instruments plc | — (h) | 11 | — (h) | 0.0 (g) |
|  Paragon Banking Group plc | 6 | 54 | — (h) | 0.0 (g) |
|  Pearson plc | 58 | 758 | — (h) | 0.0 (g) |
|  Persimmon plc | 15 | 208 | — (h) | 0.0 (g) |
|  Pets at Home Group Plc | 8 | 20 | — (h) | 0.0 (g) |
|  Phoenix Group Holdings plc | 1 | 13 | 1 | 0.0 (g) |
|  Picton Property, Inc.ome Ltd | 19 | 19 | — (h) | 0.0 (g) |
|  QinetiQ Group plc | 3 | 19 | — (h) | 0.0 (g) |
|  Quilter plc | 23 | 53 | — (h) | 0.0 (g) |
|  Raspberry PI Holdings plc | 2 | 9 | — (h) | 0.0 (g) |
|  Reckitt Benckiser Group plc | 17 | 1120 | 1 | 0.0 (g) |
|  RELX plc | 8 | 273 | — (h) | 0.0 (g) |
|  Rightmove plc | 109 | 621 | — (h) | 0.0 (g) |
|  Rolls-Royce Holdings plc | 157 | 2360 | (6) | 0.0 (g) |
|  Rotork plc | 24 | 97 | — (h) | 0.0 (g) |
|  RS GROUP plc | 3 | 23 | — (h) | 0.0 (g) |
|  Safestore Holdings plc | 3 | 26 | — (h) | 0.0 (g) |
|  Saga plc | — (h) | 2 | — (h) | 0.0 (g) |
|  Sage Group plc (The) | 26 | 276 | 6 | 0.0 (g) |
|  Serco Group plc | 7 | 26 | — (h) | 0.0 (g) |
|  Shaftesbury Capital plc | 46 | 78 | — (h) | 0.0 (g) |
|  Shell plc | 9 | 419 | 29 | 0.0 (g) |
|  Smith & Nephew plc | 14 | 224 | — (h) | 0.0 (g) |
|  Smiths Group plc | 19 | 554 | 10 | 0.0 (g) |
|  Softcat plc | 6 | 93 | — (h) | 0.0 (g) |
|  Spirax Group plc | — (h) | 14 | — (h) | 0.0 (g) |
|  St James's Place plc | 18 | 276 | (3) | 0.0 (g) |
|  Standard Chartered plc | 69 | 1419 | (1) | 0.0 (g) |
|  Taylor Wimpey plc | 207 | 243 | — (h) | 0.0 (g) |
|  Tesco plc | 138 | 848 | 14 | 0.0 (g) |
|  TP ICAP Group plc | 26 | 95 | — (h) | 0.0 (g) |
|  Trainline plc | 4 | 11 | — (h) | 0.0 (g) |
|  Tritax Big Box REIT plc | 67 | 126 | — (h) | 0.0 (g) |
|  Trustpilot Group plc | 44 | 112 | — (h) | 0.0 (g) |
|  UNITE Group plc (The) | 22 | 134 | — (h) | 0.0 (g) |
|  United Utilities Group plc | 4 | 59 | 3 | 0.0 (g) |
|  Vesuvius plc | 2 | 11 | — (h) | 0.0 (g) |
|  Victrex plc | 1 | 7 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Vodafone Group plc | 406 | 608 | 1 | 0.0 (g) |
|  Watches of Switzerland Group plc | — (h) | 2 | — (h) | 0.0 (g) |
|  Whitbread plc | 6 | 172 | — (h) | 0.0 (g) |
|  Wickes Group plc | 8 | 23 | — (h) | 0.0 (g) |
|  Wise plc | 13 | 153 | — (h) | 0.0 (g) |
|  Workspace Group plc | 1 | 6 | — (h) | 0.0 (g) |
|  Zigup plc | 5 | 24 | — (h) | 0.0 (g) |
|  United States |  |  |  |  |
|  Carnival plc | 9 | 222 | (1) | 0.0 (g) |
|  Sunbelt Rentals Holdings, Inc. | 3 | 178 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 41191 | 173 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 18230 | (130) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -10% to 0.27%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/21/2027 | (563) | – (h) | 35 | 35 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Akeso, Inc. | (28) | (465) | — (h) | 0.0 (g) |
|  Anhui Conch Cement Co. Ltd. | (4) | (11) | — (h) | 0.0 (g) |
|  ANTA Sports Products Ltd. | (7) | (70) | — (h) | 0.0 (g) |
|  AviChina Industry & Technology Co. Ltd. | (96) | (41) | — (h) | 0.0 (g) |
|  Baidu, Inc. | (55) | (744) | — (h) | 0.0 (g) |
|  Bilibili, Inc. | (1) | (30) | — (h) | 0.0 (g) |
|  BYD Electronic International Co. Ltd. | (31) | (107) | — (h) | 0.0 (g) |
|  China Feihe Ltd. | (51) | (23) | — (h) | 0.0 (g) |
|  China Galaxy Securities Co. Ltd. | (62) | (62) | — (h) | 0.0 (g) |
|  China International Capital Corp. Ltd. | (10) | (21) | — (h) | 0.0 (g) |
|  China Literature Ltd. | (24) | (78) | — (h) | 0.0 (g) |
|  China Mengniu Dairy Co. Ltd. | (19) | (42) | — (h) | 0.0 (g) |
|  China National Building Material Co. Ltd. | (46) | (28) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  China Railway Group Ltd. | (119) | (61) | – (h) | 0.0 (g) |
|  China Resources Mixc Lifestyle Services Ltd. | (11) | (66) | – (h) | 0.0 (g) |
|  China Southern Airlines Co. Ltd. | (22) | (11) | – (h) | 0.0 (g) |
|  CIMC Enric Holdings Ltd. | (2) | (3) | – (h) | 0.0 (g) |
|  GDS Holdings Ltd. | (18) | (88) | – (h) | 0.0 (g) |
|  Genscript Biotech Corp. | (34) | (47) | – (h) | 0.0 (g) |
|  Greentown China Holdings Ltd. | (21) | (23) | – (h) | 0.0 (g) |
|  Guotai Haitong Securities Co. Ltd. | (87) | (148) | – (h) | 0.0 (g) |
|  Horizon Robotics | (352) | (297) | – (h) | 0.0 (g) |
|  Hua Hong Semiconductor Ltd. | (15) | (149) | – (h) | 0.0 (g) |
|  Huaneng Power International, Inc. | (26) | (20) | – (h) | 0.0 (g) |
|  Huatai Securities Co. Ltd. | (21) | (40) | – (h) | 0.0 (g) |
|  Innovent Biologics, Inc. | (8) | (81) | – (h) | 0.0 (g) |
|  J&T Global Express Ltd. | (69) | (89) | – (h) | 0.0 (g) |
|  JD Logistics, Inc. | — (h) | — (h) | – (h) | 0.0 (g) |
|  JD.com, Inc. | (20) | (286) | – (h) | 0.0 (g) |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. | (3) | (28) | – (h) | 0.0 (g) |
|  KE Holdings, Inc. | (14) | (69) | – (h) | 0.0 (g) |
|  Kingdee International Software Group Co. Ltd. | (69) | (75) | – (h) | 0.0 (g) |
|  Kuaishou Technology | (35) | (200) | – (h) | 0.0 (g) |
|  Laopu Gold Co. Ltd. | (1) | (115) | – (h) | 0.0 (g) |
|  Li Auto, Inc. | (23) | (196) | – (h) | 0.0 (g) |
|  Longfor Group Holdings Ltd. | (49) | (47) | – (h) | 0.0 (g) |
|  Meitu, Inc. | (72) | (39) | – (h) | 0.0 (g) |
|  Meituan | (47) | (494) | – (h) | 0.0 (g) |
|  MINISO Group Holding Ltd. | (13) | (53) | – (h) | 0.0 (g) |
|  New Oriental Education & Technology Group, Inc. | (8) | (43) | – (h) | 0.0 (g) |
|  NIO, Inc. | (11) | (63) | – (h) | 0.0 (g) |
|  Ping An Healthcare and Technology Co. Ltd. | (21) | (31) | – (h) | 0.0 (g) |
|  Postal Savings Bank of China Co. Ltd. | (9) | (6) | – (h) | 0.0 (g) |
|  SenseTime Group, Inc. | (1094) | (257) | – (h) | 0.0 (g) |
|  Shandong Weigao Group Medical Polymer Co. Ltd. | (59) | (28) | – (h) | 0.0 (g) |
|  Shenzhou International Group Holdings Ltd. | (8) | (45) | – (h) | 0.0 (g) |
|  Simcere Pharmaceutical Group Ltd. | (14) | (23) | – (h) | 0.0 (g) |
|  Sinotruk Hong Kong Ltd. | (3) | (15) | – (h) | 0.0 (g) |
|  Tencent Holdings Ltd. | (2) | (136) | – (h) | 0.0 (g) |
|  Tongcheng Travel Holdings Ltd. | (2) | (5) | – (h) | 0.0 (g) |
|  Weichai Power Co. Ltd. | (19) | (65) | – (h) | 0.0 (g) |
|  West China Cement Ltd. | (94) | (26) | – (h) | 0.0 (g) |
|  Wuxi Biologics Cayman, Inc. | (8) | (32) | – (h) | 0.0 (g) |
|  WuXi XDC Cayman, Inc. | (2) | (11) | – (h) | 0.0 (g) |
|  XD, Inc. | (7) | (55) | – (h) | 0.0 (g) |
|  Xiaomi Corp. | (51) | (205) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Xinyi Solar Holdings Ltd. | (248) | (92) | — (h) | 0.0 (g) |
|  XPeng, Inc. | (48) | (403) | — (h) | 0.0 (g) |
|  Zai Lab Ltd. | (13) | (23) | — (h) | 0.0 (g) |
|  Zhaojin Mining Industry Co. Ltd. | (31) | (123) | — (h) | 0.0 (g) |
|  Zhuzhou CRRC Times Electric Co. Ltd. | (3) | (13) | — (h) | 0.0 (g) |
|  ZTE Corp. | (57) | (160) | — (h) | 0.0 (g) |
|  ZTO Express Cayman, Inc. | (3) | (66) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | (13) | (136) | — (h) | 0.0 (g) |
|  Alibaba Group Holding Ltd. | (28) | (422) | — (h) | 0.0 (g) |
|  Alibaba Health Information Technology Ltd. | (178) | (106) | — (h) | 0.0 (g) |
|  Bosideng International Holdings Ltd. | (36) | (18) | — (h) | 0.0 (g) |
|  Budweiser Brewing Co. APAC Ltd | (36) | (33) | — (h) | 0.0 (g) |
|  Cathay Pacific Airways Ltd. | (19) | (27) | — (h) | 0.0 (g) |
|  CGN Mining Co. Ltd. | (195) | (96) | — (h) | 0.0 (g) |
|  China Medical System Holdings Ltd. | (10) | (17) | — (h) | 0.0 (g) |
|  China Overseas Land & Investment Ltd. | (61) | (90) | — (h) | 0.0 (g) |
|  China Resources Land Ltd. | (37) | (133) | — (h) | 0.0 (g) |
|  China Resources Power Holdings Co. Ltd. | (14) | (33) | — (h) | 0.0 (g) |
|  Chow Tai Fook Jewellery Group Ltd. | (21) | (29) | — (h) | 0.0 (g) |
|  CK Asset Holdings Ltd. | (15) | (85) | — (h) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | (8) | (61) | — (h) | 0.0 (g) |
|  Geely Automobile Holdings Ltd. | (52) | (139) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (39) | (35) | — (h) | 0.0 (g) |
|  HUTCHMED China Ltd. | (22) | (64) | — (h) | 0.0 (g) |
|  Jiaxin International Resources Investment Ltd. | (1) | (11) | — (h) | 0.0 (g) |
|  Johnson Electric Holdings Ltd. | (5) | (15) | — (h) | 0.0 (g) |
|  Kingboard Laminates Holdings Ltd. | (14) | (34) | — (h) | 0.0 (g) |
|  MTR Corp. Ltd. | (22) | (90) | — (h) | 0.0 (g) |
|  Sino Land Co. Ltd. | (6) | (9) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (8) | (132) | — (h) | 0.0 (g) |
|  Swire Pacific Ltd. | (2) | (22) | — (h) | 0.0 (g) |
|  Swire Properties Ltd. | (3) | (9) | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | (19) | (241) | — (h) | 0.0 (g) |
|  United Laboratories International Holdings Ltd./The | (6) | (7) | — (h) | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | (5) | (14) | — (h) | 0.0 (g) |
|  Xinyi Glass Holdings Ltd. | (5) | (6) | — (h) | 0.0 (g) |
|  Zijin Gold International Co. Ltd. | (11) | (237) | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  PRADA SpA | (5) | (24) | — (h) | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  MGM China Holdings Ltd. | (5) | (7) | — (h) | 0.0 (g) |
|  Sands China Ltd. | (32) | (66) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | (4) | (48) | — (h) | 0.0 (g) |
|  Trip.com Group Ltd. | (4) | (170) | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  Minth Group Ltd. | (22) | (91) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  BeOne Medicines Ltd. | (5) | (109) | — (h) | 0.0 (g) |
|  Samsonite Group SA | (5) | (10) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (9249) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  MMG Ltd. | 8 | 7 | — (h) | 0.0 (g) |
|  Canada |  |  |  |  |
|  China Gold International Resources Corp. Ltd. | 2 | 35 | — (h) | 0.0 (g) |
|  **China** |  |  |  |  |
|  3SBio, Inc. | 64 | 183 | — (h) | 0.0 (g) |
|  AAC Technologies Holdings, Inc. | 14 | 59 | — (h) | 0.0 (g) |
|  Aluminum Corp. of China Ltd | 62 | 89 | — (h) | 0.0 (g) |
|  Ascentage Pharma Group International | 2 | 14 | — (h) | 0.0 (g) |
|  Bank of China Ltd. | 657 | 416 | — (h) | 0.0 (g) |
|  Bank of Communications Co. Ltd. | 45 | 40 | — (h) | 0.0 (g) |
|  BYD Co. Ltd. | 49 | 664 | — (h) | 0.0 (g) |
|  CALB Group Co. Ltd. | 3 | 11 | — (h) | 0.0 (g) |
|  CGN Power Co. Ltd. | 41 | 18 | — (h) | 0.0 (g) |
|  China CITIC Bank Corp. Ltd. | 10 | 10 | — (h) | 0.0 (g) |
|  China Coal Energy Co. Ltd. | 16 | 27 | — (h) | 0.0 (g) |
|  China Construction Bank Corp. | 699 | 748 | — (h) | 0.0 (g) |
|  China Hongqiao Group Ltd. | 23 | 102 | — (h) | 0.0 (g) |
|  China Life Insurance Co. Ltd. | 68 | 213 | — (h) | 0.0 (g) |
|  China Longyuan Power Group Corp. Ltd. | 11 | 10 | — (h) | 0.0 (g) |
|  China Merchants Bank Co. Ltd. | 48 | 302 | — (h) | 0.0 (g) |
|  China Minsheng Banking Corp. Ltd. | 15 | 7 | — (h) | 0.0 (g) |
|  China Nonferrous Mining Corp. Ltd. | 22 | 32 | — (h) | 0.0 (g) |
|  China Pacific Insurance Group Co. Ltd. | 24 | 96 | — (h) | 0.0 (g) |
|  China Petroleum & Chemical Corp. | 38 | 22 | — (h) | 0.0 (g) |
|  China Tower Corp. Ltd. | 26 | 35 | — (h) | 0.0 (g) |
|  Chongqing Rural Commercial Bank Co. Ltd. | 20 | 17 | — (h) | 0.0 (g) |
|  CITIC Ltd. | 80 | 121 | — (h) | 0.0 (g) |
|  CITIC Securities Co. Ltd. | 2 | 6 | — (h) | 0.0 (g) |
|  CMOC Group Ltd. | 81 | 166 | — (h) | 0.0 (g) |
|  Contemporary Amperex Technology Co. Ltd. | 2 | 125 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  COSCO SHIPPING Holdings Co. Ltd. | 144 | 274 | – (h) | 0.0 (g) |
|  CSPC Pharmaceutical Group Ltd. | 100 | 116 | – (h) | 0.0 (g) |
|  Dongyue Group Ltd. | 27 | 37 | – (h) | 0.0 (g) |
|  Everest Medicines Ltd. | 5 | 22 | – (h) | 0.0 (g) |
|  Fuyao Glass Industry Group Co. Ltd. | 6 | 42 | – (h) | 0.0 (g) |
|  Ganfeng Lithium Group Co. Ltd. | 33 | 306 | – (h) | 0.0 (g) |
|  Great Wall Motor Co. Ltd. | 5 | 8 | – (h) | 0.0 (g) |
|  Haidilao International Holding Ltd. | 6 | 11 | – (h) | 0.0 (g) |
|  Haier Smart Home Co. Ltd. | 1 | 4 | – (h) | 0.0 (g) |
|  InnoScience Suzhou Technology Holding Co. Ltd. | 6 | 38 | – (h) | 0.0 (g) |
|  JD Health International, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Jiangxi Copper Co. Ltd. | 10 | 44 | – (h) | 0.0 (g) |
|  Kingsoft Corp. Ltd. | 11 | 33 | – (h) | 0.0 (g) |
|  Lenovo Group Ltd. | 26 | 30 | – (h) | 0.0 (g) |
|  Li Ning Co. Ltd. | 23 | 63 | – (h) | 0.0 (g) |
|  Marketingforce Management Ltd. | 1 | 5 | – (h) | 0.0 (g) |
|  Midea Group Co. Ltd. | 7 | 70 | – (h) | 0.0 (g) |
|  NetEase, Inc. | 6 | 139 | – (h) | 0.0 (g) |
|  New China Life Insurance Co. Ltd. | 32 | 188 | – (h) | 0.0 (g) |
|  Nongfu Spring Co. Ltd. | 10 | 62 | – (h) | 0.0 (g) |
|  People's Insurance Co. Group of China Ltd/The | 128 | 88 | – (h) | 0.0 (g) |
|  PetroChina Co. Ltd. | 426 | 584 | – (h) | 0.0 (g) |
|  PICC Property & Casualty Co. Ltd. | 142 | 258 | – (h) | 0.0 (g) |
|  Ping An Insurance Group Co. of China Ltd | 6 | 46 | – (h) | 0.0 (g) |
|  Pop Mart International Group Ltd. | 3 | 51 | – (h) | 0.0 (g) |
|  Q Technology Group Co. Ltd. | 12 | 11 | – (h) | 0.0 (g) |
|  Remegen Co. Ltd. | 2 | 24 | – (h) | 0.0 (g) |
|  Shandong Gold Mining Co. Ltd. | 12 | 51 | – (h) | 0.0 (g) |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd. | 12 | 30 | – (h) | 0.0 (g) |
|  Sinopharm Group Co. Ltd. | 11 | 29 | – (h) | 0.0 (g) |
|  Smoore International Holdings Ltd. | 23 | 26 | – (h) | 0.0 (g) |
|  Sunny Optical Technology Group Co. Ltd. | 23 | 153 | – (h) | 0.0 (g) |
|  TransThera Sciences Nanjing, Inc. | 2 | 17 | – (h) | 0.0 (g) |
|  TravelSky Technology Ltd. | 18 | 22 | – (h) | 0.0 (g) |
|  Tsingtao Brewery Co. Ltd. | 8 | 50 | – (h) | 0.0 (g) |
|  Unisound AI Technology Co. Ltd. | — (h) | 11 | – (h) | 0.0 (g) |
|  WuXi AppTec Co. Ltd. | 3 | 51 | – (h) | 0.0 (g) |
|  Yadea Group Holdings Ltd. | 12 | 20 | – (h) | 0.0 (g) |
|  Yankuang Energy Group Co. Ltd. | 32 | 60 | – (h) | 0.0 (g) |
|  Yum China Holdings, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Zhejiang Leapmotor Technology Co. Ltd. | 13 | 76 | – (h) | 0.0 (g) |
|  ZhongAn Online P&C Insurance Co. Ltd. | 11 | 18 | – (h) | 0.0 (g) |
|  Zhongsheng Group Holdings Ltd. | 41 | 43 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Zijin Mining Group Co. Ltd. | 30 | 131 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | 5 | 35 | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | 29 | 158 | — (h) | 0.0 (g) |
|  China Resources Beer Holdings Co. Ltd. | 12 | 39 | — (h) | 0.0 (g) |
|  China Resources Gas Group Ltd. | 6 | 15 | — (h) | 0.0 (g) |
|  China Ruyi Holdings Ltd. | 88 | 17 | — (h) | 0.0 (g) |
|  China Taiping Insurance Holdings Co. Ltd. | 1 | 2 | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | 1 | 8 | — (h) | 0.0 (g) |
|  Guangdong Investment Ltd. | 16 | 16 | — (h) | 0.0 (g) |
|  Guotai Junan International Holdings Ltd. | 313 | 93 | — (h) | 0.0 (g) |
|  Hang Lung Properties Ltd. | 18 | 20 | — (h) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | 3 | 11 | — (h) | 0.0 (g) |
|  Hong Kong Exchanges & Clearing Ltd. | 16 | 798 | — (h) | 0.0 (g) |
|  Kunlun Energy Co. Ltd. | 44 | 40 | — (h) | 0.0 (g) |
|  NetEase Cloud Music, Inc. | 1 | 15 | — (h) | 0.0 (g) |
|  Nine Dragons Paper Holdings Ltd. | 2 | 2 | — (h) | 0.0 (g) |
|  Orient Overseas International Ltd. | 2 | 36 | — (h) | 0.0 (g) |
|  Sino Biopharmaceutical Ltd. | 175 | 131 | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 8 | 35 | — (h) | 0.0 (g) |
|  WH Group Ltd. | 88 | 115 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  HSBC Holdings plc | 10 | 161 | — (h) | 0.0 (g) |
|  Standard Chartered plc | — (h) | 8 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Nexteer Automotive Group Ltd. | 6 | 4 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 8686 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (563) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -2.63% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/15/2027 | 950 | 10 | 1 | 11 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (15) | (77) | (5) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (9) | (71) | (1) | 0.0 (g) |
|  CLP Holdings Ltd. | (2) | (14) | — (h) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (2) | (6) | — (h) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | (1) | (4) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (268) | (242) | (1) | 0.0 (g) |
|  MTR Corp. Ltd. | (17) | (66) | (1) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (11) | (178) | (3) | 0.0 (g) |
|  Swire Pacific Ltd. | (11) | (119) | — (h) | 0.0 (g) |
|  Wharf Holdings Ltd./The | (6) | (18) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (795) | (10) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | 7 | 73 | 5 | 0.0 (g) |
|  CK Asset Holdings Ltd. | 12 | 65 | — (h) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 52 | 381 | 10 | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 4 | 18 | — (h) | 0.0 (g) |
|  Link REIT | 137 | 619 | 9 | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 29 | 373 | (2) | 0.0 (g) |
|  WH Group Ltd. | 34 | 44 | — (h) | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 58 | 119 | 2 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 2 | 21 | (1) | 0.0 (g) |
|  Mobvista, Inc. | 17 | 32 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1745 | 20 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 950 | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -2.63% to 0.75%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/14/2028 | (80) | (5) | – (h) | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (32) | 1 | 0.0 (g) |
|  Clal Insurance Enterprises Holdings Ltd. | — (h) | (33) | 3 | 0.0 (g) |
|  Next Vision Stabilized Systems Ltd. | — (h) | (21) | 3 | 0.0 (g) |
|  Phoenix Financial Ltd. | (4) | (206) | 6 | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | (72) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (364) | 12 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 3 | 67 | (3) | 0.0 (g) |
|  Bank Leumi Le-Israel BM | 4 | 82 | (4) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 111 | (8) | 0.0 (g) |
|  Israel Discount Bank Ltd. | 1 | 13 | (1) | 0.0 (g) |
|  Nice Ltd. | — (h) | 11 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 284 | (17) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (80) | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -8.38% to 0.27%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/21/2027 | 3988 | – (h) | 303 | 303 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Disco Corp. | — (h) | (77) | — (h) | 0.0 (g) |
|  Nordea Bank Abp | (6) | (623) | — (h) | 0.0 (g) |
|  Round One Corp. | (1) | (3) | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | (2) | (19) | — (h) | 0.0 (g) |
|  Anycolor, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Appier Group, Inc. | (2) | (11) | — (h) | 0.0 (g) |
|  ARE Holdings, Inc. | (1) | (19) | — (h) | 0.0 (g) |
|  Capcom Co. Ltd. | (4) | (74) | — (h) | 0.0 (g) |
|  Casio Computer Co. Ltd. | (1) | (6) | — (h) | 0.0 (g) |
|  Central Japan Railway Co. | (4) | (98) | — (h) | 0.0 (g) |
|  Chiba Bank Ltd./The | (5) | (62) | — (h) | 0.0 (g) |
|  Credit Saison Co. Ltd. | (1) | (28) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (1) | (41) | — (h) | 0.0 (g) |
|  Daihen Corp. | — (h) | (21) | — (h) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | (1) | (40) | — (h) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | (13) | (117) | — (h) | 0.0 (g) |
|  Denka Co. Ltd. | — (h) | (7) | — (h) | 0.0 (g) |
|  Denso Corp. | (14) | (177) | — (h) | 0.0 (g) |
|  DMG Mori Co. Ltd. | (3) | (45) | — (h) | 0.0 (g) |
|  Ferrotec Corp. | (1) | (36) | — (h) | 0.0 (g) |
|  Food & Life Cos. Ltd. | — (h) | (23) | — (h) | 0.0 (g) |
|  Freee KK | (1) | (9) | — (h) | 0.0 (g) |
|  Fuji Electric Co. Ltd. | (1) | (40) | — (h) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Furuno Electric Co. Ltd. | — (h) | (15) | — (h) | 0.0 (g) |
|  GMO Payment Gateway, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  GNI Group Ltd. | (1) | (26) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  GS Yuasa Corp. | (1) | (27) | – (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | (5) | (56) | – (h) | 0.0 (g) |
|  Harmonic Drive Systems, Inc. | (4) | (79) | – (h) | 0.0 (g) |
|  Hino Motors Ltd. | (2) | (5) | – (h) | 0.0 (g) |
|  Hokkaido Electric Power Co., Inc. | (4) | (25) | – (h) | 0.0 (g) |
|  Hokuhoku Financial Group, Inc. | (1) | (18) | – (h) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (38) | (303) | – (h) | 0.0 (g) |
|  Hoshizaki Corp. | (1) | (16) | – (h) | 0.0 (g) |
|  Hoya Corp. | (1) | (201) | – (h) | 0.0 (g) |
|  Hulic Co. Ltd. | (6) | (73) | – (h) | 0.0 (g) |
|  Hyakugo Bank Ltd./The | (1) | (5) | – (h) | 0.0 (g) |
|  Ibiden Co. Ltd. | (3) | (153) | – (h) | 0.0 (g) |
|  ITOCHU Corp. | (10) | (128) | – (h) | 0.0 (g) |
|  Iwatani Corp. | (1) | (9) | – (h) | 0.0 (g) |
|  Iyogin Holdings, Inc. | (2) | (36) | – (h) | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (1) | (20) | – (h) | 0.0 (g) |
|  Japan Airport Terminal Co. Ltd. | — (h) | (13) | – (h) | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (11) | (179) | – (h) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (1) | (47) | – (h) | 0.0 (g) |
|  Jeol Ltd. | — (h) | (4) | – (h) | 0.0 (g) |
|  JFE Holdings, Inc. | (12) | (140) | – (h) | 0.0 (g) |
|  JVCKenwood Corp. | — (h) | (3) | – (h) | 0.0 (g) |
|  Kadokawa Corp. | (1) | (33) | – (h) | 0.0 (g) |
|  Kajima Corp. | (1) | (45) | – (h) | 0.0 (g) |
|  Kansai Paint Co. Ltd. | (2) | (24) | – (h) | 0.0 (g) |
|  Keio Corp. | (3) | (12) | – (h) | 0.0 (g) |
|  Keisei Electric Railway Co. Ltd. | (6) | (44) | – (h) | 0.0 (g) |
|  Kikkoman Corp. | (5) | (45) | – (h) | 0.0 (g) |
|  Kintetsu Group Holdings Co. Ltd. | (2) | (45) | – (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (3) | (54) | – (h) | 0.0 (g) |
|  Kitz Corp. | — (h) | (2) | – (h) | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (1) | (15) | – (h) | 0.0 (g) |
|  Kokusai Electric Corp. | (13) | (407) | – (h) | 0.0 (g) |
|  Komatsu Ltd. | (4) | (136) | – (h) | 0.0 (g) |
|  Konica Minolta, Inc. | (3) | (9) | – (h) | 0.0 (g) |
|  Kose Holdings Corp. | (1) | (19) | – (h) | 0.0 (g) |
|  Kubota Corp. | (4) | (57) | – (h) | 0.0 (g) |
|  Kumagai Gumi Co. Ltd. | (2) | (16) | – (h) | 0.0 (g) |
|  Kyocera Corp. | (4) | (63) | – (h) | 0.0 (g) |
|  Kyoritsu Maintenance Co. Ltd. | (1) | (17) | – (h) | 0.0 (g) |
|  M3, Inc. | (7) | (73) | – (h) | 0.0 (g) |
|  Macnica Holdings, Inc. | (1) | (17) | – (h) | 0.0 (g) |
|  Marubeni Corp. | (9) | (308) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Maruwa Co. Ltd./Aichi | — (h) | (67) | – (h) | 0.0 (g) |
|  Mazda Motor Corp. | (9) | (60) | – (h) | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | — (h) | (15) | – (h) | 0.0 (g) |
|  Mercari, Inc. | (4) | (83) | – (h) | 0.0 (g) |
|  Micronics Japan Co. Ltd. | (1) | (82) | – (h) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (7) | (201) | – (h) | 0.0 (g) |
|  Mitsubishi Materials Corp. | (1) | (21) | – (h) | 0.0 (g) |
|  Mitsubishi Motors Corp. | (10) | (19) | – (h) | 0.0 (g) |
|  Mitsui & Co. Ltd. | (10) | (372) | – (h) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (3) | (109) | – (h) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (17) | (664) | – (h) | 0.0 (g) |
|  Monex Group, Inc. | (2) | (8) | – (h) | 0.0 (g) |
|  Money Forward, Inc. | (1) | (22) | – (h) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (2) | (21) | – (h) | 0.0 (g) |
|  Musashi Seimitsu Industry Co. Ltd. | (1) | (8) | – (h) | 0.0 (g) |
|  Nabtesco Corp. | (1) | (19) | – (h) | 0.0 (g) |
|  NHK Spring Co. Ltd. | (1) | (17) | – (h) | 0.0 (g) |
|  Nichias Corp. | (1) | (16) | – (h) | 0.0 (g) |
|  Nihon M&A Center Holdings, Inc. | (1) | (4) | – (h) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (10) | (63) | – (h) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | — (h) | (10) | – (h) | 0.0 (g) |
|  Nippon Steel Corp. | (49) | (179) | – (h) | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (95) | (200) | – (h) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (7) | (117) | – (h) | 0.0 (g) |
|  Nittetsu Mining Co. Ltd. | (2) | (34) | – (h) | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | (2) | (213) | – (h) | 0.0 (g) |
|  Nomura Holdings, Inc. | (21) | (160) | – (h) | 0.0 (g) |
|  Nomura Micro Science Co. Ltd. | (1) | (13) | – (h) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | (3) | (20) | – (h) | 0.0 (g) |
|  NTT, Inc. | (393) | (389) | – (h) | 0.0 (g) |
|  OKUMA Corp. | — (h) | (7) | – (h) | 0.0 (g) |
|  Olympus Corp. | (3) | (30) | – (h) | 0.0 (g) |
|  Omron Corp. | (5) | (137) | – (h) | 0.0 (g) |
|  Oracle Corp. Japan | — (h) | (5) | – (h) | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (7) | (124) | – (h) | 0.0 (g) |
|  ORIX Corp. | (2) | (70) | – (h) | 0.0 (g) |
|  Panasonic Holdings Corp. | (27) | (445) | – (h) | 0.0 (g) |
|  Park24 Co. Ltd. | (3) | (40) | – (h) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | (3) | (34) | – (h) | 0.0 (g) |
|  PKSHA Technology, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  Rakuten Group, Inc. | (54) | (245) | – (h) | 0.0 (g) |
|  Resona Holdings, Inc. | (1) | (8) | – (h) | 0.0 (g) |
|  Resonac Holdings Corp. | (4) | (247) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Rigaku Holdings Corp. | (5) | (59) | – (h) | 0.0 (g) |
|  Rohm Co. Ltd. | (8) | (146) | – (h) | 0.0 (g) |
|  Rohto Pharmaceutical Co. Ltd. | (3) | (38) | – (h) | 0.0 (g) |
|  Rorze Corp. | — (h) | (3) | – (h) | 0.0 (g) |
|  Sanrio Co. Ltd. | (45) | (278) | – (h) | 0.0 (g) |
|  SBI Holdings, Inc. | (4) | (72) | – (h) | 0.0 (g) |
|  Sega Sammy Holdings, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (7) | (107) | – (h) | 0.0 (g) |
|  SG Holdings Co. Ltd. | (8) | (71) | – (h) | 0.0 (g) |
|  Shibaura Mechatronics Corp. | (1) | (27) | – (h) | 0.0 (g) |
|  Shimano, Inc. | (1) | (124) | – (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (6) | (248) | – (h) | 0.0 (g) |
|  Shinmaywa Industries Ltd. | — (h) | (3) | – (h) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (2) | (33) | – (h) | 0.0 (g) |
|  Shiseido Co. Ltd. | (9) | (187) | – (h) | 0.0 (g) |
|  Sinfonia Technology Co. Ltd. | (1) | (39) | – (h) | 0.0 (g) |
|  SMC Corp. | — (h) | (113) | – (h) | 0.0 (g) |
|  SoftBank Group Corp. | (31) | (694) | – (h) | 0.0 (g) |
|  Sojitz Corp. | (1) | (46) | – (h) | 0.0 (g) |
|  Sony Financial Group, Inc. | (132) | (119) | – (h) | 0.0 (g) |
|  SUMCO Corp. | (13) | (131) | – (h) | 0.0 (g) |
|  Sumitomo Corp. | (1) | (51) | – (h) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (6) | (54) | – (h) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | (1) | (28) | – (h) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (13) | (420) | – (h) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (4) | (47) | – (h) | 0.0 (g) |
|  SWCC Corp. | (1) | (76) | – (h) | 0.0 (g) |
|  Sysmex Corp. | (7) | (64) | – (h) | 0.0 (g) |
|  Taiheiyo Cement Corp. | (1) | (11) | – (h) | 0.0 (g) |
|  Taisei Corp. | (1) | (61) | – (h) | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | (2) | (54) | – (h) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | (4) | (136) | – (h) | 0.0 (g) |
|  Tekscend Photomask Corp. | (2) | (30) | – (h) | 0.0 (g) |
|  Tohoku Electric Power Co., Inc. | (2) | (12) | – (h) | 0.0 (g) |
|  Tokyo Keiki, Inc. | (1) | (23) | – (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (2) | (15) | – (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (1) | (42) | – (h) | 0.0 (g) |
|  Tokyu Corp. | (4) | (47) | – (h) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (2) | (49) | – (h) | 0.0 (g) |
|  TOTO Ltd. | (1) | (45) | – (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | — (h) | (14) | – (h) | 0.0 (g) |
|  Toyo Tanso Co. Ltd. | (1) | (16) | – (h) | 0.0 (g) |
|  Toyota Motor Corp. | (22) | (430) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Toyota Tsusho Corp. | (4) | (131) | — (h) | 0.0 (g) |
|  Trend Micro, Inc./Japan | (1) | (43) | — (h) | 0.0 (g) |
|  Tri Chemical Laboratories, Inc. | (2) | (38) | — (h) | 0.0 (g) |
|  Tsuruha Holdings, Inc. | (4) | (56) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | (1) | (16) | — (h) | 0.0 (g) |
|  YAMABIKO Corp. | — (h) | (2) | — (h) | 0.0 (g) |
|  Yamaha Corp. | (2) | (13) | — (h) | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (6) | (39) | — (h) | 0.0 (g) |
|  Yamato Kogyo Co. Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  Yaskawa Electric Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (1) | (4) | — (h) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd./The | (1) | (26) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (1) | (69) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (13970) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | 3 | 32 | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  77 Bank Ltd./The | — (h) | 6 | — (h) | 0.0 (g) |
|  ABC-Mart, Inc. | 1 | 11 | — (h) | 0.0 (g) |
|  ADEKA Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Advantest Corp. | 2 | 192 | — (h) | 0.0 (g) |
|  AGC, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Air Water, Inc. | 2 | 20 | — (h) | 0.0 (g) |
|  Aisin Corp. | 8 | 111 | — (h) | 0.0 (g) |
|  Alps Alpine Co. Ltd. | 1 | 18 | — (h) | 0.0 (g) |
|  Amada Co. Ltd. | 1 | 15 | — (h) | 0.0 (g) |
|  ANA Holdings, Inc. | 7 | 120 | — (h) | 0.0 (g) |
|  Anritsu Corp. | 1 | 12 | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 19 | 189 | — (h) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | 2 | 32 | — (h) | 0.0 (g) |
|  Asahi Kasei Corp. | 1 | 6 | — (h) | 0.0 (g) |
|  Asics Corp. | 13 | 333 | — (h) | 0.0 (g) |
|  Astellas Pharma, Inc. | 15 | 243 | — (h) | 0.0 (g) |
|  Azbil Corp. | 2 | 17 | — (h) | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | 7 | 180 | — (h) | 0.0 (g) |
|  BayCurrent, Inc. | 1 | 14 | — (h) | 0.0 (g) |
|  BIPROGY, Inc. | 1 | 35 | — (h) | 0.0 (g) |
|  Bridgestone Corp. | 10 | 208 | — (h) | 0.0 (g) |
|  Brother Industries Ltd. | 2 | 33 | — (h) | 0.0 (g) |
|  Canon, Inc. | 5 | 124 | — (h) | 0.0 (g) |
|  Chiyoda Corp. | 5 | 29 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Chubu Electric Power Co., Inc. | 1 | 13 | – (h) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | 1 | 71 | – (h) | 0.0 (g) |
|  Chugoku Electric Power Co., Inc. (The) | 1 | 7 | – (h) | 0.0 (g) |
|  Citizen Watch Co. Ltd. | 4 | 37 | – (h) | 0.0 (g) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 2 | 43 | – (h) | 0.0 (g) |
|  COMSYS Holdings Corp. | 1 | 25 | – (h) | 0.0 (g) |
|  Cosmo Energy Holdings Co. Ltd. | 1 | 39 | – (h) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | — (h) | 13 | – (h) | 0.0 (g) |
|  CyberAgent, Inc. | 11 | 95 | – (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 1 | 16 | – (h) | 0.0 (g) |
|  Dai-Dan Co. Ltd. | 1 | 13 | – (h) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 20 | 183 | – (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 2 | 35 | – (h) | 0.0 (g) |
|  DeNA Co. Ltd. | 3 | 49 | – (h) | 0.0 (g) |
|  Dentsu Group, Inc. | 2 | 32 | – (h) | 0.0 (g) |
|  DIC Corp. | — (h) | 5 | – (h) | 0.0 (g) |
|  Dowa Holdings Co. Ltd. | — (h) | 22 | – (h) | 0.0 (g) |
|  East Japan Railway Co. | 2 | 37 | – (h) | 0.0 (g) |
|  Eisai Co. Ltd. | 2 | 64 | – (h) | 0.0 (g) |
|  ENEOS Holdings, Inc. | 41 | 364 | – (h) | 0.0 (g) |
|  Exedy Corp. | — (h) | 3 | – (h) | 0.0 (g) |
|  EXEO Group, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  FANUC Corp. | 4 | 130 | – (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | 3 | 50 | – (h) | 0.0 (g) |
|  Fujitsu Ltd. | 13 | 266 | – (h) | 0.0 (g) |
|  Furukawa Co. Ltd. | — (h) | 8 | – (h) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | 2 | 308 | – (h) | 0.0 (g) |
|  GLP J-Reit | — (h) | 11 | – (h) | 0.0 (g) |
|  Hachijuni Nagano Bank Ltd. | 1 | 12 | – (h) | 0.0 (g) |
|  Haseko Corp. | 2 | 27 | – (h) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 1 | 43 | – (h) | 0.0 (g) |
|  Hitachi Ltd. | 26 | 734 | – (h) | 0.0 (g) |
|  Horiba Ltd. | — (h) | 45 | – (h) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 8 | 74 | – (h) | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 1 | 16 | – (h) | 0.0 (g) |
|  Inpex Corp. | 11 | 333 | – (h) | 0.0 (g) |
|  Invincible Investment Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | 3 | 61 | – (h) | 0.0 (g) |
|  Isuzu Motors Ltd. | 1 | 15 | – (h) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 2 | 31 | – (h) | 0.0 (g) |
|  Japan Exchange Group, Inc. | 7 | 79 | – (h) | 0.0 (g) |
|  Japan Metropolitan Fund Invest | — (h) | 15 | – (h) | 0.0 (g) |
|  Japan Petroleum Exploration Co. Ltd. | 2 | 30 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Japan Real Estate Investment Corp. | — (h) | 29 | – (h) | 0.0 (g) |
|  Japan Tobacco, Inc. | 14 | 546 | – (h) | 0.0 (g) |
|  JGC Holdings Corp. | 1 | 13 | – (h) | 0.0 (g) |
|  JTEKT Corp. | 1 | 7 | – (h) | 0.0 (g) |
|  JX Advanced Metals Corp. | 19 | 403 | – (h) | 0.0 (g) |
|  Kakaku.com, Inc. | 1 | 14 | – (h) | 0.0 (g) |
|  Kandenko Co. Ltd. | 1 | 18 | – (h) | 0.0 (g) |
|  Kao Corp. | 3 | 113 | – (h) | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | 1 | 9 | – (h) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 8 | 133 | – (h) | 0.0 (g) |
|  KDX Realty Investment Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  Kewpie Corp. | 1 | 23 | – (h) | 0.0 (g) |
|  Kinden Corp. | 1 | 40 | – (h) | 0.0 (g) |
|  Kioxia Holdings Corp. | 1 | 60 | – (h) | 0.0 (g) |
|  Kobe Steel Ltd. | 3 | 37 | – (h) | 0.0 (g) |
|  Koei Tecmo Holdings Co. Ltd. | — (h) | 3 | – (h) | 0.0 (g) |
|  Koito Manufacturing Co. Ltd. | 1 | 8 | – (h) | 0.0 (g) |
|  Konami Group Corp. | 1 | 171 | – (h) | 0.0 (g) |
|  Kotobuki Spirits Co. Ltd. | — (h) | 3 | – (h) | 0.0 (g) |
|  Kraftia Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  Kuraray Co. Ltd. | 1 | 9 | – (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | 1 | 23 | – (h) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | 1 | 11 | – (h) | 0.0 (g) |
|  Kyushu Railway Co. | 1 | 28 | – (h) | 0.0 (g) |
|  Lasertec Corp. | — (h) | 63 | – (h) | 0.0 (g) |
|  Lion Corp. | 2 | 21 | – (h) | 0.0 (g) |
|  Lixil Corp. | 2 | 24 | – (h) | 0.0 (g) |
|  Makita Corp. | 3 | 86 | – (h) | 0.0 (g) |
|  Marui Group Co. Ltd. | 1 | 27 | – (h) | 0.0 (g) |
|  MatsukiyoCocokara & Co. | 3 | 54 | – (h) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | — (h) | 10 | – (h) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | 6 | 47 | – (h) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | 3 | 48 | – (h) | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | 4 | 21 | – (h) | 0.0 (g) |
|  Mitsubishi Corp. | 2 | 64 | – (h) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 16 | 503 | – (h) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 1 | 11 | – (h) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 32 | 841 | – (h) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 2 | 31 | – (h) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 1 | 13 | – (h) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 21 | 217 | – (h) | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | 1 | 141 | – (h) | 0.0 (g) |
|  Mitsui OSK Lines Ltd. | 1 | 37 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Modec, Inc. | 1 | 92 | – (h) | 0.0 (g) |
|  MS&AD Insurance Group Holdings, Inc. | 8 | 208 | – (h) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 1 | 21 | – (h) | 0.0 (g) |
|  Namura Shipbuilding Co. Ltd. | 2 | 58 | – (h) | 0.0 (g) |
|  NEC Corp. | 7 | 167 | – (h) | 0.0 (g) |
|  Nexon Co. Ltd. | 2 | 28 | – (h) | 0.0 (g) |
|  NGK Insulators Ltd. | 2 | 48 | – (h) | 0.0 (g) |
|  NH Foods Ltd. | 1 | 53 | – (h) | 0.0 (g) |
|  Nichirei Corp. | 2 | 22 | – (h) | 0.0 (g) |
|  NIDEC Corp., | 17 | 207 | – (h) | 0.0 (g) |
|  Nikon Corp. | — (h) | 5 | – (h) | 0.0 (g) |
|  Nintendo Co. Ltd. | 5 | 249 | – (h) | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | 11 | – (h) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 2 | 60 | – (h) | 0.0 (g) |
|  Nippon Shinyaku Co. Ltd. | — (h) | 6 | – (h) | 0.0 (g) |
|  Nippon Shokubai Co. Ltd. | — (h) | 4 | – (h) | 0.0 (g) |
|  Nippon Television Holdings, Inc. | 1 | 14 | – (h) | 0.0 (g) |
|  Nippon Yusen KK | 6 | 214 | – (h) | 0.0 (g) |
|  Nissan Chemical Corp. | 1 | 34 | – (h) | 0.0 (g) |
|  Nisshin Seifun Group, Inc. | 1 | 9 | – (h) | 0.0 (g) |
|  Nitto Denko Corp. | 1 | 17 | – (h) | 0.0 (g) |
|  NOF Corp. | 1 | 14 | – (h) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 4 | 106 | – (h) | 0.0 (g) |
|  NSK Ltd. | 3 | 21 | – (h) | 0.0 (g) |
|  Obayashi Corp. | 2 | 38 | – (h) | 0.0 (g) |
|  Obic Co. Ltd. | 4 | 104 | – (h) | 0.0 (g) |
|  Oji Holdings Corp. | 3 | 14 | – (h) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 4 | 63 | – (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | 3 | 121 | – (h) | 0.0 (g) |
|  Otsuka Corp. | 3 | 53 | – (h) | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 3 | 173 | – (h) | 0.0 (g) |
|  PAL GROUP Holdings Co. Ltd. | 4 | 37 | – (h) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 7 | 44 | – (h) | 0.0 (g) |
|  PeptiDream, Inc. | 1 | 11 | – (h) | 0.0 (g) |
|  Persol Holdings Co. Ltd. | 20 | 28 | – (h) | 0.0 (g) |
|  Pigeon Corp. | 1 | 10 | – (h) | 0.0 (g) |
|  Rakus Co. Ltd. | 8 | 35 | – (h) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 12 | 493 | – (h) | 0.0 (g) |
|  Renesas Electronics Corp. | 30 | 411 | – (h) | 0.0 (g) |
|  Ricoh Co. Ltd. | 4 | 33 | – (h) | 0.0 (g) |
|  Rinnai Corp. | 1 | 21 | – (h) | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | 13 | 275 | – (h) | 0.0 (g) |
|  Saizeriya Co. Ltd. | — (h) | 16 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Sankyo Co. Ltd. | 4 | 53 | – (h) | 0.0 (g) |
|  Sankyu, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Sansan, Inc. | 1 | 5 | – (h) | 0.0 (g) |
|  Santen Pharmaceutical Co. Ltd. | 2 | 20 | – (h) | 0.0 (g) |
|  Sanwa Holdings Corp. | 2 | 38 | – (h) | 0.0 (g) |
|  Sapporo Holdings Ltd. | 2 | 23 | – (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | 6 | 338 | – (h) | 0.0 (g) |
|  Secom Co. Ltd. | 1 | 23 | – (h) | 0.0 (g) |
|  Seibu Holdings, Inc. | 2 | 47 | – (h) | 0.0 (g) |
|  Seiko Epson Corp. | 1 | 11 | – (h) | 0.0 (g) |
|  Seven & i Holdings Co. Ltd. | 13 | 167 | – (h) | 0.0 (g) |
|  Sharp Corp/Japan | 6 | 23 | – (h) | 0.0 (g) |
|  SHIFT, Inc. | 5 | 18 | – (h) | 0.0 (g) |
|  Shimadzu Corp. | 1 | 19 | – (h) | 0.0 (g) |
|  Shimizu Corp. | 18 | 321 | – (h) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 2 | 36 | – (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 2 | 32 | – (h) | 0.0 (g) |
|  Socionext, Inc. | 14 | 159 | – (h) | 0.0 (g) |
|  SoftBank Corp. | 32 | 42 | – (h) | 0.0 (g) |
|  Sompo Holdings, Inc. | 7 | 261 | – (h) | 0.0 (g) |
|  Sony Group Corp. | 39 | 789 | – (h) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 2 | 32 | – (h) | 0.0 (g) |
|  Stanley Electric Co. Ltd. | 1 | 11 | – (h) | 0.0 (g) |
|  Subaru Corp. | 7 | 113 | – (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 35 | 110 | – (h) | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 2 | 79 | – (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 5 | 142 | – (h) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | 7 | 191 | – (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | 1 | 31 | – (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 9 | 105 | – (h) | 0.0 (g) |
|  T&D Holdings, Inc. | 1 | 32 | – (h) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | 1 | 27 | – (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | — (h) | 4 | – (h) | 0.0 (g) |
|  Takeuchi Manufacturing Co. Ltd. | — (h) | 12 | – (h) | 0.0 (g) |
|  TDK Corp. | 22 | 271 | – (h) | 0.0 (g) |
|  Terumo Corp. | 14 | 181 | – (h) | 0.0 (g) |
|  THK Co. Ltd. | — (h) | 6 | – (h) | 0.0 (g) |
|  TIS, Inc. | 3 | 55 | – (h) | 0.0 (g) |
|  Toa Corp/Tokyo | — (h) | 8 | – (h) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | 5 | 48 | – (h) | 0.0 (g) |
|  Tokai Carbon Co. Ltd. | 1 | 5 | – (h) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 8 | 355 | – (h) | 0.0 (g) |
|  Tokuyama Corp. | — (h) | 7 | – (h) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings, Inc. | 37 | 150 | – (h) | 0.0 (g) |
|  Tokyo Electron Ltd. | — (h) | 23 | – (h) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | 3 | 131 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Tokyo Seimitsu Co. Ltd. | — (h) | 17 | – (h) | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | — (h) | 5 | – (h) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 1 | 12 | – (h) | 0.0 (g) |
|  Tomy Co. Ltd. | — (h) | 7 | – (h) | 0.0 (g) |
|  Toray Industries, Inc. | 12 | 83 | – (h) | 0.0 (g) |
|  Toridoll Holdings Corp. | — (h) | 8 | – (h) | 0.0 (g) |
|  Tosoh Corp. | 1 | 10 | – (h) | 0.0 (g) |
|  Toyo Tire Corp. | 4 | 79 | – (h) | 0.0 (g) |
|  Toyoda Gosei Co. Ltd. | — (h) | 5 | – (h) | 0.0 (g) |
|  Toyota Boshoku Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  UBE Corp. | — (h) | 5 | – (h) | 0.0 (g) |
|  Ulvac, Inc. | — (h) | 15 | – (h) | 0.0 (g) |
|  Unicharm Corp. | 3 | 16 | – (h) | 0.0 (g) |
|  Visional, Inc. | — (h) | 9 | – (h) | 0.0 (g) |
|  Workman Co. Ltd. | — (h) | 4 | – (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 1 | 13 | – (h) | 0.0 (g) |
|  Yamazaki Baking Co. Ltd. | — (h) | 9 | – (h) | 0.0 (g) |
|  Yokogawa Electric Corp. | — (h) | 12 | – (h) | 0.0 (g) |
|  Yoshinoya Holdings Co. Ltd. | — (h) | 6 | – (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 17958 | – (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3988 | – (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -4.27% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/15/2027 | (7217) | 72 | 539 | 611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Fast Retailing Co. Ltd. | (3) | (1130) | 4 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | (17) | (471) | (14) | 0.0 (g) |
|  Hikari Tsushin, Inc. | (2) | (575) | 25 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | (48) | (568) | 2 | 0.0 (g) |
|  AGC, Inc. | (1) | (30) | (1) | 0.0 (g) |
|  Asics Corp. | (7) | (198) | 4 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (50) | (1291) | 78 | 0.0 (g) |
|  Capcom Co. Ltd. | (23) | (511) | 17 | 0.0 (g) |
|  Central Japan Railway Co. | (9) | (233) | 1 | 0.0 (g) |
|  Chiba Bank Ltd. (The) | (38) | (460) | (11) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (4) | (70) | (2) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | — (h) | (15) | (1) | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (25) | (1) | 0.0 (g) |
|  Daikin Industries Ltd. | (3) | (317) | (1) | 0.0 (g) |
|  East Japan Railway Co. | (32) | (722) | (14) | 0.0 (g) |
|  Ebara Corp. | (9) | (234) | 6 | 0.0 (g) |
|  Electric Power Development Co. Ltd. | (1) | (34) | (4) | 0.0 (g) |
|  Food & Life Cos. Ltd. | — (h) | (18) | — (h) | 0.0 (g) |
|  Fuji Media Holdings, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  FUJIFILM Holdings Corp. | (8) | (144) | (4) | 0.0 (g) |
|  GS Yuasa Corp. | (2) | (68) | (5) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (50) | (404) | 8 | 0.0 (g) |
|  Ibiden Co. Ltd. | (1) | (62) | 1 | 0.0 (g) |
|  IHI Corp. | (1) | (28) | 3 | 0.0 (g) |
|  Inpex Corp. | (18) | (523) | (8) | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (4) | (75) | (2) | 0.0 (g) |
|  Iyogin Holdings, Inc. | (4) | (70) | 1 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (12) | (180) | (5) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (10) | (120) | 2 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (31) | (494) | (3) | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (52) | (510) | (10) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (3) | (187) | 23 | 0.0 (g) |
|  JFE Holdings, Inc. | (70) | (815) | 19 | 0.0 (g) |
|  JX Advanced Metals Corp. | (4) | (74) | 1 | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (30) | (581) | 33 | 0.0 (g) |
|  Keyence Corp. | (1) | (284) | 7 | 0.0 (g) |
|  Kikkoman Corp. | (24) | (194) | (18) | 0.0 (g) |
|  Kinden Corp. | (1) | (48) | — (h) | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (11) | (158) | (9) | 0.0 (g) |
|  Komatsu Ltd. | (7) | (270) | (2) | 0.0 (g) |
|  Konami Group Corp. | (1) | (162) | 4 | 0.0 (g) |
|  Kurita Water Industries Ltd. | (4) | (192) | (2) | 0.0 (g) |
|  Kyocera Corp. | (7) | (111) | 1 | 0.0 (g) |
|  Kyoto Financial Group, Inc. | (1) | (30) | 2 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (3) | (43) | (4) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (2) | (26) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Lasertec Corp. | (3) | (646) | (27) | 0.0 (g) |
|  Makita Corp. | (2) | (68) | 1 | 0.0 (g) |
|  Marubeni Corp. | (3) | (85) | (7) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (68) | 1 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (6) | (89) | (5) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | (1) | (30) | (2) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (6) | (42) | (1) | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | — (h) | (49) | 3 | 0.0 (g) |
|  Mercari, Inc. | (3) | (56) | (4) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (35) | (562) | 1 | 0.0 (g) |
|  MISUMI Group, Inc. | (4) | (70) | — (h) | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (33) | (178) | (7) | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (5) | (143) | 1 | 0.0 (g) |
|  Mitsubishi Materials Corp. | — (h) | (12) | — (h) | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (8) | (324) | 29 | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (34) | (1278) | (34) | 0.0 (g) |
|  Modec, Inc. | (2) | (156) | (2) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (1) | (14) | — (h) | 0.0 (g) |
|  Nexon Co. Ltd. | (6) | (102) | (3) | 0.0 (g) |
|  Nikon Corp. | (13) | (152) | 3 | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (332) | 12 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (2) | (42) | (1) | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (34) | (210) | (1) | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (1) | (48) | 2 | 0.0 (g) |
|  Nippon Steel Corp. | (103) | (381) | 6 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (9) | (18) | — (h) | 0.0 (g) |
|  Nissin Foods Holdings Co. Ltd. | (1) | (11) | (1) | 0.0 (g) |
|  Niterra Co. Ltd. | (12) | (517) | (12) | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (7) | (120) | 5 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | (1) | (139) | 10 | 0.0 (g) |
|  Oji Holdings Corp. | (4) | (23) | — (h) | 0.0 (g) |
|  Olympus Corp. | (11) | (95) | (8) | 0.0 (g) |
|  Organo Corp. | — (h) | (34) | — (h) | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (21) | (823) | (33) | 0.0 (g) |
|  Panasonic Holdings Corp. | (11) | (179) | 3 | 0.0 (g) |
|  Renesas Electronics Corp. | (11) | (152) | 8 | 0.0 (g) |
|  Resonac Holdings Corp. | (3) | (223) | 13 | 0.0 (g) |
|  Rohm Co. Ltd. | (2) | (49) | 3 | 0.0 (g) |
|  Rorze Corp. | (9) | (144) | 6 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (5) | (100) | 2 | 0.0 (g) |
|  SBI Holdings, Inc. | (1) | (17) | — (h) | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (4) | (214) | 11 | 0.0 (g) |
|  Seibu Holdings, Inc. | (16) | (420) | (23) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (35) | (558) | (10) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  SG Holdings Co. Ltd. | (5) | (43) | 1 | 0.0 (g) |
|  Shimadzu Corp. | (10) | (233) | — (h) | 0.0 (g) |
|  Shimano, Inc. | (12) | (1175) | (15) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (21) | (807) | (25) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (5) | (109) | (7) | 0.0 (g) |
|  Shiseido Co. Ltd. | (6) | (115) | (10) | 0.0 (g) |
|  SoftBank Group Corp. | (6) | (127) | (1) | 0.0 (g) |
|  Sojitz Corp. | (12) | (445) | (10) | 0.0 (g) |
|  Subaru Corp. | (39) | (612) | 3 | 0.0 (g) |
|  Sumitomo Corp. | (6) | (203) | (11) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (6) | (56) | — (h) | 0.0 (g) |
|  Sumitomo Heavy Industries Ltd. | — (h) | (12) | — (h) | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | (10) | (115) | (20) | 0.0 (g) |
|  Sumitomo Realty & Development Co. Ltd. | (2) | (62) | 2 | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (1) | (9) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (8) | (214) | (6) | 0.0 (g) |
|  Takashimaya Co. Ltd. | (15) | (167) | (7) | 0.0 (g) |
|  TIS, Inc. | (1) | (17) | — (h) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (4) | (40) | (2) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | (1) | (45) | (2) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (14) | (138) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (2) | (85) | 6 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | — (h) | (35) | 1 | 0.0 (g) |
|  Tokyu Corp. | (27) | (314) | (5) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (6) | (174) | 16 | 0.0 (g) |
|  Toray Industries, Inc. | (6) | (36) | (2) | 0.0 (g) |
|  TOTO Ltd. | (3) | (118) | 12 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (5) | (299) | (13) | 0.0 (g) |
|  Toyota Motor Corp. | (55) | (1136) | 32 | 0.0 (g) |
|  Toyota Tsusho Corp. | (13) | (494) | — (h) | 0.0 (g) |
|  West Japan Railway Co. | (8) | (160) | 1 | 0.0 (g) |
|  Yamaha Motor Co. Ltd. | (13) | (87) | (3) | 0.0 (g) |
|  Yokogawa Electric Corp. | (8) | (258) | 7 | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (5) | (44) | (1) | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (1) | (44) | — (h) | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (9) | (510) | 1 | 0.0 (g) |
|  ZOZO, Inc. | (43) | (299) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (30567) | (1) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | 3 | 367 | (21) | 0.0 (g) |
|  Aisin Corp. | 19 | 269 | (7) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 2 | 58 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Amada Co. Ltd. | 15 | 206 | (2) | 0.0 (g) |
|  ANA Holdings, Inc. | 5 | 92 | — (h) | 0.0 (g) |
|  Asahi Group Holdings Ltd. | 76 | 745 | 13 | 0.0 (g) |
|  Asahi Kasei Corp. | 10 | 92 | 2 | 0.0 (g) |
|  Astellas Pharma, Inc. | 6 | 95 | 6 | 0.0 (g) |
|  BayCurrent, Inc. | 4 | 102 | — (h) | 0.0 (g) |
|  Bridgestone Corp. | 21 | 432 | 2 | 0.0 (g) |
|  CyberAgent, Inc. | 28 | 240 | (3) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 15 | 256 | 3 | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 24 | 202 | 8 | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 2 | 41 | (3) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 7 | 159 | 10 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 18 | 566 | (15) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 102 | 939 | (4) | 0.0 (g) |
|  Denso Corp. | 77 | 904 | 36 | 0.0 (g) |
|  Dentsu Group, Inc. | 20 | 338 | (1) | 0.0 (g) |
|  Eisai Co. Ltd. | 2 | 59 | 2 | 0.0 (g) |
|  ENEOS Holdings, Inc. | 68 | 552 | 48 | 0.0 (g) |
|  Fujitsu Ltd. | 26 | 520 | (8) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 7 | 260 | — (h) | 0.0 (g) |
|  Hamamatsu Photonics KK | 24 | 270 | (2) | 0.0 (g) |
|  Hitachi Ltd. | 30 | 901 | (60) | 0.0 (g) |
|  Horiba Ltd. | 1 | 125 | (1) | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 9 | 129 | (4) | 0.0 (g) |
|  Isuzu Motors Ltd. | 6 | 91 | (2) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 3 | 42 | — (h) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 13 | 142 | 2 | 0.0 (g) |
|  Japan Tobacco, Inc. | 3 | 115 | 7 | 0.0 (g) |
|  JGC Holdings Corp. | 2 | 22 | 2 | 0.0 (g) |
|  Kajima Corp. | 8 | 300 | 9 | 0.0 (g) |
|  Kandenko Co. Ltd. | 1 | 52 | — (h) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 22 | 349 | 14 | 0.0 (g) |
|  Kao Corp. | 6 | 227 | 6 | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 4 | 71 | 2 | 0.0 (g) |
|  Kobe Steel Ltd. | 2 | 22 | (1) | 0.0 (g) |
|  Kubota Corp. | 5 | 70 | 1 | 0.0 (g) |
|  LY Corp. | 25 | 61 | (2) | 0.0 (g) |
|  Mazda Motor Corp. | 51 | 339 | (7) | 0.0 (g) |
|  Mitsubishi Corp. | 2 | 70 | 1 | 0.0 (g) |
|  Mitsubishi Electric Corp. | 10 | 308 | (9) | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | 1 | 29 | (2) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 12 | 328 | (14) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 14 | 161 | 3 | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 32 | 342 | (9) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Murata Manufacturing Co. Ltd. | 3 | 71 | (2) | 0.0 (g) |
|  NEC Corp. | 22 | 556 | (15) | 0.0 (g) |
|  NGK Insulators Ltd. | 11 | 260 | 13 | 0.0 (g) |
|  NH Foods Ltd. | 3 | 144 | 7 | 0.0 (g) |
|  NIDEC Corp., | 6 | 77 | (7) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 5 | 172 | (1) | 0.0 (g) |
|  Nippon Yusen KK | 1 | 18 | — (h) | 0.0 (g) |
|  Nissan Chemical Corp. | 1 | 19 | — (h) | 0.0 (g) |
|  Nitto Denko Corp. | 24 | 475 | (6) | 0.0 (g) |
|  Nomura Holdings, Inc. | 45 | 343 | (3) | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 37 | 238 | (1) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 5 | 133 | 3 | 0.0 (g) |
|  NSK Ltd. | 14 | 97 | (1) | 0.0 (g) |
|  Obayashi Corp. | 24 | 567 | 6 | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 6 | 93 | 6 | 0.0 (g) |
|  Oracle Corp. Japan | 2 | 97 | (5) | 0.0 (g) |
|  Otsuka Corp. | 16 | 291 | 10 | 0.0 (g) |
|  Otsuka Holdings Co. Ltd. | 1 | 40 | 2 | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 147 | 901 | (4) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 1 | 10 | — (h) | 0.0 (g) |
|  Rakuten Group, Inc. | 21 | 96 | (1) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 14 | 569 | 19 | 0.0 (g) |
|  Secom Co. Ltd. | 1 | 33 | 1 | 0.0 (g) |
|  Seiko Epson Corp. | 1 | 16 | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | 1 | 11 | — (h) | 0.0 (g) |
|  Shimizu Corp. | 15 | 265 | 2 | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 6 | 91 | 1 | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 2 | 31 | 1 | 0.0 (g) |
|  SMC Corp. | — (h) | 113 | — (h) | 0.0 (g) |
|  Sony Group Corp. | 26 | 527 | 3 | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 1 | 13 | — (h) | 0.0 (g) |
|  SUMCO Corp. | 20 | 196 | 8 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 135 | 390 | 34 | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 1 | 52 | (5) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | 1 | 32 | 2 | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 4 | 114 | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 32 | 967 | 12 | 0.0 (g) |
|  Suzuki Motor Corp. | 14 | 161 | — (h) | 0.0 (g) |
|  Sysmex Corp. | 16 | 135 | 2 | 0.0 (g) |
|  T&D Holdings, Inc. | 3 | 62 | 6 | 0.0 (g) |
|  Taisei Corp. | 2 | 238 | 5 | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | 1 | 31 | (2) | 0.0 (g) |
|  TDK Corp. | 72 | 920 | (34) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Terumo Corp. | 31 | 402 | 10 | 0.0 (g) |
|  THK Co. Ltd. | 5 | 136 | 2 | 0.0 (g) |
|  Tokyo Electron Ltd. | 1 | 145 | (4) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 10 | 83 | — (h) | 0.0 (g) |
|  Tosoh Corp. | 23 | 333 | 6 | 0.0 (g) |
|  Toyo Tire Corp. | 9 | 193 | 2 | 0.0 (g) |
|  Trend Micro, Inc./Japan | 6 | 194 | (2) | 0.0 (g) |
|  Unicharm Corp. | 2 | 13 | — (h) | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 4 | 65 | 2 | 0.0 (g) |
|  Yaskawa Electric Corp. | 2 | 61 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 23350 | 73 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (7217) | 72 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month KORIBOR on long positions and short positions respectively, plus or minus spread (rates range from -4% to 0.4%) which is denominated in KRW based on the local currencies of the positions within the swap | 09/23/2027 | (230) | – (h) | 36 | 36 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | (2) | (519) | — (h) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  Celltrion, Inc. | — (h) | (56) | — (h) | 0.0 (g) |
|  Classys, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  DB Insurance Co. Ltd. | — (h) | (15) | — (h) | 0.0 (g) |
|  Doosan Co. Ltd. | — (h) | (3) | — (h) | 0.0 (g) |
|  Doosan Enerbility Co. Ltd. | (5) | (316) | — (h) | 0.0 (g) |
|  Ecopro Co. Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  Eo Technics Co. Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  Hankook Tire & Technology Co. Ltd. | (1) | (18) | — (h) | 0.0 (g) |
|  Hanwha Aerospace Co. Ltd. | — (h) | (260) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  HLB, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  Hyundai Engineering & Construction Co. Ltd. | (1) | (59) | — (h) | 0.0 (g) |
|  Hyundai Mobis Co. Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  Hyundai Steel Co. | — (h) | (7) | — (h) | 0.0 (g) |
|  IsuPetasys Co. Ltd. | (1) | (84) | — (h) | 0.0 (g) |
|  JYP Entertainment Corp. | — (h) | (9) | — (h) | 0.0 (g) |
|  Kia Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  KIWOOM Securities Co. Ltd. | — (h) | (51) | — (h) | 0.0 (g) |
|  Kolmar Korea Co. Ltd. | — (h) | (13) | — (h) | 0.0 (g) |
|  Korea Aerospace Industries Ltd. | (1) | (141) | — (h) | 0.0 (g) |
|  LG Chem Ltd. | (1) | (149) | — (h) | 0.0 (g) |
|  LG Energy Solution Ltd. | — (h) | (11) | — (h) | 0.0 (g) |
|  LigaChem Biosciences, Inc. | — (h) | (21) | — (h) | 0.0 (g) |
|  LS Electric Co. Ltd. | — (h) | (59) | — (h) | 0.0 (g) |
|  Mirae Asset Securities Co. Ltd. | (1) | (43) | — (h) | 0.0 (g) |
|  NH Investment & Securities Co. Ltd. | (1) | (22) | — (h) | 0.0 (g) |
|  Peptron, Inc. | — (h) | (41) | — (h) | 0.0 (g) |
|  Poongsan Corp. | (1) | (30) | — (h) | 0.0 (g) |
|  Posco International Corp. | (1) | (26) | — (h) | 0.0 (g) |
|  Samsung Electro-Mechanics Co. Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  Samsung Electronics Co. Ltd. | (6) | (642) | — (h) | 0.0 (g) |
|  Samsung Fire & Marine Insurance Co. Ltd. | — (h) | (8) | — (h) | 0.0 (g) |
|  Samsung Life Insurance Co. Ltd. | — (h) | (18) | — (h) | 0.0 (g) |
|  Samsung SDI Co. Ltd. | (1) | (144) | — (h) | 0.0 (g) |
|  Samsung Securities Co. Ltd. | — (h) | (26) | — (h) | 0.0 (g) |
|  SK Innovation Co. Ltd. | (1) | (64) | — (h) | 0.0 (g) |
|  SK Square Co. Ltd. | — (h) | (19) | — (h) | 0.0 (g) |
|  Taihan Cable & Solution Co. Ltd. | (3) | (44) | — (h) | 0.0 (g) |
|  Voronoi, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2989) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1 | 181 | — (h) | 0.0 (g) |
|  Nordea Bank Abp | 1 | 66 | — (h) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  ABLBio, Inc. | — (h) | 1 | — (h) | 0.0 (g) |
|  Amorepacific Corp. | — (h) | 44 | — (h) | 0.0 (g) |
|  APR Corp/Korea | — (h) | 49 | — (h) | 0.0 (g) |
|  BHI Co. Ltd. | 2 | 126 | — (h) | 0.0 (g) |
|  BNK Financial Group, Inc. | — (h) | 4 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  CJ CheilJedang Corp. | — (h) | 22 | – (h) | 0.0 (g) |
|  CosmoAM&T Co. Ltd. | — (h) | 16 | – (h) | 0.0 (g) |
|  Coway Co. Ltd. | 1 | 41 | – (h) | 0.0 (g) |
|  D&D PharmaTech, Inc. | 1 | 49 | – (h) | 0.0 (g) |
|  Daeduck Electronics Co. Ltd. / New | 1 | 32 | – (h) | 0.0 (g) |
|  Daehan Shipbuilding Co. Ltd. | — (h) | 21 | – (h) | 0.0 (g) |
|  E-MART, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  Hana Financial Group, Inc. | 2 | 118 | – (h) | 0.0 (g) |
|  Hanwha Engine | 4 | 113 | – (h) | 0.0 (g) |
|  HD Construction Equipment Co. Ltd. | — (h) | 19 | – (h) | 0.0 (g) |
|  HD Hyundai Co. Ltd. | 1 | 108 | – (h) | 0.0 (g) |
|  HD Hyundai Electric Co. Ltd. | — (h) | 153 | – (h) | 0.0 (g) |
|  HD Hyundai Heavy Industries Co. Ltd. | 1 | 230 | – (h) | 0.0 (g) |
|  HD-Hyundai Marine Engine | — (h) | 16 | – (h) | 0.0 (g) |
|  HMM Co. Ltd. | — (h) | 6 | – (h) | 0.0 (g) |
|  Hyundai Elevator Co. Ltd. | 1 | 32 | – (h) | 0.0 (g) |
|  Hyundai Glovis Co. Ltd. | — (h) | 34 | – (h) | 0.0 (g) |
|  Hyundai Rotem Co. Ltd. | 1 | 88 | – (h) | 0.0 (g) |
|  Iljin Electric Co. Ltd. | 1 | 23 | – (h) | 0.0 (g) |
|  Industrial Bank of Korea | 2 | 21 | – (h) | 0.0 (g) |
|  Kakao Corp. | 4 | 114 | – (h) | 0.0 (g) |
|  Kakaopay Corp. | 2 | 51 | – (h) | 0.0 (g) |
|  KB Financial Group, Inc. | — (h) | 40 | – (h) | 0.0 (g) |
|  Korea Electric Power Corp. | 1 | 37 | – (h) | 0.0 (g) |
|  Korea Gas Corp. | 1 | 20 | – (h) | 0.0 (g) |
|  Korea Zinc Co. Ltd. | — (h) | 16 | – (h) | 0.0 (g) |
|  Krafton, Inc. | — (h) | 11 | – (h) | 0.0 (g) |
|  KT&G Corp. | 1 | 54 | – (h) | 0.0 (g) |
|  LG CNS Co. Ltd. | — (h) | 8 | – (h) | 0.0 (g) |
|  LG H&H Co. Ltd. | — (h) | 15 | – (h) | 0.0 (g) |
|  LG Innotek Co. Ltd. | — (h) | 48 | – (h) | 0.0 (g) |
|  LG Uplus Corp. | 7 | 70 | – (h) | 0.0 (g) |
|  Lotte Tour Development Co. Ltd. | 1 | 17 | – (h) | 0.0 (g) |
|  LS Corp. | — (h) | 26 | – (h) | 0.0 (g) |
|  NCSoft Corp. | — (h) | 10 | – (h) | 0.0 (g) |
|  NongShim Co. Ltd. | — (h) | 13 | – (h) | 0.0 (g) |
|  OCI Holdings Co. Ltd. | — (h) | 10 | – (h) | 0.0 (g) |
|  Onconic Therapeutics, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Orion Corp | — (h) | 38 | – (h) | 0.0 (g) |
|  Oscotec, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Paradise Co. Ltd. | 1 | 12 | – (h) | 0.0 (g) |
|  Samsung Biologics Co. Ltd. | — (h) | 19 | – (h) | 0.0 (g) |
|  Samsung E&A Co. Ltd. | 3 | 75 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Samsung Heavy Industries Co. Ltd. | 7 | 115 | – (h) | 0.0 (g) |
|  Shinhan Financial Group Co. Ltd. | 2 | 141 | – (h) | 0.0 (g) |
|  SK hynix, Inc. | — (h) | 100 | – (h) | 0.0 (g) |
|  SM Entertainment Co. Ltd. | — (h) | 7 | – (h) | 0.0 (g) |
|  S-Oil Corp. | — (h) | 22 | – (h) | 0.0 (g) |
|  TechWing, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  TLB Co. Ltd. | — (h) | 6 | – (h) | 0.0 (g) |
|  Woori Financial Group, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Yuhan Corp. | — (h) | 11 | – (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2759 | – (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (230) | – (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one week NIBOR on long positions and short positions respectively, plus or minus spread (rates range from -2.25% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/22/2027 | (257) | – (h) | 31 | 31 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Himalaya Shipping Ltd. | (1) | (7) | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Cadeler A/S | (14) | (79) | — (h) | 0.0 (g) |
|  **Faroe Islands** |  |  |  |  |
|  Bakkafrost P/F | (1) | (33) | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Aker ASA | — (h) | (7) | — (h) | 0.0 (g) |
|  Aker BP ASA | (27) | (1022) | — (h) | 0.0 (g) |
|  Atea ASA | (1) | (15) | — (h) | 0.0 (g) |
|  AutoStore Holdings Ltd. | (53) | (52) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Borregaard ASA | (1) | (20) | — (h) | 0.0 (g) |
|  DNB Bank ASA | (12) | (377) | — (h) | 0.0 (g) |
|  DNO ASA | (13) | (29) | — (h) | 0.0 (g) |
|  Entra ASA | (1) | (7) | — (h) | 0.0 (g) |
|  Europris ASA | (2) | (22) | — (h) | 0.0 (g) |
|  Frontline plc | (11) | (380) | — (h) | 0.0 (g) |
|  Leroy Seafood Group ASA | (2) | (11) | — (h) | 0.0 (g) |
|  LINK Mobility Group Holding ASA | (29) | (67) | — (h) | 0.0 (g) |
|  Mowi ASA | (7) | (151) | — (h) | 0.0 (g) |
|  Protector Forsikring ASA | (1) | (31) | — (h) | 0.0 (g) |
|  Salmar ASA | (6) | (359) | — (h) | 0.0 (g) |
|  SATS ASA | (5) | (24) | — (h) | 0.0 (g) |
|  Scatec ASA | (3) | (43) | — (h) | 0.0 (g) |
|  SpareBank 1 Sor-Norge ASA | (1) | (27) | — (h) | 0.0 (g) |
|  TGS ASA | (8) | (105) | — (h) | 0.0 (g) |
|  TOMRA Systems ASA | (11) | (130) | — (h) | 0.0 (g) |
|  Var Energi ASA | (21) | (108) | — (h) | 0.0 (g) |
|  Vend Marketplaces ASA | (4) | (106) | — (h) | 0.0 (g) |
|  Yara International ASA | — (h) | (26) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (3238) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Greece** |  |  |  |  |
|  Okeanis Eco Tankers Corp. | 1 | 42 | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  2020 Bulkers Ltd. | 1 | 19 | — (h) | 0.0 (g) |
|  Aker Solutions ASA | 16 | 77 | — (h) | 0.0 (g) |
|  Austevoll Seafood ASA | 2 | 19 | — (h) | 0.0 (g) |
|  BLUENORD ASA | 1 | 45 | — (h) | 0.0 (g) |
|  DOF Group ASA | 1 | 9 | — (h) | 0.0 (g) |
|  Elkem ASA | 2 | 5 | — (h) | 0.0 (g) |
|  Equinor ASA | 17 | 735 | — (h) | 0.0 (g) |
|  Gjensidige Forsikring ASA | 2 | 45 | — (h) | 0.0 (g) |
|  Grieg Seafood ASA | 4 | 29 | — (h) | 0.0 (g) |
|  Hoegh Autoliners ASA | 7 | 95 | — (h) | 0.0 (g) |
|  Kitron ASA | 5 | 48 | — (h) | 0.0 (g) |
|  Kongsberg Gruppen ASA | 20 | 852 | — (h) | 0.0 (g) |
|  MPC Container Ships ASA | 22 | 51 | — (h) | 0.0 (g) |
|  NEL ASA | 32 | 7 | — (h) | 0.0 (g) |
|  Norconsult Norge A/S | 1 | 5 | — (h) | 0.0 (g) |
|  Nordic Semiconductor ASA | 8 | 126 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Norsk Hydro ASA | 12 | 123 | — (h) | 0.0 (g) |
|  Norwegian Air Shuttle ASA | 38 | 56 | — (h) | 0.0 (g) |
|  Odfjell Drilling Ltd. | 5 | 51 | — (h) | 0.0 (g) |
|  Orkla ASA | 2 | 19 | — (h) | 0.0 (g) |
|  Pexip Holding ASA | 3 | 17 | — (h) | 0.0 (g) |
|  Public Property Invest A/S | 2 | 4 | — (h) | 0.0 (g) |
|  Storebrand ASA | 4 | 65 | — (h) | 0.0 (g) |
|  Telenor ASA | 8 | 133 | — (h) | 0.0 (g) |
|  Veidekke ASA | 1 | 16 | — (h) | 0.0 (g) |
|  Wallenius Wilhelmsen ASA | 9 | 116 | — (h) | 0.0 (g) |
|  Wilh Wilhelmsen Holding ASA | — (h) | 9 | — (h) | 0.0 (g) |
|  Zaptec ASA | 1 | 4 | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  BW LPG Ltd. | 3 | 45 | — (h) | 0.0 (g) |
|  Hafnia Ltd. | 12 | 92 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Stolt-Nielsen Ltd. | 1 | 22 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2981 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (257) | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day NOWA on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/15/2027 | 316 | 24 | 14 | 38 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | (6) | (238) | (29) | 0.0 (g) |
|  Gjensidige Forsikring ASA | (3) | (89) | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE \<sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Norsk Hydro ASA | (23) | (211) | (37) | 0.0 (g) |
|  Orkla ASA | (1) | (16) | (1) | 0.0 (g) |
|  Telenor ASA | (12) | (209) | (4) | 0.0 (g) |
|  Yara International ASA | (1) | (32) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (795) | (70) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 17 | 590 | 48 | 0.0 (g) |
|  Mowi ASA | 9 | 195 | 6 | 0.0 (g) |
|  Var Energi ASA | 70 | 326 | 40 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1111 | 94 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 316 | 24 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from -0.4% to 0.39%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/15/2027 | (92) | (7) | – (h) | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Infratil Ltd. | (17) | (105) | (7) | 0.0 (g) |
|  Meridian Energy Ltd. | (1) | (4) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (109) | (7) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | 1 | 17 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 17 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (92) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -3.94% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/15/2027 | (11192) | 17 | 315 | 332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Meren Energy, Inc. | (4) | (7) | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  AAK AB | (4) | (113) | — (h) | 0.0 (g) |
|  AddLife AB | (1) | (9) | — (h) | 0.0 (g) |
|  Addnode Group AB | (2) | (17) | — (h) | 0.0 (g) |
|  AddTech AB | (1) | (45) | — (h) | 0.0 (g) |
|  AFRY AB | (1) | (15) | — (h) | 0.0 (g) |
|  Alfa Laval AB | (18) | (949) | 1 | 0.0 (g) |
|  Alimak Group AB | — (h) | (6) | — (h) | 0.0 (g) |
|  Asker Healthcare Group AB | (12) | (90) | — (h) | 0.0 (g) |
|  Asmodee Group AB | (3) | (30) | — (h) | 0.0 (g) |
|  Assa Abloy AB | (23) | (806) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (24) | (411) | (2) | 0.0 (g) |
|  Atrium Ljungberg AB | (2) | (6) | — (h) | 0.0 (g) |
|  Autoliv, Inc. | (1) | (68) | — (h) | 0.0 (g) |
|  Avanza Bank Holding AB | (1) | (51) | — (h) | 0.0 (g) |
|  Axfood AB | (2) | (70) | — (h) | 0.0 (g) |
|  Beijer Alma AB | — (h) | (12) | — (h) | 0.0 (g) |
|  Beijer Ref AB | (4) | (61) | — (h) | 0.0 (g) |
|  BHG Group AB | (4) | (10) | — (h) | 0.0 (g) |
|  Bilia AB | — (h) | (2) | — (h) | 0.0 (g) |
|  Bravida Holding AB | (7) | (76) | — (h) | 0.0 (g) |
|  Bufab AB | — (h) | (4) | — (h) | 0.0 (g) |
|  Bure Equity AB | — (h) | (9) | — (h) | 0.0 (g) |
|  Castellum AB | (11) | (127) | — (h) | 0.0 (g) |
|  Catena AB | (1) | (64) | — (h) | 0.0 (g) |
|  Cibus Nordic Real Estate AB publ | (1) | (19) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Coor Service Management Holding AB | (2) | (10) | — (h) | 0.0 (g) |
|  Corem Property Group AB | (40) | (14) | — (h) | 0.0 (g) |
|  Dios Fastigheter AB | (2) | (10) | — (h) | 0.0 (g) |
|  Dometic Group AB | (7) | (19) | — (h) | 0.0 (g) |
|  Dynavox Group AB | (2) | (20) | — (h) | 0.0 (g) |
|  Electrolux AB | (29) | (182) | — (h) | 0.0 (g) |
|  Elekta AB | (2) | (12) | — (h) | 0.0 (g) |
|  Enity Holding AB | (1) | (6) | — (h) | 0.0 (g) |
|  Epiroc AB | (10) | (223) | (1) | 0.0 (g) |
|  EQT AB | (29) | (885) | — (h) | 0.0 (g) |
|  Essity AB | (25) | (652) | 9 | 0.0 (g) |
|  Evolution AB | (2) | (138) | — (h) | 0.0 (g) |
|  Fabege AB | (12) | (92) | — (h) | 0.0 (g) |
|  Fastighets AB Balder | (29) | (170) | — (h) | 0.0 (g) |
|  Getinge AB | (1) | (26) | — (h) | 0.0 (g) |
|  H & M Hennes & Mauritz AB | (19) | (346) | — (h) | 0.0 (g) |
|  Hacksaw AB | (4) | (25) | — (h) | 0.0 (g) |
|  Hexagon AB | (83) | (801) | 9 | 0.0 (g) |
|  Hexatronic Group AB | (7) | (22) | — (h) | 0.0 (g) |
|  Hexpol AB | (3) | (22) | — (h) | 0.0 (g) |
|  Hoist Finance AB | — (h) | (5) | — (h) | 0.0 (g) |
|  Holmen AB | (6) | (199) | (6) | 0.0 (g) |
|  Husqvarna AB | (4) | (14) | — (h) | 0.0 (g) |
|  Industrivarden AB | (10) | (501) | (4) | 0.0 (g) |
|  Indutrade AB | — (h) | (7) | — (h) | 0.0 (g) |
|  Intrum AB | (3) | (10) | — (h) | 0.0 (g) |
|  Investment AB Latour | (5) | (106) | (4) | 0.0 (g) |
|  Investor AB | (45) | (1597) | (76) | 0.0 (g) |
|  Inwido AB | (1) | (21) | — (h) | 0.0 (g) |
|  Karnov Group AB | (2) | (15) | — (h) | 0.0 (g) |
|  L E Lundbergforetagen AB | (6) | (349) | (12) | 0.0 (g) |
|  Lagercrantz Group AB | (3) | (66) | — (h) | 0.0 (g) |
|  Lifco AB | (2) | (51) | — (h) | 0.0 (g) |
|  Lime Technologies AB | — (h) | (3) | — (h) | 0.0 (g) |
|  Logistea AB | (5) | (6) | — (h) | 0.0 (g) |
|  Medcap AB | — (h) | (3) | — (h) | 0.0 (g) |
|  Medicover AB | (1) | (24) | — (h) | 0.0 (g) |
|  MEKO AB | (2) | (11) | — (h) | 0.0 (g) |
|  Modern Times Group MTG AB | (1) | (5) | — (h) | 0.0 (g) |
|  Munters Group AB | (6) | (103) | — (h) | 0.0 (g) |
|  NCAB Group AB | (1) | (8) | — (h) | 0.0 (g) |
|  New Wave Group AB | (2) | (22) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nibe Industrier AB | (113) | (462) | — (h) | 0.0 (g) |
|  NOBA Bank Group AB | (5) | (44) | — (h) | 0.0 (g) |
|  Norion Bank AB | (2) | (13) | — (h) | 0.0 (g) |
|  NP3 Fastigheter AB | — (h) | (7) | — (h) | 0.0 (g) |
|  Nyfosa AB | (2) | (14) | — (h) | 0.0 (g) |
|  Platzer Fastigheter Holding AB | (1) | (7) | — (h) | 0.0 (g) |
|  Ratos AB | (3) | (11) | — (h) | 0.0 (g) |
|  Roko AB | — (h) | (3) | — (h) | 0.0 (g) |
|  Rusta AB | (1) | (6) | — (h) | 0.0 (g) |
|  Saab AB | (7) | (430) | — (h) | 0.0 (g) |
|  Sagax AB | (10) | (167) | (7) | 0.0 (g) |
|  Sandvik AB | (14) | (530) | — (h) | 0.0 (g) |
|  Scandic Hotels Group AB | (15) | (139) | — (h) | 0.0 (g) |
|  Sdiptech AB | (1) | (13) | — (h) | 0.0 (g) |
|  Securitas AB | (13) | (211) | — (h) | 0.0 (g) |
|  Sinch AB | (77) | (200) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (83) | (1547) | 44 | 0.0 (g) |
|  Skanska AB | — (h) | (4) | — (h) | 0.0 (g) |
|  SKF AB | (4) | (85) | — (h) | 0.0 (g) |
|  SkiStar AB | — (h) | (5) | — (h) | 0.0 (g) |
|  Stillfront Group AB | (36) | (14) | — (h) | 0.0 (g) |
|  Storskogen Group AB | (39) | (36) | — (h) | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (37) | (419) | (8) | 0.0 (g) |
|  Svenska Handelsbanken AB | (24) | (313) | — (h) | 0.0 (g) |
|  Swedbank AB | (29) | (1023) | 30 | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | (5) | (193) | — (h) | 0.0 (g) |
|  Synsam AB | (5) | (35) | — (h) | 0.0 (g) |
|  Tele2 AB | (2) | (43) | — (h) | 0.0 (g) |
|  TF Bank AB | (1) | (12) | — (h) | 0.0 (g) |
|  Thule Group AB | (4) | (84) | — (h) | 0.0 (g) |
|  Trelleborg AB | (1) | (25) | (1) | 0.0 (g) |
|  Vimian Group AB | (7) | (20) | — (h) | 0.0 (g) |
|  Vitec Software Group AB | (2) | (48) | — (h) | 0.0 (g) |
|  Vitrolife AB | (2) | (20) | — (h) | 0.0 (g) |
|  Volvo AB | (31) | (996) | (4) | 0.0 (g) |
|  Wallenstam AB | (5) | (21) | — (h) | 0.0 (g) |
|  Wihlborgs Fastigheter AB | (2) | (22) | — (h) | 0.0 (g) |
|  Xvivo Perfusion AB | (2) | (48) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (17148) | (32) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  International Petroleum Corp. | 1 | 34 | — (h) | 0.0 (g) |
|  Lundin Gold, Inc. | 1 | 42 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Sweden** |  |  |  |  |
|  AcadeMedia AB | 4 | 41 | — (h) | 0.0 (g) |
|  AddTech AB | 3 | 83 | 5 | 0.0 (g) |
|  Ambea AB | 4 | 55 | — (h) | 0.0 (g) |
|  Apotea AB | 2 | 10 | — (h) | 0.0 (g) |
|  AQ Group AB | 1 | 15 | — (h) | 0.0 (g) |
|  Assa Abloy AB | 3 | 121 | 3 | 0.0 (g) |
|  Attendo AB | 5 | 51 | — (h) | 0.0 (g) |
|  Beijer Ref AB | 13 | 171 | 1 | 0.0 (g) |
|  Billerud Aktiebolag | 3 | 27 | — (h) | 0.0 (g) |
|  BioArctic AB | 1 | 38 | — (h) | 0.0 (g) |
|  BioGaia AB | 5 | 63 | — (h) | 0.0 (g) |
|  Boliden AB | 1 | 44 | (3) | 0.0 (g) |
|  BoneSupport Holding AB | 3 | 52 | — (h) | 0.0 (g) |
|  Boozt AB | 1 | 9 | — (h) | 0.0 (g) |
|  Byggmax Group AB | 1 | 4 | — (h) | 0.0 (g) |
|  Camurus AB | — (h) | 16 | — (h) | 0.0 (g) |
|  Clas Ohlson AB | 2 | 87 | — (h) | 0.0 (g) |
|  Cloetta AB | 2 | 13 | — (h) | 0.0 (g) |
|  Embracer Group AB | 7 | 38 | — (h) | 0.0 (g) |
|  Granges AB | — (h) | 8 | — (h) | 0.0 (g) |
|  Hansa Biopharma AB | 1 | 2 | — (h) | 0.0 (g) |
|  Hanza AB | — (h) | 4 | — (h) | 0.0 (g) |
|  Hemnet Group AB | 6 | 72 | — (h) | 0.0 (g) |
|  HMS Networks AB | 1 | 29 | — (h) | 0.0 (g) |
|  Holmen AB | 1 | 32 | — (h) | 0.0 (g) |
|  Hufvudstaden AB | 1 | 11 | — (h) | 0.0 (g) |
|  Indutrade AB | 3 | 70 | 3 | 0.0 (g) |
|  Investor AB | 15 | 547 | — (h) | 0.0 (g) |
|  JM AB | 3 | 43 | — (h) | 0.0 (g) |
|  Kinnevik AB | 27 | 145 | — (h) | 0.0 (g) |
|  Lindab International AB | — (h) | 2 | — (h) | 0.0 (g) |
|  Loomis AB | 1 | 61 | — (h) | 0.0 (g) |
|  MIPS AB | 1 | 29 | — (h) | 0.0 (g) |
|  Mycronic AB | 3 | 71 | — (h) | 0.0 (g) |
|  NCC AB | 3 | 67 | — (h) | 0.0 (g) |
|  Nordnet AB publ | 1 | 27 | — (h) | 0.0 (g) |
|  Note AB | — (h) | 6 | — (h) | 0.0 (g) |
|  Ovzon AB | 1 | 3 | — (h) | 0.0 (g) |
|  Pandox AB | — (h) | 5 | — (h) | 0.0 (g) |
|  Peab AB | 6 | 61 | — (h) | 0.0 (g) |
|  Rvrc Holding AB | 3 | 24 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Saab AB | 1 | 83 | (3) | 0.0 (g) |
|  Sandvik AB | 14 | 513 | 23 | 0.0 (g) |
|  Sectra AB | 2 | 46 | — (h) | 0.0 (g) |
|  Securitas AB | 23 | 376 | 16 | 0.0 (g) |
|  Skanska AB | 17 | 440 | 13 | 0.0 (g) |
|  SKF AB | 7 | 169 | 8 | 0.0 (g) |
|  Sveafastigheter AB | 4 | 14 | — (h) | 0.0 (g) |
|  Svenska Handelsbanken AB | 21 | 300 | (28) | 0.0 (g) |
|  Sweco AB | 2 | 26 | — (h) | 0.0 (g) |
|  Swedbank AB | 1 | 49 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 8 | 1 | 0.0 (g) |
|  Tele2 AB | 12 | 231 | 9 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 77 | 864 | 1 | 0.0 (g) |
|  Telia Co. AB | 23 | 117 | — (h) | 0.0 (g) |
|  Trelleborg AB | 5 | 201 | — (h) | 0.0 (g) |
|  Truecaller AB | 27 | 31 | — (h) | 0.0 (g) |
|  Volvo Car AB | 68 | 151 | — (h) | 0.0 (g) |
|  Yubico AB | 1 | 4 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5956 | 49 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (11192) | 17 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -0.59% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/15/2027 | (334) | (24) | 15 | (9) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (14) | (44) | 1 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Keppel Ltd. | (12) | (110) | 3 | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (6) | (98) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sembcorp Industries Ltd. | (42) | (205) | (10) | 0.0 (g) |
|  Singapore Exchange Ltd. | (29) | (437) | (9) | 0.0 (g) |
|  Wilmar International Ltd. | (26) | (75) | (3) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (969) | (22) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 168 | 326 | (3) | 0.0 (g) |
|  CapitaLand Investment Ltd./Singapore | 10 | 21 | — (h) | 0.0 (g) |
|  CapitaLand RTS | 5 | 1 | — (h) | 0.0 (g) |
|  Genting Singapore Ltd. | 33 | 17 | — (h) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 16 | 134 | 1 | 0.0 (g) |
|  Singapore Telecommunications Ltd. | 36 | 136 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 635 | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (334) | (24) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month TAIBOR on long positions and short positions respectively, plus or minus spread (rates range from -4.63% to 0.5%) which is denominated in TWD based on the local currencies of the positions within the swap | 10/05/2027 | 13 | – (h) | 1 | 1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  Accton Technology Corp. | (2) | (94) | — (h) | 0.0 (g) |
|  Alchip Technologies Ltd. | (1) | (78) | — (h) | 0.0 (g) |
|  Bizlink Holding, Inc. | (3) | (163) | — (h) | 0.0 (g) |
|  Delta Electronics, Inc. | (1) | (43) | — (h) | 0.0 (g) |
|  Gold Circuit Electronics Ltd. | (4) | (108) | — (h) | 0.0 (g) |
|  Hannstar Board Corp. | (14) | (35) | — (h) | 0.0 (g) |
|  Jentech Precision Industrial Co. Ltd. | (1) | (119) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lotes Co. Ltd. | (1) | (64) | — (h) | 0.0 (g) |
|  Macronix International Co. Ltd. | (11) | (40) | — (h) | 0.0 (g) |
|  MediaTek, Inc. | (4) | (186) | — (h) | 0.0 (g) |
|  Sinbon Electronics Co. Ltd. | (1) | (8) | — (h) | 0.0 (g) |
|  Teco Electric and Machinery Co. Ltd. | (7) | (13) | — (h) | 0.0 (g) |
|  Tong Yang Industry Co. Ltd. | (3) | (7) | — (h) | 0.0 (g) |
|  Unimicron Technology Corp. | (2) | (28) | — (h) | 0.0 (g) |
|  WNC Corp. /Taiwan | (5) | (27) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1013) | — (h) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Taiwan** |  |  |  |  |
|  Chunghwa Telecom Co. Ltd. | 7 | 29 | — (h) | 0.0 (g) |
|  Evergreen Marine Corp. Taiwan Ltd | 10 | 62 | — (h) | 0.0 (g) |
|  Formosa Chemicals & Fibre Corp. | 12 | 17 | — (h) | 0.0 (g) |
|  Formosa Petrochemical Corp. | 6 | 10 | — (h) | 0.0 (g) |
|  Foxconn Technology Co. Ltd. | 1 | 2 | — (h) | 0.0 (g) |
|  L&K Engineering Co. Ltd. | 1 | 16 | — (h) | 0.0 (g) |
|  Nanya Technology Corp. | 81 | 503 | — (h) | 0.0 (g) |
|  Wan Hai Lines Ltd. | 16 | 39 | — (h) | 0.0 (g) |
|  Winbond Electronics Corp. | 66 | 186 | — (h) | 0.0 (g) |
|  WPG Holdings Ltd. | 5 | 14 | — (h) | 0.0 (g) |
|  Yang Ming Marine Transport Corp. | 91 | 148 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1026 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 13 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -8.49% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/21/2027 | (106541) | – (h) | 334 | 334 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Argentina** |  |  |  |  |
|  Grupo Financiero Galicia SA | (2) | (115) | — (h) | 0.0 (g) |
|  **Australia** |  |  |  |  |
|  BHP Group Ltd. | (3) | (248) | — (h) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | — (h) | (32) | — (h) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Golar LNG Ltd. | (1) | (32) | — (h) | 0.0 (g) |
|  Seadrill Ltd. | — (h) | (4) | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | (2) | (151) | — (h) | 0.0 (g) |
|  **Brazil** |  |  |  |  |
|  Inter & Co., Inc. | (2) | (15) | — (h) | 0.0 (g) |
|  NU Holdings Ltd./Cayman Islands | (30) | (438) | — (h) | 0.0 (g) |
|  StoneCo. Ltd. | (6) | (91) | — (h) | 0.0 (g) |
|  XP, Inc. | (12) | (221) | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Celestica, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  D-Wave Quantum, Inc. | (13) | (188) | — (h) | 0.0 (g) |
|  Endeavour Silver Corp. | (2) | (19) | — (h) | 0.0 (g) |
|  First Majestic Silver Corp. | (8) | (163) | — (h) | 0.0 (g) |
|  IMAX Corp. | (1) | (39) | — (h) | 0.0 (g) |
|  Lionsgate Studios Corp. | (1) | (5) | — (h) | 0.0 (g) |
|  Lululemon Athletica, Inc. | (2) | (333) | — (h) | 0.0 (g) |
|  McEwen, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Novagold Resources, Inc. | (1) | (6) | — (h) | 0.0 (g) |
|  Pan American Silver Corp. | (2) | (92) | — (h) | 0.0 (g) |
|  Seabridge Gold, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  TMC the metals co, Inc. | (1) | (2) | — (h) | 0.0 (g) |
|  Uranium Energy Corp. | (19) | (252) | — (h) | 0.0 (g) |
|  Xenon Pharmaceuticals, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  **Cayman Islands** |  |  |  |  |
|  Bullish | (5) | (172) | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Latam Airlines Group SA | (1) | (68) | — (h) | 0.0 (g) |
|  **Colombia** |  |  |  |  |
|  Ecopetrol SA | (2) | (35) | — (h) | 0.0 (g) |
|  Grupo Cibest SA | (1) | (37) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (1) | (40) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  BioNTech SE | (1) | (66) | — (h) | 0.0 (g) |
|  SAP SE | (1) | (118) | — (h) | 0.0 (g) |
|  **Greece** |  |  |  |  |
|  Star Bulk Carriers Corp. | — (h) | (5) | — (h) | 0.0 (g) |
|  **Guernsey** |  |  |  |  |
|  Super Group SGHC Ltd. | — (h) | (4) | — (h) | 0.0 (g) |
|  **India** |  |  |  |  |
|  Dr Reddy's Laboratories Ltd. | (2) | (33) | — (h) | 0.0 (g) |
|  ICICI Bank Ltd. | (3) | (78) | — (h) | 0.0 (g) |
|  MakeMyTrip Ltd. | (2) | (84) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Accenture plc | (2) | (409) | — (h) | 0.0 (g) |
|  Allegion plc | — (h) | (27) | — (h) | 0.0 (g) |
|  Aptiv plc | (1) | (60) | — (h) | 0.0 (g) |
|  ICON plc | (2) | (270) | — (h) | 0.0 (g) |
|  James Hardie Industries plc | (4) | (84) | — (h) | 0.0 (g) |
|  Jazz Pharmaceuticals plc | (1) | (121) | — (h) | 0.0 (g) |
|  Smurfit WestRock plc | (7) | (274) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | (49) | — (h) | 0.0 (g) |
|  Cellebrite DI Ltd. | (1) | (17) | — (h) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | (45) | — (h) | 0.0 (g) |
|  Etoro Group Ltd. | — (h) | (9) | — (h) | 0.0 (g) |
|  Global-e Online Ltd. | (1) | (23) | — (h) | 0.0 (g) |
|  Oddity Tech Ltd. | (1) | (19) | — (h) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | (5) | (140) | — (h) | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | (50) | — (h) | 0.0 (g) |
|  Wix.com Ltd. | (3) | (254) | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Honda Motor Co. Ltd. | (2) | (52) | — (h) | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (7) | (53) | — (h) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | (7) | (138) | — (h) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | (5) | (85) | — (h) | 0.0 (g) |
|  Toyota Motor Corp. | (2) | (421) | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Globant SA | (1) | (53) | — (h) | 0.0 (g) |
|  Millicom International Cellular SA | (1) | (57) | — (h) | 0.0 (g) |
|  Tenaris SA | (1) | (36) | — (h) | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  America Movil SAB de CV | (9) | (227) | — (h) | 0.0 (g) |
|  Cemex SAB de CV | (3) | (30) | — (h) | 0.0 (g) |
|  Fomento Economico Mexicano SAB de CV | (1) | (97) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Grupo Aeroportuario del Pacifico SAB de CV | — (h) | (54) | — (h) | 0.0 (g) |
|  Grupo Aeroportuario del Sureste SAB de CV | — (h) | (32) | — (h) | 0.0 (g) |
|  Vista Energy SAB de CV | (1) | (38) | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  JBS NV | (5) | (91) | — (h) | 0.0 (g) |
|  Nebius Group NV | — (h) | (40) | — (h) | 0.0 (g) |
|  Newamsterdam Pharma Co. NV | — (h) | (5) | — (h) | 0.0 (g) |
|  NXP Semiconductors NV | (1) | (116) | — (h) | 0.0 (g) |
|  QIAGEN NV | (2) | (70) | — (h) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Equinor ASA | (3) | (108) | — (h) | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Credicorp Ltd. | — (h) | (93) | — (h) | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Red Cat Holdings, Inc. | (1) | (7) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Bitdeer Technologies Group | (1) | (5) | — (h) | 0.0 (g) |
|  Grab Holdings Ltd. | (13) | (47) | — (h) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Gold Fields Ltd. | (1) | (37) | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | (1) | (61) | — (h) | 0.0 (g) |
|  Amrize Ltd. | (1) | (40) | — (h) | 0.0 (g) |
|  Chubb Ltd. | — (h) | (40) | — (h) | 0.0 (g) |
|  Garrett Motion, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Novartis AG | (3) | (512) | — (h) | 0.0 (g) |
|  Sportradar Group AG | (4) | (72) | — (h) | 0.0 (g) |
|  STMicroelectronics NV | (2) | (79) | — (h) | 0.0 (g) |
|  UBS Group AG | (5) | (198) | — (h) | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | (1) | (376) | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Anglogold Ashanti Plc | (2) | (220) | — (h) | 0.0 (g) |
|  Aon plc | (1) | (321) | — (h) | 0.0 (g) |
|  ARM Holdings plc | (1) | (126) | — (h) | 0.0 (g) |
|  Birkenstock Holding Plc | (6) | (212) | — (h) | 0.0 (g) |
|  Capri Holdings Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (1) | (136) | — (h) | 0.0 (g) |
|  Diageo plc | (1) | (46) | — (h) | 0.0 (g) |
|  Genius Sports Ltd. | (2) | (10) | — (h) | 0.0 (g) |
|  GSK plc | (6) | (312) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Haleon plc | — (h) | (5) | — (h) | 0.0 (g) |
|  HSBC Holdings plc | (1) | (108) | — (h) | 0.0 (g) |
|  InterContinental Hotels Group plc | — (h) | (9) | — (h) | 0.0 (g) |
|  LivaNova plc | — (h) | (20) | — (h) | 0.0 (g) |
|  Marex Group plc | — (h) | (21) | — (h) | 0.0 (g) |
|  nVent Electric plc | (2) | (202) | — (h) | 0.0 (g) |
|  Pentair plc | — (h) | (33) | — (h) | 0.0 (g) |
|  Rentokil Initial plc | — (h) | (7) | — (h) | 0.0 (g) |
|  Rio Tinto plc | — (h) | (15) | — (h) | 0.0 (g) |
|  TechnipFMC plc | (2) | (146) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  10X Genomics, Inc. | (1) | (28) | — (h) | 0.0 (g) |
|  AAON, Inc. | (1) | (78) | — (h) | 0.0 (g) |
|  AAR Corp. | (1) | (94) | — (h) | 0.0 (g) |
|  Abbott Laboratories | (5) | (478) | — (h) | 0.0 (g) |
|  AbbVie, Inc. | (6) | (1401) | — (h) | 0.0 (g) |
|  ABM Industries, Inc. | (2) | (59) | — (h) | 0.0 (g) |
|  Academy Sports & Outdoors, Inc. | (1) | (63) | — (h) | 0.0 (g) |
|  ACADIA Pharmaceuticals, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Acadia Realty Trust | (2) | (31) | — (h) | 0.0 (g) |
|  Acushnet Holdings Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  ACV Auctions, Inc. | (4) | (15) | — (h) | 0.0 (g) |
|  ADMA Biologics, Inc. | (2) | (14) | — (h) | 0.0 (g) |
|  ADT, Inc. | (3) | (19) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | (1) | (94) | — (h) | 0.0 (g) |
|  AECOM | — (h) | (40) | — (h) | 0.0 (g) |
|  Aehr Test Systems | — (h) | (7) | — (h) | 0.0 (g) |
|  AeroVironment, Inc. | (2) | (337) | — (h) | 0.0 (g) |
|  Agilysys, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  AGNC Investment Corp. | (3) | (26) | — (h) | 0.0 (g) |
|  Alamo Group, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Alignment Healthcare, Inc. | (1) | (9) | — (h) | 0.0 (g) |
|  Alkami Technology, Inc. | (3) | (50) | — (h) | 0.0 (g) |
|  Allegiant Travel Co. | — (h) | (19) | — (h) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (1) | (21) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | (2) | (147) | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | — (h) | (45) | — (h) | 0.0 (g) |
|  Alpha Metallurgical Resources, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Alphatec Holdings, Inc. | (2) | (19) | — (h) | 0.0 (g) |
|  Amentum Holdings, Inc. | (3) | (84) | — (h) | 0.0 (g) |
|  American Healthcare REIT, Inc. | (2) | (81) | — (h) | 0.0 (g) |
|  American Superconductor Corp. | (1) | (21) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Americold Realty Trust, Inc. | (10) | (112) | – (h) | 0.0 (g) |
|  Ameris Bancorp | — (h) | (7) | – (h) | 0.0 (g) |
|  AMETEK, Inc. | (1) | (268) | – (h) | 0.0 (g) |
|  Amgen, Inc. | (1) | (275) | – (h) | 0.0 (g) |
|  Amneal Pharmaceuticals, Inc. | (2) | (23) | – (h) | 0.0 (g) |
|  Amphenol Corp. | (2) | (208) | – (h) | 0.0 (g) |
|  Amprius Technologies, Inc. | (2) | (36) | – (h) | 0.0 (g) |
|  Analog Devices, Inc. | (1) | (196) | – (h) | 0.0 (g) |
|  ANI Pharmaceuticals, Inc. | — (h) | (15) | – (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | (8) | (174) | – (h) | 0.0 (g) |
|  Antero Midstream Corp. | (1) | (17) | – (h) | 0.0 (g) |
|  API Group Corp. | (3) | (127) | – (h) | 0.0 (g) |
|  Apogee Therapeutics, Inc. | (1) | (75) | – (h) | 0.0 (g) |
|  Apollo Global Management, Inc. | (9) | (977) | – (h) | 0.0 (g) |
|  Applied Digital Corp. | (10) | (242) | – (h) | 0.0 (g) |
|  AppLovin Corp. | (2) | (671) | – (h) | 0.0 (g) |
|  Aramark | (3) | (121) | – (h) | 0.0 (g) |
|  ArcBest Corp. | — (h) | (18) | – (h) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (1) | (49) | – (h) | 0.0 (g) |
|  Archrock, Inc. | (1) | (21) | – (h) | 0.0 (g) |
|  Arcosa, Inc. | — (h) | (34) | – (h) | 0.0 (g) |
|  Arcus Biosciences, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Arcutis Biotherapeutics, Inc. | (1) | (17) | – (h) | 0.0 (g) |
|  Ares Management Corp. | — (h) | (42) | – (h) | 0.0 (g) |
|  Arista Networks, Inc. | (3) | (339) | – (h) | 0.0 (g) |
|  ARMOUR Residential REIT, Inc. | (4) | (66) | – (h) | 0.0 (g) |
|  Arthur J Gallagher & Co. | (2) | (347) | – (h) | 0.0 (g) |
|  Artisan Partners Asset Management, Inc. | — (h) | (8) | – (h) | 0.0 (g) |
|  Asana, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Asbury Automotive Group, Inc. | — (h) | (11) | – (h) | 0.0 (g) |
|  ASP Isotopes, Inc. | (2) | (8) | – (h) | 0.0 (g) |
|  Associated Banc-Corp. | — (h) | (3) | – (h) | 0.0 (g) |
|  AST SpaceMobile, Inc. | (5) | (394) | – (h) | 0.0 (g) |
|  Astera Labs, Inc. | (2) | (172) | – (h) | 0.0 (g) |
|  Atkore, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  Atlantic Union Bankshares Corp. | (2) | (72) | – (h) | 0.0 (g) |
|  Atlas Energy Solutions, Inc. | (5) | (66) | – (h) | 0.0 (g) |
|  Aura Minerals, Inc. | — (h) | (18) | – (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | (1) | (190) | – (h) | 0.0 (g) |
|  Avantor, Inc. | (14) | (106) | – (h) | 0.0 (g) |
|  Avis Budget Group, Inc. | (1) | (138) | – (h) | 0.0 (g) |
|  Axogen, Inc. | (1) | (21) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Axon Enterprise, Inc. | (1) | (382) | – (h) | 0.0 (g) |
|  Axos Financial, Inc. | (1) | (50) | – (h) | 0.0 (g) |
|  AZZ, Inc. | — (h) | (31) | – (h) | 0.0 (g) |
|  Baker Hughes Co. | (1) | (45) | – (h) | 0.0 (g) |
|  Baldwin Insurance Group, Inc. (The) | (3) | (59) | – (h) | 0.0 (g) |
|  Banc of California, Inc. | (1) | (11) | – (h) | 0.0 (g) |
|  Bancorp, Inc. (The) | — (h) | (10) | – (h) | 0.0 (g) |
|  Bank OZK | (1) | (28) | – (h) | 0.0 (g) |
|  BankUnited, Inc. | — (h) | (18) | – (h) | 0.0 (g) |
|  Baxter International, Inc. | (1) | (20) | – (h) | 0.0 (g) |
|  Beacon Financial Corp. | — (h) | (12) | – (h) | 0.0 (g) |
|  Beam Therapeutics, Inc. | — (h) | (12) | – (h) | 0.0 (g) |
|  Becton Dickinson & Co. | (4) | (675) | – (h) | 0.0 (g) |
|  Bel Fuse, Inc. | — (h) | (15) | – (h) | 0.0 (g) |
|  Bentley Systems, Inc. | (1) | (36) | – (h) | 0.0 (g) |
|  Best Buy Co., Inc. | — (h) | (28) | – (h) | 0.0 (g) |
|  Better Home & Finance Holding Co. | — (h) | (2) | – (h) | 0.0 (g) |
|  BigBear.ai Holdings, Inc. | (56) | (196) | – (h) | 0.0 (g) |
|  Biogen, Inc. | — (h) | (22) | – (h) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (37) | – (h) | 0.0 (g) |
|  Bio-Techne Corp. | (2) | (113) | – (h) | 0.0 (g) |
|  BKV Corp. | — (h) | (8) | – (h) | 0.0 (g) |
|  BlackLine, Inc. | — (h) | (2) | – (h) | 0.0 (g) |
|  BlackSky Technology, Inc. | (2) | (39) | – (h) | 0.0 (g) |
|  Blackstone Mortgage Trust, Inc. | — (h) | (7) | – (h) | 0.0 (g) |
|  Blackstone Secured Lending Fund | — (h) | (11) | – (h) | 0.0 (g) |
|  Bloomin' Brands, Inc. | (1) | (5) | – (h) | 0.0 (g) |
|  Blue Owl Capital Corp. | (1) | (8) | – (h) | 0.0 (g) |
|  BOK Financial Corp. | — (h) | (22) | – (h) | 0.0 (g) |
|  Boot Barn Holdings, Inc. | — (h) | (21) | – (h) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (2) | (174) | – (h) | 0.0 (g) |
|  Boyd Gaming Corp. | (1) | (62) | – (h) | 0.0 (g) |
|  Braze, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (2) | (128) | – (h) | 0.0 (g) |
|  Bright Horizons Family Solutions, Inc. | (1) | (45) | – (h) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (4) | (184) | – (h) | 0.0 (g) |
|  Brinker International, Inc. | (2) | (221) | – (h) | 0.0 (g) |
|  Brixmor Property Group, Inc. | (3) | (78) | – (h) | 0.0 (g) |
|  Broadstone Net Lease, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  Brookdale Senior Living, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  Brown & Brown, Inc. | (2) | (108) | – (h) | 0.0 (g) |
|  Brown-Forman Corp. | (10) | (252) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Bruker Corp. | (3) | (103) | – (h) | 0.0 (g) |
|  Build-A-Bear Workshop, Inc. | — (h) | (11) | – (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | (1) | (48) | – (h) | 0.0 (g) |
|  Bunge Global SA | (3) | (357) | – (h) | 0.0 (g) |
|  Burford Capital Ltd. | (1) | (6) | – (h) | 0.0 (g) |
|  BWX Technologies, Inc. | — (h) | (37) | – (h) | 0.0 (g) |
|  BXP, Inc. | (1) | (39) | – (h) | 0.0 (g) |
|  Cable One, Inc. | — (h) | (22) | – (h) | 0.0 (g) |
|  CACI International, Inc. | — (h) | (133) | – (h) | 0.0 (g) |
|  Cactus, Inc. | (1) | (54) | – (h) | 0.0 (g) |
|  Cadence Design Systems, Inc. | (1) | (172) | – (h) | 0.0 (g) |
|  Caesars Entertainment, Inc. | (2) | (41) | – (h) | 0.0 (g) |
|  California Resources Corp. | (2) | (109) | – (h) | 0.0 (g) |
|  Cal-Maine Foods, Inc. | (2) | (145) | – (h) | 0.0 (g) |
|  Calumet, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  Camden Property Trust | — (h) | (37) | – (h) | 0.0 (g) |
|  Campbell's Company (The) | (5) | (122) | – (h) | 0.0 (g) |
|  Camping World Holdings, Inc. | (4) | (26) | – (h) | 0.0 (g) |
|  Capital One Financial Corp. | (2) | (404) | – (h) | 0.0 (g) |
|  Cardinal Health, Inc. | (1) | (178) | – (h) | 0.0 (g) |
|  CareTrust REIT, Inc. | (2) | (55) | – (h) | 0.0 (g) |
|  Carlyle Group, Inc. (The) | — (h) | (11) | – (h) | 0.0 (g) |
|  Carrier Global Corp. | (7) | (411) | – (h) | 0.0 (g) |
|  Carter's, Inc. | (1) | (27) | – (h) | 0.0 (g) |
|  Carvana Co. | (3) | (873) | – (h) | 0.0 (g) |
|  Casella Waste Systems, Inc. | (1) | (57) | – (h) | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | (58) | – (h) | 0.0 (g) |
|  Catalyst Pharmaceuticals, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Cava Group, Inc. | (3) | (245) | – (h) | 0.0 (g) |
|  Cboe Global Markets, Inc. | (1) | (295) | – (h) | 0.0 (g) |
|  CBRE Group, Inc. | — (h) | (54) | – (h) | 0.0 (g) |
|  CCC Intelligent Solutions Holdings, Inc. | (20) | (122) | – (h) | 0.0 (g) |
|  CECO Environmental Corp. | — (h) | (30) | – (h) | 0.0 (g) |
|  Cencora, Inc. | — (h) | (61) | – (h) | 0.0 (g) |
|  CenterPoint Energy, Inc. | (3) | (131) | – (h) | 0.0 (g) |
|  Centessa Pharmaceuticals plc | (2) | (65) | – (h) | 0.0 (g) |
|  Centrus Energy Corp. | (1) | (87) | – (h) | 0.0 (g) |
|  Centuri Holdings, Inc. | (1) | (43) | – (h) | 0.0 (g) |
|  Century Aluminum Co. | (1) | (61) | – (h) | 0.0 (g) |
|  Certara, Inc. | (2) | (14) | – (h) | 0.0 (g) |
|  CF Industries Holdings, Inc. | (1) | (70) | – (h) | 0.0 (g) |
|  CG oncology, Inc. | (1) | (77) | – (h) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | — (h) | (63) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Charles River Laboratories International, Inc. | (1) | (149) | – (h) | 0.0 (g) |
|  Charter Communications, Inc. | (1) | (294) | – (h) | 0.0 (g) |
|  Cheesecake Factory, Inc. (The) | (1) | (44) | – (h) | 0.0 (g) |
|  Chefs' Warehouse, Inc. (The) | (1) | (35) | – (h) | 0.0 (g) |
|  Chesapeake Utilities Corp. | — (h) | (9) | – (h) | 0.0 (g) |
|  Chewy, Inc. | (2) | (42) | – (h) | 0.0 (g) |
|  Choice Hotels International, Inc. | — (h) | (26) | – (h) | 0.0 (g) |
|  Chord Energy Corp. | — (h) | (35) | – (h) | 0.0 (g) |
|  Church & Dwight Co., Inc. | (1) | (72) | – (h) | 0.0 (g) |
|  Churchill Downs, Inc. | — (h) | (33) | – (h) | 0.0 (g) |
|  Cigna Group (The) | (1) | (150) | – (h) | 0.0 (g) |
|  Cincinnati Financial Corp. | — (h) | (18) | – (h) | 0.0 (g) |
|  Cipher Mining, Inc. | (23) | (302) | – (h) | 0.0 (g) |
|  Circle Internet Group, Inc. | (1) | (102) | – (h) | 0.0 (g) |
|  Cisco Systems, Inc. | (12) | (950) | – (h) | 0.0 (g) |
|  Citizens Financial Group, Inc. | (1) | (85) | – (h) | 0.0 (g) |
|  Clean Harbors, Inc. | — (h) | (92) | – (h) | 0.0 (g) |
|  Cleanspark, Inc. | (13) | (113) | – (h) | 0.0 (g) |
|  Cloudflare, Inc. | (2) | (411) | – (h) | 0.0 (g) |
|  CME Group, Inc. | — (h) | (34) | – (h) | 0.0 (g) |
|  CMS Energy Corp. | — (h) | (25) | – (h) | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | — (h) | (33) | – (h) | 0.0 (g) |
|  Cogent Communications Holdings, Inc. | (1) | (17) | – (h) | 0.0 (g) |
|  Coherent Corp. | (1) | (198) | – (h) | 0.0 (g) |
|  Coinbase Global, Inc. | (3) | (582) | – (h) | 0.0 (g) |
|  Colgate-Palmolive Co. | (3) | (222) | – (h) | 0.0 (g) |
|  Columbia Banking System, Inc. | (2) | (64) | – (h) | 0.0 (g) |
|  Comcast Corp. | (4) | (109) | – (h) | 0.0 (g) |
|  Comstock Resources, Inc. | (3) | (66) | – (h) | 0.0 (g) |
|  Concentra Group Holdings Parent, Inc. | (1) | (14) | – (h) | 0.0 (g) |
|  Concentrix Corp. | (1) | (27) | – (h) | 0.0 (g) |
|  Constellation Brands, Inc. | (3) | (443) | – (h) | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (71) | – (h) | 0.0 (g) |
|  Construction Partners, Inc. | (1) | (87) | – (h) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (1) | (55) | – (h) | 0.0 (g) |
|  COPT Defense Properties | (1) | (18) | – (h) | 0.0 (g) |
|  Core & Main, Inc. | (3) | (128) | – (h) | 0.0 (g) |
|  Core Natural Resources, Inc. | (1) | (64) | – (h) | 0.0 (g) |
|  Core Scientific, Inc. | (6) | (85) | – (h) | 0.0 (g) |
|  CoreWeave, Inc. | (3) | (260) | – (h) | 0.0 (g) |
|  CorMedix, Inc. | (3) | (23) | – (h) | 0.0 (g) |
|  Corpay, Inc. | (1) | (238) | – (h) | 0.0 (g) |
|  Corteva, Inc. | (1) | (82) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CoStar Group, Inc. | (2) | (67) | – (h) | 0.0 (g) |
|  Coursera, Inc. | (2) | (9) | – (h) | 0.0 (g) |
|  Cousins Properties, Inc. | (1) | (15) | – (h) | 0.0 (g) |
|  Cracker Barrel Old Country Store, Inc. | — (h) | (11) | – (h) | 0.0 (g) |
|  Crescent Energy Co. | (6) | (80) | – (h) | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | (1) | (304) | – (h) | 0.0 (g) |
|  Crown Castle, Inc. | (1) | (63) | – (h) | 0.0 (g) |
|  CSW Industrials, Inc. | — (h) | (77) | – (h) | 0.0 (g) |
|  CSX Corp. | (5) | (191) | – (h) | 0.0 (g) |
|  Cushman & Wakefield Ltd. | (2) | (27) | – (h) | 0.0 (g) |
|  Customers Bancorp, Inc. | — (h) | (7) | – (h) | 0.0 (g) |
|  CVR Energy, Inc. | (2) | (56) | – (h) | 0.0 (g) |
|  CVS Health Corp. | (5) | (356) | – (h) | 0.0 (g) |
|  Cytokinetics, Inc. | (1) | (50) | – (h) | 0.0 (g) |
|  Darden Restaurants, Inc. | (2) | (382) | – (h) | 0.0 (g) |
|  Darling Ingredients, Inc. | (1) | (42) | – (h) | 0.0 (g) |
|  Dave, Inc. | — (h) | (45) | – (h) | 0.0 (g) |
|  DaVita, Inc. | — (h) | (46) | – (h) | 0.0 (g) |
|  Dell Technologies, Inc. | (8) | (1342) | – (h) | 0.0 (g) |
|  Denali Therapeutics, Inc. | (1) | (23) | – (h) | 0.0 (g) |
|  Diamondback Energy, Inc. | (3) | (594) | – (h) | 0.0 (g) |
|  Dianthus Therapeutics, Inc. | — (h) | (14) | – (h) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (144) | – (h) | 0.0 (g) |
|  Digital Realty Trust, Inc. | (2) | (412) | – (h) | 0.0 (g) |
|  DigitalOcean Holdings, Inc. | — (h) | (23) | – (h) | 0.0 (g) |
|  Diodes, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  Disc Medicine, Inc. | — (h) | (21) | – (h) | 0.0 (g) |
|  DNOW, Inc. | (1) | (16) | – (h) | 0.0 (g) |
|  Dollar Tree, Inc. | (1) | (138) | – (h) | 0.0 (g) |
|  Dominion Energy, Inc. | (1) | (56) | – (h) | 0.0 (g) |
|  DoorDash, Inc. | (1) | (134) | – (h) | 0.0 (g) |
|  Dorman Products, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  DraftKings, Inc. | (8) | (180) | – (h) | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (72) | – (h) | 0.0 (g) |
|  Dutch Bros, Inc. | (2) | (117) | – (h) | 0.0 (g) |
|  DXP Enterprises, Inc./TX | — (h) | (24) | – (h) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | (91) | – (h) | 0.0 (g) |
|  Dyne Therapeutics, Inc. | (2) | (31) | – (h) | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (13) | – (h) | 0.0 (g) |
|  East West Bancorp, Inc. | — (h) | (47) | – (h) | 0.0 (g) |
|  Eastern Bankshares, Inc. | (1) | (15) | – (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | (1) | (101) | – (h) | 0.0 (g) |
|  eBay, Inc. | (1) | (92) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  EchoStar Corp. | (2) | (249) | – (h) | 0.0 (g) |
|  Ecolab, Inc. | (1) | (314) | – (h) | 0.0 (g) |
|  Edgewell Personal Care Co. | — (h) | (9) | – (h) | 0.0 (g) |
|  Edgewise Therapeutics, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Edwards Lifesciences Corp. | (1) | (89) | – (h) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (2) | (55) | – (h) | 0.0 (g) |
|  Element Solutions, Inc. | (2) | (69) | – (h) | 0.0 (g) |
|  elf Beauty, Inc. | (4) | (229) | – (h) | 0.0 (g) |
|  Emerson Electric Co. | (2) | (301) | – (h) | 0.0 (g) |
|  Energizer Holdings, Inc. | (1) | (20) | – (h) | 0.0 (g) |
|  Enpro, Inc. | — (h) | (33) | – (h) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (86) | – (h) | 0.0 (g) |
|  Entegris, Inc. | (1) | (159) | – (h) | 0.0 (g) |
|  Entergy Corp. | (1) | (74) | – (h) | 0.0 (g) |
|  Enviri Corp. | — (h) | (7) | – (h) | 0.0 (g) |
|  EOG Resources, Inc. | — (h) | (56) | – (h) | 0.0 (g) |
|  EPR Properties | (1) | (32) | – (h) | 0.0 (g) |
|  EQT Corp. | (2) | (130) | – (h) | 0.0 (g) |
|  Equinix, Inc. | — (h) | (227) | – (h) | 0.0 (g) |
|  Equitable Holdings, Inc. | (2) | (70) | – (h) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (2) | (151) | – (h) | 0.0 (g) |
|  Equity Residential | (2) | (133) | – (h) | 0.0 (g) |
|  Esab Corp. | — (h) | (30) | – (h) | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | (1) | (31) | – (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (84) | – (h) | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | — (h) | (17) | – (h) | 0.0 (g) |
|  Etsy, Inc. | (2) | (106) | – (h) | 0.0 (g) |
|  Euronet Worldwide, Inc. | (1) | (56) | – (h) | 0.0 (g) |
|  Eversource Energy | (1) | (47) | – (h) | 0.0 (g) |
|  Everus Construction Group, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  Extra Space Storage, Inc. | (1) | (129) | – (h) | 0.0 (g) |
|  F5, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | (73) | – (h) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (389) | – (h) | 0.0 (g) |
|  Fastenal Co. | (3) | (150) | – (h) | 0.0 (g) |
|  FB Financial Corp. | — (h) | (23) | – (h) | 0.0 (g) |
|  Federal Realty Investment Trust | (1) | (107) | – (h) | 0.0 (g) |
|  Federal Signal Corp. | — (h) | (39) | – (h) | 0.0 (g) |
|  FedEx Corp. | — (h) | (85) | – (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | (1) | (167) | – (h) | 0.0 (g) |
|  Fifth Third Bancorp | (9) | (431) | – (h) | 0.0 (g) |
|  Figure Technology Solutions, Inc. | (3) | (105) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  First Financial Bancorp | — (h) | (4) | – (h) | 0.0 (g) |
|  First Financial Bankshares, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  First Hawaiian, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | (1) | (81) | – (h) | 0.0 (g) |
|  First Interstate BancSystem, Inc. | (2) | (65) | – (h) | 0.0 (g) |
|  First Solar, Inc. | — (h) | (63) | – (h) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (1) | (110) | – (h) | 0.0 (g) |
|  Fiserv, Inc. | (6) | (321) | – (h) | 0.0 (g) |
|  Five Below, Inc. | — (h) | (85) | – (h) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | (1) | (59) | – (h) | 0.0 (g) |
|  Fluence Energy, Inc. | — (h) | (7) | – (h) | 0.0 (g) |
|  Flutter Entertainment plc | — (h) | (44) | – (h) | 0.0 (g) |
|  Flywire Corp. | (1) | (10) | – (h) | 0.0 (g) |
|  FNB Corp/PA | (4) | (71) | – (h) | 0.0 (g) |
|  Fortinet, Inc. | (2) | (162) | – (h) | 0.0 (g) |
|  Fortive Corp. | — (h) | (11) | – (h) | 0.0 (g) |
|  Fortrea Holdings, Inc. | — (h) | (2) | – (h) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | (1) | (27) | – (h) | 0.0 (g) |
|  Forward Air Corp. | (1) | (10) | – (h) | 0.0 (g) |
|  Franklin Resources, Inc. | (1) | (24) | – (h) | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | (34) | – (h) | 0.0 (g) |
|  Fulton Financial Corp. | (3) | (52) | – (h) | 0.0 (g) |
|  Galaxy Digital, Inc. | (1) | (13) | – (h) | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | (2) | (102) | – (h) | 0.0 (g) |
|  Gartner, Inc. | (1) | (83) | – (h) | 0.0 (g) |
|  GATX Corp. | — (h) | (17) | – (h) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (3) | (212) | – (h) | 0.0 (g) |
|  GeneDx Holdings Corp. | (1) | (37) | – (h) | 0.0 (g) |
|  Generac Holdings, Inc. | (1) | (117) | – (h) | 0.0 (g) |
|  Genpact Ltd. | (1) | (22) | – (h) | 0.0 (g) |
|  Genuine Parts Co. | (2) | (244) | – (h) | 0.0 (g) |
|  GEO Group, Inc. (The) | (2) | (30) | – (h) | 0.0 (g) |
|  Gilead Sciences, Inc. | (8) | (1064) | – (h) | 0.0 (g) |
|  Gitlab, Inc. | (1) | (22) | – (h) | 0.0 (g) |
|  Glacier Bancorp, Inc. | (1) | (64) | – (h) | 0.0 (g) |
|  Glaukos Corp. | (1) | (54) | – (h) | 0.0 (g) |
|  Global Payments, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  GLOBALFOUNDRIES, Inc. | (3) | (117) | – (h) | 0.0 (g) |
|  Globalstar, Inc. | (1) | (80) | – (h) | 0.0 (g) |
|  Goosehead Insurance, Inc. | — (h) | (17) | – (h) | 0.0 (g) |
|  GPGI, Inc. | (1) | (17) | – (h) | 0.0 (g) |
|  Green Brick Partners, Inc. | — (h) | (19) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Greenbrier Cos., Inc. (The) | — (h) | (3) | – (h) | 0.0 (g) |
|  Groupon, Inc. | (2) | (25) | – (h) | 0.0 (g) |
|  Gulfport Energy Corp. | — (h) | (12) | – (h) | 0.0 (g) |
|  GXO Logistics, Inc. | (2) | (93) | – (h) | 0.0 (g) |
|  Haemonetics Corp. | — (h) | (24) | – (h) | 0.0 (g) |
|  Hancock Whitney Corp. | — (h) | (24) | – (h) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | (22) | – (h) | 0.0 (g) |
|  Harrow, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  Hasbro, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  Hawaiian Electric Industries, Inc. | (2) | (26) | – (h) | 0.0 (g) |
|  Hawkins, Inc. | — (h) | (32) | – (h) | 0.0 (g) |
|  Hayward Holdings, Inc. | (4) | (50) | – (h) | 0.0 (g) |
|  HB Fuller Co. | — (h) | (12) | – (h) | 0.0 (g) |
|  HCI Group, Inc. | — (h) | (11) | – (h) | 0.0 (g) |
|  Healthpeak Properties, Inc. | (9) | (146) | – (h) | 0.0 (g) |
|  HeartFlow, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  Helen of Troy Ltd. | (1) | (15) | – (h) | 0.0 (g) |
|  Helmerich & Payne, Inc. | (1) | (41) | – (h) | 0.0 (g) |
|  Herbalife Ltd. | (2) | (23) | – (h) | 0.0 (g) |
|  Herc Holdings, Inc. | — (h) | (47) | – (h) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (34) | (813) | – (h) | 0.0 (g) |
|  HF Sinclair Corp. | (2) | (136) | – (h) | 0.0 (g) |
|  Hilton Grand Vacations, Inc. | (1) | (28) | – (h) | 0.0 (g) |
|  Hims & Hers Health, Inc. | (3) | (72) | – (h) | 0.0 (g) |
|  Home BancShares, Inc. | (1) | (30) | – (h) | 0.0 (g) |
|  Home Depot, Inc. (The) | (4) | (1224) | – (h) | 0.0 (g) |
|  Hormel Foods Corp. | (1) | (32) | – (h) | 0.0 (g) |
|  HP, Inc. | (6) | (109) | – (h) | 0.0 (g) |
|  Hub Group, Inc. | (1) | (29) | – (h) | 0.0 (g) |
|  Hubbell, Inc. | (1) | (514) | – (h) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | (5) | (78) | – (h) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | — (h) | (8) | – (h) | 0.0 (g) |
|  Huron Consulting Group, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Hut 8 Corp. | (1) | (44) | – (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | (1) | (194) | – (h) | 0.0 (g) |
|  ICU Medical, Inc. | — (h) | (23) | – (h) | 0.0 (g) |
|  Ideaya Biosciences, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  IDEX Corp. | — (h) | (39) | – (h) | 0.0 (g) |
|  Immunome, Inc. | (1) | (27) | – (h) | 0.0 (g) |
|  Impinj, Inc. | — (h) | (27) | – (h) | 0.0 (g) |
|  Independence Realty Trust, Inc. | (2) | (29) | – (h) | 0.0 (g) |
|  Independent Bank Corp. | — (h) | (20) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ingersoll Rand, Inc. | (3) | (256) | – (h) | 0.0 (g) |
|  Innodata, Inc. | (2) | (62) | – (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | (57) | – (h) | 0.0 (g) |
|  Integer Holdings Corp. | (1) | (52) | – (h) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | (2) | (127) | – (h) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | (2) | (280) | – (h) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (1) | (75) | – (h) | 0.0 (g) |
|  International Paper Co. | (3) | (105) | – (h) | 0.0 (g) |
|  International Seaways, Inc. | (1) | (72) | – (h) | 0.0 (g) |
|  Interparfums, Inc. | — (h) | (19) | – (h) | 0.0 (g) |
|  IonQ, Inc. | (15) | (432) | – (h) | 0.0 (g) |
|  IPG Photonics Corp. | — (h) | (25) | – (h) | 0.0 (g) |
|  IQVIA Holdings, Inc. | (2) | (337) | – (h) | 0.0 (g) |
|  Iridium Communications, Inc. | (1) | (21) | – (h) | 0.0 (g) |
|  Iron Mountain, Inc. | — (h) | (25) | – (h) | 0.0 (g) |
|  J M Smucker Co. (The) | (1) | (51) | – (h) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (1) | (125) | – (h) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | (1) | (130) | – (h) | 0.0 (g) |
|  JBT Marel Corp. | (1) | (90) | – (h) | 0.0 (g) |
|  JFrog Ltd. | (2) | (75) | – (h) | 0.0 (g) |
|  John Wiley & Sons, Inc. | — (h) | (15) | – (h) | 0.0 (g) |
|  Johnson & Johnson | (5) | (1191) | – (h) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | — (h) | (30) | – (h) | 0.0 (g) |
|  Kadant, Inc. | — (h) | (40) | – (h) | 0.0 (g) |
|  Karman Holdings, Inc. | (1) | (46) | – (h) | 0.0 (g) |
|  Kemper Corp. | — (h) | (5) | – (h) | 0.0 (g) |
|  Kimco Realty Corp. | (1) | (13) | – (h) | 0.0 (g) |
|  Kinder Morgan, Inc. | (3) | (90) | – (h) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (113) | – (h) | 0.0 (g) |
|  Kirby Corp. | — (h) | (17) | – (h) | 0.0 (g) |
|  Kite Realty Group Trust | (2) | (53) | – (h) | 0.0 (g) |
|  KLA Corp. | — (h) | (47) | – (h) | 0.0 (g) |
|  Knife River Corp. | (1) | (48) | – (h) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | (4) | (229) | – (h) | 0.0 (g) |
|  Kodiak Gas Services, Inc. | (1) | (81) | – (h) | 0.0 (g) |
|  Kontoor Brands, Inc. | — (h) | (12) | – (h) | 0.0 (g) |
|  Korn Ferry | — (h) | (8) | – (h) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (2) | (39) | – (h) | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | (5) | (373) | – (h) | 0.0 (g) |
|  Kroger Co. (The) | — (h) | (4) | – (h) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (83) | – (h) | 0.0 (g) |
|  Kura Sushi USA, Inc. | — (h) | (25) | – (h) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | (1) | (60) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Kyndryl Holdings, Inc. | (2) | (32) | – (h) | 0.0 (g) |
|  L3Harris Technologies, Inc. | — (h) | (101) | – (h) | 0.0 (g) |
|  Lamar Advertising Co. | — (h) | (46) | – (h) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (2) | (69) | – (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | (5) | (273) | – (h) | 0.0 (g) |
|  Lattice Semiconductor Corp. | — (h) | (27) | – (h) | 0.0 (g) |
|  Laureate Education, Inc. | (1) | (33) | – (h) | 0.0 (g) |
|  LCI Industries | — (h) | (16) | – (h) | 0.0 (g) |
|  Lear Corp. | — (h) | (60) | – (h) | 0.0 (g) |
|  Legence Corp. | (1) | (69) | – (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | — (h) | (12) | – (h) | 0.0 (g) |
|  LendingClub Corp. | (1) | (7) | – (h) | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (91) | – (h) | 0.0 (g) |
|  Leonardo DRS, Inc. | (1) | (37) | – (h) | 0.0 (g) |
|  LGI Homes, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  Liberty Live Holdings, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (1) | (25) | – (h) | 0.0 (g) |
|  Life360, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Ligand Pharmaceuticals, Inc. | — (h) | (18) | – (h) | 0.0 (g) |
|  Lightbridge Corp. | (1) | (9) | – (h) | 0.0 (g) |
|  Linde plc | (2) | (781) | – (h) | 0.0 (g) |
|  Lineage, Inc. | — (h) | (16) | – (h) | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | (99) | – (h) | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (23) | – (h) | 0.0 (g) |
|  Live Nation Entertainment, Inc. | (3) | (508) | – (h) | 0.0 (g) |
|  LKQ Corp. | (4) | (110) | – (h) | 0.0 (g) |
|  Loar Holdings, Inc. | (1) | (81) | – (h) | 0.0 (g) |
|  Lockheed Martin Corp. | — (h) | (8) | – (h) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | (19) | – (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | (1) | (304) | – (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (1) | (378) | – (h) | 0.0 (g) |
|  Lumentum Holdings, Inc. | (1) | (611) | – (h) | 0.0 (g) |
|  LyondellBasell Industries NV | (3) | (226) | – (h) | 0.0 (g) |
|  M&T Bank Corp. | (1) | (160) | – (h) | 0.0 (g) |
|  Macerich Co. (The) | (5) | (87) | – (h) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | (1) | (192) | – (h) | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (129) | – (h) | 0.0 (g) |
|  Magnite, Inc. | (6) | (70) | – (h) | 0.0 (g) |
|  MarketAxess Holdings, Inc. | (1) | (84) | – (h) | 0.0 (g) |
|  Marriott International, Inc. | (1) | (168) | – (h) | 0.0 (g) |
|  Marriott Vacations Worldwide Corp. | (1) | (58) | – (h) | 0.0 (g) |
|  MasTec, Inc. | — (h) | (142) | – (h) | 0.0 (g) |
|  Masterbrand, Inc. | (1) | (5) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Matador Resources Co. | (1) | (65) | – (h) | 0.0 (g) |
|  Match Group, Inc. | (1) | (20) | – (h) | 0.0 (g) |
|  Matson, Inc. | — (h) | (25) | – (h) | 0.0 (g) |
|  Maximus, Inc. | (1) | (36) | – (h) | 0.0 (g) |
|  McGrath RentCorp. | — (h) | (13) | – (h) | 0.0 (g) |
|  Medline, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  Merck & Co., Inc. | (5) | (547) | – (h) | 0.0 (g) |
|  Mercury General Corp. | — (h) | (11) | – (h) | 0.0 (g) |
|  Mercury Systems, Inc. | — (h) | (29) | – (h) | 0.0 (g) |
|  Meta Platforms, Inc. | — (h) | (155) | – (h) | 0.0 (g) |
|  MGM Resorts International | (5) | (197) | – (h) | 0.0 (g) |
|  Miami International Holdings, Inc. | (1) | (20) | – (h) | 0.0 (g) |
|  Mirion Technologies, Inc. | (8) | (148) | – (h) | 0.0 (g) |
|  Mirum Pharmaceuticals, Inc. | — (h) | (2) | – (h) | 0.0 (g) |
|  Modine Manufacturing Co. | (1) | (135) | – (h) | 0.0 (g) |
|  Moelis & Co. | — (h) | (11) | – (h) | 0.0 (g) |
|  Molina Healthcare, Inc. | (1) | (152) | – (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | (3) | (133) | – (h) | 0.0 (g) |
|  Mondelez International, Inc. | (1) | (83) | – (h) | 0.0 (g) |
|  MongoDB, Inc. | (1) | (201) | – (h) | 0.0 (g) |
|  Monolithic Power Systems, Inc. | (1) | (559) | – (h) | 0.0 (g) |
|  Monster Beverage Corp. | (2) | (140) | – (h) | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | (45) | – (h) | 0.0 (g) |
|  MSA Safety, Inc. | — (h) | (48) | – (h) | 0.0 (g) |
|  MSC Industrial Direct Co., Inc. | — (h) | (42) | – (h) | 0.0 (g) |
|  MSCI, Inc. | — (h) | (103) | – (h) | 0.0 (g) |
|  Nasdaq, Inc. | (1) | (87) | – (h) | 0.0 (g) |
|  National Fuel Gas Co. | — (h) | (4) | – (h) | 0.0 (g) |
|  National Health Investors, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  National Vision Holdings, Inc. | (3) | (77) | – (h) | 0.0 (g) |
|  Navitas Semiconductor Corp. | (4) | (38) | – (h) | 0.0 (g) |
|  nCino, Inc. | (3) | (38) | – (h) | 0.0 (g) |
|  Neogen Corp. | (7) | (67) | – (h) | 0.0 (g) |
|  NeoGenomics, Inc. | (2) | (15) | – (h) | 0.0 (g) |
|  Netflix, Inc. | (4) | (394) | – (h) | 0.0 (g) |
|  Netskope, Inc. | (2) | (16) | – (h) | 0.0 (g) |
|  New York Times Co. (The) | (1) | (82) | – (h) | 0.0 (g) |
|  Nexstar Media Group, Inc. | — (h) | (67) | – (h) | 0.0 (g) |
|  NextDecade Corp. | (1) | (8) | – (h) | 0.0 (g) |
|  NextEra Energy, Inc. | (3) | (245) | – (h) | 0.0 (g) |
|  NextNav, Inc. | (2) | (35) | – (h) | 0.0 (g) |
|  NEXTracker, Inc. | (4) | (428) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Nicolet Bankshares, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  NIKE, Inc. | (17) | (884) | – (h) | 0.0 (g) |
|  NNN REIT, Inc. | (1) | (35) | – (h) | 0.0 (g) |
|  Noble Corp. plc | (6) | (288) | – (h) | 0.0 (g) |
|  Nordson Corp. | — (h) | (34) | – (h) | 0.0 (g) |
|  Northern Oil & Gas, Inc. | (1) | (17) | – (h) | 0.0 (g) |
|  Novanta, Inc. | (1) | (76) | – (h) | 0.0 (g) |
|  Novavax, Inc. | (3) | (25) | – (h) | 0.0 (g) |
|  Nucor Corp. | — (h) | (50) | – (h) | 0.0 (g) |
|  Nurix Therapeutics, Inc. | (1) | (8) | – (h) | 0.0 (g) |
|  Nutanix, Inc. | (2) | (95) | – (h) | 0.0 (g) |
|  Nuvalent, Inc. | (1) | (84) | – (h) | 0.0 (g) |
|  NVIDIA Corp. | (6) | (1032) | – (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | (4) | (259) | – (h) | 0.0 (g) |
|  Oceaneering International, Inc. | — (h) | (17) | – (h) | 0.0 (g) |
|  Ocular Therapeutix, Inc. | (5) | (47) | – (h) | 0.0 (g) |
|  Oklo, Inc. | (6) | (297) | – (h) | 0.0 (g) |
|  Okta, Inc. | (2) | (186) | – (h) | 0.0 (g) |
|  Old Dominion Freight Line, Inc. | (1) | (286) | – (h) | 0.0 (g) |
|  Old National Bancorp | (5) | (109) | – (h) | 0.0 (g) |
|  Olin Corp. | (1) | (19) | – (h) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | (1) | (47) | – (h) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (1) | (55) | – (h) | 0.0 (g) |
|  Omnicom Group, Inc. | (4) | (305) | – (h) | 0.0 (g) |
|  ONEOK, Inc. | (5) | (426) | – (h) | 0.0 (g) |
|  Oracle Corp. | (2) | (307) | – (h) | 0.0 (g) |
|  Organon & Co. | (1) | (5) | – (h) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  Oshkosh Corp. | — (h) | (9) | – (h) | 0.0 (g) |
|  OSI Systems, Inc. | — (h) | (84) | – (h) | 0.0 (g) |
|  Ouster, Inc. | (1) | (19) | – (h) | 0.0 (g) |
|  Outfront Media, Inc. | (5) | (119) | – (h) | 0.0 (g) |
|  Packaging Corp. of America | (1) | (182) | – (h) | 0.0 (g) |
|  PACS Group, Inc. | (1) | (24) | – (h) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (4) | (581) | – (h) | 0.0 (g) |
|  Palomar Holdings, Inc. | — (h) | (11) | – (h) | 0.0 (g) |
|  Papa John's International, Inc. | (2) | (68) | – (h) | 0.0 (g) |
|  Par Pacific Holdings, Inc. | (1) | (39) | – (h) | 0.0 (g) |
|  PAR Technology Corp. | (1) | (16) | – (h) | 0.0 (g) |
|  Paramount Skydance Corp. | (6) | (53) | – (h) | 0.0 (g) |
|  Parsons Corp. | (2) | (96) | – (h) | 0.0 (g) |
|  Patrick Industries, Inc. | — (h) | (43) | – (h) | 0.0 (g) |
|  Patterson-UTI Energy, Inc. | (6) | (67) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Paychex, Inc. | (3) | (237) | – (h) | 0.0 (g) |
|  Penguin Solutions, Inc. | (1) | (15) | – (h) | 0.0 (g) |
|  Penn Entertainment, Inc. | (7) | (107) | – (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (18) | – (h) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | (62) | – (h) | 0.0 (g) |
|  PepsiCo., Inc. | (1) | (153) | – (h) | 0.0 (g) |
|  Performance Food Group Co. | (2) | (147) | – (h) | 0.0 (g) |
|  Permian Resources Corp. | (9) | (194) | – (h) | 0.0 (g) |
|  Perpetua Resources Corp. | (2) | (44) | – (h) | 0.0 (g) |
|  Phillips 66 | (1) | (168) | – (h) | 0.0 (g) |
|  Phillips Edison & Co., Inc. | (1) | (25) | – (h) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | — (h) | (31) | – (h) | 0.0 (g) |
|  Piper Sandler Cos. | — (h) | (38) | – (h) | 0.0 (g) |
|  Pitney Bowes, Inc. | (1) | (8) | – (h) | 0.0 (g) |
|  Plexus Corp. | — (h) | (25) | – (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | (1) | (115) | – (h) | 0.0 (g) |
|  Pool Corp. | — (h) | (23) | – (h) | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (13) | – (h) | 0.0 (g) |
|  PPG Industries, Inc. | (1) | (82) | – (h) | 0.0 (g) |
|  Prestige Consumer Healthcare, Inc. | (1) | (77) | – (h) | 0.0 (g) |
|  PriceSmart, Inc. | — (h) | (33) | – (h) | 0.0 (g) |
|  Primo Brands Corp. | (5) | (96) | – (h) | 0.0 (g) |
|  Primoris Services Corp. | (1) | (114) | – (h) | 0.0 (g) |
|  Privia Health Group, Inc. | — (h) | (8) | – (h) | 0.0 (g) |
|  PROCEPT BioRobotics Corp. | — (h) | (10) | – (h) | 0.0 (g) |
|  Procore Technologies, Inc. | — (h) | (26) | – (h) | 0.0 (g) |
|  Procter & Gamble Co. (The) | (3) | (480) | – (h) | 0.0 (g) |
|  Prologis, Inc. | (3) | (403) | – (h) | 0.0 (g) |
|  ProPetro Holding Corp. | (2) | (27) | – (h) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Protagonist Therapeutics, Inc. | — (h) | (46) | – (h) | 0.0 (g) |
|  Provident Financial Services, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  Public Storage | (1) | (147) | – (h) | 0.0 (g) |
|  PVH Corp. | (1) | (63) | – (h) | 0.0 (g) |
|  Quaker Chemical Corp. | — (h) | (15) | – (h) | 0.0 (g) |
|  Quanta Services, Inc. | (2) | (920) | – (h) | 0.0 (g) |
|  QuantumScape Corp. | (17) | (111) | – (h) | 0.0 (g) |
|  QuidelOrtho Corp. | (2) | (25) | – (h) | 0.0 (g) |
|  QXO, Inc. | (15) | (287) | – (h) | 0.0 (g) |
|  RadNet, Inc. | (2) | (94) | – (h) | 0.0 (g) |
|  Ralliant Corp. | (1) | (47) | – (h) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | (83) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Ramaco Resources, Inc. | (7) | (112) | – (h) | 0.0 (g) |
|  RB Global, Inc. | (3) | (270) | – (h) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | (100) | – (h) | 0.0 (g) |
|  Realty, Inc.ome Corp. | (7) | (448) | – (h) | 0.0 (g) |
|  Red Rock Resorts, Inc. | — (h) | (24) | – (h) | 0.0 (g) |
|  Reddit, Inc. | (1) | (173) | – (h) | 0.0 (g) |
|  Redwire Corp. | (5) | (41) | – (h) | 0.0 (g) |
|  Regal Rexnord Corp. | (1) | (208) | – (h) | 0.0 (g) |
|  Regency Centers Corp. | (2) | (124) | – (h) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | (343) | – (h) | 0.0 (g) |
|  Regions Financial Corp. | (1) | (24) | – (h) | 0.0 (g) |
|  Reliance, Inc. | — (h) | (31) | – (h) | 0.0 (g) |
|  Renasant Corp. | (1) | (38) | – (h) | 0.0 (g) |
|  Repligen Corp. | (1) | (89) | – (h) | 0.0 (g) |
|  Resideo Technologies, Inc. | — (h) | (17) | – (h) | 0.0 (g) |
|  ResMed, Inc. | (1) | (242) | – (h) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (1) | (109) | – (h) | 0.0 (g) |
|  Revolution Medicines, Inc. | (3) | (307) | – (h) | 0.0 (g) |
|  Revvity, Inc. | (3) | (275) | – (h) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (4) | (130) | – (h) | 0.0 (g) |
|  RH | — (h) | (31) | – (h) | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | (1) | (47) | – (h) | 0.0 (g) |
|  Rigetti Computing, Inc. | (33) | (458) | – (h) | 0.0 (g) |
|  RingCentral, Inc. | (1) | (39) | – (h) | 0.0 (g) |
|  Riot Platforms, Inc. | (4) | (49) | – (h) | 0.0 (g) |
|  Rivian Automotive, Inc. | (10) | (148) | – (h) | 0.0 (g) |
|  Rocket Lab Corp. | (1) | (43) | – (h) | 0.0 (g) |
|  Ross Stores, Inc. | (1) | (304) | – (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | (3) | (731) | – (h) | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | (28) | – (h) | 0.0 (g) |
|  RPM International, Inc. | — (h) | (49) | – (h) | 0.0 (g) |
|  Rubrik, Inc. | (3) | (160) | – (h) | 0.0 (g) |
|  RXO, Inc. | (5) | (69) | – (h) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (2) | (53) | – (h) | 0.0 (g) |
|  Ryder System, Inc. | — (h) | (32) | – (h) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (116) | – (h) | 0.0 (g) |
|  S&P Global, Inc. | (1) | (514) | – (h) | 0.0 (g) |
|  Saia, Inc. | — (h) | (157) | – (h) | 0.0 (g) |
|  SailPoint, Inc. | (4) | (58) | – (h) | 0.0 (g) |
|  Sanmina Corp. | — (h) | (4) | – (h) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | (14) | – (h) | 0.0 (g) |
|  Schneider National, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  Scholar Rock Holding Corp. | — (h) | (18) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Science Applications International Corp. | — (h) | (11) | – (h) | 0.0 (g) |
|  Scotts Miracle-Gro Co. (The) | — (h) | (23) | – (h) | 0.0 (g) |
|  Seacoast Banking Corp. of Florida | (1) | (19) | – (h) | 0.0 (g) |
|  Seagate Technology Holdings plc | (1) | (276) | – (h) | 0.0 (g) |
|  Semtech Corp. | — (h) | (36) | – (h) | 0.0 (g) |
|  Sensient Technologies Corp. | — (h) | (18) | – (h) | 0.0 (g) |
|  Service Corp. International/US | (1) | (47) | – (h) | 0.0 (g) |
|  ServiceTitan, Inc. | (1) | (32) | – (h) | 0.0 (g) |
|  ServisFirst Bancshares, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Sezzle, Inc. | (1) | (45) | – (h) | 0.0 (g) |
|  Shake Shack, Inc. | (1) | (78) | – (h) | 0.0 (g) |
|  SharkNinja, Inc. | (4) | (374) | – (h) | 0.0 (g) |
|  Shift4 Payments, Inc. | (2) | (82) | – (h) | 0.0 (g) |
|  Shoals Technologies Group, Inc. | (4) | (29) | – (h) | 0.0 (g) |
|  Signet Jewelers Ltd. | (1) | (120) | – (h) | 0.0 (g) |
|  Silgan Holdings, Inc. | (1) | (24) | – (h) | 0.0 (g) |
|  Simon Property Group, Inc. | (1) | (113) | – (h) | 0.0 (g) |
|  Simply Good Foods Co. (The) | (1) | (13) | – (h) | 0.0 (g) |
|  SiTime Corp. | — (h) | (9) | – (h) | 0.0 (g) |
|  Six Flags Entertainment Corp. | (8) | (143) | – (h) | 0.0 (g) |
|  Skyward Specialty Insurance Group, Inc. | — (h) | (12) | – (h) | 0.0 (g) |
|  SL Green Realty Corp. | (1) | (42) | – (h) | 0.0 (g) |
|  SLB Ltd. | (5) | (280) | – (h) | 0.0 (g) |
|  Slide Insurance Holdings, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  SLM Corp. | (1) | (26) | – (h) | 0.0 (g) |
|  Smartstop Self Storage REIT, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Snap-on, Inc. | — (h) | (133) | – (h) | 0.0 (g) |
|  Snowflake, Inc. | (2) | (241) | – (h) | 0.0 (g) |
|  Solaris Energy Infrastructure, Inc. | (2) | (93) | – (h) | 0.0 (g) |
|  Soleno Therapeutics, Inc. | (1) | (31) | – (h) | 0.0 (g) |
|  Solstice Advanced Materials, Inc. | — (h) | (33) | – (h) | 0.0 (g) |
|  Solventum Corp. | — (h) | (6) | – (h) | 0.0 (g) |
|  Somnigroup International, Inc. | (2) | (138) | – (h) | 0.0 (g) |
|  Sonoco Products Co. | (1) | (35) | – (h) | 0.0 (g) |
|  Sonos, Inc. | (1) | (9) | – (h) | 0.0 (g) |
|  Sotera Health Co. | (1) | (18) | – (h) | 0.0 (g) |
|  SoundHound AI, Inc. | (42) | (291) | – (h) | 0.0 (g) |
|  Southern Copper Corp. | (2) | (341) | – (h) | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | (1) | (59) | – (h) | 0.0 (g) |
|  Spire, Inc. | — (h) | (16) | – (h) | 0.0 (g) |
|  SPS Commerce, Inc. | — (h) | (21) | – (h) | 0.0 (g) |
|  SPX Technologies, Inc. | (1) | (118) | – (h) | 0.0 (g) |
|  STAG Industrial, Inc. | (1) | (49) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  StandardAero, Inc. | (6) | (146) | – (h) | 0.0 (g) |
|  Standex International Corp. | — (h) | (22) | – (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (2) | (139) | – (h) | 0.0 (g) |
|  Starbucks Corp. | (9) | (803) | – (h) | 0.0 (g) |
|  State Street Corp. | — (h) | (12) | – (h) | 0.0 (g) |
|  Steel Dynamics, Inc. | (1) | (111) | – (h) | 0.0 (g) |
|  StepStone Group, Inc. | (1) | (39) | – (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | (1) | (214) | – (h) | 0.0 (g) |
|  Steven Madden Ltd. | (2) | (81) | – (h) | 0.0 (g) |
|  Stoke Therapeutics, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  StoneX Group, Inc. | (1) | (53) | – (h) | 0.0 (g) |
|  Stride, Inc. | — (h) | (16) | – (h) | 0.0 (g) |
|  Summit Therapeutics, Inc. | (1) | (22) | – (h) | 0.0 (g) |
|  Sun Communities, Inc. | — (h) | (28) | – (h) | 0.0 (g) |
|  Sunrun, Inc. | (1) | (14) | – (h) | 0.0 (g) |
|  Surgery Partners, Inc. | (5) | (56) | – (h) | 0.0 (g) |
|  Sweetgreen, Inc. | (7) | (39) | – (h) | 0.0 (g) |
|  Synopsys, Inc. | (2) | (649) | – (h) | 0.0 (g) |
|  Sysco Corp. | (1) | (97) | – (h) | 0.0 (g) |
|  T1 Energy, Inc. | (9) | (39) | – (h) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | (1) | (134) | – (h) | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (43) | – (h) | 0.0 (g) |
|  Talos Energy, Inc. | (2) | (24) | – (h) | 0.0 (g) |
|  Tanger, Inc. | (1) | (23) | – (h) | 0.0 (g) |
|  Tango Therapeutics, Inc. | (1) | (15) | – (h) | 0.0 (g) |
|  Targa Resources Corp. | (2) | (482) | – (h) | 0.0 (g) |
|  Tarsus Pharmaceuticals, Inc. | — (h) | (15) | – (h) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (15) | – (h) | 0.0 (g) |
|  Tecnoglass, Inc. | — (h) | (12) | – (h) | 0.0 (g) |
|  Teladoc Health, Inc. | (6) | (34) | – (h) | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (177) | – (h) | 0.0 (g) |
|  Telephone and Data Systems, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  Terawulf, Inc. | (3) | (44) | – (h) | 0.0 (g) |
|  Terreno Realty Corp. | — (h) | (18) | – (h) | 0.0 (g) |
|  Tetra Tech, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (50) | – (h) | 0.0 (g) |
|  Texas Roadhouse, Inc. | — (h) | (80) | – (h) | 0.0 (g) |
|  TG Therapeutics, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | (1) | (266) | – (h) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | (28) | – (h) | 0.0 (g) |
|  Tidewater, Inc. | (1) | (102) | – (h) | 0.0 (g) |
|  Timken Co. (The) | (1) | (86) | – (h) | 0.0 (g) |
|  TJX Cos., Inc. (The) | (1) | (191) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  TKO Group Holdings, Inc. | (1) | (191) | – (h) | 0.0 (g) |
|  TopBuild Corp. | — (h) | (99) | – (h) | 0.0 (g) |
|  Topgolf Callaway Brands Corp. | (1) | (18) | – (h) | 0.0 (g) |
|  TPG, Inc. | (2) | (70) | – (h) | 0.0 (g) |
|  Tractor Supply Co. | (6) | (260) | – (h) | 0.0 (g) |
|  TransUnion | (3) | (190) | – (h) | 0.0 (g) |
|  Travel + Leisure Co. | (1) | (80) | – (h) | 0.0 (g) |
|  Travere Therapeutics, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  Trinity Industries, Inc. | — (h) | (5) | – (h) | 0.0 (g) |
|  Truist Financial Corp. | (2) | (107) | – (h) | 0.0 (g) |
|  Turning Point Brands, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  Twist Bioscience Corp. | — (h) | (21) | – (h) | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (88) | – (h) | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (141) | – (h) | 0.0 (g) |
|  UDR, Inc. | (3) | (107) | – (h) | 0.0 (g) |
|  UFP Technologies, Inc. | — (h) | (10) | – (h) | 0.0 (g) |
|  UGI Corp. | (1) | (19) | – (h) | 0.0 (g) |
|  UiPath, Inc. | (10) | (112) | – (h) | 0.0 (g) |
|  UL Solutions, Inc. | — (h) | (9) | – (h) | 0.0 (g) |
|  UMB Financial Corp. | (1) | (75) | – (h) | 0.0 (g) |
|  Under Armour, Inc. | (11) | (63) | – (h) | 0.0 (g) |
|  Union Pacific Corp. | — (h) | (30) | – (h) | 0.0 (g) |
|  United Bankshares, Inc./WV | — (h) | (8) | – (h) | 0.0 (g) |
|  United Community Banks, Inc./GA | — (h) | (14) | – (h) | 0.0 (g) |
|  United Parcel Service, Inc. | (5) | (488) | – (h) | 0.0 (g) |
|  United Rentals, Inc. | — (h) | (304) | – (h) | 0.0 (g) |
|  UnitedHealth Group, Inc. | (2) | (560) | – (h) | 0.0 (g) |
|  Universal Health Services, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  Universal Technical Institute, Inc. | (1) | (51) | – (h) | 0.0 (g) |
|  Urban Edge Properties | — (h) | (5) | – (h) | 0.0 (g) |
|  UroGen Pharma Ltd. | (1) | (12) | – (h) | 0.0 (g) |
|  US Bancorp | — (h) | (10) | – (h) | 0.0 (g) |
|  US Foods Holding Corp. | (2) | (178) | – (h) | 0.0 (g) |
|  USA Rare Earth, Inc. | — (h) | (7) | – (h) | 0.0 (g) |
|  V2X, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  Vail Resorts, Inc. | (1) | (80) | – (h) | 0.0 (g) |
|  Valero Energy Corp. | — (h) | (89) | – (h) | 0.0 (g) |
|  Valvoline, Inc. | (2) | (62) | – (h) | 0.0 (g) |
|  Vaxcyte, Inc. | (2) | (98) | – (h) | 0.0 (g) |
|  Ventas, Inc. | (3) | (240) | – (h) | 0.0 (g) |
|  Veracyte, Inc. | — (h) | (6) | – (h) | 0.0 (g) |
|  Vericel Corp. | — (h) | (12) | – (h) | 0.0 (g) |
|  Verizon Communications, Inc. | (27) | (1349) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Vertex, Inc. | (2) | (24) | – (h) | 0.0 (g) |
|  Vertiv Holdings Co. | (2) | (468) | – (h) | 0.0 (g) |
|  VF Corp. | (6) | (104) | – (h) | 0.0 (g) |
|  Viasat, Inc. | (2) | (83) | – (h) | 0.0 (g) |
|  Viatris, Inc. | (8) | (109) | – (h) | 0.0 (g) |
|  Viavi Solutions, Inc. | (1) | (36) | – (h) | 0.0 (g) |
|  Victory Capital Holdings, Inc. | — (h) | (16) | – (h) | 0.0 (g) |
|  Viper Energy, Inc. | — (h) | (19) | – (h) | 0.0 (g) |
|  Viridian Therapeutics, Inc. | — (h) | (8) | – (h) | 0.0 (g) |
|  Visa, Inc. | (1) | (389) | – (h) | 0.0 (g) |
|  Vita Coco Co., Inc. (The) | (1) | (28) | – (h) | 0.0 (g) |
|  Vital Farms, Inc. | (2) | (32) | – (h) | 0.0 (g) |
|  Vontier Corp. | — (h) | (9) | – (h) | 0.0 (g) |
|  Vornado Realty Trust | — (h) | (8) | – (h) | 0.0 (g) |
|  Voya Financial, Inc. | (1) | (59) | – (h) | 0.0 (g) |
|  Voyager Technologies, Inc. | (2) | (42) | – (h) | 0.0 (g) |
|  VSE Corp. | (1) | (100) | – (h) | 0.0 (g) |
|  Vulcan Materials Co. | (1) | (246) | – (h) | 0.0 (g) |
|  W R Berkley Corp. | (2) | (109) | – (h) | 0.0 (g) |
|  Walmart, Inc. | (16) | (2032) | – (h) | 0.0 (g) |
|  Walt Disney Co. (The) | (1) | (105) | – (h) | 0.0 (g) |
|  Warby Parker, Inc. | (3) | (71) | – (h) | 0.0 (g) |
|  Warrior Met Coal, Inc. | — (h) | (46) | – (h) | 0.0 (g) |
|  Waste Management, Inc. | (1) | (327) | – (h) | 0.0 (g) |
|  Waters Corp. | (1) | (180) | – (h) | 0.0 (g) |
|  Watsco, Inc. | (1) | (271) | – (h) | 0.0 (g) |
|  Wayfair, Inc. | (1) | (104) | – (h) | 0.0 (g) |
|  Waystar Holding Corp. | (4) | (91) | – (h) | 0.0 (g) |
|  Weatherford International plc | — (h) | (44) | – (h) | 0.0 (g) |
|  WEC Energy Group, Inc. | (1) | (166) | – (h) | 0.0 (g) |
|  Wells Fargo & Co. | (3) | (233) | – (h) | 0.0 (g) |
|  Welltower, Inc. | (2) | (348) | – (h) | 0.0 (g) |
|  Wendy's Co. (The) | (8) | (58) | – (h) | 0.0 (g) |
|  Werner Enterprises, Inc. | (1) | (26) | – (h) | 0.0 (g) |
|  WesBanco, Inc. | — (h) | (14) | – (h) | 0.0 (g) |
|  WESCO International, Inc. | (1) | (279) | – (h) | 0.0 (g) |
|  Western Alliance Bancorp | — (h) | (20) | – (h) | 0.0 (g) |
|  Western Union Co. (The) | (6) | (51) | – (h) | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | (1) | (335) | – (h) | 0.0 (g) |
|  Westlake Corp. | (2) | (245) | – (h) | 0.0 (g) |
|  WEX, Inc. | (1) | (120) | – (h) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (5) | (335) | – (h) | 0.0 (g) |
|  Williams-Sonoma, Inc. | (2) | (333) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  WillScot Holdings Corp. | (3) | (57) | – (h) | 0.0 (g) |
|  Wingstop, Inc. | (2) | (233) | – (h) | 0.0 (g) |
|  Winmark Corp. | — (h) | (18) | – (h) | 0.0 (g) |
|  Wintrust Financial Corp. | — (h) | (22) | – (h) | 0.0 (g) |
|  WisdomTree, Inc. | — (h) | (4) | – (h) | 0.0 (g) |
|  Workiva, Inc. | (1) | (46) | – (h) | 0.0 (g) |
|  WP Carey, Inc. | — (h) | (8) | – (h) | 0.0 (g) |
|  WSFS Financial Corp. | — (h) | (14) | – (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | (1) | (73) | – (h) | 0.0 (g) |
|  Wynn Resorts Ltd. | (2) | (237) | – (h) | 0.0 (g) |
|  XPO, Inc. | (1) | (107) | – (h) | 0.0 (g) |
|  Xylem, Inc./NY | (1) | (158) | – (h) | 0.0 (g) |
|  Yum! Brands, Inc. | (2) | (286) | – (h) | 0.0 (g) |
|  Zebra Technologies Corp. | — (h) | (80) | – (h) | 0.0 (g) |
|  Zeta Global Holdings Corp. | (3) | (50) | – (h) | 0.0 (g) |
|  Zillow Group, Inc. | — (h) | (3) | – (h) | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (3) | (237) | – (h) | 0.0 (g) |
|  Zoom Communications, Inc. | (1) | (105) | – (h) | 0.0 (g) |
|  Zscaler, Inc. | (3) | (396) | – (h) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (1) | (23) | – (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (106541) | – (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (106541) | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in USD based on the local currencies of the positions within the swap | 01/28/2028 | 34 | – (h) | – (h) | – (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  InterContinental Hotels Group plc | — (h) | 34 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 34 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 34 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.3% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 12/07/2027 | 174 | (3) | 4 | 1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Jardine Matheson Holdings Ltd. | 2 | 174 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 174 | (3) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 174 | (3) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.2% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/20/2027 | 112345 | – (h) | 308 | 308 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | 5 | 352 | — (h) | 0.0 (g) |
|  IREN Ltd. | 2 | 53 | — (h) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | 3 | 241 | — (h) | 0.0 (g) |
|  Assured Guaranty Ltd. | — (h) | 41 | — (h) | 0.0 (g) |
|  Axis Capital Holdings Ltd. | 1 | 78 | — (h) | 0.0 (g) |
|  DHT Holdings, Inc. | 1 | 13 | — (h) | 0.0 (g) |
|  Essent Group Ltd. | — (h) | 16 | — (h) | 0.0 (g) |
|  Everest Group Ltd. | 1 | 186 | — (h) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | — (h) | 53 | — (h) | 0.0 (g) |
|  **Brazil** |  |  |  |  |
|  Pagseguro Digital Ltd. | 5 | 48 | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | 1 | 303 | — (h) | 0.0 (g) |
|  Alamos Gold, Inc. | 1 | 55 | — (h) | 0.0 (g) |
|  Barrick Mining Corp. | 6 | 261 | — (h) | 0.0 (g) |
|  Cameco Corp. | 1 | 96 | — (h) | 0.0 (g) |
|  Eldorado Gold Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Fortuna Mining Corp. | 8 | 75 | — (h) | 0.0 (g) |
|  GFL Environmental, Inc. | 2 | 63 | — (h) | 0.0 (g) |
|  IAMGOLD Corp. | 4 | 70 | — (h) | 0.0 (g) |
|  Kinross Gold Corp. | 9 | 277 | — (h) | 0.0 (g) |
|  Lithium Americas Corp. | 1 | 4 | — (h) | 0.0 (g) |
|  Shopify, Inc. | 4 | 455 | — (h) | 0.0 (g) |
|  Teekay Tankers Ltd. | — (h) | 3 | — (h) | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Waste Connections, Inc. | 1 | 162 | — (h) | 0.0 (g) |
|  **Chile** |  |  |  |  |
|  Sociedad Quimica y Minera de Chile SA | 1 | 68 | — (h) | 0.0 (g) |
|  **China** |  |  |  |  |
|  Daqo New Energy Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Pony AI, Inc. | 3 | 30 | — (h) | 0.0 (g) |
|  WeRide, Inc. | 3 | 26 | — (h) | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 6 | — (h) | 0.0 (g) |
|  Genmab A/S | — (h) | 3 | — (h) | 0.0 (g) |
|  Novo Nordisk A/S | 4 | 159 | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nokia OYJ | 7 | 57 | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Constellium SE | 1 | 25 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Germany** |  |  |  |  |
|  Deutsche Bank AG | 3 | 100 | — (h) | 0.0 (g) |
|  Jumia Technologies AG | — (h) | 3 | — (h) | 0.0 (g) |
|  **India** |  |  |  |  |
|  HDFC Bank Ltd. | 1 | 16 | — (h) | 0.0 (g) |
|  Infosys Ltd. | 5 | 62 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | 1 | 126 | — (h) | 0.0 (g) |
|  Alkermes plc | 2 | 65 | — (h) | 0.0 (g) |
|  CRH plc | — (h) | 19 | — (h) | 0.0 (g) |
|  Medtronic plc | 1 | 81 | — (h) | 0.0 (g) |
|  Perrigo Co. plc | 3 | 29 | — (h) | 0.0 (g) |
|  Ryanair Holdings plc | — (h) | 26 | — (h) | 0.0 (g) |
|  TE Connectivity plc | 4 | 901 | — (h) | 0.0 (g) |
|  Trane Technologies plc | — (h) | 168 | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | 1 | 80 | — (h) | 0.0 (g) |
|  Fiverr International Ltd. | — (h) | 4 | — (h) | 0.0 (g) |
|  Mobileye Global, Inc. | 8 | 57 | — (h) | 0.0 (g) |
|  Monday.com Ltd. | 1 | 92 | — (h) | 0.0 (g) |
|  Nice Ltd. | — (h) | 15 | — (h) | 0.0 (g) |
|  Nova Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  SolarEdge Technologies, Inc. | 8 | 407 | — (h) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Ferrari NV | 1 | 291 | — (h) | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Sony Group Corp. | 3 | 67 | — (h) | 0.0 (g) |
|  **Jersey** |  |  |  |  |
|  Novocure Ltd. | 2 | 22 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | 1 | 46 | — (h) | 0.0 (g) |
|  **Monaco** |  |  |  |  |
|  Scorpio Tankers, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  Aegon Ltd. | 3 | 23 | — (h) | 0.0 (g) |
|  Argenx SE | — (h) | 30 | — (h) | 0.0 (g) |
|  ASML Holding NV | 1 | 688 | — (h) | 0.0 (g) |
|  Ferrovial SE | — (h) | 30 | — (h) | 0.0 (g) |
|  ING Groep NV | 1 | 28 | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | — (h) | 7 | — (h) | 0.0 (g) |
|  Stellantis NV | 23 | 162 | — (h) | 0.0 (g) |
|  **Panama** |  |  |  |  |
|  Copa Holdings SA | — (h) | 14 | — (h) | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  First BanCorp | — (h) | 7 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Singapore** |  |  |  |  |
|  Kulicke & Soffa Industries, Inc. | 1 | 43 | — (h) | 0.0 (g) |
|  Sea Ltd. | 6 | 509 | — (h) | 0.0 (g) |
|  WaVe Life Sciences Ltd. | 3 | 18 | — (h) | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Harmony Gold Mining Co. Ltd. | 2 | 31 | — (h) | 0.0 (g) |
|  Sibanye Stillwater Ltd. | 5 | 62 | — (h) | 0.0 (g) |
|  **South Korea** |  |  |  |  |
|  KT Corp. | 4 | 75 | — (h) | 0.0 (g) |
|  SK Telecom Co. Ltd. | — (h) | 7 | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | 1 | 66 | — (h) | 0.0 (g) |
|  Spotify Technology SA | 2 | 856 | — (h) | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 9 | 104 | — (h) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | 4 | 164 | — (h) | 0.0 (g) |
|  CRISPR Therapeutics AG | 1 | 35 | — (h) | 0.0 (g) |
|  Garmin Ltd. | 1 | 230 | — (h) | 0.0 (g) |
|  Logitech International SA | — (h) | 43 | — (h) | 0.0 (g) |
|  MoonLake Immunotherapeutics | — (h) | 8 | — (h) | 0.0 (g) |
|  On Holding AG | 2 | 63 | — (h) | 0.0 (g) |
|  SEALSQ Corp. | 2 | 6 | — (h) | 0.0 (g) |
|  **Taiwan** |  |  |  |  |
|  ASE Technology Holding Co. Ltd. | 5 | 98 | — (h) | 0.0 (g) |
|  Silicon Motion Technology Corp. | — (h) | 19 | — (h) | 0.0 (g) |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 3 | 846 | — (h) | 0.0 (g) |
|  United Microelectronics Corp. | 2 | 22 | — (h) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  AstraZeneca plc | — (h) | 76 | — (h) | 0.0 (g) |
|  Barclays plc | 10 | 205 | — (h) | 0.0 (g) |
|  BP plc | 10 | 454 | — (h) | 0.0 (g) |
|  British American Tobacco plc | 5 | 315 | — (h) | 0.0 (g) |
|  CNH Industrial NV | 24 | 267 | — (h) | 0.0 (g) |
|  Lloyds Banking Group plc | 2 | 12 | — (h) | 0.0 (g) |
|  National Grid plc | — (h) | 15 | — (h) | 0.0 (g) |
|  NatWest Group plc | 3 | 49 | — (h) | 0.0 (g) |
|  RELX plc | 1 | 17 | — (h) | 0.0 (g) |
|  Shell plc | 1 | 66 | — (h) | 0.0 (g) |
|  Smith & Nephew plc | — (h) | 9 | — (h) | 0.0 (g) |
|  Unilever plc | 3 | 190 | — (h) | 0.0 (g) |
|  Vodafone Group plc | 5 | 69 | — (h) | 0.0 (g) |
|  Willis Towers Watson plc | — (h) | 65 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United States** |  |  |  |  |
|  3M Co. | 5 | 724 | — (h) | 0.0 (g) |
|  A O Smith Corp. | 1 | 52 | — (h) | 0.0 (g) |
|  Abercrombie & Fitch Co. | 2 | 224 | — (h) | 0.0 (g) |
|  Acadia Healthcare Co., Inc. | 1 | 15 | — (h) | 0.0 (g) |
|  ACI Worldwide, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Acuity, Inc. | — (h) | 69 | — (h) | 0.0 (g) |
|  Adaptive Biotechnologies Corp. | — (h) | 4 | — (h) | 0.0 (g) |
|  Addus HomeCare Corp. | — (h) | 8 | — (h) | 0.0 (g) |
|  Adient plc | 2 | 31 | — (h) | 0.0 (g) |
|  Adobe, Inc. | 4 | 923 | — (h) | 0.0 (g) |
|  Adtalem Global Education, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Advance Auto Parts, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 66 | — (h) | 0.0 (g) |
|  Advanced Micro Devices, Inc. | 1 | 130 | — (h) | 0.0 (g) |
|  Aeva Technologies, Inc. | 3 | 42 | — (h) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 69 | — (h) | 0.0 (g) |
|  Affirm Holdings, Inc. | 2 | 83 | — (h) | 0.0 (g) |
|  Aflac, Inc. | 1 | 112 | — (h) | 0.0 (g) |
|  AGCO Corp. | 1 | 131 | — (h) | 0.0 (g) |
|  Agilent Technologies, Inc. | 1 | 63 | — (h) | 0.0 (g) |
|  Agios Pharmaceuticals, Inc. | 1 | 34 | — (h) | 0.0 (g) |
|  Agree Realty Corp. | — (h) | 24 | — (h) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | — (h) | 60 | — (h) | 0.0 (g) |
|  Airbnb, Inc. | 6 | 768 | — (h) | 0.0 (g) |
|  Akamai Technologies, Inc. | 1 | 65 | — (h) | 0.0 (g) |
|  Alarm.com Holdings, Inc. | 1 | 31 | — (h) | 0.0 (g) |
|  Albemarle Corp. | 5 | 858 | — (h) | 0.0 (g) |
|  Albertsons Cos., Inc. | 6 | 98 | — (h) | 0.0 (g) |
|  Alcoa Corp. | 4 | 286 | — (h) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 2 | 81 | — (h) | 0.0 (g) |
|  Align Technology, Inc. | 1 | 251 | — (h) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 3 | 113 | — (h) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | 2 | 550 | — (h) | 0.0 (g) |
|  Alphabet, Inc. | 1 | 355 | — (h) | 0.0 (g) |
|  Altria Group, Inc. | 19 | 1275 | — (h) | 0.0 (g) |
|  Amazon.com, Inc. | 7 | 1377 | — (h) | 0.0 (g) |
|  Ambarella, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  Amdocs Ltd. | 1 | 86 | — (h) | 0.0 (g) |
|  Ameren Corp. | 1 | 142 | — (h) | 0.0 (g) |
|  Ameresco, Inc. | 1 | 13 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  American Airlines Group, Inc. | 8 | 86 | – (h) | 0.0 (g) |
|  American Eagle Outfitters, Inc. | 4 | 75 | – (h) | 0.0 (g) |
|  American Electric Power Co., Inc. | 6 | 734 | – (h) | 0.0 (g) |
|  American Express Co. | 1 | 347 | – (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | — (h) | 33 | – (h) | 0.0 (g) |
|  American Homes 4 Rent | 2 | 48 | – (h) | 0.0 (g) |
|  American International Group, Inc. | 11 | 805 | – (h) | 0.0 (g) |
|  American States Water Co. | — (h) | 26 | – (h) | 0.0 (g) |
|  American Tower Corp. | 2 | 296 | – (h) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | 130 | – (h) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 188 | – (h) | 0.0 (g) |
|  Amkor Technology, Inc. | 1 | 42 | – (h) | 0.0 (g) |
|  AMN Healthcare Services, Inc. | 1 | 9 | – (h) | 0.0 (g) |
|  Antero Resources Corp. | 8 | 348 | – (h) | 0.0 (g) |
|  APA Corp. | 6 | 241 | – (h) | 0.0 (g) |
|  Appfolio, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Appian Corp. | — (h) | 10 | – (h) | 0.0 (g) |
|  Apple Hospitality REIT, Inc. | 1 | 13 | – (h) | 0.0 (g) |
|  Apple, Inc. | 13 | 3264 | – (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 68 | – (h) | 0.0 (g) |
|  Applied Materials, Inc. | 1 | 317 | – (h) | 0.0 (g) |
|  AptarGroup, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  Arbor Realty Trust, Inc. | 1 | 6 | – (h) | 0.0 (g) |
|  Archer Aviation, Inc. | 20 | 101 | – (h) | 0.0 (g) |
|  Argan, Inc. | — (h) | 130 | – (h) | 0.0 (g) |
|  Arlo Technologies, Inc. | 2 | 22 | – (h) | 0.0 (g) |
|  Armstrong World Industries, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Array Technologies, Inc. | 1 | 4 | – (h) | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  ASGN, Inc. | — (h) | 12 | – (h) | 0.0 (g) |
|  Ashland, Inc. | 1 | 52 | – (h) | 0.0 (g) |
|  Assurant, Inc. | — (h) | 21 | – (h) | 0.0 (g) |
|  AT&T, Inc. | 18 | 525 | – (h) | 0.0 (g) |
|  ATI, Inc. | — (h) | 55 | – (h) | 0.0 (g) |
|  Atmos Energy Corp. | — (h) | 65 | – (h) | 0.0 (g) |
|  Atmus Filtration Technologies, Inc. | — (h) | 27 | – (h) | 0.0 (g) |
|  Aurora Innovation, Inc. | 7 | 28 | – (h) | 0.0 (g) |
|  Autodesk, Inc. | 1 | 306 | – (h) | 0.0 (g) |
|  Automatic Data Processing, Inc. | 1 | 283 | – (h) | 0.0 (g) |
|  AutoNation, Inc. | — (h) | 19 | – (h) | 0.0 (g) |
|  AutoZone, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  AvePoint, Inc. | 1 | 5 | – (h) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | 39 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Avista Corp. | 2 | 61 | – (h) | 0.0 (g) |
|  Avnet, Inc. | 1 | 51 | – (h) | 0.0 (g) |
|  Axsome Therapeutics, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Azenta, Inc. | — (h) | 9 | – (h) | 0.0 (g) |
|  Babcock & Wilcox Enterprises, Inc. | 1 | 12 | – (h) | 0.0 (g) |
|  Badger Meter, Inc. | — (h) | 48 | – (h) | 0.0 (g) |
|  Balchem Corp. | — (h) | 20 | – (h) | 0.0 (g) |
|  Ball Corp. | — (h) | 20 | – (h) | 0.0 (g) |
|  Bank of America Corp. | 11 | 515 | – (h) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | 2 | 218 | – (h) | 0.0 (g) |
|  Bath & Body Works, Inc. | 4 | 78 | – (h) | 0.0 (g) |
|  Belden, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  BellRing Brands, Inc. | 9 | 152 | – (h) | 0.0 (g) |
|  Berkshire Hathaway, Inc. | 4 | 1818 | – (h) | 0.0 (g) |
|  Biglari Holdings, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  BILL Holdings, Inc. | — (h) | 11 | – (h) | 0.0 (g) |
|  Biohaven Ltd. | 1 | 7 | – (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 2 | 127 | – (h) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 2 | 239 | – (h) | 0.0 (g) |
|  Black Hills Corp. | 1 | 41 | – (h) | 0.0 (g) |
|  Blackbaud, Inc. | 1 | 28 | – (h) | 0.0 (g) |
|  Blackrock, Inc. | — (h) | 289 | – (h) | 0.0 (g) |
|  Blackstone, Inc. | 5 | 614 | – (h) | 0.0 (g) |
|  Bloom Energy Corp. | 3 | 355 | – (h) | 0.0 (g) |
|  Blue Bird Corp. | 1 | 32 | – (h) | 0.0 (g) |
|  Blue Owl Capital, Inc. | 2 | 22 | – (h) | 0.0 (g) |
|  Boise Cascade Co. | 1 | 41 | – (h) | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 1137 | – (h) | 0.0 (g) |
|  BorgWarner, Inc. | 3 | 188 | – (h) | 0.0 (g) |
|  Boston Beer Co., Inc. (The) | — (h) | 45 | – (h) | 0.0 (g) |
|  Boston Scientific Corp. | 12 | 727 | – (h) | 0.0 (g) |
|  Box, Inc. | 4 | 92 | – (h) | 0.0 (g) |
|  Brady Corp. | — (h) | 26 | – (h) | 0.0 (g) |
|  Bread Financial Holdings, Inc. | 1 | 79 | – (h) | 0.0 (g) |
|  Brightstar Lottery plc | — (h) | 6 | – (h) | 0.0 (g) |
|  Brink's Co. (The) | — (h) | 19 | – (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 11 | 644 | – (h) | 0.0 (g) |
|  Broadcom, Inc. | — (h) | 30 | – (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | 1 | 112 | – (h) | 0.0 (g) |
|  Brunswick Corp. | 1 | 61 | – (h) | 0.0 (g) |
|  Buckle, Inc. (The) | — (h) | 20 | – (h) | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | 9 | – (h) | 0.0 (g) |
|  C3.ai, Inc. | 10 | 87 | – (h) | 0.0 (g) |
|  Cabot Corp. | — (h) | 32 | – (h) | 0.0 (g) |
|  California Water Service Group | — (h) | 19 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Calix, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  Capricor Therapeutics, Inc. | — (h) | 11 | – (h) | 0.0 (g) |
|  Cargurus, Inc. | 1 | 38 | – (h) | 0.0 (g) |
|  Caris Life Sciences, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 166 | – (h) | 0.0 (g) |
|  CarMax, Inc. | 1 | 52 | – (h) | 0.0 (g) |
|  Carnival Corp. | 9 | 238 | – (h) | 0.0 (g) |
|  Carpenter Technology Corp. | — (h) | 12 | – (h) | 0.0 (g) |
|  Caterpillar, Inc. | 1 | 939 | – (h) | 0.0 (g) |
|  Cathay General Bancorp | — (h) | 17 | – (h) | 0.0 (g) |
|  Cavco Industries, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  CBIZ, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  CDW Corp | 1 | 136 | – (h) | 0.0 (g) |
|  Celanese Corp. | 2 | 162 | – (h) | 0.0 (g) |
|  Celcuity, Inc. | — (h) | 22 | – (h) | 0.0 (g) |
|  Celldex Therapeutics, Inc. | — (h) | 15 | – (h) | 0.0 (g) |
|  Celsius Holdings, Inc. | 2 | 85 | – (h) | 0.0 (g) |
|  Centene Corp. | 5 | 166 | – (h) | 0.0 (g) |
|  Century Communities, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  Champion Homes, Inc. | — (h) | 21 | – (h) | 0.0 (g) |
|  Charles Schwab Corp. (The) | 1 | 103 | – (h) | 0.0 (g) |
|  Chemed Corp. | — (h) | 34 | – (h) | 0.0 (g) |
|  Chemours Co. (The) | 5 | 113 | – (h) | 0.0 (g) |
|  Cheniere Energy, Inc. | 1 | 208 | – (h) | 0.0 (g) |
|  Chevron Corp. | 9 | 1816 | – (h) | 0.0 (g) |
|  Chime Financial, Inc. | 1 | 18 | – (h) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 8 | 266 | – (h) | 0.0 (g) |
|  Ciena Corp. | 1 | 463 | – (h) | 0.0 (g) |
|  Cinemark Holdings, Inc. | 2 | 57 | – (h) | 0.0 (g) |
|  Cintas Corp. | 3 | 433 | – (h) | 0.0 (g) |
|  Cirrus Logic, Inc. | 1 | 110 | – (h) | 0.0 (g) |
|  Citigroup, Inc. | 8 | 950 | – (h) | 0.0 (g) |
|  Clear Secure, Inc. | 1 | 51 | – (h) | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 9 | 76 | – (h) | 0.0 (g) |
|  Clorox Co. (The) | 1 | 130 | – (h) | 0.0 (g) |
|  CNO Financial Group, Inc. | 1 | 43 | – (h) | 0.0 (g) |
|  CNX Resources Corp. | 2 | 59 | – (h) | 0.0 (g) |
|  Coca-Cola Co. (The) | 12 | 927 | – (h) | 0.0 (g) |
|  Coeur Mining, Inc. | 2 | 35 | – (h) | 0.0 (g) |
|  Cogent Biosciences, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Cognex Corp. | 4 | 189 | – (h) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 1 | 86 | – (h) | 0.0 (g) |
|  Columbia Sportswear Co. | — (h) | 24 | – (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 123 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Commerce Bancshares, Inc. | 1 | 31 | – (h) | 0.0 (g) |
|  Commercial Metals Co. | — (h) | 12 | – (h) | 0.0 (g) |
|  Commvault Systems, Inc. | 1 | 105 | – (h) | 0.0 (g) |
|  Compass, Inc. | 2 | 18 | – (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 4 | 65 | – (h) | 0.0 (g) |
|  ConocoPhillips | 2 | 230 | – (h) | 0.0 (g) |
|  Consolidated Edison, Inc. | 5 | 579 | – (h) | 0.0 (g) |
|  Copart, Inc. | 3 | 91 | – (h) | 0.0 (g) |
|  Corcept Therapeutics, Inc. | 1 | 29 | – (h) | 0.0 (g) |
|  CoreCivic, Inc. | 1 | 14 | – (h) | 0.0 (g) |
|  Corning, Inc. | 1 | 84 | – (h) | 0.0 (g) |
|  Costco Wholesale Corp. | 1 | 1246 | – (h) | 0.0 (g) |
|  Coupang, Inc. | 7 | 124 | – (h) | 0.0 (g) |
|  Crane Co. | — (h) | 30 | – (h) | 0.0 (g) |
|  Crane NXT Co. | — (h) | 16 | – (h) | 0.0 (g) |
|  Credit Acceptance Corp. | — (h) | 8 | – (h) | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | 1 | 134 | – (h) | 0.0 (g) |
|  Crinetics Pharmaceuticals, Inc. | — (h) | 12 | – (h) | 0.0 (g) |
|  Crocs, Inc. | — (h) | 26 | – (h) | 0.0 (g) |
|  Crown Holdings, Inc. | 1 | 120 | – (h) | 0.0 (g) |
|  CubeSmart | — (h) | 4 | – (h) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Cummins, Inc. | — (h) | 108 | – (h) | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 55 | – (h) | 0.0 (g) |
|  CVB Financial Corp. | 1 | 12 | – (h) | 0.0 (g) |
|  Daily Journal Corp. | — (h) | 9 | – (h) | 0.0 (g) |
|  Dana, Inc. | 1 | 49 | – (h) | 0.0 (g) |
|  Danaher Corp. | 1 | 198 | – (h) | 0.0 (g) |
|  Datadog, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Deckers Outdoor Corp. | 4 | 385 | – (h) | 0.0 (g) |
|  Deere & Co. | — (h) | 107 | – (h) | 0.0 (g) |
|  Definium Therapeutics, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Delek US Holdings, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  Delta Air Lines, Inc. | 3 | 178 | – (h) | 0.0 (g) |
|  DENTSPLY SIRONA, Inc. | 1 | 13 | – (h) | 0.0 (g) |
|  Devon Energy Corp. | 4 | 205 | – (h) | 0.0 (g) |
|  Dexcom, Inc. | 5 | 316 | – (h) | 0.0 (g) |
|  Dillard's, Inc. | — (h) | 91 | – (h) | 0.0 (g) |
|  Docusign, Inc. | 11 | 510 | – (h) | 0.0 (g) |
|  Dolby Laboratories, Inc. | 1 | 88 | – (h) | 0.0 (g) |
|  Dollar General Corp. | 1 | 173 | – (h) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | 135 | – (h) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 83 | – (h) | 0.0 (g) |
|  DoubleVerify Holdings, Inc. | 3 | 32 | – (h) | 0.0 (g) |
|  Douglas Emmett, Inc. | 3 | 25 | – (h) | 0.0 (g) |
|  Dow, Inc. | — (h) | 16 | – (h) | 0.0 (g) |
|  Doximity, Inc. | 1 | 14 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  DR Horton, Inc. | 2 | 266 | – (h) | 0.0 (g) |
|  Dropbox, Inc. | 1 | 17 | – (h) | 0.0 (g) |
|  DTE Energy Co. | — (h) | 30 | – (h) | 0.0 (g) |
|  Duke Energy Corp. | — (h) | 5 | – (h) | 0.0 (g) |
|  Duolingo, Inc. | 2 | 170 | – (h) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 6 | 270 | – (h) | 0.0 (g) |
|  DXC Technology Co. | — (h) | 5 | – (h) | 0.0 (g) |
|  Dynatrace, Inc. | 4 | 137 | – (h) | 0.0 (g) |
|  Dynex Capital, Inc. | 3 | 38 | – (h) | 0.0 (g) |
|  Eastman Chemical Co. | 1 | 75 | – (h) | 0.0 (g) |
|  Edison International | 2 | 155 | – (h) | 0.0 (g) |
|  Elastic NV | 2 | 75 | – (h) | 0.0 (g) |
|  Elevance Health, Inc. | — (h) | 89 | – (h) | 0.0 (g) |
|  Eli Lilly & Co. | 1 | 1039 | – (h) | 0.0 (g) |
|  Ellington Financial, Inc. | 1 | 7 | – (h) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 87 | – (h) | 0.0 (g) |
|  Encompass Health Corp. | 1 | 118 | – (h) | 0.0 (g) |
|  Enova International, Inc. | — (h) | 25 | – (h) | 0.0 (g) |
|  Enovis Corp. | — (h) | 10 | – (h) | 0.0 (g) |
|  Enovix Corp. | 13 | 70 | – (h) | 0.0 (g) |
|  Enphase Energy, Inc. | 3 | 103 | – (h) | 0.0 (g) |
|  Envista Holdings Corp. | 2 | 39 | – (h) | 0.0 (g) |
|  Eos Energy Enterprises, Inc. | 9 | 43 | – (h) | 0.0 (g) |
|  EPAM Systems, Inc. | — (h) | 52 | – (h) | 0.0 (g) |
|  Equifax, Inc. | 1 | 114 | – (h) | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | 32 | – (h) | 0.0 (g) |
|  ESCO Technologies, Inc. | — (h) | 34 | – (h) | 0.0 (g) |
|  Establishment Labs Holdings, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Evercore, Inc. | — (h) | 39 | – (h) | 0.0 (g) |
|  Evergy, Inc. | 2 | 143 | – (h) | 0.0 (g) |
|  Evolv Technologies Holdings, Inc. | 1 | 4 | – (h) | 0.0 (g) |
|  Exelixis, Inc. | 7 | 312 | – (h) | 0.0 (g) |
|  Exelon Corp. | 5 | 267 | – (h) | 0.0 (g) |
|  ExlService Holdings, Inc. | 1 | 31 | – (h) | 0.0 (g) |
|  Expand Energy Corp. | 1 | 93 | – (h) | 0.0 (g) |
|  Expedia Group, Inc. | 2 | 458 | – (h) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 2 | 222 | – (h) | 0.0 (g) |
|  Exponent, Inc. | 1 | 58 | – (h) | 0.0 (g) |
|  Extreme Networks, Inc. | 1 | 9 | – (h) | 0.0 (g) |
|  Exxon Mobil Corp. | 3 | 583 | – (h) | 0.0 (g) |
|  Federated Hermes, Inc. | — (h) | 21 | – (h) | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 3 | 159 | – (h) | 0.0 (g) |
|  Figs, Inc. | 2 | 30 | – (h) | 0.0 (g) |
|  Firefly Aerospace, Inc. | 1 | 21 | – (h) | 0.0 (g) |
|  First American Financial Corp. | 1 | 48 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  First Citizens BancShares, Inc./NC | — (h) | 6 | – (h) | 0.0 (g) |
|  First Horizon Corp. | 2 | 36 | – (h) | 0.0 (g) |
|  FirstEnergy Corp. | 1 | 57 | – (h) | 0.0 (g) |
|  Five9, Inc. | 2 | 35 | – (h) | 0.0 (g) |
|  Flagstar Bank NA | 7 | 86 | – (h) | 0.0 (g) |
|  Flex Ltd. | — (h) | 23 | – (h) | 0.0 (g) |
|  Flowers Foods, Inc. | 1 | 11 | – (h) | 0.0 (g) |
|  Flowserve Corp. | 1 | 81 | – (h) | 0.0 (g) |
|  Fluor Corp. | 1 | 59 | – (h) | 0.0 (g) |
|  FMC Corp. | 11 | 198 | – (h) | 0.0 (g) |
|  Ford Motor Co. | 46 | 529 | – (h) | 0.0 (g) |
|  FormFactor, Inc. | — (h) | 37 | – (h) | 0.0 (g) |
|  Fox Corp. | 4 | 248 | – (h) | 0.0 (g) |
|  Fox Factory Holding Corp. | — (h) | 1 | – (h) | 0.0 (g) |
|  Franklin Electric Co., Inc. | — (h) | 18 | – (h) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 8 | 448 | – (h) | 0.0 (g) |
|  Freshpet, Inc. | 1 | 58 | – (h) | 0.0 (g) |
|  Freshworks, Inc. | 6 | 48 | – (h) | 0.0 (g) |
|  Frontdoor, Inc. | — (h) | 21 | – (h) | 0.0 (g) |
|  FS KKR Capital Corp. | 1 | 7 | – (h) | 0.0 (g) |
|  FTI Consulting, Inc. | — (h) | 24 | – (h) | 0.0 (g) |
|  GameStop Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  Gap, Inc. (The) | 1 | 36 | – (h) | 0.0 (g) |
|  GE Vernova, Inc. | 2 | 1462 | – (h) | 0.0 (g) |
|  Gen Digital, Inc. | 6 | 111 | – (h) | 0.0 (g) |
|  General Dynamics Corp. | — (h) | 126 | – (h) | 0.0 (g) |
|  General Electric Co. | 3 | 880 | – (h) | 0.0 (g) |
|  General Mills, Inc. | 2 | 57 | – (h) | 0.0 (g) |
|  General Motors Co. | 6 | 442 | – (h) | 0.0 (g) |
|  Gentex Corp. | 2 | 37 | – (h) | 0.0 (g) |
|  Genworth Financial, Inc. | 3 | 25 | – (h) | 0.0 (g) |
|  Gibraltar Industries, Inc. | — (h) | 9 | – (h) | 0.0 (g) |
|  GigaCloud Technology, Inc. | 1 | 28 | – (h) | 0.0 (g) |
|  Globe Life, Inc. | — (h) | 13 | – (h) | 0.0 (g) |
|  Globus Medical, Inc. | 1 | 54 | – (h) | 0.0 (g) |
|  GoDaddy, Inc. | 5 | 393 | – (h) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | 1 | 469 | – (h) | 0.0 (g) |
|  Goodyear Tire & Rubber Co. (The) | 8 | 55 | – (h) | 0.0 (g) |
|  Graco, Inc. | 1 | 103 | – (h) | 0.0 (g) |
|  Graham Holdings Co. | — (h) | 8 | – (h) | 0.0 (g) |
|  GRAIL, Inc. | 1 | 62 | – (h) | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 15 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Granite Construction, Inc. | — (h) | 23 | – (h) | 0.0 (g) |
|  Graphic Packaging Holding Co. | 11 | 105 | – (h) | 0.0 (g) |
|  Green Plains, Inc. | 1 | 9 | – (h) | 0.0 (g) |
|  Griffon Corp. | — (h) | 14 | – (h) | 0.0 (g) |
|  Grindr, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Grocery Outlet Holding Corp. | 1 | 5 | – (h) | 0.0 (g) |
|  Group 1 Automotive, Inc. | — (h) | 39 | – (h) | 0.0 (g) |
|  Guardant Health, Inc. | 1 | 76 | – (h) | 0.0 (g) |
|  Guidewire Software, Inc. | — (h) | 42 | – (h) | 0.0 (g) |
|  H&R Block, Inc. | 3 | 91 | – (h) | 0.0 (g) |
|  Halliburton Co. | 6 | 225 | – (h) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 2 | 106 | – (h) | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Harley-Davidson, Inc. | 1 | 19 | – (h) | 0.0 (g) |
|  Harmony Biosciences Holdings, Inc. | — (h) | 13 | – (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 1 | 98 | – (h) | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 174 | – (h) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | 1 | 19 | – (h) | 0.0 (g) |
|  HealthEquity, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  Hecla Mining Co. | 18 | 330 | – (h) | 0.0 (g) |
|  HEICO Corp. | — (h) | 13 | – (h) | 0.0 (g) |
|  Henry Schein, Inc. | — (h) | 30 | – (h) | 0.0 (g) |
|  Hershey Co. (The) | 1 | 229 | – (h) | 0.0 (g) |
|  Highwoods Properties, Inc. | 1 | 26 | – (h) | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 1 | 400 | – (h) | 0.0 (g) |
|  Hinge Health, Inc. | 1 | 22 | – (h) | 0.0 (g) |
|  Hingham Institution For Savings The | — (h) | 2 | – (h) | 0.0 (g) |
|  HNI Corp. | 1 | 20 | – (h) | 0.0 (g) |
|  Honeywell International, Inc. | 3 | 721 | – (h) | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | 4 | 77 | – (h) | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Howmet Aerospace, Inc. | 1 | 285 | – (h) | 0.0 (g) |
|  HubSpot, Inc. | 2 | 440 | – (h) | 0.0 (g) |
|  Humana, Inc. | 3 | 469 | – (h) | 0.0 (g) |
|  Huntsman Corp. | 6 | 86 | – (h) | 0.0 (g) |
|  IAC, Inc. | — (h) | 13 | – (h) | 0.0 (g) |
|  IDACORP, Inc. | — (h) | 36 | – (h) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | — (h) | 131 | – (h) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 33 | – (h) | 0.0 (g) |
|  Illinois Tool Works, Inc. | 1 | 349 | – (h) | 0.0 (g) |
|  Illumina, Inc. | — (h) | 39 | – (h) | 0.0 (g) |
|  Immunovant, Inc. | — (h) | 10 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Incyte Corp. | 3 | 265 | – (h) | 0.0 (g) |
|  Indivior Pharmaceuticals, Inc. | 1 | 35 | – (h) | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 22 | – (h) | 0.0 (g) |
|  Innospec, Inc. | — (h) | 20 | – (h) | 0.0 (g) |
|  Innovative Industrial Properties, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Insight Enterprises, Inc. | — (h) | 16 | – (h) | 0.0 (g) |
|  Insmed, Inc. | — (h) | 63 | – (h) | 0.0 (g) |
|  Insperity, Inc. | 1 | 24 | – (h) | 0.0 (g) |
|  Inspire Medical Systems, Inc. | 1 | 45 | – (h) | 0.0 (g) |
|  Insulet Corp. | 1 | 111 | – (h) | 0.0 (g) |
|  Intapp, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Intel Corp. | 4 | 191 | – (h) | 0.0 (g) |
|  Intellia Therapeutics, Inc. | 8 | 102 | – (h) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | 127 | – (h) | 0.0 (g) |
|  International Business Machines Corp. | 1 | 182 | – (h) | 0.0 (g) |
|  Intuit, Inc. | — (h) | 79 | – (h) | 0.0 (g) |
|  Intuitive Machines, Inc. | 6 | 109 | – (h) | 0.0 (g) |
|  Intuitive Surgical, Inc. | 1 | 554 | – (h) | 0.0 (g) |
|  Invesco Ltd. | 8 | 184 | – (h) | 0.0 (g) |
|  Invitation Homes, Inc. | 4 | 91 | – (h) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 1 | 80 | – (h) | 0.0 (g) |
|  IRhythm Holdings, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Itron, Inc. | — (h) | 19 | – (h) | 0.0 (g) |
|  ITT, Inc. | 1 | 97 | – (h) | 0.0 (g) |
|  J & J Snack Foods Corp. | — (h) | 10 | – (h) | 0.0 (g) |
|  Jabil, Inc. | 1 | 312 | – (h) | 0.0 (g) |
|  Jackson Financial, Inc. | 1 | 63 | – (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 1 | 121 | – (h) | 0.0 (g) |
|  Janux Therapeutics, Inc. | 1 | 16 | – (h) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 5 | 203 | – (h) | 0.0 (g) |
|  Joby Aviation, Inc. | 17 | 138 | – (h) | 0.0 (g) |
|  Johnson Controls International plc | 2 | 279 | – (h) | 0.0 (g) |
|  KB Home | 1 | 38 | – (h) | 0.0 (g) |
|  Kennametal, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Keurig Dr Pepper, Inc. | 1 | 31 | – (h) | 0.0 (g) |
|  KeyCorp. | 8 | 154 | – (h) | 0.0 (g) |
|  Keysight Technologies, Inc. | 1 | 314 | – (h) | 0.0 (g) |
|  Kilroy Realty Corp. | 1 | 16 | – (h) | 0.0 (g) |
|  Kimberly-Clark Corp. | 2 | 188 | – (h) | 0.0 (g) |
|  KKR & Co., Inc. | 4 | 379 | – (h) | 0.0 (g) |
|  Klaviyo, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Kohl's Corp. | 5 | 59 | – (h) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 84 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Lam Research Corp. | 3 | 739 | – (h) | 0.0 (g) |
|  Landstar System, Inc. | — (h) | 18 | – (h) | 0.0 (g) |
|  Lantheus Holdings, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Lazard, Inc. | 1 | 22 | – (h) | 0.0 (g) |
|  La-Z-Boy, Inc. | 1 | 20 | – (h) | 0.0 (g) |
|  Legalzoom.com, Inc. | 3 | 18 | – (h) | 0.0 (g) |
|  Leggett & Platt, Inc. | 1 | 6 | – (h) | 0.0 (g) |
|  Lemonade, Inc. | 3 | 164 | – (h) | 0.0 (g) |
|  Lennar Corp. | 2 | 150 | – (h) | 0.0 (g) |
|  Levi Strauss & Co. | 4 | 81 | – (h) | 0.0 (g) |
|  Liberty Energy, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 1 | 47 | – (h) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | — (h) | 45 | – (h) | 0.0 (g) |
|  Lincoln National Corp. | 1 | 53 | – (h) | 0.0 (g) |
|  Lindsay Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  Liquidia Corp. | 1 | 45 | – (h) | 0.0 (g) |
|  LiveRamp Holdings, Inc. | — (h) | 12 | – (h) | 0.0 (g) |
|  Loews Corp. | 1 | 128 | – (h) | 0.0 (g) |
|  Lumen Technologies, Inc. | 3 | 22 | – (h) | 0.0 (g) |
|  Lyft, Inc. | 3 | 43 | – (h) | 0.0 (g) |
|  M/I Homes, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  Macy's, Inc. | 5 | 96 | – (h) | 0.0 (g) |
|  Magnolia Oil & Gas Corp. | — (h) | 10 | – (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | 1 | 127 | – (h) | 0.0 (g) |
|  ManpowerGroup, Inc. | 1 | 34 | – (h) | 0.0 (g) |
|  Maplebear, Inc. | 2 | 76 | – (h) | 0.0 (g) |
|  Marathon Petroleum Corp. | 2 | 407 | – (h) | 0.0 (g) |
|  Markel Group, Inc. | — (h) | 23 | – (h) | 0.0 (g) |
|  Marqeta, Inc. | 1 | 3 | – (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | 3 | 445 | – (h) | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  Marvell Technology, Inc. | 1 | 95 | – (h) | 0.0 (g) |
|  Masco Corp. | — (h) | 16 | – (h) | 0.0 (g) |
|  Mastercard, Inc. | 1 | 512 | – (h) | 0.0 (g) |
|  Materion Corp. | — (h) | 11 | – (h) | 0.0 (g) |
|  Mattel, Inc. | 5 | 80 | – (h) | 0.0 (g) |
|  McCormick & Co., Inc. | 2 | 86 | – (h) | 0.0 (g) |
|  McDonald's Corp. | 3 | 932 | – (h) | 0.0 (g) |
|  McKesson Corp. | — (h) | 401 | – (h) | 0.0 (g) |
|  MDU Resources Group, Inc. | 2 | 39 | – (h) | 0.0 (g) |
|  Medpace Holdings, Inc. | 1 | 255 | – (h) | 0.0 (g) |
|  Merit Medical Systems, Inc. | — (h) | 32 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  MetLife, Inc. | 5 | 359 | – (h) | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 105 | – (h) | 0.0 (g) |
|  MGIC Investment Corp. | 1 | 24 | – (h) | 0.0 (g) |
|  Microchip Technology, Inc. | 6 | 416 | – (h) | 0.0 (g) |
|  Micron Technology, Inc. | 1 | 308 | – (h) | 0.0 (g) |
|  Microsoft Corp. | 3 | 1037 | – (h) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | 41 | – (h) | 0.0 (g) |
|  Mineralys Therapeutics, Inc. | 1 | 38 | – (h) | 0.0 (g) |
|  MKS, Inc. | — (h) | 71 | – (h) | 0.0 (g) |
|  Moderna, Inc. | 5 | 236 | – (h) | 0.0 (g) |
|  Mohawk Industries, Inc. | — (h) | 24 | – (h) | 0.0 (g) |
|  Moody's Corp. | — (h) | 213 | – (h) | 0.0 (g) |
|  Moog, Inc. | — (h) | 70 | – (h) | 0.0 (g) |
|  Morningstar, Inc. | — (h) | 65 | – (h) | 0.0 (g) |
|  Mosaic Co. (The) | 4 | 114 | – (h) | 0.0 (g) |
|  MP Materials Corp. | — (h) | 20 | – (h) | 0.0 (g) |
|  Mueller Industries, Inc. | — (h) | 37 | – (h) | 0.0 (g) |
|  Mueller Water Products, Inc. | 1 | 24 | – (h) | 0.0 (g) |
|  Murphy Oil Corp. | 1 | 32 | – (h) | 0.0 (g) |
|  MYR Group, Inc. | — (h) | 51 | – (h) | 0.0 (g) |
|  NANO Nuclear Energy, Inc. | — (h) | 7 | – (h) | 0.0 (g) |
|  Natera, Inc. | 1 | 210 | – (h) | 0.0 (g) |
|  NCR Voyix Corp. | 1 | 6 | – (h) | 0.0 (g) |
|  Nelnet, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  NetApp, Inc. | — (h) | 35 | – (h) | 0.0 (g) |
|  NETSTREIT Corp. | 1 | 14 | – (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | 2 | 218 | – (h) | 0.0 (g) |
|  New Jersey Resources Corp. | 1 | 63 | – (h) | 0.0 (g) |
|  NewMarket Corp. | — (h) | 53 | – (h) | 0.0 (g) |
|  Newmont Corp. | 5 | 503 | – (h) | 0.0 (g) |
|  News Corp. | 5 | 128 | – (h) | 0.0 (g) |
|  NioCorp. Developments Ltd | 2 | 7 | – (h) | 0.0 (g) |
|  nLight, Inc. | 1 | 32 | – (h) | 0.0 (g) |
|  NMI Holdings, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  Northern Trust Corp. | 1 | 91 | – (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | 6 | 103 | – (h) | 0.0 (g) |
|  NOV, Inc. | 4 | 73 | – (h) | 0.0 (g) |
|  NRG Energy, Inc. | 2 | 277 | – (h) | 0.0 (g) |
|  NuScale Power Corp. | 34 | 366 | – (h) | 0.0 (g) |
|  Nutex Health, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  Nuvation Bio, Inc. | 1 | 4 | – (h) | 0.0 (g) |
|  NVR, Inc. | — (h) | 40 | – (h) | 0.0 (g) |
|  OGE Energy Corp. | 2 | 75 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  O-I Glass, Inc. | 2 | 16 | – (h) | 0.0 (g) |
|  Old Republic International Corp. | 1 | 37 | – (h) | 0.0 (g) |
|  Omnicell, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  ON Semiconductor Corp. | 3 | 215 | – (h) | 0.0 (g) |
|  Ondas, Inc. | 21 | 189 | – (h) | 0.0 (g) |
|  ONE Gas, Inc. | 1 | 72 | – (h) | 0.0 (g) |
|  OneMain Holdings, Inc. | — (h) | 25 | – (h) | 0.0 (g) |
|  Onto Innovation, Inc. | 1 | 184 | – (h) | 0.0 (g) |
|  Opendoor Technologies, Inc. | 15 | 70 | – (h) | 0.0 (g) |
|  OPENLANE, Inc. | — (h) | 14 | – (h) | 0.0 (g) |
|  Option Care Health, Inc. | — (h) | 10 | – (h) | 0.0 (g) |
|  Orchid Island Capital, Inc. | 2 | 13 | – (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | 4 | 347 | – (h) | 0.0 (g) |
|  Oscar Health, Inc. | 4 | 45 | – (h) | 0.0 (g) |
|  Otis Worldwide Corp. | 3 | 221 | – (h) | 0.0 (g) |
|  Otter Tail Corp. | — (h) | 16 | – (h) | 0.0 (g) |
|  Ovintiv, Inc. | 2 | 143 | – (h) | 0.0 (g) |
|  Owens Corning | — (h) | 17 | – (h) | 0.0 (g) |
|  PACCAR, Inc. | — (h) | 55 | – (h) | 0.0 (g) |
|  Pagaya Technologies Ltd. | 1 | 9 | – (h) | 0.0 (g) |
|  PagerDuty, Inc. | 1 | 5 | – (h) | 0.0 (g) |
|  Palantir Technologies, Inc. | 1 | 118 | – (h) | 0.0 (g) |
|  Park Hotels & Resorts, Inc. | 5 | 50 | – (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | — (h) | 281 | – (h) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 18 | – (h) | 0.0 (g) |
|  Paylocity Holding Corp. | 1 | 111 | – (h) | 0.0 (g) |
|  Paymentus Holdings, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Payoneer Global, Inc. | 1 | 6 | – (h) | 0.0 (g) |
|  PayPal Holdings, Inc. | 9 | 426 | – (h) | 0.0 (g) |
|  PBF Energy, Inc. | 1 | 64 | – (h) | 0.0 (g) |
|  Peabody Energy Corp. | — (h) | 13 | – (h) | 0.0 (g) |
|  Pebblebrook Hotel Trust | 1 | 17 | – (h) | 0.0 (g) |
|  Pegasystems, Inc. | 2 | 74 | – (h) | 0.0 (g) |
|  Peloton Interactive, Inc. | 8 | 33 | – (h) | 0.0 (g) |
|  Perdoceo Education Corp. | — (h) | 8 | – (h) | 0.0 (g) |
|  Pfizer, Inc. | 7 | 189 | – (h) | 0.0 (g) |
|  PG&E Corp. | 5 | 85 | – (h) | 0.0 (g) |
|  Philip Morris International, Inc. | 2 | 316 | – (h) | 0.0 (g) |
|  Phinia, Inc. | — (h) | 26 | – (h) | 0.0 (g) |
|  Photronics, Inc. | 1 | 23 | – (h) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 42 | – (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 2 | 197 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Pinterest, Inc. | 15 | 282 | – (h) | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Planet Fitness, Inc. | 2 | 120 | – (h) | 0.0 (g) |
|  Planet Labs PBC | 7 | 207 | – (h) | 0.0 (g) |
|  Polaris, Inc. | 1 | 62 | – (h) | 0.0 (g) |
|  Portland General Electric Co. | 2 | 105 | – (h) | 0.0 (g) |
|  Post Holdings, Inc. | 1 | 105 | – (h) | 0.0 (g) |
|  Power Integrations, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Power Solutions International, Inc. | — (h) | 17 | – (h) | 0.0 (g) |
|  Praxis Precision Medicines, Inc. | — (h) | 34 | – (h) | 0.0 (g) |
|  Preformed Line Products Co. | — (h) | 24 | – (h) | 0.0 (g) |
|  Primerica, Inc. | — (h) | 48 | – (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | — (h) | 41 | – (h) | 0.0 (g) |
|  PROG Holdings, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Progress Software Corp. | 1 | 31 | – (h) | 0.0 (g) |
|  Progressive Corp. (The) | 1 | 168 | – (h) | 0.0 (g) |
|  Progyny, Inc. | 2 | 34 | – (h) | 0.0 (g) |
|  Prudential Financial, Inc. | 2 | 157 | – (h) | 0.0 (g) |
|  PTC Therapeutics, Inc. | 1 | 39 | – (h) | 0.0 (g) |
|  PTC, Inc. | 1 | 106 | – (h) | 0.0 (g) |
|  Public Service Enterprise Group, Inc. | 4 | 290 | – (h) | 0.0 (g) |
|  PulteGroup, Inc. | — (h) | 14 | – (h) | 0.0 (g) |
|  Pure Storage, Inc. | 2 | 135 | – (h) | 0.0 (g) |
|  PureCycle Technologies, Inc. | 3 | 15 | – (h) | 0.0 (g) |
|  Q2 Holdings, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Qnity Electronics, Inc. | — (h) | 34 | – (h) | 0.0 (g) |
|  QUALCOMM, Inc. | 6 | 795 | – (h) | 0.0 (g) |
|  Qualys, Inc. | — (h) | 32 | – (h) | 0.0 (g) |
|  Quantum Computing, Inc. | 6 | 44 | – (h) | 0.0 (g) |
|  Quest Diagnostics, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Radian Group, Inc. | 1 | 27 | – (h) | 0.0 (g) |
|  Rambus, Inc. | — (h) | 35 | – (h) | 0.0 (g) |
|  Range Resources Corp. | 2 | 106 | – (h) | 0.0 (g) |
|  Rapid7, Inc. | 2 | 12 | – (h) | 0.0 (g) |
|  Raymond James Financial, Inc. | 1 | 99 | – (h) | 0.0 (g) |
|  Rayonier, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  RealReal, Inc. (The) | 1 | 8 | – (h) | 0.0 (g) |
|  Recursion Pharmaceuticals, Inc. | 14 | 44 | – (h) | 0.0 (g) |
|  Reinsurance Group of America, Inc. | — (h) | 15 | – (h) | 0.0 (g) |
|  Remitly Global, Inc. | 6 | 101 | – (h) | 0.0 (g) |
|  Republic Services, Inc. | — (h) | 82 | – (h) | 0.0 (g) |
|  Resolute Holdings Management, Inc. | — (h) | 5 | – (h) | 0.0 (g) |
|  Revolve Group, Inc. | 1 | 19 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)(h)** |
|  Reynolds Consumer Products, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Rithm Capital Corp. | 6 | 55 | – (h) | 0.0 (g) |
|  RLI Corp. | — (h) | 9 | – (h) | 0.0 (g) |
|  Robert Half, Inc. | 1 | 33 | – (h) | 0.0 (g) |
|  Robinhood Markets, Inc. | 6 | 420 | – (h) | 0.0 (g) |
|  ROBLOX Corp. | 6 | 361 | – (h) | 0.0 (g) |
|  Rocket Cos., Inc. | 15 | 211 | – (h) | 0.0 (g) |
|  Rockwell Automation, Inc. | 1 | 510 | – (h) | 0.0 (g) |
|  Rogers Corp. | — (h) | 15 | – (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | 1 | 21 | – (h) | 0.0 (g) |
|  Roku, Inc. | 4 | 336 | – (h) | 0.0 (g) |
|  Rollins, Inc. | 1 | 51 | – (h) | 0.0 (g) |
|  Roper Technologies, Inc. | 1 | 293 | – (h) | 0.0 (g) |
|  Royalty Pharma plc | — (h) | 16 | – (h) | 0.0 (g) |
|  RTX Corp. | 4 | 830 | – (h) | 0.0 (g) |
|  Rush Street Interactive, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Sabra Health Care REIT, Inc. | 1 | 11 | – (h) | 0.0 (g) |
|  Salesforce, Inc. | 2 | 439 | – (h) | 0.0 (g) |
|  Sally Beauty Holdings, Inc. | 1 | 14 | – (h) | 0.0 (g) |
|  Samsara, Inc. | 1 | 42 | – (h) | 0.0 (g) |
|  Sandisk Corp | 1 | 361 | – (h) | 0.0 (g) |
|  Sarepta Therapeutics, Inc. | 2 | 50 | – (h) | 0.0 (g) |
|  Seaboard Corp. | — (h) | 6 | – (h) | 0.0 (g) |
|  Selective Insurance Group, Inc. | — (h) | 2 | – (h) | 0.0 (g) |
|  Sempra | 1 | 91 | – (h) | 0.0 (g) |
|  SentinelOne, Inc. | 1 | 8 | – (h) | 0.0 (g) |
|  Serve Robotics, Inc. | 4 | 33 | – (h) | 0.0 (g) |
|  ServiceNow, Inc. | 7 | 724 | – (h) | 0.0 (g) |
|  Sherwin-Williams Co. (The) | — (h) | 97 | – (h) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 1 | 20 | – (h) | 0.0 (g) |
|  SkyWest, Inc. | — (h) | 38 | – (h) | 0.0 (g) |
|  Skyworks Solutions, Inc. | 3 | 167 | – (h) | 0.0 (g) |
|  SM Energy Co. | 2 | 60 | – (h) | 0.0 (g) |
|  Snap, Inc. | 38 | 176 | – (h) | 0.0 (g) |
|  SoFi Technologies, Inc. | 20 | 324 | – (h) | 0.0 (g) |
|  Solid Power, Inc. | 8 | 23 | – (h) | 0.0 (g) |
|  Sonic Automotive, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Southern Co. (The) | 3 | 307 | – (h) | 0.0 (g) |
|  Southwest Airlines Co. | 7 | 275 | – (h) | 0.0 (g) |
|  Southwest Gas Holdings, Inc. | — (h) | 32 | – (h) | 0.0 (g) |
|  Spectrum Brands Holdings, Inc. | — (h) | 11 | – (h) | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | 3 | 237 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  SS&C Technologies Holdings, Inc. | 1 | 41 | – (h) | 0.0 (g) |
|  SSR Mining, Inc. | 2 | 68 | – (h) | 0.0 (g) |
|  Starwood Property Trust, Inc. | 1 | 19 | – (h) | 0.0 (g) |
|  STERIS plc | — (h) | 27 | – (h) | 0.0 (g) |
|  Stifel Financial Corp. | — (h) | 34 | – (h) | 0.0 (g) |
|  Strive, Inc. | 2 | 20 | – (h) | 0.0 (g) |
|  Structure Therapeutics, Inc. | — (h) | 15 | – (h) | 0.0 (g) |
|  Stryker Corp. | 1 | 335 | – (h) | 0.0 (g) |
|  Super Micro Computer, Inc. | 5 | 120 | – (h) | 0.0 (g) |
|  Supernus Pharmaceuticals, Inc. | — (h) | 4 | – (h) | 0.0 (g) |
|  Sylvamo Corp. | — (h) | 17 | – (h) | 0.0 (g) |
|  Symbotic, Inc. | 3 | 149 | – (h) | 0.0 (g) |
|  Synaptics, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  Synchrony Financial | 1 | 67 | – (h) | 0.0 (g) |
|  Syndax Pharmaceuticals, Inc. | 2 | 48 | – (h) | 0.0 (g) |
|  T Rowe Price Group, Inc. | 1 | 103 | – (h) | 0.0 (g) |
|  Tandem Diabetes Care, Inc. | 1 | 11 | – (h) | 0.0 (g) |
|  Tapestry, Inc. | 1 | 120 | – (h) | 0.0 (g) |
|  Target Corp. | 1 | 87 | – (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 50 | – (h) | 0.0 (g) |
|  Teleflex, Inc. | — (h) | 6 | – (h) | 0.0 (g) |
|  Tempus AI, Inc. | 1 | 28 | – (h) | 0.0 (g) |
|  Tenable Holdings, Inc. | 2 | 35 | – (h) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 38 | – (h) | 0.0 (g) |
|  Teradata Corp. | 2 | 56 | – (h) | 0.0 (g) |
|  Teradyne, Inc. | 2 | 567 | – (h) | 0.0 (g) |
|  Terex Corp. | — (h) | 24 | – (h) | 0.0 (g) |
|  Tesla, Inc. | 4 | 1536 | – (h) | 0.0 (g) |
|  Texas Capital Bancshares, Inc. | — (h) | 28 | – (h) | 0.0 (g) |
|  Texas Instruments, Inc. | 1 | 174 | – (h) | 0.0 (g) |
|  Textron, Inc. | 2 | 193 | – (h) | 0.0 (g) |
|  T-Mobile US, Inc. | 4 | 847 | – (h) | 0.0 (g) |
|  Toast, Inc. | 9 | 226 | – (h) | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 38 | – (h) | 0.0 (g) |
|  Toro Co. (The) | 1 | 61 | – (h) | 0.0 (g) |
|  Trade Desk, Inc. (The) | 13 | 285 | – (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | 1 | 132 | – (h) | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | 131 | – (h) | 0.0 (g) |
|  TransMedics Group, Inc. | — (h) | 20 | – (h) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | — (h) | 16 | – (h) | 0.0 (g) |
|  Trex Co., Inc. | 3 | 93 | – (h) | 0.0 (g) |
|  TriMas Corp. | — (h) | 11 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Trimble, Inc. | 1 | 80 | – (h) | 0.0 (g) |
|  TriNet Group, Inc. | 1 | 23 | – (h) | 0.0 (g) |
|  TripAdvisor, Inc. | 1 | 7 | – (h) | 0.0 (g) |
|  Tronox Holdings plc | — (h) | 3 | – (h) | 0.0 (g) |
|  Trupanion, Inc. | — (h) | 8 | – (h) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 9 | – (h) | 0.0 (g) |
|  Tutor Perini Corp. | — (h) | 34 | – (h) | 0.0 (g) |
|  Twilio, Inc. | 2 | 305 | – (h) | 0.0 (g) |
|  Tyson Foods, Inc. | 3 | 208 | – (h) | 0.0 (g) |
|  Uber Technologies, Inc. | 4 | 321 | – (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 24 | – (h) | 0.0 (g) |
|  U-Haul Holding Co. | — (h) | 4 | – (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | 137 | – (h) | 0.0 (g) |
|  United Airlines Holdings, Inc. | 5 | 473 | – (h) | 0.0 (g) |
|  United Therapeutics Corp. | 1 | 585 | – (h) | 0.0 (g) |
|  Unity Software, Inc. | 1 | 28 | – (h) | 0.0 (g) |
|  Universal Display Corp. | 1 | 97 | – (h) | 0.0 (g) |
|  Unum Group | 1 | 82 | – (h) | 0.0 (g) |
|  Upbound Group, Inc. | — (h) | 3 | – (h) | 0.0 (g) |
|  Upstart Holdings, Inc. | 7 | 192 | – (h) | 0.0 (g) |
|  Upwork, Inc. | 1 | 13 | – (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 1 | 92 | – (h) | 0.0 (g) |
|  Valley National Bancorp | 3 | 43 | – (h) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | 86 | – (h) | 0.0 (g) |
|  Varonis Systems, Inc. | 2 | 39 | – (h) | 0.0 (g) |
|  Veeva Systems, Inc. | 2 | 288 | – (h) | 0.0 (g) |
|  Velo3D, Inc. | 1 | 6 | – (h) | 0.0 (g) |
|  Venture Global, Inc. | 6 | 94 | – (h) | 0.0 (g) |
|  Vera Therapeutics, Inc. | — (h) | 15 | – (h) | 0.0 (g) |
|  Veralto Corp. | 1 | 113 | – (h) | 0.0 (g) |
|  VeriSign, Inc. | — (h) | 23 | – (h) | 0.0 (g) |
|  Verisk Analytics, Inc. | 1 | 226 | – (h) | 0.0 (g) |
|  Verra Mobility Corp. | 2 | 27 | – (h) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | 1 | 301 | – (h) | 0.0 (g) |
|  VICI Properties, Inc. | 13 | 353 | – (h) | 0.0 (g) |
|  Vicor Corp. | — (h) | 40 | – (h) | 0.0 (g) |
|  Victoria's Secret & Co. | 3 | 130 | – (h) | 0.0 (g) |
|  Viking Therapeutics, Inc. | 1 | 40 | – (h) | 0.0 (g) |
|  Virtu Financial, Inc. | 1 | 37 | – (h) | 0.0 (g) |
|  Vishay Intertechnology, Inc. | 1 | 10 | – (h) | 0.0 (g) |
|  Vistance Networks, Inc. | 5 | 82 | – (h) | 0.0 (g) |
|  Vistra Corp. | 2 | 251 | – (h) | 0.0 (g) |
|  WaFd, Inc. | — (h) | 5 | – (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Walker & Dunlop, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  WD-40 Co. | — (h) | 16 | — (h) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | 42 | — (h) | 0.0 (g) |
|  Western Digital Corp. | 2 | 510 | — (h) | 0.0 (g) |
|  Weyerhaeuser Co. | 1 | 23 | — (h) | 0.0 (g) |
|  Whirlpool Corp. | 1 | 50 | — (h) | 0.0 (g) |
|  White Mountains Insurance Group Ltd. | — (h) | 11 | — (h) | 0.0 (g) |
|  Willdan Group, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Winnebago Industries, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  Woodward, Inc. | — (h) | 54 | — (h) | 0.0 (g) |
|  Workday, Inc. | 2 | 240 | — (h) | 0.0 (g) |
|  World Kinect Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | 59 | — (h) | 0.0 (g) |
|  Xcel Energy, Inc. | 3 | 248 | — (h) | 0.0 (g) |
|  Yelp, Inc. | 1 | 24 | — (h) | 0.0 (g) |
|  YETI Holdings, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Zions Bancorp NA | 1 | 47 | — (h) | 0.0 (g) |
|  Zoetis, Inc. | 3 | 381 | — (h) | 0.0 (g) |
|  ZoomInfo Technologies, Inc. | 2 | 12 | — (h) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 396 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 112345 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 112345 | — (h) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Morgan Stanley & Co. | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/14/2027 | 696 | (51) | 547 | 496 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  IREN Ltd. | — (h) | (17) | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Bermuda** |  |  |  |  |
|  Everest Group Ltd. | (1) | (415) | (3) | 0.0 (g) |
|  Golar LNG Ltd. | (1) | (43) | (1) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | — (h) | (47) | (1) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  D-Wave Quantum, Inc. | (4) | (73) | 8 | 0.0 (g) |
|  Lululemon Athletica, Inc. | — (h) | (9) | 1 | 0.0 (g) |
|  Uranium Energy Corp. | (2) | (19) | (2) | 0.0 (g) |
|  Waste Connections, Inc. | (1) | (204) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (5) | (145) | (4) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Jazz Pharmaceuticals plc | — (h) | (18) | — (h) | 0.0 (g) |
|  Medtronic plc | (5) | (390) | (1) | 0.0 (g) |
|  Smurfit WestRock plc | (2) | (63) | (2) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | (1) | (10) | 1 | 0.0 (g) |
|  Nova Ltd. | — (h) | (14) | 1 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  NXP Semiconductors NV | — (h) | (3) | — (h) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | (8) | (28) | — (h) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | (4) | (461) | (4) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (4) | (156) | (1) | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | — (h) | (113) | 5 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | (2) | (646) | 6 | 0.0 (g) |
|  Birkenstock Holding Plc | (1) | (50) | (1) | 0.0 (g) |
|  CNH Industrial NV | (3) | (35) | (2) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (5) | (490) | 10 | 0.0 (g) |
|  Marex Group plc | — (h) | (9) | (2) | 0.0 (g) |
|  Willis Towers Watson plc | (2) | (568) | 5 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | (3) | (220) | (2) | 0.0 (g) |
|  Acuity, Inc. | — (h) | (133) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (45) | — (h) | 0.0 (g) |
|  AGCO Corp. | (1) | (70) | (1) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | — (h) | (56) | (2) | 0.0 (g) |
|  Akamai Technologies, Inc. | (1) | (63) | (1) | 0.0 (g) |
|  Albertsons Cos., Inc. | (4) | (65) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Alcoa Corp. | (2) | (139) | (25) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (8) | (251) | 2 | 0.0 (g) |
|  Alliant Energy Corp. | (2) | (134) | (5) | 0.0 (g) |
|  Amentum Holdings, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  American Electric Power Co., Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | (1) | (77) | — (h) | 0.0 (g) |
|  American Homes 4 Rent | (1) | (27) | — (h) | 0.0 (g) |
|  American International Group, Inc. | (2) | (129) | — (h) | 0.0 (g) |
|  Annaly Capital Management, Inc. | (45) | (963) | 4 | 0.0 (g) |
|  Antero Midstream Corp. | (10) | (231) | 2 | 0.0 (g) |
|  APA Corp. | (17) | (647) | (57) | 0.0 (g) |
|  Apollo Global Management, Inc. | (4) | (443) | (4) | 0.0 (g) |
|  Appfolio, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  Applied Optoelectronics, Inc. | (1) | (120) | 14 | 0.0 (g) |
|  AptarGroup, Inc. | (1) | (146) | (2) | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (1) | (52) | (4) | 0.0 (g) |
|  Argan, Inc. | — (h) | (22) | (5) | 0.0 (g) |
|  Arista Networks, Inc. | (2) | (227) | 22 | 0.0 (g) |
|  Arrow Electronics, Inc. | (3) | (449) | (11) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | (1) | (38) | (4) | 0.0 (g) |
|  Arthur J Gallagher & Co. | — (h) | (95) | — (h) | 0.0 (g) |
|  AST SpaceMobile, Inc. | (1) | (116) | 7 | 0.0 (g) |
|  Astera Labs, Inc. | (2) | (193) | 22 | 0.0 (g) |
|  Atmos Energy Corp. | (2) | (335) | (7) | 0.0 (g) |
|  Aurora Innovation, Inc. | (4) | (19) | 1 | 0.0 (g) |
|  Automatic Data Processing, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  AvalonBay Communities, Inc. | (4) | (579) | — (h) | 0.0 (g) |
|  Avantor, Inc. | (4) | (33) | (1) | 0.0 (g) |
|  Avery Dennison Corp. | (6) | (927) | (44) | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (73) | 12 | 0.0 (g) |
|  Baker Hughes Co. | (5) | (315) | 7 | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (8) | (961) | (19) | 0.0 (g) |
|  Becton Dickinson & Co. | (4) | (679) | (7) | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (111) | (6) | 0.0 (g) |
|  Blue Owl Capital, Inc. | (15) | (135) | (1) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | (2) | (168) | 4 | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (2) | (137) | (9) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (3) | (126) | (1) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | (5) | (791) | 39 | 0.0 (g) |
|  Brown & Brown, Inc. | (6) | (381) | 9 | 0.0 (g) |
|  Brown-Forman Corp. | (1) | (29) | (4) | 0.0 (g) |
|  Bruker Corp. | (2) | (54) | (2) | 0.0 (g) |
|  Builders FirstSource, Inc. | (1) | (65) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Bunge Global SA | (4) | (511) | (27) | 0.0 (g) |
|  BXP, Inc. | (2) | (132) | 3 | 0.0 (g) |
|  CACI International, Inc. | — (h) | (27) | 2 | 0.0 (g) |
|  Cadence Design Systems, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  CareTrust REIT, Inc. | (6) | (239) | 5 | 0.0 (g) |
|  Carrier Global Corp. | (1) | (46) | 2 | 0.0 (g) |
|  Casella Waste Systems, Inc. | (1) | (110) | (2) | 0.0 (g) |
|  Celanese Corp. | — (h) | (25) | (2) | 0.0 (g) |
|  Celsius Holdings, Inc. | (1) | (32) | 3 | 0.0 (g) |
|  Cencora, Inc. | (1) | (181) | 4 | 0.0 (g) |
|  CenterPoint Energy, Inc. | (12) | (507) | (17) | 0.0 (g) |
|  CF Industries Holdings, Inc. | (9) | (1068) | (86) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Chewy, Inc. | (9) | (203) | (29) | 0.0 (g) |
|  Church & Dwight Co., Inc. | (1) | (78) | 1 | 0.0 (g) |
|  Ciena Corp. | — (h) | (66) | 3 | 0.0 (g) |
|  Cincinnati Financial Corp. | (1) | (219) | 1 | 0.0 (g) |
|  Citizens Financial Group, Inc. | (2) | (118) | (4) | 0.0 (g) |
|  Clean Harbors, Inc. | — (h) | (73) | — (h) | 0.0 (g) |
|  Clear Secure, Inc. | (1) | (24) | — (h) | 0.0 (g) |
|  Clorox Co. (The) | (1) | (94) | 2 | 0.0 (g) |
|  CNX Resources Corp. | (3) | (134) | 7 | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | (1) | (136) | (2) | 0.0 (g) |
|  Coeur Mining, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Coherent Corp. | — (h) | (15) | 1 | 0.0 (g) |
|  Coinbase Global, Inc. | — (h) | (83) | 11 | 0.0 (g) |
|  Columbia Banking System, Inc. | (4) | (97) | (2) | 0.0 (g) |
|  Compass, Inc. | (6) | (51) | 7 | 0.0 (g) |
|  Comstock Resources, Inc. | (6) | (129) | 1 | 0.0 (g) |
|  ConocoPhillips | (1) | (125) | (5) | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (3) | (227) | (4) | 0.0 (g) |
|  Core & Main, Inc. | (6) | (311) | (6) | 0.0 (g) |
|  Corpay, Inc. | (1) | (158) | 1 | 0.0 (g) |
|  CoStar Group, Inc. | (11) | (492) | 29 | 0.0 (g) |
|  Credit Acceptance Corp. | — (h) | (31) | 1 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (1) | (152) | 16 | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | (1) | (468) | 26 | 0.0 (g) |
|  Cytokinetics, Inc. | (1) | (50) | (4) | 0.0 (g) |
|  Darden Restaurants, Inc. | (5) | (1062) | — (h) | 0.0 (g) |
|  Datadog, Inc. | — (h) | (62) | 5 | 0.0 (g) |
|  Deere & Co. | — (h) | (246) | 2 | 0.0 (g) |
|  Diamondback Energy, Inc. | (3) | (664) | (21) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (108) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Dillard's, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Docusign, Inc. | (3) | (133) | 4 | 0.0 (g) |
|  Dominion Energy, Inc. | (4) | (258) | (7) | 0.0 (g) |
|  DoorDash, Inc. | (2) | (288) | 18 | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (110) | 2 | 0.0 (g) |
|  DTE Energy Co. | (1) | (118) | (3) | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (72) | (3) | 0.0 (g) |
|  East West Bancorp, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | (1) | (161) | (1) | 0.0 (g) |
|  Eastman Chemical Co. | (1) | (38) | (4) | 0.0 (g) |
|  EchoStar Corp. | (2) | (166) | (11) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (4) | (96) | 1 | 0.0 (g) |
|  Elevance Health, Inc. | (1) | (330) | (4) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (44) | — (h) | 0.0 (g) |
|  Entegris, Inc. | (1) | (117) | (2) | 0.0 (g) |
|  EQT Corp. | (11) | (691) | 17 | 0.0 (g) |
|  Equitable Holdings, Inc. | (2) | (94) | 2 | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (1) | (94) | 1 | 0.0 (g) |
|  Equity Residential | (3) | (167) | (2) | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | (39) | (1) | 0.0 (g) |
|  Esab Corp. | — (h) | (24) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | (2) | (559) | 1 | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | — (h) | (22) | 2 | 0.0 (g) |
|  Evergy, Inc. | (1) | (104) | (3) | 0.0 (g) |
|  Expand Energy Corp. | (1) | (148) | (3) | 0.0 (g) |
|  Extra Space Storage, Inc. | (7) | (982) | 5 | 0.0 (g) |
|  F5, Inc. | — (h) | (46) | — (h) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | (46) | (2) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (275) | (1) | 0.0 (g) |
|  Fastenal Co. | (13) | (588) | (22) | 0.0 (g) |
|  Federal Realty Investment Trust | (1) | (141) | (3) | 0.0 (g) |
|  FedEx Corp. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Fifth Third Bancorp | (11) | (485) | (12) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (1) | (124) | 4 | 0.0 (g) |
|  FirstEnergy Corp. | (1) | (32) | (1) | 0.0 (g) |
|  Flagstar Bank NA | (9) | (111) | (5) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | (2) | (83) | 3 | 0.0 (g) |
|  Flutter Entertainment plc | (1) | (66) | 4 | 0.0 (g) |
|  Ford Motor Co. | (34) | (400) | 7 | 0.0 (g) |
|  FormFactor, Inc. | — (h) | (20) | — (h) | 0.0 (g) |
|  Fortinet, Inc. | (1) | (85) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Fortive Corp. | (7) | (385) | 1 | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | (3) | (114) | 1 | 0.0 (g) |
|  Gartner, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (10) | (730) | 5 | 0.0 (g) |
|  Gen Digital, Inc. | (7) | (147) | 15 | 0.0 (g) |
|  Genuine Parts Co. | (1) | (65) | (3) | 0.0 (g) |
|  Glacier Bancorp, Inc. | (1) | (62) | (1) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (11) | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (5) | (368) | 19 | 0.0 (g) |
|  Globus Medical, Inc. | (2) | (211) | 3 | 0.0 (g) |
|  GPGI, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Graco, Inc. | (4) | (341) | 2 | 0.0 (g) |
|  GXO Logistics, Inc. | (1) | (56) | — (h) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | (5) | (89) | 3 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (9) | (163) | 7 | 0.0 (g) |
|  Hecla Mining Co. | (5) | (94) | (4) | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (1) | (28) | (2) | 0.0 (g) |
|  Home Depot, Inc. (The) | (1) | (327) | 2 | 0.0 (g) |
|  Hormel Foods Corp. | (6) | (142) | (1) | 0.0 (g) |
|  Howmet Aerospace, Inc. | (2) | (505) | 12 | 0.0 (g) |
|  HP, Inc. | (15) | (282) | (10) | 0.0 (g) |
|  Humana, Inc. | (2) | (286) | (5) | 0.0 (g) |
|  Hyatt Hotels Corp. | (1) | (186) | 2 | 0.0 (g) |
|  IDACORP, Inc. | (1) | (185) | (9) | 0.0 (g) |
|  IDEX Corp. | (2) | (292) | (2) | 0.0 (g) |
|  IDEXX Laboratories, Inc. | — (h) | (71) | 2 | 0.0 (g) |
|  Ingersoll Rand, Inc. | (2) | (164) | 4 | 0.0 (g) |
|  Insmed, Inc. | (1) | (163) | (22) | 0.0 (g) |
|  InterDigital, Inc. | — (h) | (18) | 1 | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (2) | (161) | (10) | 0.0 (g) |
|  International Paper Co. | (1) | (53) | — (h) | 0.0 (g) |
|  IonQ, Inc. | (2) | (56) | 7 | 0.0 (g) |
|  Iron Mountain, Inc. | (3) | (277) | (1) | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (1) | (83) | 3 | 0.0 (g) |
|  JBT Marel Corp. | (1) | (80) | — (h) | 0.0 (g) |
|  JFrog Ltd. | (1) | (47) | (5) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | (1) | (166) | (3) | 0.0 (g) |
|  Klaviyo, Inc. | (1) | (27) | (1) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (5) | (101) | (5) | 0.0 (g) |
|  Krystal Biotech, Inc. | — (h) | (76) | (2) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | (1) | (61) | (5) | 0.0 (g) |
|  Lamar Advertising Co. | — (h) | (10) | — (h) | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (2) | (79) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Lattice Semiconductor Corp. | — (h) | (35) | — (h) | 0.0 (g) |
|  Lazard, Inc. | (1) | (29) | (2) | 0.0 (g) |
|  Lennox International, Inc. | (1) | (349) | 4 | 0.0 (g) |
|  Liberty Broadband Corp. | (6) | (314) | — (h) | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (3) | (91) | (2) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | — (h) | (13) | — (h) | 0.0 (g) |
|  Lincoln National Corp. | (9) | (296) | (7) | 0.0 (g) |
|  Lineage, Inc. | (1) | (49) | 3 | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (48) | (1) | 0.0 (g) |
|  LKQ Corp. | (2) | (59) | (1) | 0.0 (g) |
|  Loar Holdings, Inc. | (3) | (203) | 5 | 0.0 (g) |
|  Loews Corp. | — (h) | (24) | — (h) | 0.0 (g) |
|  Lowe's Cos., Inc. | (1) | (160) | (1) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | — (h) | (114) | — (h) | 0.0 (g) |
|  Lumen Technologies, Inc. | (1) | (4) | — (h) | 0.0 (g) |
|  M&T Bank Corp. | (2) | (437) | (13) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | (2) | (355) | 11 | 0.0 (g) |
|  Madison Square Garden Sports Corp. | (1) | (312) | (11) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | — (h) | (60) | (10) | 0.0 (g) |
|  Maplebear, Inc. | (8) | (307) | 5 | 0.0 (g) |
|  Marriott International, Inc. | (1) | (313) | (1) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | (2) | (426) | 1 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | (1) | (519) | (10) | 0.0 (g) |
|  Masco Corp. | (3) | (163) | (1) | 0.0 (g) |
|  Matador Resources Co. | — (h) | (23) | (2) | 0.0 (g) |
|  Mattel, Inc. | (4) | (56) | 2 | 0.0 (g) |
|  McCormick & Co., Inc. | (3) | (164) | 9 | 0.0 (g) |
|  McDonald's Corp. | — (h) | (96) | (1) | 0.0 (g) |
|  Merck & Co., Inc. | (11) | (1230) | (49) | 0.0 (g) |
|  Meta Platforms, Inc. | (2) | (1059) | 56 | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (66) | 2 | 0.0 (g) |
|  Mirion Technologies, Inc. | (4) | (72) | (1) | 0.0 (g) |
|  Modine Manufacturing Co. | — (h) | (46) | (1) | 0.0 (g) |
|  Moelis & Co. | — (h) | (9) | — (h) | 0.0 (g) |
|  Mohawk Industries, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  Molson Coors Beverage Co. | (1) | (39) | (1) | 0.0 (g) |
|  Mondelez International, Inc. | (7) | (415) | (6) | 0.0 (g) |
|  MongoDB, Inc. | (1) | (154) | 16 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | — (h) | (63) | (3) | 0.0 (g) |
|  Moog, Inc. | — (h) | (98) | 1 | 0.0 (g) |
|  Morningstar, Inc. | (1) | (250) | 7 | 0.0 (g) |
|  MSA Safety, Inc. | (1) | (92) | 3 | 0.0 (g) |
|  MSCI, Inc. | — (h) | (184) | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Murphy USA, Inc. | — (h) | (133) | (10) | 0.0 (g) |
|  Nasdaq, Inc. | (7) | (597) | 10 | 0.0 (g) |
|  NetApp, Inc. | (5) | (479) | (5) | 0.0 (g) |
|  New York Times Co. (The) | (1) | (118) | (1) | 0.0 (g) |
|  NewMarket Corp. | (1) | (618) | (25) | 0.0 (g) |
|  News Corp. | (5) | (111) | (3) | 0.0 (g) |
|  Nexstar Media Group, Inc. | — (h) | (36) | 8 | 0.0 (g) |
|  NEXTracker, Inc. | — (h) | (54) | (2) | 0.0 (g) |
|  NIKE, Inc. | (2) | (111) | — (h) | 0.0 (g) |
|  Noble Corp. plc | (3) | (123) | (3) | 0.0 (g) |
|  Northern Trust Corp. | (6) | (824) | (15) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (1) | (19) | — (h) | 0.0 (g) |
|  NOV, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  Nutanix, Inc. | (7) | (266) | 16 | 0.0 (g) |
|  Nuvalent, Inc. | (2) | (181) | (11) | 0.0 (g) |
|  Occidental Petroleum Corp. | (13) | (802) | (62) | 0.0 (g) |
|  OGE Energy Corp. | (7) | (330) | (9) | 0.0 (g) |
|  Okta, Inc. | (2) | (181) | 5 | 0.0 (g) |
|  Old National Bancorp | (16) | (339) | (9) | 0.0 (g) |
|  Old Republic International Corp. | (11) | (427) | (18) | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (2) | (91) | 2 | 0.0 (g) |
|  Omnicom Group, Inc. | (6) | (419) | 2 | 0.0 (g) |
|  ON Semiconductor Corp. | (10) | (602) | (20) | 0.0 (g) |
|  ONEOK, Inc. | (3) | (263) | 5 | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (32) | (1) | 0.0 (g) |
|  PACCAR, Inc. | (1) | (79) | (1) | 0.0 (g) |
|  Packaging Corp. of America | (1) | (144) | (2) | 0.0 (g) |
|  Palo Alto Networks, Inc. | (5) | (784) | 18 | 0.0 (g) |
|  Paramount Skydance Corp. | (1) | (6) | — (h) | 0.0 (g) |
|  Parsons Corp. | — (h) | (16) | (1) | 0.0 (g) |
|  Paychex, Inc. | (10) | (910) | 11 | 0.0 (g) |
|  Pegasystems, Inc. | (1) | (45) | 2 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | (4) | (314) | (7) | 0.0 (g) |
|  Permian Resources Corp. | (9) | (185) | (13) | 0.0 (g) |
|  Philip Morris International, Inc. | (10) | (1698) | (22) | 0.0 (g) |
|  Pinterest, Inc. | (2) | (35) | 1 | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (104) | — (h) | 0.0 (g) |
|  Primerica, Inc. | — (h) | (52) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (3) | (59) | — (h) | 0.0 (g) |
|  Procore Technologies, Inc. | (1) | (39) | 1 | 0.0 (g) |
|  Prologis, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  PTC, Inc. | — (h) | (59) | 2 | 0.0 (g) |
|  Public Storage | (1) | (336) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  PulteGroup, Inc. | (3) | (344) | 3 | 0.0 (g) |
|  QXO, Inc. | (1) | (15) | 1 | 0.0 (g) |
|  RadNet, Inc. | (1) | (69) | 7 | 0.0 (g) |
|  Rambus, Inc. | (2) | (218) | 17 | 0.0 (g) |
|  Raymond James Financial, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Rayonier, Inc. | (7) | (134) | (3) | 0.0 (g) |
|  Realty, Inc.ome Corp. | (14) | (863) | (5) | 0.0 (g) |
|  Red Rock Resorts, Inc. | (3) | (178) | 14 | 0.0 (g) |
|  Repligen Corp. | (1) | (77) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (7) | (248) | 13 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (25) | (1) | 0.0 (g) |
|  Robinhood Markets, Inc. | — (h) | (35) | 2 | 0.0 (g) |
|  Rocket Cos., Inc. | (15) | (211) | — (h) | 0.0 (g) |
|  Rocket Lab Corp. | — (h) | (16) | 1 | 0.0 (g) |
|  Rollins, Inc. | (3) | (148) | (1) | 0.0 (g) |
|  Roper Technologies, Inc. | (1) | (346) | — (h) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | (4) | (1255) | 17 | 0.0 (g) |
|  Royal Gold, Inc. | — (h) | (46) | (7) | 0.0 (g) |
|  Ryder System, Inc. | (1) | (200) | (6) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (125) | (1) | 0.0 (g) |
|  S&P Global, Inc. | — (h) | (100) | (3) | 0.0 (g) |
|  Saia, Inc. | — (h) | (10) | (1) | 0.0 (g) |
|  Samsara, Inc. | (10) | (332) | 15 | 0.0 (g) |
|  Sanmina Corp. | — (h) | (51) | 1 | 0.0 (g) |
|  Semtech Corp. | (1) | (52) | — (h) | 0.0 (g) |
|  Service Corp. International | (10) | (758) | (59) | 0.0 (g) |
|  SharkNinja, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | (1) | (180) | (1) | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | (3) | (343) | 2 | 0.0 (g) |
|  SiTime Corp. | — (h) | (57) | — (h) | 0.0 (g) |
|  SM Energy Co. | (4) | (142) | 3 | 0.0 (g) |
|  Snap-on, Inc. | (2) | (847) | (2) | 0.0 (g) |
|  Snowflake, Inc. | (3) | (579) | 78 | 0.0 (g) |
|  Solventum Corp. | (5) | (347) | 2 | 0.0 (g) |
|  Somnigroup International, Inc. | (1) | (60) | 2 | 0.0 (g) |
|  Southern Co. (The) | (4) | (421) | (12) | 0.0 (g) |
|  Southwest Airlines Co. | (1) | (38) | 3 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (27) | (1) | 0.0 (g) |
|  STAG Industrial, Inc. | (4) | (140) | 3 | 0.0 (g) |
|  StandardAero, Inc. | (1) | (18) | — (h) | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (1) | (93) | (2) | 0.0 (g) |
|  Starbucks Corp. | (1) | (129) | 6 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (40) | (687) | 7 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Steel Dynamics, Inc. | (1) | (225) | (18) | 0.0 (g) |
|  StepStone Group, Inc. | (1) | (57) | — (h) | 0.0 (g) |
|  STERIS plc | (3) | (562) | — (h) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (30) | 1 | 0.0 (g) |
|  Sun Communities, Inc. | (1) | (187) | 4 | 0.0 (g) |
|  Synopsys, Inc. | — (h) | (73) | 5 | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (74) | (2) | 0.0 (g) |
|  TD SYNNEX Corp. | (1) | (94) | (7) | 0.0 (g) |
|  Teledyne Technologies, Inc. | (1) | (463) | 14 | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (16) | (2) | 0.0 (g) |
|  Terex Corp. | (3) | (197) | 2 | 0.0 (g) |
|  Terreno Realty Corp. | (2) | (106) | (1) | 0.0 (g) |
|  Tesla, Inc. | — (h) | (93) | (2) | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (140) | 14 | 0.0 (g) |
|  Timken Co. (The) | (1) | (116) | (2) | 0.0 (g) |
|  TKO Group Holdings, Inc. | (2) | (393) | (15) | 0.0 (g) |
|  Toast, Inc. | (1) | (36) | 1 | 0.0 (g) |
|  TopBuild Corp. | (1) | (237) | (4) | 0.0 (g) |
|  TPG, Inc. | (1) | (57) | (1) | 0.0 (g) |
|  Tractor Supply Co. | (20) | (906) | 7 | 0.0 (g) |
|  Tradeweb Markets, Inc. | (1) | (148) | (1) | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (225) | (1) | 0.0 (g) |
|  TransUnion | (1) | (94) | 2 | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (106) | 2 | 0.0 (g) |
|  Uber Technologies, Inc. | (4) | (303) | 13 | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (121) | 3 | 0.0 (g) |
|  UDR, Inc. | (7) | (246) | 3 | 0.0 (g) |
|  UL Solutions, Inc. | (2) | (196) | 1 | 0.0 (g) |
|  Ulta Beauty, Inc. | (2) | (1148) | (15) | 0.0 (g) |
|  UMB Financial Corp. | — (h) | (36) | (1) | 0.0 (g) |
|  United Parcel Service, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  United Rentals, Inc. | — (h) | (274) | 1 | 0.0 (g) |
|  Universal Health Services, Inc. | — (h) | (33) | 2 | 0.0 (g) |
|  US Foods Holding Corp. | (1) | (120) | (4) | 0.0 (g) |
|  Valley National Bancorp | (9) | (102) | (2) | 0.0 (g) |
|  Valmont Industries, Inc. | (1) | (267) | (1) | 0.0 (g) |
|  Vaxcyte, Inc. | (1) | (42) | (2) | 0.0 (g) |
|  Vertex Pharmaceuticals, Inc. | — (h) | (6) | — (h) | 0.0 (g) |
|  VF Corp. | (4) | (64) | — (h) | 0.0 (g) |
|  Viasat, Inc. | — (h) | (11) | 1 | 0.0 (g) |
|  Viavi Solutions, Inc. | (4) | (150) | — (h) | 0.0 (g) |
|  Viper Energy, Inc. | (7) | (329) | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Vontier Corp. | (2) | (74) | 2 | 0.0 (g) |
|  Vornado Realty Trust | (4) | (116) | — (h) | 0.0 (g) |
|  VSE Corp. | (1) | (134) | (7) | 0.0 (g) |
|  W R Berkley Corp. | (2) | (152) | (2) | 0.0 (g) |
|  Walt Disney Co. (The) | (6) | (592) | 9 | 0.0 (g) |
|  Warner Music Group Corp. | (3) | (61) | (4) | 0.0 (g) |
|  Waters Corp. | (1) | (291) | 4 | 0.0 (g) |
|  Watsco, Inc. | — (h) | (45) | 3 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (75) | 1 | 0.0 (g) |
|  Waystar Holding Corp. | (1) | (20) | (1) | 0.0 (g) |
|  Weatherford International plc | — (h) | (35) | (1) | 0.0 (g) |
|  Welltower, Inc. | (5) | (1045) | (14) | 0.0 (g) |
|  Western Alliance Bancorp | (4) | (271) | (7) | 0.0 (g) |
|  Western Digital Corp. | (1) | (216) | 18 | 0.0 (g) |
|  WEX, Inc. | (1) | (150) | 3 | 0.0 (g) |
|  Weyerhaeuser Co. | (9) | (218) | (8) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (1) | (83) | 1 | 0.0 (g) |
|  Williams-Sonoma, Inc. | (2) | (362) | 3 | 0.0 (g) |
|  Workday, Inc. | (7) | (975) | 51 | 0.0 (g) |
|  WW Grainger, Inc. | (1) | (1252) | (43) | 0.0 (g) |
|  Xcel Energy, Inc. | (1) | (71) | (2) | 0.0 (g) |
|  Yum! Brands, Inc. | (1) | (192) | 3 | 0.0 (g) |
|  Zebra Technologies Corp. | (1) | (124) | (2) | 0.0 (g) |
|  Zillow Group, Inc. | (4) | (178) | 14 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (7) | (607) | (18) | 0.0 (g) |
|  Zoom Communications, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | (1) | (41) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (84260) | (225) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | 4 | 421 | 10 | 0.0 (g) |
|  Essent Group Ltd. | 1 | 54 | 1 | 0.0 (g) |
|  Viking Holdings Ltd. | 1 | 91 | 2 | 0.0 (g) |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 25 | 1 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Abivax SA | — (h) | 24 | (1) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | 5 | 416 | 2 | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | 1 | 3 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | 1 | 138 | 2 | 0.0 (g) |
|  Alkermes plc | 7 | 186 | 51 | 0.0 (g) |
|  Allegion plc | — (h) | 5 | — (h) | 0.0 (g) |
|  Aptiv plc | 4 | 266 | (6) | 0.0 (g) |
|  CRH plc | 9 | 908 | 6 | 0.0 (g) |
|  Eaton Corp. plc | — (h) | 4 | — (h) | 0.0 (g) |
|  ICON plc | 1 | 81 | 9 | 0.0 (g) |
|  TE Connectivity plc | 2 | 303 | 13 | 0.0 (g) |
|  Trane Technologies plc | — (h) | 74 | 1 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Camtek Ltd./Israel | — (h) | 21 | (3) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | 1 | 184 | (10) | 0.0 (g) |
|  Global-e Online Ltd. | 1 | 33 | (1) | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | 60 | 1 | 0.0 (g) |
|  Wix.com Ltd. | — (h) | 19 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 1 | 108 | 1 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | 1 | 59 | 1 | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 5 | 174 | 5 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | 1 | 89 | 2 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | 2 | 169 | 7 | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | 1 | 371 | (6) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | — (h) | 135 | — (h) | 0.0 (g) |
|  Garmin Ltd. | — (h) | 65 | (2) | 0.0 (g) |
|  On Holding AG | 2 | 70 | (10) | 0.0 (g) |
|  Sportradar Group AG | 4 | 79 | (12) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | 1 | 81 | — (h) | 0.0 (g) |
|  TechnipFMC plc | 1 | 38 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  3M Co. | 7 | 1037 | (9) | 0.0 (g) |
|  AbbVie, Inc. | 3 | 558 | 30 | 0.0 (g) |
|  Adobe, Inc. | 2 | 551 | (9) | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 151 | (3) | 0.0 (g) |
|  AECOM | 1 | 102 | (6) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | — (h) | 40 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Aflac, Inc. | — (h) | 43 | 1 | 0.0 (g) |
|  Agree Realty Corp. | 1 | 50 | — (h) | 0.0 (g) |
|  Airbnb, Inc. | 1 | 106 | (5) | 0.0 (g) |
|  Alaska Air Group, Inc. | 5 | 181 | (8) | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 1 | 27 | (1) | 0.0 (g) |
|  Align Technology, Inc. | 2 | 299 | (16) | 0.0 (g) |
|  Allstate Corp. (The) | 2 | 324 | (1) | 0.0 (g) |
|  Ally Financial, Inc. | 5 | 215 | — (h) | 0.0 (g) |
|  Alphabet, Inc. | 2 | 464 | (21) | 0.0 (g) |
|  Altria Group, Inc. | — (h) | 26 | 1 | 0.0 (g) |
|  Amazon.com, Inc. | — (h) | 99 | (1) | 0.0 (g) |
|  Amdocs Ltd. | 2 | 152 | — (h) | 0.0 (g) |
|  Ameren Corp. | 6 | 607 | 17 | 0.0 (g) |
|  American Airlines Group, Inc. | 4 | 43 | — (h) | 0.0 (g) |
|  American Express Co. | 1 | 162 | — (h) | 0.0 (g) |
|  American Healthcare REIT, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  American Tower Corp. | 2 | 368 | (7) | 0.0 (g) |
|  Ameriprise Financial, Inc. | 1 | 382 | 2 | 0.0 (g) |
|  AMETEK, Inc. | 1 | 198 | 2 | 0.0 (g) |
|  Amgen, Inc. | 3 | 910 | 5 | 0.0 (g) |
|  Amkor Technology, Inc. | 2 | 109 | (3) | 0.0 (g) |
|  Amphenol Corp. | 1 | 185 | (6) | 0.0 (g) |
|  Analog Devices, Inc. | 4 | 1226 | 26 | 0.0 (g) |
|  Antero Resources Corp. | 2 | 81 | — (h) | 0.0 (g) |
|  API Group Corp. | 3 | 143 | (3) | 0.0 (g) |
|  Apple, Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 21 | — (h) | 0.0 (g) |
|  Applied Materials, Inc. | 1 | 367 | (8) | 0.0 (g) |
|  Aramark | 5 | 195 | 1 | 0.0 (g) |
|  Autodesk, Inc. | 2 | 467 | (15) | 0.0 (g) |
|  AutoNation, Inc. | 1 | 234 | 7 | 0.0 (g) |
|  Ball Corp. | 2 | 100 | 1 | 0.0 (g) |
|  Bank of America Corp. | 20 | 953 | 26 | 0.0 (g) |
|  Biogen, Inc. | — (h) | 45 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 1 | 57 | 2 | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | 1 | 142 | 4 | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 92 | (4) | 0.0 (g) |
|  BorgWarner, Inc. | 10 | 521 | 1 | 0.0 (g) |
|  Boston Scientific Corp. | 15 | 1051 | (103) | 0.0 (g) |
|  Boyd Gaming Corp. | 1 | 113 | — (h) | 0.0 (g) |
|  Brightstar Lottery plc | 5 | 71 | (2) | 0.0 (g) |
|  Brinker International, Inc. | 1 | 126 | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Bristol-Myers Squibb Co. | 5 | 294 | 19 | 0.0 (g) |
|  Brixmor Property Group, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  Broadcom, Inc. | — (h) | 136 | 7 | 0.0 (g) |
|  Camden Property Trust | — (h) | 10 | — (h) | 0.0 (g) |
|  Campbell's Company (The) | 1 | 23 | 1 | 0.0 (g) |
|  Cardinal Health, Inc. | — (h) | 23 | 1 | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  CarMax, Inc. | — (h) | 19 | (1) | 0.0 (g) |
|  Carnival Corp. | 3 | 65 | 1 | 0.0 (g) |
|  Carpenter Technology Corp. | 1 | 334 | 19 | 0.0 (g) |
|  CBRE Group, Inc. | 1 | 200 | 1 | 0.0 (g) |
|  CDW Corp | 1 | 126 | 1 | 0.0 (g) |
|  Centene Corp. | 6 | 196 | — (h) | 0.0 (g) |
|  Charles Schwab Corp. (The) | 7 | 700 | (10) | 0.0 (g) |
|  Charter Communications, Inc. | 1 | 226 | (1) | 0.0 (g) |
|  Cheniere Energy, Inc. | 1 | 211 | (4) | 0.0 (g) |
|  Chevron Corp. | — (h) | 24 | — (h) | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 4 | 130 | 4 | 0.0 (g) |
|  Chord Energy Corp. | 1 | 89 | 8 | 0.0 (g) |
|  Churchill Downs, Inc. | 2 | 164 | 10 | 0.0 (g) |
|  Cigna Group (The) | 2 | 455 | 9 | 0.0 (g) |
|  Cintas Corp. | 1 | 211 | (14) | 0.0 (g) |
|  Cirrus Logic, Inc. | 1 | 200 | 11 | 0.0 (g) |
|  Citigroup, Inc. | 1 | 110 | 2 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 4 | 28 | 1 | 0.0 (g) |
|  CME Group, Inc. | — (h) | 101 | (4) | 0.0 (g) |
|  Cognex Corp. | 1 | 64 | (2) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | — (h) | 22 | — (h) | 0.0 (g) |
|  Colgate-Palmolive Co. | 3 | 234 | 3 | 0.0 (g) |
|  Comcast Corp. | 1 | 37 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 56 | (1) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | 2 | 92 | 2 | 0.0 (g) |
|  Commercial Metals Co. | — (h) | 26 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 10 | 148 | 2 | 0.0 (g) |
|  Consolidated Edison, Inc. | 1 | 144 | 5 | 0.0 (g) |
|  Constellation Brands, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Construction Partners, Inc. | — (h) | 3 | — (h) | 0.0 (g) |
|  Copart, Inc. | 23 | 759 | (4) | 0.0 (g) |
|  Corteva, Inc. | — (h) | 18 | 1 | 0.0 (g) |
|  Costco Wholesale Corp. | — (h) | 32 | 1 | 0.0 (g) |
|  Crane Co. | — (h) | 66 | 1 | 0.0 (g) |
|  Crown Castle, Inc. | 3 | 247 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Crown Holdings, Inc. | 1 | 68 | — (h) | 0.0 (g) |
|  CSX Corp. | 5 | 187 | 10 | 0.0 (g) |
|  CubeSmart | 3 | 111 | (2) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 78 | 2 | 0.0 (g) |
|  Curtiss-Wright Corp. | 1 | 664 | (7) | 0.0 (g) |
|  CVS Health Corp. | 4 | 249 | 6 | 0.0 (g) |
|  Danaher Corp. | — (h) | 86 | — (h) | 0.0 (g) |
|  Darling Ingredients, Inc. | — (h) | 19 | 2 | 0.0 (g) |
|  DaVita, Inc. | 1 | 205 | 2 | 0.0 (g) |
|  Delta Air Lines, Inc. | 7 | 479 | 10 | 0.0 (g) |
|  Devon Energy Corp. | 3 | 172 | 4 | 0.0 (g) |
|  Dexcom, Inc. | 2 | 98 | (4) | 0.0 (g) |
|  Digital Realty Trust, Inc. | — (h) | 32 | 1 | 0.0 (g) |
|  Dollar General Corp. | — (h) | 27 | (1) | 0.0 (g) |
|  Dollar Tree, Inc. | 1 | 128 | 1 | 0.0 (g) |
|  Domino's Pizza, Inc. | 1 | 183 | (4) | 0.0 (g) |
|  Donaldson Co., Inc. | 1 | 108 | (1) | 0.0 (g) |
|  Dover Corp. | 3 | 577 | (10) | 0.0 (g) |
|  Doximity, Inc. | 1 | 13 | (1) | 0.0 (g) |
|  DR Horton, Inc. | 5 | 736 | (5) | 0.0 (g) |
|  Dropbox, Inc. | 14 | 336 | (23) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | 14 | — (h) | 0.0 (g) |
|  Dynatrace, Inc. | 2 | 67 | (2) | 0.0 (g) |
|  eBay, Inc. | 4 | 357 | 5 | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 92 | 2 | 0.0 (g) |
|  Edison International | 2 | 121 | 4 | 0.0 (g) |
|  Edwards Lifesciences Corp. | 1 | 63 | (2) | 0.0 (g) |
|  Elastic NV | — (h) | 24 | (1) | 0.0 (g) |
|  Element Solutions, Inc. | 6 | 190 | 6 | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 74 | — (h) | 0.0 (g) |
|  Emerson Electric Co. | — (h) | 29 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | 5 | 496 | (4) | 0.0 (g) |
|  Entergy Corp. | 7 | 697 | 76 | 0.0 (g) |
|  EOG Resources, Inc. | 6 | 808 | 28 | 0.0 (g) |
|  EPAM Systems, Inc. | 1 | 84 | — (h) | 0.0 (g) |
|  Equifax, Inc. | — (h) | 59 | — (h) | 0.0 (g) |
|  Equinix, Inc. | — (h) | 63 | 1 | 0.0 (g) |
|  ESCO Technologies, Inc. | — (h) | 56 | 3 | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | 10 | 300 | (9) | 0.0 (g) |
|  Etsy, Inc. | 6 | 290 | (14) | 0.0 (g) |
|  Evercore, Inc. | 1 | 253 | 18 | 0.0 (g) |
|  Eversource Energy | 1 | 39 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Expeditors International of Washington, Inc. | 1 | 94 | 1 | 0.0 (g) |
|  Federal Signal Corp. | 2 | 217 | (1) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | 3 | 604 | 29 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 13 | 647 | (37) | 0.0 (g) |
|  First Horizon Corp. | 21 | 464 | 7 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 2 | 112 | — (h) | 0.0 (g) |
|  Fiserv, Inc. | 1 | 73 | (2) | 0.0 (g) |
|  Flex Ltd. | 5 | 350 | 2 | 0.0 (g) |
|  Fluor Corp. | 1 | 37 | — (h) | 0.0 (g) |
|  FNB Corp/PA | 18 | 287 | 7 | 0.0 (g) |
|  Fox Corp. | 6 | 304 | 7 | 0.0 (g) |
|  Franklin Resources, Inc. | 2 | 59 | (1) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | — (h) | 21 | 1 | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 13 | 601 | (24) | 0.0 (g) |
|  Gap, Inc. (The) | 3 | 74 | (2) | 0.0 (g) |
|  Gates Industrial Corp. plc | — (h) | 5 | — (h) | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 194 | (2) | 0.0 (g) |
|  General Dynamics Corp. | 4 | 1247 | (12) | 0.0 (g) |
|  General Electric Co. | 6 | 1689 | (45) | 0.0 (g) |
|  General Mills, Inc. | 30 | 1110 | (3) | 0.0 (g) |
|  General Motors Co. | 1 | 73 | (1) | 0.0 (g) |
|  Genpact Ltd. | 5 | 193 | (6) | 0.0 (g) |
|  Globe Life, Inc. | — (h) | 42 | 1 | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | 1 | 700 | 12 | 0.0 (g) |
|  Grand Canyon Education, Inc. | 1 | 89 | 1 | 0.0 (g) |
|  Guidewire Software, Inc. | — (h) | 47 | (2) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 1 | 72 | 2 | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | 1 | 99 | 1 | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 2 | 229 | — (h) | 0.0 (g) |
|  Hasbro, Inc. | 11 | 1005 | 8 | 0.0 (g) |
|  HCA Healthcare, Inc. | 1 | 356 | (15) | 0.0 (g) |
|  HEICO Corp. | 2 | 540 | (7) | 0.0 (g) |
|  Henry Schein, Inc. | — (h) | 22 | — (h) | 0.0 (g) |
|  HF Sinclair Corp. | 3 | 199 | 10 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 3 | 831 | 9 | 0.0 (g) |
|  Hubbell, Inc. | 1 | 463 | 2 | 0.0 (g) |
|  HubSpot, Inc. | 1 | 196 | (13) | 0.0 (g) |
|  Huntington Bancshares, Inc./OH | 12 | 176 | 4 | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | — (h) | 116 | (5) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  Illinois Tool Works, Inc. | 2 | 557 | (5) | 0.0 (g) |
|  Illumina, Inc. | — (h) | 46 | — (h) | 0.0 (g) |
|  Incyte Corp. | 4 | 332 | 13 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Ingredion, Inc. | 3 | 371 | 7 | 0.0 (g) |
|  Installed Building Products, Inc. | 1 | 248 | (2) | 0.0 (g) |
|  Insulet Corp. | 2 | 424 | (32) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | 13 | 868 | (10) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | — (h) | 34 | — (h) | 0.0 (g) |
|  Intuit, Inc. | 1 | 399 | (22) | 0.0 (g) |
|  Invitation Homes, Inc. | 7 | 178 | 1 | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 4 | 263 | 16 | 0.0 (g) |
|  IQVIA Holdings, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  ITT, Inc. | 1 | 233 | 3 | 0.0 (g) |
|  Jabil, Inc. | — (h) | 118 | — (h) | 0.0 (g) |
|  Jacobs Solutions, Inc. | 2 | 229 | (3) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | — (h) | 31 | 1 | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 8 | 311 | 13 | 0.0 (g) |
|  Johnson Controls International plc | — (h) | 9 | — (h) | 0.0 (g) |
|  KBR, Inc. | 3 | 125 | (3) | 0.0 (g) |
|  KeyCorp. | 3 | 51 | 1 | 0.0 (g) |
|  Kimberly-Clark Corp. | 5 | 486 | (15) | 0.0 (g) |
|  Kinder Morgan, Inc. | 1 | 35 | — (h) | 0.0 (g) |
|  KLA Corp. | — (h) | 354 | (9) | 0.0 (g) |
|  Knight-Swift Transportation Holdings, Inc. | 1 | 29 | 1 | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | — (h) | 7 | (1) | 0.0 (g) |
|  Kroger Co. (The) | 6 | 421 | (2) | 0.0 (g) |
|  L3Harris Technologies, Inc. | — (h) | 105 | — (h) | 0.0 (g) |
|  Lam Research Corp. | 1 | 336 | (28) | 0.0 (g) |
|  Las Vegas Sands Corp. | 3 | 146 | — (h) | 0.0 (g) |
|  Lear Corp. | 1 | 155 | 3 | 0.0 (g) |
|  Leidos Holdings, Inc. | 1 | 151 | (6) | 0.0 (g) |
|  Lennar Corp. | — (h) | 10 | (1) | 0.0 (g) |
|  Levi Strauss & Co. | 3 | 64 | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | — (h) | 10 | — (h) | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 50 | (1) | 0.0 (g) |
|  Lockheed Martin Corp. | 1 | 367 | (4) | 0.0 (g) |
|  Louisiana-Pacific Corp. | 1 | 73 | — (h) | 0.0 (g) |
|  Manhattan Associates, Inc. | — (h) | 11 | (1) | 0.0 (g) |
|  Marathon Petroleum Corp. | 1 | 143 | 7 | 0.0 (g) |
|  Marvell Technology, Inc. | 2 | 186 | 18 | 0.0 (g) |
|  MasTec, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Mastercard, Inc. | — (h) | 182 | — (h) | 0.0 (g) |
|  McKesson Corp. | — (h) | 101 | (1) | 0.0 (g) |
|  Medpace Holdings, Inc. | — (h) | 14 | 1 | 0.0 (g) |
|  MetLife, Inc. | 17 | 1207 | 29 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 93 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  MGIC Investment Corp. | 9 | 242 | 4 | 0.0 (g) |
|  Microchip Technology, Inc. | 2 | 129 | 1 | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 184 | (30) | 0.0 (g) |
|  Microsoft Corp. | — (h) | 96 | (3) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | 2 | 230 | (1) | 0.0 (g) |
|  MKS, Inc. | 1 | 137 | (3) | 0.0 (g) |
|  Monster Beverage Corp. | 15 | 1143 | (23) | 0.0 (g) |
|  Moody's Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Mosaic Co. (The) | 3 | 78 | 5 | 0.0 (g) |
|  Motorola Solutions, Inc. | — (h) | 107 | (5) | 0.0 (g) |
|  Mueller Industries, Inc. | 2 | 178 | 1 | 0.0 (g) |
|  Natera, Inc. | 2 | 313 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | — (h) | 58 | 2 | 0.0 (g) |
|  Newmont Corp. | 1 | 136 | 14 | 0.0 (g) |
|  NNN REIT, Inc. | 4 | 165 | (2) | 0.0 (g) |
|  Nordson Corp. | — (h) | 79 | (1) | 0.0 (g) |
|  Northrop Grumman Corp. | 1 | 879 | 3 | 0.0 (g) |
|  NRG Energy, Inc. | 4 | 619 | (23) | 0.0 (g) |
|  Nucor Corp. | — (h) | 44 | 2 | 0.0 (g) |
|  NVIDIA Corp. | 1 | 166 | (1) | 0.0 (g) |
|  NVR, Inc. | — (h) | 489 | 5 | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 70 | (2) | 0.0 (g) |
|  Oshkosh Corp. | 3 | 479 | 8 | 0.0 (g) |
|  Otis Worldwide Corp. | 3 | 200 | (5) | 0.0 (g) |
|  Owens Corning | 3 | 337 | 5 | 0.0 (g) |
|  Parker-Hannifin Corp. | 1 | 1358 | (16) | 0.0 (g) |
|  Paylocity Holding Corp. | 1 | 120 | (6) | 0.0 (g) |
|  Penske Automotive Group, Inc. | 1 | 197 | 5 | 0.0 (g) |
|  Performance Food Group Co. | 1 | 57 | 2 | 0.0 (g) |
|  Pfizer, Inc. | 10 | 283 | 3 | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 37 | 3 | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 3 | 325 | 11 | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 33 | 1 | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 3 | 704 | 14 | 0.0 (g) |
|  Pool Corp. | — (h) | 71 | (1) | 0.0 (g) |
|  Portland General Electric Co. | 1 | 58 | 1 | 0.0 (g) |
|  Primoris Services Corp. | 1 | 102 | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | 1 | 50 | 2 | 0.0 (g) |
|  Progressive Corp. (The) | — (h) | 24 | (1) | 0.0 (g) |
|  Prudential Financial, Inc. | 7 | 638 | 23 | 0.0 (g) |
|  PTC Therapeutics, Inc. | 1 | 41 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  QUALCOMM, Inc. | 2 | 214 | 1 | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | 83 | 1 | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 40 | — (h) | 0.0 (g) |
|  Regal Rexnord Corp. | 1 | 261 | 5 | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | 138 | 7 | 0.0 (g) |
|  Reinsurance Group of America, Inc. | 1 | 110 | 2 | 0.0 (g) |
|  Reliance, Inc. | — (h) | 33 | 1 | 0.0 (g) |
|  Republic Services, Inc. | 7 | 1454 | 15 | 0.0 (g) |
|  Revvity, Inc. | 2 | 163 | 1 | 0.0 (g) |
|  Rithm Capital Corp. | 4 | 38 | 2 | 0.0 (g) |
|  Rockwell Automation, Inc. | — (h) | 146 | — (h) | 0.0 (g) |
|  Roivant Sciences Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  Ross Stores, Inc. | 2 | 504 | 8 | 0.0 (g) |
|  RPM International, Inc. | 1 | 55 | 2 | 0.0 (g) |
|  RTX Corp. | 2 | 471 | (5) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 2 | — (h) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 43 | (2) | 0.0 (g) |
|  SBA Communications Corp. | 1 | 156 | — (h) | 0.0 (g) |
|  ServiceNow, Inc. | 1 | 99 | (6) | 0.0 (g) |
|  ServiceTitan, Inc. | 1 | 89 | (5) | 0.0 (g) |
|  Simon Property Group, Inc. | 1 | 145 | 4 | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 3 | 57 | 2 | 0.0 (g) |
|  Skyworks Solutions, Inc. | 14 | 786 | (14) | 0.0 (g) |
|  SLB Ltd. | 2 | 78 | 2 | 0.0 (g) |
|  SoFi Technologies, Inc. | 6 | 103 | (8) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 4 | 272 | (8) | 0.0 (g) |
|  State Street Corp. | 1 | 72 | 2 | 0.0 (g) |
|  Stifel Financial Corp. | 2 | 169 | 4 | 0.0 (g) |
|  Stryker Corp. | — (h) | 30 | — (h) | 0.0 (g) |
|  Synchrony Financial | 1 | 74 | 2 | 0.0 (g) |
|  Sysco Corp. | 2 | 138 | (17) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | — (h) | 74 | (1) | 0.0 (g) |
|  Tapestry, Inc. | — (h) | 18 | — (h) | 0.0 (g) |
|  Target Corp. | — (h) | 21 | — (h) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 49 | (1) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 97 | (7) | 0.0 (g) |
|  Tetra Tech, Inc. | 1 | 26 | (1) | 0.0 (g) |
|  Texas Instruments, Inc. | — (h) | 48 | 1 | 0.0 (g) |
|  Texas Roadhouse, Inc. | — (h) | 11 | — (h) | 0.0 (g) |
|  TG Therapeutics, Inc. | 3 | 82 | 7 | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 23 | — (h) | 0.0 (g) |
|  TJX Cos., Inc. (The) | 1 | 219 | 5 | 0.0 (g) |
|  T-Mobile US, Inc. | 3 | 547 | 3 | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 35 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Toro Co. (The) | 1 | 49 | — (h) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | 2 | 640 | (8) | 0.0 (g) |
|  Trimble, Inc. | 2 | 162 | (4) | 0.0 (g) |
|  Truist Financial Corp. | 15 | 691 | 17 | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 43 | (2) | 0.0 (g) |
|  Twilio, Inc. | 1 | 135 | (1) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 29 | 1 | 0.0 (g) |
|  Union Pacific Corp. | 8 | 1941 | 35 | 0.0 (g) |
|  United Therapeutics Corp. | — (h) | 16 | 2 | 0.0 (g) |
|  Unity Software, Inc. | 10 | 195 | 34 | 0.0 (g) |
|  Universal Display Corp. | 2 | 221 | (6) | 0.0 (g) |
|  Unum Group | 1 | 44 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 3 | 158 | 4 | 0.0 (g) |
|  US Bancorp | 14 | 719 | 7 | 0.0 (g) |
|  Valero Energy Corp. | 1 | 235 | 10 | 0.0 (g) |
|  Veeva Systems, Inc. | 2 | 392 | (20) | 0.0 (g) |
|  Ventas, Inc. | 1 | 111 | — (h) | 0.0 (g) |
|  Veralto Corp. | 3 | 275 | — (h) | 0.0 (g) |
|  VeriSign, Inc. | — (h) | 31 | 1 | 0.0 (g) |
|  Vertiv Holdings Co. | 2 | 431 | (9) | 0.0 (g) |
|  Viatris, Inc. | 1 | 10 | — (h) | 0.0 (g) |
|  VICI Properties, Inc. | 11 | 295 | 3 | 0.0 (g) |
|  Virtu Financial, Inc. | 1 | 43 | 1 | 0.0 (g) |
|  Vistra Corp. | 1 | 183 | (1) | 0.0 (g) |
|  Voya Financial, Inc. | 1 | 36 | — (h) | 0.0 (g) |
|  Vulcan Materials Co. | 1 | 206 | 7 | 0.0 (g) |
|  Walmart, Inc. | 2 | 260 | 8 | 0.0 (g) |
|  Waste Management, Inc. | 1 | 127 | 1 | 0.0 (g) |
|  Wayfair, Inc. | 1 | 58 | (1) | 0.0 (g) |
|  WEC Energy Group, Inc. | 9 | 957 | 32 | 0.0 (g) |
|  Wells Fargo & Co. | 3 | 240 | 4 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  Westlake Corp. | — (h) | 9 | 1 | 0.0 (g) |
|  Woodward, Inc. | 1 | 269 | (3) | 0.0 (g) |
|  WP Carey, Inc. | 1 | 52 | — (h) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | 1 | 81 | 4 | 0.0 (g) |
|  XPO, Inc. | 1 | 220 | 11 | 0.0 (g) |
|  Xylem, Inc./NY | — (h) | 40 | — (h) | 0.0 (g) |
|  Zions Bancorp NA | 2 | 101 | 5 | 0.0 (g) |
|  Zoetis, Inc. | 3 | 382 | 10 | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 631 | 24 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 84956 | 174 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 696 | (51) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from -0.5% to 0.3%) which is denominated in AUD based on the local currencies of the positions within the swap | 12/08/2027 | 3856 | 165 | 56 | 221 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ALS Ltd. | (3) | (45) | 4 | 0.0 (g) |
|  APA Group | (6) | (41) | (4) | 0.0 (g) |
|  ASX Ltd. | — (h) | (16) | — (h) | 0.0 (g) |
|  Brambles Ltd. | (6) | (89) | 2 | 0.0 (g) |
|  Capricorn Metals Ltd. | (1) | (7) | 1 | 0.0 (g) |
|  CAR Group Ltd. | (13) | (226) | 26 | 0.0 (g) |
|  Dexus | (3) | (12) | 1 | 0.0 (g) |
|  Genesis Minerals Ltd. | (12) | (52) | 5 | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (2) | (22) | (2) | 0.0 (g) |
|  Medibank Pvt Ltd. | (7) | (21) | (1) | 0.0 (g) |
|  NEXTDC Ltd. | (3) | (24) | 3 | 0.0 (g) |
|  Northern Star Resources Ltd. | (12) | (207) | 40 | 0.0 (g) |
|  Origin Energy Ltd. | (2) | (13) | (1) | 0.0 (g) |
|  Paladin Energy Ltd. | (5) | (36) | 1 | 0.0 (g) |
|  Ramelius Resources Ltd. | (5) | (16) | 2 | 0.0 (g) |
|  Ramsay Health Care Ltd. | (1) | (18) | 1 | 0.0 (g) |
|  SGH Ltd. | (1) | (25) | 1 | 0.0 (g) |
|  Sigma Healthcare Ltd. | (32) | (60) | 1 | 0.0 (g) |
|  Telstra Group Ltd. | (73) | (262) | (8) | 0.0 (g) |
|  Vicinity Ltd. | (17) | (26) | (1) | 0.0 (g) |
|  WiseTech Global Ltd. | (1) | (22) | 5 | 0.0 (g) |
|  Woolworths Group Ltd. | (3) | (67) | (3) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | (1) | (178) | 11 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1485) | 84 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 34 | 226 | 8 | 0.0 (g) |
|  Ampol Ltd. | 27 | 582 | 43 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 23 | 742 | (9) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Coles Group Ltd. | 16 | 236 | 9 | 0.0 (g) |
|  Computershare Ltd. | 8 | 162 | (2) | 0.0 (g) |
|  Evolution Mining Ltd. | 6 | 60 | (4) | 0.0 (g) |
|  Fortescue Ltd. | 15 | 201 | 13 | 0.0 (g) |
|  GPT Group (The) | 15 | 47 | (1) | 0.0 (g) |
|  HUB24 Ltd. | — (h) | 20 | (1) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 2 | 122 | (9) | 0.0 (g) |
|  Macquarie Group Ltd. | 9 | 1166 | 39 | 0.0 (g) |
|  Mineral Resources Ltd. | 3 | 130 | (2) | 0.0 (g) |
|  Mirvac Group | 171 | 218 | (9) | 0.0 (g) |
|  Orica Ltd. | 10 | 140 | (6) | 0.0 (g) |
|  Qantas Airways Ltd. | 9 | 50 | (1) | 0.0 (g) |
|  REA Group Ltd. | 1 | 106 | (8) | 0.0 (g) |
|  Regis Resources Ltd. | 14 | 78 | (12) | 0.0 (g) |
|  Sandfire Resources Ltd. | 6 | 68 | 1 | 0.0 (g) |
|  Santos Ltd. | 39 | 204 | 9 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 4 | 54 | (4) | 0.0 (g) |
|  South32 Ltd. | 11 | 32 | — (h) | 0.0 (g) |
|  Suncorp Group Ltd. | 4 | 41 | 5 | 0.0 (g) |
|  Technology One Ltd. | 5 | 84 | 2 | 0.0 (g) |
|  Wesfarmers Ltd. | 5 | 278 | (6) | 0.0 (g) |
|  Westgold Resources Ltd. | 2 | 10 | (1) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 11 | 243 | 29 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | — (h) | 16 | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | — (h) | 25 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 5341 | 81 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 3856 | 165 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day CABROVER on long positions and short positions respectively, plus or minus spread (rates range from -1% to 0.2%) which is denominated in CAD based on the local currencies of the positions within the swap | 12/08/2027 | 12165 | (62) | 264 | 202 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Short Positions |  |  |  |  |
|  Common Stocks |  |  |  |  |
|  Canada |  |  |  |  |
|  Algonquin Power & Utilities Corp. | (38) | (231) | (3) | 0.0 (g) |
|  AltaGas Ltd. | (7) | (226) | (2) | 0.0 (g) |
|  Aris Mining Corp. | (16) | (289) | (3) | 0.0 (g) |
|  Athabasca Oil Corp. | (8) | (58) | (5) | 0.0 (g) |
|  AtkinsRealis Group, Inc. | (5) | (322) | 4 | 0.0 (g) |
|  Bank of Montreal | (1) | (183) | (3) | 0.0 (g) |
|  BCE, Inc. | (20) | (515) | 4 | 0.0 (g) |
|  Bombardier, Inc. | — (h) | (75) | (2) | 0.0 (g) |
|  BOYD GROUP, Inc. | (1) | (184) | 25 | 0.0 (g) |
|  CAE, Inc. | (8) | (229) | 11 | 0.0 (g) |
|  Canadian Natural Resources Ltd. | (16) | (710) | (52) | 0.0 (g) |
|  Canadian Tire Corp. Ltd. | (1) | (87) | 1 | 0.0 (g) |
|  Canadian Utilities Ltd. | (3) | (89) | (2) | 0.0 (g) |
|  Cenovus Energy, Inc. | (11) | (251) | (48) | 0.0 (g) |
|  Discovery Silver Corp. | (12) | (84) | 10 | 0.0 (g) |
|  Eldorado Gold Corp. | (4) | (175) | 23 | 0.0 (g) |
|  Emera, Inc. | (14) | (703) | (13) | 0.0 (g) |
|  Endeavour Silver Corp. | (1) | (12) | 2 | 0.0 (g) |
|  Fairfax Financial Holdings Ltd. | — (h) | (321) | (18) | 0.0 (g) |
|  First Majestic Silver Corp. | (1) | (9) | (2) | 0.0 (g) |
|  GFL Environmental, Inc. | (1) | (61) | 3 | 0.0 (g) |
|  Gildan Activewear, Inc. | (2) | (105) | 8 | 0.0 (g) |
|  Great-West Lifeco, Inc. | (10) | (478) | (12) | 0.0 (g) |
|  Hydro One Ltd. | (9) | (362) | 3 | 0.0 (g) |
|  iA Financial Corp., Inc. | (6) | (592) | (20) | 0.0 (g) |
|  Ivanhoe Mines Ltd. | (8) | (80) | 9 | 0.0 (g) |
|  K92 Mining, Inc. | (2) | (35) | 6 | 0.0 (g) |
|  Keyera Corp. | (16) | (619) | (9) | 0.0 (g) |
|  MDA Space Ltd. | (2) | (60) | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Methanex Corp. | (3) | (136) | (21) | 0.0 (g) |
|  National Bank of Canada | (3) | (329) | 4 | 0.0 (g) |
|  Novagold Resources, Inc. | (24) | (250) | 37 | 0.0 (g) |
|  Nutrien Ltd. | (7) | (506) | (10) | 0.0 (g) |
|  Open Text Corp. | (22) | (546) | 58 | 0.0 (g) |
|  Orla Mining Ltd. | (1) | (17) | 1 | 0.0 (g) |
|  Pembina Pipeline Corp. | (18) | (801) | (23) | 0.0 (g) |
|  Power Corp. of Canada | (20) | (928) | (24) | 0.0 (g) |
|  Restaurant Brands International, Inc. | (3) | (187) | (1) | 0.0 (g) |
|  Rogers Communications, Inc. | (23) | (898) | 28 | 0.0 (g) |
|  Royal Bank of Canada | (25) | (3967) | (59) | 0.0 (g) |
|  Saputo, Inc. | (28) | (883) | (7) | 0.0 (g) |
|  Skeena Resources Ltd. | (9) | (262) | (5) | 0.0 (g) |
|  Sprott, Inc. | (1) | (104) | 3 | 0.0 (g) |
|  Tamarack Valley Energy Ltd. | (4) | (32) | (4) | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (40) | 5 | 0.0 (g) |
|  Toronto-Dominion Bank (The) | (26) | (2437) | (21) | 0.0 (g) |
|  Tourmaline Oil Corp. | (10) | (463) | (22) | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | (1) | (59) | (2) | 0.0 (g) |
|  United States |  |  |  |  |
|  Energy Fuels, Inc. | (4) | (72) | 4 | 0.0 (g) |
|  Galaxy Digital, Inc. | (2) | (51) | 8 | 0.0 (g) |
|  RB Global, Inc. | (3) | (319) | 8 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (20432) | (118) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | — (h) | 80 | (6) | 0.0 (g) |
|  Air Canada | 2 | 25 | — (h) | 0.0 (g) |
|  Aritzia, Inc. | — (h) | 36 | 1 | 0.0 (g) |
|  B2Gold Corp. | 17 | 89 | (10) | 0.0 (g) |
|  Barrick Mining Corp. | 7 | 283 | 19 | 0.0 (g) |
|  Brookfield Corp. | 18 | 690 | 42 | 0.0 (g) |
|  Cameco Corp. | 1 | 137 | (6) | 0.0 (g) |
|  Canadian Imperial Bank of Commerce | 14 | 1317 | (10) | 0.0 (g) |
|  Canadian National Railway Co. | 31 | 3219 | (31) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 33 | 2665 | (86) | 0.0 (g) |
|  Capital Power Corp. | 2 | 67 | 6 | 0.0 (g) |
|  Capstone Copper Corp. | 50 | 397 | (23) | 0.0 (g) |
|  CCL Industries, Inc. | 10 | 619 | 1 | 0.0 (g) |
|  Centerra Gold, Inc. | 4 | 67 | (3) | 0.0 (g) |
|  CGI, Inc. | 12 | 871 | (9) | 0.0 (g) |
|  Colliers International Group, Inc. | 1 | 99 | (7) | 0.0 (g) |
|  Dollarama, Inc. | 1 | 129 | (11) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  DPM Metals, Inc. | 1 | 29 | (2) | 0.0 (g) |
|  Element Fleet Management Corp. | 17 | 391 | (19) | 0.0 (g) |
|  Empire Co. Ltd. | 10 | 359 | 6 | 0.0 (g) |
|  ERO Copper Corp. | 8 | 217 | (7) | 0.0 (g) |
|  Finning International, Inc. | 1 | 80 | (2) | 0.0 (g) |
|  First Quantum Minerals Ltd. | 38 | 898 | 21 | 0.0 (g) |
|  FirstService Corp. | 1 | 117 | (6) | 0.0 (g) |
|  Fortis, Inc./Canada | 24 | 1377 | (16) | 0.0 (g) |
|  Fortuna Mining Corp. | 7 | 81 | (7) | 0.0 (g) |
|  George Weston Ltd. | 12 | 811 | 20 | 0.0 (g) |
|  Gibson Energy, Inc. | 6 | 119 | 1 | 0.0 (g) |
|  Hudbay Minerals, Inc. | 10 | 229 | (11) | 0.0 (g) |
|  IGM Financial, Inc. | 8 | 372 | 10 | 0.0 (g) |
|  Intact Financial Corp. | 6 | 1048 | (13) | 0.0 (g) |
|  Kinross Gold Corp. | 38 | 1151 | 17 | 0.0 (g) |
|  Loblaw Cos. Ltd. | 10 | 436 | 2 | 0.0 (g) |
|  Lundin Gold, Inc. | 7 | 606 | (50) | 0.0 (g) |
|  Magna International, Inc. | — (h) | 27 | — (h) | 0.0 (g) |
|  Manulife Financial Corp. | 4 | 143 | 7 | 0.0 (g) |
|  Metro, Inc./CN | — (h) | 21 | — (h) | 0.0 (g) |
|  Northland Power, Inc. | 37 | 564 | 57 | 0.0 (g) |
|  OceanaGold Corp. | 1 | 20 | (1) | 0.0 (g) |
|  Pan American Silver Corp. | 1 | 66 | (5) | 0.0 (g) |
|  Quebecor, Inc. | 23 | 989 | 4 | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 33 | 451 | (1) | 0.0 (g) |
|  Shopify, Inc. | 1 | 62 | — (h) | 0.0 (g) |
|  Stantec, Inc. | 10 | 878 | (25) | 0.0 (g) |
|  Sun Life Financial, Inc. | 24 | 1486 | 15 | 0.0 (g) |
|  Suncor Energy, Inc. | 36 | 2014 | 358 | 0.0 (g) |
|  TELUS Corp. | 179 | 2375 | (72) | 0.0 (g) |
|  TFI International, Inc. | 1 | 59 | — (h) | 0.0 (g) |
|  Thomson Reuters Corp. | 15 | 1419 | (32) | 0.0 (g) |
|  TMX Group Ltd. | 21 | 707 | 29 | 0.0 (g) |
|  Toromont Industries Ltd. | 2 | 241 | 6 | 0.0 (g) |
|  TransAlta Corp. | 26 | 323 | 23 | 0.0 (g) |
|  Triple Flag Precious Metals Corp. | 3 | 101 | (9) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | 7 | 959 | (82) | 0.0 (g) |
|  WSP Global, Inc. | 3 | 521 | (26) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Endeavour Mining plc | 1 | 60 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 32597 | 56 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 12165 | (62) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 12/08/2027 | (88) | 10 | 62 | 72 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Adecco Group AG | (2) | (42) | 4 | 0.0 (g) |
|  Alcon AG | (3) | (201) | 10 | 0.0 (g) |
|  Avolta AG | (1) | (42) | (3) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (15) | (1) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (51) | 2 | 0.0 (g) |
|  Galderma Group AG | — (h) | (21) | — (h) | 0.0 (g) |
|  Geberit AG | (1) | (366) | 22 | 0.0 (g) |
|  Givaudan SA | — (h) | (267) | 16 | 0.0 (g) |
|  Helvetia Holding AG | — (h) | (47) | (5) | 0.0 (g) |
|  Kuehne + Nagel International AG | (1) | (201) | (11) | 0.0 (g) |
|  Nestle SA | (7) | (725) | 15 | 0.0 (g) |
|  Novartis AG | (3) | (469) | 6 | 0.0 (g) |
|  Roche Holding AG | — (h) | (13) | 1 | 0.0 (g) |
|  Sandoz Group AG | — (h) | (37) | 1 | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (455) | (20) | 0.0 (g) |
|  Swiss Prime Site AG | (5) | (880) | 28 | 0.0 (g) |
|  Swiss Re AG | (2) | (355) | (9) | 0.0 (g) |
|  Swisscom AG | (1) | (587) | 38 | 0.0 (g) |
|  VAT Group AG | — (h) | (134) | 6 | 0.0 (g) |
|  Zurich Insurance Group AG | — (h) | (36) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4944) | 98 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 8 | 662 | (34) | 0.0 (g) |
|  Accelleron Industries AG | 3 | 240 | 18 | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 65 | (1) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 360 | (23) | 0.0 (g) |
|  Cie Financiere Richemont SA | — (h) | 28 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 38 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Flughafen Zurich AG | 1 | 261 | (1) | 0.0 (g) |
|  Holcim AG | 3 | 226 | 2 | 0.0 (g) |
|  Julius Baer Group Ltd. | 2 | 137 | (7) | 0.0 (g) |
|  Logitech International SA | 1 | 97 | 2 | 0.0 (g) |
|  Lonza Group AG | — (h) | 205 | 3 | 0.0 (g) |
|  PSP Swiss Property AG | 1 | 153 | (6) | 0.0 (g) |
|  Roche Holding AG | — (h) | 19 | 1 | 0.0 (g) |
|  Schindler Holding AG | 1 | 385 | (20) | 0.0 (g) |
|  SGS SA | 1 | 123 | (10) | 0.0 (g) |
|  Sika AG | 3 | 434 | (27) | 0.0 (g) |
|  Sonova Holding AG | — (h) | 100 | (6) | 0.0 (g) |
|  Sunrise Communications AG | 3 | 162 | (2) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 69 | (3) | 0.0 (g) |
|  Temenos AG | 1 | 126 | (11) | 0.0 (g) |
|  UBS Group AG | 26 | 966 | 37 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4856 | (88) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (88) | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.26%) which is denominated in DKK based on the local currencies of the positions within the swap | 12/08/2027 | (1426) | 35 | 22 | 57 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (176) | 18 | 0.0 (g) |
|  Coloplast A/S | (4) | (288) | — (h) | 0.0 (g) |
|  Demant A/S | (4) | (124) | (4) | 0.0 (g) |
|  DSV A/S | (4) | (953) | 34 | 0.0 (g) |
|  NKT A/S | — (h) | (52) | (2) | 0.0 (g) |
|  Novonesis Novozymes B | (13) | (728) | (44) | 0.0 (g) |
|  Orsted A/S | (3) | (56) | (5) | 0.0 (g) |
|  ROCKWOOL A/S | (5) | (128) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2505) | (3) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller—Maersk A/S | — (h) | 178 | (5) | 0.0 (g) |
|  Genmab A/S | 1 | 362 | (3) | 0.0 (g) |
|  Tryg A/S | 13 | 319 | (1) | 0.0 (g) |
|  Vestas Wind Systems A/S | 7 | 164 | 38 | 0.0 (g) |
|  Zealand Pharma A/S | 1 | 56 | 9 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1079 | 38 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1426) | 35 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from -0.26% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 12/08/2027 | (1277) | 796 | 57 | 853 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | (4) | (289) | (27) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Anheuser-Busch InBev SA | (3) | (211) | 10 | 0.0 (g) |
|  D'ieteren Group | (1) | (132) | 7 | 0.0 (g) |
|  Elia Group SA | — (h) | (27) | — (h) | 0.0 (g) |
|  KBC Group NV | (9) | (1097) | 38 | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (165) | 7 | 0.0 (g) |
|  Syensqo SA | — (h) | (21) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (11) | (264) | (22) | 0.0 (g) |
|  Kesko OYJ | (8) | (193) | 6 | 0.0 (g) |
|  Metso OYJ | (5) | (95) | 4 | 0.0 (g) |
|  Nordea Bank Abp | (6) | (108) | 6 | 0.0 (g) |
|  Orion OYJ | — (h) | (2) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (8) | (97) | 2 | 0.0 (g) |
|  UPM-Kymmene OYJ | (6) | (192) | (8) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  AIXTRON SE | (1) | (27) | 1 | 0.0 (g) |
|  Bayer AG | (13) | (553) | (25) | 0.0 (g) |
|  Bayerische Motoren Werke AG | (6) | (560) | 3 | 0.0 (g) |
|  Beiersdorf AG | (2) | (211) | 11 | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | (2) | (126) | 27 | 0.0 (g) |
|  Daimler Truck Holding AG | (2) | (93) | 2 | 0.0 (g) |
|  Evonik Industries AG | (2) | (39) | (2) | 0.0 (g) |
|  Fresenius SE & Co. KGaA | (7) | (359) | 22 | 0.0 (g) |
|  Hannover Rueck SE | — (h) | (136) | (12) | 0.0 (g) |
|  Hensoldt AG | — (h) | (10) | — (h) | 0.0 (g) |
|  Infineon Technologies AG | (32) | (1435) | 35 | 0.0 (g) |
|  Merck KGaA | (1) | (63) | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (38) | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | — (h) | (30) | (1) | 0.0 (g) |
|  Porsche Automobil Holding SE | (20) | (754) | 33 | 0.0 (g) |
|  Puma SE | (1) | (13) | — (h) | 0.0 (g) |
|  RENK Group AG | (1) | (38) | 3 | 0.0 (g) |
|  SAP SE | (2) | (470) | 68 | 0.1 |
|  Sartorius AG | (1) | (122) | (3) | 0.0 (g) |
|  Siemens Healthineers AG | (17) | (779) | 64 | 0.0 (g) |
|  Symrise AG | (2) | (148) | (5) | 0.0 (g) |
|  Talanx AG | (3) | (342) | (14) | 0.0 (g) |
|  thyssenkrupp AG | (26) | (255) | 30 | 0.0 (g) |
|  Volkswagen AG | (19) | (1921) | 20 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (27) | (276) | (4) | 0.0 (g) |
|  Bank of Ireland Group plc | (12) | (211) | (3) | 0.0 (g) |
|  Kingspan Group plc | (6) | (552) | 22 | 0.0 (g) |
|  Ryanair Holdings plc | (3) | (77) | 4 | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (95) | (256) | (10) | 0.0 (g) |
|  BPER Banca SPA | (3) | (36) | — (h) | 0.0 (g) |
|  Buzzi SpA | (4) | (205) | (1) | 0.0 (g) |
|  Enel SpA | (72) | (776) | 1 | 0.0 (g) |
|  Ferrari NV | (1) | (185) | 4 | 0.0 (g) |
|  Fincantieri SpA | (5) | (73) | 4 | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (18) | (388) | 5 | 0.0 (g) |
|  Lottomatica Group Spa | (1) | (42) | — (h) | 0.0 (g) |
|  Moncler SpA | (4) | (273) | 14 | 0.0 (g) |
|  Terna—Rete Elettrica Nazionale | (53) | (596) | (6) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (1) | (74) | 2 | 0.0 (g) |
|  CVC Capital Partners plc | (17) | (229) | 3 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (9) | (269) | 1 | 0.0 (g) |
|  Adyen NV | — (h) | (268) | 21 | 0.0 (g) |
|  Aegon Ltd. | (18) | (125) | (4) | 0.0 (g) |
|  Akzo Nobel NV | (4) | (249) | 10 | 0.0 (g) |
|  Argenx SE | — (h) | (4) | — (h) | 0.0 (g) |
|  EXOR NV | (4) | (327) | 10 | 0.0 (g) |
|  Ferrovial SE | (7) | (470) | 3 | 0.0 (g) |
|  Heineken NV | (2) | (184) | 10 | 0.0 (g) |
|  IMCD NV | — (h) | (10) | (3) | 0.0 (g) |
|  Prosus NV | (11) | (530) | 45 | 0.0 (g) |
|  Universal Music Group NV | (28) | (552) | 20 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (315) | (295) | (8) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (5) | (121) | 5 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Spain** |  |  |  |  |
|  Aena SME SA | (20) | (587) | (5) | 0.0 (g) |
|  Cellnex Telecom SA | (17) | (567) | 29 | 0.0 (g) |
|  EDP Renovaveis SA | (9) | (137) | (11) | 0.0 (g) |
|  Endesa SA | (3) | (112) | (8) | 0.0 (g) |
|  Grifols SA | (5) | (56) | 6 | 0.0 (g) |
|  Mapfre SA | (61) | (257) | (12) | 0.0 (g) |
|  Merlin Properties Socimi SA | (7) | (113) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (20897) | 426 | 0.1 |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  BAWAG Group AG | 1 | 155 | 10 | 0.0 (g) |
|  voestalpine AG | — (h) | 20 | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | 6 | 412 | 24 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 22 | (1) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 3 | 320 | (10) | 0.0 (g) |
|  Sofina SA | — (h) | 124 | (15) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 2 | 79 | (3) | 0.0 (g) |
|  Kone OYJ | 3 | 174 | (5) | 0.0 (g) |
|  Sampo OYJ | 41 | 431 | — (h) | 0.0 (g) |
|  Wartsila OYJ Abp | 7 | 263 | (9) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | 3 | 422 | — (h) | 0.0 (g) |
|  Allianz SE | 5 | 2113 | 63 | 0.0 (g) |
|  BASF SE | 2 | 96 | 16 | 0.0 (g) |
|  Continental AG | 3 | 227 | (5) | 0.0 (g) |
|  Deutsche Bank AG | 21 | 644 | (33) | 0.0 (g) |
|  Deutsche Telekom AG | 7 | 251 | (4) | 0.0 (g) |
|  E.ON SE | 31 | 668 | 19 | 0.0 (g) |
|  Fresenius Medical Care AG | — (h) | 17 | — (h) | 0.0 (g) |
|  GEA Group AG | 8 | 605 | (9) | 0.0 (g) |
|  Heidelberg Materials AG | 1 | 101 | 4 | 0.0 (g) |
|  Henkel AG & Co. KGaA | 1 | 108 | (10) | 0.0 (g) |
|  HOCHTIEF AG | — (h) | 29 | 1 | 0.0 (g) |
|  LEG Immobilien SE | 7 | 517 | (54) | 0.0 (g) |
|  Mercedes-Benz Group AG | 2 | 151 | (5) | 0.0 (g) |
|  Nemetschek SE | 1 | 104 | (8) | 0.0 (g) |
|  Nordex SE | 11 | 505 | 55 | 0.0 (g) |
|  RWE AG | 27 | 1664 | 112 | 0.0 (g) |
|  Vonovia SE | 6 | 166 | (23) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 1 | 65 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | 4 | 53 | (5) | 0.0 (g) |
|  Azimut Holding SpA | — (h) | 11 | — (h) | 0.0 (g) |
|  Banca Mediolanum SpA | 1 | 22 | 1 | 0.0 (g) |
|  Eni SpA | 27 | 646 | 119 | 0.0 (g) |
|  Generali | 29 | 1108 | 54 | 0.0 (g) |
|  Intesa Sanpaolo SpA | 12 | 70 | (1) | 0.0 (g) |
|  Italgas SpA | 10 | 121 | (4) | 0.0 (g) |
|  Leonardo SpA | 6 | 433 | (19) | 0.0 (g) |
|  Poste Italiane SpA | 26 | 644 | (40) | 0.0 (g) |
|  Prysmian SpA | — (h) | 16 | — (h) | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 1 | 38 | 2 | 0.0 (g) |
|  Saipem SpA | 2 | 7 | 1 | 0.0 (g) |
|  Snam SpA | 75 | 560 | 8 | 0.0 (g) |
|  UniCredit SpA | 1 | 83 | (7) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 1 | 24 | 1 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Tenaris SA | 1 | 14 | 2 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 264 | (15) | 0.0 (g) |
|  ASML Holding NV | 1 | 811 | (34) | 0.0 (g) |
|  ASR Nederland NV | 6 | 390 | 12 | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 3 | 152 | (5) | 0.0 (g) |
|  Koninklijke KPN NV | 31 | 173 | — (h) | 0.0 (g) |
|  Koninklijke Philips NV | 6 | 169 | (10) | 0.0 (g) |
|  NN Group NV | 2 | 188 | 5 | 0.0 (g) |
|  QIAGEN NV | 1 | 44 | (3) | 0.0 (g) |
|  Wolters Kluwer NV | 3 | 224 | (1) | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 40 | 200 | 12 | 0.0 (g) |
|  Galp Energia SGPS SA | 5 | 118 | 5 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 2 | 242 | 2 | 0.0 (g) |
|  Banco Santander SA | 14 | 149 | 1 | 0.0 (g) |
|  Bankinter SA | 12 | 179 | — (h) | 0.0 (g) |
|  CaixaBank SA | 27 | 312 | 5 | 0.0 (g) |
|  Enagas SA | 46 | 773 | 137 | 0.0 (g) |
|  Naturgy Energy Group SA | 10 | 303 | (2) | 0.0 (g) |
|  Telefonica SA | 53 | 220 | 14 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 5 | 339 | 27 | 0.0 (g) |
|  United Kingdom |  |  |  |  |
|  International Consolidated Airlines Group SA | 15 | 67 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 19620 | 370 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1277) | 796 | 0.1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.25% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 12/08/2027 | (3625) | 293 | 72 | 365 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Greatland Resources Ltd. | (11) | (93) | 7 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (11) | (217) | (7) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Prudential plc | (29) | (412) | 10 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  DCC plc | (1) | (50) | (1) | 0.0 (g) |
|  Experian plc | (10) | (370) | 21 | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (1) | (35) | 2 | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (11) | (93) | 9 | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Pan African Resources plc | (47) | (81) | (5) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (67) | (451) | (51) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (5) | (196) | 33 | 0.0 (g) |
|  Associated British Foods plc | (2) | (38) | (1) | 0.0 (g) |
|  Auto Trader Group plc | (31) | (200) | 6 | 0.0 (g) |
|  Barratt Redrow plc | (29) | (115) | 16 | 0.0 (g) |
|  Berkeley Group Holdings plc | (1) | (74) | 8 | 0.0 (g) |
|  British American Tobacco plc | — (h) | (20) | — (h) | 0.0 (g) |
|  BT Group plc | (142) | (382) | (13) | 0.0 (g) |
|  Bunzl plc | (6) | (184) | (3) | 0.0 (g) |
|  Centrica plc | (26) | (67) | (6) | 0.0 (g) |
|  Convatec Group plc | (49) | (153) | 13 | 0.0 (g) |
|  Croda International plc | (3) | (102) | (4) | 0.0 (g) |
|  Diageo plc | (3) | (65) | 5 | 0.0 (g) |
|  easyJet plc | (45) | (237) | 29 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Games Workshop Group plc | — (h) | (9) | (1) | 0.0 (g) |
|  GSK plc | (2) | (45) | — (h) | 0.0 (g) |
|  Haleon plc | (382) | (1893) | 3 | 0.0 (g) |
|  Harbour Energy plc | (3) | (10) | (1) | 0.0 (g) |
|  Hikma Pharmaceuticals plc | — (h) | (3) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (6) | (67) | 4 | 0.0 (g) |
|  International Consolidated Airlines Group SA | (22) | (106) | 2 | 0.0 (g) |
|  JD Sports Fashion plc | (34) | (33) | 1 | 0.0 (g) |
|  Land Securities Group plc | (24) | (189) | 11 | 0.0 (g) |
|  LondonMetric Property plc | (77) | (197) | 12 | 0.0 (g) |
|  Marks & Spencer Group plc | (64) | (296) | 11 | 0.0 (g) |
|  Melrose Industries plc | (5) | (37) | 2 | 0.0 (g) |
|  National Grid plc | (5) | (85) | 4 | 0.0 (g) |
|  Persimmon plc | (11) | (170) | 22 | 0.0 (g) |
|  RELX plc | (8) | (284) | 18 | 0.0 (g) |
|  Rentokil Initial plc | (29) | (176) | (3) | 0.0 (g) |
|  Segro plc | (14) | (134) | 15 | 0.0 (g) |
|  Severn Trent plc | (1) | (22) | — (h) | 0.0 (g) |
|  Spirax Group plc | (1) | (117) | 6 | 0.0 (g) |
|  SSE plc | (19) | (668) | 9 | 0.0 (g) |
|  Unilever plc | (28) | (1798) | 240 | 0.0 (g) |
|  UNITE Group plc (The) | (20) | (125) | 6 | 0.0 (g) |
|  Weir Group plc (The) | (1) | (22) | 1 | 0.0 (g) |
|  Whitbread plc | (1) | (37) | 2 | 0.0 (g) |
|  Wise plc | (6) | (73) | (1) | 0.0 (g) |
|  WPP plc | (8) | (27) | 3 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Sunbelt Rentals Holdings, Inc. | (4) | (263) | 36 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10521) | 470 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 5 | 239 | (22) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 1 | 47 | — (h) | 0.0 (g) |
|  Airtel Africa plc | 5 | 23 | — (h) | 0.0 (g) |
|  Anglo American plc | 5 | 222 | 4 | 0.0 (g) |
|  Aviva plc | 9 | 71 | (1) | 0.0 (g) |
|  Babcock International Group plc | 2 | 44 | (7) | 0.0 (g) |
|  BAE Systems plc | 3 | 92 | (3) | 0.0 (g) |
|  Barclays plc | 6 | 30 | — (h) | 0.0 (g) |
|  Bellway plc | 5 | 139 | (27) | 0.0 (g) |
|  BP plc | 28 | 199 | 25 | 0.0 (g) |
|  British Land Co. plc/The | 9 | 43 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Burberry Group plc | 1 | 9 | — (h) | 0.0 (g) |
|  Compass Group plc | 7 | 221 | (19) | 0.0 (g) |
|  Diploma plc | 1 | 61 | 10 | 0.0 (g) |
|  Endeavour Mining plc | 1 | 43 | (2) | 0.0 (g) |
|  Entain plc | 8 | 64 | (1) | 0.0 (g) |
|  Halma plc | 15 | 764 | — (h) | 0.0 (g) |
|  HSBC Holdings plc | 4 | 73 | — (h) | 0.0 (g) |
|  IG Group Holdings plc | 8 | 140 | 9 | 0.0 (g) |
|  IMI plc | 5 | 197 | (13) | 0.0 (g) |
|  Imperial Brands plc | 7 | 280 | (7) | 0.0 (g) |
|  Informa plc | 6 | 56 | — (h) | 0.0 (g) |
|  Intertek Group plc | 3 | 138 | (4) | 0.0 (g) |
|  J Sainsbury plc | 37 | 164 | 2 | 0.0 (g) |
|  Johnson Matthey plc | 3 | 63 | — (h) | 0.0 (g) |
|  Kingfisher plc | 25 | 103 | (10) | 0.0 (g) |
|  Legal & General Group plc | 56 | 182 | — (h) | 0.0 (g) |
|  M&G plc | 6 | 25 | (2) | 0.0 (g) |
|  NatWest Group plc | 40 | 300 | (10) | 0.0 (g) |
|  Next plc | 1 | 138 | — (h) | 0.0 (g) |
|  Phoenix Group Holdings plc | 12 | 106 | (2) | 0.0 (g) |
|  Reckitt Benckiser Group plc | 4 | 272 | (17) | 0.0 (g) |
|  Rolls-Royce Holdings plc | 40 | 647 | (51) | 0.0 (g) |
|  Sage Group plc (The) | 15 | 165 | — (h) | 0.0 (g) |
|  Smith & Nephew plc | 10 | 158 | (9) | 0.0 (g) |
|  Smiths Group plc | 4 | 126 | (13) | 0.0 (g) |
|  St James's Place plc | 4 | 61 | (5) | 0.0 (g) |
|  Standard Chartered plc | 23 | 485 | (22) | 0.0 (g) |
|  Taylor Wimpey plc | 17 | 22 | (2) | 0.0 (g) |
|  Tesco plc | 33 | 202 | 4 | 0.0 (g) |
|  Tritax Big Box REIT plc | 18 | 37 | (3) | 0.0 (g) |
|  United Utilities Group plc | 2 | 33 | — (h) | 0.0 (g) |
|  Vodafone Group plc | 262 | 372 | 21 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | 2 | 40 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6896 | (177) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (3625) | 293 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from -0.5% to 0.3%) which is denominated in HKD based on the local currencies of the positions within the swap | 12/08/2027 | (322) | 46 | 3 | 49 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (11) | (55) | (2) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (10) | (77) | 2 | 0.0 (g) |
|  CLP Holdings Ltd. | (4) | (38) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (174) | (163) | 5 | 0.0 (g) |
|  MTR Corp. Ltd. | (46) | (204) | 16 | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (18) | (314) | 17 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | (3) | (9) | 1 | 0.0 (g) |
|  Wharf Real Estate Investment Co. Ltd. | (5) | (17) | 3 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (877) | 42 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  AIA Group Ltd. | 13 | 131 | 5 | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 36 | 267 | 3 | 0.0 (g) |
|  Link REIT | 7 | 34 | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 6 | 25 | 1 | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 1 | 15 | (2) | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 30 | 65 | (2) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 1 | 18 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 555 | 4 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (322) | 46 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/PAYABLES<br>($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SHIR on long positions and short positions respectively, plus or minus spread (rates range from -4.15% to 0.7%) which is denominated in ILS based on the local currencies of the positions within the swap | 12/08/2027 | 223 | (27) | – (h) | (27) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Nordea Bank Abp | (2) | (13) | — (h) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | (2) | (240) | 32 | 0.0 (g) |
|  Clal Insurance Enterprises Holdings Ltd. | — (h) | (9) | 1 | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | (1) | (45) | 1 | 0.0 (g) |
|  Next Vision Stabilized Systems Ltd. | — (h) | (47) | 6 | 0.0 (g) |
|  Phoenix Financial Ltd. | (1) | (56) | 2 | 0.0 (g) |
|  Tower Semiconductor Ltd. | — (h) | (22) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (432) | 43 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Bank Hapoalim BM | 2 | 45 | (1) | 0.0 (g) |
|  Bank Leumi Le-Israel BM | 6 | 152 | (8) | 0.0 (g) |
|  Elbit Systems Ltd. | — (h) | 12 | (1) | 0.0 (g) |
|  Israel Discount Bank Ltd. | 36 | 416 | (57) | 0.0 (g) |
|  Nice Ltd. | — (h) | 30 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 655 | (70) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 223 | (27) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from -0.5% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 12/08/2027 | 13135 | (606) | 332 | (274) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Hankyu Hanshin Holdings, Inc. | (8) | (220) | (21) | 0.0 (g) |
|  Nordea Bank Abp | (1) | (187) | 12 | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Aeon Co. Ltd. | (4) | (45) | 3 | 0.0 (g) |
|  Asics Corp. | (5) | (127) | 6 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (3) | (78) | 5 | 0.0 (g) |
|  Capcom Co. Ltd. | (7) | (155) | 1 | 0.0 (g) |
|  Central Japan Railway Co. | (2) | (51) | 3 | 0.0 (g) |
|  Chiba Bank Ltd./The | (2) | (29) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (10) | (146) | (8) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (3) | (173) | 16 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (22) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  Ebara Corp. | (6) | (164) | 17 | 0.0 (g) |
|  Electric Power Development Co. Ltd. | (3) | (80) | (4) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (1) | (72) | (4) | 0.0 (g) |
|  GS Yuasa Corp. | (1) | (22) | (1) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (13) | (121) | 16 | 0.0 (g) |
|  Hoya Corp. | — (h) | (34) | — (h) | 0.0 (g) |
|  Inpex Corp. | (10) | (297) | (10) | 0.0 (g) |
|  Iyogin Holdings, Inc. | (2) | (35) | 1 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (6) | (94) | 1 | 0.0 (g) |
|  Japan Exchange Group, Inc. | (11) | (135) | 10 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (15) | (258) | 15 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (12) | (118) | (4) | 0.0 (g) |
|  JX Advanced Metals Corp. | (4) | (97) | 10 | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (3) | (49) | 4 | 0.0 (g) |
|  KDDI Corp. | (2) | (37) | (1) | 0.0 (g) |
|  Keyence Corp. | (1) | (251) | 9 | 0.0 (g) |
|  Kikkoman Corp. | (30) | (265) | (6) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Kinden Corp. | (1) | (23) | 1 | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (1) | (16) | 1 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (2) | (55) | 5 | 0.0 (g) |
|  Komatsu Ltd. | (2) | (75) | 7 | 0.0 (g) |
|  Konami Group Corp. | (1) | (122) | — (h) | 0.0 (g) |
|  Kurita Water Industries Ltd. | (3) | (147) | 3 | 0.0 (g) |
|  Kyocera Corp. | (5) | (78) | — (h) | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (1) | (19) | (3) | 0.0 (g) |
|  Makita Corp. | (1) | (24) | 2 | 0.0 (g) |
|  Marubeni Corp. | (1) | (36) | (3) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (69) | 2 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (6) | (92) | (3) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (7) | (50) | (1) | 0.0 (g) |
|  Mercari, Inc. | (3) | (67) | (3) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (7) | (122) | 10 | 0.0 (g) |
|  MISUMI Group, Inc. | (8) | (141) | 8 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (24) | (145) | 8 | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (6) | (176) | 13 | 0.0 (g) |
|  MonotaRO Co. Ltd. | (5) | (59) | 10 | 0.0 (g) |
|  Nexon Co. Ltd. | (2) | (33) | 1 | 0.0 (g) |
|  Nikon Corp. | (7) | (87) | — (h) | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (172) | 9 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (23) | (148) | 4 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (4) | (150) | — (h) | 0.0 (g) |
|  Niterra Co. Ltd. | (4) | (163) | 4 | 0.0 (g) |
|  NTT, Inc. | (382) | (371) | (8) | 0.0 (g) |
|  Oji Holdings Corp. | (12) | (69) | 5 | 0.0 (g) |
|  Olympus Corp. | (3) | (29) | (3) | 0.0 (g) |
|  Organo Corp. | — (h) | (18) | 1 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (11) | (197) | 10 | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (2) | (75) | (1) | 0.0 (g) |
|  Panasonic Holdings Corp. | (13) | (210) | — (h) | 0.0 (g) |
|  Renesas Electronics Corp. | (7) | (112) | 12 | 0.0 (g) |
|  Rorze Corp. | (1) | (11) | 1 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (4) | (95) | 6 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (1) | (60) | 4 | 0.0 (g) |
|  Seibu Holdings, Inc. | (5) | (128) | (7) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (13) | (221) | 6 | 0.0 (g) |
|  SG Holdings Co. Ltd. | (2) | (18) | — (h) | 0.0 (g) |
|  Shimadzu Corp. | (4) | (84) | 2 | 0.0 (g) |
|  Shimano, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (8) | (301) | (15) | 0.0 (g) |
|  Shionogi & Co. Ltd. | (4) | (85) | (2) | 0.0 (g) |
|  SoftBank Group Corp. | (5) | (121) | — (h) | 0.0 (g) |
|  Sojitz Corp. | (7) | (279) | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sumitomo Corp. | (6) | (212) | (6) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (4) | (40) | 2 | 0.0 (g) |
|  Sumitomo Heavy Industries Ltd. | (1) | (45) | 4 | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (1) | (9) | — (h) | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (16) | (472) | 19 | 0.0 (g) |
|  TIS, Inc. | (2) | (37) | (1) | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (4) | (42) | (2) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | — (h) | (14) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | (1) | (54) | 4 | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (1) | (18) | 2 | 0.0 (g) |
|  Tokyu Corp. | (16) | (189) | 4 | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (3) | (78) | 11 | 0.0 (g) |
|  Toray Industries, Inc. | (3) | (25) | 1 | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (1) | (58) | 3 | 0.0 (g) |
|  Toyota Motor Corp. | (17) | (340) | 11 | 0.0 (g) |
|  Toyota Tsusho Corp. | (7) | (272) | (2) | 0.0 (g) |
|  West Japan Railway Co. | (2) | (41) | 1 | 0.0 (g) |
|  Yokogawa Electric Corp. | (4) | (140) | 12 | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (8) | (75) | 4 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd./The | (1) | (26) | 1 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (5) | (284) | 18 | 0.0 (g) |
|  ZOZO, Inc. | (12) | (92) | 7 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (10708) | 242 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | — (h) | 13 | — (h) | 0.0 (g) |
|  Aisin Corp. | 11 | 165 | (15) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 4 | 99 | 1 | 0.0 (g) |
|  Amada Co. Ltd. | 13 | 182 | (7) | 0.0 (g) |
|  ANA Holdings, Inc. | 32 | 601 | (30) | 0.0 (g) |
|  Asahi Kasei Corp. | 9 | 94 | (7) | 0.0 (g) |
|  Astellas Pharma, Inc. | 5 | 79 | 5 | 0.0 (g) |
|  BayCurrent, Inc. | 3 | 80 | (3) | 0.0 (g) |
|  Bridgestone Corp. | 19 | 388 | (7) | 0.0 (g) |
|  Credit Saison Co. Ltd. | — (h) | 8 | (1) | 0.0 (g) |
|  CyberAgent, Inc. | 21 | 177 | — (h) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 10 | 187 | (7) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 11 | 97 | (1) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 2 | 41 | (1) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | — (h) | 5 | — (h) | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 6 | 214 | (16) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 10 | 90 | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Denso Corp. | 12 | 139 | 3 | 0.0 (g) |
|  Dentsu Group, Inc. | 4 | 68 | (4) | 0.0 (g) |
|  DMG Mori Co. Ltd. | 36 | 583 | (40) | 0.0 (g) |
|  Eisai Co. Ltd. | 2 | 64 | 1 | 0.0 (g) |
|  ENEOS Holdings, Inc. | 14 | 120 | 8 | 0.0 (g) |
|  FANUC Corp. | 4 | 137 | (16) | 0.0 (g) |
|  Fujitsu Ltd. | 38 | 818 | (66) | 0.0 (g) |
|  Furukawa Electric Co. Ltd. | — (h) | 32 | 4 | 0.0 (g) |
|  Hamamatsu Photonics KK | 4 | 53 | (5) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 3 | 102 | (6) | 0.0 (g) |
|  Hitachi Ltd. | 38 | 1142 | (65) | 0.0 (g) |
|  Horiba Ltd. | 1 | 161 | (3) | 0.0 (g) |
|  Hulic Co. Ltd. | 1 | 11 | (1) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 26 | 226 | 25 | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 5 | 71 | (5) | 0.0 (g) |
|  Isuzu Motors Ltd. | 6 | 91 | (10) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 3 | 41 | (1) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 4 | 47 | (1) | 0.0 (g) |
|  Japan Tobacco, Inc. | 6 | 214 | 14 | 0.0 (g) |
|  JGC Holdings Corp. | 3 | 37 | 4 | 0.0 (g) |
|  Kajima Corp. | 5 | 182 | (3) | 0.0 (g) |
|  Kandenko Co. Ltd. | 3 | 116 | (2) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 16 | 254 | 10 | 0.0 (g) |
|  Kao Corp. | 12 | 480 | (1) | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 6 | 94 | 2 | 0.0 (g) |
|  Kubota Corp. | 2 | 27 | (2) | 0.0 (g) |
|  LY Corp. | 14 | 35 | (1) | 0.0 (g) |
|  Mazda Motor Corp. | 3 | 23 | (2) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 1 | 33 | (2) | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | 2 | 38 | (4) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 15 | 442 | (38) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 4 | 70 | (1) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 19 | 233 | (16) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 24 | 288 | (37) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 1 | 28 | (2) | 0.0 (g) |
|  NEC Corp. | 35 | 958 | (110) | 0.0 (g) |
|  NGK Insulators Ltd. | 10 | 244 | 2 | 0.0 (g) |
|  NH Foods Ltd. | 1 | 55 | 2 | 0.0 (g) |
|  NIDEC Corp., | 7 | 95 | (10) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 2 | 89 | (3) | 0.0 (g) |
|  Nissan Chemical Corp. | 2 | 65 | (1) | 0.0 (g) |
|  Nitto Denko Corp. | 14 | 275 | (5) | 0.0 (g) |
|  Nomura Holdings, Inc. | 116 | 868 | 15 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 41 | 279 | (18) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 17 | 480 | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  NSK Ltd. | 30 | 216 | (12) | 0.0 (g) |
|  Obayashi Corp. | 9 | 207 | (4) | 0.0 (g) |
|  Obic Co. Ltd. | 2 | 42 | (3) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 13 | 203 | 3 | 0.0 (g) |
|  Oracle Corp. Japan | 1 | 36 | (3) | 0.0 (g) |
|  Otsuka Corp. | 9 | 182 | (3) | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 20 | 133 | (10) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 4 | 44 | (3) | 0.0 (g) |
|  Secom Co. Ltd. | 15 | 552 | 3 | 0.0 (g) |
|  Seiko Epson Corp. | 7 | 88 | (2) | 0.0 (g) |
|  Sekisui House Ltd. | 36 | 815 | (14) | 0.0 (g) |
|  Shimizu Corp. | 20 | 392 | (36) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 3 | 41 | — (h) | 0.0 (g) |
|  SMC Corp. | — (h) | 81 | (6) | 0.0 (g) |
|  Sony Group Corp. | 47 | 992 | (42) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 2 | 24 | — (h) | 0.0 (g) |
|  SUMCO Corp. | 2 | 22 | 2 | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 61 | 185 | 6 | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | 8 | 437 | (36) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | 4 | 253 | (19) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 17 | 543 | (16) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 9 | 276 | (4) | 0.0 (g) |
|  Suzuki Motor Corp. | 12 | 152 | (11) | 0.0 (g) |
|  Sysmex Corp. | 53 | 522 | (63) | 0.0 (g) |
|  T&D Holdings, Inc. | 5 | 128 | 5 | 0.0 (g) |
|  Taisei Corp. | 7 | 704 | (36) | 0.0 (g) |
|  Takasago Thermal Engineering Co. Ltd. | 3 | 79 | (3) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | 18 | 620 | 5 | 0.0 (g) |
|  TDK Corp. | 26 | 339 | (16) | 0.0 (g) |
|  Terumo Corp. | 58 | 746 | 24 | 0.0 (g) |
|  THK Co. Ltd. | 1 | 27 | (1) | 0.0 (g) |
|  Tokyo Electric Power Co. Holdings Inc | 9 | 34 | 2 | 0.0 (g) |
|  Tokyo Electron Ltd. | 1 | 269 | (11) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 37 | 323 | (13) | 0.0 (g) |
|  Tosoh Corp. | 38 | 570 | (23) | 0.0 (g) |
|  Toyo Tire Corp. | 5 | 120 | (4) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 6 | 209 | (5) | 0.0 (g) |
|  Unicharm Corp. | 64 | 368 | 5 | 0.0 (g) |
|  Yakult Honsha Co. Ltd. | 8 | 125 | 2 | 0.0 (g) |
|  Yaskawa Electric Corp. | 12 | 316 | (22) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 23843 | (848) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 13135 | (606) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month NIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.3% to 0.26%) which is denominated in NOK based on the local currencies of the positions within the swap | 12/08/2027 | 50 | 22 | 3 | 25 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | (4) | (119) | (35) | 0.0 (g) |
|  Gjensidige Forsikring ASA | (2) | (55) | 2 | 0.0 (g) |
|  Norsk Hydro ASA | (36) | (331) | (46) | 0.0 (g) |
|  Orkla ASA | (25) | (316) | 1 | 0.0 (g) |
|  Yara International ASA | (1) | (68) | (4) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (889) | (82) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 13 | 428 | 59 | 0.0 (g) |
|  Mowi ASA | 17 | 370 | 7 | 0.0 (g) |
|  Var Energi ASA | 34 | 141 | 38 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 939 | 104 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 50 | 22 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET<br>UNREALIZED<br>APPRECIATION/<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/<br>PAYABLES ($)** | **VALUE<br>($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one month STIBOR on long positions and short positions respectively, plus or minus spread (rates range from -0.7% to 0.26%) which is denominated in SEK based on the local currencies of the positions within the swap | 12/08/2027 | (2723) | 151 | 147 | 298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Alfa Laval AB | (2) | (81) | — (h) | 0.0 (g) |
|  Atlas Copco AB | (49) | (808) | 30 | 0.0 (g) |
|  Epiroc AB | (2) | (39) | 1 | 0.0 (g) |
|  EQT AB | (13) | (368) | (10) | 0.0 (g) |
|  Essity AB | (10) | (265) | 20 | 0.0 (g) |
|  Hexagon AB | (8) | (80) | 5 | 0.0 (g) |
|  Holmen AB | (6) | (211) | 2 | 0.0 (g) |
|  Industrivarden AB | (1) | (57) | 1 | 0.0 (g) |
|  Investment AB Latour | (4) | (84) | 3 | 0.0 (g) |
|  Investor AB | (51) | (1897) | (23) | 0.0 (g) |
|  L E Lundbergforetagen AB | (4) | (221) | 3 | 0.0 (g) |
|  Nibe Industrier AB | — (h) | (1) | — (h) | 0.0 (g) |
|  Sagax AB | (5) | (93) | — (h) | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (8) | (148) | 8 | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (28) | (336) | 14 | 0.0 (g) |
|  Swedbank AB | (32) | (1119) | 49 | 0.0 (g) |
|  Telia Co. AB | (135) | (657) | (33) | 0.0 (g) |
|  Trelleborg AB | (1) | (21) | — (h) | 0.0 (g) |
|  Volvo AB | (29) | (980) | 48 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (7466) | 118 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 3 | 107 | 5 | 0.0 (g) |
|  Assa Abloy AB | 19 | 706 | (22) | 0.0 (g) |
|  Epiroc AB | — (h) | 8 | — (h) | 0.0 (g) |
|  Evolution AB | 11 | 673 | 22 | 0.0 (g) |
|  Indutrade AB | 6 | 131 | 1 | 0.0 (g) |
|  Lifco AB | 2 | 69 | (2) | 0.0 (g) |
|  Saab AB | — (h) | 3 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Sandvik AB | 10 | 366 | (2) | 0.0 (g) |
|  Securitas AB | 10 | 168 | 4 | 0.0 (g) |
|  Skanska AB | 21 | 559 | (3) | 0.0 (g) |
|  SKF AB | 21 | 498 | (6) | 0.0 (g) |
|  SSAB AB | 44 | 325 | 13 | 0.0 (g) |
|  Svenska Handelsbanken AB | 7 | 107 | (12) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | — (h) | 19 | 1 | 0.0 (g) |
|  Tele2 AB | 48 | 950 | 34 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 5 | 54 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4743 | 33 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (2723) | 151 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SORA on long positions and short positions respectively, plus or minus spread (rates range from -1.35% to 0.3%) which is denominated in SGD based on the local currencies of the positions within the swap | 12/08/2027 | (175) | (82) | 7 | (75) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Short Positions |  |  |  |  |
|  Common Stocks |  |  |  |  |
|  China |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (5) | (17) | 1 | 0.0 (g) |
|  Singapore |  |  |  |  |
|  Oversea-Chinese Banking Corp. Ltd. | (49) | (781) | (56) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (23) | (103) | (17) | 0.0 (g) |
|  Singapore Airlines Ltd. | (6) | (31) | — (h) | 0.0 (g) |
|  United Overseas Bank Ltd. | (5) | (130) | (4) | 0.0 (g) |
|  Wilmar International Ltd. | (15) | (41) | (4) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1103) | (80) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 109 | 213 | (4) | 0.0 (g) |
|  CapitaLand RTS | 2 | — (h) | — (h) | 0.0 (g) |
|  Genting Singapore Ltd. | 91 | 47 | 1 | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 68 | 572 | 2 | 0.0 (g) |
|  Singapore Telecommunications Ltd. | 25 | 96 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 928 | (2) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (175) | (82) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  Societe Generale SA | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from -1.5% to 0.5%) which is denominated in USD based on the local currencies of the positions within the swap | 12/08/2027 | (749) | 940 | 590 | 1530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  IREN Ltd. | (2) | (67) | 14 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Axis Capital Holdings Ltd. | — (h) | (40) | — (h) | 0.0 (g) |
|  Everest Group Ltd. | — (h) | (45) | — (h) | 0.0 (g) |
|  Golar LNG Ltd. | (1) | (64) | (12) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | (1) | (419) | (1) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  Lululemon Athletica, Inc. | (3) | (553) | 54 | 0.0 (g) |
|  Uranium Energy Corp. | (5) | (61) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Futu Holdings Ltd. | — (h) | (12) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Medtronic plc | (2) | (214) | 10 | 0.0 (g) |
|  Smurfit WestRock plc | (3) | (109) | 3 | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Cellebrite DI Ltd. | (1) | (11) | 1 | 0.0 (g) |
|  Monday.com Ltd. | (3) | (257) | 38 | 0.0 (g) |
|  Nova Ltd. | — (h) | (11) | (1) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | (16) | (497) | 22 | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Autoliv, Inc. | — (h) | (49) | 2 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (9) | (362) | 22 | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | — (h) | (179) | 2 | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | (1) | (384) | 12 | 0.0 (g) |
|  CNH Industrial NV | (4) | (39) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Coca-Cola Europacific Partners plc | (5) | (500) | 49 | 0.0 (g) |
|  Marex Group plc | — (h) | (10) | (2) | 0.0 (g) |
|  Willis Towers Watson plc | (5) | (1495) | 20 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | (4) | (270) | 16 | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (41) | 4 | 0.0 (g) |
|  AGCO Corp. | (3) | (362) | 20 | 0.0 (g) |
|  Agilent Technologies, Inc. | (1) | (78) | 2 | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (4) | (998) | (58) | 0.0 (g) |
|  Akamai Technologies, Inc. | (1) | (65) | (8) | 0.0 (g) |
|  Albertsons Cos., Inc. | (8) | (129) | 1 | 0.0 (g) |
|  Alcoa Corp. | (2) | (133) | (11) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | (1) | (38) | 1 | 0.0 (g) |
|  Alliant Energy Corp. | (5) | (326) | (1) | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (2) | (197) | (1) | 0.0 (g) |
|  Alnylam Pharmaceuticals, Inc. | — (h) | (108) | (2) | 0.0 (g) |
|  American Electric Power Co., Inc. | — (h) | (40) | — (h) | 0.0 (g) |
|  American Financial Group, Inc./OH | (1) | (67) | 1 | 0.0 (g) |
|  American Homes 4 Rent | (1) | (21) | 1 | 0.0 (g) |
|  American International Group, Inc. | (1) | (96) | 3 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (2) | (50) | — (h) | 0.0 (g) |
|  Antero Midstream Corp. | (10) | (228) | — (h) | 0.0 (g) |
|  APA Corp. | (2) | (75) | (23) | 0.0 (g) |
|  Apollo Global Management, Inc. | (4) | (401) | (12) | 0.0 (g) |
|  Appfolio, Inc. | (1) | (144) | 24 | 0.0 (g) |
|  Applied Digital Corp. | (7) | (177) | 22 | 0.0 (g) |
|  Applied Optoelectronics, Inc. | (1) | (55) | 13 | 0.0 (g) |
|  AppLovin Corp. | (1) | (741) | 171 | 0.1 |
|  AptarGroup, Inc. | (3) | (367) | 20 | 0.0 (g) |
|  Archer-Daniels-Midland Co. | (7) | (477) | (33) | 0.0 (g) |
|  Arrow Electronics, Inc. | — (h) | (15) | — (h) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | (3) | (152) | (5) | 0.0 (g) |
|  Arthur J Gallagher & Co. | (7) | (1587) | 9 | 0.0 (g) |
|  AST SpaceMobile, Inc. | (2) | (157) | 12 | 0.0 (g) |
|  Astera Labs, Inc. | — (h) | (23) | 2 | 0.0 (g) |
|  ATI, Inc. | — (h) | (2) | — (h) | 0.0 (g) |
|  Atmos Energy Corp. | (3) | (605) | 2 | 0.0 (g) |
|  Aurora Innovation, Inc. | (1) | (6) | 1 | 0.0 (g) |
|  AutoZone, Inc. | — (h) | (627) | (11) | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (83) | 4 | 0.0 (g) |
|  Avantor, Inc. | (7) | (59) | 2 | 0.0 (g) |
|  Avery Dennison Corp. | (3) | (453) | 10 | 0.0 (g) |
|  Axon Enterprise, Inc. | — (h) | (277) | 67 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Axsome Therapeutics, Inc. | — (h) | (20) | (1) | 0.0 (g) |
|  Baker Hughes Co. | (3) | (164) | (4) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (1) | (102) | (3) | 0.0 (g) |
|  Becton Dickinson & Co. | (11) | (1760) | 79 | 0.0 (g) |
|  Bentley Systems, Inc. | (5) | (220) | 28 | 0.0 (g) |
|  Berkshire Hathaway, Inc. | (3) | (1708) | 62 | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (43) | (2) | 0.0 (g) |
|  Bloom Energy Corp. | — (h) | (16) | 2 | 0.0 (g) |
|  Blue Owl Capital, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (5) | (300) | (39) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (2) | (94) | (1) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | — (h) | (40) | 6 | 0.0 (g) |
|  Brown & Brown, Inc. | (5) | (378) | 26 | 0.0 (g) |
|  Bruker Corp. | — (h) | (6) | — (h) | 0.0 (g) |
|  Builders FirstSource, Inc. | (1) | (67) | 8 | 0.0 (g) |
|  Bunge Global SA | (2) | (291) | (21) | 0.0 (g) |
|  Burlington Stores, Inc. | — (h) | (43) | (2) | 0.0 (g) |
|  BWX Technologies, Inc. | — (h) | (62) | (1) | 0.0 (g) |
|  BXP, Inc. | (1) | (62) | 1 | 0.0 (g) |
|  CACI International, Inc. | — (h) | (11) | 2 | 0.0 (g) |
|  Cadence Design Systems, Inc. | (4) | (1185) | 80 | 0.0 (g) |
|  Capital One Financial Corp. | (2) | (376) | 7 | 0.0 (g) |
|  CareTrust REIT, Inc. | (7) | (269) | 19 | 0.0 (g) |
|  Carrier Global Corp. | — (h) | (27) | 1 | 0.0 (g) |
|  Carvana Co. | (3) | (1012) | 43 | 0.0 (g) |
|  Caterpillar, Inc. | — (h) | (136) | (8) | 0.0 (g) |
|  Cava Group, Inc. | (3) | (274) | 3 | 0.0 (g) |
|  Celsius Holdings, Inc. | (9) | (375) | 68 | 0.0 (g) |
|  Cencora, Inc. | (1) | (339) | 37 | 0.0 (g) |
|  CenterPoint Energy, Inc. | (2) | (79) | 2 | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | — (h) | (9) | 1 | 0.0 (g) |
|  Chewy, Inc. | (6) | (145) | (5) | 0.0 (g) |
|  Ciena Corp. | — (h) | (139) | (5) | 0.0 (g) |
|  Cincinnati Financial Corp. | (2) | (280) | 9 | 0.0 (g) |
|  Clean Harbors, Inc. | — (h) | (52) | — (h) | 0.0 (g) |
|  Clear Secure, Inc. | (1) | (29) | (1) | 0.0 (g) |
|  Clorox Co. (The) | (1) | (101) | 8 | 0.0 (g) |
|  Cloudflare, Inc. | — (h) | (35) | (1) | 0.0 (g) |
|  CNX Resources Corp. | (2) | (62) | 3 | 0.0 (g) |
|  Coeur Mining, Inc. | (19) | (425) | 74 | 0.0 (g) |
|  Coherent Corp. | — (h) | (47) | 3 | 0.0 (g) |
|  Coinbase Global, Inc. | (1) | (204) | 26 | 0.0 (g) |
|  Columbia Banking System, Inc. | (7) | (179) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Compass, Inc. | (16) | (142) | 26 | 0.0 (g) |
|  Constellation Energy Corp. | (1) | (167) | 23 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (7) | (551) | 31 | 0.0 (g) |
|  Core & Main, Inc. | (4) | (174) | — (h) | 0.0 (g) |
|  Corpay, Inc. | — (h) | (125) | 7 | 0.0 (g) |
|  CoStar Group, Inc. | (3) | (132) | 17 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (4) | (448) | 85 | 0.0 (g) |
|  Crowdstrike Holdings, Inc. | — (h) | (28) | 3 | 0.0 (g) |
|  Cummins, Inc. | (2) | (982) | 22 | 0.0 (g) |
|  Cytokinetics, Inc. | (1) | (32) | (2) | 0.0 (g) |
|  Darden Restaurants, Inc. | (1) | (146) | 2 | 0.0 (g) |
|  Datadog, Inc. | — (h) | (27) | 2 | 0.0 (g) |
|  Deckers Outdoor Corp. | (2) | (246) | 10 | 0.0 (g) |
|  Deere & Co. | — (h) | (234) | 14 | 0.0 (g) |
|  Diamondback Energy, Inc. | (1) | (133) | (7) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (108) | (3) | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Docusign, Inc. | (2) | (106) | 3 | 0.0 (g) |
|  Dominion Energy, Inc. | (3) | (212) | (1) | 0.0 (g) |
|  DoorDash, Inc. | (1) | (147) | 21 | 0.0 (g) |
|  DraftKings, Inc. | (9) | (215) | 30 | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (100) | 4 | 0.0 (g) |
|  DTE Energy Co. | — (h) | (52) | 1 | 0.0 (g) |
|  Eagle Materials, Inc. | (1) | (101) | 2 | 0.0 (g) |
|  East West Bancorp, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  EastGroup Properties, Inc. | (1) | (146) | 4 | 0.0 (g) |
|  Eastman Chemical Co. | (2) | (151) | (15) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (3) | (77) | 1 | 0.0 (g) |
|  Elevance Health, Inc. | (1) | (198) | (8) | 0.0 (g) |
|  EnerSys | — (h) | (29) | (2) | 0.0 (g) |
|  Ensign Group, Inc. (The) | — (h) | (17) | — (h) | 0.0 (g) |
|  Entegris, Inc. | (4) | (508) | — (h) | 0.0 (g) |
|  EQT Corp. | (6) | (344) | (8) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (8) | (555) | 41 | 0.0 (g) |
|  Equity Residential | (22) | (1388) | 68 | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | (10) | — (h) | 0.0 (g) |
|  Esab Corp. | (2) | (172) | 17 | 0.0 (g) |
|  Essex Property Trust, Inc. | — (h) | (36) | 1 | 0.0 (g) |
|  Evergy, Inc. | (17) | (1372) | 19 | 0.0 (g) |
|  Extra Space Storage, Inc. | — (h) | (20) | 2 | 0.0 (g) |
|  F5, Inc. | (2) | (539) | (8) | 0.0 (g) |
|  FactSet Research Systems, Inc. | — (h) | (44) | 1 | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (32) | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Fastenal Co. | (9) | (402) | (4) | 0.0 (g) |
|  Federal Realty Investment Trust | (4) | (432) | — (h) | 0.0 (g) |
|  FedEx Corp. | — (h) | (76) | 1 | 0.0 (g) |
|  Fidelity National Financial, Inc. | (1) | (64) | 4 | 0.0 (g) |
|  Fifth Third Bancorp | (9) | (400) | (3) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (1) | (153) | 6 | 0.0 (g) |
|  Flagstar Bank NA | (3) | (35) | (2) | 0.0 (g) |
|  Floor & Decor Holdings, Inc. | (1) | (71) | 9 | 0.0 (g) |
|  Flutter Entertainment plc | (2) | (204) | 14 | 0.0 (g) |
|  FormFactor, Inc. | — (h) | (42) | (3) | 0.0 (g) |
|  Fortinet, Inc. | (1) | (111) | 3 | 0.0 (g) |
|  Fortive Corp. | (3) | (145) | 1 | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | (35) | (2) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (1) | (86) | 5 | 0.0 (g) |
|  Gen Digital, Inc. | (12) | (269) | 38 | 0.0 (g) |
|  Genuine Parts Co. | (10) | (1174) | 64 | 0.0 (g) |
|  Gilead Sciences, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Glacier Bancorp, Inc. | (1) | (22) | (1) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (8) | — (h) | 0.0 (g) |
|  Global Payments, Inc. | (10) | (722) | 61 | 0.0 (g) |
|  Globus Medical, Inc. | (1) | (69) | 1 | 0.0 (g) |
|  GPGI, Inc. | (1) | (13) | 2 | 0.0 (g) |
|  Graco, Inc. | (3) | (249) | 5 | 0.0 (g) |
|  Graphic Packaging Holding Co. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Halliburton Co. | (8) | (291) | (36) | 0.0 (g) |
|  Healthcare Realty Trust, Inc. | (12) | (221) | 17 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (1) | (18) | 1 | 0.0 (g) |
|  Hecla Mining Co. | (34) | (720) | 84 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (5) | (118) | (6) | 0.0 (g) |
|  Home Depot, Inc. (The) | — (h) | (40) | 3 | 0.0 (g) |
|  Hormel Foods Corp. | (7) | (165) | 7 | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (11) | (204) | — (h) | 0.0 (g) |
|  HP, Inc. | (1) | (10) | — (h) | 0.0 (g) |
|  Hyatt Hotels Corp. | — (h) | (14) | 1 | 0.0 (g) |
|  IDACORP, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  IDEX Corp. | (2) | (435) | 9 | 0.0 (g) |
|  IDEXX Laboratories, Inc. | (2) | (968) | 77 | 0.0 (g) |
|  Ingersoll Rand, Inc. | (2) | (195) | 6 | 0.0 (g) |
|  Insmed, Inc. | — (h) | (7) | (1) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (9) | (644) | 3 | 0.0 (g) |
|  International Paper Co. | (1) | (46) | 3 | 0.0 (g) |
|  Invesco Ltd. | (1) | (13) | — (h) | 0.0 (g) |
|  Iron Mountain, Inc. | (1) | (156) | 7 | 0.0 (g) |
|  J M Smucker Co. (The) | — (h) | — (h) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Jack Henry & Associates, Inc. | (1) | (217) | 15 | 0.0 (g) |
|  Jackson Financial, Inc. | — (h) | (27) | 1 | 0.0 (g) |
|  JBT Marel Corp. | (3) | (492) | 72 | 0.0 (g) |
|  JFrog Ltd. | (2) | (103) | (10) | 0.0 (g) |
|  Jones Lang LaSalle, Inc. | (1) | (401) | (4) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (83) | 5 | 0.0 (g) |
|  Klaviyo, Inc. | (4) | (73) | 4 | 0.0 (g) |
|  Kraft Heinz Co. (The) | (1) | (34) | 3 | 0.0 (g) |
|  Krystal Biotech, Inc. | (1) | (190) | — (h) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | — (h) | (14) | (1) | 0.0 (g) |
|  Lamar Advertising Co. | (1) | (123) | 6 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (1) | (28) | 2 | 0.0 (g) |
|  Lattice Semiconductor Corp. | (1) | (48) | (2) | 0.0 (g) |
|  Lazard, Inc. | (1) | (49) | 1 | 0.0 (g) |
|  Lennox International, Inc. | (1) | (346) | 28 | 0.0 (g) |
|  Leonardo DRS, Inc. | (1) | (33) | 2 | 0.0 (g) |
|  Liberty Broadband Corp. | (1) | (64) | 2 | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (3) | (75) | — (h) | 0.0 (g) |
|  Lincoln Electric Holdings, Inc. | (1) | (251) | 17 | 0.0 (g) |
|  Lincoln National Corp. | (1) | (26) | (1) | 0.0 (g) |
|  Lineage, Inc. | (1) | (37) | 5 | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (8) | (1) | 0.0 (g) |
|  LKQ Corp. | (5) | (152) | 10 | 0.0 (g) |
|  Loews Corp. | (1) | (112) | 2 | 0.0 (g) |
|  Lowe's Cos., Inc. | (2) | (417) | 19 | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (1) | (281) | 4 | 0.0 (g) |
|  Lumen Technologies, Inc. | (7) | (49) | (2) | 0.0 (g) |
|  Lyft, Inc. | (3) | (38) | 1 | 0.0 (g) |
|  M&T Bank Corp. | (1) | (166) | (1) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | (1) | (138) | (2) | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (143) | (4) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | (1) | (253) | (53) | 0.0 (g) |
|  Maplebear, Inc. | (11) | (420) | 15 | 0.0 (g) |
|  Marriott International, Inc./MD | (1) | (317) | — (h) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | (3) | (461) | 3 | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | (246) | 10 | 0.0 (g) |
|  Masco Corp. | (1) | (92) | 4 | 0.0 (g) |
|  Matador Resources Co. | (2) | (106) | (13) | 0.0 (g) |
|  Mattel, Inc. | (2) | (28) | 1 | 0.0 (g) |
|  McCormick & Co., Inc./MD | (1) | (55) | 8 | 0.0 (g) |
|  McDonald's Corp. | — (h) | (120) | 7 | 0.0 (g) |
|  Merck & Co., Inc. | (1) | (175) | (5) | 0.0 (g) |
|  Middleby Corp. (The) | — (h) | (41) | 5 | 0.0 (g) |
|  Mirion Technologies, Inc. | (1) | (25) | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Modine Manufacturing Co. | — (h) | (45) | (4) | 0.0 (g) |
|  Moelis & Co. | (1) | (59) | (3) | 0.0 (g) |
|  Mohawk Industries, Inc. | — (h) | (32) | 3 | 0.0 (g) |
|  Molson Coors Beverage Co. | (4) | (174) | 11 | 0.0 (g) |
|  Mondelez International, Inc. | (1) | (73) | — (h) | 0.0 (g) |
|  MongoDB, Inc. | (1) | (229) | 23 | 0.0 (g) |
|  Monolithic Power Systems, Inc. | — (h) | (67) | (2) | 0.0 (g) |
|  Moog, Inc. | — (h) | (64) | 5 | 0.0 (g) |
|  Morningstar, Inc. | — (h) | (29) | 3 | 0.0 (g) |
|  MSA Safety, Inc. | — (h) | (36) | 4 | 0.0 (g) |
|  MSCI, Inc. | — (h) | (15) | 1 | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (20) | (3) | 0.0 (g) |
|  Nasdaq, Inc. | — (h) | (16) | 1 | 0.0 (g) |
|  NetApp, Inc. | (2) | (250) | (4) | 0.0 (g) |
|  New York Times Co. (The) | — (h) | (16) | (1) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (56) | (2) | 0.0 (g) |
|  News Corp. | (7) | (182) | (3) | 0.0 (g) |
|  Nexstar Media Group, Inc. | (1) | (156) | 40 | 0.0 (g) |
|  NIKE, Inc. | (4) | (190) | (4) | 0.0 (g) |
|  Noble Corp. plc | (2) | (94) | (8) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (6) | (115) | (1) | 0.0 (g) |
|  NOV, Inc. | (1) | (27) | — (h) | 0.0 (g) |
|  Nutanix, Inc. | (7) | (272) | 11 | 0.0 (g) |
|  Nuvalent, Inc. | — (h) | (28) | — (h) | 0.0 (g) |
|  Occidental Petroleum Corp. | — (h) | (27) | (5) | 0.0 (g) |
|  OGE Energy Corp. | (3) | (142) | — (h) | 0.0 (g) |
|  Okta, Inc. | (5) | (383) | 5 | 0.0 (g) |
|  Old National Bancorp | (7) | (164) | 2 | 0.0 (g) |
|  Old Republic International Corp. | (5) | (223) | 3 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | (20) | (964) | 79 | 0.0 (g) |
|  ON Semiconductor Corp. | — (h) | (29) | (1) | 0.0 (g) |
|  OneMain Holdings, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  ONEOK, Inc. | (3) | (273) | (14) | 0.0 (g) |
|  Onestream, Inc. | — (h) | — (h) | — (h) | 0.0 (g) |
|  O'Reilly Automotive, Inc. | (5) | (518) | 13 | 0.0 (g) |
|  Ormat Technologies, Inc. | (2) | (175) | (3) | 0.0 (g) |
|  PACCAR, Inc. | (2) | (239) | 10 | 0.0 (g) |
|  Packaging Corp. of America | (1) | (224) | 2 | 0.0 (g) |
|  Palantir Technologies, Inc. | — (h) | (34) | 2 | 0.0 (g) |
|  Palo Alto Networks, Inc. | (3) | (434) | 13 | 0.0 (g) |
|  Paramount Skydance Corp. | (10) | (115) | 22 | 0.0 (g) |
|  Paychex, Inc. | (8) | (798) | 32 | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (34) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Permian Resources Corp. | (1) | (11) | (1) | 0.0 (g) |
|  Philip Morris International, Inc. | — (h) | (84) | 2 | 0.0 (g) |
|  Pinterest, Inc. | (2) | (48) | 3 | 0.0 (g) |
|  Planet Labs PBC | (1) | (22) | (3) | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (89) | (4) | 0.0 (g) |
|  PPL Corp. | (22) | (840) | 2 | 0.0 (g) |
|  Praxis Precision Medicines, Inc. | — (h) | (33) | (1) | 0.0 (g) |
|  Primerica, Inc. | — (h) | (35) | — (h) | 0.0 (g) |
|  Primo Brands Corp. | (1) | (31) | 4 | 0.0 (g) |
|  Procore Technologies, Inc. | (4) | (230) | 6 | 0.0 (g) |
|  Prologis, Inc. | (1) | (97) | 2 | 0.0 (g) |
|  PTC, Inc. | (1) | (194) | 23 | 0.0 (g) |
|  Public Storage | (1) | (245) | — (h) | 0.0 (g) |
|  PulteGroup, Inc. | — (h) | (34) | 2 | 0.0 (g) |
|  Quanta Services, Inc. | — (h) | (119) | 4 | 0.0 (g) |
|  QXO, Inc. | (2) | (48) | 5 | 0.0 (g) |
|  Rambus, Inc. | — (h) | (23) | 1 | 0.0 (g) |
|  Range Resources Corp. | (1) | (34) | 1 | 0.0 (g) |
|  Raymond James Financial, Inc. | — (h) | (72) | 2 | 0.0 (g) |
|  Rayonier, Inc. | (4) | (91) | — (h) | 0.0 (g) |
|  Realty Income Corp. | (13) | (815) | 25 | 0.0 (g) |
|  Red Rock Resorts, Inc. | (1) | (46) | 4 | 0.0 (g) |
|  Repligen Corp. | (1) | (72) | 6 | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (5) | (176) | 11 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | (2) | (221) | 14 | 0.0 (g) |
|  Rivian Automotive, Inc. | (5) | (87) | 5 | 0.0 (g) |
|  Robinhood Markets, Inc. | (10) | (782) | 99 | 0.0 (g) |
|  ROBLOX Corp. | (2) | (113) | (10) | 0.0 (g) |
|  Rocket Lab Corp. | (1) | (38) | 4 | 0.0 (g) |
|  Rollins, Inc. | (2) | (107) | 8 | 0.0 (g) |
|  Roper Technologies, Inc. | (4) | (1377) | 35 | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | — (h) | (26) | 1 | 0.0 (g) |
|  Royal Gold, Inc. | (3) | (822) | 73 | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | — (h) | (7) | 1 | 0.0 (g) |
|  Ryder System, Inc. | (2) | (325) | (5) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (2) | (221) | 6 | 0.0 (g) |
|  S&P Global, Inc. | — (h) | (120) | (6) | 0.0 (g) |
|  Saia, Inc. | — (h) | (45) | 2 | 0.0 (g) |
|  Samsara, Inc. | (2) | (74) | 4 | 0.0 (g) |
|  Sanmina Corp. | — (h) | (49) | (2) | 0.0 (g) |
|  Semtech Corp. | (1) | (43) | 2 | 0.0 (g) |
|  SentinelOne, Inc. | (1) | (10) | 1 | 0.0 (g) |
|  Service Corp. International | — (h) | (21) | (1) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | (1) | (99) | 7 | 0.0 (g) |
|  SiteOne Landscape Supply, Inc. | (1) | (140) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  SiTime Corp. | — (h) | (65) | 2 | 0.0 (g) |
|  Snap-on, Inc. | (3) | (1173) | 20 | 0.0 (g) |
|  Snowflake, Inc. | (1) | (139) | 24 | 0.0 (g) |
|  Solventum Corp. | (1) | (81) | 3 | 0.0 (g) |
|  Somnigroup International, Inc. | (10) | (774) | 65 | 0.0 (g) |
|  Southwest Airlines Co. | (1) | (34) | 4 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  STAG Industrial, Inc. | (3) | (127) | 7 | 0.0 (g) |
|  StandardAero, Inc. | (7) | (187) | 18 | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (5) | (357) | 22 | 0.0 (g) |
|  Starbucks Corp. | (1) | (139) | 11 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (22) | (383) | 10 | 0.0 (g) |
|  Steel Dynamics, Inc. | (1) | (190) | 2 | 0.0 (g) |
|  STERIS plc | (1) | (256) | 6 | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (159) | 1 | 0.0 (g) |
|  Strategy, Inc. | — (h) | (37) | 4 | 0.0 (g) |
|  Sun Communities, Inc. | — (h) | (43) | 3 | 0.0 (g) |
|  Symbotic, Inc. | (2) | (117) | (7) | 0.0 (g) |
|  Synopsys, Inc. | — (h) | (167) | 3 | 0.0 (g) |
|  TD SYNNEX Corp. | (1) | (88) | (7) | 0.0 (g) |
|  Teledyne Technologies, Inc. | — (h) | (139) | 10 | 0.0 (g) |
|  Teleflex, Inc. | (1) | (164) | (9) | 0.0 (g) |
|  Teradyne, Inc. | (1) | (205) | — (h) | 0.0 (g) |
|  Terex Corp. | (1) | (64) | (1) | 0.0 (g) |
|  Terreno Realty Corp. | (4) | (223) | 4 | 0.0 (g) |
|  Tesla, Inc. | (2) | (623) | 42 | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (52) | 6 | 0.0 (g) |
|  Timken Co. (The) | (2) | (153) | (1) | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (42) | 1 | 0.0 (g) |
|  Toast, Inc. | (12) | (348) | 35 | 0.0 (g) |
|  TopBuild Corp. | — (h) | (44) | 4 | 0.0 (g) |
|  TPG, Inc. | (1) | (29) | 1 | 0.0 (g) |
|  Tractor Supply Co. | (2) | (118) | 10 | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (64) | 6 | 0.0 (g) |
|  TransUnion | (1) | (94) | 8 | 0.0 (g) |
|  Tyler Technologies, Inc. | — (h) | (98) | 4 | 0.0 (g) |
|  Uber Technologies, Inc. | (6) | (463) | 20 | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (45) | (2) | 0.0 (g) |
|  UDR, Inc. | (5) | (171) | 12 | 0.0 (g) |
|  UGI Corp. | (10) | (381) | 3 | 0.0 (g) |
|  UiPath, Inc. | (6) | (71) | 5 | 0.0 (g) |
|  UL Solutions, Inc. | (1) | (45) | (2) | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | (53) | 6 | 0.0 (g) |
|  UMB Financial Corp. | (5) | (545) | 5 | 0.0 (g) |
|  United Parcel Service, Inc. | (1) | (88) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  United Rentals, Inc. | — (h) | (233) | 26 | 0.0 (g) |
|  US Foods Holding Corp. | (8) | (686) | (11) | 0.0 (g) |
|  Valley National Bancorp | (35) | (414) | (11) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | (15) | 1 | 0.0 (g) |
|  Vaxcyte, Inc. | (1) | (30) | (1) | 0.0 (g) |
|  VF Corp. | (2) | (31) | 1 | 0.0 (g) |
|  Viavi Solutions, Inc. | (1) | (24) | 1 | 0.0 (g) |
|  Vicor Corp. | — (h) | (20) | 2 | 0.0 (g) |
|  Viper Energy, Inc. | (8) | (383) | (7) | 0.0 (g) |
|  Vontier Corp. | (4) | (164) | 13 | 0.0 (g) |
|  Vornado Realty Trust | (2) | (48) | 2 | 0.0 (g) |
|  VSE Corp. | — (h) | (57) | 9 | 0.0 (g) |
|  W R Berkley Corp. | — (h) | (15) | — (h) | 0.0 (g) |
|  Warner Music Group Corp. | (1) | (23) | 2 | 0.0 (g) |
|  Waters Corp. | (2) | (674) | 11 | 0.0 (g) |
|  Watsco, Inc. | — (h) | (98) | 3 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (84) | 3 | 0.0 (g) |
|  Waystar Holding Corp. | — (h) | (10) | — (h) | 0.0 (g) |
|  Weatherford International plc | — (h) | (22) | (1) | 0.0 (g) |
|  Welltower, Inc. | (6) | (1204) | 58 | 0.0 (g) |
|  WESCO International, Inc. | (1) | (276) | (6) | 0.0 (g) |
|  WEX, Inc. | — (h) | (31) | 1 | 0.0 (g) |
|  Weyerhaeuser Co. | (4) | (85) | (4) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (1) | (63) | — (h) | 0.0 (g) |
|  Williams-Sonoma, Inc. | — (h) | (44) | — (h) | 0.0 (g) |
|  Workday, Inc. | (1) | (173) | 21 | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (236) | 1 | 0.0 (g) |
|  Xcel Energy, Inc. | — (h) | (20) | 1 | 0.0 (g) |
|  Yum! Brands, Inc. | (7) | (1094) | 29 | 0.0 (g) |
|  Zebra Technologies Corp. | — (h) | (76) | (1) | 0.0 (g) |
|  Zillow Group, Inc. | (5) | (208) | 13 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (1) | (135) | 4 | 0.0 (g) |
|  Zoom Communications, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Zscaler, Inc. | (1) | (96) | 13 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (83083) | 3011 | 0.1 |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | 2 | 132 | (22) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | 7 | 697 | 3 | 0.0 (g) |
|  Essent Group Ltd. | — (h) | 26 | — (h) | 0.0 (g) |
|  Viking Holdings Ltd. | 3 | 202 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Denmark** |  |  |  |  |
|  Ascendis Pharma A/S | — (h) | 74 | (4) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  BioNTech SE | 1 | 89 | (12) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 21 | 169 | (4) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | 1 | 102 | (3) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | — (h) | 40 | — (h) | 0.0 (g) |
|  Alkermes plc | 2 | 58 | 14 | 0.0 (g) |
|  Aptiv plc | 2 | 124 | (6) | 0.0 (g) |
|  CRH plc | 3 | 265 | (2) | 0.0 (g) |
|  Eaton Corp. plc | — (h) | 27 | — (h) | 0.0 (g) |
|  ICON plc | 2 | 175 | 1 | 0.0 (g) |
|  TE Connectivity plc | — (h) | 68 | 3 | 0.0 (g) |
|  Trane Technologies plc | 2 | 758 | (19) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Camtek Ltd./Israel | 1 | 115 | (3) | 0.0 (g) |
|  Check Point Software Technologies Ltd. | 1 | 74 | (2) | 0.0 (g) |
|  Global-e Online Ltd. | 1 | 31 | 2 | 0.0 (g) |
|  Wix.com Ltd. | 1 | 127 | (3) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 3 | 223 | 15 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | 2 | 84 | (5) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 2 | 61 | (1) | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | 1 | 193 | 7 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Sea Ltd. | 2 | 137 | (5) | 0.0 (g) |
|  **Sweden** |  |  |  |  |
|  Spotify Technology SA | — (h) | 36 | 1 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | — (h) | 89 | (1) | 0.0 (g) |
|  Garmin Ltd. | — (h) | 77 | (3) | 0.0 (g) |
|  Sportradar Group AG | 6 | 108 | (12) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  InterContinental Hotels Group plc | 1 | 87 | 1 | 0.0 (g) |
|  Pentair plc | 1 | 64 | (4) | 0.0 (g) |
|  TechnipFMC plc | 2 | 106 | 10 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **United States** |  |  |  |  |
|  3M Co. | 6 | 834 | (34) | 0.0 (g) |
|  Adobe, Inc. | 1 | 349 | (34) | 0.0 (g) |
|  ADT, Inc. | 18 | 116 | 1 | 0.0 (g) |
|  Advanced Energy Industries, Inc. | — (h) | 106 | 6 | 0.0 (g) |
|  AECOM | 1 | 132 | (13) | 0.0 (g) |
|  Affirm Holdings, Inc. | 1 | 27 | (3) | 0.0 (g) |
|  Aflac, Inc. | 10 | 1148 | (5) | 0.0 (g) |
|  Agree Realty Corp. | 7 | 571 | (39) | 0.0 (g) |
|  Airbnb, Inc. | — (h) | 18 | (1) | 0.0 (g) |
|  Alaska Air Group, Inc. | 1 | 28 | (4) | 0.0 (g) |
|  Albemarle Corp. | 2 | 349 | 20 | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 2 | 101 | (6) | 0.0 (g) |
|  Align Technology, Inc. | 1 | 108 | (2) | 0.0 (g) |
|  Allstate Corp. (The) | — (h) | 45 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 15 | 565 | 15 | 0.0 (g) |
|  Alphabet, Inc. | 1 | 241 | (15) | 0.0 (g) |
|  Altria Group, Inc. | 15 | 1015 | (16) | 0.0 (g) |
|  Ameren Corp. | 4 | 450 | (5) | 0.0 (g) |
|  American Airlines Group, Inc. | 8 | 92 | (5) | 0.0 (g) |
|  American Express Co. | — (h) | 59 | 1 | 0.0 (g) |
|  American Tower Corp. | 8 | 1471 | (105) | 0.0 (g) |
|  American Water Works Co., Inc. | 1 | 139 | (2) | 0.0 (g) |
|  Ameriprise Financial, Inc. | — (h) | 117 | (4) | 0.0 (g) |
|  AMETEK, Inc. | 1 | 142 | — (h) | 0.0 (g) |
|  Amgen, Inc. | — (h) | 15 | (1) | 0.0 (g) |
|  Amkor Technology, Inc. | 1 | 39 | 2 | 0.0 (g) |
|  Amphenol Corp. | — (h) | 22 | (2) | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  Antero Resources Corp. | 12 | 456 | 39 | 0.0 (g) |
|  API Group Corp. | 9 | 374 | (17) | 0.0 (g) |
|  Apple, Inc. | 3 | 832 | (20) | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | — (h) | 9 | — (h) | 0.0 (g) |
|  Applied Materials, Inc. | 1 | 306 | — (h) | 0.0 (g) |
|  Aramark | 9 | 380 | 2 | 0.0 (g) |
|  Armstrong World Industries, Inc. | — (h) | 59 | (1) | 0.0 (g) |
|  Assurant, Inc. | — (h) | 51 | — (h) | 0.0 (g) |
|  AT&T, Inc. | 5 | 147 | 8 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 28 | (2) | 0.0 (g) |
|  Ball Corp. | 1 | 91 | (5) | 0.0 (g) |
|  Bank of America Corp. | 5 | 250 | 4 | 0.0 (g) |
|  Biogen, Inc. | 3 | 626 | (16) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 7 | 422 | (30) | 0.0 (g) |
|  BJ's Wholesale Club Holdings, Inc. | — (h) | 13 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Booking Holdings, Inc. | — (h) | 330 | (14) | 0.0 (g) |
|  BorgWarner, Inc. | 2 | 100 | 2 | 0.0 (g) |
|  Boston Scientific Corp. | 9 | 645 | (76) | 0.0 (g) |
|  Brightstar Lottery plc | 7 | 89 | (4) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 18 | 1083 | 4 | 0.0 (g) |
|  Brixmor Property Group, Inc. | 5 | 145 | (5) | 0.0 (g) |
|  Camden Property Trust | 1 | 65 | (1) | 0.0 (g) |
|  Campbell's Company (The) | 5 | 121 | (14) | 0.0 (g) |
|  Cardinal Health, Inc. | — (h) | 70 | (3) | 0.0 (g) |
|  Carlisle Cos., Inc. | — (h) | 71 | (4) | 0.0 (g) |
|  Carnival Corp. | 3 | 91 | (2) | 0.0 (g) |
|  Carpenter Technology Corp. | — (h) | 10 | — (h) | 0.0 (g) |
|  Cboe Global Markets, Inc. | 1 | 282 | (17) | 0.0 (g) |
|  CBRE Group, Inc. | 1 | 77 | (1) | 0.0 (g) |
|  CDW Corp | 1 | 74 | — (h) | 0.0 (g) |
|  Centene Corp. | — (h) | 8 | (2) | 0.0 (g) |
|  Charles River Laboratories International, Inc. | 1 | 102 | (3) | 0.0 (g) |
|  Charles Schwab Corp. (The) | 3 | 320 | 4 | 0.0 (g) |
|  Cheniere Energy, Inc. | — (h) | 130 | 1 | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 2 | 81 | (8) | 0.0 (g) |
|  Chord Energy Corp. | 1 | 93 | 14 | 0.0 (g) |
|  Churchill Downs, Inc. | 1 | 100 | 6 | 0.0 (g) |
|  Cigna Group (The) | 2 | 579 | (6) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 41 | 3 | 0.0 (g) |
|  Citigroup, Inc. | 14 | 1522 | 94 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 36 | 347 | (40) | 0.0 (g) |
|  CME Group, Inc. | 1 | 252 | (19) | 0.0 (g) |
|  Cognex Corp. | 4 | 186 | (7) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | 11 | 707 | (36) | 0.0 (g) |
|  Comcast Corp. | 4 | 118 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 10 | 1 | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | 1 | 54 | — (h) | 0.0 (g) |
|  Commercial Metals Co. | 1 | 93 | (6) | 0.0 (g) |
|  Conagra Brands, Inc. | 20 | 359 | (45) | 0.0 (g) |
|  Consolidated Edison, Inc. | 6 | 673 | 8 | 0.0 (g) |
|  Constellation Brands, Inc. | 2 | 347 | 2 | 0.0 (g) |
|  Copart, Inc. | 6 | 222 | (26) | 0.0 (g) |
|  Corteva, Inc. | 1 | 92 | 6 | 0.0 (g) |
|  Crane Co. | 2 | 419 | (48) | 0.0 (g) |
|  Crown Holdings, Inc. | 2 | 256 | (9) | 0.0 (g) |
|  CSX Corp. | 16 | 644 | 7 | 0.0 (g) |
|  CubeSmart | 3 | 136 | (8) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | — (h) | 30 | 1 | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 109 | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  CVS Health Corp. | 2 | 117 | 1 | 0.0 (g) |
|  Danaher Corp. | 1 | 108 | (1) | 0.0 (g) |
|  Dell Technologies, Inc. | 1 | 166 | 20 | 0.0 (g) |
|  Delta Air Lines, Inc. | 2 | 130 | 14 | 0.0 (g) |
|  Devon Energy Corp. | 29 | 1307 | 144 | 0.0 (g) |
|  Dexcom, Inc. | 3 | 200 | (17) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 1 | 218 | 1 | 0.0 (g) |
|  Dollar General Corp. | — (h) | 48 | (9) | 0.0 (g) |
|  Dollar Tree, Inc. | 1 | 93 | (5) | 0.0 (g) |
|  Domino's Pizza, Inc. | 2 | 848 | (116) | 0.0 (g) |
|  Donaldson Co., Inc. | 2 | 142 | (7) | 0.0 (g) |
|  Dover Corp. | 2 | 341 | (4) | 0.0 (g) |
|  Doximity, Inc. | 1 | 13 | (1) | 0.0 (g) |
|  DR Horton, Inc. | 2 | 287 | (19) | 0.0 (g) |
|  Dropbox, Inc. | 5 | 124 | (19) | 0.0 (g) |
|  Dutch Bros, Inc. | 2 | 105 | (4) | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | 21 | (1) | 0.0 (g) |
|  Dynatrace, Inc. | 1 | 57 | (3) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 79 | (3) | 0.0 (g) |
|  Edison International | 1 | 92 | 3 | 0.0 (g) |
|  Edwards Lifesciences Corp. | 1 | 65 | (3) | 0.0 (g) |
|  Elastic NV | 5 | 252 | (16) | 0.0 (g) |
|  Emerson Electric Co. | 2 | 215 | (15) | 0.0 (g) |
|  Encompass Health Corp. | 4 | 478 | (52) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 114 | 11 | 0.0 (g) |
|  EPAM Systems, Inc. | 3 | 459 | (34) | 0.0 (g) |
|  Equifax, Inc. | 1 | 115 | (14) | 0.0 (g) |
|  Equinix, Inc. | — (h) | 68 | 3 | 0.0 (g) |
|  ESCO Technologies, Inc. | — (h) | 58 | 2 | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | 4 | 122 | (14) | 0.0 (g) |
|  Etsy, Inc. | — (h) | 8 | (1) | 0.0 (g) |
|  Evercore, Inc. | 1 | 154 | 8 | 0.0 (g) |
|  Eversource Energy | 2 | 129 | (6) | 0.0 (g) |
|  Exelixis, Inc. | 1 | 54 | 1 | 0.0 (g) |
|  Expedia Group, Inc. | 1 | 148 | (5) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 3 | 448 | (6) | 0.0 (g) |
|  Federal Signal Corp. | 2 | 197 | 4 | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 61 | 1 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 1 | 46 | (3) | 0.0 (g) |
|  First American Financial Corp. | — (h) | 11 | (1) | 0.0 (g) |
|  First Horizon Corp. | 3 | 72 | — (h) | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 1 | 61 | (2) | 0.0 (g) |
|  Five Below, Inc. | — (h) | 72 | 3 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Flex Ltd. | 9 | 581 | 39 | 0.0 (g) |
|  Flowserve Corp. | 3 | 251 | (12) | 0.0 (g) |
|  Fluor Corp. | 5 | 225 | 4 | 0.0 (g) |
|  FNB Corp/PA | 15 | 241 | 6 | 0.0 (g) |
|  Fox Corp. | 12 | 678 | (10) | 0.0 (g) |
|  Franklin Resources, Inc. | 17 | 421 | (31) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 14 | 830 | (13) | 0.0 (g) |
|  Gap, Inc. (The) | 4 | 97 | 6 | 0.0 (g) |
|  GE Vernova, Inc. | 1 | 906 | 47 | 0.0 (g) |
|  General Dynamics Corp. | 2 | 569 | (29) | 0.0 (g) |
|  General Electric Co. | 1 | 191 | (9) | 0.0 (g) |
|  General Mills, Inc. | 2 | 90 | (8) | 0.0 (g) |
|  General Motors Co. | 3 | 245 | (1) | 0.0 (g) |
|  Genpact Ltd. | 2 | 92 | (7) | 0.0 (g) |
|  Globe Life, Inc. | 2 | 322 | (6) | 0.0 (g) |
|  GoDaddy, Inc. | — (h) | 39 | (4) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | — (h) | 152 | 7 | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Guardant Health, Inc. | 2 | 172 | 2 | 0.0 (g) |
|  Guidewire Software, Inc. | 1 | 138 | (12) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | — (h) | 10 | (1) | 0.0 (g) |
|  Hamilton Lane, Inc. | 1 | 59 | (3) | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 28 | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 1 | 89 | 1 | 0.0 (g) |
|  Hasbro, Inc. | 1 | 59 | (1) | 0.0 (g) |
|  HCA Healthcare, Inc. | 3 | 1453 | (192) | 0.0 (g) |
|  HealthEquity, Inc. | 4 | 340 | 15 | 0.0 (g) |
|  HEICO Corp. | 3 | 835 | (93) | 0.0 (g) |
|  Henry Schein, Inc. | — (h) | 28 | (2) | 0.0 (g) |
|  HF Sinclair Corp. | 3 | 133 | 24 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Honeywell International, Inc. | 2 | 371 | (18) | 0.0 (g) |
|  Houlihan Lokey, Inc. | 1 | 76 | (2) | 0.0 (g) |
|  Hubbell, Inc. | — (h) | 35 | — (h) | 0.0 (g) |
|  HubSpot, Inc. | 1 | 351 | (52) | 0.0 (g) |
|  Huntington Bancshares, Inc. | 63 | 1010 | (19) | 0.0 (g) |
|  Huntington Ingalls Industries, Inc. | — (h) | 7 | (1) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 31 | 2 | 0.0 (g) |
|  Illinois Tool Works, Inc. | 1 | 318 | (17) | 0.0 (g) |
|  Ingredion, Inc. | 1 | 73 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 23 | (3) | 0.0 (g) |
|  Interactive Brokers Group, Inc. | — (h) | 29 | — (h) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | 4 | 704 | (35) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Intuit, Inc. | — (h) | 12 | (1) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | 3 | 231 | (1) | 0.0 (g) |
|  IQVIA Holdings, Inc. | — (h) | 52 | (2) | 0.0 (g) |
|  ITT, Inc. | 1 | 182 | 4 | 0.0 (g) |
|  Jabil, Inc. | 3 | 684 | 50 | 0.0 (g) |
|  Jacobs Solutions, Inc. | 1 | 171 | (9) | 0.0 (g) |
|  JB Hunt Transport Services, Inc. | 1 | 316 | (8) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 1 | 48 | 4 | 0.0 (g) |
|  Johnson Controls International plc | — (h) | 8 | — (h) | 0.0 (g) |
|  KBR, Inc. | 3 | 103 | (4) | 0.0 (g) |
|  KeyCorp. | 33 | 659 | 13 | 0.0 (g) |
|  Keysight Technologies, Inc. | — (h) | 107 | — (h) | 0.0 (g) |
|  Kimberly-Clark Corp. | 1 | 117 | (7) | 0.0 (g) |
|  Kimco Realty Corp. | 10 | 222 | (7) | 0.0 (g) |
|  Kirby Corp. | 1 | 80 | 4 | 0.0 (g) |
|  KLA Corp. | — (h) | 213 | 6 | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | — (h) | 40 | (9) | 0.0 (g) |
|  Labcorp Holdings, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Lam Research Corp. | — (h) | 36 | — (h) | 0.0 (g) |
|  Las Vegas Sands Corp. | 4 | 198 | — (h) | 0.0 (g) |
|  Lear Corp. | 1 | 71 | — (h) | 0.0 (g) |
|  Leidos Holdings, Inc. | 1 | 194 | (23) | 0.0 (g) |
|  Lennar Corp. | 1 | 98 | (4) | 0.0 (g) |
|  Levi Strauss & Co. | 1 | 16 | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | 2 | 175 | 1 | 0.0 (g) |
|  Lithia Motors, Inc. | — (h) | 27 | (2) | 0.0 (g) |
|  Lockheed Martin Corp. | — (h) | 31 | (3) | 0.0 (g) |
|  Louisiana-Pacific Corp. | 1 | 51 | (3) | 0.0 (g) |
|  Manhattan Associates, Inc. | — (h) | 13 | (1) | 0.0 (g) |
|  Marathon Petroleum Corp. | 2 | 447 | 59 | 0.0 (g) |
|  MasTec, Inc. | — (h) | 119 | 10 | 0.0 (g) |
|  McKesson Corp. | 1 | 636 | (52) | 0.0 (g) |
|  Meritage Homes Corp. | 3 | 220 | (19) | 0.0 (g) |
|  MetLife, Inc. | 5 | 353 | 6 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 186 | 2 | 0.0 (g) |
|  Microchip Technology, Inc. | 1 | 45 | 1 | 0.0 (g) |
|  Micron Technology, Inc. | — (h) | 83 | (16) | 0.0 (g) |
|  Microsoft Corp. | 1 | 551 | (52) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | 1 | 186 | (14) | 0.0 (g) |
|  MKS, Inc. | 1 | 302 | 16 | 0.0 (g) |
|  Molina Healthcare, Inc. | 1 | 184 | (16) | 0.0 (g) |
|  Monster Beverage Corp. | 10 | 788 | (34) | 0.0 (g) |
|  Moody's Corp. | — (h) | 76 | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Morgan Stanley | 2 | 359 | 16 | 0.0 (g) |
|  Motorola Solutions, Inc. | 1 | 677 | (33) | 0.0 (g) |
|  Mueller Industries, Inc. | — (h) | 30 | — (h) | 0.0 (g) |
|  National Fuel Gas Co. | 4 | 387 | 4 | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | 1 | 72 | 1 | 0.0 (g) |
|  Newmont Corp. | 6 | 639 | (21) | 0.0 (g) |
|  NNN REIT, Inc. | 2 | 113 | (9) | 0.0 (g) |
|  Nordson Corp. | 1 | 208 | (4) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 108 | (6) | 0.0 (g) |
|  Nucor Corp. | 1 | 167 | — (h) | 0.0 (g) |
|  NVIDIA Corp. | — (h) | 43 | 2 | 0.0 (g) |
|  NVR, Inc. | — (h) | 657 | (18) | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | — (h) | 41 | (6) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 25 | 2 | 0.0 (g) |
|  Otis Worldwide Corp. | 4 | 357 | (32) | 0.0 (g) |
|  Owens Corning | 3 | 269 | 2 | 0.0 (g) |
|  Parker-Hannifin Corp. | 1 | 952 | — (h) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 13 | (2) | 0.0 (g) |
|  Paylocity Holding Corp. | 1 | 63 | (4) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 5 | — (h) | 0.0 (g) |
|  PepsiCo., Inc. | 6 | 892 | (34) | 0.0 (g) |
|  Performance Food Group Co. | — (h) | 18 | — (h) | 0.0 (g) |
|  Pfizer, Inc. | 1 | 16 | 1 | 0.0 (g) |
|  PG&E Corp. | 4 | 79 | (1) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 53 | (3) | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | 1 | 80 | (1) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 2 | 190 | (1) | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 62 | — (h) | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 2 | 347 | 5 | 0.0 (g) |
|  Pool Corp. | 1 | 189 | (10) | 0.0 (g) |
|  Portland General Electric Co. | 3 | 148 | — (h) | 0.0 (g) |
|  Principal Financial Group, Inc. | 1 | 82 | — (h) | 0.0 (g) |
|  Procter & Gamble Co. (The) | 3 | 488 | (21) | 0.0 (g) |
|  Progressive Corp. (The) | 3 | 545 | (15) | 0.0 (g) |
|  Prudential Financial, Inc. | 5 | 474 | 9 | 0.0 (g) |
|  PTC Therapeutics, Inc. | 1 | 35 | — (h) | 0.0 (g) |
|  Pure Storage, Inc. | 3 | 174 | (11) | 0.0 (g) |
|  QUALCOMM, Inc. | 1 | 79 | (5) | 0.0 (g) |
|  Ralph Lauren Corp. | 1 | 314 | — (h) | 0.0 (g) |
|  RBC Bearings, Inc. | — (h) | 86 | (3) | 0.0 (g) |
|  Reddit, Inc. | — (h) | 64 | (2) | 0.0 (g) |
|  Regency Centers Corp. | 5 | 403 | (13) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | 61 | 3 | 0.0 (g) |
|  Regions Financial Corp. | 3 | 74 | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Reinsurance Group of America, Inc. | 1 | 152 | (2) | 0.0 (g) |
|  Reliance, Inc. | — (h) | 94 | — (h) | 0.0 (g) |
|  Revvity, Inc. | — (h) | 23 | (1) | 0.0 (g) |
|  Rithm Capital Corp. | 4 | 37 | (1) | 0.0 (g) |
|  Rockwell Automation, Inc. | — (h) | 136 | (1) | 0.0 (g) |
|  Roivant Sciences Ltd. | 12 | 344 | (21) | 0.0 (g) |
|  Ross Stores, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  RTX Corp. | 3 | 662 | (27) | 0.0 (g) |
|  Rubrik, Inc. | — (h) | 23 | (3) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 67 | (4) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 97 | (12) | 0.0 (g) |
|  Seagate Technology Holdings plc | — (h) | 88 | 4 | 0.0 (g) |
|  SEI Investments Co. | 3 | 244 | (7) | 0.0 (g) |
|  ServiceNow, Inc. | 3 | 404 | (58) | 0.0 (g) |
|  Simon Property Group, Inc. | — (h) | 25 | (1) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 5 | 102 | 7 | 0.0 (g) |
|  Skyworks Solutions, Inc. | 8 | 433 | (14) | 0.0 (g) |
|  SLB Ltd. | 5 | 216 | 19 | 0.0 (g) |
|  Snap, Inc. | 7 | 30 | 4 | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 3 | 227 | (17) | 0.0 (g) |
|  State Street Corp. | — (h) | 48 | 2 | 0.0 (g) |
|  Stifel Financial Corp. | 9 | 636 | 11 | 0.0 (g) |
|  Stryker Corp. | 5 | 1756 | (179) | 0.0 (g) |
|  Synchrony Financial | 2 | 107 | 1 | 0.0 (g) |
|  Sysco Corp. | 9 | 720 | (110) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | 2 | 372 | (30) | 0.0 (g) |
|  Tapestry, Inc. | 2 | 251 | (8) | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 40 | (2) | 0.0 (g) |
|  Tenet Healthcare Corp. | — (h) | 96 | (21) | 0.0 (g) |
|  Tetra Tech, Inc. | — (h) | 14 | (2) | 0.0 (g) |
|  Texas Instruments, Inc. | 1 | 101 | (1) | 0.0 (g) |
|  Texas Roadhouse, Inc. | — (h) | 24 | (1) | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 24 | (2) | 0.0 (g) |
|  TJX Cos., Inc. (The) | 1 | 191 | 5 | 0.0 (g) |
|  T-Mobile US, Inc. | 1 | 233 | 2 | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 67 | (2) | 0.0 (g) |
|  Toro Co. (The) | — (h) | 8 | — (h) | 0.0 (g) |
|  Trade Desk, Inc. (The) | — (h) | 4 | (1) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | — (h) | 116 | (4) | 0.0 (g) |
|  Trimble, Inc. | — (h) | 34 | (3) | 0.0 (g) |
|  Truist Financial Corp. | 1 | 26 | — (h) | 0.0 (g) |
|  TTM Technologies, Inc. | — (h) | 37 | — (h) | 0.0 (g) |
|  Twilio, Inc. | — (h) | 28 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 5 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Union Pacific Corp. | 1 | 225 | (7) | 0.0 (g) |
|  United Therapeutics Corp. | — (h) | 15 | 2 | 0.0 (g) |
|  UnitedHealth Group, Inc. | 1 | 237 | (11) | 0.0 (g) |
|  Universal Display Corp. | — (h) | 41 | (3) | 0.0 (g) |
|  Unum Group | 5 | 342 | — (h) | 0.0 (g) |
|  Urban Outfitters, Inc. | 1 | 41 | (1) | 0.0 (g) |
|  US Bancorp | 17 | 860 | (2) | 0.0 (g) |
|  Valero Energy Corp. | — (h) | 16 | 2 | 0.0 (g) |
|  Veeva Systems, Inc. | 3 | 597 | (61) | 0.0 (g) |
|  Ventas, Inc. | 1 | 78 | — (h) | 0.0 (g) |
|  Veralto Corp. | 4 | 389 | (21) | 0.0 (g) |
|  VeriSign, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 93 | (5) | 0.0 (g) |
|  Viatris, Inc. | 15 | 210 | (11) | 0.0 (g) |
|  VICI Properties, Inc. | 3 | 91 | (6) | 0.0 (g) |
|  Vistra Corp. | 1 | 182 | (15) | 0.0 (g) |
|  Voya Financial, Inc. | — (h) | 24 | — (h) | 0.0 (g) |
|  Vulcan Materials Co. | 1 | 232 | 1 | 0.0 (g) |
|  Waste Management, Inc. | — (h) | 120 | (7) | 0.0 (g) |
|  Wayfair, Inc. | 3 | 217 | (1) | 0.0 (g) |
|  WEC Energy Group, Inc. | 3 | 377 | 2 | 0.0 (g) |
|  Wells Fargo & Co. | 5 | 417 | 18 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | — (h) | 36 | 1 | 0.0 (g) |
|  Westlake Corp. | 1 | 120 | 12 | 0.0 (g) |
|  Woodward, Inc. | — (h) | 111 | (8) | 0.0 (g) |
|  WP Carey, Inc. | 1 | 68 | (3) | 0.0 (g) |
|  Wyndham Hotels & Resorts, Inc. | 4 | 314 | 21 | 0.0 (g) |
|  XPO, Inc. | 2 | 307 | — (h) | 0.0 (g) |
|  Xylem, Inc./NY | 2 | 221 | (5) | 0.0 (g) |
|  Zions Bancorp NA | 14 | 802 | 27 | 0.0 (g) |
|  Zoetis, Inc. | 1 | 92 | (3) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 121 | 5 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 82334 | (2071) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (749) | 940 | 0.1 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in AUD based on the local currencies of the positions within the swap | 09/02/2030 | 4382 | 16 | 81 | 97 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  ANZ Group Holdings Ltd. | (1) | (18) | 1 | 0.0 (g) |
|  ASX Ltd. | (2) | (76) | (3) | 0.0 (g) |
|  Brambles Ltd. | (2) | (36) | — (h) | 0.0 (g) |
|  Capricorn Metals Ltd. | (1) | (8) | — (h) | 0.0 (g) |
|  CAR Group Ltd. | (3) | (45) | 3 | 0.0 (g) |
|  Dexus | (1) | (5) | — (h) | 0.0 (g) |
|  Genesis Minerals Ltd. | (31) | (129) | 2 | 0.0 (g) |
|  Goodman Group | (2) | (43) | — (h) | 0.0 (g) |
|  Lynas Rare Earths Ltd. | (3) | (50) | 4 | 0.0 (g) |
|  Medibank Pvt Ltd. | (26) | (76) | (2) | 0.0 (g) |
|  Origin Energy Ltd. | (4) | (34) | (2) | 0.0 (g) |
|  Pilbara Minerals Ltd. | (3) | (10) | — (h) | 0.0 (g) |
|  Scentre Group | (13) | (33) | 2 | 0.0 (g) |
|  Sigma Healthcare Ltd. | (162) | (300) | 5 | 0.0 (g) |
|  Telstra Group Ltd. | (186) | (674) | (12) | 0.0 (g) |
|  Transurban Group | (1) | (13) | — (h) | 0.0 (g) |
|  Vicinity Ltd. | (47) | (76) | — (h) | 0.0 (g) |
|  Washington H Soul Pattinson & Co. Ltd. | (1) | (30) | (2) | 0.0 (g) |
|  Westpac Banking Corp. | (1) | (15) | 1 | 0.0 (g) |
|  WiseTech Global Ltd. | — (h) | (1) | — (h) | 0.0 (g) |
|  Woolworths Group Ltd. | (1) | (32) | — (h) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Cochlear Ltd. | — (h) | (2) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1706) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  AGL Energy Ltd. | 37 | 239 | 11 | 0.0 (g) |
|  Ampol Ltd. | 6 | 132 | 12 | 0.0 (g) |
|  Aristocrat Leisure Ltd. | 14 | 447 | 1 | 0.0 (g) |
|  Aurizon Holdings Ltd. | 36 | 99 | (1) | 0.0 (g) |
|  Coles Group Ltd. | 6 | 89 | 4 | 0.0 (g) |
|  Computershare Ltd. | 31 | 607 | (5) | 0.0 (g) |
|  Evolution Mining Ltd. | 55 | 496 | (18) | 0.0 (g) |
|  Fortescue Ltd. | 9 | 126 | 6 | 0.0 (g) |
|  GPT Group (The) | 60 | 190 | (3) | 0.0 (g) |
|  HUB24 Ltd. | 1 | 29 | — (h) | 0.0 (g) |
|  JB Hi-Fi Ltd. | 2 | 97 | (4) | 0.0 (g) |
|  Macquarie Group Ltd. | 1 | 188 | 7 | 0.0 (g) |
|  Mineral Resources Ltd. | 1 | 25 | — (h) | 0.0 (g) |
|  Mirvac Group | 248 | 311 | (7) | 0.0 (g) |
|  Orica Ltd. | 16 | 215 | 8 | 0.0 (g) |
|  Qantas Airways Ltd. | 56 | 329 | (7) | 0.0 (g) |
|  QBE Insurance Group Ltd. | 15 | 207 | 7 | 0.0 (g) |
|  REA Group Ltd. | 2 | 288 | (20) | 0.0 (g) |
|  Regis Resources Ltd. | 15 | 68 | 3 | 0.0 (g) |
|  Rio Tinto Ltd. | 2 | 231 | 10 | 0.0 (g) |
|  Sandfire Resources Ltd. | 17 | 197 | (6) | 0.0 (g) |
|  Santos Ltd. | 50 | 265 | 9 | 0.0 (g) |
|  Sonic Healthcare Ltd. | 22 | 320 | (7) | 0.0 (g) |
|  South32 Ltd. | 16 | 45 | 1 | 0.0 (g) |
|  Suncorp Group Ltd. | 9 | 92 | 3 | 0.0 (g) |
|  Technology One Ltd. | 18 | 327 | 14 | 0.0 (g) |
|  Treasury Wine Estates Ltd. | 8 | 20 | (1) | 0.0 (g) |
|  Wesfarmers Ltd. | 3 | 131 | (4) | 0.0 (g) |
|  Westgold Resources Ltd. | 3 | 10 | — (h) | 0.0 (g) |
|  Woodside Energy Group Ltd. | 2 | 53 | 6 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  CSL Ltd. | 2 | 210 | — (h) | 0.0 (g) |
|  **New Zealand** |  |  |  |  |
|  Xero Ltd. | — (h) | 5 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 6088 | 19 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 4382 | 16 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 2.27% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in CAD based on the local currencies of the positions within the swap | 09/11/2030 | 1053 | (172) | 33 | (139) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Bombardier, Inc. | — (h) | (27) | — (h) | 0.0 (g) |
|  BRP, Inc. | (1) | (61) | (8) | 0.0 (g) |
|  Canadian Utilities Ltd. | (2) | (75) | — (h) | 0.0 (g) |
|  Cenovus Energy, Inc. | (31) | (712) | (110) | 0.0 (g) |
|  G Mining Ventures Corp. | (5) | (164) | 1 | 0.0 (g) |
|  Gildan Activewear, Inc. | — (h) | (1) | — (h) | 0.0 (g) |
|  Hydro One Ltd. | (12) | (534) | 24 | 0.0 (g) |
|  iA Financial Corp., Inc. | (1) | (97) | (3) | 0.0 (g) |
|  Methanex Corp. | (1) | (35) | (7) | 0.0 (g) |
|  Novagold Resources, Inc. | (2) | (23) | 2 | 0.0 (g) |
|  Nutrien Ltd. | (4) | (340) | 5 | 0.0 (g) |
|  Torex Gold Resources, Inc. | (1) | (48) | 1 | 0.0 (g) |
|  West Fraser Timber Co. Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Whitecap Resources, Inc. | (13) | (136) | (13) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Brookfield Asset Management Ltd. | (8) | (365) | (12) | 0.0 (g) |
|  Energy Fuels, Inc. | (1) | (12) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2636) | (120) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Canada** |  |  |  |  |
|  Agnico Eagle Mines Ltd. | 2 | 483 | (8) | 0.0 (g) |
|  Air Canada | 10 | 122 | 8 | 0.0 (g) |
|  B2Gold Corp. | 36 | 170 | (8) | 0.0 (g) |
|  Barrick Mining Corp. | 19 | 799 | (28) | 0.0 (g) |
|  Canadian Apartment Properties REIT | 10 | 251 | (3) | 0.0 (g) |
|  Canadian Pacific Kansas City Ltd. | 1 | 82 | (2) | 0.0 (g) |
|  CCL Industries, Inc. | 1 | 63 | 1 | 0.0 (g) |
|  CGI, Inc. | — (h) | 6 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Colliers International Group, Inc. | — (h) | 12 | — (h) | 0.0 (g) |
|  Finning International, Inc. | — (h) | 30 | (1) | 0.0 (g) |
|  First Quantum Minerals Ltd. | — (h) | 6 | — (h) | 0.0 (g) |
|  Hudbay Minerals, Inc. | 33 | 683 | 5 | 0.0 (g) |
|  Kinross Gold Corp. | 1 | 32 | — (h) | 0.0 (g) |
|  Loblaw Cos. Ltd. | 3 | 119 | (2) | 0.0 (g) |
|  Lundin Gold, Inc. | — (h) | 20 | (1) | 0.0 (g) |
|  Pan American Silver Corp. | 8 | 435 | (6) | 0.0 (g) |
|  RioCan Real Estate Investment Trust | 9 | 126 | (3) | 0.0 (g) |
|  Stantec, Inc. | 3 | 236 | (4) | 0.0 (g) |
|  TransAlta Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  Wheaton Precious Metals Corp. | — (h) | 9 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 3689 | (52) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 1053 | (172) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SARON on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.26%) which is denominated in CHF based on the local currencies of the positions within the swap | 09/02/2030 | (110) | (134) | 53 | (81) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  Alcon AG | (2) | (126) | 4 | 0.0 (g) |
|  Avolta AG | — (h) | (7) | — (h) | 0.0 (g) |
|  Banque Cantonale Vaudoise | — (h) | (6) | — (h) | 0.0 (g) |
|  Belimo Holding AG | — (h) | (39) | 3 | 0.0 (g) |
|  Galderma Group AG | (1) | (96) | (5) | 0.0 (g) |
|  Geberit AG | — (h) | (247) | 7 | 0.0 (g) |
|  Givaudan SA | — (h) | (95) | 4 | 0.0 (g) |
|  Helvetia Holding AG | — (h) | (72) | (4) | 0.0 (g) |
|  Kuehne + Nagel International AG | — (h) | (53) | (2) | 0.0 (g) |
|  Novartis AG | (4) | (542) | (8) | 0.0 (g) |
|  Partners Group Holding AG | — (h) | (59) | (3) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Straumann Holding AG | (1) | (52) | (1) | 0.0 (g) |
|  Swiss Life Holding AG | — (h) | (504) | (22) | 0.0 (g) |
|  Swiss Prime Site AG | (2) | (371) | 12 | 0.0 (g) |
|  Swiss Re AG | (2) | (252) | (4) | 0.0 (g) |
|  Swisscom AG | — (h) | (429) | 27 | 0.0 (g) |
|  VAT Group AG | — (h) | (24) | 1 | 0.0 (g) |
|  Zurich Insurance Group AG | (2) | (1328) | (32) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (4302) | (23) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Switzerland** |  |  |  |  |
|  ABB Ltd. | 19 | 1606 | (73) | 0.0 (g) |
|  Accelleron Industries AG | 1 | 56 | (4) | 0.0 (g) |
|  Barry Callebaut AG | — (h) | 5 | — (h) | 0.0 (g) |
|  Chocoladefabriken Lindt & Spruengli AG | — (h) | 522 | 11 | 0.0 (g) |
|  Cie Financiere Richemont SA | — (h) | 20 | — (h) | 0.0 (g) |
|  EMS-Chemie Holding AG | — (h) | 45 | — (h) | 0.0 (g) |
|  Flughafen Zurich AG | — (h) | 41 | 1 | 0.0 (g) |
|  Holcim AG | 2 | 120 | 3 | 0.0 (g) |
|  Julius Baer Group Ltd. | 1 | 57 | (1) | 0.0 (g) |
|  Logitech International SA | 8 | 754 | (20) | 0.0 (g) |
|  Lonza Group AG | — (h) | 95 | 4 | 0.0 (g) |
|  PSP Swiss Property AG | — (h) | 24 | — (h) | 0.0 (g) |
|  Schindler Holding AG | 1 | 398 | (13) | 0.0 (g) |
|  SGS SA | — (h) | 39 | (2) | 0.0 (g) |
|  SIG Group AG | 2 | 24 | 1 | 0.0 (g) |
|  Sika AG | — (h) | 5 | — (h) | 0.0 (g) |
|  Sonova Holding AG | 1 | 283 | (14) | 0.0 (g) |
|  Sunrise Communications AG | — (h) | 25 | — (h) | 0.0 (g) |
|  Swissquote Group Holding SA | — (h) | 37 | (1) | 0.0 (g) |
|  Temenos AG | — (h) | 36 | (3) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 4192 | (111) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (110) | (134) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day DESTR on long positions and short positions respectively, plus or minus spread (rates range from -0.05% to 0.25%) which is denominated in DKK based on the local currencies of the positions within the swap | 09/02/2030 | 398 | 5 | 47 | 52 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  Carlsberg A/S | (1) | (135) | 13 | 0.0 (g) |
|  Coloplast A/S | (4) | (269) | 10 | 0.0 (g) |
|  Danske Bank A/S | (4) | (178) | 5 | 0.0 (g) |
|  Demant A/S | (1) | (34) | (2) | 0.0 (g) |
|  DSV A/S | (1) | (260) | 11 | 0.0 (g) |
|  NKT A/S | — (h) | (48) | (3) | 0.0 (g) |
|  Novo Nordisk A/S | (5) | (199) | 14 | 0.0 (g) |
|  Novonesis Novozymes B | (1) | (65) | (5) | 0.0 (g) |
|  Orsted A/S | (2) | (38) | (2) | 0.0 (g) |
|  ROCKWOOL A/S | (4) | (119) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (1345) | 42 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Denmark** |  |  |  |  |
|  AP Moller - Maersk A/S | — (h) | 976 | (73) | 0.0 (g) |
|  Genmab A/S | — (h) | 26 | — (h) | 0.0 (g) |
|  Tryg A/S | 22 | 529 | (3) | 0.0 (g) |
|  Vestas Wind Systems A/S | 8 | 186 | 38 | 0.0 (g) |
|  Zealand Pharma A/S | 1 | 26 | 1 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1743 | (37) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 398 | 5 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day €STER on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.26%) which is denominated in EUR based on the local currencies of the positions within the swap | 09/02/2030 | (913) | 371 | 133 | 504 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  OMV AG | (1) | (102) | (6) | 0.0 (g) |
|  Raiffeisen Bank International AG | (1) | (24) | 1 | 0.0 (g) |
|  Verbund AG | (1) | (52) | 1 | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Aedifica SA | — (h) | (22) | — (h) | 0.0 (g) |
|  Anheuser-Busch InBev SA | (14) | (1023) | 63 | 0.0 (g) |
|  D'ieteren Group | (1) | (284) | 21 | 0.0 (g) |
|  Elia Group SA | (1) | (206) | (2) | 0.0 (g) |
|  KBC Group NV | (3) | (359) | 5 | 0.0 (g) |
|  Lotus Bakeries NV | — (h) | (35) | 2 | 0.0 (g) |
|  Syensqo SA | (1) | (64) | (7) | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Fortum OYJ | (7) | (167) | (6) | 0.0 (g) |
|  Kesko OYJ | (11) | (252) | 10 | 0.0 (g) |
|  Orion OYJ | — (h) | (21) | — (h) | 0.0 (g) |
|  Stora Enso OYJ | (5) | (57) | 1 | 0.0 (g) |
|  UPM-Kymmene OYJ | — (h) | (12) | — (h) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Aeroports de Paris SA | (2) | (193) | (2) | 0.0 (g) |
|  Air France-KLM | — (h) | (4) | — (h) | 0.0 (g) |
|  Airbus SE | (5) | (1024) | 51 | 0.0 (g) |
|  Alstom SA | (1) | (21) | (1) | 0.0 (g) |
|  Amundi SA | (1) | (69) | — (h) | 0.0 (g) |
|  Arkema SA | (1) | (36) | (1) | 0.0 (g) |
|  Bollore SE | (70) | (359) | (35) | 0.0 (g) |
|  Bouygues SA | (5) | (282) | 4 | 0.0 (g) |
|  Carrefour SA | (13) | (233) | (3) | 0.0 (g) |
|  Cie de Saint-Gobain SA | (2) | (206) | 4 | 0.0 (g) |
|  Cie Generale des Etablissements Michelin SCA | (26) | (886) | 8 | 0.0 (g) |
|  Dassault Aviation SA | (2) | (840) | 65 | 0.0 (g) |
|  Dassault Systemes SE | (2) | (39) | 2 | 0.0 (g) |
|  Edenred SE | (5) | (107) | 6 | 0.0 (g) |
|  Eiffage SA | — (h) | (21) | 1 | 0.0 (g) |
|  Gaztransport Et Technigaz SA | (1) | (137) | (3) | 0.0 (g) |
|  Getlink SE | (17) | (350) | (14) | 0.0 (g) |
|  Hermes International SCA | — (h) | (939) | 93 | 0.0 (g) |
|  Kering SA | — (h) | (43) | — (h) | 0.0 (g) |
|  Orange SA | (54) | (1090) | (16) | 0.0 (g) |
|  Pernod Ricard SA | (2) | (189) | 9 | 0.0 (g) |
|  Renault SA | (6) | (194) | (6) | 0.0 (g) |
|  Rexel SA | (4) | (150) | (1) | 0.0 (g) |
|  Sartorius Stedim Biotech | — (h) | (87) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Schneider Electric SE | (3) | (906) | 72 | 0.0 (g) |
|  SCOR SE | (9) | (315) | (1) | 0.0 (g) |
|  Teleperformance SE | (1) | (85) | 1 | 0.0 (g) |
|  TotalEnergies SE | (37) | (3100) | (364) | 0.0 (g) |
|  Unibail-Rodamco-Westfield | (6) | (630) | 6 | 0.0 (g) |
|  Veolia Environnement SA | (11) | (410) | (3) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  AIXTRON SE | (4) | (147) | 4 | 0.0 (g) |
|  Bayer AG | (24) | (1132) | 20 | 0.0 (g) |
|  Bayerische Motoren Werke AG | (2) | (190) | 3 | 0.0 (g) |
|  Beiersdorf AG | (5) | (471) | (1) | 0.0 (g) |
|  Brenntag SE | (2) | (101) | (19) | 0.0 (g) |
|  CTS Eventim AG & Co. KGaA | — (h) | (25) | 7 | 0.0 (g) |
|  Daimler Truck Holding AG | (15) | (745) | 15 | 0.0 (g) |
|  Deutsche Lufthansa AG | (22) | (197) | 12 | 0.0 (g) |
|  Hannover Rueck SE | (3) | (764) | (13) | 0.0 (g) |
|  Hensoldt AG | — (h) | (21) | 2 | 0.0 (g) |
|  Infineon Technologies AG | (18) | (811) | 15 | 0.0 (g) |
|  Merck KGaA | (1) | (79) | — (h) | 0.0 (g) |
|  MTU Aero Engines AG | — (h) | (15) | 1 | 0.0 (g) |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | (1) | (509) | (19) | 0.0 (g) |
|  Porsche Automobil Holding SE | (12) | (448) | 12 | 0.0 (g) |
|  Puma SE | (3) | (85) | 1 | 0.0 (g) |
|  RENK Group AG | — (h) | (10) | 1 | 0.0 (g) |
|  Rheinmetall AG | (1) | (1568) | 174 | 0.0 (g) |
|  SAP SE | (2) | (412) | 46 | 0.0 (g) |
|  Sartorius AG | — (h) | (29) | — (h) | 0.0 (g) |
|  Siemens Healthineers AG | (29) | (1262) | 48 | 0.0 (g) |
|  Talanx AG | — (h) | (47) | — (h) | 0.0 (g) |
|  thyssenkrupp AG | (18) | (163) | 7 | 0.0 (g) |
|  Volkswagen AG | (9) | (911) | 17 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AIB Group plc | (26) | (262) | (3) | 0.0 (g) |
|  Bank of Ireland Group plc | (2) | (36) | — (h) | 0.0 (g) |
|  Kingspan Group plc | (1) | (80) | (1) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  A2A SpA | (11) | (32) | — (h) | 0.0 (g) |
|  Banca Monte dei Paschi di Siena SpA | (53) | (436) | (22) | 0.0 (g) |
|  BPER Banca SPA | (15) | (186) | (3) | 0.0 (g) |
|  Buzzi SpA | (3) | (135) | (3) | 0.0 (g) |
|  Enel SpA | (5) | (53) | (1) | 0.0 (g) |
|  Ferrari NV | — (h) | (47) | — (h) | 0.0 (g) |
|  FinecoBank Banca Fineco SpA | (10) | (209) | (2) | 0.0 (g) |
|  Lottomatica Group Spa | (2) | (50) | — (h) | 0.0 (g) |
|  Moncler SpA | (2) | (112) | 3 | 0.0 (g) |
|  Terna - Rete Elettrica Nazionale | (7) | (79) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Luxembourg** |  |  |  |  |
|  ArcelorMittal SA | (8) | (419) | 10 | 0.0 (g) |
|  CVC Capital Partners plc | (10) | (133) | (1) | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ABN AMRO Bank NV | (6) | (185) | (1) | 0.0 (g) |
|  Adyen NV | — (h) | (476) | 16 | 0.0 (g) |
|  Aegon Ltd. | (4) | (28) | (1) | 0.0 (g) |
|  Akzo Nobel NV | (2) | (102) | 5 | 0.0 (g) |
|  Argenx SE | (1) | (400) | (3) | 0.0 (g) |
|  EXOR NV | (3) | (253) | 10 | 0.0 (g) |
|  Ferrovial SE | (8) | (535) | 3 | 0.0 (g) |
|  Heineken Holding NV | (1) | (51) | 4 | 0.0 (g) |
|  Heineken NV | (2) | (140) | 5 | 0.0 (g) |
|  IMCD NV | — (h) | (18) | (4) | 0.0 (g) |
|  Prosus NV | (3) | (141) | 23 | 0.0 (g) |
|  Randstad NV | (5) | (143) | 18 | 0.0 (g) |
|  Stellantis NV | (17) | (111) | (7) | 0.0 (g) |
|  Universal Music Group NV | (55) | (1068) | 19 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  Banco Comercial Portugues SA | (16) | (14) | (1) | 0.0 (g) |
|  Jeronimo Martins SGPS SA | (6) | (153) | 13 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  Aena SME SA | (4) | (123) | — (h) | 0.0 (g) |
|  Amadeus IT Group SA | (4) | (261) | 14 | 0.0 (g) |
|  Cellnex Telecom SA | — (h) | (11) | — (h) | 0.0 (g) |
|  EDP Renovaveis SA | (1) | (15) | — (h) | 0.0 (g) |
|  Endesa SA | (1) | (21) | (1) | 0.0 (g) |
|  Grifols SA | (2) | (17) | 1 | 0.0 (g) |
|  Mapfre SA | (76) | (324) | (12) | 0.0 (g) |
|  Merlin Properties Socimi SA | (7) | (113) | (1) | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  STMicroelectronics NV | (3) | (92) | (2) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (32831) | 364 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Austria** |  |  |  |  |
|  voestalpine AG | 1 | 32 | (1) | 0.0 (g) |
|  **Belgium** |  |  |  |  |
|  Ageas SA | 5 | 351 | 16 | 0.0 (g) |
|  Financiere de Tubize SA | — (h) | 74 | (1) | 0.0 (g) |
|  Groupe Bruxelles Lambert NV | 1 | 112 | (1) | 0.0 (g) |
|  Sofina SA | — (h) | 26 | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Finland** |  |  |  |  |
|  Elisa OYJ | 1 | 28 | — (h) | 0.0 (g) |
|  Kone OYJ | 3 | 192 | (5) | 0.0 (g) |
|  Neste OYJ | 7 | 210 | 6 | 0.0 (g) |
|  Nokia OYJ | 67 | 576 | (53) | 0.0 (g) |
|  Sampo OYJ | 5 | 56 | (2) | 0.0 (g) |
|  Wartsila OYJ Abp | 2 | 59 | 1 | 0.0 (g) |
|  **France** |  |  |  |  |
|  Accor SA | 6 | 290 | (3) | 0.0 (g) |
|  Air Liquide SA | 6 | 1255 | 41 | 0.0 (g) |
|  AXA SA | 43 | 1893 | 39 | 0.0 (g) |
|  Ayvens SA | 3 | 28 | 1 | 0.0 (g) |
|  BioMerieux | — (h) | 41 | (1) | 0.0 (g) |
|  BNP Paribas SA | 7 | 683 | (31) | 0.0 (g) |
|  Bureau Veritas SA | 15 | 466 | (33) | 0.0 (g) |
|  Capgemini SE | 2 | 198 | (9) | 0.0 (g) |
|  Covivio SA | 1 | 98 | (11) | 0.0 (g) |
|  Danone SA | 4 | 349 | 8 | 0.0 (g) |
|  EssilorLuxottica SA | — (h) | 40 | — (h) | 0.0 (g) |
|  Gecina SA | 2 | 127 | (3) | 0.0 (g) |
|  Ipsen SA | 3 | 490 | 22 | 0.0 (g) |
|  Klepierre SA | 13 | 502 | (8) | 0.0 (g) |
|  Legrand SA | 2 | 281 | (10) | 0.0 (g) |
|  L'Oreal SA | 2 | 1005 | (5) | 0.0 (g) |
|  LVMH Moet Hennessy Louis Vuitton SE | 1 | 295 | (10) | 0.0 (g) |
|  Nexans SA | — (h) | 62 | (2) | 0.0 (g) |
|  Publicis Groupe SA | 10 | 858 | (51) | 0.0 (g) |
|  Safran SA | 7 | 2567 | (201) | 0.0 (g) |
|  Sanofi SA | 13 | 1178 | 89 | 0.0 (g) |
|  Societe Generale SA | 3 | 202 | (9) | 0.0 (g) |
|  SPIE SA | 1 | 70 | (5) | 0.0 (g) |
|  Thales SA | 1 | 199 | 2 | 0.0 (g) |
|  Valeo SE | 11 | 129 | 2 | 0.0 (g) |
|  Vinci SA | 5 | 799 | (6) | 0.0 (g) |
|  **Germany** |  |  |  |  |
|  adidas AG | 1 | 129 | (1) | 0.0 (g) |
|  Allianz SE | — (h) | 143 | — (h) | 0.0 (g) |
|  BASF SE | 13 | 705 | 60 | 0.0 (g) |
|  Continental AG | 1 | 86 | (4) | 0.0 (g) |
|  Deutsche Bank AG | 17 | 511 | (12) | 0.0 (g) |
|  Deutsche Telekom AG | 32 | 1220 | (36) | 0.0 (g) |
|  E.ON SE | 17 | 390 | (14) | 0.0 (g) |
|  Fresenius Medical Care AG | 2 | 73 | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  GEA Group AG | 3 | 242 | (7) | 0.0 (g) |
|  Heidelberg Materials AG | 1 | 143 | 11 | 0.0 (g) |
|  Henkel AG & Co. KGaA | — (h) | 22 | (1) | 0.0 (g) |
|  KION Group AG | 1 | 60 | — (h) | 0.0 (g) |
|  Knorr-Bremse AG | 1 | 121 | (2) | 0.0 (g) |
|  LEG Immobilien SE | 1 | 94 | (5) | 0.0 (g) |
|  Nemetschek SE | 5 | 410 | (35) | 0.0 (g) |
|  Nordex SE | 2 | 110 | 5 | 0.0 (g) |
|  RWE AG | 4 | 276 | 2 | 0.0 (g) |
|  Scout24 SE | — (h) | 4 | — (h) | 0.0 (g) |
|  Siemens AG | 2 | 601 | (34) | 0.0 (g) |
|  Siemens Energy AG | — (h) | 19 | (1) | 0.0 (g) |
|  Vonovia SE | 7 | 206 | (26) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Kerry Group plc | 2 | 161 | (1) | 0.0 (g) |
|  **Italy** |  |  |  |  |
|  Amplifon SpA | 20 | 208 | 9 | 0.0 (g) |
|  Azimut Holding SpA | — (h) | 13 | — (h) | 0.0 (g) |
|  Banca Mediolanum SpA | 8 | 164 | 6 | 0.0 (g) |
|  Eni SpA | 53 | 1388 | 143 | 0.0 (g) |
|  Generali | 1 | 25 | — (h) | 0.0 (g) |
|  Intesa Sanpaolo SpA | 81 | 476 | 4 | 0.0 (g) |
|  Italgas SpA | — (h) | 2 | — (h) | 0.0 (g) |
|  Poste Italiane SpA | 1 | 20 | (1) | 0.0 (g) |
|  Prysmian SpA | — (h) | 10 | — (h) | 0.0 (g) |
|  Recordati Industria Chimica e Farmaceutica SpA | 2 | 123 | 11 | 0.0 (g) |
|  Saipem SpA | 4 | 16 | 2 | 0.0 (g) |
|  Snam SpA | 7 | 53 | — (h) | 0.0 (g) |
|  Unipol Assicurazioni SpA | 1 | 19 | — (h) | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Eurofins Scientific SE | 1 | 72 | 2 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  ASM International NV | — (h) | 327 | (21) | 0.0 (g) |
|  ASML Holding NV | — (h) | 285 | (19) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  ASR Nederland NV | 4 | 276 | 5 | 0.0 (g) |
|  BE Semiconductor Industries NV | 1 | 132 | (3) | 0.0 (g) |
|  Koninklijke Ahold Delhaize NV | 7 | 344 | (1) | 0.0 (g) |
|  Koninklijke KPN NV | 16 | 90 | (1) | 0.0 (g) |
|  Koninklijke Philips NV | 8 | 214 | (10) | 0.0 (g) |
|  NN Group NV | — (h) | 16 | — (h) | 0.0 (g) |
|  QIAGEN NV | 1 | 39 | (1) | 0.0 (g) |
|  Wolters Kluwer NV | 2 | 135 | 2 | 0.0 (g) |
|  **Portugal** |  |  |  |  |
|  EDP SA | 159 | 803 | 27 | 0.0 (g) |
|  Galp Energia SGPS SA | 16 | 375 | 6 | 0.0 (g) |
|  **Spain** |  |  |  |  |
|  ACS Actividades de Construccion y Servicios SA | 3 | 371 | (3) | 0.0 (g) |
|  Banco Santander SA | 54 | 592 | (1) | 0.0 (g) |
|  Bankinter SA | 13 | 202 | 4 | 0.0 (g) |
|  CaixaBank SA | 33 | 372 | 12 | 0.0 (g) |
|  Enagas SA | 25 | 433 | 60 | 0.0 (g) |
|  Iberdrola SA | 6 | 128 | — (h) | 0.0 (g) |
|  Naturgy Energy Group SA | 17 | 494 | 6 | 0.0 (g) |
|  Telefonica SA | 296 | 1222 | 77 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  DSM-Firmenich AG | 14 | 932 | 30 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 31918 | 7 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (913) | 371 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION /<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day SONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in GBP based on the local currencies of the positions within the swap | 09/02/2030 | 6556 | (95) | 134 | 39 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  Greatland Resources Ltd. | (9) | (68) | 1 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Hiscox Ltd. | (1) | (10) | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Experian plc | (9) | (308) | 15 | 0.0 (g) |
|  **Mexico** |  |  |  |  |
|  Fresnillo plc | (7) | (318) | 11 | 0.0 (g) |
|  **Peru** |  |  |  |  |
|  Hochschild Mining plc | (4) | (34) | 2 | 0.0 (g) |
|  **South Africa** |  |  |  |  |
|  Pan African Resources plc | (5) | (10) | 1 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Glencore plc | (28) | (190) | (18) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  3i Group plc | (1) | (32) | 5 | 0.0 (g) |
|  Associated British Foods plc | — (h) | (4) | — (h) | 0.0 (g) |
|  AstraZeneca plc | (1) | (103) | (2) | 0.0 (g) |
|  Auto Trader Group plc | (16) | (102) | 3 | 0.0 (g) |
|  Barratt Redrow plc | (9) | (35) | 3 | 0.0 (g) |
|  Berkeley Group Holdings plc | (1) | (42) | 3 | 0.0 (g) |
|  British American Tobacco plc | (19) | (1163) | 51 | 0.0 (g) |
|  Bunzl plc | (4) | (119) | (1) | 0.0 (g) |
|  Convatec Group plc | (15) | (46) | 4 | 0.0 (g) |
|  Croda International plc | (4) | (132) | (10) | 0.0 (g) |
|  Diageo plc | (6) | (111) | 4 | 0.0 (g) |
|  easyJet plc | (4) | (21) | 1 | 0.0 (g) |
|  Games Workshop Group plc | — (h) | (85) | (3) | 0.0 (g) |
|  GSK plc | (9) | (235) | (4) | 0.0 (g) |
|  Haleon plc | (86) | (441) | 14 | 0.0 (g) |
|  Hikma Pharmaceuticals plc | (4) | (71) | — (h) | 0.0 (g) |
|  Howden Joinery Group plc | (2) | (26) | 1 | 0.0 (g) |
|  International Consolidated Airlines Group SA | (5) | (23) | — (h) | 0.0 (g) |
|  JD Sports Fashion plc | (86) | (80) | — (h) | 0.0 (g) |
|  Land Securities Group plc | (12) | (96) | 6 | 0.0 (g) |
|  LondonMetric Property plc | (22) | (52) | — (h) | 0.0 (g) |
|  Marks & Spencer Group plc | (54) | (256) | 15 | 0.0 (g) |
|  Melrose Industries plc | (13) | (89) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Persimmon plc | (7) | (116) | 12 | 0.0 (g) |
|  Primary Health Properties plc | (63) | (85) | 9 | 0.0 (g) |
|  RELX plc | (2) | (58) | 2 | 0.0 (g) |
|  Rentokil Initial plc | (67) | (425) | 11 | 0.0 (g) |
|  Rio Tinto plc | — (h) | (37) | (1) | 0.0 (g) |
|  Segro plc | (9) | (90) | 11 | 0.0 (g) |
|  Severn Trent plc | — (h) | (6) | — (h) | 0.0 (g) |
|  Spirax Group plc | — (h) | (36) | — (h) | 0.0 (g) |
|  SSE plc | (12) | (422) | 11 | 0.0 (g) |
|  UNITE Group plc (The) | (27) | (172) | 10 | 0.0 (g) |
|  Weir Group plc (The) | (1) | (21) | — (h) | 0.0 (g) |
|  Whitbread plc | (2) | (67) | 2 | 0.0 (g) |
|  Wise plc | (2) | (28) | (1) | 0.0 (g) |
|  WPP plc | (18) | (56) | 1 | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Sunbelt Rentals Holdings, Inc. | (1) | (73) | 9 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (5994) | 179 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Chile** |  |  |  |  |
|  Antofagasta plc | 7 | 331 | (18) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Admiral Group plc | 6 | 267 | (9) | 0.0 (g) |
|  Airtel Africa plc | 8 | 36 | (2) | 0.0 (g) |
|  Anglo American plc | 2 | 94 | 2 | 0.0 (g) |
|  Aviva plc | 38 | 323 | (20) | 0.0 (g) |
|  Babcock International Group plc | 18 | 326 | (49) | 0.0 (g) |
|  BAE Systems plc | 8 | 253 | (13) | 0.0 (g) |
|  Barclays plc | 327 | 1667 | 17 | 0.0 (g) |
|  Bellway plc | 2 | 62 | (9) | 0.0 (g) |
|  BP plc | 49 | 348 | 42 | 0.0 (g) |
|  British Land Co. plc/The | 5 | 25 | (1) | 0.0 (g) |
|  Burberry Group plc | — (h) | 4 | — (h) | 0.0 (g) |
|  Compass Group plc | 25 | 750 | (60) | 0.0 (g) |
|  Diploma plc | 1 | 93 | 18 | 0.0 (g) |
|  Endeavour Mining plc | 1 | 75 | (1) | 0.0 (g) |
|  Entain plc | 11 | 75 | 4 | 0.0 (g) |
|  Halma plc | — (h) | 13 | — (h) | 0.0 (g) |
|  HSBC Holdings plc | 33 | 520 | 11 | 0.0 (g) |
|  IG Group Holdings plc | 10 | 172 | 10 | 0.0 (g) |
|  IMI plc | 2 | 81 | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Imperial Brands plc | 18 | 755 | (34) | 0.0 (g) |
|  Informa plc | 4 | 43 | (1) | 0.0 (g) |
|  Intertek Group plc | 5 | 242 | 1 | 0.0 (g) |
|  J Sainsbury plc | 117 | 539 | (15) | 0.0 (g) |
|  Johnson Matthey plc | 2 | 48 | — (h) | 0.0 (g) |
|  Kingfisher plc | 13 | 54 | (5) | 0.0 (g) |
|  Legal & General Group plc | 82 | 270 | (2) | 0.0 (g) |
|  Lloyds Banking Group plc | 424 | 535 | (16) | 0.0 (g) |
|  London Stock Exchange Group plc | 4 | 407 | 5 | 0.0 (g) |
|  M&G plc | 60 | 237 | (20) | 0.0 (g) |
|  NatWest Group plc | 102 | 758 | (11) | 0.0 (g) |
|  Next plc | 1 | 113 | (1) | 0.0 (g) |
|  Pearson plc | 47 | 622 | (1) | 0.0 (g) |
|  Phoenix Group Holdings plc | 6 | 56 | (1) | 0.0 (g) |
|  Reckitt Benckiser Group plc | 4 | 324 | (23) | 0.0 (g) |
|  Sage Group plc (The) | 22 | 241 | (2) | 0.0 (g) |
|  Shell plc | 1 | 47 | 2 | 0.0 (g) |
|  Smith & Nephew plc | 13 | 209 | (10) | 0.0 (g) |
|  Smiths Group plc | 5 | 165 | (8) | 0.0 (g) |
|  St James's Place plc | 2 | 27 | (3) | 0.0 (g) |
|  Standard Chartered plc | 7 | 137 | — (h) | 0.0 (g) |
|  Taylor Wimpey plc | 469 | 589 | (38) | 0.0 (g) |
|  Tesco plc | 44 | 286 | (8) | 0.0 (g) |
|  Tritax Big Box REIT plc | 20 | 40 | (3) | 0.0 (g) |
|  United Utilities Group plc | 5 | 90 | (3) | 0.0 (g) |
|  Vodafone Group plc | 8 | 12 | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  Carnival plc | 8 | 189 | 5 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 12550 | (274) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 6556 | (95) | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION<br>DATE** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION /<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **NET CASH<br>AND OTHER<br>RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE<br>($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day HONIA on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in HKD based on the local currencies of the positions within the swap | 09/03/2029 | 72 | (5) | 2 | (3) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (2) | (11) | — (h) | 0.0 (g) |
|  CK Infrastructure Holdings Ltd. | (8) | (65) | 1 | 0.0 (g) |
|  CLP Holdings Ltd. | (4) | (33) | — (h) | 0.0 (g) |
|  Cowell e Holdings, Inc. | (3) | (10) | — (h) | 0.0 (g) |
|  Henderson Land Development Co. Ltd. | (29) | (115) | 8 | 0.0 (g) |
|  HKT Trust & HKT Ltd. | (12) | (19) | — (h) | 0.0 (g) |
|  Hong Kong & China Gas Co. Ltd. | (121) | (113) | 4 | 0.0 (g) |
|  Sino Land Co. Ltd. | (16) | (23) | — (h) | 0.0 (g) |
|  Sun Hung Kai Properties Ltd. | (5) | (85) | 2 | 0.0 (g) |
|  Wharf Holdings Ltd. (The) | (3) | (9) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (483) | 16 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  CK Asset Holdings Ltd. | 2 | 12 | — (h) | 0.0 (g) |
|  CK Hutchison Holdings Ltd. | 23 | 171 | — (h) | 0.0 (g) |
|  Galaxy Entertainment Group Ltd. | 22 | 102 | (4) | 0.0 (g) |
|  Link REIT | 2 | 7 | — (h) | 0.0 (g) |
|  SITC International Holdings Co. Ltd. | 3 | 13 | — (h) | 0.0 (g) |
|  Techtronic Industries Co. Ltd. | 1 | 7 | (1) | 0.0 (g) |
|  WH Group Ltd. | 8 | 11 | — (h) | 0.0 (g) |
|  **Macau** |  |  |  |  |
|  Sands China Ltd. | 70 | 149 | (2) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  ASMPT Ltd. | 2 | 21 | (2) | 0.0 (g) |
|  Mobvista, Inc. | 30 | 62 | (12) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 555 | (21) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 72 | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.4%) which is denominated in ILS based on the local currencies of the positions within the swap | 09/02/2030 | (33) | 7 | – (h) | 7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Azrieli Group Ltd. | — (h) | (68) | 5 | 0.0 (g) |
|  Clal Insurance Enterprises Holdings Ltd. | (1) | (64) | 5 | 0.0 (g) |
|  Mizrahi Tefahot Bank Ltd. | — (h) | (10) | — (h) | 0.0 (g) |
|  Next Vision Stabilized Systems Ltd. | — (h) | (49) | 8 | 0.0 (g) |
|  Phoenix Financial Ltd. | (1) | (76) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (267) | 19 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Israel** |  |  |  |  |
|  Elbit Systems Ltd. | — (h) | 225 | (11) | 0.0 (g) |
|  Nice Ltd. | — (h) | 9 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 234 | (12) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (33) | 7 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day MUTSC on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in JPY based on the local currencies of the positions within the swap | 09/02/2030 | (4890) | 534 | 563 | 1097 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Finland** |  |  |  |  |
|  Disco Corp. | (1) | (441) | 55 | 0.0 (g) |
|  Hankyu Hanshin Holdings, Inc. | (26) | (676) | (61) | 0.0 (g) |
|  Nordea Bank Abp | (1) | (350) | 25 | 0.0 (g) |
|  **Japan** |  |  |  |  |
|  Asics Corp. | (6) | (176) | 8 | 0.0 (g) |
|  Bandai Namco Holdings, Inc. | (5) | (129) | 12 | 0.0 (g) |
|  Capcom Co. Ltd. | (14) | (321) | 20 | 0.0 (g) |
|  Central Japan Railway Co. | (11) | (305) | 11 | 0.0 (g) |
|  Chiba Bank Ltd./The | (2) | (26) | — (h) | 0.0 (g) |
|  Chubu Electric Power Co., Inc. | (10) | (157) | (6) | 0.0 (g) |
|  Chugai Pharmaceutical Co. Ltd. | (13) | (735) | 41 | 0.0 (g) |
|  Cosmos Pharmaceutical Corp. | (1) | (52) | — (h) | 0.0 (g) |
|  Daifuku Co. Ltd. | (1) | (32) | 1 | 0.0 (g) |
|  East Japan Railway Co. | (23) | (532) | 14 | 0.0 (g) |
|  Ebara Corp. | (10) | (308) | 29 | 0.0 (g) |
|  Electric Power Development Co. Ltd. | (2) | (59) | (7) | 0.0 (g) |
|  Food & Life Cos. Ltd. | (6) | (336) | 9 | 0.0 (g) |
|  Fuji Electric Co. Ltd. | (6) | (447) | 27 | 0.0 (g) |
|  FUJIFILM Holdings Corp. | (2) | (32) | — (h) | 0.0 (g) |
|  Fujikura Ltd. | (8) | (210) | 9 | 0.0 (g) |
|  GS Yuasa Corp. | (1) | (43) | — (h) | 0.0 (g) |
|  Honda Motor Co. Ltd. | (34) | (291) | 19 | 0.0 (g) |
|  Hoya Corp. | (6) | (1094) | 40 | 0.0 (g) |
|  Ibiden Co. Ltd. | (3) | (160) | 11 | 0.0 (g) |
|  IHI Corp. | (26) | (599) | 95 | 0.0 (g) |
|  Inpex Corp. | (5) | (148) | 1 | 0.0 (g) |
|  Isetan Mitsukoshi Holdings Ltd. | (3) | (49) | (1) | 0.0 (g) |
|  ITOCHU Corp. | (22) | (277) | 8 | 0.0 (g) |
|  Iyogin Holdings, Inc. | (1) | (24) | 1 | 0.0 (g) |
|  J Front Retailing Co. Ltd. | (49) | (726) | (18) | 0.0 (g) |
|  Japan Exchange Group, Inc. | (20) | (236) | 5 | 0.0 (g) |
|  Japan Post Bank Co. Ltd. | (71) | (1143) | 25 | 0.0 (g) |
|  Japan Post Insurance Co. Ltd. | (16) | (156) | (2) | 0.0 (g) |
|  Japan Steel Works Ltd. (The) | (7) | (423) | 65 | 0.0 (g) |
|  JFE Holdings, Inc. | (2) | (27) | 1 | 0.0 (g) |
|  JX Advanced Metals Corp. | (7) | (182) | 31 | 0.0 (g) |
|  Kawasaki Heavy Industries Ltd. | (5) | (92) | 10 | 0.0 (g) |
|  KDDI Corp. | (30) | (505) | (14) | 0.0 (g) |
|  Keyence Corp. | (1) | (184) | 11 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Kikkoman Corp. | (58) | (488) | (39) | 0.0 (g) |
|  Kinden Corp. | (1) | (56) | 3 | 0.0 (g) |
|  Kioxia Holdings Corp. | (2) | (217) | 24 | 0.0 (g) |
|  Kirin Holdings Co. Ltd. | (8) | (123) | 4 | 0.0 (g) |
|  Kobe Bussan Co. Ltd. | (6) | (129) | 5 | 0.0 (g) |
|  Komatsu Ltd. | (6) | (268) | 33 | 0.0 (g) |
|  Konami Group Corp. | (3) | (393) | 28 | 0.0 (g) |
|  Kurita Water Industries Ltd. | (4) | (192) | 7 | 0.0 (g) |
|  Kyocera Corp. | (3) | (46) | 1 | 0.0 (g) |
|  Kyoto Financial Group, Inc. | — (h) | (11) | 1 | 0.0 (g) |
|  Kyowa Kirin Co. Ltd. | (10) | (141) | (14) | 0.0 (g) |
|  Kyushu Electric Power Co., Inc. | (10) | (110) | (4) | 0.0 (g) |
|  Makita Corp. | (6) | (193) | 8 | 0.0 (g) |
|  Marubeni Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  Maruwa Co. Ltd./Aichi | — (h) | (147) | 14 | 0.0 (g) |
|  MatsukiyoCocokara & Co. | (12) | (181) | (4) | 0.0 (g) |
|  McDonald's Holdings Co. Japan Ltd | (1) | (44) | (3) | 0.0 (g) |
|  Mebuki Financial Group, Inc. | (23) | (167) | (2) | 0.0 (g) |
|  MEIJI Holdings Co. Ltd. | (4) | (101) | 4 | 0.0 (g) |
|  Meiko Electronics Co. Ltd. | — (h) | (47) | 1 | 0.0 (g) |
|  Mercari, Inc. | (26) | (561) | (34) | 0.0 (g) |
|  MINEBEA MITSUMI, Inc. | (10) | (175) | 12 | 0.0 (g) |
|  MISUMI Group, Inc. | (4) | (78) | 5 | 0.0 (g) |
|  Mitsubishi Chemical Group Corp. | (21) | (120) | 1 | 0.0 (g) |
|  Mitsubishi Estate Co. Ltd. | (1) | (32) | 3 | 0.0 (g) |
|  Mitsui E&S Co. Ltd. | (4) | (156) | 19 | 0.0 (g) |
|  Mitsui Kinzoku Co. Ltd. | (1) | (251) | 22 | 0.0 (g) |
|  Mizuho Financial Group, Inc. | (3) | (107) | — (h) | 0.0 (g) |
|  Modec, Inc. | (2) | (190) | (4) | 0.0 (g) |
|  MonotaRO Co. Ltd. | (11) | (127) | 9 | 0.0 (g) |
|  Nexon Co. Ltd. | (23) | (444) | 12 | 0.0 (g) |
|  Nippon Building Fund, Inc. | — (h) | (356) | 25 | 0.0 (g) |
|  NIPPON EXPRESS HOLDINGS, Inc. | (11) | (247) | 8 | 0.0 (g) |
|  Nippon Paint Holdings Co. Ltd. | (34) | (217) | 7 | 0.0 (g) |
|  Nippon Sanso Holdings Corp. | (4) | (145) | 16 | 0.0 (g) |
|  Nissan Motor Co. Ltd. | (6) | (14) | 1 | 0.0 (g) |
|  Niterra Co. Ltd. | (10) | (461) | 19 | 0.0 (g) |
|  Nitori Holdings Co. Ltd. | (5) | (79) | 6 | 0.0 (g) |
|  Nitto Boseki Co. Ltd. | — (h) | (28) | 4 | 0.0 (g) |
|  NTT, Inc. | (1144) | (1129) | (4) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Oji Holdings Corp. | (9) | (48) | 1 | 0.0 (g) |
|  Olympus Corp. | (11) | (94) | (11) | 0.0 (g) |
|  Organo Corp. | (1) | (130) | 10 | 0.0 (g) |
|  Oriental Land Co. Ltd./Japan | (91) | (1588) | 35 | 0.0 (g) |
|  Osaka Gas Co. Ltd. | (4) | (156) | (5) | 0.0 (g) |
|  Panasonic Holdings Corp. | (9) | (154) | 4 | 0.0 (g) |
|  Rakuten Bank Ltd. | (3) | (100) | 8 | 0.0 (g) |
|  Renesas Electronics Corp. | (12) | (186) | 24 | 0.0 (g) |
|  Rohm Co. Ltd. | (3) | (70) | 7 | 0.0 (g) |
|  Ryohin Keikaku Co. Ltd. | (1) | (18) | 2 | 0.0 (g) |
|  Sanrio Co. Ltd. | (57) | (390) | 42 | 0.0 (g) |
|  SBI Holdings, Inc. | (1) | (19) | 1 | 0.0 (g) |
|  SCREEN Holdings Co. Ltd. | (7) | (437) | 31 | 0.0 (g) |
|  Seibu Holdings, Inc. | (5) | (135) | (6) | 0.0 (g) |
|  Sekisui Chemical Co. Ltd. | (26) | (444) | 14 | 0.0 (g) |
|  SG Holdings Co. Ltd. | (36) | (335) | 4 | 0.0 (g) |
|  Shimadzu Corp. | (3) | (75) | 3 | 0.0 (g) |
|  Shimano, Inc. | (1) | (63) | 1 | 0.0 (g) |
|  Shin-Etsu Chemical Co. Ltd. | (14) | (557) | 21 | 0.0 (g) |
|  Shionogi & Co. Ltd. | (1) | (11) | — (h) | 0.0 (g) |
|  SKY Perfect JSAT Corp. | (3) | (50) | 1 | 0.0 (g) |
|  SoftBank Group Corp. | (23) | (523) | 8 | 0.0 (g) |
|  Sojitz Corp. | (3) | (104) | 4 | 0.0 (g) |
|  Sompo Holdings, Inc. | (12) | (449) | (6) | 0.0 (g) |
|  Sumitomo Forestry Co. Ltd. | (36) | (328) | 10 | 0.0 (g) |
|  Sumitomo Heavy Industries Ltd. | (1) | (41) | 3 | 0.0 (g) |
|  Sumitomo Pharma Co. Ltd. | (2) | (23) | (4) | 0.0 (g) |
|  Sumitomo Rubber Industries Ltd. | (7) | (84) | 1 | 0.0 (g) |
|  Suntory Beverage & Food Ltd. | (13) | (361) | 2 | 0.0 (g) |
|  Taiyo Yuden Co. Ltd. | — (h) | (5) | — (h) | 0.0 (g) |
|  Takashimaya Co. Ltd. | (3) | (31) | (1) | 0.0 (g) |
|  TIS, Inc. | (6) | (131) | 2 | 0.0 (g) |
|  Toho Co. Ltd./Tokyo | (26) | (264) | (10) | 0.0 (g) |
|  Tokyo Gas Co. Ltd. | — (h) | (14) | — (h) | 0.0 (g) |
|  Tokyo Metro Co. Ltd. | (4) | (41) | — (h) | 0.0 (g) |
|  Tokyo Ohka Kogyo Co. Ltd. | (7) | (386) | 46 | 0.0 (g) |
|  Tokyo Seimitsu Co. Ltd. | (1) | (120) | 12 | 0.0 (g) |
|  Tokyo Tatemono Co. Ltd. | (1) | (12) | 1 | 0.0 (g) |
|  Tokyu Corp. | (67) | (779) | (6) | 0.0 (g) |
|  TOPPAN Holdings, Inc. | (5) | (152) | 28 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Toray Industries, Inc. | (7) | (52) | — (h) | 0.0 (g) |
|  Toyo Suisan Kaisha Ltd. | (4) | (266) | (4) | 0.0 (g) |
|  Toyota Tsusho Corp. | (9) | (376) | 23 | 0.0 (g) |
|  West Japan Railway Co. | (9) | (181) | 2 | 0.0 (g) |
|  Yokogawa Electric Corp. | (15) | (509) | 67 | 0.0 (g) |
|  Yokohama Financial Group, Inc. | (18) | (158) | 3 | 0.0 (g) |
|  Yokohama Rubber Co. Ltd. (The) | (3) | (102) | 3 | 0.0 (g) |
|  Zensho Holdings Co. Ltd. | (12) | (673) | 8 | 0.0 (g) |
|  ZOZO, Inc. | (37) | (259) | 5 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (31142) | 1053 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Japan** |  |  |  |  |
|  Advantest Corp. | — (h) | 30 | (5) | 0.0 (g) |
|  Aisin Corp. | 10 | 138 | (2) | 0.0 (g) |
|  Ajinomoto Co., Inc. | 2 | 65 | (1) | 0.0 (g) |
|  Amada Co. Ltd. | 2 | 30 | (2) | 0.0 (g) |
|  ANA Holdings, Inc. | 15 | 272 | (12) | 0.0 (g) |
|  Asahi Intecc Co. Ltd. | 1 | 16 | 1 | 0.0 (g) |
|  Asahi Kasei Corp. | 26 | 256 | (14) | 0.0 (g) |
|  Astellas Pharma, Inc. | 6 | 93 | 7 | 0.0 (g) |
|  BayCurrent, Inc. | 4 | 113 | 4 | 0.0 (g) |
|  Bridgestone Corp. | 18 | 364 | (1) | 0.0 (g) |
|  Canon, Inc. | 19 | 524 | — (h) | 0.0 (g) |
|  Credit Saison Co. Ltd. | 1 | 29 | (1) | 0.0 (g) |
|  CyberAgent, Inc. | 13 | 115 | (8) | 0.0 (g) |
|  Dai Nippon Printing Co. Ltd. | 1 | 22 | (1) | 0.0 (g) |
|  Dai-ichi Life Holdings, Inc. | 2 | 21 | — (h) | 0.0 (g) |
|  Daiichi Sankyo Co. Ltd. | 55 | 959 | (3) | 0.0 (g) |
|  Daito Trust Construction Co. Ltd. | 5 | 105 | 2 | 0.0 (g) |
|  Daiwa House Industry Co. Ltd. | 17 | 537 | (25) | 0.0 (g) |
|  Daiwa Securities Group, Inc. | 51 | 459 | 7 | 0.0 (g) |
|  Denso Corp. | 23 | 280 | 3 | 0.0 (g) |
|  Dentsu Group, Inc. | 6 | 102 | (2) | 0.0 (g) |
|  DMG Mori Co. Ltd. | — (h) | 5 | — (h) | 0.0 (g) |
|  Eisai Co. Ltd. | 16 | 484 | 13 | 0.0 (g) |
|  ENEOS Holdings, Inc. | 95 | 801 | 40 | 0.0 (g) |
|  FANUC Corp. | 8 | 315 | (35) | 0.0 (g) |
|  Fujitsu Ltd. | 25 | 567 | (59) | 0.0 (g) |
|  Fukuoka Financial Group, Inc. | 11 | 397 | (8) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Furukawa Electric Co. Ltd. | — (h) | 56 | (1) | 0.0 (g) |
|  Hitachi Construction Machinery Co. Ltd. | 2 | 69 | (6) | 0.0 (g) |
|  Hitachi Ltd. | 8 | 255 | (19) | 0.0 (g) |
|  Horiba Ltd. | 2 | 180 | (11) | 0.0 (g) |
|  Hulic Co. Ltd. | 18 | 209 | (5) | 0.0 (g) |
|  Idemitsu Kosan Co. Ltd. | 38 | 344 | 24 | 0.0 (g) |
|  INFRONEER Holdings, Inc. | 4 | 61 | (4) | 0.0 (g) |
|  Isuzu Motors Ltd. | 1 | 12 | (1) | 0.0 (g) |
|  Japan Airlines Co. Ltd. | 6 | 104 | (1) | 0.0 (g) |
|  Japan Post Holdings Co. Ltd. | 27 | 300 | 3 | 0.0 (g) |
|  Japan Tobacco, Inc. | 5 | 176 | 7 | 0.0 (g) |
|  Kajima Corp. | 12 | 456 | (9) | 0.0 (g) |
|  Kandenko Co. Ltd. | 3 | 103 | (3) | 0.0 (g) |
|  Kansai Electric Power Co., Inc. (The) | 1 | 14 | — (h) | 0.0 (g) |
|  Kao Corp. | 14 | 548 | 1 | 0.0 (g) |
|  Kawasaki Kisen Kaisha Ltd. | 6 | 95 | — (h) | 0.0 (g) |
|  Kobe Steel Ltd. | 2 | 24 | (1) | 0.0 (g) |
|  Kubota Corp. | 21 | 347 | (19) | 0.0 (g) |
|  LY Corp. | 65 | 162 | (6) | 0.0 (g) |
|  Mazda Motor Corp. | 37 | 267 | (25) | 0.0 (g) |
|  Mitsubishi Electric Corp. | 3 | 109 | (6) | 0.0 (g) |
|  Mitsubishi Gas Chemical Co., Inc. | 4 | 106 | (11) | 0.0 (g) |
|  Mitsubishi HC Capital, Inc. | 14 | 123 | (1) | 0.0 (g) |
|  Mitsubishi Heavy Industries Ltd. | 36 | 1093 | (130) | 0.0 (g) |
|  Mitsubishi UFJ Financial Group, Inc. | 22 | 359 | (5) | 0.0 (g) |
|  Mitsui Chemicals, Inc. | 19 | 233 | (5) | 0.0 (g) |
|  Mitsui Fudosan Co. Ltd. | 11 | 126 | (12) | 0.0 (g) |
|  Murata Manufacturing Co. Ltd. | 7 | 168 | (11) | 0.0 (g) |
|  NEC Corp. | 11 | 297 | (25) | 0.0 (g) |
|  NGK Insulators Ltd. | 17 | 435 | (4) | 0.0 (g) |
|  NH Foods Ltd. | 10 | 432 | 20 | 0.0 (g) |
|  NIDEC Corp., | 5 | 74 | (10) | 0.0 (g) |
|  Nippon Electric Glass Co. Ltd. | 5 | 197 | (10) | 0.0 (g) |
|  Nissan Chemical Corp. | 6 | 253 | (15) | 0.0 (g) |
|  Nitto Denko Corp. | 27 | 535 | (21) | 0.0 (g) |
|  Nomura Holdings, Inc. | 6 | 41 | 1 | 0.0 (g) |
|  Nomura Real Estate Holdings, Inc. | 58 | 385 | (16) | 0.0 (g) |
|  Nomura Research Institute Ltd. | 9 | 253 | 1 | 0.0 (g) |
|  NSK Ltd. | 4 | 27 | (1) | 0.0 (g) |
|  Obayashi Corp. | 20 | 474 | (8) | 0.0 (g) |
|  Obic Co. Ltd. | 10 | 251 | (11) | 0.0 (g) |
|  Ono Pharmaceutical Co. Ltd. | 29 | 432 | 32 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Oracle Corp. Japan | 1 | 65 | (5) | 0.0 (g) |
|  ORIX Corp. | 15 | 441 | (14) | 0.0 (g) |
|  Otsuka Corp. | 23 | 429 | 10 | 0.0 (g) |
|  Pan Pacific International Holdings Corp. | 50 | 319 | (11) | 0.0 (g) |
|  Penta-Ocean Construction Co. Ltd. | 4 | 40 | (2) | 0.0 (g) |
|  Rakuten Group, Inc. | 53 | 253 | (13) | 0.0 (g) |
|  Recruit Holdings Co. Ltd. | 5 | 187 | 6 | 0.0 (g) |
|  Secom Co. Ltd. | 2 | 61 | — (h) | 0.0 (g) |
|  Seiko Epson Corp. | 8 | 99 | (2) | 0.0 (g) |
|  Sekisui House Ltd. | 5 | 111 | — (h) | 0.0 (g) |
|  Shimamura Co. Ltd. | 1 | 15 | (1) | 0.0 (g) |
|  Shimizu Corp. | 8 | 154 | (12) | 0.0 (g) |
|  Shizuoka Financial Group, Inc. | 1 | 16 | — (h) | 0.0 (g) |
|  Skylark Holdings Co. Ltd. | 16 | 329 | 4 | 0.0 (g) |
|  SoftBank Corp. | 749 | 1012 | (16) | 0.0 (g) |
|  Sony Group Corp. | 10 | 206 | (8) | 0.0 (g) |
|  Square Enix Holdings Co. Ltd. | 6 | 91 | (5) | 0.0 (g) |
|  SUMCO Corp. | 1 | 13 | — (h) | 0.0 (g) |
|  Sumitomo Chemical Co. Ltd. | 337 | 1034 | 26 | 0.0 (g) |
|  Sumitomo Electric Industries Ltd. | — (h) | 12 | (1) | 0.0 (g) |
|  Sumitomo Metal Mining Co. Ltd. | 1 | 31 | (3) | 0.0 (g) |
|  Sumitomo Mitsui Financial Group, Inc. | 17 | 534 | (4) | 0.0 (g) |
|  Sumitomo Mitsui Trust Group, Inc. | 10 | 303 | — (h) | 0.0 (g) |
|  Suzuki Motor Corp. | 8 | 98 | (1) | 0.0 (g) |
|  Sysmex Corp. | 21 | 183 | (4) | 0.0 (g) |
|  T&D Holdings, Inc. | 1 | 12 | 1 | 0.0 (g) |
|  Taisei Corp. | 1 | 74 | (3) | 0.0 (g) |
|  Takeda Pharmaceutical Co. Ltd. | 8 | 275 | — (h) | 0.0 (g) |
|  TDK Corp. | 9 | 115 | (5) | 0.0 (g) |
|  Terumo Corp. | 36 | 472 | 8 | 0.0 (g) |
|  THK Co. Ltd. | 2 | 58 | (4) | 0.0 (g) |
|  Tokio Marine Holdings, Inc. | 2 | 89 | 21 | 0.0 (g) |
|  Tokyo Electron Ltd. | 3 | 814 | (40) | 0.0 (g) |
|  Tokyu Fudosan Holdings Corp. | 29 | 244 | (3) | 0.0 (g) |
|  Tosoh Corp. | 18 | 271 | (7) | 0.0 (g) |
|  Toyo Tire Corp. | 6 | 134 | (3) | 0.0 (g) |
|  Trend Micro, Inc./Japan | 6 | 213 | (5) | 0.0 (g) |
|  Unicharm Corp. | 27 | 155 | 4 | 0.0 (g) |
|  Yaskawa Electric Corp. | — (h) | 6 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 26252 | (519) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (4890) | 534 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 4% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in NOK based on the local currencies of the positions within the swap | 09/02/2030 | 680 | 52 | 8 | 60 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Equinor ASA | — (h) | (1) | — (h) | 0.0 (g) |
|  Gjensidige Forsikring ASA | (5) | (149) | 10 | 0.0 (g) |
|  Norsk Hydro ASA | (19) | (185) | (17) | 0.0 (g) |
|  Orkla ASA | (11) | (130) | (5) | 0.0 (g) |
|  Yara International ASA | (2) | (87) | (1) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (552) | (13) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Norway** |  |  |  |  |
|  Aker BP ASA | 8 | 267 | 21 | 0.0 (g) |
|  DNB Bank ASA | 18 | 553 | 16 | 0.0 (g) |
|  Mowi ASA | 10 | 230 | (6) | 0.0 (g) |
|  Var Energi ASA | 42 | 182 | 34 | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 1232 | 65 | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 680 | 52 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day RBNZ on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.2%) which is denominated in NZD based on the local currencies of the positions within the swap | 09/02/2030 | (363) | 6 | 3 | 9 |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Auckland International Airport Ltd. | (57) | (273) | 10 | 0.0 (g) |
|  Contact Energy Ltd. | (6) | (30) | — (h) | 0.0 (g) |
|  Infratil Ltd. | (10) | (66) | (4) | 0.0 (g) |
|  Meridian Energy Ltd. | (1) | (4) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (373) | 6 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **New Zealand** |  |  |  |  |
|  Fisher & Paykel Healthcare Corp. Ltd. | — (h) | 10 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 10 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (363) | 6 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day STIBOR on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in SEK based on the local currencies of the positions within the swap | 09/02/2030 | 103 | 25 | 56 | 81 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  Atlas Copco AB | (33) | (600) | 23 | 0.0 (g) |
|  Epiroc AB | — (h) | (9) | — (h) | 0.0 (g) |
|  Essity AB | (1) | (34) | 1 | 0.0 (g) |
|  Fastighets AB Balder | — (h) | — (h) | — (h) | 0.0 (g) |
|  Hexagon AB | — (h) | (2) | — (h) | 0.0 (g) |
|  Holmen AB | (3) | (90) | 1 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  Industrivarden AB | (1) | (48) | (1) | 0.0 (g) |
|  Investment AB Latour | (2) | (52) | (1) | 0.0 (g) |
|  Investor AB | (7) | (245) | (1) | 0.0 (g) |
|  L E Lundbergforetagen AB | (1) | (49) | 1 | 0.0 (g) |
|  Sagax AB | (6) | (102) | 1 | 0.0 (g) |
|  Skandinaviska Enskilda Banken AB | (15) | (288) | 19 | 0.0 (g) |
|  Svenska Cellulosa AB SCA | (47) | (559) | 19 | 0.0 (g) |
|  Swedbank AB | (6) | (225) | 10 | 0.0 (g) |
|  Trelleborg AB | — (h) | (6) | — (h) | 0.0 (g) |
|  Volvo AB | (2) | (53) | 3 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2362) | 75 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Sweden** |  |  |  |  |
|  AddTech AB | 2 | 49 | 2 | 0.0 (g) |
|  Assa Abloy AB | 6 | 226 | (6) | 0.0 (g) |
|  Beijer Ref AB | 2 | 28 | — (h) | 0.0 (g) |
|  Boliden AB | 1 | 56 | (10) | 0.0 (g) |
|  Epiroc AB | — (h) | 8 | — (h) | 0.0 (g) |
|  Industrivarden AB | — (h) | 17 | (1) | 0.0 (g) |
|  Indutrade AB | 3 | 68 | 1 | 0.0 (g) |
|  Lifco AB | 1 | 28 | (1) | 0.0 (g) |
|  Saab AB | — (h) | 17 | (2) | 0.0 (g) |
|  Sandvik AB | 2 | 79 | 1 | 0.0 (g) |
|  Securitas AB | 10 | 165 | — (h) | 0.0 (g) |
|  Skanska AB | 19 | 530 | (10) | 0.0 (g) |
|  SKF AB | 4 | 91 | — (h) | 0.0 (g) |
|  Swedish Orphan Biovitrum AB | 3 | 99 | 4 | 0.0 (g) |
|  Tele2 AB | 17 | 339 | 4 | 0.0 (g) |
|  Telefonaktiebolaget LM Ericsson | 56 | 665 | (32) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 2465 | (50) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 103 | 25 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives 1.16% on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.25%) which is denominated in SGD based on the local currencies of the positions within the swap | 09/02/2030 | (1500) | (46) | 10 | (36) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **China** |  |  |  |  |
|  Yangzijiang Shipbuilding Holdings Ltd. | (103) | (313) | 12 | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  CapitaLand Integrated Commercial Trust | (212) | (386) | 8 | 0.0 (g) |
|  Oversea-Chinese Banking Corp. Ltd. | (55) | (884) | (48) | 0.0 (g) |
|  Sembcorp Industries Ltd. | (5) | (21) | (3) | 0.0 (g) |
|  Singapore Airlines Ltd. | (33) | (170) | (2) | 0.0 (g) |
|  Singapore Exchange Ltd. | (7) | (97) | (3) | 0.0 (g) |
|  Wilmar International Ltd. | (69) | (206) | 1 | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (2077) | (35) | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Singapore** |  |  |  |  |
|  CapitaLand Ascendas REIT | 31 | 61 | (2) | 0.0 (g) |
|  CapitaLand RTS | 1 | — (h) | — (h) | 0.0 (g) |
|  Genting Singapore Ltd. | 21 | 11 | — (h) | 0.0 (g) |
|  Singapore Technologies Engineering Ltd. | 47 | 406 | (7) | 0.0 (g) |
|  Singapore Telecommunications Ltd. | 25 | 99 | (2) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 577 | (11) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | (1500) | (46) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0% to 0.2%) which is denominated in USD based on the local currencies of the positions within the swap | 09/11/2030 | 6672 | 347 | 510 | 857 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Short Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Australia** |  |  |  |  |
|  IREN Ltd. | (1) | (26) | 6 | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Axis Capital Holdings Ltd. | (1) | (113) | (1) | 0.0 (g) |
|  Everest Group Ltd. | (4) | (1419) | (28) | 0.0 (g) |
|  Golar LNG Ltd. | (2) | (82) | (17) | 0.0 (g) |
|  RenaissanceRe Holdings Ltd. | — (h) | (23) | — (h) | 0.0 (g) |
|  **Canada** |  |  |  |  |
|  D-Wave Quantum, Inc. | — (h) | (4) | 1 | 0.0 (g) |
|  Lululemon Athletica, Inc. | (1) | (143) | 6 | 0.0 (g) |
|  Uranium Energy Corp. | (2) | (27) | — (h) | 0.0 (g) |
|  Waste Connections, Inc. | (1) | (159) | 4 | 0.0 (g) |
|  **Finland** |  |  |  |  |
|  Amer Sports, Inc. | (3) | (102) | 2 | 0.0 (g) |
|  Hong Kong |  |  |  |  |
|  Futu Holdings Ltd. | (1) | (129) | 8 | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  Medtronic plc | (1) | (62) | 1 | 0.0 (g) |
|  Smurfit WestRock plc | (8) | (333) | (4) | 0.0 (g) |
|  **Israel** |  |  |  |  |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Cellebrite DI Ltd. | (5) | (67) | 3 | 0.0 (g) |
|  Nova Ltd. | — (h) | (6) | — (h) | 0.0 (g) |
|  Teva Pharmaceutical Industries Ltd. | (1) | (23) | (1) | 0.0 (g) |
|  **Singapore** |  |  |  |  |
|  Grab Holdings Ltd. | (9) | (33) | 1 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Amcor plc | (5) | (207) | 2 | 0.0 (g) |
|  **Thailand** |  |  |  |  |
|  Fabrinet | — (h) | (38) | (1) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Aon plc | (4) | (1251) | 15 | 0.0 (g) |
|  CNH Industrial NV | (19) | (198) | (9) | 0.0 (g) |
|  Coca-Cola Europacific Partners plc | (3) | (293) | 29 | 0.0 (g) |
|  Marex Group plc | (1) | (18) | (5) | 0.0 (g) |
|  Willis Towers Watson plc | — (h) | (46) | — (h) | 0.0 (g) |
|  **United States** |  |  |  |  |
|  A O Smith Corp. | (1) | (88) | — (h) | 0.0 (g) |
|  AAON, Inc. | — (h) | (5) | — (h) | 0.0 (g) |
|  Advanced Drainage Systems, Inc. | — (h) | (56) | 1 | 0.0 (g) |
|  AGCO Corp. | (1) | (119) | 2 | 0.0 (g) |
|  Agilent Technologies, Inc. | (1) | (99) | (2) | 0.0 (g) |
|  Air Products and Chemicals, Inc. | (1) | (151) | (1) | 0.0 (g) |
|  Akamai Technologies, Inc. | (1) | (106) | (9) | 0.0 (g) |
|  Albertsons Cos., Inc. | (7) | (120) | 2 | 0.0 (g) |
|  Alcoa Corp. | (1) | (55) | — (h) | 0.0 (g) |
|  Allegro MicroSystems, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  Alliant Energy Corp. | (9) | (665) | 12 | 0.0 (g) |
|  Allison Transmission Holdings, Inc. | (1) | (164) | (7) | 0.0 (g) |
|  Amentum Holdings, Inc. | (1) | (14) | 1 | 0.0 (g) |
|  American Electric Power Co., Inc. | — (h) | (54) | 1 | 0.0 (g) |
|  American Financial Group, Inc./OH | (2) | (237) | 1 | 0.0 (g) |
|  American Homes 4 Rent | (19) | (527) | 10 | 0.0 (g) |
|  American International Group, Inc. | (2) | (135) | 2 | 0.0 (g) |
|  Annaly Capital Management, Inc. | (16) | (354) | 12 | 0.0 (g) |
|  Antero Midstream Corp. | (6) | (149) | 1 | 0.0 (g) |
|  APA Corp. | (3) | (91) | (21) | 0.0 (g) |
|  Apollo Global Management, Inc. | (6) | (659) | (47) | 0.0 (g) |
|  Appfolio, Inc. | — (h) | (37) | 3 | 0.0 (g) |
|  Applied Digital Corp. | (2) | (47) | 7 | 0.0 (g) |
|  AppLovin Corp. | (1) | (491) | 56 | 0.0 (g) |
|  AptarGroup, Inc. | — (h) | (59) | 1 | 0.0 (g) |
|  Arrow Electronics, Inc. | (2) | (298) | (5) | 0.0 (g) |
|  Arrowhead Pharmaceuticals, Inc. | — (h) | (20) | (2) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Arthur J Gallagher & Co. | (2) | (356) | (6) | 0.0 (g) |
|  Astera Labs, Inc. | (4) | (500) | 70 | 0.0 (g) |
|  ATI, Inc. | (1) | (208) | 3 | 0.0 (g) |
|  Atmos Energy Corp. | (2) | (316) | 5 | 0.0 (g) |
|  Aurora Innovation, Inc. | (1) | (4) | — (h) | 0.0 (g) |
|  AutoZone, Inc. | — (h) | (369) | (3) | 0.0 (g) |
|  AvalonBay Communities, Inc. | — (h) | (68) | 2 | 0.0 (g) |
|  Avantor, Inc. | (10) | (73) | (2) | 0.0 (g) |
|  Avery Dennison Corp. | — (h) | (54) | — (h) | 0.0 (g) |
|  Axon Enterprise, Inc. | (1) | (402) | 53 | 0.0 (g) |
|  Axsome Therapeutics, Inc. | (1) | (123) | (8) | 0.0 (g) |
|  Baker Hughes Co. | (21) | (1170) | (124) | 0.0 (g) |
|  Bank of New York Mellon Corp. (The) | (12) | (1394) | (39) | 0.0 (g) |
|  Becton Dickinson & Co. | (2) | (389) | 7 | 0.0 (g) |
|  Bio-Rad Laboratories, Inc. | — (h) | (131) | (6) | 0.0 (g) |
|  Blue Owl Capital, Inc. | (6) | (56) | (2) | 0.0 (g) |
|  Booz Allen Hamilton Holding Corp. | — (h) | (29) | (1) | 0.0 (g) |
|  Bridgebio Pharma, Inc. | (2) | (107) | (5) | 0.0 (g) |
|  BrightSpring Health Services, Inc. | (1) | (42) | — (h) | 0.0 (g) |
|  Broadridge Financial Solutions, Inc. | — (h) | (23) | 2 | 0.0 (g) |
|  Brown & Brown, Inc. | (14) | (963) | 51 | 0.0 (g) |
|  Builders FirstSource, Inc. | — (h) | (14) | 1 | 0.0 (g) |
|  Bunge Global SA | (1) | (105) | (3) | 0.0 (g) |
|  Burlington Stores, Inc. | (1) | (170) | (13) | 0.0 (g) |
|  BXP, Inc. | (3) | (153) | 1 | 0.0 (g) |
|  CACI International, Inc. | — (h) | (237) | 24 | 0.0 (g) |
|  CareTrust REIT, Inc. | (21) | (841) | 73 | 0.0 (g) |
|  Carrier Global Corp. | (2) | (130) | (1) | 0.0 (g) |
|  Carvana Co. | — (h) | (62) | (2) | 0.0 (g) |
|  Casella Waste Systems, Inc. | (1) | (116) | 12 | 0.0 (g) |
|  Caterpillar, Inc. | (1) | (652) | (8) | 0.0 (g) |
|  Cava Group, Inc. | — (h) | (14) | 1 | 0.0 (g) |
|  Celsius Holdings, Inc. | (5) | (204) | 38 | 0.0 (g) |
|  Cencora, Inc. | (1) | (428) | 39 | 0.0 (g) |
|  CenterPoint Energy, Inc. | (9) | (395) | — (h) | 0.0 (g) |
|  CF Industries Holdings, Inc. | (2) | (225) | (14) | 0.0 (g) |
|  CH Robinson Worldwide, Inc. | (2) | (324) | 8 | 0.0 (g) |
|  Church & Dwight Co., Inc. | (1) | (59) | 3 | 0.0 (g) |
|  Cincinnati Financial Corp. | (6) | (1062) | 55 | 0.0 (g) |
|  Clean Harbors, Inc. | (1) | (193) | 1 | 0.0 (g) |
|  Clear Secure, Inc. | (1) | (42) | 1 | 0.0 (g) |
|  Clorox Co. (The) | (1) | (79) | 6 | 0.0 (g) |
|  Cloudflare, Inc. | (2) | (497) | 2 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  CNX Resources Corp. | (1) | (27) | 2 | 0.0 (g) |
|  Coca-Cola Consolidated, Inc. | — (h) | (7) | 1 | 0.0 (g) |
|  Coeur Mining, Inc. | (2) | (34) | 4 | 0.0 (g) |
|  Coherent Corp. | (1) | (182) | 7 | 0.0 (g) |
|  Coinbase Global, Inc. | (3) | (650) | 92 | 0.0 (g) |
|  Columbia Banking System, Inc. | (2) | (51) | (2) | 0.0 (g) |
|  Compass, Inc. | (13) | (107) | 12 | 0.0 (g) |
|  Constellation Energy Corp. | — (h) | (129) | 11 | 0.0 (g) |
|  Cooper Cos., Inc. (The) | (1) | (40) | — (h) | 0.0 (g) |
|  Core & Main, Inc. | (1) | (41) | (1) | 0.0 (g) |
|  Corpay, Inc. | (1) | (383) | 21 | 0.0 (g) |
|  CoStar Group, Inc. | (2) | (88) | 7 | 0.0 (g) |
|  Credo Technology Group Holding Ltd. | (1) | (65) | 13 | 0.0 (g) |
|  Cytokinetics, Inc. | (2) | (125) | (10) | 0.0 (g) |
|  Darden Restaurants, Inc. | (2) | (395) | 15 | 0.0 (g) |
|  Deckers Outdoor Corp. | — (h) | (26) | (1) | 0.0 (g) |
|  Deere & Co. | (1) | (748) | 3 | 0.0 (g) |
|  Diamondback Energy, Inc. | (1) | (160) | (14) | 0.0 (g) |
|  Dick's Sporting Goods, Inc. | (1) | (212) | (11) | 0.0 (g) |
|  DigitalOcean Holdings, Inc. | — (h) | (24) | — (h) | 0.0 (g) |
|  Dillard's, Inc. | — (h) | (14) | — (h) | 0.0 (g) |
|  Docusign, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  Dominion Energy, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  DoorDash, Inc. | (2) | (322) | 34 | 0.0 (g) |
|  DraftKings, Inc. | (1) | (16) | 2 | 0.0 (g) |
|  DT Midstream, Inc. | (1) | (108) | 2 | 0.0 (g) |
|  DTE Energy Co. | (3) | (436) | 9 | 0.0 (g) |
|  Eagle Materials, Inc. | — (h) | (58) | (1) | 0.0 (g) |
|  EastGroup Properties, Inc. | (1) | (206) | 4 | 0.0 (g) |
|  Eastman Chemical Co. | — (h) | (10) | (1) | 0.0 (g) |
|  EchoStar Corp. | (2) | (182) | (4) | 0.0 (g) |
|  Elanco Animal Health, Inc. | (3) | (81) | 3 | 0.0 (g) |
|  Ensign Group, Inc. (The) | (1) | (241) | 8 | 0.0 (g) |
|  Entegris, Inc. | (1) | (84) | (5) | 0.0 (g) |
|  Equity LifeStyle Properties, Inc. | (11) | (759) | 55 | 0.0 (g) |
|  Equity Residential | — (h) | (13) | — (h) | 0.0 (g) |
|  Erie Indemnity Co. | — (h) | (54) | (1) | 0.0 (g) |
|  Esab Corp. | — (h) | (17) | — (h) | 0.0 (g) |
|  Essex Property Trust, Inc. | (1) | (174) | 2 | 0.0 (g) |
|  Estee Lauder Cos., Inc. (The) | (9) | (760) | 145 | 0.0 (g) |
|  Evergy, Inc. | (4) | (323) | (1) | 0.0 (g) |
|  Exelon Corp. | (2) | (112) | 3 | 0.0 (g) |
|  Extra Space Storage, Inc. | (5) | (698) | 41 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Exxon Mobil Corp. | (1) | (139) | (11) | 0.0 (g) |
|  F5, Inc. | (1) | (168) | (3) | 0.0 (g) |
|  FactSet Research Systems, Inc. | (1) | (300) | (14) | 0.0 (g) |
|  Fair Isaac Corp. | — (h) | (127) | 10 | 0.0 (g) |
|  Fastenal Co. | (4) | (200) | (5) | 0.0 (g) |
|  Federal Realty Investment Trust | (2) | (257) | — (h) | 0.0 (g) |
|  Fidelity National Financial, Inc. | (4) | (173) | 5 | 0.0 (g) |
|  Fifth Third Bancorp | (10) | (428) | (20) | 0.0 (g) |
|  FirstCash Holdings, Inc. | (3) | (646) | 2 | 0.0 (g) |
|  FirstEnergy Corp. | (1) | (35) | 1 | 0.0 (g) |
|  Flagstar Bank NA | (2) | (25) | (2) | 0.0 (g) |
|  FormFactor, Inc. | — (h) | (16) | — (h) | 0.0 (g) |
|  Fortinet, Inc. | (1) | (106) | 3 | 0.0 (g) |
|  Fortive Corp. | (5) | (285) | (5) | 0.0 (g) |
|  Fortune Brands Innovations, Inc. | (1) | (45) | — (h) | 0.0 (g) |
|  FTAI Aviation Ltd. | — (h) | (16) | — (h) | 0.0 (g) |
|  Gartner, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  GE HealthCare Technologies, Inc. | (2) | (151) | 2 | 0.0 (g) |
|  Gen Digital, Inc. | (13) | (259) | 16 | 0.0 (g) |
|  Genuine Parts Co. | (5) | (541) | (9) | 0.0 (g) |
|  Glacier Bancorp, Inc. | (1) | (26) | (1) | 0.0 (g) |
|  Glaukos Corp. | — (h) | (42) | (4) | 0.0 (g) |
|  Global Payments, Inc. | (3) | (217) | 3 | 0.0 (g) |
|  Globus Medical, Inc. | (1) | (55) | — (h) | 0.0 (g) |
|  GPGI, Inc. | — (h) | (4) | — (h) | 0.0 (g) |
|  Graco, Inc. | (2) | (144) | 3 | 0.0 (g) |
|  Healthpeak Properties, Inc. | (7) | (121) | 7 | 0.0 (g) |
|  Hecla Mining Co. | (2) | (46) | 3 | 0.0 (g) |
|  Hewlett Packard Enterprise Co. | (3) | (60) | (5) | 0.0 (g) |
|  Hexcel Corp. | (3) | (217) | 2 | 0.0 (g) |
|  Home Depot, Inc. (The) | (4) | (1424) | 57 | 0.0 (g) |
|  Hormel Foods Corp. | (40) | (905) | 2 | 0.0 (g) |
|  Host Hotels & Resorts, Inc. | (10) | (187) | (4) | 0.0 (g) |
|  Howmet Aerospace, Inc. | — (h) | (62) | 3 | 0.0 (g) |
|  HP, Inc. | (16) | (290) | (8) | 0.0 (g) |
|  Humana, Inc. | — (h) | (69) | (1) | 0.0 (g) |
|  Hyatt Hotels Corp. | — (h) | (24) | — (h) | 0.0 (g) |
|  IDACORP, Inc. | (3) | (462) | (2) | 0.0 (g) |
|  IDEX Corp. | (2) | (423) | — (h) | 0.0 (g) |
|  Ingersoll Rand, Inc. | (15) | (1225) | 53 | 0.0 (g) |
|  Insmed, Inc. | — (h) | (6) | (1) | 0.0 (g) |
|  International Business Machines Corp. | (1) | (352) | (4) | 0.0 (g) |
|  International Flavors & Fragrances, Inc. | (6) | (433) | (15) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  International Paper Co. | (23) | (868) | 43 | 0.0 (g) |
|  Invesco Ltd. | (8) | (188) | (10) | 0.0 (g) |
|  IonQ, Inc. | — (h) | (4) | 1 | 0.0 (g) |
|  Iron Mountain, Inc. | (1) | (85) | 1 | 0.0 (g) |
|  J M Smucker Co. (The) | (2) | (233) | 19 | 0.0 (g) |
|  Jack Henry & Associates, Inc. | (1) | (96) | 5 | 0.0 (g) |
|  JBT Marel Corp. | (1) | (109) | 1 | 0.0 (g) |
|  JFrog Ltd. | — (h) | (10) | (1) | 0.0 (g) |
|  Kinetik Holdings, Inc. | — (h) | (17) | (1) | 0.0 (g) |
|  Kinsale Capital Group, Inc. | — (h) | (114) | 5 | 0.0 (g) |
|  KKR & Co., Inc. | (1) | (82) | (2) | 0.0 (g) |
|  Klaviyo, Inc. | (5) | (93) | (1) | 0.0 (g) |
|  Kraft Heinz Co. (The) | (47) | (1075) | 10 | 0.0 (g) |
|  Krystal Biotech, Inc. | (1) | (162) | (5) | 0.0 (g) |
|  Kymera Therapeutics, Inc. | (1) | (61) | (3) | 0.0 (g) |
|  Lamar Advertising Co. | (1) | (85) | 1 | 0.0 (g) |
|  Lamb Weston Holdings, Inc. | (3) | (137) | (8) | 0.0 (g) |
|  Lattice Semiconductor Corp. | (1) | (91) | (1) | 0.0 (g) |
|  Lazard, Inc. | (1) | (31) | (2) | 0.0 (g) |
|  Lennox International, Inc. | — (h) | (148) | 5 | 0.0 (g) |
|  Liberty Broadband Corp. | (2) | (111) | 1 | 0.0 (g) |
|  Life Time Group Holdings, Inc. | (3) | (80) | (3) | 0.0 (g) |
|  Lincoln National Corp. | (3) | (104) | (6) | 0.0 (g) |
|  Lineage, Inc. | — (h) | (10) | 1 | 0.0 (g) |
|  Littelfuse, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  LKQ Corp. | (6) | (170) | (4) | 0.0 (g) |
|  Loar Holdings, Inc. | (1) | (35) | 5 | 0.0 (g) |
|  Loews Corp. | — (h) | (41) | 1 | 0.0 (g) |
|  Lowe's Cos., Inc. | (2) | (357) | — (h) | 0.0 (g) |
|  LPL Financial Holdings, Inc. | (1) | (201) | (12) | 0.0 (g) |
|  Lumen Technologies, Inc. | — (h) | (3) | — (h) | 0.0 (g) |
|  Lyft, Inc. | (3) | (34) | — (h) | 0.0 (g) |
|  M&T Bank Corp. | (8) | (1574) | (66) | 0.0 (g) |
|  MACOM Technology Solutions Holdings, Inc. | — (h) | (84) | (2) | 0.0 (g) |
|  Madison Square Garden Sports Corp. | — (h) | (50) | (1) | 0.0 (g) |
|  Madrigal Pharmaceuticals, Inc. | — (h) | (24) | (4) | 0.0 (g) |
|  Maplebear, Inc. | (1) | (41) | 1 | 0.0 (g) |
|  Markel Group, Inc. | — (h) | (905) | 19 | 0.0 (g) |
|  Marriott International, Inc./MD | (1) | (228) | (3) | 0.0 (g) |
|  Marsh & McLennan Cos., Inc. | — (h) | (74) | — (h) | 0.0 (g) |
|  Martin Marietta Materials, Inc. | — (h) | (31) | — (h) | 0.0 (g) |
|  Masco Corp. | (12) | (759) | 16 | 0.0 (g) |
|  Matador Resources Co. | — (h) | (10) | (1) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Match Group, Inc. | (17) | (514) | (7) | 0.0 (g) |
|  Mattel, Inc. | (8) | (113) | 4 | 0.0 (g) |
|  McCormick & Co., Inc. | (10) | (592) | 73 | 0.0 (g) |
|  Merck & Co., Inc. | (3) | (291) | (12) | 0.0 (g) |
|  Meta Platforms, Inc. | — (h) | (105) | 9 | 0.0 (g) |
|  Middleby Corp. (The) | (1) | (75) | 5 | 0.0 (g) |
|  Mirion Technologies, Inc. | (6) | (120) | 3 | 0.0 (g) |
|  Modine Manufacturing Co. | (1) | (103) | (9) | 0.0 (g) |
|  Mohawk Industries, Inc. | (3) | (313) | 15 | 0.0 (g) |
|  Molson Coors Beverage Co. | (1) | (36) | (1) | 0.0 (g) |
|  Mondelez International, Inc. | (3) | (148) | (1) | 0.0 (g) |
|  Monolithic Power Systems, Inc. | — (h) | (23) | — (h) | 0.0 (g) |
|  Morningstar, Inc. | — (h) | (61) | 5 | 0.0 (g) |
|  MSA Safety, Inc. | — (h) | (60) | 4 | 0.0 (g) |
|  MSCI, Inc. | — (h) | (10) | — (h) | 0.0 (g) |
|  Murphy USA, Inc. | — (h) | (97) | (7) | 0.0 (g) |
|  Nasdaq, Inc. | (1) | (65) | 1 | 0.0 (g) |
|  NetApp, Inc. | — (h) | (42) | — (h) | 0.0 (g) |
|  New York Times Co. (The) | (4) | (294) | (14) | 0.0 (g) |
|  NewMarket Corp. | — (h) | (32) | (2) | 0.0 (g) |
|  News Corp. | (1) | (17) | (1) | 0.0 (g) |
|  Nexstar Media Group, Inc. | (1) | (231) | 54 | 0.0 (g) |
|  NEXTracker, Inc. | (1) | (93) | (2) | 0.0 (g) |
|  NIKE, Inc. | (8) | (464) | 16 | 0.0 (g) |
|  Noble Corp. plc | (1) | (26) | (2) | 0.0 (g) |
|  Northern Trust Corp. | — (h) | (18) | — (h) | 0.0 (g) |
|  Norwegian Cruise Line Holdings Ltd. | (2) | (40) | 3 | 0.0 (g) |
|  NOV, Inc. | — (h) | (8) | — (h) | 0.0 (g) |
|  Nutanix, Inc. | (2) | (85) | 5 | 0.0 (g) |
|  Nuvalent, Inc. | (2) | (149) | (7) | 0.0 (g) |
|  Occidental Petroleum Corp. | (19) | (1083) | (147) | 0.0 (g) |
|  OGE Energy Corp. | (1) | (42) | — (h) | 0.0 (g) |
|  Okta, Inc. | (1) | (67) | (1) | 0.0 (g) |
|  Old National Bancorp | (23) | (487) | (13) | 0.0 (g) |
|  Old Republic International Corp. | (4) | (159) | 2 | 0.0 (g) |
|  Omega Healthcare Investors, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  ON Semiconductor Corp. | (3) | (184) | (6) | 0.0 (g) |
|  OneMain Holdings, Inc. | (3) | (144) | (12) | 0.0 (g) |
|  ONEOK, Inc. | (13) | (1152) | (55) | 0.0 (g) |
|  Ormat Technologies, Inc. | — (h) | (11) | — (h) | 0.0 (g) |
|  PACCAR, Inc. | (4) | (414) | (7) | 0.0 (g) |
|  Packaging Corp. of America | (7) | (1570) | 17 | 0.0 (g) |
|  Palantir Technologies, Inc. | — (h) | (19) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Paramount Skydance Corp. | — (h) | (3) | — (h) | 0.0 (g) |
|  Parsons Corp. | (4) | (205) | (6) | 0.0 (g) |
|  Paychex, Inc. | (3) | (259) | 3 | 0.0 (g) |
|  Pegasystems, Inc. | (1) | (40) | — (h) | 0.0 (g) |
|  PennyMac Financial Services, Inc. | — (h) | (7) | — (h) | 0.0 (g) |
|  Permian Resources Corp. | (37) | (711) | (77) | 0.0 (g) |
|  Pinterest, Inc. | (8) | (147) | (1) | 0.0 (g) |
|  Powell Industries, Inc. | — (h) | (29) | (2) | 0.0 (g) |
|  PPL Corp. | (1) | (39) | 1 | 0.0 (g) |
|  Primerica, Inc. | (1) | (333) | (1) | 0.0 (g) |
|  Primo Brands Corp. | (7) | (136) | 9 | 0.0 (g) |
|  Procore Technologies, Inc. | (1) | (42) | — (h) | 0.0 (g) |
|  PTC, Inc. | (1) | (201) | 11 | 0.0 (g) |
|  Public Storage | — (h) | (52) | (1) | 0.0 (g) |
|  PulteGroup, Inc. | — (h) | (12) | — (h) | 0.0 (g) |
|  QXO, Inc. | (2) | (42) | 3 | 0.0 (g) |
|  Rambus, Inc. | — (h) | (46) | 3 | 0.0 (g) |
|  Raymond James Financial, Inc. | — (h) | (40) | — (h) | 0.0 (g) |
|  Rayonier, Inc. | (10) | (198) | (3) | 0.0 (g) |
|  Realty Income Corp. | (16) | (1066) | 61 | 0.0 (g) |
|  Red Rock Resorts, Inc. | — (h) | (8) | 1 | 0.0 (g) |
|  Repligen Corp. | — (h) | (41) | (1) | 0.0 (g) |
|  Rexford Industrial Realty, Inc. | (2) | (87) | 5 | 0.0 (g) |
|  Rhythm Pharmaceuticals, Inc. | — (h) | (26) | 1 | 0.0 (g) |
|  Rivian Automotive, Inc. | (9) | (132) | 2 | 0.0 (g) |
|  Robinhood Markets, Inc. | (1) | (72) | 6 | 0.0 (g) |
|  Rocket Cos., Inc. | (6) | (82) | 3 | 0.0 (g) |
|  Rocket Lab Corp. | — (h) | (30) | 3 | 0.0 (g) |
|  Rollins, Inc. | (13) | (702) | 16 | 0.0 (g) |
|  Roper Technologies, Inc. | — (h) | (41) | (1) | 0.0 (g) |
|  Royal Caribbean Cruises Ltd. | (1) | (169) | (2) | 0.0 (g) |
|  Royal Gold, Inc. | (1) | (244) | (11) | 0.0 (g) |
|  Ryan Specialty Holdings, Inc. | (8) | (300) | 20 | 0.0 (g) |
|  Ryder System, Inc. | — (h) | (26) | (2) | 0.0 (g) |
|  Ryman Hospitality Properties, Inc. | (1) | (79) | (1) | 0.0 (g) |
|  Saia, Inc. | (1) | (253) | (18) | 0.0 (g) |
|  Samsara, Inc. | (3) | (109) | 1 | 0.0 (g) |
|  Sandisk Corp | — (h) | (134) | (9) | 0.0 (g) |
|  Sanmina Corp. | (2) | (197) | (10) | 0.0 (g) |
|  Semtech Corp. | — (h) | (38) | 5 | 0.0 (g) |
|  SentinelOne, Inc. | (7) | (102) | 10 | 0.0 (g) |
|  Service Corp. International | — (h) | (28) | (1) | 0.0 (g) |
|  Simpson Manufacturing Co., Inc. | (2) | (301) | 11 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  SiteOne Landscape Supply, Inc. | (1) | (143) | (5) | 0.0 (g) |
|  SiTime Corp. | — (h) | (31) | — (h) | 0.0 (g) |
|  SM Energy Co. | (2) | (78) | — (h) | 0.0 (g) |
|  Snap-on, Inc. | (1) | (193) | 3 | 0.0 (g) |
|  Snowflake, Inc. | — (h) | (35) | 5 | 0.0 (g) |
|  Solventum Corp. | (1) | (92) | (1) | 0.0 (g) |
|  Somnigroup International, Inc. | — (h) | (29) | (1) | 0.0 (g) |
|  Southern Co. (The) | (1) | (146) | 4 | 0.0 (g) |
|  Southwest Airlines Co. | (1) | (20) | 1 | 0.0 (g) |
|  SPX Technologies, Inc. | — (h) | (85) | 1 | 0.0 (g) |
|  STAG Industrial, Inc. | (3) | (115) | 6 | 0.0 (g) |
|  Stanley Black & Decker, Inc. | (1) | (50) | — (h) | 0.0 (g) |
|  Starbucks Corp. | — (h) | (19) | 1 | 0.0 (g) |
|  Starwood Property Trust, Inc. | (18) | (323) | 7 | 0.0 (g) |
|  Steel Dynamics, Inc. | (1) | (159) | (5) | 0.0 (g) |
|  StepStone Group, Inc. | (1) | (39) | (2) | 0.0 (g) |
|  STERIS plc | (2) | (478) | (5) | 0.0 (g) |
|  Sterling Infrastructure, Inc. | — (h) | (19) | — (h) | 0.0 (g) |
|  Strategy, Inc. | (1) | (164) | 25 | 0.0 (g) |
|  Sun Communities, Inc. | (1) | (129) | 7 | 0.0 (g) |
|  Super Micro Computer, Inc. | (11) | (352) | 100 | 0.0 (g) |
|  Synopsys, Inc. | (2) | (648) | 44 | 0.0 (g) |
|  T Rowe Price Group, Inc. | (4) | (358) | (11) | 0.0 (g) |
|  Talen Energy Corp. | — (h) | (138) | — (h) | 0.0 (g) |
|  TD SYNNEX Corp. | — (h) | (27) | (3) | 0.0 (g) |
|  Teleflex, Inc. | — (h) | (42) | (4) | 0.0 (g) |
|  Terex Corp. | (3) | (196) | — (h) | 0.0 (g) |
|  Terreno Realty Corp. | (7) | (409) | 8 | 0.0 (g) |
|  Texas Pacific Land Corp. | — (h) | (231) | 23 | 0.0 (g) |
|  Thermo Fisher Scientific, Inc. | (1) | (383) | (18) | 0.0 (g) |
|  Timken Co. (The) | (4) | (387) | (7) | 0.0 (g) |
|  TKO Group Holdings, Inc. | — (h) | (37) | (1) | 0.0 (g) |
|  Toast, Inc. | (11) | (303) | 17 | 0.0 (g) |
|  TopBuild Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  TPG, Inc. | (2) | (61) | (2) | 0.0 (g) |
|  Tractor Supply Co. | — (h) | — (h) | — (h) | 0.0 (g) |
|  Tradeweb Markets, Inc. | (1) | (75) | — (h) | 0.0 (g) |
|  TransDigm Group, Inc. | — (h) | (166) | 12 | 0.0 (g) |
|  TransUnion | (4) | (313) | 5 | 0.0 (g) |
|  Tyler Technologies, Inc. | (1) | (241) | 4 | 0.0 (g) |
|  Ubiquiti, Inc. | — (h) | (64) | (2) | 0.0 (g) |
|  UDR, Inc. | (24) | (865) | 40 | 0.0 (g) |
|  UGI Corp. | (3) | (99) | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  UL Solutions, Inc. | (1) | (77) | — (h) | 0.0 (g) |
|  Ulta Beauty, Inc. | — (h) | (171) | (2) | 0.0 (g) |
|  UMB Financial Corp. | — (h) | (35) | (1) | 0.0 (g) |
|  US Foods Holding Corp. | (14) | (1274) | (9) | 0.0 (g) |
|  Valley National Bancorp | (3) | (40) | (1) | 0.0 (g) |
|  Valmont Industries, Inc. | — (h) | (77) | 2 | 0.0 (g) |
|  Vaxcyte, Inc. | (1) | (40) | (3) | 0.0 (g) |
|  Verizon Communications, Inc. | (17) | (877) | 13 | 0.0 (g) |
|  Viasat, Inc. | — (h) | (15) | (1) | 0.0 (g) |
|  Vicor Corp. | — (h) | (14) | 2 | 0.0 (g) |
|  Viper Energy, Inc. | (13) | (601) | (28) | 0.0 (g) |
|  Vontier Corp. | (1) | (36) | 1 | 0.0 (g) |
|  Vornado Realty Trust | (1) | (23) | (1) | 0.0 (g) |
|  VSE Corp. | (1) | (155) | 3 | 0.0 (g) |
|  W R Berkley Corp. | (10) | (712) | 23 | 0.0 (g) |
|  Warner Music Group Corp. | (1) | (23) | 2 | 0.0 (g) |
|  Waters Corp. | (1) | (293) | (8) | 0.0 (g) |
|  Watsco, Inc. | — (h) | (122) | 4 | 0.0 (g) |
|  Watts Water Technologies, Inc. | — (h) | (110) | 3 | 0.0 (g) |
|  Weatherford International plc | — (h) | (18) | (2) | 0.0 (g) |
|  Welltower, Inc. | (1) | (162) | 10 | 0.0 (g) |
|  WESCO International, Inc. | — (h) | (62) | (4) | 0.0 (g) |
|  West Pharmaceutical Services, Inc. | — (h) | (47) | (2) | 0.0 (g) |
|  Western Digital Corp. | (1) | (236) | 13 | 0.0 (g) |
|  WEX, Inc. | (1) | (88) | 2 | 0.0 (g) |
|  Weyerhaeuser Co. | (3) | (73) | (2) | 0.0 (g) |
|  Williams Cos., Inc. (The) | (2) | (139) | 2 | 0.0 (g) |
|  Wintrust Financial Corp. | (2) | (225) | (13) | 0.0 (g) |
|  Workday, Inc. | (2) | (241) | 7 | 0.0 (g) |
|  WW Grainger, Inc. | — (h) | (329) | (10) | 0.0 (g) |
|  Wynn Resorts Ltd. | — (h) | (11) | — (h) | 0.0 (g) |
|  Xcel Energy, Inc. | — (h) | (9) | — (h) | 0.0 (g) |
|  Yum! Brands, Inc. | (1) | (111) | 4 | 0.0 (g) |
|  Zebra Technologies Corp. | — (h) | (15) | — (h) | 0.0 (g) |
|  Zillow Group, Inc. | (4) | (170) | 4 | 0.0 (g) |
|  Zimmer Biomet Holdings, Inc. | (2) | (208) | 1 | 0.0 (g) |
|  Zoom Communications, Inc. | (16) | (1223) | (89) | 0.0 (g) |
|  Zurn Elkay Water Solutions Corp. | — (h) | (4) | — (h) | 0.0 (g) |
|  **Total Short Positions of Total Return Swaps** |  | (82144) | 856 | 0.0 (g) |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **Australia** |  |  |  |  |
|  Atlassian Corp. | 1 | 93 | (10) | 0.0 (g) |
|  **Bermuda** |  |  |  |  |
|  Arch Capital Group Ltd. | — (h) | 9 | — (h) | 0.0 (g) |
|  Essent Group Ltd. | 6 | 328 | 3 | 0.0 (g) |
|  Viking Holdings Ltd. | 8 | 556 | 17 | 0.0 (g) |
|  Denmark |  |  |  |  |
|  Ascendis Pharma A/S | 1 | 214 | (2) | 0.0 (g) |
|  **France** |  |  |  |  |
|  Abivax SA | — (h) | — (h) | — (h) | 0.0 (g) |
|  **Hong Kong** |  |  |  |  |
|  Melco Resorts & Entertainment Ltd. | 4 | 22 | — (h) | 0.0 (g) |
|  **Ireland** |  |  |  |  |
|  AerCap Holdings NV | 1 | 124 | 2 | 0.0 (g) |
|  Alkermes plc | 6 | 158 | 41 | 0.0 (g) |
|  Allegion plc | 3 | 399 | (1) | 0.0 (g) |
|  Aptiv plc | 6 | 439 | (13) | 0.0 (g) |
|  CRH plc | 1 | 93 | 2 | 0.0 (g) |
|  Eaton Corp. plc | — (h) | 177 | (2) | 0.0 (g) |
|  ICON plc | — (h) | 40 | 5 | 0.0 (g) |
|  TE Connectivity plc | 4 | 776 | 21 | 0.0 (g) |
|  Trane Technologies plc | — (h) | 102 | (1) | 0.0 (g) |
|  **Israel** |  |  |  |  |
|  Check Point Software Technologies Ltd. | 1 | 104 | (7) | 0.0 (g) |
|  Global-e Online Ltd. | 2 | 59 | (6) | 0.0 (g) |
|  Tower Semiconductor Ltd. | 1 | 103 | 27 | 0.0 (g) |
|  Wix.com Ltd. | — (h) | 43 | 1 | 0.0 (g) |
|  **Luxembourg** |  |  |  |  |
|  Millicom International Cellular SA | 4 | 285 | 8 | 0.0 (g) |
|  **Netherlands** |  |  |  |  |
|  QIAGEN NV | 2 | 74 | (1) | 0.0 (g) |
|  **Norway** |  |  |  |  |
|  Frontline plc | 3 | 108 | 10 | 0.0 (g) |
|  **Puerto Rico** |  |  |  |  |
|  Popular, Inc. | 1 | 123 | 3 | 0.0 (g) |
|  Singapore |  |  |  |  |
|  Sea Ltd. | 2 | 123 | 2 | 0.0 (g) |
|  **Switzerland** |  |  |  |  |
|  Chubb Ltd. | — (h) | 145 | (1) | 0.0 (g) |
|  Sportradar Group AG | 13 | 237 | (19) | 0.0 (g) |
|  **United Kingdom** |  |  |  |  |
|  Pentair plc | — (h) | 10 | — (h) | 0.0 (g) |
|  TechnipFMC plc | 1 | 53 | 4 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  **United States** |  |  |  |  |
|  3M Co. | 12 | 1770 | (39) | 0.0 (g) |
|  AbbVie, Inc. | 2 | 376 | 22 | 0.0 (g) |
|  Adobe, Inc. | 4 | 945 | (31) | 0.0 (g) |
|  ADT, Inc. | 53 | 347 | 1 | 0.0 (g) |
|  Advanced Micro Devices, Inc. | — (h) | 65 | 2 | 0.0 (g) |
|  AECOM | 1 | 116 | (5) | 0.0 (g) |
|  Affiliated Managers Group, Inc. | 1 | 300 | 4 | 0.0 (g) |
|  Affirm Holdings, Inc. | — (h) | 14 | (1) | 0.0 (g) |
|  Aflac, Inc. | 2 | 257 | 2 | 0.0 (g) |
|  Agree Realty Corp. | 6 | 488 | (20) | 0.0 (g) |
|  Airbnb, Inc. | 1 | 130 | (2) | 0.0 (g) |
|  Alaska Air Group, Inc. | 5 | 181 | (8) | 0.0 (g) |
|  Albemarle Corp. | — (h) | 26 | 3 | 0.0 (g) |
|  Alexandria Real Estate Equities, Inc. | 1 | 47 | — (h) | 0.0 (g) |
|  Allstate Corp. (The) | — (h) | 32 | — (h) | 0.0 (g) |
|  Ally Financial, Inc. | 5 | 177 | 16 | 0.0 (g) |
|  Alphabet, Inc. | 7 | 2101 | (121) | 0.0 (g) |
|  Altria Group, Inc. | 1 | 42 | (1) | 0.0 (g) |
|  Amazon.com, Inc. | 4 | 776 | (13) | 0.0 (g) |
|  Amdocs Ltd. | 1 | 53 | (1) | 0.0 (g) |
|  Ameren Corp. | 2 | 245 | (4) | 0.0 (g) |
|  American Airlines Group, Inc. | 10 | 103 | 3 | 0.0 (g) |
|  American Express Co. | 1 | 342 | 5 | 0.0 (g) |
|  American Healthcare REIT, Inc. | 3 | 173 | (18) | 0.0 (g) |
|  Ameriprise Financial, Inc. | 2 | 672 | 8 | 0.0 (g) |
|  AMETEK, Inc. | 1 | 224 | — (h) | 0.0 (g) |
|  Amgen, Inc. | — (h) | 44 | — (h) | 0.0 (g) |
|  Amkor Technology, Inc. | 1 | 30 | — (h) | 0.0 (g) |
|  Amphenol Corp. | 3 | 424 | (32) | 0.0 (g) |
|  Analog Devices, Inc. | — (h) | 153 | 4 | 0.0 (g) |
|  Antero Resources Corp. | 1 | 37 | 1 | 0.0 (g) |
|  API Group Corp. | 5 | 187 | (3) | 0.0 (g) |
|  Apple, Inc. | 1 | 293 | 5 | 0.0 (g) |
|  Applied Industrial Technologies, Inc. | 1 | 300 | 10 | 0.0 (g) |
|  Applied Materials, Inc. | 1 | 439 | (6) | 0.0 (g) |
|  Aramark | 3 | 113 | — (h) | 0.0 (g) |
|  Armstrong World Industries, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Assurant, Inc. | — (h) | 101 | (2) | 0.0 (g) |
|  AT&T, Inc. | 2 | 56 | 2 | 0.0 (g) |
|  Autodesk, Inc. | — (h) | 96 | (1) | 0.0 (g) |
|  AutoNation, Inc. | — (h) | 55 | 4 | 0.0 (g) |
|  Ball Corp. | 6 | 367 | (18) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Bank of America Corp. | 15 | 722 | 26 | 0.0 (g) |
|  Biogen, Inc. | — (h) | 26 | — (h) | 0.0 (g) |
|  BioMarin Pharmaceutical, Inc. | 6 | 338 | (6) | 0.0 (g) |
|  Bio-Techne Corp. | — (h) | 12 | 1 | 0.0 (g) |
|  Block, Inc. | 9 | 518 | 3 | 0.0 (g) |
|  Booking Holdings, Inc. | — (h) | 301 | (6) | 0.0 (g) |
|  BorgWarner, Inc. | 29 | 1504 | 71 | 0.0 (g) |
|  Boston Scientific Corp. | 4 | 291 | (29) | 0.0 (g) |
|  Brightstar Lottery plc | 6 | 74 | — (h) | 0.0 (g) |
|  Brinker International, Inc. | — (h) | 49 | — (h) | 0.0 (g) |
|  Bristol-Myers Squibb Co. | 3 | 202 | 4 | 0.0 (g) |
|  Brixmor Property Group, Inc. | 11 | 336 | (13) | 0.0 (g) |
|  Broadcom, Inc. | 1 | 304 | (9) | 0.0 (g) |
|  Camden Property Trust | 5 | 464 | (14) | 0.0 (g) |
|  Campbell's Company (The) | 19 | 408 | 17 | 0.0 (g) |
|  Carnival Corp. | 3 | 71 | 3 | 0.0 (g) |
|  Carpenter Technology Corp. | 1 | 299 | 16 | 0.0 (g) |
|  Casey's General Stores, Inc. | — (h) | 236 | 19 | 0.0 (g) |
|  CBRE Group, Inc. | — (h) | 62 | — (h) | 0.0 (g) |
|  CDW Corp | — (h) | 44 | 1 | 0.0 (g) |
|  Centene Corp. | — (h) | 13 | (1) | 0.0 (g) |
|  Charles Schwab Corp. (The) | 12 | 1107 | 3 | 0.0 (g) |
|  Cheniere Energy, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  Chevron Corp. | 1 | 288 | 15 | 0.0 (g) |
|  Chipotle Mexican Grill, Inc. | 11 | 376 | (23) | 0.0 (g) |
|  Chord Energy Corp. | 1 | 115 | 14 | 0.0 (g) |
|  Churchill Downs, Inc. | — (h) | 18 | 1 | 0.0 (g) |
|  Cigna Group (The) | — (h) | 14 | — (h) | 0.0 (g) |
|  Cirrus Logic, Inc. | — (h) | 25 | 2 | 0.0 (g) |
|  Citigroup, Inc. | 21 | 2269 | 123 | 0.0 (g) |
|  Cleveland-Cliffs, Inc. | 10 | 83 | (2) | 0.0 (g) |
|  CME Group, Inc. | 3 | 936 | (55) | 0.0 (g) |
|  Cognex Corp. | — (h) | 18 | — (h) | 0.0 (g) |
|  Cognizant Technology Solutions Corp. | — (h) | 28 | — (h) | 0.0 (g) |
|  Colgate-Palmolive Co. | — (h) | 17 | — (h) | 0.0 (g) |
|  Comcast Corp. | 1 | 24 | — (h) | 0.0 (g) |
|  Comfort Systems USA, Inc. | — (h) | 33 | (1) | 0.0 (g) |
|  Commerce Bancshares, Inc./MO | 1 | 64 | 2 | 0.0 (g) |
|  Commercial Metals Co. | 1 | 44 | — (h) | 0.0 (g) |
|  Conagra Brands, Inc. | 16 | 258 | (5) | 0.0 (g) |
|  Constellation Brands, Inc. | 1 | 130 | (1) | 0.0 (g) |
|  Construction Partners, Inc. | 1 | 63 | (4) | 0.0 (g) |
|  Copart, Inc. | 1 | 45 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Corteva, Inc. | 8 | 635 | 38 | 0.0 (g) |
|  Costco Wholesale Corp. | 1 | 1443 | (4) | 0.0 (g) |
|  Crane Co. | — (h) | 76 | (1) | 0.0 (g) |
|  Crown Castle, Inc. | 1 | 63 | (4) | 0.0 (g) |
|  Crown Holdings, Inc. | 12 | 1304 | (72) | 0.0 (g) |
|  CSX Corp. | 12 | 464 | 15 | 0.0 (g) |
|  CubeSmart | 19 | 732 | (35) | 0.0 (g) |
|  Cullen/Frost Bankers, Inc. | 1 | 68 | 3 | 0.0 (g) |
|  Curtiss-Wright Corp. | — (h) | 272 | (1) | 0.0 (g) |
|  Danaher Corp. | 6 | 1162 | (11) | 0.0 (g) |
|  Darling Ingredients, Inc. | — (h) | 15 | 2 | 0.0 (g) |
|  DaVita, Inc. | — (h) | 16 | 1 | 0.0 (g) |
|  Devon Energy Corp. | 5 | 250 | 20 | 0.0 (g) |
|  Dexcom, Inc. | 4 | 279 | (15) | 0.0 (g) |
|  Digital Realty Trust, Inc. | 3 | 518 | (3) | 0.0 (g) |
|  Dollar General Corp. | — (h) | 36 | (4) | 0.0 (g) |
|  Dollar Tree, Inc. | 2 | 259 | (10) | 0.0 (g) |
|  Domino's Pizza, Inc. | — (h) | 128 | (11) | 0.0 (g) |
|  Donaldson Co., Inc. | 7 | 614 | (4) | 0.0 (g) |
|  Dover Corp. | — (h) | 70 | — (h) | 0.0 (g) |
|  Dow, Inc. | 17 | 622 | 98 | 0.0 (g) |
|  Doximity, Inc. | 4 | 91 | (5) | 0.0 (g) |
|  DR Horton, Inc. | 2 | 243 | (7) | 0.0 (g) |
|  Dropbox, Inc. | 4 | 95 | (9) | 0.0 (g) |
|  Duolingo, Inc. | 1 | 64 | (2) | 0.0 (g) |
|  DuPont de Nemours, Inc. | 2 | 91 | 1 | 0.0 (g) |
|  Dycom Industries, Inc. | — (h) | 39 | (2) | 0.0 (g) |
|  Dynatrace, Inc. | 1 | 21 | (1) | 0.0 (g) |
|  Ecolab, Inc. | — (h) | 100 | (3) | 0.0 (g) |
|  Edison International | 2 | 145 | — (h) | 0.0 (g) |
|  Edwards Lifesciences Corp. | 8 | 685 | (29) | 0.0 (g) |
|  Elastic NV | 2 | 97 | (6) | 0.0 (g) |
|  EMCOR Group, Inc. | — (h) | 4 | — (h) | 0.0 (g) |
|  Emerson Electric Co. | — (h) | 14 | — (h) | 0.0 (g) |
|  Encompass Health Corp. | 1 | 73 | (3) | 0.0 (g) |
|  EOG Resources, Inc. | 1 | 158 | 8 | 0.0 (g) |
|  Equifax, Inc. | 2 | 291 | (8) | 0.0 (g) |
|  Equinix, Inc. | — (h) | 326 | (1) | 0.0 (g) |
|  ESCO Technologies, Inc. | — (h) | 62 | 3 | 0.0 (g) |
|  Essential Properties Realty Trust, Inc. | 1 | 31 | (3) | 0.0 (g) |
|  Etsy, Inc. | 1 | 42 | (1) | 0.0 (g) |
|  Evercore, Inc. | — (h) | 15 | 1 | 0.0 (g) |
|  Eversource Energy | 2 | 123 | (7) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Exelixis, Inc. | 5 | 188 | 8 | 0.0 (g) |
|  Expedia Group, Inc. | — (h) | 115 | (2) | 0.0 (g) |
|  Expeditors International of Washington, Inc. | 3 | 461 | 1 | 0.0 (g) |
|  Federal Signal Corp. | — (h) | 17 | — (h) | 0.0 (g) |
|  Ferguson Enterprises, Inc. | — (h) | 72 | 3 | 0.0 (g) |
|  Fidelity National Information Services, Inc. | 14 | 725 | (48) | 0.0 (g) |
|  First American Financial Corp. | — (h) | 13 | — (h) | 0.0 (g) |
|  First Citizens BancShares, Inc./NC | — (h) | 115 | 8 | 0.0 (g) |
|  First Industrial Realty Trust, Inc. | 11 | 670 | (34) | 0.0 (g) |
|  First Solar, Inc. | 1 | 258 | (3) | 0.0 (g) |
|  Fiserv, Inc. | 3 | 160 | (3) | 0.0 (g) |
|  Five Below, Inc. | — (h) | 33 | 3 | 0.0 (g) |
|  Flex Ltd. | 2 | 131 | 4 | 0.0 (g) |
|  Fluor Corp. | 2 | 89 | 6 | 0.0 (g) |
|  FNB Corp/PA | 6 | 100 | 3 | 0.0 (g) |
|  Fox Corp. | 21 | 1144 | 19 | 0.0 (g) |
|  Franklin Resources, Inc. | 20 | 485 | (15) | 0.0 (g) |
|  Freeport-McMoRan, Inc. | 3 | 171 | 3 | 0.0 (g) |
|  Gaming and Leisure Properties, Inc. | 1 | 59 | (3) | 0.0 (g) |
|  Gap, Inc. (The) | 2 | 43 | 2 | 0.0 (g) |
|  GE Vernova, Inc. | — (h) | 12 | 1 | 0.0 (g) |
|  General Dynamics Corp. | 1 | 263 | (6) | 0.0 (g) |
|  General Electric Co. | 1 | 232 | (15) | 0.0 (g) |
|  General Mills, Inc. | 4 | 141 | (6) | 0.0 (g) |
|  General Motors Co. | 1 | 59 | 1 | 0.0 (g) |
|  Genpact Ltd. | 5 | 201 | (5) | 0.0 (g) |
|  Globe Life, Inc. | 2 | 325 | (2) | 0.0 (g) |
|  Goldman Sachs Group, Inc. (The) | 2 | 1319 | 80 | 0.0 (g) |
|  Grand Canyon Education, Inc. | — (h) | 49 | 2 | 0.0 (g) |
|  Guidewire Software, Inc. | — (h) | 56 | (4) | 0.0 (g) |
|  Halozyme Therapeutics, Inc. | 1 | 41 | — (h) | 0.0 (g) |
|  Hamilton Lane, Inc. | — (h) | 27 | 1 | 0.0 (g) |
|  Hanover Insurance Group, Inc. (The) | — (h) | 27 | — (h) | 0.0 (g) |
|  Hartford Insurance Group, Inc. (The) | 2 | 261 | 1 | 0.0 (g) |
|  Hasbro, Inc. | 8 | 776 | 6 | 0.0 (g) |
|  HCA Healthcare, Inc. | — (h) | 40 | (4) | 0.0 (g) |
|  HEICO Corp. | 1 | 337 | (19) | 0.0 (g) |
|  Henry Schein, Inc. | 2 | 167 | (2) | 0.0 (g) |
|  HF Sinclair Corp. | 2 | 94 | 10 | 0.0 (g) |
|  Hilton Worldwide Holdings, Inc. | 1 | 197 | 5 | 0.0 (g) |
|  Houlihan Lokey, Inc. | — (h) | 17 | 1 | 0.0 (g) |
|  Hubbell, Inc. | — (h) | 109 | 4 | 0.0 (g) |
|  HubSpot, Inc. | — (h) | 58 | (5) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Huntington Ingalls Industries, Inc. | — (h) | 16 | — (h) | 0.0 (g) |
|  IES Holdings, Inc. | — (h) | 17 | 1 | 0.0 (g) |
|  Illinois Tool Works, Inc. | 1 | 142 | (3) | 0.0 (g) |
|  Incyte Corp. | 1 | 89 | 1 | 0.0 (g) |
|  Ingredion, Inc. | — (h) | 8 | — (h) | 0.0 (g) |
|  Installed Building Products, Inc. | — (h) | 26 | (2) | 0.0 (g) |
|  Insulet Corp. | — (h) | 25 | (2) | 0.0 (g) |
|  Intercontinental Exchange, Inc. | 1 | 121 | (3) | 0.0 (g) |
|  Intuit, Inc. | 2 | 898 | (40) | 0.0 (g) |
|  Invitation Homes, Inc. | 20 | 503 | (5) | 0.0 (g) |
|  Ionis Pharmaceuticals, Inc. | — (h) | 14 | 1 | 0.0 (g) |
|  IQVIA Holdings, Inc. | — (h) | 10 | — (h) | 0.0 (g) |
|  ITT, Inc. | 5 | 850 | 11 | 0.0 (g) |
|  Jabil, Inc. | 1 | 143 | 4 | 0.0 (g) |
|  Jacobs Solutions, Inc. | 3 | 369 | (2) | 0.0 (g) |
|  Jefferies Financial Group, Inc. | 3 | 103 | 13 | 0.0 (g) |
|  Johnson Controls International plc | 8 | 1045 | (6) | 0.0 (g) |
|  KBR, Inc. | 3 | 106 | 2 | 0.0 (g) |
|  KeyCorp. | 7 | 132 | 7 | 0.0 (g) |
|  Keysight Technologies, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Kinder Morgan, Inc. | 30 | 992 | 7 | 0.0 (g) |
|  Kirby Corp. | 1 | 108 | 7 | 0.0 (g) |
|  KLA Corp. | — (h) | 542 | 13 | 0.0 (g) |
|  Kratos Defense & Security Solutions, Inc. | — (h) | 14 | (3) | 0.0 (g) |
|  L3Harris Technologies, Inc. | 1 | 277 | (15) | 0.0 (g) |
|  Lam Research Corp. | — (h) | 90 | (2) | 0.0 (g) |
|  Las Vegas Sands Corp. | 2 | 99 | — (h) | 0.0 (g) |
|  Lear Corp. | 1 | 149 | 6 | 0.0 (g) |
|  Leidos Holdings, Inc. | — (h) | 56 | (2) | 0.0 (g) |
|  Levi Strauss & Co. | 1 | 16 | — (h) | 0.0 (g) |
|  Liberty Media Corp-Liberty Formula One | — (h) | 9 | — (h) | 0.0 (g) |
|  Lithia Motors, Inc. | 1 | 354 | (4) | 0.0 (g) |
|  Lockheed Martin Corp. | 2 | 1312 | (83) | 0.0 (g) |
|  Louisiana-Pacific Corp. | — (h) | 17 | (1) | 0.0 (g) |
|  Lumentum Holdings, Inc. | — (h) | 244 | 30 | 0.0 (g) |
|  Manhattan Associates, Inc. | 1 | 170 | (10) | 0.0 (g) |
|  Marathon Petroleum Corp. | — (h) | 82 | 5 | 0.0 (g) |
|  MasTec, Inc. | 1 | 329 | 24 | 0.0 (g) |
|  Mastercard, Inc. | — (h) | 150 | (3) | 0.0 (g) |
|  McKesson Corp. | — (h) | 32 | — (h) | 0.0 (g) |
|  Meritage Homes Corp. | 3 | 192 | (7) | 0.0 (g) |
|  MetLife, Inc. | 6 | 430 | 11 | 0.0 (g) |
|  Mettler-Toledo International, Inc. | — (h) | 149 | 8 | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  MGIC Investment Corp. | — (h) | 5 | — (h) | 0.0 (g) |
|  MGM Resorts International | 8 | 292 | 8 | 0.0 (g) |
|  Micron Technology, Inc. | 1 | 283 | 4 | 0.0 (g) |
|  Microsoft Corp. | 1 | 363 | (6) | 0.0 (g) |
|  Mid-America Apartment Communities, Inc. | 1 | 152 | (5) | 0.0 (g) |
|  MKS, Inc. | 1 | 117 | 4 | 0.0 (g) |
|  Molina Healthcare, Inc. | — (h) | 53 | (5) | 0.0 (g) |
|  Monster Beverage Corp. | — (h) | 10 | (1) | 0.0 (g) |
|  Moody's Corp. | — (h) | 76 | 1 | 0.0 (g) |
|  Morgan Stanley | 3 | 422 | 19 | 0.0 (g) |
|  Mosaic Co. (The) | 5 | 132 | (10) | 0.0 (g) |
|  Motorola Solutions, Inc. | 2 | 1131 | (88) | 0.0 (g) |
|  Mueller Industries, Inc. | 1 | 78 | 1 | 0.0 (g) |
|  Natera, Inc. | — (h) | 7 | — (h) | 0.0 (g) |
|  Neurocrine Biosciences, Inc. | — (h) | 55 | 1 | 0.0 (g) |
|  Newmont Corp. | 3 | 368 | 6 | 0.0 (g) |
|  NNN REIT, Inc. | 1 | 61 | (4) | 0.0 (g) |
|  Nordson Corp. | — (h) | 87 | — (h) | 0.0 (g) |
|  Northrop Grumman Corp. | — (h) | 347 | (25) | 0.0 (g) |
|  Nucor Corp. | — (h) | 53 | 2 | 0.0 (g) |
|  NVIDIA Corp. | — (h) | 42 | (2) | 0.0 (g) |
|  NVR, Inc. | — (h) | 197 | 1 | 0.0 (g) |
|  Ollie's Bargain Outlet Holdings, Inc. | — (h) | 39 | — (h) | 0.0 (g) |
|  Onto Innovation, Inc. | — (h) | 34 | 2 | 0.0 (g) |
|  Oracle Corp. | 1 | 144 | (8) | 0.0 (g) |
|  Otis Worldwide Corp. | 5 | 401 | (31) | 0.0 (g) |
|  Owens Corning | — (h) | 9 | — (h) | 0.0 (g) |
|  Parker-Hannifin Corp. | — (h) | 388 | (2) | 0.0 (g) |
|  Paycom Software, Inc. | — (h) | 55 | (1) | 0.0 (g) |
|  Paylocity Holding Corp. | 1 | 69 | (2) | 0.0 (g) |
|  Penske Automotive Group, Inc. | — (h) | 25 | 1 | 0.0 (g) |
|  PepsiCo., Inc. | 1 | 118 | (2) | 0.0 (g) |
|  Pfizer, Inc. | 2 | 46 | 2 | 0.0 (g) |
|  PG&E Corp. | 4 | 68 | (3) | 0.0 (g) |
|  Pilgrim's Pride Corp. | 1 | 42 | 1 | 0.0 (g) |
|  Pinnacle Financial Partners, Inc. | — (h) | 15 | — (h) | 0.0 (g) |
|  Pinnacle West Capital Corp. | 4 | 402 | (6) | 0.0 (g) |
|  PJT Partners, Inc. | — (h) | 26 | 2 | 0.0 (g) |
|  PNC Financial Services Group, Inc. (The) | 1 | 159 | 6 | 0.0 (g) |
|  Pool Corp. | 1 | 233 | (7) | 0.0 (g) |
|  Portland General Electric Co. | 2 | 103 | 3 | 0.0 (g) |
|  Principal Financial Group, Inc. | 4 | 337 | 14 | 0.0 (g) |
|  Procter & Gamble Co. (The) | 1 | 179 | (9) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Progressive Corp. (The) | 4 | 735 | (23) | 0.0 (g) |
|  Prosperity Bancshares, Inc. | 5 | 332 | 12 | 0.0 (g) |
|  PTC Therapeutics, Inc. | 1 | 51 | 1 | 0.0 (g) |
|  Pure Storage, Inc. | — (h) | 19 | (1) | 0.0 (g) |
|  QUALCOMM, Inc. | 2 | 257 | (1) | 0.0 (g) |
|  Ralph Lauren Corp. | — (h) | 83 | 1 | 0.0 (g) |
|  RBC Bearings, Inc. | 1 | 550 | (4) | 0.0 (g) |
|  Regency Centers Corp. | — (h) | 27 | (1) | 0.0 (g) |
|  Regeneron Pharmaceuticals, Inc. | — (h) | 122 | 6 | 0.0 (g) |
|  Reinsurance Group of America, Inc. | 1 | 234 | 3 | 0.0 (g) |
|  Reliance, Inc. | — (h) | 20 | — (h) | 0.0 (g) |
|  ResMed, Inc. | 2 | 387 | (10) | 0.0 (g) |
|  Rithm Capital Corp. | 16 | 146 | 1 | 0.0 (g) |
|  Roku, Inc. | 10 | 990 | (5) | 0.0 (g) |
|  Ross Stores, Inc. | — (h) | 63 | 3 | 0.0 (g) |
|  RPM International, Inc. | 1 | 77 | (1) | 0.0 (g) |
|  RTX Corp. | 5 | 1131 | (72) | 0.0 (g) |
|  Rubrik, Inc. | 5 | 241 | (13) | 0.0 (g) |
|  Salesforce, Inc. | — (h) | 33 | (2) | 0.0 (g) |
|  SBA Communications Corp. | — (h) | 23 | (2) | 0.0 (g) |
|  Seagate Technology Holdings plc | — (h) | 144 | (3) | 0.0 (g) |
|  SEI Investments Co. | 3 | 210 | 2 | 0.0 (g) |
|  Sempra | 1 | 73 | 1 | 0.0 (g) |
|  ServiceNow, Inc. | — (h) | 35 | (3) | 0.0 (g) |
|  ServiceTitan, Inc. | — (h) | 26 | (3) | 0.0 (g) |
|  Sirius XM Holdings, Inc. | 3 | 73 | 2 | 0.0 (g) |
|  Skyworks Solutions, Inc. | 1 | 55 | (1) | 0.0 (g) |
|  SLB Ltd. | 2 | 87 | 4 | 0.0 (g) |
|  Snap, Inc. | 2 | 9 | 1 | 0.0 (g) |
|  SOUTHSTATE BANK Corp., | — (h) | 19 | 1 | 0.0 (g) |
|  Sprouts Farmers Market, Inc. | 5 | 447 | (25) | 0.0 (g) |
|  SS&C Technologies Holdings, Inc. | 8 | 547 | (30) | 0.0 (g) |
|  State Street Corp. | 1 | 64 | 3 | 0.0 (g) |
|  Stifel Financial Corp. | 1 | 58 | 3 | 0.0 (g) |
|  Stryker Corp. | — (h) | 16 | (1) | 0.0 (g) |
|  Synchrony Financial | 4 | 287 | 18 | 0.0 (g) |
|  Sysco Corp. | — (h) | 37 | (6) | 0.0 (g) |
|  Take-Two Interactive Software, Inc. | 5 | 1113 | (54) | 0.0 (g) |
|  Target Corp. | 6 | 675 | 24 | 0.0 (g) |
|  Taylor Morrison Home Corp. | 1 | 48 | (1) | 0.0 (g) |
|  Tenet Healthcare Corp. | 2 | 334 | (47) | 0.0 (g) |
|  Tetra Tech, Inc. | 1 | 22 | (1) | 0.0 (g) |
|  Texas Instruments, Inc. | — (h) | 19 | — (h) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  Texas Roadhouse, Inc. | 1 | 102 | (4) | 0.0 (g) |
|  Textron, Inc. | — (h) | 36 | (2) | 0.0 (g) |
|  TG Therapeutics, Inc. | — (h) | 5 | 1 | 0.0 (g) |
|  Thor Industries, Inc. | — (h) | 28 | (1) | 0.0 (g) |
|  TJX Cos., Inc. (The) | — (h) | 44 | 1 | 0.0 (g) |
|  T-Mobile US, Inc. | 1 | 147 | (3) | 0.0 (g) |
|  Toll Brothers, Inc. | — (h) | 32 | (1) | 0.0 (g) |
|  Toro Co. (The) | 2 | 162 | (3) | 0.0 (g) |
|  Trade Desk, Inc. (The) | 3 | 88 | (14) | 0.0 (g) |
|  Travelers Cos., Inc. (The) | 4 | 1087 | (42) | 0.0 (g) |
|  Trimble, Inc. | 6 | 378 | (8) | 0.0 (g) |
|  Truist Financial Corp. | 2 | 76 | 2 | 0.0 (g) |
|  TTM Technologies, Inc. | 1 | 86 | 1 | 0.0 (g) |
|  Twilio, Inc. | 1 | 112 | — (h) | 0.0 (g) |
|  UFP Industries, Inc. | — (h) | 42 | 1 | 0.0 (g) |
|  Union Pacific Corp. | — (h) | 83 | 1 | 0.0 (g) |
|  United Therapeutics Corp. | — (h) | 71 | 8 | 0.0 (g) |
|  Unity Software, Inc. | 7 | 143 | 16 | 0.0 (g) |
|  Universal Display Corp. | — (h) | 47 | (2) | 0.0 (g) |
|  Unum Group | 4 | 312 | 1 | 0.0 (g) |
|  US Bancorp | 2 | 84 | 1 | 0.0 (g) |
|  Valero Energy Corp. | 1 | 162 | 10 | 0.0 (g) |
|  Veeva Systems, Inc. | — (h) | 41 | (2) | 0.0 (g) |
|  Ventas, Inc. | 1 | 45 | (3) | 0.0 (g) |
|  Veralto Corp. | 2 | 144 | (3) | 0.0 (g) |
|  VeriSign, Inc. | 1 | 140 | 4 | 0.0 (g) |
|  Verisk Analytics, Inc. | 1 | 136 | (10) | 0.0 (g) |
|  Vertiv Holdings Co. | — (h) | 28 | (2) | 0.0 (g) |
|  Viatris, Inc. | 2 | 22 | — (h) | 0.0 (g) |
|  VICI Properties, Inc. | 1 | 42 | (2) | 0.0 (g) |
|  Virtu Financial, Inc. | 1 | 24 | 2 | 0.0 (g) |
|  Visa, Inc. | — (h) | 116 | (3) | 0.0 (g) |
|  Vistra Corp. | — (h) | 11 | (1) | 0.0 (g) |
|  Voya Financial, Inc. | 1 | 55 | 1 | 0.0 (g) |
|  Vulcan Materials Co. | 2 | 582 | 14 | 0.0 (g) |
|  Walmart, Inc. | — (h) | 49 | 2 | 0.0 (g) |
|  Waste Management, Inc. | 6 | 1505 | (46) | 0.0 (g) |
|  Wayfair, Inc. | 4 | 302 | (15) | 0.0 (g) |
|  WEC Energy Group, Inc. | 1 | 105 | (1) | 0.0 (g) |
|  Wells Fargo & Co. | 11 | 871 | 36 | 0.0 (g) |
|  Westinghouse Air Brake Technologies Corp. | 4 | 930 | 42 | 0.0 (g) |
|  Westlake Corp. | 1 | 67 | 4 | 0.0 (g) |
|  WP Carey, Inc. | 3 | 204 | (11) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL<br>VALUE**<br>**($) <sup>(1)</sup>** | **UNREALIZED<br>APPRECIATION<br>(DEPRECIATION)<br>($) <sup>(2)</sup>** | **PERCENTAGE<br>OF NET<br>ASSETS (%)** |
|  XPO, Inc. | — (h) | 83 | 4 | 0.0 (g) |
|  Xylem, Inc./NY | 3 | 346 | (4) | 0.0 (g) |
|  Zions Bancorp NA | 1 | 33 | 3 | 0.0 (g) |
|  Zoetis, Inc. | — (h) | 17 | — (h) | 0.0 (g) |
|  **Uruguay** |  |  |  |  |
|  MercadoLibre, Inc. | — (h) | 374 | (1) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 88816 | (509) | 0.0 (g) |
| **Total of Long and Short Positions of Total Return Swaps** |  | 6672 | 347 | 0.0 (g) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.3% to 0.3%) which is denominated in USD based on the local currencies of the positions within the swap | 11/04/2030 | 304 | (21) | 7 | (14) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **Hong Kong** |  |  |  |  |
|  Hongkong Land Holdings Ltd. | 4 | 37 | (3) | 0.0 (g) |
|  Jardine Matheson Holdings Ltd. | 4 | 267 | (18) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 304 | (21) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 304 | (21) | 0.0 (g) |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**Total Return Swaps Outstanding as of March 31, 2026: (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **COUNTERPARTY** | **DESCRIPTION** | **TERMINATION**<br>**DATE** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **NET**<br>**UNREALIZED**<br>**APPRECIATION/**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **NET CASH**<br>**AND OTHER**<br>**RECEIVABLES/**<br>**PAYABLES ($)** | **VALUE**<br>**($)** |
|  UBS AG London | The Fund receives a return on portfolio of long and short equity positions and pays or receives one day FEDEF on long positions and short positions respectively, plus or minus spread (rates range from 0.25% to 0.25%) which is denominated in USD based on the local currencies of the positions within the swap | 01/02/2031 | 354 | – (h) | – | — (h) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **REFERENCE ENTITY** | **SHARES** | **NOTIONAL**<br>**VALUE <sup>(1)</sup>** | **UNREALIZED**<br>**APPRECIATION**<br>**(DEPRECIATION)**<br>**($) <sup>(2)</sup>** | **PERCENTAGE**<br>**OF NET**<br>**ASSETS (%)** |
|  **Long Positions** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
|  **United Kingdom** |  |  |  |  |
|  InterContinental Hotels Group plc | 3 | 354 | — (h) | 0.0 (g) |
|  **Total Long Positions of Total Return Swaps** |  | 354 | — (h) | 0.0 (g) |
|  **Total of Long and Short Positions of Total Return Swaps** |  | 354 | — (h) | 0.0 (g) |
|  **Total** |  | 21289 | 8010 | 0.4 |

---

(1) Notional value represents market value, as of March 31, 2026, of these positions based on the
securities' last sale or closing price on the principal exchange on which the securities are traded.

(2) Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the
swap reset.

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS** 

---

| |
|:---|
| AS OF MARCH 31, 2026 |
| €STER – Euro Short-Term Rate |
| BRLID – Brazil Cetip DI Interbank Deposit Rate |
| CABROVER – Bank of Canada Overnight Lending Rate Index |
| CIBOR – Copenhagen Interbank Offered Rate |
| CLO – Collateralized Loan Obligations |
| CMT – Constant Maturity Treasury |
| CORRA – Canadian Overnight Repo Rate Average |
| DESTR – Denmark Short-Term Rate |
| DISC – Domestic International Sales Corporation |
| EURIBOR – Euro Interbank Offered Rate |
| FEDEF – US Federal Fund Effective Rate (Continuous Series) |
| FHLMC – Federal Home Loan Mortgage Corp. |
| FNMA – Federal National Mortgage Association |
| GNMA – Government National Mortgage Association |
| HONIA – Hong Kong Overnight Index Average |
| IF – Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of March 31, 2026. The rate may be subject to a cap and floor. |
| IO – Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
| KORIBOR – Korea Interbank Offered Rate |
| MUTSC – Bank of Japan Estimate Unsecured Overnight Call Rate |
| NIBOR – Norwegian Interbank Offered Rate |
| NOWA – Norwegian Overnight Weighted Average |
| OBFR – Overnight Bank Funding Rate |
| PO – Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
| RBA – Reserve Bank of Australia |
| RBNZ – Reserve Bank of New Zealand |
| REIT – Real Estate Investment Trust |
| REMICS – Real Estate Mortgage Investment Conduit |
| SARON – Swiss Average Rate Overnight |
| SHIR – Shekel Overnight Interest Rate |
| SOFR – Secured Overnight Financing Rate |
| SONIA – Sterling Overnight Index Average |
| SORA – Singapore Overnight Rate Average |
| STIBOR – Stockholm Interbank Offered Rate |
| SUB – Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2026. |
| TAIBOR – Taipei Interbank Offered Rate |
| TBA – To Be Announced |
| (a) – Non-income producing security. |
| (c) – All or a portion of this security is held by a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands. |
| (e) – Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. |
| (f) – Security is exempt from registration under Rule 144A or Section 4 (a) (2) of the Securities Act of 1933, as amended. |

---

------

**Six Circles Multi-Strategy Fund** 

**CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

(Amounts in U.S. Dollars, unless otherwise noted)

(Amounts in thousands, except number of Futures contracts)

**NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS (continued)** 

---

| | |
|:---|:---|
| (g) | Amount rounds to less than 0.05%. |
| (h) | Amount rounds to less than 500 shares/principal or $500. |
| (n) | The rate shown is the effective yield as of March 31, 2026. |
| (o) | Loan assignments are presented by obligor. Each Series or loan tranche underlying each obligor may have varying terms. |
| (u) | All or a portion of the security is unsettled as of March 31, 2026. Unless otherwise indicated, the coupon rate is undetermined. |
| (w) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (x) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2026. |
| (z) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2026. |
| (aa) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2026. |
| (bb) | Security has been valued using significant unobservable inputs. |
| (gg) | Position, or portion thereof, has been segregated to collateralize repurchase and/or reverse repurchase agreements. |
| (hh) | Approximately $6,677 of these investments are restricted as collateral for TBAs to various brokers. |
| (ii) | Approximately $385 of these investments are restricted as collateral for forwards to various brokers. |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| JPY | Japanese Yen |
| KRW | Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited)

**A. Valuation of Investments —** The valuation of investments is in accordance with U.S. generally accepted accounting principles ("GAAP") and the Funds' valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at unadjusted quoted prices and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Board has designated the J.P. Morgan Private Investments Inc. (the "Adviser") as the Valuation Designee, and the Adviser uses the Six Circles Funds Valuation Committee ("VC"), comprised of officers of the Funds and other personnel of the Adviser, to assist the Board with the oversight and monitoring of the valuation of the Funds' investments with respect to Rule 2a-5 under the 1940 Act. The VC oversees and carries out policies and procedures for the valuation of investments held by the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor due diligence. The VC, through the Adviser, is responsible for assessing the potential impacts to the fair values on an ongoing basis, and discussing this on at least a quarterly basis with the Board.

A market-based approach is primarily used to value the Funds' investments for which market quotations are readily available and which are generally valued at their current market value. Other securities and assets, including securities for which market quotations are not readily available; securities for which market quotations are determined not to be reliable; or, securities in which their value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund's net asset value ("NAV") is calculated, may be valued at fair value in accordance with policies and procedures adopted by the Board. The valuation may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment in order to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based on current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Equity securities listed on a North American, Central American, South American or Caribbean ("Americas") securities exchange are generally valued at the last sale price or official market closing price on the primary exchange on which the security is principally traded that is reported before the time when the NAV of the Funds are calculated on a valuation date. The Funds calculate their NAV as of 4 p.m. Eastern time each day the New York Stock Exchange (NYSE) is open for trading.

Foreign equity securities are valued as of the close of trading on the stock exchange on which the security is primarily traded, or as of 4 p.m. Eastern time. The value is then converted into its U.S. dollar equivalent at the foreign exchange rate in effect at 4 p.m. Eastern time on the day that the value of the security is determined. Generally foreign equity securities, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved pricing services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. The fair valued securities are converted at the exchange rates available at 4 p.m. Eastern time.

Fixed income securities are valued based on prices received from pricing services. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, pricing services may consider a variety of inputs and factors, including, but not limited to proprietary models that may take into account market transactions in securities with comparable characteristics, yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, underlying collateral and estimated cash flows. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots.

Shares of exchange-traded funds ("ETFs") are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-end investment companies are valued at their respective NAVs.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

Exchange-traded futures contracts and options are generally valued on the basis of available market quotations. Swaps, forward foreign currency exchange contracts and over the counter options are valued utilizing market quotations from approved pricing services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar
investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the
extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs") (amounts in thousands):

**Six Circles Ultra Short Duration Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS | $— | $10873 | $— | $10873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS |  | 64340 |  | 64340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 9896 |  | 9896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 10413 |  | 10413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 95522 |  | 95522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 899 |  | 899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 13342 |  | 13342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 42205 |  | 42205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 752 |  | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 56299 |  | 56299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 17072 |  | 17072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 11810 |  | 11810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 32935 |  | 32935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 26262 |  | 26262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 56417 |  | 56417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 38159 |  | 38159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 188753 |  | 188753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 22128 |  | 22128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 30731 |  | 30731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 47506 |  | 47506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 454701 |  | 454701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 4711 |  | 4711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 12134 |  | 12134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 997 |  | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 17880 |  | 17880 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 45698 | 6000 | 51698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Papers |  | 10784 |  | 10784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 28292 |  | 28292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 17558 |  | 17558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 104700 |  | 104700 |
|  Total Short-Term Investments |  | 207032 | 6000 | 213032 |
|  **Total Investments in Securities** | $— | $867247 | $6000 | $873247 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1129 | $— | $— | $1129 |
|  Forward Foreign Currency Exchange contracts |  | 870 |  | 870 |
|  Centrally Cleared Interest Rate Swap contracts |  | 230 |  | 230 |
|  **Total Appreciation in Other Financial Instruments** | $1129 | $1100 | $— | $2229 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(662) | $— | $— | $(662) |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Ultra Short Duration Fund (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  Forward Foreign Currency Exchange contracts |  | (114) | – | (114) |
|  Centrally Cleared Interest Rate Swap contract |  | (65) | – | (65) |
|  **Total Depreciation in Other Financial Instruments** | $(662) | $(179) | $– $| (841) |

---

**Six Circles Tax Aware Ultra Short Duration Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS | $— | $349 | $— | $349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS |  | 20067 |  | 20067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Card ABS |  | 5884 |  | 5884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 4508 |  | 4508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 5064 |  | 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 35872 |  | 35872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificate of Deposit |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 415 |  | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 9181 |  | 9181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 37621 |  | 37621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 921 |  | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 47723 |  | 47723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 1598 |  | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 6573 |  | 6573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 13873 |  | 13873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 3291 |  | 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 4487 |  | 4487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 72491 |  | 72491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 4559 |  | 4559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 9054 |  | 9054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 114328 |  | 114328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 4931 |  | 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 11938 |  | 11938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 547376 |  | 547376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Security |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2896 |  | 2896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligation |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 1468 |  | 1468 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 498 |  | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 1934 |  | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 3442 |  | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 37700 |  | 37700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 721 |  | 721 |
|  Total Short-Term Investments |  | 44295 |  | 44295 |
|  **Total Investments in Securities** | $— | $812840 | $— | $812840 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $540 | $— | $— | $540 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Tax Aware Ultra Short Duration Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  Forward Foreign Currency Exchange contracts |  | $264 |  | 264 |
|  Centrally Cleared Interest Rate Swap contracts |  | $233 |  | 233 |
|  **Total Appreciation in Other Financial Instruments** | $540 | $497 | $— | $1037 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(950) | $— | $— | $(950) |
|  Forward Foreign Currency Exchange contracts |  | (42) |  | (42) |
|  Centrally Cleared Interest Rate Swap contract |  | (79) |  | (79) |
|  **Total Depreciation in Other Financial Instruments** | $(950) | $(121) | $— | $(1071) |

---

**Six Circles U.S. Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $150866 | $— | $— | $150866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 5320993 |  |  | 5320993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical | 2158491 |  |  | 2158491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 4417165 |  |  | 4417165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1508359 |  |  | 1508359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial | 4028944 |  |  | 4028944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial | 2384307 |  |  | 2384307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | 9424053 |  |  | 9424053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1325089 |  |  | 1325089 |
|  Total Common Stocks | 30718267 |  |  | 30718267 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits | $— | $102333 | $— | $102333 |
|  **Total Investments in Securities** | $30718267 | $102333 | $— | $30820600 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Future contract | $(754) | $— | $— | $(754) |

---

**Six Circles International Unconstrained Equity Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | $— | $93532 | $— | $93532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium |  | 246000 |  | 246000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 536248 |  |  | 536248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chile |  | 9520 |  | 9520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | 5886 |  |  | 5886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 28995 | 415013 |  | 444008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 38198 | 201451 |  | 239649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France |  | 2395464 |  | 2395464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 3245179 |  | 3245179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 258966 |  | 258966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 24498 | 138462 |  | 162960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  | 786112 |  | 786112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 12035 | 984807 |  | 996842 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles International Unconstrained Equity Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg |  | 27682 |  | 27682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico |  | 5275 |  | 5275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 25116 | 1278677 |  | 1303793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norway | 35753 | 133895 |  | 169648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland |  | 4512 |  | 4512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal |  | 41056 |  | 41056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 55177 |  | 55177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 45277 | 834462 |  | 879739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 77871 | 693145 |  | 771016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland |  | 2475608 |  | 2475608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan |  | 409121 |  | 409121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  |  | — (h) | — (h) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 27709 | 3923269 |  | 3950978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 9464 | 21547 |  | 31011 |
|  Total Common Stocks | 867050 | 18677932 |  | 19544982 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany |  | 14983 |  | 14983 |
|  Right |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy |  |  | — (h) | — (h) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 42140 |  | 42140 |
|  **Total Investments in Securities** | $867050 | $18735055 | $— (h) | $19602105 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Forward Foreign Currency Exchange contracts | $— | $4371 | $— | $4371 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Future contract | $(1994) | $— | $— | $(1994) |
|  Forward Foreign Currency Exchange contracts |  | $(7323) |  | $(7323) |
|  **Total Depreciation in Other Financial Instruments** | $(1994) | $(7323) | $— | $(9317) |

---

**Six Circles Global Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $20084 | $— | $20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 61314 |  | 61314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 81398 |  | 81398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 292075 |  | 292075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 5418 |  | 5418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral Supp CMO |  | 56 |  | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 45312 | 1400 | 46712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 342861 | 1400 | 344261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 54062 |  | 54062 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Global Bond Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials | $— | $43219 | $— | $43219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 131367 |  | 131367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 115299 | 15593 | 130892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 276686 |  | 276686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 152067 |  | 152067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 1085618 |  | 1085618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 93695 |  | 93695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 181403 |  | 181403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 57742 |  | 57742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 191152 |  | 191152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 2328248 | 15593 | 2343841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 927286 |  | 927286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services |  | 9150 |  | 9150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services |  | 11473 |  | 11473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric |  | 4848 |  | 4848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-National |  | 18157 |  | 18157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 37895 |  | 37895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 374 |  | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipelines |  | 3529 |  | 3529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 323519 |  | 323519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 8875428 |  | 8875428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation |  | 21269 |  | 21269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 10232928 |  | 10232928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FGLMC Collateral |  | 9919 |  | 9919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 10176 |  | 10176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 190585 |  | 190585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA Collateral |  | 2248 |  | 2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 496568 |  | 496568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 1574202 |  | 1574202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 2283698 |  | 2283698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 6667 |  | 6667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 17515 |  | 17515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 2309100 |  | 2309100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option contract |  | 3 |  | 3 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 20500 |  | 20500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 208152 |  | 208152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Securities |  | 409 |  | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 80309 |  | 80309 |
|  Total Short-Term Investments |  | 309370 |  | 309370 |
|  **Total Investments in Securities** | $— | $17965850 | $16993 | $17982843 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Global Bond Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral | $— | $230764 | $— | $230764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 21609 |  | 21609 |
|  Total Mortgage-Backed Securities |  | 252373 |  | 252373 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | 1988 |  |  | 1988 |
|  Forward Foreign Currency Exchange contracts |  | 285167 |  | 285167 |
|  OTC Interest Rate Swaps contracts |  | 46 |  | 46 |
|  Centrally Cleared Interest Rate Swap contracts |  | 5502 |  | 5502 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 3227 |  | 3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 3455 |  | 3455 |
|  Total Purchased Interest Rate Swaptions contracts |  | 6682 |  | 6682 |
|  **Total Appreciation in Other Financial Instruments** | $1988 | $297397 | $— | $299385 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(2313) | $— | $— | $(2313) |
|  Forward Foreign Currency Exchange contracts |  | (49) |  | (49) |
|  OTC Interest Rate Swaps contracts |  | (93) |  | (93) |
|  Centrally Cleared Interest Rate Swap contracts |  | (8) |  | (8) |
|  Written Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Option contracts |  | (428) |  | (428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (43) |  | (43) |
|  Total Written Option contracts |  | (471) |  | (471) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (378) |  | (378) |
|  Total Written Interest Rate Swaptions contracts |  | (378) |  | (378) |
|  **Total Depreciation in Other Financial Instruments** | $(2313) | $(58) | $— | $(2371) |

---

**Six Circles Tax Aware Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS | $— | $52218 | $— | $52218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 16222988 |  | 16222988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  |  | — (h) | — (h) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 107306 |  | 107306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 419102 |  | 419102 |
|  Total Short-Term Investments |  | 526408 |  | 526408 |
|  **Total Investments in Securities** | $— | $16801614 | $— (h) | $16801614 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Credit Opportunities Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted price**s** | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $40899 | $— | $40899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 69495 |  | 69495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 239 |  | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 110633 |  | 110633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 11270 |  | 11270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 42801 |  | 42801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 494 |  | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 752 |  | 752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 590 |  | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 2422 |  | 2422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 160 |  | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 231 |  | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 293 |  | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds |  | 4942 |  | 4942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 149439 |  | 149439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 640703 | 4 | 640707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 575680 |  | 575680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 577525 |  | 577525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 13036 |  | 13036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 381964 | 606 | 382570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 675039 | 6100 | 681139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  | 1169 |  | 1169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 277402 |  | 277402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 108427 |  | 108427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 203722 | 38 | 203760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 3604106 | 6748 | 3610854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks |  | 18007 |  | 18007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal |  | 604 |  | 604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas |  | 1724 |  | 1724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional (State/Province) |  | 435 |  | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 841253 |  | 841253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Foreign Government Securities |  | 862023 |  | 862023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 4639 |  | 4639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 4718 |  | 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 9357 |  | 9357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 54151 |  | 54151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  |  | 98 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | 15001 |  | — (h) | 15001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical | 5936 |  | 27 | 5963 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Credit Opportunities Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted price**s** | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  |  | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | $1551 | $— | $12 | $1563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks | 22488 |  | 142 | 22630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | 714 | 714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  |  | 6467 | 6467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks |  |  | 7181 | 7181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 11937 | 582 | 12519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 30409 |  | 30409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 18971 |  | 18971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 19612 |  | 19612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified |  | 90 |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 13669 | 2400 | 16069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government |  |  | 9588 | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 9445 |  | 9445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 23109 |  | 23109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 531 |  | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 127773 | 12570 | 140343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  |  | — (a) | — (a) |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bond |  | 1164 |  | 1164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Securities |  | 11559 |  | 11559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 173728 |  | 173728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 49360 |  | 49360 |
|  Total Short-Term Investments |  | 235811 |  | 235811 |
|  **Total Investments in Securities** | $22488 | $5062867 | $26641 | $5111996 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $1242 | $— | $— | $1242 |
|  Forward Foreign Currency Exchange contracts |  | 20754 |  | 20754 |
|  Centrally Cleared Interest Rate Swap contracts |  | 2746 |  | 2746 |
|  OTC Credit Default Swaps contracts |  | 1395 |  | 1395 |
|  Centrally Cleared Credit Default Swaps contracts |  | 3153 |  | 3153 |
|  **Total Appreciation in Other Financial Instruments** | $1242 | $28048 | $— | $29290 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(7950) | $— | $— | $(7950) |
|  Forward Foreign Currency Exchange contracts |  | (3010) |  | (3010) |
|  Centrally Cleared Interest Rate Swap contracts |  | (6813) |  | (6813) |
|  OTC Credit Default Swaps contracts |  | (381) |  | (381) |
|  Centrally Cleared Credit Default Swaps contracts |  | (247) |  | (247) |
|  **Total Depreciation in Other Financial Instruments** | $(7950) | $(10451) | $— | $(18401) |

---

(a) Value is zero.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Multi-Strategy Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
|  **Investments in Securities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile ABS | $— | $17413 | $— | $17413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Equity ABS |  | 50965 |  | 50965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other ABS |  | 79557 |  | 79557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Student Loan ABS |  | 20695 |  | 20695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities |  | 168630 |  | 168630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral CMO |  | 231947 |  | 231947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agency Collateral PAC CMO |  | 6799 |  | 6799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WL Collateral CMO |  | 186597 |  | 186597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Collateralized Mortgage Obligations |  | 425343 |  | 425343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial MBS |  | 57868 |  | 57868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 410 |  | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 248 |  | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 10653 |  | 10653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 3132 |  | 3132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 2150 |  | 2150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1209 |  | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 2502 |  | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 1480 |  | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1255 |  | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  | 22629 |  | 22629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Collateral |  | 718 |  | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Collateral |  | 40402 |  | 40402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA Collateral |  | 783 |  | 783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 91639 |  | 91639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral |  | 779965 |  | 779965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 913507 |  | 913507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sovereign |  | 398 |  | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  |  | 712 | 712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan Assignments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic Materials |  | 734 |  | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 22800 |  | 22800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Cyclical |  | 18282 |  | 18282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-cyclical |  | 31430 |  | 31430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 1750 |  | 1750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial |  | 37137 |  | 37137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial |  | 28451 | 2193 | 30644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology |  | 37877 |  | 37877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 5893 |  | 5893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Loan Assignments |  | 184354 | 2193 | 186547 |

---

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

**Six Circles Multi-Strategy Fund (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**<br> Quoted prices | **Level 2**<br> Other significant<br>observable<br>inputs | **Level 3**<br> Significant<br>unobservable<br>inputs | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Option contract |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Put Option contract | $— | $3 | $— | $3 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreement |  | 16500 |  | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time Deposits |  | 194893 |  | 194893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 889486 |  | 889486 |
|  Total Short-Term Investments |  | 1100879 |  | 1100879 |
|  **Total Investments in Securities** | $— | $2874021 | $2905 | $2876926 |
|  **Liabilities** |  |  |  |  |
|  Debt Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UMBS Collateral | $— | $234056 | $— | $234056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GNMA II Collateral |  | 18477 |  | 18477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Mortgage-Backed Securities |  | 252533 |  | 252533 |
|  **Appreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | 16001 |  |  | 16001 |
|  Forward Foreign Currency Exchange contracts |  | 223 |  | 223 |
|  Centrally Cleared Interest Rate Swap contracts |  | 719 |  | 719 |
|  Centrally Cleared Credit Default Swap contract |  | 4 |  | 4 |
|  OTC Total Return Swap contracts |  | 10565 |  | 10565 |
|  Purchased Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Put Interest Rate Swaption contracts |  | 907 |  | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased Call Interest Rate Swaption contracts |  | 1113 |  | 1113 |
|  Total Purchased Interest Rate Swaptions contracts |  | 2020 |  | 2020 |
|  **Total Appreciation in Other Financial Instruments** | $16001 | $13531 | $— | $29532 |
|  **Depreciation in Other Financial Instruments** |  |  |  |  |
|  Futures contracts | $(8286) | $— | $— | $(8286) |
|  Forward Foreign Currency Exchange contracts |  | (67) |  | (67) |
|  Centrally Cleared Interest Rate Swap contracts |  | (211) |  | (211) |
|  Centrally Cleared Credit Default Swaps contracts |  | (26) |  | (26) |
|  OTC Total Return Swap contracts |  | (2649) |  | (2649) |
|  Written Option contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Option contracts |  | (84) |  | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Option contracts |  | (33) |  | (33) |
|  Total Written Option contracts |  | (117) |  | (117) |
|  Written Interest Rate Swaptions contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Call Interest Rate Swaption contracts |  | (15) |  | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Put Interest Rate Swaption contracts |  | (314) |  | (314) |
|  Total Written Interest Rate Swaptions contracts |  | (329) |  | (329) |
|  **Total Depreciation in Other Financial Instruments** | $(8286) | $(3399) | $— | $(11685) |

---

**B. Loan Assignments** — The Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent administers the terms of the loan, as specified in the loan agreement. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund's rights may be more limited than the lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any other persons interpositioned between each Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower,

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

selling participant or Intermediate Participants become insolvent or enter into bankruptcy, the Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest. The Adviser or Sub-Advisers may have access to material non-public information regarding the Borrower.

Certain loan assignments are also subject to the associated risks.

Unfunded commitments represent the remaining obligation of each Fund to the Borrower. At any point in time, up to the maturity date of the issue, the Borrower may demand the unfunded portion. As of March 31, 2026, the Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund had the following loan commitments outstanding in which all or a portion of the commitment was unfunded (amounts in thousands):

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** | **Six Circles Credit Opportunities Fund** |
|  |  | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  GrafTech Global Enterprises, Inc. | Delayed Draw Term Loan | 12/21/2029 | 3.75% | 3.75% | $356 | $336 | $—  | $—  | $356 | $336 |
|  |  |  |  |  | $356 | $336 | $—  | $—  | $356 | $336 |

---

**Six Circles Multi-Strategy Fund** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Unfunded<br>Commitment** | **Unfunded<br>Commitment** | **Funded<br>Commitment** | **Funded<br>Commitment** | **Total<br>Commitment** | **Total<br>Commitment** |
| **Security Description** | **Term** | **Maturity<br>Date** | **Commitment<br>Fee Rate** | **Rate if<br>Funded** | **Par** | **Value** | **Par** | **Value** | **Par** | **Value** |
|  Hanger, Inc. | Delayed Draw Term Loan | 10/23/2031 | 5.79% | 5.79% | $21 | $21 | $34 | $34 | $55 | $55 |
|  Kaman Corp. | Delayed Draw Term Loan | 02/26/2032 | 1.00% | 1.00% | 33 | 33 | —  | —  | 33 | 33 |
|  MRP Buyer, LLC | Delayed Draw Term Loan | 06/04/2032 | 5.48% | 5.48% | 16 | 16 | 24 | 24 | 40 | 40 |
|  Trio BidCo, LLC | Delayed Draw Term B Loan | 10/29/2032 | 0.50% | 0.50% | 83 | 81 | —  | —  | 83 | 81 |
|  Radiate Holdco, LLC | Delayed Draw Term Loan | 06/26/2029 | 3.56% | 3.56% | 95 | 95 | 48 | 47 | 143 | 142 |
|  PMI (US) Bidco, Inc. | Delayed Draw Term Loan | 03/16/2033 | 0.00% | 0.00% | 14 | 15 | —  | —  | 14 | 15 |
|  |  |  |  |  | $262 | $261 | $106 | $105 | $368 | $366 |

---

**C. Derivatives** — The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures as well as credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated by the Sub-Advisers, with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark-to-market gains to a Fund.

Notes C(1) — C(4) below describe the various derivatives used by the Funds.

**(1) Options** — The Six Circles Global Bond Fund and Six Circles Multi-Strategy Fund purchased and sold ("wrote") put and call options on securities to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Interest Rate Swaptions* **—** Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

*Options Purchased* — The option is adjusted daily to reflect the current market value of the option. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written* — The amount of the liability is adjusted daily to reflect the current market value of the option written. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' option contracts are subject to master netting arrangements.

**(2) Futures Contracts** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund used interest rate futures to manage interest rate risks associated with portfolio investments. The Six Circles U.S. Unconstrained Equity Fund, Six Circles International Unconstrained Equity Fund and Six Circles Multi-Strategy Fund used index futures to gain or reduce exposure to certain countries or regions, to maintain liquidity or minimize transaction costs.

Futures contracts may provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation. Futures contracts outstanding at period end, if any, are listed after each Fund's SOI.

The use of futures contracts may expose the Funds to interest rate and equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent the liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(3) Forward Foreign Currency Exchange Contracts** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles International Unconstrained Equity Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency. Forward contracts outstanding at period end, if any, are listed after each Fund's SOI.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation/depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. Such Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Funds' forward foreign currency exchange contracts may be subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions). The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Swaps** — The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund engaged in various swap transactions, including interest swaps, to manage interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are negotiated contracts over the counter ("OTC swaps") between a fund and a counterparty or centrally cleared ("centrally cleared swaps") with a central clearinghouse through a Futures Commission Merchant ("FCM"), to exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap contracts outstanding at period end, if any, are listed after each Fund's SOI.

Upfront payments made and/or received are recorded as assets or liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability at the beginning of the measurement period.

Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearing house acts as the counterparty to each centrally cleared swap transaction, therefore credit risk is limited to the failure of the clearing house.

The Funds may be required to post or receive collateral in the form of cash or securities based on the net value of the Funds' outstanding OTC swap contracts with the counterparty. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. Collateral received by the Funds is held in escrow in segregated accounts maintained by Brown Brothers Harriman & Co.

The Funds' swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

**Credit Default Swaps** 

The Six Circles Credit Opportunities Fund entered into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

------

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF MARCH 31, 2026 (Unaudited) (continued)

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Interest Rate Swaps** 

The Six Circles Ultra Short Duration Fund, Six Circles Tax Aware Ultra Short Duration Fund, Six Circles Global Bond Fund, Six Circles Credit Opportunities Fund and Six Circles Multi-Strategy Fund entered into interest rate swap contracts to manage fund exposure to interest rates and/or to preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically a fixed interest rate.

**Total Return Swaps** 

The Six Circles Multi-Strategy Fund entered into total return swap agreements to obtain exposure to a portfolio of long and short securities.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as "financing costs" and net dividends. Positions within each swap, accrued financing costs and net dividends are part of the periodic reset. During a reset, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty are recorded under Receivables and or Payables, as Outstanding OTC swap contracts, at value on the Consolidated Statement of Assets and Liabilities and Net realized gain (loss) on transactions from swaps on the Consolidated Statement of Operations.

Each swap involves additional risk than if the Fund had invested in the underlying positions directly including; the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty's failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract which may limit the ability of the Fund to close out its positions; and documentation risk relating to the disagreement over contract terms.

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale price or closing prices on the principal exchange of which the underlying securities are traded; (ii) financing costs (iii) the value of dividends (iv) cash balances within the swap and/or other receivables payables) when the swap rests; and (v) other factors, as applicable. The Value of each swap is reflected on the Consolidated Statement of Assets and Liabilities, as Outstanding swap contracts, at value.

The total return swaps are subject to master netting arrangements. The Fund may be required to post or receive collateral for total return swaps.

**Total Return Index Swaps** 

The Six Circles Multi-Strategy Fund entered into total return index swaps to gain exposure to specific indices and manage portfolio risk. These instruments can provide the Fund with the ability to gain or reduce exposure to certain market segments without directly investing in underlying securities.

A total return index swap is a contract in which one party agrees to pay the other the total return of a specified index, including both capital gains and income, in exchange for periodic payments based on a fixed or floating interest rate.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SIX CIRCLES TRUST

- **b. Investment Company Act file number:** 811-23325

- **c. CIK number of Registrant:** 0001724826

- **d. LEI of Registrant:** 549300NG19QZK8S0N704

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 383 Madison Ave

  - **City:** NY

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10179

  - **Telephone number:** 212-464-2070

**Item A.2. Information about the Series.**

- **a. Name of Series:** Six Circles Ultra Short Duration Fund

- **b. EDGAR series identifier (if any):** S000061650

- **c. LEI of Series:** 549300S8JT7W7MNUHF13

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $901772579.26

**Total Liabilities:** $39171017.94

**Net Assets:** $862601561.32

**Cash Not Reported:** $18506584.39

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 10371.02422100 | **1-Year:** 42080.86304300 | **5-Year:** 33576.24534500 | **10-Year:** 7346.81831500 | **30-Year:** 3290.73075500

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 30.99282800 | **1-Year:** 11.34049700 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000199642 | 0.33%                | 0.32%                | 0.04%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $388727.98               | $386752.78                                 |
| Month 2  | $352522.92               | $-373171.16                                |
| Month 3  | $-14422.22               | $-4286713.29                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ABN AMRO BANK NV V/R 12/03/28               | ABN AMRO BANK NV REGD V/R 144A P/P 4.65355200                                                    | CUSIP: 00084DBE9<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |     300000 | PA      | $301172.54    | 0.03%             | 2028-12-03      | Variable      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| ABN AMRO BANK NV V/R 09/18/27               | ABN AMRO BANK NV REGD V/R 5.42707100                                                             | CUSIP: 00084EAF5<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | DBT              | CORP              | NL        |    2100000 | PA      | $2111088.00   | 0.24%             | 2027-09-18      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| AT&T INC 2.95% 07/15/26                     | AT&T INC REGD 2.95000000                                                                         | CUSIP: 00206RHV7<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    1410000 | PA      | $1404774.71   | 0.16%             | 2026-07-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| AT&T INC 2.3% 06/01/27                      | AT&T INC REGD SER * 2.30000000                                                                   | CUSIP: 00206RJX1<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    3045000 | PA      | $2976732.38   | 0.35%             | 2027-06-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND  2.45% 10/29/26              | AERCAP IRELAND CAP/GLOBA REGD 2.45000000                                                         | CUSIP: 00774MAV7<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    1000000 | PA      | $988505.05    | 0.11%             | 2026-10-29      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AERCAP IRELAND C 6.1% 01/15/27              | AERCAP IRELAND CAP/GLOBA REGD 6.10000000                                                         | CUSIP: 00774MBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    1300000 | PA      | $1314073.10   | 0.15%             | 2027-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| AES CORP DISC 04/13/26                      | AES CORP DISC 04/13/26 0.00000000                                                                | CUSIP: 00809KDD7<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    1000000 | PA      | $998512.30    | 0.12%             | 2026-04-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 2.2% 01/15/27                | AIR LEASE CORP REGD 2.20000000                                                                   | CUSIP: 00914AAR3<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |     500000 | PA      | $490719.14    | 0.06%             | 2027-01-15      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| AIR LEASE CORP 5.3% 06/25/26                | AIR LEASE CORP REGD MTN 5.30000000                                                               | CUSIP: 00914AAW2<br>LEI: 5493004NW4M4P8TMMK63 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1001752.35   | 0.12%             | 2026-06-25      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| AIRCASTLE LTD 4.25% 06/15/26                | AIRCASTLE LTD REGD 4.25000000                                                                    | CUSIP: 00928QAS0<br>LEI: 549300PNK8AKY3OIKP58 | Long             | DBT              | CORP              | BM        |    1600000 | PA      | $1597755.06   | 0.19%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ALCON FINANCE C 2.75% 09/23/26              | ALCON FINANCE CORP REGD 144A P/P 2.75000000                                                      | CUSIP: 01400EAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     500000 | PA      | $495970.15    | 0.06%             | 2026-09-23      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| ALGONQUIN PWR &  S/UP 06/15/26              | ALGONQUIN PWR & UTILITY REGD S/UP 5.36500000                                                     | CUSIP: 015857AF2<br>LEI: 549300K5VIUTJXQL7X75 | Long             | DBT              | CORP              | CA        |     900000 | PA      | $900352.47    | 0.10%             | 2026-06-15      | Variable      | 5.37%                 | No            |                  2 | On Loan: No      |
| FNCL 30YR TBA 5.5% MAY 26                   | FNCL 30YR TBA 5.5% MAY 26      TO BE ANNOUNCED 5.50000000                                        | CUSIP: 01F052656<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    7700000 | PA      | $7724833.27   | 0.90%             | 2056-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FNMA 30YR TBA 5.5% JUN 26                   | FNMA 30YR TBA 5.5% JUN 26      TO BE ANNOUNCED 5.50000000                                        | CUSIP: 01F052664<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    4400000 | PA      | $4409034.17   | 0.51%             | 2056-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP I 4.875% 02/04/28              | ALTRIA GROUP INC REGD 4.87500000                                                                 | CUSIP: 02209SBS1<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    4540000 | PA      | $4577074.78   | 0.53%             | 2028-02-04      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC 3.9% 11/20/28                | AMAZON.COM INC REGD 3.90000000                                                                   | CUSIP: 023135CS3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |     980000 | PA      | $975992.91    | 0.11%             | 2028-11-20      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| AMER AIRLN 14-1  3.7% 10/01/26              | AMER AIRLN 14-1 A PTT REGD SER A 3.70000000                                                      | CUSIP: 02377AAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     263479 | PA      | $262539.57    | 0.03%             | 2026-10-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 07/26/28              | AMERICAN EXPRESS CO REGD V/R 5.04300000                                                          | CUSIP: 025816DV8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    2140000 | PA      | $2158359.30   | 0.25%             | 2028-07-26      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 02/09/29              | AMERICAN EXPRESS CO REGD V/R 4.00900000                                                          | CUSIP: 025816EN5<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1589649.31   | 0.18%             | 2029-02-09      | Variable      | 4.01%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS  V/R 02/09/29              | AMERICAN EXPRESS CO REGD V/R 4.25051400                                                          | CUSIP: 025816EQ8<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |     700000 | PA      | $697914.59    | 0.08%             | 2029-02-09      | Variable      | 4.25%                 | No            |                  2 | On Loan: No      |
| AMXCA 2023-2 A 4.8% 05/15/28                | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST SER 2023-2 CL A REGD 4.80000000                     | CUSIP: 02582JKB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     900000 | PA      | $913642.92    | 0.11%             | 2030-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| AMXCA 2024-2 A 5.24% 04/15/29               | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST SER 2024-2 CL A REGD 5.24000000                     | CUSIP: 02582JKF6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1990000 | PA      | $2051377.97   | 0.24%             | 2031-04-15      | Fixed         | 5.24%                 | No            |                  2 | On Loan: No      |
| AMXCA 2025-1 A 4.56% 12/15/27               | AMERICAN EXPRESS CREDIT ACCOUNT MASTER TRUST SER 2025-1 CL A REGD 4.56000000                     | CUSIP: 02582JKM1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2210000 | PA      | $2227645.52   | 0.26%             | 2029-12-17      | Fixed         | 4.56%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FI V/R 08/13/27              | AMERICAN HONDA FINANCE REGD V/R MTN SER GMTN 4.38992100                                          | CUSIP: 02665WGH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1998123.66   | 0.23%             | 2027-08-13      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FI V/R 03/08/27              | AMERICAN HONDA FINANCE REGD V/R MTN 4.37934400                                                   | CUSIP: 02665WGM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1100000 | PA      | $1100123.74   | 0.13%             | 2027-03-08      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC 2.2% 02/21/27                     | AMGEN INC REGD 2.20000000                                                                        | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    1640000 | PA      | $1610362.28   | 0.19%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ARES1 2025-IND3  V/R 04/15/27               | ARES TRUST 2025-IND3 SER 2025-IND3 CL A V/R REGD 144A P/P 5.17251000                             | CUSIP: 039955AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     405000 | PA      | $405000.00    | 0.05%             | 2042-04-15      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| ARTHUR J GALLAGH 4.6% 12/15/27              | ARTHUR J GALLAGHER & CO REGD 4.60000000                                                          | CUSIP: 04316JAK5<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |     885000 | PA      | $887384.51    | 0.10%             | 2027-12-15      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| ATHENE GLOBAL FUN V/R 09/18/28              | ATHENE GLOBAL FUNDING REGD V/R 144A P/P 4.64707100                                               | CUSIP: 04685A4T5<br>LEI: 549300LM1QSI4MSIL320 | Long             | DBT              | CORP              | US        |    2200000 | PA      | $2188719.87   | 0.25%             | 2028-09-18      | Variable      | 4.65%                 | Yes           |                  2 | On Loan: No      |
| AVIATION CAPITA 1.95% 09/20/26              | AVIATION CAPITAL GROUP REGD 144A P/P 1.95000000                                                  | CUSIP: 05369AAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2371420.87   | 0.27%             | 2026-09-20      | Fixed         | 1.95%                 | Yes           |                  2 | On Loan: No      |
| AESOP 2024-1A  5.36% 06/20/29               | AVIS BUDGET RENTAL CAR FUNDING AESOP LLC SER 2024-1A CL A REGD 144A P/P 5.36000000               | CUSIP: 05377RHY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1500000 | PA      | $1532838.75   | 0.18%             | 2030-06-20      | Fixed         | 5.36%                 | Yes           |                  2 | On Loan: No      |
| BAE SYSTEMS PLC 5% 03/26/27                 | BAE SYSTEMS PLC REGD 144A P/P 5.00000000                                                         | CUSIP: 05523RAH0<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    4020000 | PA      | $4043345.83   | 0.47%             | 2027-03-26      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BAT CAPITAL CO 3.557% 08/15/27              | BAT CAPITAL CORP REGD 3.55700000                                                                 | CUSIP: 05526DBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5475000 | PA      | $5415055.59   | 0.63%             | 2027-08-15      | Fixed         | 3.56%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CO 3.215% 09/06/26              | BAT CAPITAL CORP REGD 3.21500000                                                                 | CUSIP: 05526DBJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3525000 | PA      | $3506584.48   | 0.41%             | 2026-09-06      | Fixed         | 3.21%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CORP 4.7% 04/02/27              | BAT CAPITAL CORP REGD 4.70000000                                                                 | CUSIP: 05526DBP9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2750000 | PA      | $2755775.77   | 0.32%             | 2027-04-02      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BAT CAPITAL CO 2.259% 03/25/28              | BAT CAPITAL CORP REGD 2.25900000                                                                 | CUSIP: 05526DBR5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1380000 | PA      | $1324413.52   | 0.15%             | 2028-03-25      | Fixed         | 2.26%                 | No            |                  2 | On Loan: No      |
| BAT INTL FINAN 4.448% 03/16/28              | BAT INTL FINANCE PLC REGD 4.44800000                                                             | CUSIP: 05530QAP5<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    1140000 | PA      | $1140324.56   | 0.13%             | 2028-03-16      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 08/13/26              | BMW US CAPITAL LLC REGD V/R 144A P/P 4.45977000                                                  | CUSIP: 05565ECN3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1901862.00   | 0.22%             | 2026-08-13      | Variable      | 4.46%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/19/27              | BMW US CAPITAL LLC REGD V/R 144A P/P 4.42630900                                                  | CUSIP: 05565ECV5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $200483.18    | 0.02%             | 2027-03-19      | Variable      | 4.43%                 | Yes           |                  2 | On Loan: No      |
| BMW US CAPITAL LL V/R 03/21/28              | BMW US CAPITAL LLC REGD V/R 144A P/P 4.56601900                                                  | CUSIP: 05565ECX1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     400000 | PA      | $401150.26    | 0.05%             | 2028-03-21      | Variable      | 4.57%                 | Yes           |                  2 | On Loan: No      |
| BPCE SA V/R 10/19/27                        | BPCE SA REGD V/R 144A P/P 5.64717000                                                             | CUSIP: 05571AAP0<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     800000 | PA      | $805320.00    | 0.09%             | 2027-10-19      | Variable      | 5.65%                 | Yes           |                  2 | On Loan: No      |
| BMP 2024-MF23 A V/R 06/15/26                | BMP 2024-MF23 SER 2024-MF23 CL A V/R REGD 144A 5.04445000                                        | CUSIP: 05593JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     690000 | PA      | $689568.75    | 0.08%             | 2041-06-15      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| BAAT 2025-1A A 4.52% 11/22/27               | BOFA AUTO TRUST 2025-1 SER 2025-1A CL A2A REGD 144A P/P 4.52000000                               | CUSIP: 05594BAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     383821 | PA      | $384193.42    | 0.04%             | 2027-11-22      | Fixed         | 4.52%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-XL4 A V/R 02/15/26                  | BX COMMERCIAL MORTGAGE TRUST 2024-XL4 SER 2024-XL4 CL A V/R REGD 144A P/P 5.11454000             | CUSIP: 05611VAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     732052 | PA      | $732884.52    | 0.08%             | 2039-02-15      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-MF A V/R 02/15/26                   | BX COMMERCIAL MORTGAGE TRUST 2024-MF SER 2024-MF CL A V/R REGD 144A P/P 5.11412000               | CUSIP: 05612EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     947436 | PA      | $947140.29    | 0.11%             | 2039-02-15      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-XL5 A V/R 03/15/26                  | BX COMMERCIAL MORTGAGE TRUST 2024-XL5 SER 2024-XL5 CL A V/R REGD 144A P/P 5.06416000             | CUSIP: 05612GAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     268966 | PA      | $269273.82    | 0.03%             | 2041-03-15      | Variable      | 5.06%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-CNYN A V/R 04/15/41                 | BX TRUST 2024-CNYN SER 2024-CNYN CL A V/R REGD 144A P/P 5.11438800                               | CUSIP: 05612HAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     109867 | PA      | $109904.11    | 0.01%             | 2041-04-15      | Variable      | 5.11%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-VLT4 A V/R 06/15/29                 | BX TRUST 2024-VLT4 SER 2024-VLT4 CL A V/R REGD 144A P/P 5.16391500                               | CUSIP: 05612TAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     400000 | PA      | $397500.00    | 0.05%             | 2041-06-15      | Variable      | 5.16%                 | Yes           |                  2 | On Loan: No      |
| BX 2024-BRBK A V/R 10/15/26                 | BX COMMERCIAL MORTGAGE TRUST 2024-BRBK SER 2024-BRBK CL A V/R REGD 144A P/P 6.55776000           | CUSIP: 05613NAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     241331 | PA      | $240727.67    | 0.03%             | 2041-10-15      | Variable      | 6.56%                 | Yes           |                  2 | On Loan: No      |
| BANCO SANTANDER S V/R 07/15/28              | BANCO SANTANDER SA REGD V/R 4.78801200                                                           | CUSIP: 05964HBE4<br>LEI: 5493006QMFDDMYWIAM13 | Long             | DBT              | CORP              | ES        |    1200000 | PA      | $1204920.00   | 0.14%             | 2028-07-15      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| BANCO SANTANDER 3.76% 11/10/26              | BANCO SANTANDER S A N Y BRH INSTL CTF OF DEPOSIT 3.76000000                                      | CUSIP: 05973RJY9<br>LEI: N/A                  | Long             | STIV             | CORP              | ES        |    5000000 | PA      | $4991240.50   | 0.58%             | 2026-11-10      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| BANCO SANTAN 4.05% 03/17/27                 | BANCO SANTANDER S A N Y BRH___  INSTL CTF OF DEPOSIT 4.05000000                                  | CUSIP: 05973RKV3<br>LEI: N/A                  | Long             | STIV             | CORP              | ES        |    7000000 | PA      | $6993308.00   | 0.81%             | 2027-03-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 04/24/28              | BANK OF AMERICA CORP REGD V/R MTN 3.70500000                                                     | CUSIP: 06051GGL7<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1105000 | PA      | $1096595.28   | 0.13%             | 2028-04-24      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 02/07/30              | BANK OF AMERICA CORP REGD V/R MTN 3.97400000                                                     | CUSIP: 06051GHQ5<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |     875000 | PA      | $862898.79    | 0.10%             | 2030-02-07      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 04/23/27              | BANK OF AMERICA CORP REGD V/R MTN 3.55900000                                                     | CUSIP: 06051GHT9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    2700000 | PA      | $2698631.07   | 0.31%             | 2027-04-23      | Variable      | 3.56%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 07/22/28              | BANK OF AMERICA CORP REGD V/R MTN 4.94800000                                                     | CUSIP: 06051GKW8<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    2815000 | PA      | $2833141.10   | 0.33%             | 2028-07-22      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 11/10/28              | BANK OF AMERICA CORP REGD V/R 6.20400000                                                         | CUSIP: 06051GLC1<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1290000 | PA      | $1324999.03   | 0.15%             | 2028-11-10      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 09/15/27              | BANK OF AMERICA CORP REGD V/R 5.93300000                                                         | CUSIP: 06051GLV9<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    4360000 | PA      | $4390179.14   | 0.51%             | 2027-09-15      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA C V/R 05/09/29              | BANK OF AMERICA CORP REGD V/R 4.62300000                                                         | CUSIP: 06051GMT3<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |    1755000 | PA      | $1762432.00   | 0.20%             | 2029-05-09      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| BANK MONTREAL CHICAGO BRH INSTL 4% 03/11/27 | BANK MONTREAL CHICAGO BRH INSTL 4% 03/11/27 4.00000000                                           | CUSIP: 06367DUR4<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    2750000 | PA      | $2746509.98   | 0.32%             | 2027-03-11      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BANK OF MONTREAL V/R 09/10/27               | BANK OF MONTREAL REGD V/R MTN 4.52949000                                                         | CUSIP: 06368L8M1<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $300243.77    | 0.03%             | 2027-09-10      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| BANQUE FED CRE 5.896% 07/13/26              | BANQUE FED CRED MUTUEL REGD 144A P/P 5.89600000                                                  | CUSIP: 06675FBA4<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    1300000 | PA      | $1305960.76   | 0.15%             | 2026-07-13      | Fixed         | 5.90%                 | Yes           |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 05/09/27                   | BARCLAYS PLC REGD V/R 5.82900000                                                                 | CUSIP: 06738ECF0<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     500000 | PA      | $500537.00    | 0.06%             | 2027-05-09      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 09/13/27                   | BARCLAYS PLC REGD V/R 6.49600000                                                                 | CUSIP: 06738ECJ2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     700000 | PA      | $705606.26    | 0.08%             | 2027-09-13      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 09/13/27                   | BARCLAYS PLC REGD V/R 5.52818100                                                                 | CUSIP: 06738ECM5<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     500000 | PA      | $501960.00    | 0.06%             | 2027-09-13      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC V/R 03/12/28                   | BARCLAYS PLC REGD V/R 5.13829100                                                                 | CUSIP: 06738ECQ6<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |     450000 | PA      | $453123.01    | 0.05%             | 2028-03-12      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| BAY 2025-LIVN A V/R 05/15/27                | BAY 2025-LIVN MORTGAGE TRUST SER 2025-LIVN CL A V/R REGD 144A P/P 5.47300000                     | CUSIP: 072925AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     514000 | PA      | $511270.35    | 0.06%             | 2035-05-15      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| BBCMS 2024-5C 5.609% 12/15/29               | BBCMS MORTGAGE TRUST 2024-5C31 SER 2024-5C31 CL A3 REGD 5.60900000                               | CUSIP: 07336YAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $515654.40    | 0.06%             | 2057-12-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL I 4.875% 07/15/26              | BERRY GLOBAL INC REGD 144A P/P 4.87500000                                                        | CUSIP: 085770AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     838000 | PA      | $838087.40    | 0.10%             | 2026-07-15      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| BLACK HILLS COR 3.15% 01/15/27              | BLACK HILLS CORP REGD 3.15000000                                                                 | CUSIP: 092113AM1<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | DBT              | CORP              | US        |     300000 | PA      | $297462.47    | 0.03%             | 2027-01-15      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS V/R 01/20/28                    | BNP PARIBAS REGD V/R 144A P/P 2.59100000                                                         | CUSIP: 09659W2T0<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |     400000 | PA      | $393877.86    | 0.05%             | 2028-01-20      | Variable      | 2.59%                 | Yes           |                  2 | On Loan: No      |
| BMO 2024-5C8 A3 V/R 12/15/29                | BMO 2024-5C8 MORTGAGE TRUST SER 2024-5C8 CL A3 V/R REGD 5.62530000                               | CUSIP: 09661XAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $514431.85    | 0.06%             | 2057-12-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| BOEING CO 2.7% 02/01/27                     | BOEING CO REGD 2.70000000                                                                        | CUSIP: 097023CM5<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | DBT              | CORP              | US        |     200000 | PA      | $197181.23    | 0.02%             | 2027-02-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| BP CAP MARKETS 3.017% 01/16/27              | BP CAP MARKETS AMERICA REGD SER * 3.01700000                                                     | CUSIP: 10373QAV2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     955000 | PA      | $945793.19    | 0.11%             | 2027-01-16      | Fixed         | 3.02%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC 3.459% 09/15/26                | BROADCOM INC REGD 3.45900000                                                                     | CUSIP: 11135FAN1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    1740000 | PA      | $1736025.86   | 0.20%             | 2026-09-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC 4% 04/15/29                    | BROADCOM INC REGD 144A P/P 4.00000000                                                            | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     895000 | PA      | $886003.77    | 0.10%             | 2029-04-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| BROADCOM INC 5.05% 07/12/29                 | BROADCOM INC REGD 5.05000000                                                                     | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |     900000 | PA      | $918533.10    | 0.11%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC 5.05% 07/12/27                 | BROADCOM INC REGD 5.05000000                                                                     | CUSIP: 11135FBZ3<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    3399000 | PA      | $3433922.21   | 0.40%             | 2027-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| BWAY 2021-1450 A V/R 09/15/23               | BWAY 2021-1450 MORTGAGE TRUST SER 2021-1450 CL A V/R REGD 144A P/P 5.03699000                    | CUSIP: 12430YAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $491857.85    | 0.06%             | 2036-09-15      | Variable      | 5.04%                 | Yes           |                  2 | On Loan: No      |
| CEDR 2022-SNAI A V/R 02/15/27               | CEDR COMMERCIAL MORTGAGE TRUST 2022-SNAI SER 2022-SNAI CL A V/R REGD 144A P/P 4.66091000         | CUSIP: 12524AAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     530000 | PA      | $523747.70    | 0.06%             | 2039-02-15      | Variable      | 4.66%                 | Yes           |                  2 | On Loan: No      |
| CSX CORP 2.6% 11/01/26                      | CSX CORP REGD 2.60000000                                                                         | CUSIP: 126408HE6<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |     680000 | PA      | $673782.25    | 0.08%             | 2026-11-01      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| CSMC 2021-BHAR A V/R 11/15/23               | CSMC 2021-BHAR SER 2021-BHAR CL A V/R REGD 144A P/P 4.93748000                                   | CUSIP: 12659VAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     698500 | PA      | $689332.19    | 0.08%             | 2038-11-15      | Variable      | 4.94%                 | Yes           |                  2 | On Loan: No      |
| CSMC 2021-RPL4 A V/R 12/27/60               | CSMC 2021-RPL4 TRUST SER 2021-RPL4 CL A1 V/R REGD 144A P/P 4.15313800                            | CUSIP: 12662GAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     221084 | PA      | $220305.15    | 0.03%             | 2060-12-27      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| N/A                                         | USD/ZAR FWD 20260520 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-13508.14    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | USD/ZAR FWD 20260819 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-13367.17    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | DKK/USD FWD 20270104 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $26358.74     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | JPY/USD FWD 20260427 000004066 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $357747.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | JPY/USD FWD 20260427 000009605 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $153416.40    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | EUR/USD FWD 20260402 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-475.14      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | GBP/USD FWD 20260402 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $86313.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | GBP/USD FWD 20260402 000016440 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $2908.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | EUR/USD FWD 20260402 000016440 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $37586.84     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CAD/USD FWD 20260402 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $20757.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CAD/USD FWD 20260402 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-3680.58     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | GBP/USD FWD 20260402 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $544.30       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | AUD/USD FWD 20260402 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $34053.42     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | EUR/USD FWD 20260402 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $9864.63      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | EUR/USD FWD 20260617 000004066 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-65257.24    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | JPY/USD FWD 20260810 000005208 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $238.57       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | JPY/USD FWD 20260810 000004066 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $74367.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | GBP/USD FWD 20260617 000004066 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $24474.13     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | AUD/USD FWD 20260617 000009605 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $29551.91     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | AUD/USD FWD 20260504 000003534 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-8153.15     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | AUD/USD FWD 20260402 000003534 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $8184.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | CAD/USD FWD 20260504 000011553 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $3654.06      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | EUR/USD FWD 20260504 000006038 USD                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | N/A       |          1 | NC      | $-9990.16     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CAMPBELLS COMPAN 5.2% 03/19/27              | CAMPBELLS COMPANY/THE REGD 5.20000000                                                            | CUSIP: 134429BM0<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | DBT              | CORP              | US        |     600000 | PA      | $603208.90    | 0.07%             | 2027-03-19      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL 4% 03/15/27               | CANADIAN IMPERIAL BK COMM N Y_  BRH INSTL CTF OF DEPOSIT 4.00000000                              | CUSIP: 13606DTP7<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    2750000 | PA      | $2747216.45   | 0.32%             | 2027-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 01/13/28              | CANADIAN IMPERIAL BANK REGD V/R 4.38790000                                                       | CUSIP: 13607PVR2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    1000000 | PA      | $1000316.49   | 0.12%             | 2028-01-13      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPER 4.876% 01/14/30              | CANADIAN IMPERIAL BANK REGD 144A P/P 4.87600000                                                  | CUSIP: 13607PVU5<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    1000000 | PA      | $1025328.13   | 0.12%             | 2030-01-14      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 09/08/28              | CANADIAN IMPERIAL BANK REGD V/R 4.44934400                                                       | CUSIP: 13607QFC1<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $200004.00    | 0.02%             | 2028-09-08      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| CANADIAN IMPERIAL V/R 01/29/30              | CANADIAN IMPERIAL BANK REGD V/R 4.28300000                                                       | CUSIP: 13607QWB4<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |    1730000 | PA      | $1717820.11   | 0.20%             | 2030-01-29      | Variable      | 4.28%                 | No            |                  2 | On Loan: No      |
| CANADIAN NATL R 3.85% 06/01/27              | CANADIAN NATL RESOURCES REGD 3.85000000                                                          | CUSIP: 136385AX9<br>LEI: 549300T15RIMIKZC5Q38 | Long             | DBT              | CORP              | CA        |    1300000 | PA      | $1292602.77   | 0.15%             | 2027-06-01      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| CAPITAL ONE FINAN V/R 11/02/27              | CAPITAL ONE FINANCIAL CO REGD V/R 1.87800000                                                     | CUSIP: 14040HCH6<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | DBT              | CORP              | US        |    2115000 | PA      | $2079771.27   | 0.24%             | 2027-11-02      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| COPAR 2023-2 A 5.82% 06/15/28               | CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 SER 2023-2 CL A3 REGD 5.82000000                 | CUSIP: 14044EAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     550454 | PA      | $555466.32    | 0.06%             | 2028-06-15      | Fixed         | 5.82%                 | No            |                  2 | On Loan: No      |
| CRVNA 2024-P4  4.64% 04/10/28               | CARVANA AUTO RECEIVABLES TRUST 2024-P4 SER 2024-P4 CL A3 REGD 4.64000000                         | CUSIP: 14076LAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     399587 | PA      | $400763.87    | 0.05%             | 2030-01-10      | Fixed         | 4.64%                 | No            |                  2 | On Loan: No      |
| CARMX 2024-1 A 4.92% 07/15/27               | CARMAX AUTO OWNER TRUST 2024-1 SER 2024-1 CL A3 REGD 4.92000000                                  | CUSIP: 14318WAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     713379 | PA      | $717342.49    | 0.08%             | 2028-10-16      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-4 A3 6% 04/15/27                 | CARMAX AUTO OWNER TRUST 2023-4 SER 2023-4 CL A3 REGD 6.00000000                                  | CUSIP: 14318XAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     932184 | PA      | $941465.32    | 0.11%             | 2028-07-17      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CARMX 2023-3 A 5.28% 01/15/27               | CARMAX AUTO OWNER TRUST 2023-3 SER 2023-3 CL A3 REGD 5.28000000                                  | CUSIP: 14319BAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     472594 | PA      | $474761.11    | 0.06%             | 2028-05-15      | Fixed         | 5.28%                 | No            |                  2 | On Loan: No      |
| CARMX 2024-2 A3 5.5% 11/15/27               | CARMAX AUTO OWNER TRUST 2024-2 SER 2024-2 CL A3 REGD 5.50000000                                  | CUSIP: 14319EAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     422635 | PA      | $426787.48    | 0.05%             | 2029-01-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CARMX 2025-1 A 4.84% 10/15/28               | CARMAX AUTO OWNER TRUST 2025-1 SER 2025-1 CL A3 REGD 4.84000000                                  | CUSIP: 14319WAD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $503429.20    | 0.06%             | 2030-01-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| CARMX 2025-2 A 4.59% 03/15/27               | CARMAX AUTO OWNER TRUST 2025-2 SER 2025-2 CL A2A REGD 4.59000000                                 | CUSIP: 14320AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1296807 | PA      | $1299364.82   | 0.15%             | 2028-07-17      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| CRVNA 2023-P1  5.94% 07/12/27               | CARVANA AUTO RECEIVABLES TRUST 2023-P1 SER 2023-P1 CL A4 REGD 144A P/P 5.94000000                | CUSIP: 14688EAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1456142 | PA      | $1471838.14   | 0.17%             | 2029-01-10      | Fixed         | 5.94%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2024-P1  5.05% 04/10/29               | CARVANA AUTO RECEIVABLES TRUST 2024-P1 SER 2024-P1 CL A3 REGD 144A P/P 5.05000000                | CUSIP: 14688NAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     600732 | PA      | $603299.76    | 0.07%             | 2029-04-10      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| CRVNA 2025-P4  4.19% 07/10/27               | CARVANA AUTO RECEIVABLES TRUST 2025-P4 SER 2025-P4 CL A2 REGD 4.19000000                         | CUSIP: 14689AAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2000000 | PA      | $1999181.80   | 0.23%             | 2029-03-12      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| CRVNA 2026-P1 A 4.1% 11/10/27               | CARVANA AUTO RECEIVABLES TRUST 2026-P1 SER 2026-P1 CL A2 REGD 4.10000000                         | CUSIP: 14689FAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $499371.00    | 0.06%             | 2029-06-11      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| CATERPILLAR FINL 3.6% 08/12/27              | CATERPILLAR FINL SERVICE REGD MTN 3.60000000                                                     | CUSIP: 14913R3A3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1475000 | PA      | $1466610.86   | 0.17%             | 2027-08-12      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT 4.2% 03/15/28              | CHARTER COMM OPT LLC/CAP REGD SER WI 4.20000000                                                  | CUSIP: 161175BK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1285000 | PA      | $1273821.63   | 0.15%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OP 2.25% 01/15/29              | CHARTER COMM OPT LLC/CAP REGD 2.25000000                                                         | CUSIP: 161175CD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     830000 | PA      | $775623.75    | 0.09%             | 2029-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CHENIERE CORP  5.125% 06/30/27              | CHENIERE CORP CHRISTI HD REGD 5.12500000                                                         | CUSIP: 16412XAG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4390000 | PA      | $4412796.44   | 0.51%             | 2027-06-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHI 2.75% 01/31/27              | REPUBLIC OF CHILE REGD 2.75000000                                                                | CUSIP: 168863DX3<br>LEI: N/A                  | Long             | DBT              | USGA              | CL        |     700000 | PA      | $690165.00    | 0.08%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 07/24/28                  | CITIGROUP INC REGD V/R 3.66800000                                                                | CUSIP: 172967LP4<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    4265000 | PA      | $4219551.69   | 0.49%             | 2028-07-24      | Variable      | 3.67%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 10/27/28                  | CITIGROUP INC REGD V/R 3.52000000                                                                | CUSIP: 172967LS8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    1670000 | PA      | $1645107.71   | 0.19%             | 2028-10-27      | Variable      | 3.52%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 06/09/27                  | CITIGROUP INC REGD V/R 1.46200000                                                                | CUSIP: 172967NA5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1590746.54   | 0.18%             | 2027-06-09      | Variable      | 1.46%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 02/13/30                  | CITIGROUP INC REGD V/R 5.17400000                                                                | CUSIP: 172967PF2<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     835000 | PA      | $848010.67    | 0.10%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 05/07/28                  | CITIGROUP INC REGD V/R 4.64300000                                                                | CUSIP: 172967PZ8<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |    7570000 | PA      | $7582352.65   | 0.88%             | 2028-05-07      | Variable      | 4.64%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA V/R 12/04/26                    | CITIBANK NA REGD V/R SER BKNT 4.71148000                                                         | CUSIP: 17325FBD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     800000 | PA      | $803984.00    | 0.09%             | 2026-12-04      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA 4.929% 08/06/26                 | CITIBANK NA REGD 4.92900000                                                                      | CUSIP: 17325FBJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     625000 | PA      | $626313.41    | 0.07%             | 2026-08-06      | Fixed         | 4.93%                 | No            |                  2 | On Loan: No      |
| CITIBANK NA 4.576% 05/29/27                 | CITIBANK NA REGD 4.57600000                                                                      | CUSIP: 17325FBN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4300000 | PA      | $4318154.77   | 0.50%             | 2027-05-29      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC V/R 03/04/29                  | CITIGROUP INC REGD V/R 4.78600000                                                                | CUSIP: 17327CAW3<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     850000 | PA      | $854215.18    | 0.10%             | 2029-03-04      | Variable      | 4.79%                 | No            |                  2 | On Loan: No      |
| CITZN 2023-1 A 5.84% 06/15/26               | CITIZENS AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 144A P/P 5.84000000                 | CUSIP: 17331KAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     436621 | PA      | $438293.05    | 0.05%             | 2028-01-18      | Fixed         | 5.84%                 | Yes           |                  2 | On Loan: No      |
| CNH 2024-A A3 4.77% 06/15/29                | CNH EQUIPMENT TRUST 2024-A SER 2024-A CL A3 REGD 4.77000000                                      | CUSIP: 18978FAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     317553 | PA      | $319674.33    | 0.04%             | 2029-06-15      | Fixed         | 4.77%                 | No            |                  2 | On Loan: No      |
| CNH 2024-C A3 4.03% 09/15/28                | CNH EQUIPMENT TRUST 2024-C SER 2024-C CL A3 REGD 4.03000000                                      | CUSIP: 18978GAD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     275000 | PA      | $274528.54    | 0.03%             | 2030-01-15      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| COMM 2024-WCL1 A V/R 06/15/26               | COMM 2024-WCL1 MORTGAGE TRUST SER 2024-WCL1 CL A V/R REGD 144A P/P 5.51351000                    | CUSIP: 20047DAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     420000 | PA      | $418555.20    | 0.05%             | 2041-06-15      | Variable      | 5.51%                 | Yes           |                  2 | On Loan: No      |
| CONAGRA BRANDS  4.85% 11/01/28              | CONAGRA BRANDS INC REGD 4.85000000                                                               | CUSIP: 205887CC4<br>LEI: 54930035UDEIH090K650 | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1000818.02   | 0.12%             | 2028-11-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| CONE 2024-DFW1 A V/R 08/15/26               | CONE TRUST 2024-DFW1 SER 2024-DFW1 CL A V/R REGD 144A P/P 5.31424000                             | CUSIP: 20682AAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     220000 | PA      | $218418.75    | 0.03%             | 2041-08-15      | Variable      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| CONSTELLATION EN 5.6% 03/01/28              | CONSTELLATION EN GEN LLC REGD 5.60000000                                                         | CUSIP: 210385AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1405000 | PA      | $1436122.48   | 0.17%             | 2028-03-01      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION EN 3.9% 01/08/28              | CONSTELLATION EN GEN LLC REGD 3.90000000                                                         | CUSIP: 210385AP5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4360000 | PA      | $4324320.72   | 0.50%             | 2028-01-08      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| COX COMMUNICATI 3.35% 09/15/26              | COX COMMUNICATIONS INC REGD 144A P/P 3.35000000                                                  | CUSIP: 224044CG0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     900000 | PA      | $895776.03    | 0.10%             | 2026-09-15      | Fixed         | 3.35%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 03/11/27              | CREDIT AGRICOLE SA REGD V/R 144A P/P 4.51851100                                                  | CUSIP: 22534PAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |    1400000 | PA      | $1403290.00   | 0.16%             | 2027-03-11      | Variable      | 4.52%                 | Yes           |                  2 | On Loan: No      |
| CREDIT AGRICOLE S V/R 03/11/27              | CREDIT AGRICOLE SA REGD V/R REG S 4.51851100                                                     | CUSIP: 22535EAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | FR        |     500000 | PA      | $501175.00    | 0.06%             | 2027-03-11      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 12/22/27                   | UBS GROUP AG REGD V/R 144A P/P 6.32700000                                                        | CUSIP: 225401BC1<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    1435000 | PA      | $1453973.56   | 0.17%             | 2027-12-22      | Variable      | 6.33%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 12/23/29                   | UBS GROUP AG REGD V/R 144A P/P MTN 4.15100000                                                    | CUSIP: 225401BK3<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |    2350000 | PA      | $2323096.64   | 0.27%             | 2029-12-23      | Variable      | 4.15%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 04/10/30                   | UBS GROUP AG REGD V/R 144A P/P 4.21400000                                                        | CUSIP: 225401BR8<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     840000 | PA      | $829264.58    | 0.10%             | 2030-04-10      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| DLLAA 2025-1A A 4.7% 10/20/27               | DLLAA 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.70000000                                      | CUSIP: 233249AB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     551601 | PA      | $552838.84    | 0.06%             | 2027-10-20      | Fixed         | 4.70%                 | Yes           |                  2 | On Loan: No      |
| DTE ELECTRIC CO 4.25% 05/14/27              | DTE ELECTRIC CO REGD 4.25000000                                                                  | CUSIP: 23338VAW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     130000 | PA      | $130043.82    | 0.02%             | 2027-05-14      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DAIMLER TRUCK FIN V/R 01/13/28              | DAIMLER TRUCK FINAN NA REGD V/R 144A P/P 4.50790000                                              | CUSIP: 233853BB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $300171.33    | 0.03%             | 2028-01-13      | Variable      | 4.51%                 | Yes           |                  2 | On Loan: No      |
| DAIMLER TRUCK F 4.65% 10/12/30              | DAIMLER TRUCK FINAN NA REGD 144A P/P 4.65000000                                                  | CUSIP: 233853BH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2100000 | PA      | $2086327.99   | 0.24%             | 2030-10-12      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| DELL INT LLC / E 4.9% 10/01/26              | DELL INT LLC / EMC CORP REGD 4.90000000                                                          | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1600000 | PA      | $1602190.88   | 0.19%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DEFT 2024-2 A2 4.69% 08/22/30               | DELL EQUIPMENT FINANCE TRUST 2024-2 SER 2024-2 CL A2 REGD 144A P/P 4.69000000                    | CUSIP: 24704EAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     407466 | PA      | $407887.17    | 0.05%             | 2030-08-22      | Fixed         | 4.69%                 | Yes           |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/16/27               | DEUTSCHE BANK NY REGD V/R 4.87876700                                                             | CUSIP: 251526CN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     500000 | PA      | $501342.00    | 0.06%             | 2027-11-16      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 11/16/27               | DEUTSCHE BANK NY REGD V/R 2.31100000                                                             | CUSIP: 251526CP2<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |     700000 | PA      | $690530.84    | 0.08%             | 2027-11-16      | Variable      | 2.31%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK NY V/R 07/13/27               | DEUTSCHE BANK NY REGD V/R 7.14600000                                                             | CUSIP: 25160PAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | DE        |    3800000 | PA      | $3825569.02   | 0.44%             | 2027-07-13      | Variable      | 7.15%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK  3.88% 12/17/26               | DEUTSCHE BANK AG NY___________  CTF OF DEPOSI 3.88000000                                         | CUSIP: 25161DBA0<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    2000000 | PA      | $1996894.80   | 0.23%             | 2026-12-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENE 3.25% 12/01/26              | DIAMONDBACK ENERGY INC REGD 3.25000000                                                           | CUSIP: 25278XAM1<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2385061.01   | 0.28%             | 2026-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| DIAMONDBACK ENER 5.2% 04/18/27              | DIAMONDBACK ENERGY INC REGD 5.20000000                                                           | CUSIP: 25278XAX7<br>LEI: 549300R22LSX6OHWEN64 | Long             | DBT              | CORP              | US        |    7765000 | PA      | $7823281.61   | 0.91%             | 2027-04-18      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| DRSLF 2017-49A A V/R 07/18/30               | DRYDEN 49 SENIOR LOAN FUND SER 2017-49A CL AR V/R REGD 144A P/P 4.87924000                       | CUSIP: 26244QAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |      55261 | PA      | $55260.72     | 0.01%             | 2030-07-18      | Variable      | 4.88%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY COR 2.65% 09/01/26              | DUKE ENERGY CORP REGD 2.65000000                                                                 | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    2489000 | PA      | $2471479.75   | 0.29%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP 5% 12/08/27                | DUKE ENERGY CORP REGD 5.00000000                                                                 | CUSIP: 26441CBW4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    2885000 | PA      | $2915662.53   | 0.34%             | 2027-12-08      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELM 2024-ELM A15 V/R 06/10/27               | ELM TRUST 2024-ELM SER 2024-ELM CL A15 V/R REGD 144A P/P 5.41414500                              | CUSIP: 26860XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     800000 | PA      | $801586.40    | 0.09%             | 2039-06-10      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| ELM 2024-ELM A10 V/R 06/10/27               | ELM TRUST 2024-ELM SER 2024-ELM CL A10 V/R REGD 144A P/P 5.41414500                              | CUSIP: 26860XAU5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     800000 | PA      | $801586.40    | 0.09%             | 2039-06-10      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| EQT CORP 3.9% 10/01/27                      | EQT CORP REGD 3.90000000                                                                         | CUSIP: 26884LAF6<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     992000 | PA      | $982673.75    | 0.11%             | 2027-10-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| EQT CORP 5.7% 04/01/28                      | EQT CORP REGD 5.70000000                                                                         | CUSIP: 26884LAQ2<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    1325000 | PA      | $1355562.69   | 0.16%             | 2028-04-01      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| EQT CORP 4.5% 01/15/29                      | EQT CORP REGD 4.50000000                                                                         | CUSIP: 26884LAX7<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |     353000 | PA      | $351952.02    | 0.04%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LU 5.5% 08/17/30              | EAGLE FUNDING LUXCO SARL REGD 144A P/P 5.50000000                                                | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | USGA              | LU        |    1400000 | PA      | $1403220.00   | 0.16%             | 2030-08-17      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| EDISON INTERNA 4.125% 03/15/28              | EDISON INTERNATIONAL REGD 4.12500000                                                             | CUSIP: 281020AM9<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    1280000 | PA      | $1258485.38   | 0.15%             | 2028-03-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ELFI 2021-A A 1.53% 12/26/46                | ELFI GRADUATE LOAN PROGRAM 2021-A LLC SER 2021-A CL A REGD 144A P/P 1.53000000                   | CUSIP: 28628BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     474045 | PA      | $428611.16    | 0.05%             | 2046-12-26      | Fixed         | 1.53%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE I 1.625% 07/12/26              | ENEL FINANCE INTL NV REGD 144A P/P 1.62500000                                                    | CUSIP: 29278GAM0<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     500000 | PA      | $496217.77    | 0.06%             | 2026-07-12      | Variable      | 1.62%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE I 4.125% 09/30/28              | ENEL FINANCE INTL NV REGD 144A P/P 4.12500000                                                    | CUSIP: 29278GBF4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    1060000 | PA      | $1051322.54   | 0.12%             | 2028-09-30      | Fixed         | 4.12%                 | Yes           |                  2 | On Loan: No      |
| EVERGY INC 4.25% 03/15/29                   | EVERGY INC REGD 4.25000000                                                                       | CUSIP: 30034WAF3<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |    1270000 | PA      | $1260259.09   | 0.15%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENERG 2.9% 03/01/27              | EVERSOURCE ENERGY REGD 2.90000000                                                                | CUSIP: 30040WAQ1<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1381922.86   | 0.16%             | 2027-03-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| EVERSOURCE ENER 5.45% 03/01/28              | EVERSOURCE ENERGY REGD 5.45000000                                                                | CUSIP: 30040WAT5<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Long             | DBT              | CORP              | US        |    1100000 | PA      | $1117844.79   | 0.13%             | 2028-03-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| F&G GLOBAL FUND 1.75% 06/30/26              | F&G GLOBAL FUNDING REGD 144A P/P 1.75000000                                                      | CUSIP: 30321L2A9<br>LEI: 6354009CCUKJIZ7KFX73 | Long             | DBT              | CORP              | US        |    1900000 | PA      | $1886382.43   | 0.22%             | 2026-06-30      | Fixed         | 1.75%                 | Yes           |                  2 | On Loan: No      |
| FHLMC 4.05% 11/14/28                        | FEDERAL HOME LOAN MORTGAGE CORP MTN 4.05000000                                                   | CUSIP: 3134HB6Q9<br>LEI: N/A                  | Long             | ABS-MBS          | USGA              | US        |    1000000 | PA      | $997469.58    | 0.12%             | 2028-11-14      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| FNR 2016-3 FB V/R 02/25/46                  | FANNIE MAE REMICS SER 2016-3 CL FB V/R 4.12638000                                                | CUSIP: 3136ARHT8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     492746 | PA      | $490688.21    | 0.06%             | 2046-02-25      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| FNR 2018-82 W V/R 11/25/58                  | FANNIE MAE REMICS SER 2018-82 CL W V/R 6.06345300                                                | CUSIP: 3136B3NP1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     151771 | PA      | $155715.11    | 0.02%             | 2058-11-25      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| FNR 2020-29 FC V/R 05/25/50                 | FANNIE MAE REMICS SER 2020-29 CL FC V/R 4.59573000                                               | CUSIP: 3136B9TM9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     902833 | PA      | $899800.45    | 0.10%             | 2050-05-25      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| FNR 2022-8 D 2% 08/25/38                    | FANNIE MAE REMICS SER 2022-8 CL D 2.00000000                                                     | CUSIP: 3136BLW30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     781799 | PA      | $735141.71    | 0.09%             | 2038-08-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| FNR 2023-46 FA V/R 10/25/53                 | FANNIE MAE REMICS SER 2023-46 CL FA V/R 4.96190000                                               | CUSIP: 3136BQLF4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     812740 | PA      | $821678.13    | 0.10%             | 2053-10-25      | Variable      | 4.96%                 | No            |                  2 | On Loan: No      |
| FNR 2024-38 FA V/R 01/25/51                 | FANNIE MAE REMICS SER 2024-38 CL FA V/R 4.48125000                                               | CUSIP: 3136BR4S3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     657663 | PA      | $659997.38    | 0.08%             | 2051-01-25      | Variable      | 4.48%                 | No            |                  2 | On Loan: No      |
| FNR 2024-95 KF V/R 12/25/54                 | FANNIE MAE REMICS SER 2024-95 CL KF V/R 4.76190000                                               | CUSIP: 3136BTS53<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     295160 | PA      | $296884.23    | 0.03%             | 2054-12-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| FNR 2025-18 FA V/R 11/25/53                 | FANNIE MAE REMICS SER 2025-18 CL FA V/R 4.61190000                                               | CUSIP: 3136BU7K0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     591531 | PA      | $594890.06    | 0.07%             | 2053-11-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| FNR 2024-104 FA V/R 01/25/55                | FANNIE MAE REMICS SER 2024-104 CL FA V/R 4.71190000                                              | CUSIP: 3136BUEQ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     744590 | PA      | $747789.03    | 0.09%             | 2055-01-25      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| FNR 2024-101 FB V/R 01/25/55                | FANNIE MAE REMICS SER 2024-101 CL FB V/R 4.76190000                                              | CUSIP: 3136BUFJ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     663242 | PA      | $667196.38    | 0.08%             | 2055-01-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| FNR 2024-100 FA V/R 06/25/54                | FANNIE MAE REMICS SER 2024-100 CL FA V/R 4.76190000                                              | CUSIP: 3136BUFY1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     469211 | PA      | $471813.69    | 0.05%             | 2054-06-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| FNR 2024-103 FC V/R 01/25/55                | FANNIE MAE REMICS SER 2024-103 CL FC V/R 4.81190000                                              | CUSIP: 3136BUQH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     737286 | PA      | $742732.64    | 0.09%             | 2055-01-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FNR 2025-6 FA V/R 02/25/55                  | FANNIE MAE REMICS SER 2025-6 CL FA V/R 4.91190000                                                | CUSIP: 3136BUTN0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     314118 | PA      | $317106.36    | 0.04%             | 2055-02-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| FNR 2025-1 FD V/R 02/25/55                  | FANNIE MAE REMICS SER 2025-1 CL FD V/R 4.86190000                                                | CUSIP: 3136BUZM5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     240345 | PA      | $242364.29    | 0.03%             | 2055-02-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| FNR 2025-18 FM V/R 09/25/54                 | FANNIE MAE REMICS SER 2025-18 CL FM V/R 4.56190000                                               | CUSIP: 3136BVKH0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2854193 | PA      | $2864410.89   | 0.33%             | 2054-09-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| FNR 2025-95 FG V/R 07/25/55                 | FANNIE MAE REMICS SER 2025-95 CL FG V/R 4.76190000                                               | CUSIP: 3136BXN91<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1862987 | PA      | $1868582.42   | 0.22%             | 2055-07-25      | Variable      | 4.76%                 | No            |                  2 | On Loan: No      |
| FNR 2026-19 FA V/R 04/25/56                 | FANNIE MAE REMICS SER 2026-19 CL FA V/R 4.77223000                                               | CUSIP: 3136BY6F4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1900000 | PA      | $1897897.27   | 0.22%             | 2056-04-25      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| FHR 5426 BF V/R 04/15/49                    | FREDDIE MAC REMICS SER 5426 CL BF V/R 4.58125000                                                 | CUSIP: 3137HCXW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     333496 | PA      | $334436.47    | 0.04%             | 2049-04-15      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| FHR 5480 FG V/R 12/25/54                    | FREDDIE MAC REMICS SER 5480 CL FG V/R 4.81190000                                                 | CUSIP: 3137HHUD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     485666 | PA      | $489016.19    | 0.06%             | 2054-12-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FHR 5493 FK V/R 01/25/55                    | FREDDIE MAC REMICS SER 5493 CL FK V/R 4.81190000                                                 | CUSIP: 3137HHWV9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     489875 | PA      | $493524.50    | 0.06%             | 2055-01-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FHR 5508 DF V/R 02/25/55                    | FREDDIE MAC REMICS SER 5508 CL DF V/R 4.66190000                                                 | CUSIP: 3137HJG84<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     644107 | PA      | $649553.35    | 0.08%             | 2055-02-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5508 FC V/R 02/25/55                    | FREDDIE MAC REMICS SER 5508 CL FC V/R 4.66190000                                                 | CUSIP: 3137HJGF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     616507 | PA      | $621719.66    | 0.07%             | 2055-02-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5499 FH V/R 02/25/55                    | FREDDIE MAC REMICS SER 5499 CL FH V/R 4.86190000                                                 | CUSIP: 3137HJWY9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     236461 | PA      | $238383.51    | 0.03%             | 2055-02-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| FHR 5517 FE V/R 03/25/55                    | FREDDIE MAC REMICS SER 5517 CL FE V/R 4.61190000                                                 | CUSIP: 3137HKGJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1490473 | PA      | $1502285.26   | 0.17%             | 2055-03-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| FHR 5517 MF V/R 03/25/55                    | FREDDIE MAC REMICS SER 5517 CL MF V/R 4.61190000                                                 | CUSIP: 3137HKH72<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     484850 | PA      | $487716.66    | 0.06%             | 2055-03-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| FHR 5532 FA V/R 04/25/55                    | FREDDIE MAC REMICS SER 5532 CL FA V/R 4.61190000                                                 | CUSIP: 3137HKPJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1155533 | PA      | $1162894.32   | 0.13%             | 2055-04-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| FHR 5528 FA V/R 04/25/55                    | FREDDIE MAC REMICS SER 5528 CL FA V/R 4.53190000                                                 | CUSIP: 3137HKR30<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1191167 | PA      | $1195197.83   | 0.14%             | 2055-04-25      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| FHR 5534 FM V/R 05/25/55                    | FREDDIE MAC REMICS SER 5534 CL FM V/R 4.59190000                                                 | CUSIP: 3137HLEP3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     994038 | PA      | $999944.19    | 0.12%             | 2055-05-25      | Variable      | 4.59%                 | No            |                  2 | On Loan: No      |
| FHR 5548 AF V/R 06/25/55                    | FREDDIE MAC REMICS SER 5548 CL AF V/R 4.66190000                                                 | CUSIP: 3137HLJG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1187605 | PA      | $1197920.05   | 0.14%             | 2055-06-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5546 FB V/R 06/25/55                    | FREDDIE MAC REMICS SER 5546 CL FB V/R 4.66190000                                                 | CUSIP: 3137HLME9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1025341 | PA      | $1033612.61   | 0.12%             | 2055-06-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5549 CF V/R 10/25/52                    | FREDDIE MAC REMICS SER 5549 CL CF V/R 4.66190000                                                 | CUSIP: 3137HLSA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     886438 | PA      | $895768.01    | 0.10%             | 2052-10-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5549 FA V/R 06/25/55                    | FREDDIE MAC REMICS SER 5549 CL FA V/R 4.91190000                                                 | CUSIP: 3137HLST0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1203355 | PA      | $1215421.85   | 0.14%             | 2055-06-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| FHR 5560 FB V/R 06/25/55                    | FREDDIE MAC REMICS SER 5560 CL FB V/R 4.66190000                                                 | CUSIP: 3137HLZD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     478328 | PA      | $482482.61    | 0.06%             | 2055-06-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5564 FB V/R 08/25/55                    | FREDDIE MAC REMICS SER 5564 CL FB V/R 4.86190000                                                 | CUSIP: 3137HMD23<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1122255 | PA      | $1132952.37   | 0.13%             | 2055-08-25      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| FHR 5567 FB V/R 08/25/55                    | FREDDIE MAC REMICS SER 5567 CL FB V/R 4.66190000                                                 | CUSIP: 3137HMEX4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     969125 | PA      | $977542.88    | 0.11%             | 2055-08-25      | Variable      | 4.66%                 | No            |                  2 | On Loan: No      |
| FHR 5565 FA V/R 08/25/55                    | FREDDIE MAC REMICS SER 5565 CL FA V/R 4.81190000                                                 | CUSIP: 3137HMGJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     696651 | PA      | $701677.69    | 0.08%             | 2055-08-25      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| FHR 5565 FB V/R 08/25/55                    | FREDDIE MAC REMICS SER 5565 CL FB V/R 4.61190000                                                 | CUSIP: 3137HMGK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     488209 | PA      | $487253.68    | 0.06%             | 2055-08-25      | Variable      | 4.61%                 | No            |                  2 | On Loan: No      |
| FHR 5584 DF V/R 10/25/55                    | FREDDIE MAC REMICS SER 5584 CL DF V/R 4.56190000                                                 | CUSIP: 3137HNCM8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     452567 | PA      | $454543.16    | 0.05%             | 2055-10-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| FHR 5601 F V/R 11/25/55                     | FREDDIE MAC REMICS SER 5601 CL F V/R 4.56190000                                                  | CUSIP: 3137HNQX9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     480547 | PA      | $482972.12    | 0.06%             | 2055-11-25      | Variable      | 4.56%                 | No            |                  2 | On Loan: No      |
| FELLS POINT FU 3.046% 01/31/27              | FELLS POINT FUNDING TR REGD 144A P/P 3.04600000                                                  | CUSIP: 314382AA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $296571.42    | 0.03%             | 2027-01-31      | Fixed         | 3.05%                 | Yes           |                  2 | On Loan: No      |
| FIRSTENERGY TR 2.866% 09/15/28              | FIRSTENERGY TRANSMISSION REGD 144A P/P 2.86600000                                                | CUSIP: 33767BAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     715000 | PA      | $687001.36    | 0.08%             | 2028-09-15      | Fixed         | 2.87%                 | Yes           |                  2 | On Loan: No      |
| FISERV INC 5.15% 03/15/27                   | FISERV INC REGD 5.15000000                                                                       | CUSIP: 337738BJ6<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |     800000 | PA      | $803866.00    | 0.09%             | 2027-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP 4.15% 07/15/27             | FIRSTENERGY CORP REGD SER B 3.90000000                                                           | CUSIP: 337932AH0<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |    3655000 | PA      | $3624602.21   | 0.42%             | 2027-07-15      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| F/C 3 MONTH SOFR FUT  DEC27                 | FUTURE CONTRACT ON           3 MONTH SOFR FUT  DEC27 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |         46 | NC      | $11108425.00  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C ICE 3MTH SONIA FU DEC26                 | FUTURE CONTRACT ON           ICE 3MTH SONIA FU DEC26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |         77 | NC      | $24368401.96  | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO BANK V/R 09/14/26 /AUD/              | MIZUHO BANK LTD/SYDNEY________  VARIABLE SER TCD /AUD/ CTF OF DEPOSIT 5.02390000                 | CUSIP: Q6S38K3F5<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |     500000 | PA      | $345564.89    | 0.04%             | 2026-09-14      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| TPMF 2024-G V/R 10/20/29 /GBP/              | TOWD POINT MORTGAGE FUNDING 2024 - GRA SER 2024-GR6A CL A1 V/R REGD 144A P/P /GBP/ 4.66528000    | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | GB        |     624352 | PA      | $827048.46    | 0.10%             | 2053-07-20      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| FASTR 20 3.724% 06/15/27 /CAD/              | FORD AUTO SECURITIZATION TRUST II SER 2024-BA CL A2 REGD 144A P/P /CAD/ 3.72400000               | CUSIP: 345214BT6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |    1549952 | PA      | $1118567.21   | 0.13%             | 2028-11-15      | Fixed         | 3.72%                 | Yes           |                  2 | On Loan: No      |
| FORDF 2023-1 A2 V/R 05/15/26                | FORD CREDIT FLOORPLAN MASTER OWNER TRUST A SER 2023-1 CL A2 V/R REGD 144A P/P 4.92223000         | CUSIP: 34528QHW7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1290000 | PA      | $1291473.44   | 0.15%             | 2028-05-15      | Variable      | 4.92%                 | Yes           |                  2 | On Loan: No      |
| FORDO 2022-D A 5.27% 02/15/26               | FORD CREDIT AUTO OWNER TRUST 2022-D SER 2022-D CL A3 REGD 5.27000000                             | CUSIP: 345295AD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       8419 | PA      | $8429.95      | 0.00%             | 2027-05-17      | Fixed         | 5.27%                 | No            |                  2 | On Loan: No      |
| FORDO 2025-B A 3.88% 06/15/28               | FORD CREDIT AUTO OWNER TRUST 2025-B SER 2025-B CL A2A REGD 3.88000000                            | CUSIP: 34532BAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1500000 | PA      | $1498586.25   | 0.17%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| FORDR 2025-1 A V/R 02/15/30                 | FORD CREDIT AUTO OWNER TRUST/FORD CREDIT SER 2025-1 CL A V/R REGD 144A P/P 4.86000000            | CUSIP: 34532MAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     960000 | PA      | $976758.34    | 0.11%             | 2037-08-15      | Variable      | 4.86%                 | Yes           |                  2 | On Loan: No      |
| FORDO 2024-C A 4.32% 05/15/26               | FORD CREDIT AUTO OWNER TRUST 2024-C SER 2024-C CL A2A REGD 4.32000000                            | CUSIP: 34532UAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     309875 | PA      | $309989.08    | 0.04%             | 2027-08-15      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| FORDO 2024-C A 4.07% 03/15/28               | FORD CREDIT AUTO OWNER TRUST 2024-C SER 2024-C CL A3 REGD 4.07000000                             | CUSIP: 34532UAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     829000 | PA      | $828951.67    | 0.10%             | 2029-07-15      | Fixed         | 4.07%                 | No            |                  2 | On Loan: No      |
| FORDR 2024-1 A S/UP 02/15/29                | FORD CREDIT AUTO OWNER TRUST 2024-REV1 SER 2024-1 CL A S/UP REGD 144A P/P 4.87000000             | CUSIP: 34533BAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     789000 | PA      | $800740.08    | 0.09%             | 2036-08-15      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| FORD MOTOR CRE 4.271% 01/09/27              | FORD MOTOR CREDIT CO LLC REGD 4.27100000                                                         | CUSIP: 345397A45<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     800000 | PA      | $796286.29    | 0.09%             | 2027-01-09      | Fixed         | 4.27%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI 2.7% 08/10/26              | FORD MOTOR CREDIT CO LLC REGD 2.70000000                                                         | CUSIP: 345397B77<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1150000 | PA      | $1141458.69   | 0.13%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRED 4.95% 05/28/27              | FORD MOTOR CREDIT CO LLC REGD 4.95000000                                                         | CUSIP: 345397C27<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $199946.44    | 0.02%             | 2027-05-28      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDI 5.8% 03/05/27              | FORD MOTOR CREDIT CO LLC REGD 5.80000000                                                         | CUSIP: 345397D83<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2100000 | PA      | $2111425.11   | 0.24%             | 2027-03-05      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| FORTIS INC 3.055% 10/04/26                  | FORTIS INC REGD SER WI 3.05500000                                                                | CUSIP: 349553AM9<br>LEI: 549300MQYQ9Y065XPR71 | Long             | DBT              | CORP              | CA        |     300000 | PA      | $297890.07    | 0.03%             | 2026-10-04      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| ANORI 2023- V/R 01/26/43 /EUR/              | FCT AUTONORIA DE 2023 SER 2023-DE CL B V/R REGD REG S /EUR/ 3.09000000                           | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | FR        |      92720 | PA      | $107475.68    | 0.01%             | 2043-01-26      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| F/C 3MO EURO EURIBOR  DEC26                 | FUTURE CONTRACT ON           3MO EURO EURIBOR  DEC26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |         89 | NC      | $24992424.00  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| AVON 4A A V/R 09/28/26 /GBP/                | AVON FINANCE SER 4A CL A V/R REGD 144A P/P /GBP/ 4.62740000                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | ABS-CBDO         | CORP              | GB        |     476142 | PA      | $630581.48    | 0.07%             | 2049-12-28      | Variable      | 4.63%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 12/22/27                   | UBS GROUP AG REGD V/R REG S 6.32700000                                                           | CUSIP: H42097EL7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     400000 | PA      | $405288.80    | 0.05%             | 2027-12-22      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| FFIN 2025-3A A 4.56% 08/15/52               | FOUNDATION FINANCE TRUST 2025-3 SER 2025-3A CL A REGD 144A P/P 4.56000000                        | CUSIP: 35042TAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     296001 | PA      | $293654.44    | 0.03%             | 2052-08-15      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| FOX CORP 4.709% 01/25/29                    | FOX CORP REGD 4.70900000                                                                         | CUSIP: 35137LAH8<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |     300000 | PA      | $300728.21    | 0.03%             | 2029-01-25      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| F/C US 2YR NOTE (CBT) JUN26                 | FUTURE CONTRACT ON           US 2YR NOTE (CBT) JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -336 | NC      | $-69701624.83 | -8.08%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US 2YR NOTE (CBT) JUN26                 | FUTURE CONTRACT ON           US 2YR NOTE (CBT) JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        514 | NC      | $106626890.37 | 12.36%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US 5YR NOTE (CBT) JUN26                 | FUTURE CONTRACT ON           US 5YR NOTE (CBT) JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        197 | NC      | $21311398.54  | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C US 5YR NOTE (CBT) JUN26                 | FUTURE CONTRACT ON           US 5YR NOTE (CBT) JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -197 | NC      | $-21311398.54 | -2.47%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US 10YR NOTE (CBT)JUN26                 | FUTURE CONTRACT ON           US 10YR NOTE (CBT)JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        -88 | NC      | $-9772125.00  | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US ULTRA BOND CBT JUN26                 | FUTURE CONTRACT ON           US ULTRA BOND CBT JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |        -36 | NC      | $-4196250.00  | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C US 10YR ULTRA FUT JUN26                 | FUTURE CONTRACT ON           US 10YR ULTRA FUT JUN26 0.00000000                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | US        |       -119 | NC      | $-13508359.38 | -1.57%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C LONG GILT FUTURE  JUN26                 | FUTURE CONTRACT ON           LONG GILT FUTURE  JUN26 /GBP/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | GB        |         18 | NC      | $2091579.14   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C EURO-SCHATZ FUT   JUN26                 | FUTURE CONTRACT ON           EURO-SCHATZ FUT   JUN26 /EUR/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | DE        |        -16 | NC      | $-1955698.17  | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| F/C AUST 10Y BOND FUT JUN26                 | FUTURE CONTRACT ON           AUST 10Y BOND FUT JUN26 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |         36 | NC      | $2676409.74   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| F/C AUST 3YR BOND FUT JUN26                 | FUTURE CONTRACT ON           AUST 3YR BOND FUT JUN26 /AUD/ 0.00000000                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              | CORP              | AU        |        150 | NC      | $10727503.82  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GFORT 2023-1 A 5.34% 06/15/26               | GMF FLOORPLAN OWNER REVOLVING TRUST SER 2023-1 CL A1 REGD 144A P/P 5.34000000                    | CUSIP: 361886CR3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1500000 | PA      | $1504284.75   | 0.17%             | 2028-06-15      | Fixed         | 5.34%                 | Yes           |                  2 | On Loan: No      |
| GFORT 2024-4A  4.73% 11/15/27               | GMF FLOORPLAN OWNER REVOLVING TRUST SER 2024-4A CL A1 REGD 144A P/P 4.73000000                   | CUSIP: 361886DQ4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     945000 | PA      | $951949.91    | 0.11%             | 2029-11-15      | Fixed         | 4.73%                 | Yes           |                  2 | On Loan: No      |
| GMCAR 2023-2 A 4.47% 02/16/28               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2023-2 SER 2023-2 CL A3 REGD 4.47000000       | CUSIP: 362583AD8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     116515 | PA      | $116611.92    | 0.01%             | 2028-02-16      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| GSMBS 2021-RPL1  V/R 12/25/60               | GS MORTGAGE-BACKED SECURITIES CORP TRUST 2021 SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.75000000   | CUSIP: 36261WAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     182341 | PA      | $171246.96    | 0.02%             | 2060-12-25      | Variable      | 1.75%                 | Yes           |                  2 | On Loan: No      |
| GMCAR 2024-1 A 4.85% 12/18/28               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-1 SER 2024-1 CL A3 REGD 4.85000000       | CUSIP: 36268GAD7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     618675 | PA      | $621062.92    | 0.07%             | 2028-12-18      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| GMALT 2025-1 A 4.54% 09/20/26               | GM FINANCIAL AUTOMOBILE LEASING TRUST 2025-1 SER 2025-1 CL A2A REGD 4.54000000                   | CUSIP: 36271VAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1001184 | PA      | $1002455.13   | 0.12%             | 2027-05-20      | Fixed         | 4.54%                 | No            |                  2 | On Loan: No      |
| GMALT 2025-2 A 4.55% 07/20/27               | GM FINANCIAL AUTOMOBILE LEASING TRUST 2025-2 SER 2025-2 CL A2A REGD 4.55000000                   | CUSIP: 362962AB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     561014 | PA      | $561846.61    | 0.07%             | 2027-07-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS F 5.4% 04/06/26              | GENERAL MOTORS FINL CO REGD 5.40000000                                                           | CUSIP: 37045XEF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     700000 | PA      | $700064.87    | 0.08%             | 2026-04-06      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FIN 5% 07/15/27              | GENERAL MOTORS FINL CO REGD 5.00000000                                                           | CUSIP: 37045XFH4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     400000 | PA      | $402063.08    | 0.05%             | 2027-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDI 3.875% 10/27/27              | GLENCORE FUNDING LLC REGD 144A P/P 3.87500000                                                    | CUSIP: 378272AQ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3727000 | PA      | $3688641.79   | 0.43%             | 2027-10-27      | Fixed         | 3.88%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 1.625% 04/27/26              | GLENCORE FUNDING LLC REGD 144A P/P 1.62500000                                                    | CUSIP: 378272BD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2900000 | PA      | $2893913.74   | 0.34%             | 2026-04-27      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 6.125% 10/06/28              | GLENCORE FUNDING LLC REGD 144A P/P 6.12500000                                                    | CUSIP: 378272BN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1935000 | PA      | $2002106.57   | 0.23%             | 2028-10-06      | Fixed         | 6.12%                 | Yes           |                  2 | On Loan: No      |
| GLENCORE FUNDI 5.371% 04/04/29              | GLENCORE FUNDING LLC REGD 144A P/P 5.37100000                                                    | CUSIP: 378272BS6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     805000 | PA      | $821631.39    | 0.10%             | 2029-04-04      | Fixed         | 5.37%                 | Yes           |                  2 | On Loan: No      |
| GLOBAL PAYMENTS 2.15% 01/15/27              | GLOBAL PAYMENTS INC REGD 2.15000000                                                              | CUSIP: 37940XAG7<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1374520.94   | 0.16%             | 2027-01-15      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| GLOBAL PAYMENTS  4.5% 11/15/28              | GLOBAL PAYMENTS INC REGD 4.50000000                                                              | CUSIP: 37940XAV4<br>LEI: 549300NOMHGVQBX6S778 | Long             | DBT              | CORP              | US        |    1665000 | PA      | $1648297.39   | 0.19%             | 2028-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| GMCAR 2023-4 A 5.78% 04/16/27               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2023-4 SER 2023-4 CL A3 REGD 5.78000000       | CUSIP: 379930AD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     548071 | PA      | $552745.90    | 0.06%             | 2028-08-16      | Fixed         | 5.78%                 | No            |                  2 | On Loan: No      |
| GMCAR 2024-2 A3 5.1% 10/18/27               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-2 SER 2024-2 CL A3 REGD 5.10000000       | CUSIP: 379931AD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     405848 | PA      | $408041.20    | 0.05%             | 2029-03-16      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| GMCAR 2024-3 A 5.13% 04/16/29               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-3 SER 2024-3 CL A3 REGD 5.13000000       | CUSIP: 38013KAD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     526826 | PA      | $530566.92    | 0.06%             | 2029-04-16      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| GMCAR 2024-4 A 4.53% 07/16/26               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-4 SER 2024-4 CL A2A REGD 4.53000000      | CUSIP: 38014AAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     121930 | PA      | $121965.27    | 0.01%             | 2027-10-18      | Fixed         | 4.53%                 | No            |                  2 | On Loan: No      |
| GMCAR 2024-4 A3 4.4% 02/16/28               | GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2024-4 SER 2024-4 CL A3 REGD 4.40000000       | CUSIP: 38014AAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2554000 | PA      | $2560000.11   | 0.30%             | 2029-08-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GCCT 2021-1A A 1.14% 08/15/26               | GOLDEN CREDIT CARD TRUST SER 2021-1A CL A REGD 144A P/P 1.14000000                               | CUSIP: 380881FB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1500000 | PA      | $1483566.30   | 0.17%             | 2028-08-15      | Fixed         | 1.14%                 | Yes           |                  2 | On Loan: No      |
| GCCT 2022-1A A 1.97% 01/15/27               | GOLDEN CREDIT CARD TRUST SER 2022-1A CL A REGD 144A P/P 1.97000000                               | CUSIP: 380881FE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | CA        |    1000000 | PA      | $982855.00    | 0.11%             | 2029-01-15      | Fixed         | 1.97%                 | Yes           |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 10/24/29              | GOLDMAN SACHS GROUP INC REGD V/R 6.48400000                                                      | CUSIP: 38141GA46<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    1465000 | PA      | $1532746.46   | 0.18%             | 2029-10-24      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 04/23/28              | GOLDMAN SACHS GROUP INC REGD V/R 4.93700000                                                      | CUSIP: 38141GC77<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    9945000 | PA      | $9993409.87   | 1.16%             | 2028-04-23      | Variable      | 4.94%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 10/21/29              | GOLDMAN SACHS GROUP INC REGD V/R 4.15300000                                                      | CUSIP: 38141GD27<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     930000 | PA      | $921273.87    | 0.11%             | 2029-10-21      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 01/21/29              | GOLDMAN SACHS GROUP INC REGD V/R 4.37674100                                                      | CUSIP: 38141GD76<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |     500000 | PA      | $499320.00    | 0.06%             | 2029-01-21      | Variable      | 4.38%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 05/01/29              | GOLDMAN SACHS GROUP INC REGD V/R 4.22300000                                                      | CUSIP: 38141GWZ3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    1020000 | PA      | $1014254.88   | 0.12%             | 2029-05-01      | Variable      | 4.22%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 10/21/27              | GOLDMAN SACHS GROUP INC REGD V/R 1.94800000                                                      | CUSIP: 38141GYM0<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    2325000 | PA      | $2293216.13   | 0.27%             | 2027-10-21      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 02/24/28              | GOLDMAN SACHS GROUP INC REGD V/R 2.64000000                                                      | CUSIP: 38141GZK3<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    2885000 | PA      | $2838420.06   | 0.33%             | 2028-02-24      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 03/15/28              | GOLDMAN SACHS GROUP INC REGD V/R 3.61500000                                                      | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    2040000 | PA      | $2023823.90   | 0.23%             | 2028-03-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GRO V/R 01/21/29              | GOLDMAN SACHS GROUP INC REGD V/R 4.14800000                                                      | CUSIP: 38145GAP5<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    1440000 | PA      | $1431076.68   | 0.17%             | 2029-01-21      | Variable      | 4.15%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BAN V/R 05/21/27              | GOLDMAN SACHS BANK USA REGD V/R 5.41400000                                                       | CUSIP: 38151LAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1030000 | PA      | $1031244.44   | 0.12%             | 2027-05-21      | Variable      | 5.41%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BAN V/R 05/21/27              | GOLDMAN SACHS BANK USA REGD V/R 4.40607900                                                       | CUSIP: 38151LAH3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2000425.30   | 0.23%             | 2027-05-21      | Variable      | 4.41%                 | No            |                  2 | On Loan: No      |
| GNR 2017-H02 FH V/R 01/20/67                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-H02 CL FH V/R 4.74080000                       | CUSIP: 38375UYK0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     363310 | PA      | $366881.57    | 0.04%             | 2067-01-20      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| GNR 2015-H04 FA V/R 12/20/64                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2015-H04 CL FA V/R 4.43325000                       | CUSIP: 38378U8L4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     356654 | PA      | $357066.32    | 0.04%             | 2064-12-20      | Variable      | 4.43%                 | No            |                  2 | On Loan: No      |
| GNR 2018-H18 FC V/R 08/20/65                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2018-H18 CL FC V/R 4.13325000                       | CUSIP: 38380LMV2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     105560 | PA      | $105286.90    | 0.01%             | 2065-08-20      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| GNR 2021-H09 FG V/R 06/20/71                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2021-H09 CL FG V/R 5.17294000                       | CUSIP: 38380Q4V1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1310436 | PA      | $1343673.43   | 0.16%             | 2071-06-20      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| GNR 2017-121 PE 3% 07/20/46                 | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2017-121 CL PE 3.00000000                           | CUSIP: 38380TV37<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      62387 | PA      | $61551.10     | 0.01%             | 2046-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GNR 2019-54 KF V/R 05/20/44                 | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2019-54 CL KF V/R 4.20214000                        | CUSIP: 38381R7J2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     217058 | PA      | $212872.75    | 0.02%             | 2044-05-20      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H12 FA V/R 05/20/73                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H12 CL FA V/R 4.67294000                       | CUSIP: 38382Y5K5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1532875 | PA      | $1558522.23   | 0.18%             | 2073-05-20      | Variable      | 4.67%                 | No            |                  2 | On Loan: No      |
| GNR 2022-H01 FA V/R 01/20/72                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-H01 CL FA V/R 4.02294000                       | CUSIP: 38382YKM4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     689452 | PA      | $681284.91    | 0.08%             | 2072-01-20      | Variable      | 4.02%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H02 FA V/R 01/20/73                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H02 CL FA V/R 4.57294000                       | CUSIP: 38382YN82<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     481651 | PA      | $487515.21    | 0.06%             | 2073-01-20      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| GNR 2022-5 FA V/R 01/20/52                  | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2022-5 CL FA V/R 3.50000000                         | CUSIP: 38383FG98<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     711638 | PA      | $639284.16    | 0.07%             | 2052-01-20      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H27 FD V/R 11/20/73                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H27 CL FD V/R 4.77294000                       | CUSIP: 38383KHV7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     430177 | PA      | $440458.90    | 0.05%             | 2073-11-20      | Variable      | 4.77%                 | No            |                  2 | On Loan: No      |
| GNR 2023-H26 DF V/R 09/20/73                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2023-H26 CL DF V/R 3.97294000                       | CUSIP: 38383KKA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     437275 | PA      | $435466.61    | 0.05%             | 2073-09-20      | Variable      | 3.97%                 | No            |                  2 | On Loan: No      |
| GNR 2024-H02 FH V/R 01/20/74                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H02 CL FH V/R 4.60294000                       | CUSIP: 38383KMK5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     888569 | PA      | $901994.65    | 0.10%             | 2074-01-20      | Variable      | 4.60%                 | No            |                  2 | On Loan: No      |
| GNR 2024-H01 FB V/R 01/20/74                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-H01 CL FB V/R 4.57294000                       | CUSIP: 38383KNN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     925709 | PA      | $938490.10    | 0.11%             | 2074-01-20      | Variable      | 4.57%                 | No            |                  2 | On Loan: No      |
| GNR 2024-13 FA V/R 01/20/54                 | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2024-13 CL FA V/R 4.62294000                        | CUSIP: 38384GP87<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     109983 | PA      | $110690.32    | 0.01%             | 2054-01-20      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| GNR 2025-H22 F V/R 10/20/75                 | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-H22 CL F V/R 4.45294000                        | CUSIP: 38384LA58<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     247828 | PA      | $249602.38    | 0.03%             | 2075-10-20      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| GNR 2025-H20 FA V/R 09/20/75                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-H20 CL FA V/R 4.44294000                       | CUSIP: 38384LB73<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     248261 | PA      | $250220.00    | 0.03%             | 2075-09-20      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| GNR 2025-H18 FL V/R 08/20/75                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-H18 CL FL V/R 4.37294000                       | CUSIP: 38384LTU3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     880900 | PA      | $879592.82    | 0.10%             | 2075-08-20      | Variable      | 4.37%                 | No            |                  2 | On Loan: No      |
| GNR 2025-89 PF V/R 05/20/55                 | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-89 CL PF V/R 4.62294000                        | CUSIP: 38385GMK2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     234359 | PA      | $235819.75    | 0.03%             | 2055-05-20      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| GNR 2025-204 FH V/R 12/20/55                | GOVERNMENT NATIONAL MORTGAGE ASSOCIATION SER 2025-204 CL FH V/R 4.62294000                       | CUSIP: 38385KEJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     986924 | PA      | $989333.99    | 0.11%             | 2055-12-20      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| GSKY 2025-1A A 5.12% 03/25/60               | GREENSKY HOME IMPROVEMENT ISSUER TRUST 2025-1 SER 2025-1A CL A2 REGD 144A P/P 5.12000000         | CUSIP: 39571NAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     103819 | PA      | $104078.66    | 0.01%             | 2060-03-25      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| HCA INC 3.125% 03/15/27                     | HCA INC REGD 3.12500000                                                                          | CUSIP: 404119CH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    8470000 | PA      | $8357359.42   | 0.97%             | 2027-03-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| HCA INC V/R 03/01/28                        | HCA INC REGD V/R 4.52355800                                                                      | CUSIP: 404119CX5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     700000 | PA      | $700859.92    | 0.08%             | 2028-03-01      | Variable      | 4.52%                 | No            |                  2 | On Loan: No      |
| HCA INC 5% 03/01/28                         | HCA INC REGD 5.00000000                                                                          | CUSIP: 404119CY3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2065000 | PA      | $2085214.18   | 0.24%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HCA INC 5.375% 09/01/26                     | HCA INC REGD 5.37500000                                                                          | CUSIP: 404121AH8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2000000 | PA      | $2001548.90   | 0.23%             | 2026-09-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| HCA INC DISC 05/01/2026                     | HCA INC DISC 05/01/2026 0.00000000                                                               | CUSIP: 40412DE13<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     700000 | PA      | $697381.51    | 0.08%             | 2026-05-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| HSBC HOLDINGS PLC V/R 08/14/27              | HSBC HOLDINGS PLC REGD V/R 5.88700000                                                            | CUSIP: 404280DZ9<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | DBT              | CORP              | GB        |    2990000 | PA      | $3004459.28   | 0.35%             | 2027-08-14      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| HDMOT 2025-A A 4.71% 07/17/28               | HARLEY-DAVIDSON MOTORCYCLE TRUST 2025-A SER 2025-A CL A2A REGD 4.71000000                        | CUSIP: 41284XAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     293562 | PA      | $294145.46    | 0.03%             | 2028-07-17      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| HERTZ 2023-1A  5.49% 06/25/26               | HERTZ VEHICLE FINANCING III LLC SER 2023-1A CL A REGD 144A P/P 5.49000000                        | CUSIP: 42806MBS7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     850000 | PA      | $851588.48    | 0.10%             | 2027-06-25      | Fixed         | 5.49%                 | Yes           |                  2 | On Loan: No      |
| HP ENTERPRISE CO 4.4% 09/25/27              | HP ENTERPRISE CO REGD 4.40000000                                                                 | CUSIP: 42824CBS7<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    2940000 | PA      | $2935495.54   | 0.34%             | 2027-09-25      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE C 4.15% 09/15/28              | HP ENTERPRISE CO REGD 4.15000000                                                                 | CUSIP: 42824CBZ1<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    2495000 | PA      | $2473148.86   | 0.29%             | 2028-09-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO 4.6% 03/23/29              | HP ENTERPRISE CO REGD 4.60000000                                                                 | CUSIP: 42824CCD9<br>LEI: 549300BX44RGX6ANDV88 | Long             | DBT              | CORP              | US        |    1030000 | PA      | $1028989.97   | 0.12%             | 2029-03-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| HAROT 2025-3 A 4.04% 10/23/28               | HONDA AUTO RECEIVABLES 2025-3 OWNER TRUST SER 2025-3 CL A3 REGD 4.04000000                       | CUSIP: 43813QAD1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1895000 | PA      | $1889634.88   | 0.22%             | 2030-02-21      | Fixed         | 4.04%                 | No            |                  2 | On Loan: No      |
| HUMANA INC 1.35% 02/03/27                   | HUMANA INC REGD 1.35000000                                                                       | CUSIP: 444859BQ4<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |     900000 | PA      | $876412.96    | 0.10%             | 2027-02-03      | Fixed         | 1.35%                 | No            |                  2 | On Loan: No      |
| HUMANA INC 5.75% 03/01/28                   | HUMANA INC REGD 5.75000000                                                                       | CUSIP: 444859BU5<br>LEI: 529900YLDW34GJAO4J06 | Long             | DBT              | CORP              | US        |    1530000 | PA      | $1559159.47   | 0.18%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL  5.3% 03/19/27              | HYUNDAI CAPITAL AMERICA REGD 144A P/P 5.30000000                                                 | CUSIP: 44891ACX3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $302266.48    | 0.04%             | 2027-03-19      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 03/25/27              | HYUNDAI CAPITAL AMERICA REGD V/R 144A P/P 4.63674300                                             | CUSIP: 44891ADS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1002085.63   | 0.12%             | 2027-03-25      | Variable      | 4.64%                 | Yes           |                  2 | On Loan: No      |
| HYUNDAI CAPITAL  3.5% 11/02/26              | HYUNDAI CAPITAL AMERICA REGD REG S 3.50000000                                                    | CUSIP: 44891CBD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $198949.82    | 0.02%             | 2026-11-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 01/08/27              | HYUNDAI CAPITAL AMERICA REGD V/R REG S 5.16879700                                                | CUSIP: 44891CCW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     900000 | PA      | $906117.78    | 0.11%             | 2027-01-08      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| HYUNDAI CAPITAL A V/R 06/24/27              | HYUNDAI CAPITAL AMERICA REGD V/R REG S 4.68677700                                                | CUSIP: 44891CDE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $300732.00    | 0.03%             | 2027-06-24      | Variable      | 4.69%                 | No            |                  2 | On Loan: No      |
| HART 2024-A A3 4.99% 02/15/29               | HYUNDAI AUTO RECEIVABLES TRUST 2024-A SER 2024-A CL A3 REGD 4.99000000                           | CUSIP: 448973AD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2617430 | PA      | $2632536.21   | 0.31%             | 2029-02-15      | Fixed         | 4.99%                 | No            |                  2 | On Loan: No      |
| HART 2024-C A3 4.41% 05/15/29               | HYUNDAI AUTO RECEIVABLES TRUST 2024-C SER 2024-C CL A3 REGD 4.41000000                           | CUSIP: 448976AD2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1921000 | PA      | $1927915.98   | 0.22%             | 2029-05-15      | Fixed         | 4.41%                 | No            |                  2 | On Loan: No      |
| HART 2023-A A3 4.58% 04/15/27               | HYUNDAI AUTO RECEIVABLES TRUST 2023-A SER 2023-A CL A3 REGD 4.58000000                           | CUSIP: 448979AD6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      11451 | PA      | $11452.80     | 0.00%             | 2027-04-15      | Fixed         | 4.58%                 | No            |                  2 | On Loan: No      |
| HART 2024-B A3 4.84% 11/15/27               | HYUNDAI AUTO RECEIVABLES TRUST 2024-B SER 2024-B CL A3 REGD 4.84000000                           | CUSIP: 44934QAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1787000 | PA      | $1797452.70   | 0.21%             | 2029-03-15      | Fixed         | 4.84%                 | No            |                  2 | On Loan: No      |
| HALST 2025-B A 4.58% 12/15/26               | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2 SER 2025-B CL A2A REGD 144A P/P 4.58000000             | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     841733 | PA      | $843420.69    | 0.10%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| HALST 2025-C A 4.37% 04/15/27               | HYUNDAI AUTO LEASE SECURITIZATION TRUST 2 SER 2025-C CL A2A REGD 144A P/P 4.37000000             | CUSIP: 44935GAB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     902046 | PA      | $903801.05    | 0.10%             | 2028-01-18      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| INV 2024-IND A V/R 11/15/26                 | INV 2024-IND MORTGAGE TRUST SER 2024-IND CL A V/R REGD 144A P/P 5.41441000                       | CUSIP: 45000DAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     190000 | PA      | $187506.25    | 0.02%             | 2041-11-15      | Variable      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL BRANDS  3.5% 07/26/26              | IMPERIAL BRANDS FIN PLC REGD 144A P/P 3.50000000                                                 | CUSIP: 45262BAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     200000 | PA      | $199406.67    | 0.02%             | 2026-07-26      | Fixed         | 3.50%                 | Yes           |                  2 | On Loan: No      |
| IMPERIAL BRANDS  4.5% 06/30/28              | IMPERIAL BRANDS FIN PLC REGD 144A P/P 4.50000000                                                 | CUSIP: 45262BAJ2<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     200000 | PA      | $200140.17    | 0.02%             | 2028-06-30      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| ING GROEP NV V/R 04/01/27                   | ING GROEP NV REGD V/R 4.69558000                                                                 | CUSIP: 456837AX1<br>LEI: 549300NYKK9MWM7GGW15 | Long             | DBT              | CORP              | NL        |     500000 | PA      | $500000.00    | 0.06%             | 2027-04-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY A V/R 03/15/27               | INTOWN 2025-STAY MORTGAGE TRUST SER 2025-STAY CL A V/R REGD 144A P/P 5.02300000                  | CUSIP: 46117WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     624000 | PA      | $622440.00    | 0.07%             | 2042-03-15      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| JACKSON NATL LIFE V/R 09/12/28              | JACKSON NATL LIFE GLOBAL REGD V/R 144A P/P 4.59829100                                            | CUSIP: 46849CJS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     400000 | PA      | $399729.77    | 0.05%             | 2028-09-12      | Variable      | 4.60%                 | Yes           |                  2 | On Loan: No      |
| JACKSON NATL LIF 5.6% 04/10/26              | JACKSON NATL LIFE GLOBAL REGD 144A P/P 5.60000000                                                | CUSIP: 46849LUZ2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     700000 | PA      | $700159.62    | 0.08%             | 2026-04-10      | Fixed         | 5.60%                 | Yes           |                  2 | On Loan: No      |
| JACKSON NATL LIF 4.9% 01/13/27              | JACKSON NATL LIFE GLOBAL REGD 144A P/P 4.90000000                                                | CUSIP: 46849LVC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     500000 | PA      | $501766.28    | 0.06%             | 2027-01-13      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| JAPAN TOBACCO I 4.85% 05/15/28              | JAPAN TOBACCO INC REGD 144A P/P 4.85000000                                                       | CUSIP: 471105AC0<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    1850000 | PA      | $1867399.84   | 0.22%             | 2028-05-15      | Fixed         | 4.85%                 | Yes           |                  2 | On Loan: No      |
| JERSEY CENTRAL  4.15% 01/15/29              | JERSEY CENTRAL PWR & LT REGD 144A P/P 4.15000000                                                 | CUSIP: 476556DJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1525000 | PA      | $1514849.89   | 0.18%             | 2029-01-15      | Fixed         | 4.15%                 | Yes           |                  2 | On Loan: No      |
| KT CORP 4.375% 01/03/29                     | KT CORP REGD 144A P/P 4.37500000                                                                 | CUSIP: 48268KAJ0<br>LEI: 9884005ACF8449EANY26 | Long             | DBT              | CORP              | KR        |    1500000 | PA      | $1501396.55   | 0.17%             | 2029-01-03      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| KEURIG DR PEPP DISC 04/08/26                | KEURIG DR PEPP DISC 04/08/26 0.00000000                                                          | CUSIP: 49271KD84<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     400000 | PA      | $399630.44    | 0.05%             | 2026-04-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPP DISC 04/13/26                | KEURIG DR PEPP DISC 04/13/26 0.00000000                                                          | CUSIP: 49271KDD3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     600000 | PA      | $599091.24    | 0.07%             | 2026-04-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER 5.1% 03/15/27              | KEURIG DR PEPPER IN REGD SER * 5.10000000                                                        | CUSIP: 49271VAW0<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     600000 | PA      | $602195.92    | 0.07%             | 2027-03-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| KEURIG DR PEPPER  V/R 11/15/26              | KEURIG DR PEPPER INC REGD V/R 4.23972900                                                         | CUSIP: 49271VAY6<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | DBT              | CORP              | US        |     600000 | PA      | $599004.16    | 0.07%             | 2026-11-15      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| KSL 2024-HT2 A V/R 12/15/26                 | KSL COMMERCIAL MORTGAGE TRUST 2024-HT2 SER 2024-HT2 CL A V/R REGD 144A P/P 5.21490000            | CUSIP: 500937AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     106945 | PA      | $106744.64    | 0.01%             | 2039-12-15      | Variable      | 5.21%                 | Yes           |                  2 | On Loan: No      |
| KCOT 2025-1A A 4.61% 03/15/27               | KUBOTA CREDIT OWNER TRUST 2025-1 SER 2025-1A CL A2 REGD 144A P/P 4.61000000                      | CUSIP: 50117FAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     208783 | PA      | $209268.56    | 0.02%             | 2027-12-15      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| KCOT 2025-1A A 4.67% 11/15/28               | KUBOTA CREDIT OWNER TRUST 2025-1 SER 2025-1A CL A3 REGD 144A P/P 4.67000000                      | CUSIP: 50117FAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     599000 | PA      | $603432.24    | 0.07%             | 2029-06-15      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| L3HARRIS TECH IN 4.4% 06/15/28              | L3HARRIS TECH INC REGD SER * 4.40000000                                                          | CUSIP: 502431AM1<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |     425000 | PA      | $425238.62    | 0.05%             | 2028-06-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| L3HARRIS TECH IN 5.4% 01/15/27              | L3HARRIS TECH INC REGD 5.40000000                                                                | CUSIP: 502431AP4<br>LEI: 549300UTE50ZMDBG8A20 | Long             | DBT              | CORP              | US        |    3890000 | PA      | $3920267.16   | 0.45%             | 2027-01-15      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| LADAR 2026-1A  3.75% 11/15/27               | LAD AUTO RECEIVABLES TRUST 2026-1 SER 2026-1A CL A2 REGD 144A P/P 3.75000000                     | CUSIP: 505708AB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     200000 | PA      | $199283.00    | 0.02%             | 2029-05-15      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| LAS VEGAS SANDS  5.9% 06/01/27              | LAS VEGAS SANDS CORP REGD 5.90000000                                                             | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |     650000 | PA      | $658111.23    | 0.08%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LMAT 2021-GS3 A1 V/R 07/25/61               | LEGACY MORTGAGE ASSET TRUST 2021-GS3 SER 2021-GS3 CL A1 V/R REGD 144A P/P 5.75000000             | CUSIP: 52474XAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     871693 | PA      | $871964.84    | 0.10%             | 2061-07-25      | Variable      | 5.75%                 | Yes           |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 08/07/27              | LLOYDS BANKING GROUP PLC REGD V/R 5.98500000                                                     | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $301432.13    | 0.03%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANK PL  DISC  03/18/27              | LLOYDS BANK PL  DISC  03/18/27 0.00000000                                                        | CUSIP: 53943HQJ3<br>LEI: N/A                  | Long             | STIV             | CORP              | GB        |    4000000 | PA      | $3844836.00   | 0.45%             | 2027-03-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 05/11/27              | LLOYDS BANKING GROUP PLC REGD V/R 1.62700000                                                     | CUSIP: 53944YAP8<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     900000 | PA      | $896849.91    | 0.10%             | 2027-05-11      | Variable      | 1.63%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 08/07/27              | LLOYDS BANKING GROUP PLC REGD V/R 5.22251700                                                     | CUSIP: 53944YAW3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     800000 | PA      | $802519.24    | 0.09%             | 2027-08-07      | Variable      | 5.22%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GR V/R 01/05/28              | LLOYDS BANKING GROUP PLC REGD V/R 5.26537600                                                     | CUSIP: 53944YAY9<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |     200000 | PA      | $201568.04    | 0.02%             | 2028-01-05      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| LUX 2023-LION A V/R 08/15/25                | LUX 2023-LION SER 2023-LION CL A V/R REGD 144A P/P 6.36278000                                    | CUSIP: 55067LAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     185107 | PA      | $185903.02    | 0.02%             | 2040-08-15      | Variable      | 6.36%                 | Yes           |                  2 | On Loan: No      |
| MFRA 2021-RPL1 A V/R 07/25/60               | MFA 2021-RPL1 TRUST SER 2021-RPL1 CL A1 V/R REGD 144A P/P 1.13130000                             | CUSIP: 55283QAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     210163 | PA      | $192402.82    | 0.02%             | 2060-07-25      | Variable      | 1.13%                 | Yes           |                  2 | On Loan: No      |
| MF1 2021-W10 A V/R 12/15/24                 | MF1 2021-W10X SER 2021-W10 CL A V/R REGD 144A P/P 4.74332700                                     | CUSIP: 55284DAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1130000 | PA      | $1125300.44   | 0.13%             | 2034-12-15      | Variable      | 4.74%                 | Yes           |                  2 | On Loan: No      |
| MACQUARIE BK LTD DISC 03/18/27              | MACQUARIE BK LTD DISC 03/18/27 0.00000000                                                        | CUSIP: 55607LQJ6<br>LEI: N/A                  | Long             | STIV             | CORP              | AU        |    4000000 | PA      | $3845227.20   | 0.45%             | 2027-03-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MDPK 2019-33A AR V/R 10/15/32               | MADISON PARK FUNDING XXXIII LTD SER 2019-33A CL AR V/R REGD 144A P/P 4.96219000                  | CUSIP: 55819JAN3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     219072 | PA      | $218994.33    | 0.03%             | 2032-10-15      | Variable      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| OMW 2020-1MW A 2.13% 09/10/27               | MANHATTAN WEST 2020-1MW MORTGAGE TRUST SER 2020-1MW CL A REGD 144A P/P 2.13000000                | CUSIP: 563136AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     255000 | PA      | $245712.54    | 0.03%             | 2039-09-10      | Fixed         | 2.13%                 | Yes           |                  2 | On Loan: No      |
| MARATHON PETRO 5.125% 12/15/26              | MARATHON PETROLEUM CORP REGD SER WI 5.12500000                                                   | CUSIP: 56585ABC5<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | DBT              | CORP              | US        |     800000 | PA      | $802601.62    | 0.09%             | 2026-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MARS INC 4.45% 03/01/27                     | MARS INC REGD 144A P/P 4.45000000                                                                | CUSIP: 571676AW5<br>LEI: 54930073HKEO6GZBSS03 | Long             | DBT              | CORP              | US        |    2040000 | PA      | $2046067.78   | 0.24%             | 2027-03-01      | Fixed         | 4.45%                 | Yes           |                  2 | On Loan: No      |
| MASSMUTUAL GLOBA 5.1% 04/09/27              | MASSMUTUAL GLOBAL FUNDIN REGD 144A P/P MTN 5.10000000                                            | CUSIP: 57629W4S6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     835000 | PA      | $842253.85    | 0.10%             | 2027-04-09      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ  4.875% 07/31/26              | MERCEDES-BENZ FIN NA REGD 144A P/P 4.87500000                                                    | CUSIP: 58769JAT4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1120000 | PA      | $1121418.91   | 0.13%             | 2026-07-31      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN V/R 07/31/26              | MERCEDES-BENZ FIN NA REGD V/R 144A P/P 4.29567000                                                | CUSIP: 58769JAV9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1401137.70   | 0.16%             | 2026-07-31      | Variable      | 4.30%                 | Yes           |                  2 | On Loan: No      |
| MBART 2023-1 A 4.51% 08/15/26               | MERCEDES-BENZ AUTO RECEIVABLES TRUST 2023-1 SER 2023-1 CL A3 REGD 4.51000000                     | CUSIP: 58770AAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     151981 | PA      | $152100.71    | 0.02%             | 2027-11-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY PENN 5.2% 04/01/28              | FIRSTENERGY PENN ELECTRI REGD 144A P/P 5.20000000                                                | CUSIP: 591894CE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1146000 | PA      | $1162138.56   | 0.13%             | 2028-04-01      | Fixed         | 5.20%                 | Yes           |                  2 | On Loan: No      |
| MIZUHO BANK LT 3.81% 12/11/26               | MIZUHO BANK LTD NEW___________  CTF OF DEPOSIT 3.81000000                                        | CUSIP: 60701A3X9<br>LEI: N/A                  | Long             | STIV             | CORP              | JP        |    1750000 | PA      | $1746869.43   | 0.20%             | 2026-12-11      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| MONONGAHELA POW 3.55% 05/15/27              | MONONGAHELA POWER CO REGD 144A P/P 3.55000000                                                    | CUSIP: 610202BR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     800000 | PA      | $791913.70    | 0.09%             | 2027-05-15      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY 5.882% 10/30/26              | MORGAN STANLEY BANK NA REGD SER BKNT 5.88200000                                                  | CUSIP: 61690U7W4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1465000 | PA      | $1477856.50   | 0.17%             | 2026-10-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BA V/R 01/14/28              | MORGAN STANLEY BANK NA REGD V/R SER BKNT 4.95200000                                              | CUSIP: 61690U8A1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    4825000 | PA      | $4844140.78   | 0.56%             | 2028-01-14      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BA V/R 05/26/28              | MORGAN STANLEY BANK NA REGD V/R SER BKNT 5.50400000                                              | CUSIP: 61690U8B9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1090000 | PA      | $1102369.35   | 0.13%             | 2028-05-26      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BA V/R 07/14/28              | MORGAN STANLEY BANK NA REGD V/R SER BKNT 4.96800000                                              | CUSIP: 61690U8E3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1095000 | PA      | $1101402.08   | 0.13%             | 2028-07-14      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BA V/R 10/15/27              | MORGAN STANLEY BANK NA REGD V/R 4.35245200                                                       | CUSIP: 61690U8F0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2500000 | PA      | $2497980.00   | 0.29%             | 2027-10-15      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| MSC 2019-PLND A V/R 05/15/21                | MORGAN STANLEY CAPITAL I TRUST 2019-PLND SER 2019-PLND CL A V/R REGD 144A P/P 4.78748000         | CUSIP: 61691XAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     700000 | PA      | $209993.00    | 0.02%             | 2036-05-15      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 10/18/28                 | MORGAN STANLEY REGD V/R 6.29600000                                                               | CUSIP: 61747YEV3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    1265000 | PA      | $1297563.85   | 0.15%             | 2028-10-18      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 04/13/28                 | MORGAN STANLEY REGD V/R MTN 5.65200000                                                           | CUSIP: 61747YFP5<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    2165000 | PA      | $2191461.34   | 0.25%             | 2028-04-13      | Variable      | 5.65%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 04/12/29                 | MORGAN STANLEY REGD V/R SER . 4.99400000                                                         | CUSIP: 61747YFY6<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |    2280000 | PA      | $2300797.82   | 0.27%             | 2029-04-12      | Variable      | 4.99%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 10/18/29                 | MORGAN STANLEY REGD V/R MTN SER I 4.13300000                                                     | CUSIP: 61748UAK8<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     310000 | PA      | $306331.43    | 0.04%             | 2029-10-18      | Variable      | 4.13%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY V/R 01/09/30                 | MORGAN STANLEY REGD V/R 4.23800000                                                               | CUSIP: 61748UAR3<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | DBT              | CORP              | US        |     640000 | PA      | $633451.03    | 0.07%             | 2030-01-09      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PV V/R 02/08/30              | MORGAN STANLEY PVT BANK REGD V/R SER . 4.21300000                                                | CUSIP: 61776NU43<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1160000 | PA      | $1148063.59   | 0.13%             | 2030-02-08      | Variable      | 4.21%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PV V/R 07/06/28              | MORGAN STANLEY PVT BANK REGD V/R SER * 4.46600000                                                | CUSIP: 61776NVE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    5105000 | PA      | $5105017.97   | 0.59%             | 2028-07-06      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY PV V/R 11/17/28              | MORGAN STANLEY PVT BANK REGD V/R 4.20400000                                                      | CUSIP: 61776NZU0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1370000 | PA      | $1365206.01   | 0.16%             | 2028-11-17      | Variable      | 4.20%                 | No            |                  2 | On Loan: No      |
| MSRM 2025-NQM8 A V/R 10/25/29               | MORGAN STANLEY RESIDENTIAL MORTGAGE LOAN  SER 2025-NQM8 CL A1 V/R REGD 144A P/P 4.96300000       | CUSIP: 61779QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     179313 | PA      | $178938.02    | 0.02%             | 2070-09-25      | Variable      | 4.96%                 | Yes           |                  2 | On Loan: No      |
| MTN 2022-LPFL A V/R 03/15/27                | MTN COMMERCIAL MORTGAGE TRUST 2022-LPFL SER 2022-LPFL CL A V/R REGD 144A P/P 5.07690000          | CUSIP: 62475WAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1100000 | PA      | $1099312.50   | 0.13%             | 2039-03-15      | Variable      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| NXP BV/NXP FDG/N 4.4% 06/01/27              | NXP BV/NXP FDG/NXP USA REGD 4.40000000                                                           | CUSIP: 62954HBE7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    1060000 | PA      | $1059518.69   | 0.12%             | 2027-06-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| NTT FINANCE CO 1.162% 04/03/26              | NTT FINANCE CORP REGD 144A P/P 1.16200000                                                        | CUSIP: 62954WAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    4585000 | PA      | $4584146.18   | 0.53%             | 2026-04-03      | Fixed         | 1.16%                 | Yes           |                  2 | On Loan: No      |
| NTT FINANCE CO 5.104% 07/02/27              | NTT FINANCE CORP REGD 144A P/P 5.10400000                                                        | CUSIP: 62954WAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    1100000 | PA      | $1109415.32   | 0.13%             | 2027-07-02      | Fixed         | 5.10%                 | Yes           |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 07/02/27              | NATIONAL BANK OF CANADA REGD V/R 4.70952400                                                      | CUSIP: 63307A2Z7<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |     900000 | PA      | $901231.61    | 0.10%             | 2027-07-02      | Variable      | 4.71%                 | No            |                  2 | On Loan: No      |
| NATIONAL BANK OF  V/R 02/01/28              | NATIONAL BANK OF CANADA REGD V/R 4.95000000                                                      | CUSIP: 63307A3D5<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | DBT              | CORP              | CA        |     600000 | PA      | $602356.40    | 0.07%             | 2028-02-01      | Variable      | 4.95%                 | No            |                  2 | On Loan: No      |
| NATIONAL FUEL GA 5.5% 10/01/26              | NATIONAL FUEL GAS CO REGD 5.50000000                                                             | CUSIP: 636180BS9<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | DBT              | CORP              | US        |     400000 | PA      | $401757.42    | 0.05%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL RURAL  4.75% 02/07/28              | NATIONAL RURAL UTIL COOP REGD MTN 4.75000000                                                     | CUSIP: 63743HFW7<br>LEI: 4NYF266XZC35SCTGX023 | Long             | DBT              | CORP              | US        |    1195000 | PA      | $1203944.22   | 0.14%             | 2028-02-07      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NATIONWIDE BLDG S V/R 02/16/28              | NATIONWIDE BLDG SOCIETY REGD V/R REG S EMTN 2.97200000                                           | CUSIP: 63861WAF2<br>LEI: 549300XFX12G42QIKN82 | Long             | DBT              | CORP              | GB        |     455000 | PA      | $448691.93    | 0.05%             | 2028-02-16      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| NATWEST MARKET 5.416% 05/17/27              | NATWEST MARKETS PLC REGD 144A P/P 5.41600000                                                     | CUSIP: 63906YAH1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     700000 | PA      | $708781.20    | 0.08%             | 2027-05-17      | Fixed         | 5.42%                 | Yes           |                  2 | On Loan: No      |
| NATWEST MARKETS P V/R 05/17/27              | NATWEST MARKETS PLC REGD V/R 144A P/P 4.55976700                                                 | CUSIP: 63906YAK4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |    1000000 | PA      | $1003289.51   | 0.12%             | 2027-05-17      | Variable      | 4.56%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2019-D A2B V/R 09/15/29               | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2 SER 2019-D CL A2B V/R REGD 144A P/P 4.83699000       | CUSIP: 63941CAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     149845 | PA      | $149912.64    | 0.02%             | 2059-12-15      | Variable      | 4.84%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2020-A A2B V/R 07/15/28               | NAVIENT PRIVATE EDUCATION LOAN TRUST 2020-A SER 2020-A CL A2B V/R REGD 144A P/P 4.68699000       | CUSIP: 63941FAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     778345 | PA      | $776659.22    | 0.09%             | 2068-11-15      | Variable      | 4.69%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2019-GA A 2.4% 05/15/28               | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2019-G SER 2019-GA CL A REGD 144A P/P 2.40000000       | CUSIP: 63941JAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      62029 | PA      | $60522.74     | 0.01%             | 2068-10-15      | Fixed         | 2.40%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2019-BA A2 V/R 02/15/28               | NAVIENT STUDENT LOAN TRUST 2019-B SER 2019-BA CL A2B V/R REGD 144A P/P 4.76699000                | CUSIP: 63941LAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      86116 | PA      | $86066.94     | 0.01%             | 2059-12-15      | Variable      | 4.77%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2020-IA A1 V/R 12/15/29               | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2 SER 2020-IA CL A1B V/R REGD 144A P/P 4.78699000      | CUSIP: 63942AAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      96196 | PA      | $95673.54     | 0.01%             | 2069-04-15      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| NAVSL 2021-DA A V/R 04/15/32                | NAVIENT PRIVATE EDUCATION REFI LOAN TRUST 2 SER 2021-DA CL A V/R REGD 144A P/P 4.76000000        | CUSIP: 63942CAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     229738 | PA      | $224030.22    | 0.03%             | 2060-04-15      | Variable      | 4.76%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2025-DA A 4.65% 08/20/54               | NELNET STUDENT LOAN TRUST 2025-D SER 2025-DA CL A1A REGD 144A P/P 4.65000000                     | CUSIP: 639931AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     468671 | PA      | $462627.43    | 0.05%             | 2054-08-20      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2025-BA A 4.84% 05/17/55               | NELNET STUDENT LOAN TRUST 2025-B SER 2025-BA CL A1A REGD 144A P/P 4.84000000                     | CUSIP: 64032BAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     440544 | PA      | $438320.16    | 0.05%             | 2055-05-17      | Fixed         | 4.84%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2026-A A1 4.61% 02/21/61               | NELNET STUDENT LOAN TRUST 2026-A SER 2026-A CL A1A REGD 144A P/P 4.61000000                      | CUSIP: 64032UAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     479533 | PA      | $473068.22    | 0.05%             | 2061-02-21      | Fixed         | 4.61%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2026-A A1B V/R 02/21/61                | NELNET STUDENT LOAN TRUST 2026-A SER 2026-A CL A1B V/R REGD 144A P/P 4.97294000                  | CUSIP: 64032UAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     191813 | PA      | $192553.56    | 0.02%             | 2061-02-21      | Variable      | 4.97%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2019-2A A V/R 09/25/32                 | NELNET STUDENT LOAN TRUST 2019-2 SER 2019-2A CL A V/R 144A P/P 4.67638000                        | CUSIP: 64034NAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     406040 | PA      | $405127.71    | 0.05%             | 2067-06-27      | Variable      | 4.68%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2021-CA AFL V/R 04/20/62               | NELNET STUDENT LOAN TRUST 2021-C SER 2021-CA CL AFL V/R REGD 144A P/P 4.52952000                 | CUSIP: 64035GAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     441081 | PA      | $438874.40    | 0.05%             | 2062-04-20      | Variable      | 4.53%                 | Yes           |                  2 | On Loan: No      |
| NSLT 2025-CA A1B V/R 06/22/65               | NELNET STUDENT LOAN TRUST 2025-C SER 2025-CA CL A1B V/R REGD 144A P/P 5.02294000                 | CUSIP: 64035UAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     807114 | PA      | $812772.93    | 0.09%             | 2065-06-22      | Variable      | 5.02%                 | Yes           |                  2 | On Loan: No      |
| NETFLIX INC 5.875% 11/15/28                 | NETFLIX INC REGD 5.87500000                                                                      | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     945000 | PA      | $983189.92    | 0.11%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| NRZT 2018-3A A1 V/R 05/25/58                | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2018-3 SER 2018-3A CL A1 V/R REGD 144A P/P 4.50000000        | CUSIP: 64830KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      69928 | PA      | $68094.39     | 0.01%             | 2058-05-25      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| NRZT 2019-NQM5 A V/R 11/25/59               | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2019-NQM5 SER 2019-NQM5 CL A1 V/R REGD 144A P/P 2.70986000   | CUSIP: 64830PAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     180099 | PA      | $171591.53    | 0.02%             | 2059-11-25      | Variable      | 2.71%                 | Yes           |                  2 | On Loan: No      |
| NRZT 2021-NQ2R A V/R 10/25/58               | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2021- SER 2021-NQ2R CL A1 V/R REGD 144A P/P 0.94054000       | CUSIP: 64831EAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     211702 | PA      | $203520.53    | 0.02%             | 2058-10-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| NEW YORK LIFE G 5.45% 09/18/26              | NEW YORK LIFE GLOBAL FDG REGD 144A P/P MTN 5.45000000                                            | CUSIP: 64953BBF4<br>LEI: 635400DPNHEAUHB7ZI15 | Long             | DBT              | CORP              | US        |    3790000 | PA      | $3812196.55   | 0.44%             | 2026-09-18      | Fixed         | 5.45%                 | Yes           |                  2 | On Loan: No      |
| NEXTERA ENERGY  3.55% 05/01/27              | NEXTERA ENERGY CAPITAL REGD 3.55000000                                                           | CUSIP: 65339KAT7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1545000 | PA      | $1531443.29   | 0.18%             | 2027-05-01      | Fixed         | 3.55%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY C 4.9% 03/15/29              | NEXTERA ENERGY CAPITAL REGD 4.90000000                                                           | CUSIP: 65339KCT5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     990000 | PA      | $1004319.01   | 0.12%             | 2029-03-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY  4.85% 02/04/28              | NEXTERA ENERGY CAPITAL REGD 4.85000000                                                           | CUSIP: 65339KDG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     865000 | PA      | $872898.01    | 0.10%             | 2028-02-04      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NALT 2025-A A2B V/R 12/15/26                | NISSAN AUTO LEASE TRUST 2025-A SER 2025-A CL A2B V/R REGD 4.12223000                             | CUSIP: 65479XAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     661645 | PA      | $661819.82    | 0.08%             | 2027-11-15      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR AC 1.85% 09/16/26              | NISSAN MOTOR ACCEPTANCE REGD 144A P/P MTN 1.85000000                                             | CUSIP: 65480CAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     900000 | PA      | $884568.91    | 0.10%             | 2026-09-16      | Fixed         | 1.85%                 | Yes           |                  2 | On Loan: No      |
| NALT 2024-B A3 4.92% 03/15/27               | NISSAN AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 4.92000000                                  | CUSIP: 65481DAD4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $502619.95    | 0.06%             | 2027-11-15      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| NALT 2026-A A2A 3.9% 05/15/28               | NISSAN AUTO LEASE TRUST 2026-A SER 2026-A CL A2A REGD 3.90000000                                 | CUSIP: 65481HAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     600000 | PA      | $598485.54    | 0.07%             | 2028-05-15      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NALT 2025-B A2 4.44% 04/15/27               | NISSAN AUTO LEASE TRUST 2025-B SER 2025-B CL A2A REGD 4.44000000                                 | CUSIP: 65481RAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2056646 | PA      | $2061652.60   | 0.24%             | 2028-03-15      | Fixed         | 4.44%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDING 1.653% 07/14/26              | NOMURA HOLDINGS INC REGD 1.65300000                                                              | CUSIP: 65535HAW9<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |     200000 | PA      | $198542.46    | 0.02%             | 2026-07-14      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| NOMURA HOLDING 2.329% 01/22/27              | NOMURA HOLDINGS INC REGD 2.32900000                                                              | CUSIP: 65535HAZ2<br>LEI: 549300B3CEAHYG7K8164 | Long             | DBT              | CORP              | JP        |     900000 | PA      | $884881.97    | 0.10%             | 2027-01-22      | Fixed         | 2.33%                 | No            |                  2 | On Loan: No      |
| NORDEA BANK ABP V/R 03/19/27                | NORDEA BANK ABP REGD V/R 144A P/P 4.38642600                                                     | CUSIP: 65558RAF6<br>LEI: 529900ODI3047E2LIV03 | Long             | DBT              | CORP              | FI        |    1200000 | PA      | $1202837.90   | 0.14%             | 2027-03-19      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| NORFOLK SOUTHERN 2.9% 06/15/26              | NORFOLK SOUTHERN CORP REGD 2.90000000                                                            | CUSIP: 655844BS6<br>LEI: 54930036C8MWP850MI84 | Long             | DBT              | CORP              | US        |    1255000 | PA      | $1251800.88   | 0.15%             | 2026-06-15      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| NORTHROP GRUMMA 3.25% 01/15/28              | NORTHROP GRUMMAN CORP REGD 3.25000000                                                            | CUSIP: 666807BN1<br>LEI: RIMU48P07456QXSO0R61 | Long             | DBT              | CORP              | US        |     745000 | PA      | $731358.80    | 0.08%             | 2028-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NRTH 2025-PARK A V/R 10/15/27               | NRTH COMMERCIAL MORTGAGE TRUST 2025-PARK SER 2025-PARK CL A V/R REGD 144A P/P 5.06578000         | CUSIP: 669985AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     455000 | PA      | $454573.67    | 0.05%             | 2040-10-15      | Variable      | 5.07%                 | Yes           |                  2 | On Loan: No      |
| OBX 2024-NQM16 A V/R 10/25/28               | OBX 2024-NQM16 TRUST SER 2024-NQM16 CL A1 V/R REGD 144A P/P 5.53000000                           | CUSIP: 67120GAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     242176 | PA      | $243019.83    | 0.03%             | 2064-10-25      | Variable      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| ONEOK INC 5.55% 11/01/26                    | ONEOK INC REGD 5.55000000                                                                        | CUSIP: 682680BH5<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | DBT              | CORP              | US        |    3220000 | PA      | $3238671.17   | 0.38%             | 2026-11-01      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| ODART 2022-1A A2 V/R 10/14/25               | ONEMAIN DIRECT AUTO RECEIVABLES TR SER 2022-1A CL A2 V/R REGD 144A P/P 5.27223000                | CUSIP: 68269DAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      38669 | PA      | $38696.20     | 0.00%             | 2029-03-14      | Variable      | 5.27%                 | Yes           |                  2 | On Loan: No      |
| OMFIT 2023-2A A2 V/R 11/14/27               | ONEMAIN FINANCIAL ISSUANCE TRUST 2023-2 SER 2023-2A CL A2 V/R REGD 144A P/P 5.17223000           | CUSIP: 68269HAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1452000 | PA      | $1461070.21   | 0.17%             | 2036-09-15      | Variable      | 5.17%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP 2.65% 07/15/26                  | ORACLE CORP REGD 2.65000000                                                                      | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    3490000 | PA      | $3470736.39   | 0.40%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 3.25% 11/15/27                  | ORACLE CORP REGD 3.25000000                                                                      | CUSIP: 68389XBN4<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    1100000 | PA      | $1073412.73   | 0.12%             | 2027-11-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP 2.8% 04/01/27                   | ORACLE CORP REGD 2.80000000                                                                      | CUSIP: 68389XBU8<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    2380000 | PA      | $2339184.90   | 0.27%             | 2027-04-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| ORANGE SA 4% 01/13/29                       | ORANGE SA REGD 144A P/P MTN 4.00000000                                                           | CUSIP: 685218AH2<br>LEI: 969500MCOONR8990S771 | Long             | DBT              | CORP              | FR        |    1400000 | PA      | $1385994.26   | 0.16%             | 2029-01-13      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| OSCAR 2024-2A  4.63% 11/10/26               | OSCAR US FUNDING XVII LLC SER 2024-2A CL A2 REGD 144A P/P 4.63000000                             | CUSIP: 68784BAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     342360 | PA      | $342122.94    | 0.04%             | 2027-12-10      | Fixed         | 4.63%                 | Yes           |                  2 | On Loan: No      |
| PNC BANK NA V/R 07/21/28                    | PNC BANK NA REGD V/R 4.39674100                                                                  | CUSIP: 69353RGA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     300000 | PA      | $300500.92    | 0.03%             | 2028-07-21      | Variable      | 4.40%                 | No            |                  2 | On Loan: No      |
| PEAC 2025-1A A 4.94% 10/20/28               | PEAC SOLUTIONS RECEIVABLES 2025-1 LLC SER 2025-1A CL A2 REGD 144A P/P 4.94000000                 | CUSIP: 69392HAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     816951 | PA      | $820683.34    | 0.10%             | 2028-10-20      | Fixed         | 4.94%                 | Yes           |                  2 | On Loan: No      |
| PRM5 2025-PRM5 A V/R 03/10/28               | PRM5 TRUST 2025-PRM5 SER 2025-PRM5 CL A V/R REGD 144A P/P 4.17317600                             | CUSIP: 693980AA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     504000 | PA      | $500884.27    | 0.06%             | 2033-03-10      | Variable      | 4.17%                 | Yes           |                  2 | On Loan: No      |
| PACIFIC GAS & E 3.75% 07/01/28              | PACIFIC GAS & ELECTRIC REGD 3.75000000                                                           | CUSIP: 694308JK4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1200000 | PA      | $1179024.26   | 0.14%             | 2028-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELEC 3% 06/15/28              | PACIFIC GAS & ELECTRIC REGD 3.00000000                                                           | CUSIP: 694308JW8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1770000 | PA      | $1711915.91   | 0.20%             | 2028-06-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & EL 6.1% 01/15/29              | PACIFIC GAS & ELECTRIC REGD 6.10000000                                                           | CUSIP: 694308KL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     920000 | PA      | $952356.78    | 0.11%             | 2029-01-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELEC 5% 06/04/28              | PACIFIC GAS & ELECTRIC REGD 5.00000000                                                           | CUSIP: 694308KW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     990000 | PA      | $998020.16    | 0.12%             | 2028-06-04      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PAID 2025-6 A 4.248% 09/15/26               | PAGAYA AI DEBT GRANTOR TRUST__  2025-6 SER 2025-6 CL A1 REGD 144A P/P 4.24800000                 | CUSIP: 69549BAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     651639 | PA      | $651578.46    | 0.08%             | 2026-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PA 3.875% 03/17/28              | REPUBLIC OF PANAMA REGD 3.87500000                                                               | CUSIP: 698299BF0<br>LEI: N/A                  | Long             | DBT              | USGA              | PA        |     200000 | PA      | $196306.00    | 0.02%             | 2028-03-17      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS  5.125% 11/17/27              | PHILIP MORRIS INTL INC REGD 5.12500000                                                           | CUSIP: 718172CV9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    1985000 | PA      | $2011160.93   | 0.23%             | 2027-11-17      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS  4.375% 11/01/27              | PHILIP MORRIS INTL INC REGD 4.37500000                                                           | CUSIP: 718172DM8<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    3815000 | PA      | $3823927.06   | 0.44%             | 2027-11-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS  4.125% 04/28/28              | PHILIP MORRIS INTL INC REGD 4.12500000                                                           | CUSIP: 718172DR7<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |     975000 | PA      | $973217.64    | 0.11%             | 2028-04-28      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS  3.875% 10/27/28              | PHILIP MORRIS INTL INC REGD 3.87500000                                                           | CUSIP: 718172DX4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    1210000 | PA      | $1199358.68   | 0.14%             | 2028-10-27      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PHILLIPS 66 GTD DISC 04/20/26               | PHILLIPS 66 GTD DISC 04/20/26 0.00000000                                                         | CUSIP: 71855BDL3<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |     400000 | PA      | $399101.92    | 0.05%             | 2026-04-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PFAST 2024-1A  4.44% 05/22/28               | PORSCHE FINANCIAL AUTO SECURITIZATION TRUST 2 SER 2024-1A CL A3 REGD 144A P/P 4.44000000         | CUSIP: 73328EAD3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1790027 | PA      | $1793336.01   | 0.21%             | 2030-01-22      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| PRDGY 2021-1A A V/R 07/25/51                | PRODIGY FINANCE CM2021-1 DAC SER 2021-1A CL A V/R REGD P/P 5.04303000                            | CUSIP: 742855AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |      25996 | PA      | $25933.18     | 0.00%             | 2051-07-25      | Variable      | 5.04%                 | No            |                  2 | On Loan: No      |
| PROTECTIVE LIF 4.335% 09/13/27              | PROTECTIVE LIFE GLOBAL REGD 144A P/P 4.33500000                                                  | CUSIP: 74368CBZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1320000 | PA      | $1318522.81   | 0.15%             | 2027-09-13      | Fixed         | 4.33%                 | Yes           |                  2 | On Loan: No      |
| COOPERATIEVE RABO V/R 12/15/27              | COOPERATIEVE RABOBANK UA REGD V/R 144A P/P 1.98000000                                            | CUSIP: 74977RDL5<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |    2100000 | PA      | $2065724.98   | 0.24%             | 2027-12-15      | Variable      | 1.98%                 | Yes           |                  2 | On Loan: No      |
| RTX CORP 5.75% 11/08/26                     | RTX CORP REGD 5.75000000                                                                         | CUSIP: 75513ECT6<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    1580000 | PA      | $1593147.10   | 0.18%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ROCHE HOLDINGS 2.625% 05/15/26              | ROCHE HOLDINGS INC REGD 144A P/P 2.62500000                                                      | CUSIP: 771196BK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1866000 | PA      | $1862045.16   | 0.22%             | 2026-05-15      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| ROCKT 2017-3A A V/R 10/20/30                | ROCKFORD TOWER CLO 2017-3 LTD SER 2017-3A CL A V/R REGD 144A P/P 5.11924000                      | CUSIP: 77341DAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |         31 | PA      | $31.25        | 0.00%             | 2030-10-20      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| ROGERS COMMUNICA 3.2% 03/15/27              | ROGERS COMMUNICATIONS IN REGD 3.20000000                                                         | CUSIP: 775109CG4<br>LEI: 5493000M6Z4XFIP6PF03 | Long             | DBT              | CORP              | CA        |    4710000 | PA      | $4651535.81   | 0.54%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ROYAL BK CDA N Y BRH INSTL 4% 03/12/27      | ROYAL BK CDA N Y BRH INSTL 4% 03/12/27 4.00000000                                                | CUSIP: 78015J2H9<br>LEI: N/A                  | Long             | STIV             | CORP              | US        |    2750000 | PA      | $2747047.88   | 0.32%             | 2027-03-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 07/20/26              | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 4.74717000                                            | CUSIP: 78016HZR4<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    2000000 | PA      | $2004611.68   | 0.23%             | 2026-07-20      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 07/23/27              | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 5.06900000                                            | CUSIP: 78016HZX1<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     400000 | PA      | $400761.90    | 0.05%             | 2027-07-23      | Variable      | 5.07%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 03/27/28              | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 4.46672200                                            | CUSIP: 78017DAG3<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |    2300000 | PA      | $2302461.00   | 0.27%             | 2028-03-27      | Variable      | 4.47%                 | No            |                  2 | On Loan: No      |
| ROYAL BANK OF CAN V/R 10/18/27              | ROYAL BANK OF CANADA REGD V/R MTN SER GMTN 4.38717000                                            | CUSIP: 78017FZR7<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | DBT              | CORP              | CA        |     200000 | PA      | $200021.44    | 0.02%             | 2027-10-18      | Variable      | 4.39%                 | No            |                  2 | On Loan: No      |
| SFAST 2024-2A  5.33% 11/20/29               | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2 SER 2024-2A CL A3 REGD 144A P/P 5.33000000           | CUSIP: 78397XAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     779483 | PA      | $786467.19    | 0.09%             | 2029-11-20      | Fixed         | 5.33%                 | Yes           |                  2 | On Loan: No      |
| SBALT 2024-C A 4.56% 11/20/26               | SBNA AUTO LEASE TRUST 2024-C SER 2024-C CL A3 REGD 144A P/P 4.56000000                           | CUSIP: 78398DAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     606487 | PA      | $607150.25    | 0.07%             | 2028-02-22      | Fixed         | 4.56%                 | Yes           |                  2 | On Loan: No      |
| SCG 2025-DLFN A V/R 03/15/27                | SCG COMMERCIAL MORTGAGE TRUST 2025-DLFN SER 2025-DLFN CL A V/R REGD 144A P/P 4.87251000          | CUSIP: 78398EAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     285000 | PA      | $284109.38    | 0.03%             | 2035-03-15      | Variable      | 4.87%                 | Yes           |                  2 | On Loan: No      |
| SFAST 2025-2A  4.44% 01/22/29               | SFS AUTO RECEIVABLES SECURITIZATION TRUST 2 SER 2025-2A CL A3 REGD 144A P/P 4.44000000           | CUSIP: 78398HAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     885000 | PA      | $887591.81    | 0.10%             | 2030-12-20      | Fixed         | 4.44%                 | Yes           |                  2 | On Loan: No      |
| SBALT 2024-B A 5.56% 09/21/26               | SBNA AUTO LEASE TRUST 2024-B SER 2024-B CL A3 REGD 144A P/P 5.56000000                           | CUSIP: 78437VAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     592912 | PA      | $594748.72    | 0.07%             | 2027-11-22      | Fixed         | 5.56%                 | Yes           |                  2 | On Loan: No      |
| SMB 2021-A A2A1 V/R 01/15/53                | SMB PRIVATE EDUCATION LOAN TRUST 2021-A SER 2021-A CL A2A1 V/R REGD 144A P/P 4.51699000          | CUSIP: 78448YAB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1109589 | PA      | $1099066.74   | 0.13%             | 2053-01-15      | Variable      | 4.52%                 | Yes           |                  2 | On Loan: No      |
| SMB 2021-A APL V/R 01/15/53                 | SMB PRIVATE EDUCATION LOAN TRUST 2021-A SER 2021-A CL APL V/R REGD 144A P/P 4.50413000           | CUSIP: 78448YAM3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     121739 | PA      | $120624.85    | 0.01%             | 2053-01-15      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SMB 2022-C A1B V/R 11/15/31                 | SMB PRIVATE EDUCATION LOAN TRUST 2022-C SER 2022-C CL A1B V/R REGD 144A P/P 5.52223000           | CUSIP: 78449CAB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     141519 | PA      | $143743.32    | 0.02%             | 2050-05-16      | Variable      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| SMB 2021-D A1B V/R 08/15/30                 | SMB PRIVATE EDUCATION LOAN TRUST 2021-D SER 2021-D CL A1B V/R REGD 144A P/P 4.38699000           | CUSIP: 78449MAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      92966 | PA      | $92313.71     | 0.01%             | 2053-03-17      | Variable      | 4.39%                 | Yes           |                  2 | On Loan: No      |
| SMB 2020-A A2B V/R 02/15/29                 | SMB PRIVATE EDUCATION LOAN TRUST 2020-A SER 2020-A CL A2B V/R REGD 144A P/P 4.61699000           | CUSIP: 78449UAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     206109 | PA      | $205985.74    | 0.02%             | 2037-09-15      | Variable      | 4.62%                 | Yes           |                  2 | On Loan: No      |
| SMB 2020-PTA A2 1.6% 09/15/54               | SMB PRIVATE EDUCATION LOAN TRUST 2020-PT-A SER 2020-PTA CL A2A REGD 144A P/P 1.60000000          | CUSIP: 78449VAB2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     189035 | PA      | $178680.59    | 0.02%             | 2054-09-15      | Fixed         | 1.60%                 | Yes           |                  2 | On Loan: No      |
| SMB 2023-D A1B V/R 09/15/53                 | SMB PRIVATE EDUCATION LOAN TRUST 2023-D SER 2023-D CL A1B V/R REGD 144A P/P 5.32223000           | CUSIP: 78450PAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     655313 | PA      | $666025.31    | 0.08%             | 2053-09-15      | Variable      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| SMB 2023-A A1A 5.38% 01/15/53               | SMB PRIVATE EDUCATION LOAN TRUST 2023-A SER 2023-A CL A1A REGD 144A P/P 5.38000000               | CUSIP: 78450QAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     110643 | PA      | $111772.07    | 0.01%             | 2053-01-15      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| SMB 2022-D A1B V/R 10/15/58                 | SMB PRIVATE EDUCATION LOAN TRUST 2022-D SER 2022-D CL A1B V/R REGD 144A P/P 5.47223000           | CUSIP: 78454XAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1516657 | PA      | $1543738.86   | 0.18%             | 2058-10-15      | Variable      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| SMRT 2022-MINI A V/R 01/15/24               | SMRT 2022-MINI SER 2022-MINI CL A V/R REGD 144A P/P 4.67300000                                   | CUSIP: 78457JAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     350000 | PA      | $349781.25    | 0.04%             | 2039-01-15      | Variable      | 4.67%                 | Yes           |                  2 | On Loan: No      |
| SABINE PASS LIQUEF 5% 03/15/27              | SABINE PASS LIQUEFACTION REGD SER WI 5.00000000                                                  | CUSIP: 785592AS5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    7810000 | PA      | $7824351.34   | 0.91%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQU 4.2% 03/15/28              | SABINE PASS LIQUEFACTION REGD SER WI 4.20000000                                                  | CUSIP: 785592AU0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2455000 | PA      | $2444689.54   | 0.28%             | 2028-03-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| SAMMONS FINANCIAL V/R 09/02/27              | SAMMONS FINANCIAL GLOBAL REGD V/R 144A P/P 4.50366600                                            | CUSIP: 79587J2D4<br>LEI: 635400IPRNPM6HDHRS48 | Long             | DBT              | CORP              | US        |     300000 | PA      | $301285.62    | 0.03%             | 2027-09-02      | Variable      | 4.50%                 | Yes           |                  2 | On Loan: No      |
| SANTANDER UK GROU V/R 01/11/28              | SANTANDER UK GROUP HLDGS REGD V/R 2.46900000                                                     | CUSIP: 80281LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     600000 | PA      | $590117.85    | 0.07%             | 2028-01-11      | Variable      | 2.47%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDING V/R 05/31/27              | SANTANDER HOLDINGS USA REGD V/R 6.12400000                                                       | CUSIP: 80282KBK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     965000 | PA      | $966974.38    | 0.11%             | 2027-05-31      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNAT 5.125% 01/13/28              | SAUDI INTERNATIONAL BOND REGD 144A P/P 5.12500000                                                | CUSIP: 80413TBJ7<br>LEI: N/A                  | Long             | DBT              | USGA              | SA        |    1800000 | PA      | $1816496.87   | 0.21%             | 2028-01-13      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SMB 2024-A A1B V/R 03/15/56                 | SMB PRIVATE EDUCATION LOAN TRUST 2024-A SER 2024-A CL A1B V/R REGD 144A P/P 5.12223000           | CUSIP: 831943AB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     148391 | PA      | $149635.09    | 0.02%             | 2056-03-15      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SMB 2022-B A1B V/R 02/16/55                 | SMB PRIVATE EDUCATION LOAN TRUST 2022-B SER 2022-B CL A1B V/R REGD 144A P/P 5.12223000           | CUSIP: 83206NAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     973813 | PA      | $982349.84    | 0.11%             | 2055-02-16      | Variable      | 5.12%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERAL 5.25% 02/19/27              | SOCIETE GENERALE REGD 144A P/P MTN 5.25000000                                                    | CUSIP: 83368RBZ4<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     600000 | PA      | $603669.13    | 0.07%             | 2027-02-19      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| SOCIETE GENERALE V/R 01/19/28               | SOCIETE GENERALE REGD V/R REG S EMTN 2.79700000                                                  | CUSIP: 83368TBH0<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | DBT              | CORP              | FR        |     200000 | PA      | $197139.18    | 0.02%             | 2028-01-19      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 4.9% 06/01/26              | SOUTHERN CAL EDISON REGD 4.90000000                                                              | CUSIP: 842400HW6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     800000 | PA      | $799125.83    | 0.09%             | 2026-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CAL EDI 4.4% 09/06/26              | SOUTHERN CAL EDISON REGD 4.40000000                                                              | CUSIP: 842400JF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1195000 | PA      | $1194687.59   | 0.14%             | 2026-09-06      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO 5.113% 08/01/27                 | SOUTHERN CO REGD 5.11300000                                                                      | CUSIP: 842587DD6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    1105000 | PA      | $1114377.47   | 0.13%             | 2027-08-01      | Variable      | 5.11%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES 3% 11/15/26              | SOUTHWEST AIRLINES CO REGD 3.00000000                                                            | CUSIP: 844741BC1<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |     600000 | PA      | $593990.33    | 0.07%             | 2026-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWESTERN EL 2.75% 10/01/26              | SOUTHWESTERN ELEC POWER REGD SER K 2.75000000                                                    | CUSIP: 845437BP6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $991276.10    | 0.11%             | 2026-10-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERE V/R 02/08/28              | STANDARD CHARTERED PLC REGD V/R 144A P/P 5.69074000                                              | CUSIP: 853254CY4<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     300000 | PA      | $303364.75    | 0.04%             | 2028-02-08      | Variable      | 5.69%                 | Yes           |                  2 | On Loan: No      |
| STAR 2020-INV1 A V/R 11/25/55               | STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-INV SER 2020-INV1 CL A1 V/R REGD 144A P/P 1.02700000    | CUSIP: 85573EAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      36303 | PA      | $34878.41     | 0.00%             | 2055-11-25      | Variable      | 1.03%                 | Yes           |                  2 | On Loan: No      |
| STAR 2021-2 A1 V/R 05/25/65                 | STARWOOD MORTGAGE RESIDENTIAL TRUST 2021-2 SER 2021-2 CL A1 V/R REGD 144A P/P 0.94300000         | CUSIP: 85573HAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      91597 | PA      | $87308.28     | 0.01%             | 2065-05-25      | Variable      | 0.94%                 | Yes           |                  2 | On Loan: No      |
| STAR 2020-3 A1 V/R 04/25/65                 | STARWOOD MORTGAGE RESIDENTIAL TRUST 2020-3 SER 2020-3 CL A1 V/R REGD 144A P/P 1.48600000         | CUSIP: 85573MAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      53423 | PA      | $52486.41     | 0.01%             | 2065-04-25      | Variable      | 1.49%                 | Yes           |                  2 | On Loan: No      |
| STEEL DYNAMICS  1.65% 10/15/27              | STEEL DYNAMICS INC REGD 1.65000000                                                               | CUSIP: 858119BN9<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    1310000 | PA      | $1256970.06   | 0.15%             | 2027-10-15      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| STEEL DYNAMICS INC 4% 12/15/28              | STEEL DYNAMICS INC REGD 4.00000000                                                               | CUSIP: 858119BU3<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | DBT              | CORP              | US        |    1160000 | PA      | $1147140.88   | 0.13%             | 2028-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI F V/R 07/13/26              | SUMITOMO MITSUI FINL GRP REGD V/R 4.96857300                                                     | CUSIP: 86562MCZ1<br>LEI: 35380028MYWPB6AUO129 | Long             | DBT              | CORP              | JP        |     400000 | PA      | $400872.51    | 0.05%             | 2026-07-13      | Variable      | 4.97%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26              | SUMITOMO MITSUI TR BK LT REGD V/R 144A P/P 4.79834600                                            | CUSIP: 86563VBL2<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |     300000 | PA      | $300759.00    | 0.03%             | 2026-09-14      | Variable      | 4.80%                 | Yes           |                  2 | On Loan: No      |
| SYNOPSYS INC 4.55% 04/01/27                 | SYNOPSYS INC REGD 4.55000000                                                                     | CUSIP: 871607AA5<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | DBT              | CORP              | US        |    2965000 | PA      | $2966837.97   | 0.34%             | 2027-04-01      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCI V/R 07/29/29              | SYNCHRONY FINANCIAL REGD V/R 5.01900000                                                          | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    2515000 | PA      | $2512250.88   | 0.29%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY BANK 5.625% 08/23/27              | SYNCHRONY BANK REGD 5.62500000                                                                   | CUSIP: 87166FAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1460000 | PA      | $1476013.21   | 0.17%             | 2027-08-23      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA IN 3.75% 04/15/27              | T-MOBILE USA INC REGD SER WI 3.75000000                                                          | CUSIP: 87264ABD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3415000 | PA      | $3393603.04   | 0.39%             | 2027-04-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA I 2.625% 04/15/26              | T-MOBILE USA INC REGD 2.62500000                                                                 | CUSIP: 87264ABU8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $999264.34    | 0.12%             | 2026-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC 4.8% 07/15/28              | T-MOBILE USA INC REGD 4.80000000                                                                 | CUSIP: 87264ADA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1535000 | PA      | $1549481.85   | 0.18%             | 2028-07-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES  5.2% 07/01/27              | TARGA RESOURCES CORP REGD 5.20000000                                                             | CUSIP: 87612KAA0<br>LEI: 5493003QENHHS261UR94 | Long             | DBT              | CORP              | US        |    1990000 | PA      | $2005509.10   | 0.23%             | 2027-07-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| TELEFONICA EMI 4.103% 03/08/27              | TELEFONICA EMISIONES SAU REGD 4.10300000                                                         | CUSIP: 87938WAT0<br>LEI: N/A                  | Long             | DBT              | CORP              | ES        |    2000000 | PA      | $1991596.50   | 0.23%             | 2027-03-08      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| TLEVS 2025-A A 4.14% 08/20/27               | TESLA LEASE ELECTRIC VEHICLE SECURITIZATION 2025-A LLC SER 2025-A CL A2 REGD 144A P/P 4.14000000 | CUSIP: 88162VAB6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     940128 | PA      | $939992.71    | 0.11%             | 2028-06-20      | Fixed         | 4.14%                 | Yes           |                  2 | On Loan: No      |
| TSET 2024-1A A 5.08% 09/20/29               | TESLA SUSTAINABLE ENERGY TRUST 2024-1 SER 2024-1A CL A2 REGD 144A P/P 5.08000000                 | CUSIP: 88164AAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     361130 | PA      | $361057.28    | 0.04%             | 2050-06-21      | Fixed         | 5.08%                 | Yes           |                  2 | On Loan: No      |
| TOLL BROS FINA 4.875% 03/15/27              | TOLL BROS FINANCE CORP REGD 4.87500000                                                           | CUSIP: 88947EAS9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    2400000 | PA      | $2403476.26   | 0.28%             | 2027-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TORONTO DOMINION BK N Y BRH STL 4% 03/12/27 | TORONTO DOMINION BK N Y BRH STL 4% 03/12/27 4.00000000                                           | CUSIP: 89115M3E4<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    2750000 | PA      | $2746432.43   | 0.32%             | 2027-03-12      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TORONTO DOM 4.03% 3/17/2027                 | TORONTO DOMINION BK N Y BRH___  INSTL CERTIFICATE OF DEPOSIT 4.03000000                          | CUSIP: 89115M4E3<br>LEI: N/A                  | Long             | STIV             | CORP              | CA        |    7000000 | PA      | $6995468.90   | 0.81%             | 2027-03-17      | Fixed         | 4.03%                 | No            |                  2 | On Loan: No      |
| TPMT 2019-HY2 A1 V/R 05/25/58               | TOWD POINT MORTGAGE TRUST 2019-HY2 SER 2019-HY2 CL A1 V/R REGD 144A P/P 4.79303000               | CUSIP: 89177HAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     117069 | PA      | $119126.32    | 0.01%             | 2058-05-25      | Variable      | 4.79%                 | Yes           |                  2 | On Loan: No      |
| TPAT 2021-SL1 A2 V/R 11/20/26               | TOWD POINT ASSET TRUST 2021-SL1 SER 2021-SL1 CL A2 V/R REGD 144A P/P 4.48952000                  | CUSIP: 89179XAL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      43344 | PA      | $43264.37     | 0.01%             | 2061-11-20      | Variable      | 4.49%                 | Yes           |                  2 | On Loan: No      |
| TAOT 2023-A A3 4.63% 05/15/26               | TOYOTA AUTO RECEIVABLES 2023-A OWNER TRUST SER 2023-A CL A3 REGD 4.63000000                      | CUSIP: 891940AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      43663 | PA      | $43722.14     | 0.01%             | 2027-09-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| TALNT 2025-1A  4.65% 05/28/30               | TOYOTA AUTO LOAN EXTENDED NOTE TRUST 2025-1 SER 2025-1A CL A REGD 144A P/P 4.65000000            | CUSIP: 891950AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1596000 | PA      | $1607164.50   | 0.19%             | 2038-05-25      | Fixed         | 4.65%                 | Yes           |                  2 | On Loan: No      |
| TAOT 2022-C A3 3.76% 12/15/25               | TOYOTA AUTO RECEIVABLES 2022-C OWNER TRUST SER 2022-C CL A3 REGD 3.76000000                      | CUSIP: 89231CAD9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |      32149 | PA      | $32143.17     | 0.00%             | 2027-04-15      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| TAOT 2024-A A3 4.83% 10/16/28               | TOYOTA AUTO RECEIVABLES 2024-A OWNER TRUST SER 2024-A CL A3 REGD 4.83000000                      | CUSIP: 89238DAD0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    2789530 | PA      | $2801522.51   | 0.32%             | 2028-10-16      | Fixed         | 4.83%                 | No            |                  2 | On Loan: No      |
| TLOT 2025-A A2 4.58% 12/21/26               | TOYOTA LEASE OWNER TRUST 2025-A SER 2025-A CL A2A REGD 144A P/P 4.58000000                       | CUSIP: 89239NAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     655479 | PA      | $656336.72    | 0.08%             | 2027-07-20      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| TLOT 2026-A A2B V/R 07/20/27                | TOYOTA LEASE OWNER TRUST 2026-A SER 2026-A CL A2B V/R REGD 144A P/P 4.00294000                   | CUSIP: 89240MAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     500000 | PA      | $499203.95    | 0.06%             | 2028-02-22      | Variable      | 4.00%                 | Yes           |                  2 | On Loan: No      |
| TCCT 2025-1A A V/R 09/26/27                 | TRILLIUM CREDIT CARD TRUST II SER 2025-1A CL A V/R REGD 144A P/P 4.21051000                      | CUSIP: 89621ACC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    1000000 | PA      | $1003964.90   | 0.12%             | 2030-09-26      | Variable      | 4.21%                 | Yes           |                  2 | On Loan: No      |
| UBS GROUP AG V/R 08/05/27                   | UBS GROUP AG REGD V/R 144A P/P 4.70300000                                                        | CUSIP: 902613AS7<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     400000 | PA      | $400104.45    | 0.05%             | 2027-08-05      | Variable      | 4.70%                 | Yes           |                  2 | On Loan: No      |
| UBER TECHNOLOGIE 4.5% 08/15/29              | UBER TECHNOLOGIES INC REGD 144A P/P 4.50000000                                                   | CUSIP: 90353TAK6<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |    2200000 | PA      | $2181932.06   | 0.25%             | 2029-08-15      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| UNITED PARCEL S 3.05% 11/15/27              | UNITED PARCEL SERVICE REGD 3.05000000                                                            | CUSIP: 911312BM7<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | DBT              | CORP              | US        |    1180000 | PA      | $1161222.75   | 0.13%             | 2027-11-15      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| US BANCORP V/R 07/22/28                     | US BANCORP REGD V/R MTN 4.54800000                                                               | CUSIP: 91159HJF8<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1401128.48   | 0.16%             | 2028-07-22      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 05/14/26                      | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797QN0<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   10000000 | PA      | $9956553.00   | 1.15%             | 2026-05-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 12/24/26                      | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797TC1<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   14000000 | PA      | $13635194.58  | 1.58%             | 2026-12-24      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 07/02/26                      | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797TF4<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   15000000 | PA      | $14861808.30  | 1.72%             | 2026-07-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 01/21/27                      | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797TM9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   46300000 | PA      | $44965109.42  | 5.21%             | 2027-01-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 02/18/27                      | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797TV9<br>LEI: N/A                  | Long             | STIV             | UST               | US        |   14000000 | PA      | $13555901.94  | 1.57%             | 2027-02-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US T BILL ZCP 03/18/27                      | UNITED STATES TREASURY BILL ZCP 0.00000000                                                       | CUSIP: 912797UD7<br>LEI: N/A                  | Long             | STIV             | UST               | US        |    8000000 | PA      | $7725050.00   | 0.90%             | 2027-03-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| US TIPS 2.125% 04/15/29                     | UNITED STATES TREASURY INFLATION INDEXED BONDS 2.12500000                                        | CUSIP: 91282CKL4<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    1324953 | PA      | $1360180.07   | 0.16%             | 2029-04-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.375% 02/29/28                | UNITED STATES TREASURY NOTE 3.37500000                                                           | CUSIP: 91282CQB0<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   11100000 | PA      | $11011546.88  | 1.28%             | 2028-02-29      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| US TREAS NTS 3.875% 03/31/28                | UNITED STATES TREASURY NOTE 3.87500000                                                           | CUSIP: 91282CQH7<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    5500000 | PA      | $5507949.21   | 0.64%             | 2028-03-31      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RTX CORP 2.65% 11/01/26                     | RTX CORP REGD 2.65000000                                                                         | CUSIP: 913017CH0<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    2000000 | PA      | $1983608.58   | 0.23%             | 2026-11-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| RTX CORP 3.125% 05/04/27                    | RTX CORP REGD 3.12500000                                                                         | CUSIP: 913017CR8<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    1055000 | PA      | $1041373.49   | 0.12%             | 2027-05-04      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| UPGA 2025-1A A 4.54% 05/17/27               | UPGRADE AUTO RECEIVABLES TRUST 2025-1 SER 2025-1A CL A2 REGD 144A P/P 4.54000000                 | CUSIP: 91531AAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     563245 | PA      | $563523.85    | 0.07%             | 2029-05-15      | Fixed         | 4.54%                 | Yes           |                  2 | On Loan: No      |
| VZMT 2024-6 A1B V/R 08/20/27                | VERIZON MASTER TRUST SER 2024-6 CL A1B V/R REGD 4.34294000                                       | CUSIP: 92348KDF7<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |    1000000 | PA      | $1004464.00   | 0.12%             | 2030-08-20      | Variable      | 4.34%                 | No            |                  2 | On Loan: No      |
| VZMT 2025-1 A 4.71% 01/20/28                | VERIZON MASTER TRUST SER 2025-1 CL A REGD 4.71000000                                             | CUSIP: 92348KDR1<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-CBDO         | CORP              | US        |    1500000 | PA      | $1514728.20   | 0.18%             | 2031-01-21      | Fixed         | 4.71%                 | No            |                  2 | On Loan: No      |
| VERUS 2024-7 A1 V/R 09/25/69                | VERUS SECURITIZATION TRUST 2024-7 SER 2024-7 CL A1 V/R REGD 144A P/P 5.09500000                  | CUSIP: 924925AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     337043 | PA      | $336534.91    | 0.04%             | 2069-09-25      | Variable      | 5.09%                 | Yes           |                  2 | On Loan: No      |
| VERUS 2025-R1 A1 V/R 05/25/65               | VERUS SECURITIZATION TRUST 2025-R1 SER 2025-R1 CL A1A V/R REGD 144A P/P 5.40200000               | CUSIP: 92541AAM2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     881975 | PA      | $884329.57    | 0.10%             | 2065-05-25      | Variable      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATION 3.7% 01/30/27              | VISTRA OPERATIONS CO LLC REGD 144A P/P 3.70000000                                                | CUSIP: 92840VAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     200000 | PA      | $198170.00    | 0.02%             | 2027-01-30      | Fixed         | 3.70%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATIO 5.05% 12/30/26              | VISTRA OPERATIONS CO LLC REGD 144A P/P 5.05000000                                                | CUSIP: 92840VAT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     600000 | PA      | $601818.00    | 0.07%             | 2026-12-30      | Fixed         | 5.05%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATION 4.3% 10/15/28              | VISTRA OPERATIONS CO LLC REGD 144A P/P 4.30000000                                                | CUSIP: 92840VAX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    3610000 | PA      | $3565993.02   | 0.41%             | 2028-10-15      | Fixed         | 4.30%                 | Yes           |                  2 | On Loan: No      |
| VMWARE LLC 1.4% 08/15/26                    | VMWARE LLC REGD 1.40000000                                                                       | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    1990000 | PA      | $1969037.52   | 0.23%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC 1.8% 08/15/28                    | VMWARE LLC REGD 1.80000000                                                                       | CUSIP: 928563AK1<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    1105000 | PA      | $1039913.19   | 0.12%             | 2028-08-15      | Fixed         | 1.80%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP  V/R 08/14/26              | VOLKSWAGEN GROUP AMERICA REGD V/R 144A P/P 4.71969400                                            | CUSIP: 928668CJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     680000 | PA      | $681732.13    | 0.08%             | 2026-08-14      | Variable      | 4.72%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP 4.9% 08/14/26              | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.90000000                                                | CUSIP: 928668CK6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     600000 | PA      | $600886.13    | 0.07%             | 2026-08-14      | Fixed         | 4.90%                 | Yes           |                  2 | On Loan: No      |
| VOLKSWAGEN GROU 4.95% 03/25/27              | VOLKSWAGEN GROUP AMERICA REGD 144A P/P 4.95000000                                                | CUSIP: 928668CN0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     600000 | PA      | $602357.53    | 0.07%             | 2027-03-25      | Fixed         | 4.95%                 | Yes           |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/22/28              | WELLS FARGO & COMPANY REGD V/R MTN 5.70700000                                                    | CUSIP: 95000U3L5<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    3180000 | PA      | $3220653.44   | 0.37%             | 2028-04-22      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 04/22/28              | WELLS FARGO & COMPANY REGD V/R MTN 4.73589500                                                    | CUSIP: 95000U3M3<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     900000 | PA      | $903280.71    | 0.10%             | 2028-04-22      | Variable      | 4.74%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/24/28              | WELLS FARGO & COMPANY REGD V/R MTN SER W 4.90000000                                              | CUSIP: 95000U3R2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    5025000 | PA      | $5043313.41   | 0.58%             | 2028-01-24      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/24/28              | WELLS FARGO & COMPANY REGD V/R 4.44578300                                                        | CUSIP: 95000U3S0<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |    1400000 | PA      | $1399407.65   | 0.16%             | 2028-01-24      | Variable      | 4.45%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 09/15/29              | WELLS FARGO & COMPANY REGD V/R 4.07800000                                                        | CUSIP: 95000U4A8<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     790000 | PA      | $781170.57    | 0.09%             | 2029-09-15      | Variable      | 4.08%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COM V/R 01/23/30              | WELLS FARGO & COMPANY REGD V/R 4.18200000                                                        | CUSIP: 95000U4D2<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | DBT              | CORP              | US        |     510000 | PA      | $505444.12    | 0.06%             | 2030-01-23      | Variable      | 4.18%                 | No            |                  2 | On Loan: No      |
| WEST 2025-ROSE A V/R 04/10/30               | WEST TRUST 2025-ROSE SER 2025-ROSE CL A V/R REGD 144A P/P 5.27500000                             | CUSIP: 955909AA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |     438000 | PA      | $439819.54    | 0.05%             | 2035-04-10      | Variable      | 5.28%                 | Yes           |                  2 | On Loan: No      |
| WESTPAC BKG C 4% 03/16/27                   | WESTPAC BKG CORP N Y BRH INSTL  CTF OF DEPOSIT 4.00000000                                        | CUSIP: 96130AH92<br>LEI: N/A                  | Long             | STIV             | CORP              | AU        |    6000000 | PA      | $5993682.00   | 0.69%             | 2027-03-16      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WESTPAC BKING  4% 03/18/27                  | WESTPAC BKING CORP NY_________  CTF OF DEPOSIT 4.00000000                                        | CUSIP: 96130AJ41<br>LEI: N/A                  | Long             | STIV             | CORP              | AU        |    6000000 | PA      | $5993617.80   | 0.69%             | 2027-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SYDNEY AIRPORT 3.625% 04/28/26              | SYDNEY AIRPORT FINANCE REGD REG S 3.62500000                                                     | CUSIP: Q8809VAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | AU        |    1700000 | PA      | $1698541.57   | 0.20%             | 2026-04-28      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ISRAEL ELECTRIC 4.25% 08/14/28              | ISRAEL ELECTRIC CORP LTD REGD MTN SER GMTN 4.25000000                                            | CUSIP: 465077AL9<br>LEI: N/A                  | Long             | DBT              | CORP              | IL        |    1400000 | PA      | $1371652.69   | 0.16%             | 2028-08-14      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| ENEL FINANCE I 1.625% 07/12/26              | ENEL FINANCE INTL N REGD REG S 1.62500000                                                        | CUSIP: N30706VC1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     400000 | PA      | $396974.22    | 0.05%             | 2026-07-12      | Variable      | 1.62%                 | No            |                  2 | On Loan: No      |
| SOFINA SA 1% 09/23/28/EUR/                  | SOFINA SA /EUR/ REGD REG S 1.00000000                                                            | CUSIP: B80925AA6<br>LEI: 5493000GMVR38VUO5D39 | Long             | DBT              | CORP              | BE        |    1500000 | PA      | $1620231.26   | 0.19%             | 2028-09-23      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| CTADL 2024- V/R 04/27/28 /GBP/              | CITADEL 2024-1 PLC SER 2024-1 CL A V/R REGD REG S /GBP/ 4.74821000                               | CUSIP: G214A0AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     564577 | PA      | $748171.36    | 0.09%             | 2060-04-28      | Variable      | 4.75%                 | No            |                  2 | On Loan: No      |
| CONTEMPRY RUIDNG 1.5% 09/09/26              | CONTEMPRY RUIDNG DEVELOP REGD REG S 1.50000000                                                   | CUSIP: G2379JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |    1000000 | PA      | $987354.13    | 0.11%             | 2026-09-09      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| UKLOG 2024- V/R 05/17/29 /GBP/              | UK LOGISTICS 2024-1 DAC SER 2024-1X CL A V/R REGD REG S /GBP/ 5.38600000                         | CUSIP: G930ZAAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     123198 | PA      | $163048.84    | 0.02%             | 2034-05-17      | Variable      | 5.39%                 | No            |                  2 | On Loan: No      |
| AUTOF 2 A V/R 12/24/44 /EUR/                | AUTOFLORENCE 2 SRL SER 2 CL A V/R REGD REG S /EUR/ 2.61900000                                    | CUSIP: T0R388AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |     103755 | PA      | $119955.38    | 0.01%             | 2044-12-24      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| AUTOF 2 B V/R 12/24/44 /EUR/                | AUTOFLORENCE 2 SRL SER 2 CL B V/R REGD REG S /EUR/ 2.66900000                                    | CUSIP: T0R388AB4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |      21499 | PA      | $24845.24     | 0.00%             | 2044-12-24      | Variable      | 2.67%                 | No            |                  2 | On Loan: No      |
| FOXCONN FAR EA 1.875% 08/25/28              | FOXCONN FAR EAST LTD REGD EMTN 1.87500000                                                        | CUSIP: G3R82SAQ0<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    1200000 | PA      | $1102560.20   | 0.13%             | 2028-08-25      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| BRICO 2024  V/R 02/24/42 /EUR/              | BRIGNOLE CO SER 2024 CL A V/R REGD REG S /EUR/ 2.69900000                                        | CUSIP: T2R8AVAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |     287260 | PA      | $332728.12    | 0.04%             | 2042-02-24      | Variable      | 2.70%                 | No            |                  2 | On Loan: No      |
| KOREA INV & SE 6.875% 11/06/26              | KOREA INV & SECS CO LTD REGD REG S 6.87500000                                                    | CUSIP: Y4S668B31<br>LEI: N/A                  | Long             | DBT              | CORP              | KR        |     400000 | PA      | $405272.46    | 0.05%             | 2026-11-06      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AUTOF 3 A V/R 12/25/46 /EUR/                | AUTOFLORENCE 3 SRL SER 3 CL A V/R REGD REG S /EUR/ 2.89000000                                    | CUSIP: T0R38AAA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |     409049 | PA      | $474060.61    | 0.05%             | 2046-12-25      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| JAPAN TREASU ZCP 08/10/26/JPY/              | JAPAN TREASURY DISC BILL /JPY/ REGD ZCP SER 1361 0.00000000                                      | CUSIP: J2615UEB8<br>LEI: N/A                  | Long             | STIV             | USGA              | JP        | 1400000000 | PA      | $8793393.78   | 1.02%             | 2026-08-10      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| MERCEDES-BENZ FIN V/R 04/01/27              | MERCEDES-BENZ FIN NA REGD V/R REG S 4.46034000                                                   | CUSIP: U5876JBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    1000000 | PA      | $1001585.20   | 0.12%             | 2027-04-01      | Variable      | 4.46%                 | No            |                  2 | On Loan: No      |
| CAR 2023-1F V/R 06/21/27 /EUR/              | CARS ALLIANCE AUTO LEASES FRANCE V 2023-1 SER 2023-1FRV CL A V/R REGD REG S /EUR/ 2.57000000     | CUSIP: F1R75PBT3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | FR        |     244542 | PA      | $282838.17    | 0.03%             | 2038-10-21      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| CIART 2023- V/R 12/15/32 /EUR/              | CITIZEN IRISH AUTO RECEIVABLES TRUST  SER 2023-1 CL A V/R REGD REG S /EUR/ 2.71100000            | CUSIP: G215B3AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |      60977 | PA      | $70512.96     | 0.01%             | 2032-12-15      | Variable      | 2.71%                 | No            |                  2 | On Loan: No      |
| NDFT 2024-1 V/R 03/15/27 /GBP/              | NEWDAY FUNDING SER 2024-1X CL A V/R REGD REG S /GBP/ 4.91151000                                  | CUSIP: G6S85ADF9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     534000 | PA      | $709101.61    | 0.08%             | 2032-03-15      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC 5.25% 04/05/27                 | ENBRIDGE INC REGD 5.25000000                                                                     | CUSIP: 29250NCA1<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    1295000 | PA      | $1305728.85   | 0.15%             | 2027-04-05      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MUFG BANK L V/R 09/20/27 /AUD/              | MUFG BANK LTD SYDNEY VARIABLE_  SER TCD /AUD/ CTF OF DEPOSIT 5.01750000                          | CUSIP: Q561098T3<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |     800000 | PA      | $553687.61    | 0.06%             | 2027-09-20      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| TRTN 2021-2 V/R 02/09/53 /AUD/              | TRITON BOND TRUST 2021-2 IN RESPECT OF SERIES 1 SER 2021-2 CL A1AU V/R REGD /AUD/ 4.55500000     | CUSIP: Q744CHAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |     160348 | PA      | $110542.62    | 0.01%             | 2053-02-09      | Variable      | 4.55%                 | No            |                  2 | On Loan: No      |
| THLOG 2024- V/R 11/17/29 /EUR/              | THUNDER LOGISTICS 2024-1 DAC SER 2024-1X CL A V/R REGD REG S /EUR/ 3.49900000                    | CUSIP: G8856JAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     265413 | PA      | $305703.63    | 0.04%             | 2036-11-17      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| FMACB 2024- V/R 02/18/56 /AUD/              | FIRSTMAC MORTGAGE FUNDING TRUST NO. 4 SERIES 2024-4 SER 2024-4 CL A1 V/R REGD /AUD/ 5.13640000   | CUSIP: Q3R749AA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |     262945 | PA      | $181446.38    | 0.02%             | 2056-02-18      | Variable      | 5.14%                 | No            |                  2 | On Loan: No      |
| METR 2024-1 V/R 09/17/30 /AUD/              | METRO FINANCE 2024-1 TRUST SER 2024-1 CL A V/R REGD /AUD/ 5.20250000                             | CUSIP: Q744G8AA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |     270328 | PA      | $187033.27    | 0.02%             | 2030-09-17      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| TOMMI 6 A V/R 07/18/36 /EUR/                | LT RAHOITUS 2025-1 DAC SER 6 CL A V/R REGD REG S /EUR/ 2.48800000                                | CUSIP: G571C0AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     369049 | PA      | $426747.96    | 0.05%             | 2036-07-18      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| JAPAN TREASU ZCP 04/27/26/JPY/              | JAPAN TREASURY DISC BILL /JPY/ REGD ZCP SER 1358 0.00000000                                      | CUSIP: J2615UDU7<br>LEI: N/A                  | Long             | STIV             | USGA              | JP        | 2850000000 | PA      | $17948651.90  | 2.08%             | 2026-04-27      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL ISDA BRC                    | CASH COLLATERAL ISDA BRC 3.54000000                                                              | CUSIP: N/A<br>LEI: N/A                        | Short            | STIV             | CORP              | US        |    -110000 | PA      | $-110000.00   | -0.01%            | 2049-12-31      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL WFS USD                     | CASH COLLATERAL WFS USD 3.54000000                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |      71000 | PA      | $71000.00     | 0.01%             | 2049-12-31      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL LCH FOB WFS                 | CASH COLLATERAL LCH FOB WFS 0.00000000                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |     792000 | PA      | $792000.00    | 0.09%             | 2049-12-31      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| CASH COLLATERAL CME WFS                     | CASH COLLATERAL CME WFS        /CCWFSXUS7 3.54000000                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | CORP              | US        |    1164000 | PA      | $1164000.00   | 0.13%             | 2049-12-31      | Floating      | 3.54%                 | No            |                  2 | On Loan: No      |
| RNBAG 10 B V/R 12/15/27 /EUR/               | RED & BLACK AUTO GERMANY 10 UG SER 10 CL B V/R REGD REG S /EUR/ 3.14000000                       | CUSIP: D6S2VZAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |      55244 | PA      | $64047.14     | 0.01%             | 2032-09-15      | Variable      | 3.14%                 | No            |                  2 | On Loan: No      |
| REVOC 2024- V/R 02/21/37 /EUR/              | REVOCAR 2024-1 UG SER 2024-1 CL A V/R REGD REG S /EUR/ 2.48000000                                | CUSIP: D6S680AA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |     334192 | PA      | $386745.72    | 0.04%             | 2037-02-21      | Variable      | 2.48%                 | No            |                  2 | On Loan: No      |
| COMP 2024-1 V/R 09/28/38 /EUR/              | AUTO ABS SPANISH LOANS 2024-1 FT SER 2024-1 CL A V/R REGD REG S /EUR/ 2.75700000                 | CUSIP: E0741YAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |     620200 | PA      | $718428.96    | 0.08%             | 2038-09-28      | Variable      | 2.76%                 | No            |                  2 | On Loan: No      |
| ANORI 2022- V/R 01/25/40 /EUR/              | AUTONORIA SPAIN 2022 FT SER 2022-SP CL A V/R REGD REG S /EUR/ 2.78000000                         | CUSIP: E7827FAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |     264847 | PA      | $307117.36    | 0.04%             | 2040-01-25      | Variable      | 2.78%                 | No            |                  2 | On Loan: No      |
| ANORI 2022- V/R 01/26/40 /EUR/              | AUTONORIA SPAIN 2022 FT SER 2022-SP CL B V/R REGD REG S /EUR/ 3.94000000                         | CUSIP: E7827FAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |      33106 | PA      | $38765.13     | 0.00%             | 2040-01-26      | Variable      | 3.94%                 | No            |                  2 | On Loan: No      |
| ANORI 2023- V/R 09/30/41 /EUR/              | AUTONORIA SPAIN 2023 FT SER 2023-SP CL A V/R REGD REG S /EUR/ 2.64000000                         | CUSIP: E7827LAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |     361791 | PA      | $419067.10    | 0.05%             | 2041-09-30      | Variable      | 2.64%                 | No            |                  2 | On Loan: No      |
| ANORI 2023- V/R 09/30/41 /EUR/              | AUTONORIA SPAIN 2023 FT SER 2023-SP CL B V/R REGD REG S /EUR/ 3.09000000                         | CUSIP: E7827LAB0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | ES        |      51684 | PA      | $59968.22     | 0.01%             | 2041-09-30      | Variable      | 3.09%                 | No            |                  2 | On Loan: No      |
| CAR 2023-1F V/R 06/21/27 /EUR/              | CARS ALLIANCE AUTO LEASES FRANCE V 2023-1 SER 2023-1FRV CL B V/R REGD REG S /EUR/ 3.22000000     | CUSIP: F1R75PBS5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | FR        |     400000 | PA      | $463911.02    | 0.05%             | 2038-10-21      | Variable      | 3.22%                 | No            |                  2 | On Loan: No      |
| AFUND 2024- V/R 09/20/61 /GBP/              | ATLAS FUNDING 2024-1 PLC SER 2024-1 CL A V/R REGD REG S /GBP/ 4.58052000                         | CUSIP: G061A7AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     375823 | PA      | $497885.66    | 0.06%             | 2061-09-20      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| AFUND 2025- V/R 02/20/30 /GBP/              | ATLAS FUNDING 2025-1 PLC SER 2025-1 CL A V/R REGD REG S /GBP/ 4.53050000                         | CUSIP: G061A9AC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     395502 | PA      | $522081.47    | 0.06%             | 2062-07-20      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| BRACN 2024- V/R 02/17/29 /GBP/              | BRACCAN MORTGAGE FUNDING 2024-1 PLC SER 2024-1 CL A V/R REGD REG S /GBP/ 4.57600000              | CUSIP: G12855AA3<br>LEI: 635400RGKRFPCFMYJF13 | Long             | ABS-CBDO         | CORP              | GB        |     694588 | PA      | $919709.99    | 0.11%             | 2067-02-15      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| CARS 2024-1 V/R 08/20/31 /GBP/              | CARDIFF AUTO RECEIVABLES SECURITISATIO SER 2024-1 CL B V/R REGD REG S /GBP/ 5.12977000           | CUSIP: G198ACAB3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     264000 | PA      | $350598.19    | 0.04%             | 2031-08-20      | Variable      | 5.13%                 | No            |                  2 | On Loan: No      |
| CIART 2023- V/R 12/15/32 /EUR/              | CITIZEN IRISH AUTO RECEIVABLES TRUST  SER 2023-1 CL B V/R REGD REG S /EUR/ 3.34100000            | CUSIP: G215B3AC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     121000 | PA      | $140207.91    | 0.02%             | 2032-12-15      | Variable      | 3.34%                 | No            |                  2 | On Loan: No      |
| EMI 2023-1  V/R 01/25/27 /GBP/              | ECONOMIC MASTER ISSUER PLC SER 2023-1 CL A V/R REGD REG S /GBP/ 4.28920000                       | CUSIP: G2920UAH2<br>LEI: 635400KXONN4J3OEOG29 | Long             | ABS-CBDO         | CORP              | GB        |     187822 | PA      | $248601.60    | 0.03%             | 2074-06-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| CHESH 2025- V/R 09/28/28 /GBP/              | CHESHIRE 2025-1 PLC SER 2025-1 CL A V/R REGD REG S /GBP/ 4.52740000                              | CUSIP: G2R3ZRAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |    1340626 | PA      | $1771014.20   | 0.21%             | 2048-06-28      | Variable      | 4.53%                 | No            |                  2 | On Loan: No      |
| FIAR 2 A V/R 11/14/34 /EUR/                 | FINANCE IRELAND AUTO RECEIVABLES NO 2 DAC SER 2 CL A V/R REGD REG S /EUR/ 2.62000000             | CUSIP: G3431MAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     687616 | PA      | $795637.36    | 0.09%             | 2034-11-14      | Variable      | 2.62%                 | No            |                  2 | On Loan: No      |
| HMI 2023-1X V/R 01/15/28 /GBP/              | HOLMES MASTER ISSUER PLC SER 2023-1X CL A1 V/R REGD REG S /GBP/ 4.32106000                       | CUSIP: G45669DN8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     666000 | PA      | $881826.11    | 0.10%             | 2072-10-15      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| KSA SUKUK LTD 5.25% 06/04/27                | KSA SUKUK LTD REGD REG S 5.25000000                                                              | CUSIP: G5321UAP2<br>LEI: N/A                  | Long             | DBT              | USGA              | KY        |     600000 | PA      | $604500.00    | 0.07%             | 2027-06-04      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TOMMI 5 B V/R 05/18/35 /EUR/                | LT AUTORAHOITUS V DAC SER 5 CL B V/R REGD REG S /EUR/ 2.85800000                                 | CUSIP: G571BZAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     400000 | PA      | $462106.51    | 0.05%             | 2035-05-18      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| NDFT 2025-1 V/R 04/15/28 /GBP/              | NEWDAY FUNDING MASTER ISSUER PLC - SERIES  SER 2025-1X CL A V/R REGD REG S /GBP/ 4.58151000      | CUSIP: G6S85AEJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     599000 | PA      | $792757.10    | 0.09%             | 2033-04-15      | Variable      | 4.58%                 | No            |                  2 | On Loan: No      |
| STANDARD CHARTERE V/R 07/06/27              | STANDARD CHARTERED PLC REGD V/R REG S 5.60328000                                                 | CUSIP: G84228FT0<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     600000 | PA      | $602214.00    | 0.07%             | 2027-07-06      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| TAURS 2025- V/R 02/18/28 /GBP/              | TAURUS 2025-2 UK DAC SER 2025-UK2X CL A V/R REGD REG S /GBP/ 5.23584000                          | CUSIP: G8702NAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     269383 | PA      | $356348.99    | 0.04%             | 2035-02-18      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| SMI 2023-1  V/R 04/21/29 /GBP/              | SILVERSTONE MASTER ISSUER PLC SER 2023-1 CL 2A V/R REGD REG S /GBP/ 4.24012000                   | CUSIP: G8T62FBL9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | GB        |     635000 | PA      | $840317.05    | 0.10%             | 2070-01-21      | Variable      | 4.24%                 | No            |                  2 | On Loan: No      |
| VISCI 2022- V/R 02/27/33 /EUR/              | VITA SCIENTIA 2022-1 DAC SER 2022-1X CL A V/R REGD REG S /EUR/ 3.31100000                        | CUSIP: G937DZAA2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IE        |     999772 | PA      | $1156573.09   | 0.13%             | 2033-02-27      | Variable      | 3.31%                 | No            |                  2 | On Loan: No      |
| UBS GROUP AG V/R 08/05/27                   | UBS GROUP AG REGD V/R REG S 4.70300000                                                           | CUSIP: H42097DK0<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | DBT              | CORP              | CH        |     200000 | PA      | $200052.22    | 0.02%             | 2027-08-05      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| SUMITOMO MITSUI T V/R 09/14/26              | SUMITOMO MITSUI TR BK LT REGD V/R REG S 4.79834600                                               | CUSIP: J7771YSN8<br>LEI: N/A                  | Long             | DBT              | CORP              | JP        |    1300000 | PA      | $1303289.00   | 0.15%             | 2026-09-14      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| DLR KREDIT A/ 1% 01/01/27/DKK/              | DLR KREDIT A/S /DKK/ REGD SER CCB 1.00000000                                                     | CUSIP: K3184NVH9<br>LEI: 529900PR2ELW8QI1B775 | Long             | DBT              | CORP              | DK        |    4400000 | PA      | $673852.94    | 0.08%             | 2027-01-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| REALKREDIT DA 1% 01/01/27/DKK/              | REALKREDIT DANMARK /DKK/ REGD REG S SER 10F. 1.00000000                                          | CUSIP: K8094KM34<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |   10300000 | PA      | $1575172.57   | 0.18%             | 2027-01-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BLCON 2024- V/R 03/25/27 /EUR/              | COMPARTMENT BL CONSUMER CREDIT 2024 SER 2024-1 CL A V/R REGD /EUR/ 2.57000000                    | CUSIP: L1089JAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |     321000 | PA      | $371027.84    | 0.04%             | 2041-09-25      | Variable      | 2.57%                 | No            |                  2 | On Loan: No      |
| BLCON 2024- V/R 03/25/27 /EUR/              | COMPARTMENT BL CONSUMER CREDIT 2024 SER 2024-1 CL B V/R REGD /EUR/ 2.84000000                    | CUSIP: L1089JAK3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |     292000 | PA      | $337271.60    | 0.04%             | 2041-09-25      | Variable      | 2.84%                 | No            |                  2 | On Loan: No      |
| ECAR 2024-1 V/R 11/25/35 /EUR/              | E-CARAT DE 2024-1 SER 2024-1 CL A V/R REGD REG S /EUR/ 2.39000000                                | CUSIP: L28425AA1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |     591496 | PA      | $683400.21    | 0.08%             | 2035-11-25      | Variable      | 2.39%                 | No            |                  2 | On Loan: No      |
| PONY 2024-1 V/R 08/14/28 /EUR/              | PONY SA SER 2024-1 CL A V/R REGD REG S /EUR/ 2.46000000                                          | CUSIP: L76451AJ9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |     545055 | PA      | $630327.84    | 0.07%             | 2033-01-14      | Variable      | 2.46%                 | No            |                  2 | On Loan: No      |
| PONY 2024-1 V/R 08/14/28 /EUR/              | PONY SA SER 2024-1 CL B V/R REGD REG S /EUR/ 2.79000000                                          | CUSIP: L76451AK6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |      81976 | PA      | $94692.80     | 0.01%             | 2033-01-14      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| SCGC 2020-1 V/R 11/14/31 /EUR/              | SC GERMANY SA COMPARTMENT CONSUMER 2020-1 SER 2020-1 CL C V/R REGD REG S /EUR/ 3.69000000        | CUSIP: L81394AE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | LU        |      41628 | PA      | $48132.52     | 0.01%             | 2034-11-14      | Variable      | 3.69%                 | No            |                  2 | On Loan: No      |
| SCGC 2025-1 V/R 06/14/31 /EUR/              | SC GERMANY SA COMPARTMENT CONSUMER 2025-1 SER 2025-1 CL B V/R REGD REG S /EUR/ 2.89000000        | CUSIP: L81394CH6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | DE        |     200000 | PA      | $230154.24    | 0.03%             | 2038-12-14      | Variable      | 2.89%                 | No            |                  2 | On Loan: No      |
| DPF 2022-1  V/R 01/28/27 /EUR/              | DUTCH PROPERTY FINANCE 2022-1 BV SER 2022-1 CL A V/R REGD REG S /EUR/ 2.78800000                 | CUSIP: N2819YAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | NL        |     530358 | PA      | $613257.42    | 0.07%             | 2059-10-28      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| HILL 2024-1 V/R 02/18/32 /EUR/              | HILL FL 2024-1BV SER 2024-1FL CL B V/R REGD REG S /EUR/ 3.05800000                               | CUSIP: N40578AB7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | NL        |     119416 | PA      | $138091.58    | 0.02%             | 2032-02-18      | Variable      | 3.06%                 | No            |                  2 | On Loan: No      |
| HILL 2024-2 V/R 10/18/32 /EUR/              | HILL FL 2024-2 BV SER 2024-2FL CL A V/R REGD REG S /EUR/ 2.67800000                              | CUSIP: N40579AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | NL        |     428976 | PA      | $495185.83    | 0.06%             | 2032-10-18      | Variable      | 2.68%                 | No            |                  2 | On Loan: No      |
| FMACB 2021- V/R 09/24/52 /AUD/              | FIRSTMAC MORTGAGE FUNDING TRUST NO. 4 S SER 2021-2 CL A1 V/R REGD REG S /AUD/ 4.78000000         | CUSIP: Q3R73RAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |     208386 | PA      | $143161.93    | 0.02%             | 2052-09-24      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| PANO 2025-1 V/R 03/15/33 /AUD/              | PANORAMA AUTO TRUST 2025-1 SER 2025-1 CL A V/R REGD REG S /AUD/ 4.92000000                       | CUSIP: Q744H2AB8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |     375083 | PA      | $258666.78    | 0.03%             | 2033-03-15      | Variable      | 4.92%                 | No            |                  2 | On Loan: No      |
| SAPP 2025-1 V/R 06/14/66 /AUD/              | SAPPHIRE XXXII SERIES 2025-1 TRUST SER 2025-1 CL A1L V/R REGD /AUD/ 5.05000000                   | CUSIP: Q7S04QAB1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | AU        |     827016 | PA      | $570411.28    | 0.07%             | 2066-06-14      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA ZCP 05/20/26/ZAR/              | SOUTH AFRICAN T-BILLS /ZAR/ REGD ZCP SER 364D 0.00000000                                         | CUSIP: S3242VSP9<br>LEI: N/A                  | Long             | STIV             | USGA              | ZA        |   13400000 | PA      | $784820.01    | 0.09%             | 2026-05-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTH AFRICA ZCP 08/19/26/ZAR/              | SOUTH AFRICAN T-BILLS /ZAR/ REGD ZCP SER 364D 0.00000000                                         | CUSIP: S3242VTC7<br>LEI: N/A                  | Long             | STIV             | USGA              | ZA        |   13300000 | PA      | $765719.78    | 0.09%             | 2026-08-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                         | IRS R03.50PSO/N 03/18/31 WFSLUS33XXX FIXED                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |          1 | NC      | $-73213.37    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.32 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $282987.78    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.32 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $29741.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.36 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $4070.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.33 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $5620.93      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.37 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $10213.48     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.40 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $669.49       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                         | IRS RSOFRP03.42 08/31/30 WFSLUS33XXX FLOAT                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |          1 | NC      | $1228.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AUTOF 3 B V/R 12/25/46 /EUR/                | AUTOFLORENCE 3 SRL SER 3 CL B V/R REGD REG S /EUR/ 4.29000000                                    | CUSIP: T0R38AAB9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |      40905 | PA      | $48010.34     | 0.01%             | 2046-12-25      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| GOLDB 2023- V/R 09/22/43 /EUR/              | GOLDEN BAR SECURITISATION SRL 2023-2 SER 2023-2 CL B V/R REGD REG S /EUR/ 5.00800000             | CUSIP: T5160DDJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |     173982 | PA      | $205588.31    | 0.02%             | 2043-09-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| RNBAI 2 A1 V/R 02/28/28 /EUR/               | RED & BLACK AUTO ITALY SRL SER 2 CL A1 V/R REGD REG S /EUR/ 2.90700000                           | CUSIP: T7S2BUAF8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |     275920 | PA      | $319914.15    | 0.04%             | 2034-07-28      | Variable      | 2.91%                 | No            |                  2 | On Loan: No      |
| RNBAI 2 B V/R 02/28/28 /EUR/                | RED & BLACK AUTO ITALY SRL SER 2 CL B V/R REGD REG S /EUR/ 3.70700000                            | CUSIP: T7S2BUAH4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |      57435 | PA      | $66751.56     | 0.01%             | 2034-07-28      | Variable      | 3.71%                 | No            |                  2 | On Loan: No      |
| YOUIT 2024- V/R 03/25/29 /EUR/              | YOUNI ITALY 2024-1 SRL SER 2024-1 CL A V/R REGD REG S /EUR/ 2.82000000                           | CUSIP: T9846WAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | IT        |     260910 | PA      | $302317.51    | 0.04%             | 2034-04-25      | Variable      | 2.82%                 | No            |                  2 | On Loan: No      |
| NAVSL 2018-BX A2 V/R 09/15/26               | NAVIENT PRIVATE EDUCATION LOAN TRUST 2018-B SER 2018-BX CL A2B V/R REGD REG S 4.50699000         | CUSIP: U6379HAC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |       4734 | PA      | $4733.98      | 0.00%             | 2059-12-15      | Variable      | 4.51%                 | No            |                  2 | On Loan: No      |
| VIRIF 1 B V/R 10/28/40 /EUR/                | TAGUS - SOCIEDADE DE TITULARIZACAO DE CREDIT SER 1 CL B V/R REGD REG S /EUR/ 2.85700000          | CUSIP: X89368DW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | PT        |     112772 | PA      | $129849.54    | 0.02%             | 2040-10-28      | Variable      | 2.86%                 | No            |                  2 | On Loan: No      |
| KOREA INV & SE 2.125% 07/19/26              | KOREA INV & SECS CO LTD REGD REG S 2.12500000                                                    | CUSIP: Y4S668ZV3<br>LEI: N/A                  | Long             | DBT              | CORP              | KR        |    1300000 | PA      | $1290927.47   | 0.15%             | 2026-07-19      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| MIRAE ASSET SE 6.875% 07/26/26              | MIRAE ASSET SECURITIES REGD REG S 6.87500000                                                     | CUSIP: Y6074J8R3<br>LEI: 98840072S6T63E2V1291 | Long             | DBT              | CORP              | KR        |     250000 | PA      | $251569.07    | 0.03%             | 2026-07-26      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SK HYNIX INC 4.25% 09/11/28                 | SK HYNIX INC REGD REG S 4.25000000                                                               | CUSIP: Y8085FBY5<br>LEI: 988400XAIK6XISWQV045 | Long             | DBT              | CORP              | KR        |    1000000 | PA      | $994478.29    | 0.12%             | 2028-09-11      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Six Circles Trust

**Signature:** Tricia Larkin

**Name of Signer:** Tricia Larkin

**Title:** Treasurer/Principal Financial Officer